Document:

EX-10.1

 Exhibit 10.1 

SEPARATION AND SHAREHOLDER AGREEMENT 

dated as of [—], 2014, 

by and between 
 THE ROYAL BANK OF
SCOTLAND GROUP PLC, 
 a public limited company, 

and 
 CITIZENS FINANCIAL GROUP,
INC., 
 a Delaware corporation 

 TABLE OF CONTENTS 

 
  

 

							
	 	 	 	  	PAGE	 
	
	ARTICLE 1	  
	DEFINITIONS	  
			
	 Section 1.01.
	 	 Certain Definitions
	  	 	1	  
	 Section 1.02.
	 	 Rules of Construction
	  	 	12	  
	
	ARTICLE 2	  
	THE IPO AND ACTIONS PENDING THE IPO; OTHER TRANSACTIONS	  
			
	 Section 2.01.
	 	 The IPO
	  	 	13	  
	 Section 2.02.
	 	 Termination of IPO Process
	  	 	13	  
	 Section 2.03.
	 	 Subsequent Dispositions
	  	 	13	  
	
	ARTICLE 3	  
	THE SEPARATION	  
			
	 Section 3.01.
	 	 Termination of Agreements
	  	 	14	  
	 Section 3.02.
	 	 Bank Accounts; Cash Balances
	  	 	14	  
	 Section 3.03.
	 	 Transfer of Intellectual Property Rights; Licenses
	  	 	15	  
	 Section 3.04.
	 	 Other Ancillary Agreements
	  	 	16	  
	 Section 3.05.
	 	 Guarantees
	  	 	16	  
	
	ARTICLE 4	  
	REPRESENTATIONS AND WARRANTIES	  
			
	 Section 4.01.
	 	 Organization and Authority
	  	 	17	  
	 Section 4.02.
	 	 No Conflict
	  	 	18	  
	 Section 4.03.
	 	 No Other Representations or Warranties
	  	 	18	  
	
	ARTICLE 5	  
	BOARD OF DIRECTORS AND CORPORATE GOVERNANCE	  
	 Section 5.01.
	 	 Charter
	  	 	18	  
	 Section 5.02.
	 	 By-Laws
	  	 	18	  
	 Section 5.03.
	 	 Company Board
	  	 	18	  
	 Section 5.04.
	 	 Board and Other Committees
	  	 	20	  
	 Section 5.05.
	 	 Significant Actions
	  	 	20	  
	 Section 5.06.
	 	 EU Control Period
	  	 	24	  
	 Section 5.07.
	 	 Implementation
	  	 	25	  

  
 i 

							
	ARTICLE 6	  
	COMPLIANCE, INFORMATION AND CONTROLS	  
			
	 Section 6.01.
	 	 Policy Compliance and Compliance with Prudential Supervisory Requirements
	  	 	25	  
	 Section 6.02.
	 	 RBS Information Rights
	  	 	26	  
	 Section 6.03.
	 	 RBS Access Rights
	  	 	27	  
	 Section 6.04.
	 	 Access by Governmental Authorities
	  	 	28	  
	 Section 6.05.
	 	 Remuneration Governance Procedures, Compensation, Tax Responsibility and In-Scope Arrangements
	  	 	28	  
	 Section 6.06.
	 	 Cooperation on Public Filings
	  	 	29	  
	 Section 6.07.
	 	 Conformance of Information
	  	 	30	  
	 Section 6.08.
	 	 Disclosure Controls
	  	 	31	  
	 Section 6.09.
	 	 Special Reports of Deficiencies, Violations or Unscheduled Events
	  	 	32	  
	 Section 6.10.
	 	 Company Information Rights
	  	 	32	  
	 Section 6.11.
	 	 Access to Historical Records
	  	 	33	  
	 Section 6.12.
	 	 Expenses
	  	 	33	  
	 Section 6.13.
	 	 Additional Matters
	  	 	33	  
	
	ARTICLE 7	  
	CERTAIN BUSINESS MATTERS	  
			
	 Section 7.01.
	 	 Insurance Matters
	  	 	34	  
	 Section 7.02.
	 	 No Restriction on Competition
	  	 	35	  
	 Section 7.03.
	 	 No Solicitation of Employees
	  	 	35	  
	 Section 7.04.
	 	 Company Capital Reduction
	  	 	35	  
	 Section 7.05.
	 	 Non-Control Determination
	  	 	36	  
	 Section 7.06.
	 	 Deconsolidation Date Determination
	  	 	36	  
	 Section 7.07.
	 	 Mutual Agreement Procedure Claim
	  	 	36	  
	
	ARTICLE 8	  
	CONFIDENTIALITY; PRESERVATION OF PRIVILEGE	  
			
	 Section 8.01.
	 	 Confidentiality
	  	 	36	  
	 Section 8.02.
	 	 Protective Arrangements
	  	 	37	  
	 Section 8.03.
	 	 Preservation of Legal Privileges
	  	 	38	  
	
	ARTICLE 9	  
	MUTUAL RELEASES; INDEMNIFICATION; COOPERATION	  
			
	 Section 9.01.
	 	 Release of Pre-Closing Claims
	  	 	39	  
	 Section 9.02.
	 	 Pending, Threatened and Unasserted Claims
	  	 	41	  
	 Section 9.03.
	 	 Indemnification by the Company
	  	 	42	  
	 Section 9.04.
	 	 Indemnification by RBS
	  	 	42	  
	 Section 9.05.
	 	 Indemnification Obligations Net of Insurance Proceeds and Other Amounts
	  	 	43	  
	 Section 9.06.
	 	 Procedures for Indemnification of Third Party Claims
	  	 	44	  

  
 ii 

							
	 Section 9.07.
	 	 Additional Matters
	  	 	46	  
	 Section 9.08.
	 	 Remedies Cumulative
	  	 	46	  
	 Section 9.09.
	 	 Special Damages
	  	 	46	  
	 Section 9.10.
	 	 Production of Witnesses; Records; Cooperation
	  	 	47	  
	 Section 9.11.
	 	 Company Warranty in respect of Pre-Closing Claims
	  	 	48	  
	 Section 9.12.
	 	 RBS Warranty in respect of Pre-Closing Claims
	  	 	48	  
	
	ARTICLE 10	  
	DISPUTE RESOLUTION	  
			
	 Section 10.01.
	 	 Disputes
	  	 	48	  
	 Section 10.02.
	 	 Escalation; Mediation
	  	 	48	  
	 Section 10.03.
	 	 Court Actions
	  	 	49	  
	
	ARTICLE 11	  
	FURTHER ASSURANCES	  
			
	 Section 11.01.
	 	 Further Assurances
	  	 	49	  
	
	ARTICLE 12	  
	TERMINATION	  
			
	 Section 12.01.
	 	 Termination
	  	 	50	  
	 Section 12.02.
	 	 Effect of Termination; Survival
	  	 	50	  
	
	ARTICLE 13	  
	MISCELLANEOUS	  
			
	 Section 13.01.
	 	 Counterparts; Entire Agreement; Conflicting Agreements
	  	 	50	  
	 Section 13.02.
	 	 No Construction Against Drafter
	  	 	51	  
	 Section 13.03.
	 	 Governing Law
	  	 	51	  
	 Section 13.04.
	 	 Transferability; Assignability
	  	 	51	  
	 Section 13.05.
	 	 Third Party Beneficiaries
	  	 	51	  
	 Section 13.06.
	 	 Notices
	  	 	52	  
	 Section 13.07.
	 	 Severability
	  	 	53	  
	 Section 13.08.
	 	 Force Majeure
	  	 	53	  
	 Section 13.09.
	 	 Late Payments
	  	 	53	  
	 Section 13.10.
	 	 Expenses
	  	 	53	  
	 Section 13.11.
	 	 Headings
	  	 	53	  
	 Section 13.12.
	 	 Waivers of Default
	  	 	53	  
	 Section 13.13.
	 	 Remedies
	  	 	53	  
	 Section 13.14.
	 	 Amendments
	  	 	54	  
	 Section 13.15.
	 	 Interpretation
	  	 	54	  
	 Section 13.16.
	 	 Waiver of Jury Trial
	  	 	54	  
	 Section 13.17.
	 	 Submission to Jurisdiction; Waivers
	  	 	55	  

  
 iii 

			
	Exhibit A	  	Form of Registration Rights Agreement
	Exhibit B	  	Amended and Restated Certificate of Incorporation
	Exhibit C	  	Amended and Restated Bylaws
	Exhibit D	  	Form of RBS Non-Voting Attendee Confidentiality Agreement
		
	Schedule 1.01(a)	  	Company Group Policy Framework
	Schedule 1.01(b)	  	Remuneration Governance Procedures
	Schedule 1.01(c)	  	Transferred Intellectual Property Rights
	Schedule 1.01(d)	  	Retained RBS Domain Names
	Schedule 3.01(b)(iii)	  	Surviving Contracts
	Schedule 5.05(d)	  	Nontransferable Securities
	Schedule 6.01(a)(i)(B)	  	Functional Requirements
	Schedule 7.01	  	Company Insurance Policies
	Schedule 7.07	  	Mutual Agreement Procedure Claim
	Schedule 13.10	  	Expenses

  
 iv 

 SEPARATION AND SHAREHOLDER AGREEMENT 

THIS SEPARATION AND SHAREHOLDER AGREEMENT, dated as of [—], 2014, is by and between THE
ROYAL BANK OF SCOTLAND GROUP PLC, a public limited company organized under the laws of Scotland (Company Number SC045551) (“RBS”), and CITIZENS FINANCIAL GROUP, INC., a Delaware corporation (the “Company”).
Capitalized terms used herein shall have the respective meanings assigned to them in Article 1 hereof. 
 R E C I T A L S 

WHEREAS, RBS is the indirect owner of all of the issued and outstanding Common Stock of the Company on the date hereof; 

WHEREAS, immediately following the Effective Date, RBS will continue to own a majority of the outstanding Common Stock, which it intends to
fully divest over time; and 
 WHEREAS, the Parties wish to set forth certain agreements that will govern certain matters between them
following the Effective Date. 
 NOW, THEREFORE, in consideration of the mutual agreements, provisions and covenants contained in this
Agreement, the Parties, intending to be legally bound, hereby agree as follows: 
 ARTICLE 1 

DEFINITIONS 

Section 1.01. Certain Definitions. For the purpose of this Agreement the following terms shall have the following meanings: 

“Action” means any demand, action, suit, countersuit, arbitration, inquiry, proceeding or investigation by or before any
Governmental Authority or any federal, state, local, foreign or international arbitration or mediation tribunal. 
 “Additional
Shares” means any shares of Common Stock as to which RBS acquires beneficial ownership on or after the Effective Date other than (i) any such shares issued to RBS by the Company, including in connection with rights offerings, capital
raisings and similar transactions, or (ii) any such shares otherwise acquired by RBS after the Effective Date in order to (x) comply with its legal, regulatory, divestment, compliance, tax and risk management obligations or (y) meet
the requirements of any Governmental Authority or securities exchange to which it is subject. 
 “Affiliate” of any Person
means a Person that controls, is controlled by, or is under common control with such Person. As used herein, “control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and
policies of such entity, whether through ownership of voting securities or other interests, by contract or otherwise. 

 “Agreement” means this Separation and Shareholder Agreement, including all of
the schedules and exhibits hereto. 
 “Ancillary Agreements” means, collectively, the Transitional Services Agreement, the
Trademark License Agreement, the Registration Rights Agreement, the Underwriting Agreement, the Commercial Services Agreement, the India Transitional Services Agreements and other agreements related thereto. 

“Audit Committee” means the Audit Committee of the Company Board. 

“Bank Boards” means the Board of Directors of CBNA and the Board of Directors of CBPA, collectively. 

“Business Day” means any day other than a Saturday, Sunday or a day on which banking institutions are authorized or obligated
by Law to be closed in New York, New York or London, United Kingdom. 
 “Capital Stock” means, with respect to any Person,
any and all shares, interests, participations, rights in or other equivalents (however designated) of such Person’s capital stock, and any rights, warrants or options exercisable or exchangeable for or convertible into such capital stock. 

“Cause” means, with respect to the removal of any RBS Designee from the Company Board, any removal by reason of such RBS
Designee’s malfeasance in office, conviction of, or plea of guilty or nolo contendere to, a felony, gross misconduct, willful conversion of corporate funds or moral turpitude. 

“CBNA” means Citizens Bank, N.A. 

“CBPA” means Citizens Bank of Pennsylvania. 

“Closing” means the closing of the IPO. 

“Commercial Services Agreement” means the Commercial Services Agreement, dated as of the Closing, by and between RBS and the
Company. 
 “Commission” means the U.S. Securities and Exchange Commission. 

“Common Stock” shall mean the shares of common stock, $0.01 par value per share, of the Company. 

“Company” has the meaning set forth in the preamble hereto. 

“Company Accounts” has the meaning set forth in Section 3.02(a). 

“Company ALCO” means the Asset-Liability Committee of the Company. 

  
 2 

 “Company Auditors” means the Company’s independent certified public
accountants, which, as of the date hereof, is Deloitte & Touche LLP. 
 “Company Board” means the Board of
Directors of the Company. 
 “Company Business” means any business or operations of the Company Group (whether conducted
independently or in association with one or more third parties through a partnership, joint venture or other mutual enterprise) as carried out by the Company Group from time to time. 

“Company Funding and Liquidity Metrics” means the funding and liquidity metrics and supplemental monitoring information set
forth in the document dated August 20, 2014 provided under cover of an email dated September 3, 2014 from David Lindenauer of the Company to Mark McLellan of RBS. 

“Company Group” means the Company, each Subsidiary of the Company and each other Person that either (x) is controlled
directly or indirectly by the Company immediately as of the Effective Date or (y) becomes directly or indirectly controlled by the Company following the Effective Date. 

“Company Group Policy Framework” means the policies adopted by the Company, as agreed by RBS, identified on
Schedule 1.01(a) hereto, as such policies may be amended from time to time by mutual consent of the Parties or pursuant to Section 5.05(c). 

“Company Indemnitees” has the meaning set forth in Section 9.04. 

“CompCo” means the Compensation and Human Resources Committee of the Company Board established pursuant to
Section 5.04(a). 
 “Company Warrantors” has the meaning set forth in Section 9.11. 

“Confidential Information” means information in written, oral, electronic or other tangible or intangible forms, stored in
any medium, including studies, reports, records, books, Contracts, instruments, surveys, discoveries, ideas, concepts, know-how, techniques, designs, specifications, drawings, blueprints, diagrams, models (financial or otherwise), flow charts, data,
computer data, disks, diskettes, tapes, computer programs or other software, marketing plans, customer names, communications by or to attorneys (including Privileged communications), memoranda and other materials prepared by attorneys or under their
direction (including attorney work product), and other technical, financial, employee or business information or data. 

“Consents” means any consents, waivers or approvals from any Person other than a member of either Group. 

“Contract” means any written or oral commitment, contract, subcontract, agreement, lease, sublease, license, understanding,
sales order, purchase order, instrument, indenture, note or other commitment that is binding on any Person or any part of its property under applicable Law. 

  
 3 

 “Covered Claims” has the meaning set forth in Section 7.01(b). 

“Deconsolidation Date” means the date on which RBS ceases to consolidate the Company Group’s financial statements with
its financial statements under IFRS. 
 “Director” means a member of the Company Board. 

“Disclosing Party” has the meaning set forth in Section 8.01(a). 

“Disclosure Documents” shall mean (i) any form, statement, schedule or other material filed with or furnished to the
Commission, any other Governmental Authority or any securities exchange by or on behalf of any Party or any of its Affiliates, including the IPO Registration Statement, and (ii) any information statement, prospectus, offering memorandum,
offering circular or similar disclosure document, free writing prospectus, roadshow and any schedule thereto or amendment thereof or document incorporated by reference therein, whether or not filed with or furnished to the Commission, any other
Governmental Authority or any securities exchange by or on behalf of any Party or any of its Affiliates. 
 “Effective
Date” means the Business Day immediately preceding the date of the Closing. 
 “Escalation Notice” has the meaning
set forth in Section 10.02(a). 
 “EU Acquisition” has the meaning set forth in Section 5.06. 

“EU Acquisition Notice” has the meaning set forth in Section 5.06. 

“EU Control Period” has the meaning set forth in Section 5.05(b)(iv)(A). 

“Exchange” means the New York Stock Exchange. 

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

“Exchange Manual” means the Listed Company Manual of the Exchange. 

“Federal Reserve Board” means the Board of Governors of the United States Federal Reserve System or any successor thereto.

 “Final Withdrawal Date” means the earlier of (i) the first date on which RBS ceases to directly or indirectly own
(within the meaning of Section 2 of the Bank Holding Company Act of 1956, as amended) such number of shares of Common Stock representing at least 4.99% of the voting power of all outstanding shares of Common Stock and (ii) the date on
which RBS receives written notice from the Federal Reserve Board that RBS is not deemed to control the Company for purposes of the Bank Holding Company Act of 1956, as amended. 

  
 4 

 “Financial Institution” means any company whose principal activities include the
supply of loans, credit cards, current accounts, savings accounts or mortgages, whether the product is supplied through a branch or direct (but excluding any specialist products (including insurance, investment, pensions and protection products)).
It also includes any company whose principal activities include broking or investment advice. 
 “First Threshold Date”
means the first date on which RBS ceases to beneficially own such number of shares of Common Stock (excluding (x) any Additional Shares and (y) any Third Party Shares) representing at least 50% of the voting power of all outstanding shares
of Common Stock. 
 “Functional Requirements” means the information, access, and controls requirements as agreed to by the
Parties prior to the Effective Date and set forth on Schedule 6.01(a)(i)(B) hereto. 
 “Governmental Approvals” means any
notices, reports or other filings to be made, or any consents, registrations, approvals, licenses, permits or authorizations to be obtained from, any Governmental Authority. 

“Governmental Authority” means any nation or government, any state, municipality or other political subdivision thereof, and
any entity, body, agency, commission, department, board, bureau, court, tribunal or other instrumentality, whether federal, state, local, domestic, foreign or multinational, exercising executive, legislative, judicial, regulatory, administrative or
other similar functions of, or pertaining to, government and any executive official thereof. 
 “Group” means either the
Company Group or the RBS Group, as the context requires. 
 “Guarantee” has the meaning set forth in Section 3.05(a).

 “IFRS” means the International Financial Reporting Standards issued by the International Accounting Standards Board and
interpretations issued by the IFRS Interpretation Committee of the IASB and adopted by the RBS Group. 
 “India Transitional
Services Agreements” means, collectively, the Amended and Restated Master Services Agreement by and between RBS Business Services Private Ltd and Citizens Bank, N.A., dated as of the Closing, and the Transitional Services Agreement by and
between RBS Global Trade Service Centre Private Limited and Citizens Bank, N.A., dated as of the Closing. 
 “Indemnifying
Party” has the meaning set forth in Section 9.05(a). 
 “Indemnitee” has the meaning set forth in Section
9.05(a). 

  
 5 

 “Indemnity Payment” has the meaning set forth in Section 9.05(a). 

“Independent Director” means a Director who is “independent” within the meaning of that term as used in Rule
303A.02 of the Listed Company Manual of the New York Stock Exchange, as amended. 
 “In-Scope Arrangements” means any
options or other incentive awards granted to, or other remuneration arrangements implemented in respect of, current new, or former officers, directors, employees or consultants of the Company or any member of the Company Group, prior to the
Remuneration Governance Termination Date (including, for the avoidance of doubt, any In-Scope Arrangements that are converted into equity awards in respect of shares of Common Stock at Closing). 

“Insurance Policies” or “Insurance Policy” shall mean insurance policies and insurance contracts of any
kind, including primary, excess and umbrella, comprehensive general liability, directors and officers, automobile, products, workers’ compensation, employee dishonesty, property and crime insurance policies and self-insurance and captive
insurance company arrangements, together with the rights, benefits and privileges thereunder. 
 “Insurance Proceeds” means
those monies: 
 (a) received by an insured (or its successor-in-interest) from an insurance carrier; 

(b) paid by an insurance carrier on behalf of the insured (or its successor-in-interest); or 

(c) received (including by way of setoff) from any third party in the nature of insurance, contribution or indemnification in respect of any
Liability; 
 in each such case net of any applicable premium adjustments (including reserves and retrospectively rated premium adjustments)
and net of any costs or expenses incurred in the collection thereof and including, for the avoidance of doubt, proceeds from any self-insurance, captive insurance or similar program. 

“Insurance Separation Date” means June 30, 2014. 

“Intellectual Property Rights” means all intellectual property rights throughout the world, including all U.S. and foreign
(i) Patents, (ii) Trademarks, (iii) copyrights and copyrightable subject matter and all applications and registrations therefor and (iv) any and all trade secrets and know-how. 

“Intercompany Accounts” has the meaning set forth in Section 3.01(a). 

“IPO” means the initial public offering of shares of Common Stock pursuant to the IPO Registration Statement. 

  
 6 

 “IPO Registration Statement” means the registration statement on Form S-1 (File
No. 333-195900) filed under the Securities Act, pursuant to which the Common Stock to be sold by the Selling Stockholders in the IPO will be registered, together with all amendments thereto (including post-effective amendments and registration
statements filed pursuant to Rule 462(b) under the Securities Act). 
 “Law” means any federal, national, supranational,
state, provincial, local or similar law (including common law), statute, ordinance, regulation, rule, code, order, treaty, license, permit, authorization, registration, approval, consent, decree, injunction, judgment, notice of liability, request
for information, binding judicial or administrative interpretation or other requirement, in each case, enacted, promulgated, issued, entered or otherwise put into effect by a Governmental Authority. 

“Liabilities” means any and all indebtedness, claims, debts, taxes, liabilities, demands, causes of action, and obligations,
whether accrued, fixed or contingent, mature or inchoate, known or unknown, reflected on a balance sheet or otherwise, including, without limitation, those arising under any Law, Action or any judgment of any court of any kind or any award of any
arbitrator of any kind, and those arising under any Contract, commitment or undertaking. 
 “Licensable” means, with
respect to any Intellectual Property Rights, that the Licensing Party and/or any its Subsidiaries, as applicable, has the power and authority to grant a license, sublicense or covenant as to such Intellectual Property Rights to the Licensed Party as
provided for herein without (i) violating the terms of any agreement or other arrangement with any third party, (ii) requiring any consent, approval or waiver from any third party, (iii) materially impairing any of the existing rights
in respect of such Intellectual Property Rights of the Licensing Party and/or any of its Subsidiaries, (iv) imposing any additional material obligations on the Licensing Party and/or any of its Subsidiaries relating to such Intellectual
Property Rights, and/or (v) requiring the payment of any compensation to any third party. 
 “Licensable Company Intellectual
Property Rights” means (i) any and all Intellectual Property Rights (other than Trademarks) of the Company and its Subsidiaries but solely to the extent such Intellectual Property Rights (A) are Licensable to RBS and its
Subsidiaries and (B) are or have been used or held for use by RBS and its Subsidiaries at any time in the twelve month period immediately prior to the Effective Date (but in each case excluding any Transferred Intellectual Property Rights) and
(ii) the Licensable Company Patents. 
 “Licensable Company Patents” means any and all Patents which are now or
hereafter Licensable by the Company or any of its Subsidiaries that have a first effective filing date during the Patent Capture Period. 

“Licensable RBS Intellectual Property Rights” means (i) any and all Intellectual Property Rights (other than Trademarks)
of RBS and its Subsidiaries but solely to the extent such Intellectual Property Rights (A) are Licensable to the Company 

  
 7 

 
and its Subsidiaries and (B) are or have been used or held for use by the Company and its Subsidiaries at any time in the twelve month period immediately prior to the Effective Date (but in
each case excluding any Transferred Intellectual Property Rights) and (ii) the Licensable RBS Patents. 
 “Licensable RBS
Patents” means any and all Patents which are now or hereafter Licensable by RBS or any of its Subsidiaries that have a first effective filing date during the Patent Capture Period. 

“Licensed Party” means (i) RBS in its capacity as a licensee for the purposes of the licenses granted in
Section 3.03(c) and (ii) the Company in its capacity as a licensee for the purposes of the licenses granted in Section 3.03(d). 

“Licensing Party” means (i) RBS in its capacity as a licensor for the purposes of the licenses granted in
Section 3.03(d) and (ii) the Company in its capacity as a licensor for the purposes of the licenses granted in Section 3.03(c). 

“Losses” means any and all damages, losses, deficiencies, taxes, obligations, penalties, judgments, settlements, claims,
payments, fines, charges, interest, costs and expenses, whether or not resulting from third party claims, including the costs and expenses of any and all Actions and demands, assessments, judgments, settlements and compromises relating thereto and
the costs and expenses of attorneys’, accountants’, consultants’ and other professionals’ fees and expenses incurred in the investigation or defense thereof or the enforcement of rights hereunder. 

“Material Risk Takers” means persons identified as meeting the criteria of “material risk takers” as set out in the
European Banking Authority regulatory technical standard and consequently subject to the requirements of the Remuneration Code. 

“Notice” means any obligation to deliver a notification to any Person other than a member of either Group. 

“Party” means each of RBS and the Company. 

“Patent Capture Period” means any time on or prior to the second anniversary of the Effective Date. 

“Patents” means any and all U.S. and foreign patents, invention disclosures and all related continuations,
continuations-in-part, divisionals, provisionals, renewals, reissues, re-examinations, additions and extensions (including all supplementary protection certificates), and all applications and registrations therefor. 

“Person” means an individual, a general or limited partnership, a corporation, a trust, a joint venture, an unincorporated
organization, a limited liability entity, any other entity and any Governmental Authority. 

  
 8 

 “Policy Representative” means, as of the Effective Date, each of the Chief
Operating Officer and Head of Risk Policy and Governance of the Company, and each of the Head of Enterprise Wide Risk Management and Head of Enterprise Policy and Framework of RBS, and in each case, their successors as appointed by the Company or
RBS, as applicable. 
 “PRA” means the Prudential Regulation Authority of the United Kingdom. 

“Prime Rate” shall mean the Wall Street Journal Published Prime (if published in a range, the lowest number in the range will
be used) in effect on the fourth (4th) Tuesday of the month prior to the beginning of each calendar quarter. 

“Privilege” has the meaning set forth in Section 8.03(a). 

“Prudential Supervisory Requirements” means applicable Law, regulation, regulatory constraint, obligation or rule (including
any binding code of conduct and binding statement of principle incorporated and contained in such rules) as promulgated or enforced by or through the PRA, the Financial Conduct Authority, the Federal Reserve Board, the Office of the Comptroller of
the Currency and the Federal Deposit Insurance Corporation, in each case, which has jurisdiction over RBS or other members of the RBS Group or the Company or other members of the Company Group, as may be amended from time to time, other than as set
out in the Remuneration Governance Procedures. 
 “Public Filings” has the meaning set forth in Section 6.06(a). 

“RBS” has the meaning set forth in the preamble hereto. 

“RBS Accounts” has the meaning set forth in Section 3.02(a). 

“RBS Board” means the Board of Directors of RBS. 

“RBS Business” means any business or operations of the RBS Group (whether conducted independently or in association with one
or more third parties through a partnership, joint venture or other mutual enterprise) other than the Company Business. 
 “RBS
Designee” means the Director designated by RBS pursuant to its nomination rights set forth in Section 5.03. 
 “RBS
Group” means RBS, each Subsidiary of RBS and each other Person that either (x) is controlled directly or indirectly by RBS immediately after the Effective Date or (y) becomes directly or indirectly controlled by RBS following the
Effective Date; provided, however, that neither the Company nor any other member of the Company Group shall be members of the RBS Group. 

“RBS Group Policy Framework” means the policy framework as implemented and enforced by RBS from time to time. 

  
 9 

 “RBS Indemnitees” has the meaning set forth in Section 9.03. 

“RBS Intellectual Property Rights” means any Intellectual Property Rights owned by RBS or any of its Subsidiaries. 

“RBS Non-Voting Attendee” means the non-voting, participating observer in all functions of the Company Board designated at
any time and from time to time by RBS pursuant to its nomination rights set forth in Section 5.03. 
 “RBS Principals” has
the meaning set forth in Section 5.07. 
 “RBS Warrantors” has the meaning set forth in Section 9.12. 

“Receiving Party” has the meaning set forth in Section 8.01(a). 

“Registration Rights Agreement” means the Registration Rights Agreement to be entered into by and between RBS and the Company
in the form of Exhibit A hereto. 
 “RemCo” means the RBS Group Performance and Remuneration Committee. 

“Remuneration Code” means the Remuneration Code of the PRA and the Financial Conduct Authority (SYSC 19A). 

“Remuneration Governance Procedures” means the procedures agreed upon by RemCo and CompCo, as summarized in Schedule 1.01(b)
hereto, to ensure compliance with the Remuneration Code. 
 “Remuneration Governance Termination Date” means the date from
which the Company will no longer be under the supervision of the PRA for future remuneration matters. The Company shall be promptly notified of such date by RBS in writing following consultation with the PRA, with such consultation to be initiated
around the First Threshold Date, unless RBS determines, using its reasonable discretion, that it would adversely impact on RBS to do so. 

“Retained RBS Domain Names” means those domain names set forth on Schedule 1.01(d) to the extent recorded in the name of the
Company and its Subsidiaries as of the Effective Date. 
 “Second Threshold Date” means the first date on which RBS ceases
to beneficially own such number of shares of Common Stock (excluding (x) any Additional Shares and (y) any Third Party Shares) representing at least 20% of the voting power of all outstanding shares of Common Stock. 

“Securities Act” means the Securities Act of 1933. 

“Selling Stockholders” means RBSG International Holdings Limited, a private limited company organized under the laws of
Scotland, and RBS CBFM North America Corp., a Delaware corporation. 

  
 10 

 “Shared Insurance Policies” shall mean Insurance Policies in existence prior to
the Insurance Separation Date where both the Company Business and the RBS Business and/or where the employees, directors or agents of both the Company Business and the RBS Business are eligible for coverage. 

“Significant Stockholder” means any Person, other than a member of the RBS Group, who together with its Affiliates (other
than members of the RBS Group) beneficially owns such number of shares of Common Stock representing at least 20% of the voting power of all outstanding shares of Common Stock. 

“Subsequent Disposition” has the meaning set forth in Section 2.03. 

“Subsidiary” means, when used with respect to any Person, (a) a corporation in which such Person or one or more
Subsidiaries of such Person, directly or indirectly, owns capital stock having a majority of the total voting power in the election of directors of all outstanding shares of all classes and series of capital stock of such corporation entitled
generally to vote in such election; and (b) any other Person (other than a corporation) in which such Person or one or more Subsidiaries of such Person, directly or indirectly, has (i) a majority ownership interest or (ii) the power
to elect or direct the election of a majority of the members of the governing body of such first-named Person. 
 “Surviving
Contracts” has the meaning set forth in Section 3.01(b). 
 “Third Party Claim” has the meaning set forth in
Section 9.06(a). 
 “Third Party Shares” means any shares of Common Stock with regard to which RBS has beneficial
ownership pursuant to an investment advisory arrangement under which RBS provides investment advisory services to a non-related third party in connection with such shares and does not derive a benefit from such shares other than customary advisory
fees. 
 “Trademark License Agreement” means the Trade Mark License Agreement (RBS as Licensor), dated as of the Closing,
by and between RBS and the Company. 
 “Trademarks” means any and all U.S. and foreign trademarks, service marks, corporate
names, trade names, domain names, logos, slogans, trade dress, design rights, and other similar designations of source or origin, and all applications and registrations therefor, together with the goodwill symbolized by any of the foregoing. 

“Transferred Intellectual Property Rights” means (a) RBS Intellectual Property Rights (other than Patents and
Trademarks) as of the Effective Date which are or have been used or held for use exclusively by the Company and its Subsidiaries, including any such RBS Intellectual Property Rights set forth on Schedule 1.01(c) and (b) those Trademarks set
forth on Schedule 1.01(c) to the extent owned by RBS and its Subsidiaries as of the Effective Date, including, in the case of each of clause (a) and (b) all rights to sue or recover and retain damages and costs and attorneys’ fees for
past, present and future infringement or misappropriation of any of the foregoing. 

  
 11 

 “Transitional Services Agreement” means the Transitional Services Agreement,
dated as of the Closing, by and between RBS and the Company. 
 “Underwriters” means the underwriters for the IPO set forth
in the Underwriting Agreement. 
 “Underwriting Agreement” means the underwriting agreement to be entered into among the
representatives of the Underwriters, the Company and the Selling Stockholders with respect to the IPO. 
 “U.S. GAAP” means
accounting principles generally accepted in the United States of America, applied on a consistent basis. 
 Section 1.02. Rules of
Construction. Unless the context otherwise requires or except as otherwise expressly provided, 
 (a) “herein,”
“hereof” and other words of similar import refer to the Agreement as a whole and not to any particular Section, Article or other subdivision; 

(b) all references to Sections or Articles or Exhibits refer to Sections or Articles or Exhibits of or to the Agreement unless otherwise
indicated; 
 (c) references to statutes include the rules and regulations thereunder; 

(d) references to agreements or instruments, or to statutes or regulations, are to such agreements or instruments, or statutes or regulations,
as amended from time to time (or to successor statutes and regulations); 
 (e) references to any Person include the successors and
permitted assigns of that Person; 
 (f) RBS shall: 

(i) Be deemed to beneficially own securities which are beneficially owned by RBS’s Subsidiaries; and 

(ii) Be deemed to be acting on behalf of the Selling Stockholders in its capacity as holder of legal and economic interests,
respectively, in Common Stock; and 
 (g) Unless otherwise noted, the Company makes the representations, warranties, undertakings and
covenants contained herein on behalf of itself and each other applicable member of the Company Group that may be required to take any action necessary for the accuracy of such representations and warranties or compliance with the obligations
undertaken by the Company hereunder. 

  
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 ARTICLE 2 

THE IPO AND ACTIONS PENDING THE IPO; OTHER
TRANSACTIONS 
 Section 2.01. The IPO. The Company shall cooperate with, and take all actions reasonably
requested by, RBS in connection with the IPO. In furtherance thereof, to the extent not undertaken and completed prior to the execution of this Agreement: 

(a) The Company shall file such amendments or supplements to the IPO Registration Statement as may be necessary in order to cause the same to
remain effective as required by the Underwriting Agreement. The Company shall also prepare, file with the Commission and cause to become effective any registration statements or amendments thereof that are required to reflect the establishment of,
or amendments to, any employee benefit and other plans necessary or appropriate in connection with the IPO or the other transactions contemplated by this Agreement and the Ancillary Agreements. 

(b) The Company shall comply with its obligations under the Underwriting Agreement. 

(c) The Company shall use its best efforts to take all such action as may be necessary or appropriate under state securities and blue sky laws
of the United States (and any comparable Laws under any foreign jurisdictions) in connection with the IPO; provided that the Company shall not be required to qualify as a foreign corporation in any state or jurisdiction or consent to service
of process in any state or jurisdiction other than with respect to claims arising out of the IPO. 
 Section 2.02. Termination of
IPO Process. Notwithstanding anything to the contrary contained herein, prior to the Closing, as between the Company and RBS, RBS may in its sole discretion terminate or abandon any aspect of the IPO and the other transactions contemplated
hereby or by an Ancillary Agreement in connection with the IPO and the Company shall, subject to compliance with its obligations under the Underwriting Agreement, take all actions directed by RBS in that regard. 

Section 2.03. Subsequent Dispositions. The Parties shall execute and deliver, concurrently with the execution and delivery of this
Agreement, the Registration Rights Agreement. In addition to any obligations of the Company pursuant to the Registration Rights Agreement, the Company agrees that it will, and will cause each other member of the Company Group to, provide such
cooperation, information and assistance as RBS may reasonably request to ensure that dispositions by RBS or any other member of the RBS Group of any remaining beneficially owned shares of Common Stock are achieved in a timely and efficient manner,
including any dispositions pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act (any such disposition, a “Subsequent Disposition”); provided that such
cooperation and assistance shall not include any obligation to enter into agreements with any acquiror of Common Stock in any such disposition by RBS or any other member of the RBS Group that are to be performed after such disposition other than any
agreements that (i) are 

  
 13 

 
contemplated by the Registration Rights Agreement or (ii) are of the nature of agreements customarily included in underwriting agreements (e.g., standstill or lockup obligations) entered
into in connection with follow-on stock offerings by publicly traded companies. 
 ARTICLE 3 

THE SEPARATION 

Section 3.01. Termination of Agreements. (a) Except as set forth in Section 3.01(b), in furtherance of the releases
and other provisions of Section 9.01 hereof: (i) the Company and each Person in the Company Group, on the one hand, and RBS and each Person in the RBS Group, on the other hand, hereby terminate any and all agreements, arrangements,
commitments or understandings, whether or not in writing, between or among the Company and any Person in the Company Group, on the one hand, and RBS and any Person in the RBS Group, on the other hand, effective as of the Effective Date. No such
terminated agreement, arrangement, commitment or understanding (including any provision thereof which purports to survive termination) shall be of any further force or effect after the Effective Date and (ii) all intercompany accounts or
balances arising on or prior to the Effective Date (collectively, “Intercompany Accounts”), between any member of the Company Group and any member of the RBS Group shall be invoiced promptly after the Effective Date and paid within
forty-five (45) days of receipt of invoice. Each Party shall, at the reasonable request of any other Party, take, or cause to be taken, such other actions as may be necessary to effect the foregoing. 

(b) The provisions of Section 3.01(a) shall not apply to any of the following agreements, arrangements, commitments, understandings or
Intercompany Accounts (or to any of the provisions thereof): (i) this Agreement; (ii) the Ancillary Agreements (and each other agreement or instrument expressly contemplated by this Agreement, or any Ancillary Agreement to be entered into
by any of the Parties or any Person in their respective Groups); (iii) any agreements, arrangements, commitments or understandings set forth or described on Schedule 3.01(b)(iii); (iv) any In-Scope Arrangements; and (v) any other
agreements, arrangements, commitments, understandings or Intercompany Accounts that this Agreement or any Ancillary Agreement expressly contemplates will survive the Effective Date (collectively, the “Surviving Contracts”). 

(c) Notwithstanding anything in this Agreement to the contrary, in the event the Parties agree in writing that an agreement, arrangement,
commitment or understanding terminated pursuant to Section 3.01(a) should have remained in force or effect after the Effective Date, such agreement, arrangement, commitment or understanding shall pursuant to this Section 3.01(c) be deemed
a Surviving Contract and each Party shall, at the reasonable request of any other Party, take, or cause to be taken, such other actions as may be necessary to effect the foregoing. 

Section 3.02. Bank Accounts; Cash Balances. (a) To the extent not completed prior to the Effective Date, RBS and the Company
each agrees to take, or cause the respective members of their respective Groups to take, at or as soon as practicable after 

  
 14 

 
the Effective Date, all actions necessary to amend all Contracts governing each bank and brokerage account owned by the Company or any other member of the Company Group (collectively, the
“Company Accounts”) so that such Company Accounts, if linked (whether by automatic withdrawal, automatic deposit or any other authorization to transfer funds from or to, hereinafter “linked”) to any bank or brokerage
account owned by RBS or any other member of the RBS Group (collectively, the “RBS Accounts”) are de-linked from the RBS Accounts. 

(b) It is intended that, following consummation of the actions contemplated by Section 3.02(a), the Company and RBS will maintain
separate bank accounts and separate cash management processes. 
 (c) With respect to any outstanding checks issued by RBS, the Company, or
any of their respective Subsidiaries prior to the Effective Date, such outstanding checks shall be honored following the Effective Date by the Person or Group owning the account on which the check is drawn. 

(d) Other than in connection with the Surviving Contracts, as between RBS and the Company (and the members of their respective Groups), all
payments made and reimbursements received after the Effective Date by either Party (or member of its Group) that relate to a business, asset or Liability of the other Party (or member of its Group), shall be held by such Party in trust for the use
and benefit of the Party entitled thereto and, promptly upon receipt by such Party of any such payment or reimbursement, such Party shall pay over, or shall cause the applicable member of its Group to pay over to the other Party the amount of such
payment or reimbursement without right of set-off. 
 Section 3.03. Transfer of Intellectual Property Rights; Licenses.
(a) Subject to the terms and conditions set forth in this Agreement, as of the Effective Date, RBS, on behalf of itself and its Subsidiaries, hereby transfers, conveys and assigns to the Company, and the Company hereby accepts from RBS and its
Subsidiaries, all right, title and interest of RBS and its Subsidiaries in and to the Transferred Intellectual Property Rights. With respect to any domain names included in the Transferred Intellectual Property Rights (as set forth on Schedule
1.01(c)), RBS shall promptly take or cause to be taken (and shall cause its Subsidiaries to promptly take or cause to be taken) all steps necessary to update the records of the applicable domain name registrar to ensure that such transfer,
conveyance and assignment has been recorded and that the Company is the sole and exclusive owner of such domain names. 
 (b)
Notwithstanding anything in this Agreement to the contrary, the Parties acknowledge and agree that all RBS Intellectual Property Rights (other than the Transferred Intellectual Property Rights) which are or have been used or held for use by the
Company and its Subsidiaries at any time prior to or as of the Effective Date shall vest and remain vested in RBS or the relevant Subsidiary of RBS. 

(c) With respect to the Licensable Company Intellectual Property Rights, the Company, on behalf of itself and its Subsidiaries, hereby grants
to RBS and its 

  
 15 

 
Subsidiaries a perpetual, non-exclusive, world-wide, royalty-free, irrevocable license (with the right to sub-license) to use solely in connection with the business of RBS and its Subsidiaries
(or any part of it). 
 (d) With respect to the Licensable RBS Intellectual Property Rights, RBS, on behalf of itself and its Subsidiaries,
hereby grants to the Company and its Subsidiaries a perpetual, non-exclusive, world-wide, royalty-free, irrevocable license (with the right to sub-license) to use solely in connection with the business of the Company and its Subsidiaries (or any
part of it). 
 (e) Except as provided in (i) Section 3.03(d) and/or (ii) the Trademark License Agreement and any licenses
of Intellectual Property Rights entered into between the Parties or any of their respective Subsidiaries pursuant to any other Ancillary Agreement, the Company, on behalf of itself and its Subsidiaries, hereby acknowledges and agrees that any and
all licenses granted by RBS or any of its Subsidiaries to the Company or any of its Subsidiaries in respect of any Intellectual Property Rights shall terminate as of the Effective Date. 

(f) Except as provided in (i) Section 3.03(c) and/or (ii) any licenses of Intellectual Property Rights entered into between
the Parties or any of their respective Subsidiaries pursuant to any Ancillary Agreement, RBS, on behalf of itself and its Subsidiaries, hereby acknowledges and agrees that any and all licenses granted by the Company or any of its Subsidiaries to RBS
or any of its Subsidiaries in respect of any Intellectual Property Rights shall terminate as of the Effective Date. 
 (g) Subject to the
terms and conditions set forth in this Agreement, as of the Effective Date, the Company, on behalf of itself and its Subsidiaries, hereby transfers, conveys and assigns to RBS, and RBS hereby accepts from the Company and its Subsidiaries, all right,
title and interest of the Company and its Subsidiaries in and to the Retained RBS Domain Names. The Company shall promptly take or cause to be taken (and shall cause its Subsidiaries to promptly take or cause to be taken) all steps necessary to
update the records of the applicable domain name registrar to ensure that such transfer, conveyance and assignment has been recorded and that RBS is the sole and exclusive owner of the Retained RBS Domain Names. 

Section 3.04. Other Ancillary Agreements. Each of RBS and the Company will execute and deliver, and cause each of their applicable
Subsidiaries to execute and deliver, as applicable, all Ancillary Agreements to which it is a party, in each case to be effective as of the Effective Date. 

Section 3.05. Guarantees. (a) RBS and the Company shall each use their reasonable best efforts to cause a member of the
Company Group to be substituted in all respects for a member of the RBS Group, as applicable, and for the members of the RBS Group, as applicable, to be otherwise removed or released, effective as of the Effective Date, in respect of all obligations
of any member of the Company Group under each guarantee, indemnity, surety bond, letter of credit and letter of comfort (each, a 

  
 16 

 
“Guarantee”), given or obtained by any member of the RBS Group for the benefit of any member of the Company Group or the Company Business. If RBS and the Company have been unable
to effect any such substitution, removal, release and termination with respect to any such Guarantee as of the Effective Date then, following the Effective Date, the Company shall effect such substitution, removal, release and termination as soon as
reasonably practicable after the Effective Date; provided that from and after Effective Date, the Company shall indemnify against, hold harmless and promptly reimburse the members of the RBS Group for any payments made by members of the RBS
Group and for any and all Liabilities of the members of the RBS Group arising out of, or in performing, in whole or in part, any performance obligation in accordance with the underlying obligation under any such Guarantee (except to the extent the
performance obligation under any such Guarantee shall have been triggered solely by an act or failure to act of the applicable guarantor (rather than the underlying obligor)). 

(b) RBS and the Company shall each use their reasonable best efforts to cause a member of the RBS Group to be substituted in all respects for
a member of the Company Group, as applicable, and for the members of the Company Group, as applicable, to be otherwise removed or released, effective as of the Effective Date, in respect of all obligations of any member of the RBS Group under each
Guarantee, given or obtained by any member of the Company Group for the benefit of any member of the RBS Group or the RBS Business. If RBS and the Company have been unable to effect any such substitution, removal, release and termination with
respect to any such Guarantee as of the Effective Date then, following the Effective Date, RBS shall effect such substitution, removal, release and termination as soon as reasonably practicable after the Effective Date; provided that from and
after Effective Date, RBS shall indemnify against, hold harmless and promptly reimburse the members of the Company Group for any payments made by members of the Company Group and for any and all Liabilities of the members of the Company Group
arising out of, or in performing, in whole or in part, any performance obligation in accordance with the underlying obligation under any such Guarantee (except to the extent the performance obligation under any such Guarantee shall have been
triggered solely by an act or failure to act of the applicable guarantor (rather than the underlying obligor)). 
 ARTICLE 4 

REPRESENTATIONS AND WARRANTIES 

Each Party represents and warrants to the other Party that, as of the date hereof and as of the Effective Date: 

Section 4.01. Organization and Authority. (a) It is duly constituted, organized and validly existing under the laws of the
jurisdiction of its incorporation; 
 (b) It has the legal right and full power and authority to execute and deliver, and it and the members
of its respective Group, as applicable, have the legal right and full power and authority to exercise its and their rights and perform its and their obligations under this Agreement, the Ancillary Agreements and any documents or agreements expressly
contemplated by this Agreement or the Ancillary Agreements; 

  
 17 

 (c) This Agreement has been, and each of the Ancillary Agreements will be, duly authorized,
executed and delivered by each Party and each other member of its respective Group that is a party thereto and, assuming due authorization, execution and delivery by all other parties to such agreement, each of this Agreement and such Ancillary
Agreements constitutes or will constitute, as the case may be, the valid and legally binding obligations of each Party and such members of their respective Groups who are parties thereto, enforceable in accordance with its or their terms, subject to
bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors’ rights and to general equity principles. 

Section 4.02. No Conflict. The authorization, execution, delivery and performance of this Agreement and the Ancillary Agreements
by each Party and such members of their respective Groups that are parties thereto do not (i) violate, conflict with or result in the breach of any provision of the certificate of incorporation, the memorandum or association or by-laws (or
similar organizational documents) of such Party or member of its respective Group or (ii) conflict with or violate in any material respect any Law applicable to such Party or member of its respective Group or any of their respective assets or
businesses. 
 Section 4.03. No Other Representations or Warranties. Except for the representations and warranties contained in
this Agreement and the Ancillary Agreements, neither Party nor any other Person makes any express or implied representation or warranty on behalf of such Party or any other member of its respective Group, and each Party hereby disclaims any
representation or warranty not contained herein or therein. 
 ARTICLE 5 

BOARD OF DIRECTORS AND CORPORATE GOVERNANCE 

Section 5.01. Charter. Prior to the Effective Date, the Company shall file with the Secretary of the State of Delaware, and cause
to become effective, the amended and restated certificate of incorporation of the Company attached hereto as Exhibit B. 

Section 5.02. By-Laws. Prior to the Effective Date, the Company Board shall adopt the amended and restated by-laws of the Company
attached hereto as Exhibit C. 
 Section 5.03. Company Board. (a) From the Effective Date until the Second Threshold Date,
the Company and RBS shall (i) use their best efforts to cause the Company Chief Executive Officer and the RBS Designee (who may, at the sole discretion of RBS, be an Independent Director) to be members of the Company Board and (ii) cause
the RBS Designee to be a member of each of the Bank Boards. 

  
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 (b) Until the Second Threshold Date, RBS shall have the right (i) to designate for
nomination by the Company Board (or any nominating committee thereof) for election to the Company Board the RBS Designee and (ii) to appoint, at any time and from time to time, one RBS Non-Voting Attendee who shall be entitled to receive notice
of, and, subject to such person’s execution of a confidentiality agreement substantially in the form attached as Exhibit D hereto, attend all meetings of, the Company Board, the Bank Boards and committees thereof, and shall be entitled to
receive and review all materials, reports, notifications, papers and agendas related thereto that directors receive (but only to the extent not contrary to applicable Law); provided that (x) the RBS Non-Voting Attendee shall not have the
right to vote on any matters presented to the Company Board, the Bank Boards or committees thereof for a vote and (y) the RBS Non-Voting Attendee shall recuse himself or herself from any matter presented to the Company Board, the Bank Boards or
any committee thereof if the RBS Designee recuses himself or herself from such matter. In addition, in the event that the RBS Non-Voting Attendee attends a meeting of the Company Board, any Bank Board or any committee thereof at which the RBS
Designee is not present, the RBS Non-Voting Attendee shall recuse himself or herself with respect to any matter presented to such meeting with respect to which the RBS Designee, if he or she were attending such meeting, would have an obligation to
recuse himself or herself. The Company shall reimburse RBS for all travel and lodging expenses in connection with any RBS Non-Voting Attendee attending any Board meeting on the same terms, and subject to the same policies, as shall apply to
directors of the Company Board. RBS may appoint a different person as RBS Non-Voting Attendee with respect to any meeting of the Company Board, the Bank Boards or any committees thereof, it being understood that any obligation hereunder of the
Company to provide notice to the RBS Non-Voting Attendee shall be satisfied by delivery of notice to the person who was the RBS Non-Voting Attendee at the time of the most recent such meeting. 

(c) Until the Second Threshold Date, the Company shall at all times exercise all authority under applicable Law to cause the RBS Designee to
be nominated for election as a Company Board member by the Company Board (or any nominating committee thereof). Until the Second Threshold Date, the Company shall cause the RBS Designee to be included in the slate of nominees recommended by the
Company Board to holders of Common Stock (including at any special meeting of stockholders held for the election of directors) and shall use best efforts to cause the election of each such RBS Designee, including soliciting proxies in favor of the
election of such persons. The Company further agrees that, until the Second Threshold Date, it shall (i) fill any vacancy on the Company Board or the Bank Boards created by the resignation, removal or incapacity of the RBS Designee with another
RBS Designee identified by RBS, to the extent RBS would at such time have nomination rights (or appointment rights, in the case of the Bank Boards) for such RBS Designee pursuant this Section 5.03, and (ii) except for the removal of
an RBS Designee for Cause, use its best efforts not to permit the removal from the Company Board or the Bank Boards of any RBS Designee without RBS’s consent to the extent RBS would at such time have nomination rights (or appointment rights, in
the case of the Bank Boards) for such RBS Designee pursuant to this Section 5.03. 

  
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 (d) On the Second Threshold Date, the RBS Designee shall submit his or her resignation from the
Company Board in accordance with any applicable Corporate Governance Guidelines of the Company in effect at such time. Unless otherwise specified in such resignation, the acceptance by the Company Board of such resignation shall not be required for
such resignation to take effect. 
 Section 5.04. Board and Other Committees. (a) As of the Effective Date and through the
Final Withdrawal Date, the Company Board shall (i) without taking advantage of any of the exemptions available to a “controlled company” under the Exchange Manual, have established and shall maintain committees of the Board meeting
the requirements of, and having the responsibilities and authority consistent with the applicable requirements of, the Exchange Act and the Exchange Manual, and such additional responsibilities and authority not inconsistent with this Agreement
(including, for the avoidance of doubt, the Remuneration Governance Procedures), as shall be delegated to it by the Company Board from time to time and (ii) maintain a risk committee that shall consist of at least 5 members and that shall
operate pursuant to the charter approved by the Company Board and RBS prior to the date hereof, with such changes as may be approved by RBS from time to time, provided that, after the First Threshold Date, the approval of RBS shall not be
required for any de minimis change to such charter, provided, further, that the Company shall deliver written notice to RBS of any proposed change to such charter at least seven (7) Business Days before such change is
sought to be adopted, such notice to specify whether or not the Company considers such change to be de minimis. 
 (b) As of the
Effective Date and through the Second Threshold Date, to the extent the Company Board or any of the Bank Boards has a standing committee that is functionally equivalent to the existing Executive Committee of the Company Board, the RBS Designee shall
be a member of such committee and shall be entitled to receive notice of, and attend any meetings of, such committee, provided that the attendance of the RBS Designee at any meeting of such committee shall not be required for a quorum. 

(c) Until the Second Threshold Date, the Company shall cause to be delivered to the RBS Designee and the RBS Non-Voting Attendee all
communications, notices (including notices of meetings) and other materials delivered to members of the Company Board, the Bank Boards and any committees of the Company Board and the Bank Boards in such members’ capacities as such no later than
such communications, notices and other materials are delivered to such other members; provided that communications, notices and other materials that relate to a matter with respect to which recusal of the RBS Designee is applicable shall not
be delivered pursuant to this Section 5.04(c). 
 (d) Until the Deconsolidation Date, the Company shall cause an individual designated
by RBS from time to time to be a member of the Company ALCO. 
 Section 5.05. Significant Actions. (a) Until the First
Threshold Date, neither the Company nor any member of the Company Group shall take, or be permitted to take, any of the following actions without the written approval of RBS: 

(i) establish, adopt or approve any annual budget of the Company for any fiscal year; 

  
 20 

 (ii) approve or adopt any amendment or modification to any approved annual budget
of the Company to the extent presented to the Company Board, or any committee thereof, for approval; 
 (iii)
(A) terminate the Company’s Chief Executive Officer, Chief Financial Officer or Chief Risk Officer or (B) appoint a new Chief Executive Officer, Chief Financial Officer or Chief Risk Officer of the Company; or 

(iv) enter into any agreement to do any of the foregoing in Section 5.05(a)(i)-(iii). 

(b) Until the Second Threshold Date, neither the Company nor any member of the Company Group shall take, or be permitted to take, any of the
following actions without the written approval of RBS: 
 (i) make material changes to the scope or nature of the Company
Business; 
 (ii) enter into any direct or indirect transactions between, on the one hand, the Company or any Subsidiary of
the Company and, on the other hand, (A) any Significant Stockholder or Affiliate or related Person of any Significant Stockholder (except for any transactions with such persons as clients or customers of the Company in the ordinary course of
business of the Company Business on terms that are substantially the same as those prevailing at the time for comparable ordinary course transactions with or involving unaffiliated clients or customers of the Company or any Subsidiary), (B) any
Affiliate of the Company (other than any wholly owned Subsidiary of the Company) or any joint venture (whether or not such joint venture is subject to RBS approval pursuant to Section 5.05(b)(v)) (except for any transactions where any such Affiliate
or such joint ventures are clients or customers of the Company in the ordinary course of business of the Company Business on terms that are substantially the same as those prevailing at the time for comparable ordinary course transactions with or
involving unaffiliated clients or customers of the Company or any Subsidiary); provided that any transaction to which clause (C) below is applicable shall be reviewed under that clause, or (C) any officer or director of the Company
or any Subsidiary of the Company, including the modification or amendment of any existing agreement or arrangement (other than ordinary course remuneration or benefit matters, including the making of any loans to officers or directors in accordance
with applicable Law, including Regulation O of the Federal Reserve Board (12 C.F.R. Part 215)); 
 (iii) any merger,
consolidation, business combination or similar transaction (or any amendment to or termination of an agreement to enter into such a transaction) involving the Company, CBNA or CBPA, on the one hand, and any other Person, on the other hand; provided
that any transaction to which clause (iv) or (v) below is applicable shall be reviewed under that clause; 

  
 21 

 (iv) any acquisition, transfer or disposition by the Company or any Subsidiary of
the Company of securities, assets or liabilities, whether in a single transaction or series of related transactions (and whether effected by way of merger, consolidation, purchase, sale or other form of transfer) with a purchase price (in excess of
book value) of above $500 million or where the book value of securities, assets or liabilities so acquired, transferred or disposed exceeds $4 billion; provided that: 

(A) subject to Section 5.06, during the period beginning on the Effective Date and ending on the first date on which RBS
would no longer be considered to exercise control over the Company for EU regulatory purposes (with control being as defined in Article 3(2) of Council Regulation 139/2004/EC of 20 January 2004 on the control of concentrations between
undertakings) (the “EU Control Period”), in addition to any other approval of RBS required under this Section 5.05(b)(iv), RBS’s written approval shall be required for (i) any acquisition by the Company or any of its
Subsidiaries of any Financial Institution or any package of assets and liabilities that together constitutes a business equivalent to a Financial Institution or (ii) any other acquisitions by the Company or any of its Subsidiaries the purpose
of which is to expand its activities outside of its business model, if the aggregate purchase price (in excess of book value) of all acquisitions described in (i) and (ii) above during the EU Control Period exceeds $125 million in the
aggregate for all such acquisitions; and 
 (B) (x) any acquisition by the Company or any wholly owned Subsidiary of the
Company of securities, assets or liabilities of the Company or any wholly owned Subsidiary of the Company and (y) any disposition of securities, assets or liabilities by the Company or any wholly owned Subsidiary of the Company to the Company
or any wholly owned Subsidiary of the Company shall not require such written approval of RBS; 
 (v) entry into any joint
venture or similar transaction with any Person (other than the Company or a wholly owned Subsidiary of the Company) where any such joint venture or other entity formed by such transaction has assets or liabilities with a book value in excess of $4
billion; 
 (vi) the issuance of any Capital Stock of the Company or of any Subsidiary of the Company, other than
(A) issuances to the Company or any of the Company’s wholly owned Subsidiaries, (B) issuances of the capital stock of a newly formed joint venture entity or the entity in a similar transaction otherwise permitted pursuant to
Section 5.05(b)(v) to the parties to the joint venture or 

  
 22 

 
similar transaction; or (C) (1) any proposed issuance further to the grants of incentive- or equity-based awards in respect of Common Stock or (2) issuances of Common Stock upon
the exercise of stock options or stock appreciation rights or the vesting, delivery or settlement of any equity-based awards in respect of Capital Stock of the Company (including Common Stock) or any Subsidiary of the Company (including issuances
pursuant to sales to satisfy taxes relating to the exercise, vesting, delivery or settlement thereof), in each case under these sub-clauses (C)(1) and (C)(2), to a current, new, or former officer, director, employee or consultant of the Company or
any member of the Company Group pursuant to any incentive or equity compensation plan, employment agreement or other arrangement approved by the Company Board or a duly authorized committee thereof and provided that (x) the aggregate
number of shares of Common Stock of the Company underlying any such equity-based awards shall not exceed the number of shares of Common Stock equal to 12 percent of the number of shares of Common Stock of the Company issued and outstanding as of the
pricing date of the IPO (such number of shares of Common Stock shall be inclusive of any “substitute awards” (as defined under the terms of any applicable plan) and shall be subject to adjustment, if any, under the terms of the applicable
plan) and (y) any such grants or issuances shall be in compliance with the Remuneration Governance Procedures; 
 (vii)
any increase in the limits under, or changes in the metrics relating to, the Company Funding and Liquidity Metrics, provided that, notwithstanding Section 5.07, for so long as an individual designated by RBS is a member of the
Company ALCO pursuant to Section 5.04(d), any approval of RBS required under this Section 5.05(b)(vii) shall be evidenced in a writing signed by such member of the Company ALCO; 

(viii) the commencement of any liquidation, dissolution or voluntary bankruptcy, administration, recapitalization or
reorganization of the Company or any of its Subsidiaries in any form of transaction, making arrangements with creditors, or consenting to the entry of an order for relief in any involuntary case, or taking the conversion of an involuntary case to a
voluntary case, or consenting to the appointment or taking possession by a receiver, trustee or other custodian for all or substantially all of its property, or seeking the protection of any applicable bankruptcy or insolvency law, other than any
such actions with respect to a non-material Subsidiary where, in the good faith judgment of the Board, the maintenance or preservation of such Subsidiary is no longer desirable in the conduct of the Company Business; or 

(ix) the entering into of any agreement to do any of the foregoing in Section 5.05(b)(i)-(viii). 

(c) Until the Final Withdrawal Date, the Company Group Policy Framework shall be amended only upon the mutual consent of the Parties (with the
written consent of one Policy Representative of each of the Company and RBS evidencing the consent of 

  
 23 

 
the Company and RBS, respectively); provided that, after the First Threshold Date, the consent of RBS shall not be required for any de minimis amendment to a policy within the
Company Group Policy Framework, provided, further, that the Company shall deliver written notice to each of RBS’s Policy Representatives of any proposed amendment to any policy within the Company Group Policy Framework at least
seven (7) Business Days before such amendment is sought to be adopted, such notice to specify whether or not the Company considers such amendment to be de minimis. 

(d) Until the Deconsolidation Date, neither the Company nor any member of the Company Group shall sell, assign, dispose of or otherwise
transfer the economic interest in the securities described on Schedule 5.05(d) hereto or any participation or interest therein (whether legal, beneficial or otherwise), whether directly or indirectly (including pursuant to a derivative
transaction), or agree or commit to do any of the foregoing, unless the Company delivers written notice to RBS of any such transaction at least five (5) Business Days before consummating such transaction or agreeing to consummate such
transaction. 
 (e) Neither the Company nor any member of the Company Group shall sell, assign, dispose of or otherwise transfer the
economic interest in any securities classified in the consolidated financial statements of the Company as held-to-maturity securities or any participation or interest therein (whether legal, beneficial or otherwise), whether directly or indirectly
(including pursuant to a derivative transaction) unless the Company delivers written notice to RBS of any such transaction at least five (5) Business Days before consummating such transaction or agreeing to consummate such transaction, such
notice to include a confirmation from the Company Auditors that such transaction will not require the reclassification of the Company’s portfolio of held-to-maturity securities under U.S. GAAP or IFRS. 

Section 5.06. EU Control Period. During the EU Control Period, at least twelve (12) Business Days before the Company or any
of its Subsidiaries enters into any definitive agreement to acquire any securities, assets or liabilities that could (whether or not the Company believes that (i) the securities, assets or liabilities constitute a Financial Institution or any
package of assets and liabilities that together constitutes a business equivalent to a Financial Institution or (ii) such acquisition has a purpose of expanding the Company’s activities outside of its business model) require approval of
RBS pursuant to Section 5.05(b)(iv)(A) (without giving effect to the aggregate monetary threshold set forth therein) (an “EU Acquisition”), the Company shall deliver a written notice (an “EU Acquisition
Notice”) to the RBS Principals setting forth in detail (i) if the Company has determined that the consummation of the relevant EU Acquisition does not require RBS’s prior written approval under Section 5.05(b)(iv)(A), the
Company’s basis for such determination (including the Company’s calculation of the purchase price (in excess of book value) of (x) the relevant EU Acquisition and (y) all acquisitions described in clauses (i) and
(ii) of Section 5.05(b)(iv)(A) consummated during the EU Control Period as of the date of the EU Acquisition Notice), or (ii) if the Company has determined that the consummation of the relevant EU Acquisition requires RBS’s prior
written approval under Section 5.05(b)(iv)(A), the Company’s calculation of the purchase price (in excess 

  
 24 

 
of book value) of (x) the relevant EU Acquisition and (y) all acquisitions described in clauses (i) and (ii) of Section 5.05(b)(iv)(A) consummated during the EU Control
Period as of the date of the EU Acquisition Notice. The Company shall promptly provide RBS with any other information relating to the EU Acquisition that is reasonably requested by RBS. If RBS, acting reasonably and in accordance with RBS’s
state aid obligations, disagrees with a determination by the Company pursuant to clause (i) of the preceding sentence, then the relevant EU Acquisition shall be deemed to require RBS’s prior written approval under
Section 5.05(b)(iv)(A). At the request of RBS from time to time, the Company shall cause an appropriate executive officer of the Company to certify to RBS that the Company and its Subsidiaries have not entered into any definitive agreement
during any specified period to acquire any securities, assets or liabilities that should have been the subject of an EU Acquisition Notice pursuant to this Section 5.06. 

Section 5.07. Implementation. The consent or approval of RBS (or the determination of RBS not to provide such consent or approval)
for any action for which RBS has consent or approval rights under this Article 5 (other than any such rights set forth in Section 5.05(c)) shall be evidenced in a writing signed by any of the Chief Executive Officer of RBS, the Group
Finance Director of RBS or the Chief Executive of the Capital Resolution Group of RBS (collectively, the “RBS Principals”), which writing shall be delivered to the Company within twelve (12) Business Days following receipt of a
written request for such consent or approval from the Company by each of the RBS Principals; provided that if no response is received from an RBS Principal within such period, such consent or approval shall be deemed to have been given. Any
written request for consent or approval delivered to the RBS Principals hereunder shall be delivered in writing and by email in a manner in which each RBS Principal shall have notice that such request has been concurrently delivered to the other RBS
Principals. 
 ARTICLE 6 

COMPLIANCE, INFORMATION AND CONTROLS 

Section 6.01. Policy Compliance and Compliance with Prudential Supervisory Requirements. (a) Until the Final
Withdrawal Date, the Company agrees that it will, and will cause each other member of the Company Group to: 
 (i) comply
with (A) the Company Group Policy Framework (unless the Company Group Policy Framework expressly contemplates a termination date other than the Final Withdrawal Date, in which case such specified date shall apply), and (B) the Functional
Requirements; and 
 (ii) at RBS’s reasonable written request, take, or refrain from taking, any actions to the extent
necessary to enable RBS and each other member of the RBS Group to comply with the Prudential Supervisory Requirements or other Law applicable to RBS and each other member of the RBS Group. 

(b) Until the Deconsolidation Date, the Company agrees that it will, and will cause each other member of the Company Group to, comply with the
Audit / Non Audit Services Policy Standard set forth in the RBS Group Policy on Corporate Governance as in effect from time to time. 

  
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 Section 6.02. RBS Information Rights. (a) Until the Final Withdrawal Date (or,
with respect to the matters set forth in Section 6.02(b), the Deconsolidation Date), the Company agrees that it will, and will cause each other member of the Company Group to, promptly, but in any case within five (5) Business Days
(subject to any provision of this Agreement that requires that information be provided more promptly) of any request from RBS (unless not practicably available within such time, in which case as soon as practicable thereafter), provide to RBS
(including its agents, accountants, advisors, counsel and other representatives) any information with respect to the Company Group, the Company Business and the Company Group’s properties, and the financial position, results of operations and
prospects of the Company or any other member of the Company Group requested by RBS to: (A) account for the beneficial ownership of the Company by the RBS Group (or any member thereof) in such Person’s accounts, financial records and
statements, forecasts and planning materials; (B) satisfy the legal, regulatory, compliance, tax, audit (internal and external), risk management, financial management, budgeting and accounting requirements of the RBS Group (or any member
thereof); or (C) meet the requirements of any Governmental Authority or securities exchange to which RBS or any other member of the RBS Group is subject, including any Prudential Supervisory Requirements. 

(b) Until the Deconsolidation Date the Company agrees that it will, and will cause each other member of the Company Group to, promptly, but in
any case within five (5) Business Days (subject to any provision of this Agreement that requires that information be provided more promptly) of any request from RBS (unless not practicably available within such time, in which case as soon as
practicable thereafter), provide to RBS (including its agents, accountants, advisors, counsel and other representatives) such information it may request from time to time, including, without limitation: 

(i) evidence of the adequate and effective operation of internal control over financial reporting consistent with the level of
information (including certification) received by RBS prior to the Effective Date and including providing appropriate Company executive confirmation to RBS in the manner provided prior to the Effective Date of compliance with RBS’s requirements
in relation to the Sarbanes-Oxley Act of 2002; 
 (ii) material communications between the Company Auditors and the Audit
Committee, including (1) the Company Auditor’s annual management letter and management responses thereto, (2) communications by the Company Auditor pursuant to Statement of Auditing Standards Nos. 114 and 115 and AU Sections
380/AU-C260 and 325 AU-C26J (or applicable successor rules), (3) letters from the auditors required by PCAOB Rule 3526 to be delivered to the Audit Committee regarding the independent auditor’s communications with the Audit Committee
concerning independence, (4) communications to the Audit Committee required by Rule 2-07 of Regulation S-X regarding critical accounting 

  
 26 

 
policies and practices to be used, alternative U.S. GAAP treatments for policies and practices related to material items that have been discussed with management of the Company, management
letters and the schedule of unadjusted differences, and (5) non-publicly filed internal control reports prepared by management (including reports regarding the status of remediation efforts with respect to significant deficiencies and material
weaknesses) and the Company Auditor and related documents; 
 (iii) certifications of each of the Company’s principal
executive and principal financial officers addressed to RBS consistent with certifications required to be included in the Company’s periodic reports to be filed with the Commission pursuant to Exchange Act Rule 13a-14 and Item 601 of
Regulation S-K; 
 (iv) Control Environment Certifications provided to RBS in the manner undertaken prior to the Effective
Date; and 
 (v) any certifications or letters requested by RBS’s independent certified public accountants. 

(c) Subject to Section 8.03(b), if the Company reasonably determines that any provision of information pursuant to this
Article 6 (including any information provided pursuant to the Functional Requirements) could be commercially detrimental to the Company Business, violate any Law or Contract or result in the waiver of any Privilege, the Parties shall take all
reasonable measures to permit the provision of such information in a manner that avoids any such detriment, violation or waiver. If, after the Parties have taken all such measures, the Company is unable to provide any such information other than in
a manner that could violate any Law or Contract, the Company shall not be required to provide such information. Any information owned by the Company that is provided to RBS pursuant to this Section 6.02 shall be deemed to remain the property
of the Company. 
 Section 6.03. RBS Access Rights. Until the Final Withdrawal Date, the Company agrees that it will, and will
cause each other member of the Company Group to, provide RBS (including its agents, accountants, advisors, counsel and other representatives) with, during regular business hours, full and prompt access to the Company’s management and the
Company’s advisors, external auditors (including the Company Auditors), personnel (including its risk, legal, financial and compliance personnel), data, systems and internal audit function (through the Company’s head of internal audit),
including access to work papers and any personnel or agents of the Company and the external auditors responsible for conducting the Company’s quarterly reviews and annual audit requested by RBS to: (A) account for the beneficial ownership
of the Company by the RBS Group (or any member thereof) in such Person’s accounts, financial records and statements, forecasts and planning materials; (B) satisfy the legal, regulatory, compliance, tax, audit (internal and external), risk
management, financial management, budgeting and accounting requirements of the RBS Group (or any member 

  
 27 

 
thereof); or (C) meet the requirements of any Governmental Authority or securities exchange to which the RBS Group (or any member thereof) is subject, including any Prudential Supervisory
Requirements; provided that, with respect to access to external auditors and the internal audit function, following the Deconsolidation Date, the Company shall only be required to provide RBS with reasonable access to such auditors (including
the Company Auditor) and the Company’s internal audit function (through the Company’s head of internal audit) and shall extend all reasonably requested cooperation in connection with the RBS Group’s internal and external audit
functions. 
 Section 6.04. Access by Governmental Authorities. (a) Until the Final Withdrawal Date, the Company agrees
that it will, and will cause each other member of the Company Group to: 
 (i) provide, as promptly as reasonably practicable
but in any case within five (5) Business Days of any request from RBS (unless not practicably available within such time, in which case as soon as practicable thereafter) (subject to (i) any provision of applicable Law or this Agreement,
(ii) any request of a Governmental Authority, or (iii) any requirement of a national securities exchange in each case that requires that information, records or documents be provided more promptly), any information, records or documents
(x) requested or demanded by any Governmental Authority having jurisdiction or oversight authority over RBS or any member of the RBS Group or (y) deemed necessary or advisable by RBS in connection with any filing, report, response or
communication made by RBS or any member of the RBS Group with or to any Governmental Authority (whether made pursuant to specific request from such authority or in the ordinary course); and 

(ii) upon reasonable notice, provide access to any Governmental Authority having jurisdiction or oversight authority over any
member of the RBS Group to its offices, employees and management in a reasonable manner where requested or demanded by such Governmental Authority or as required under applicable Law. 

Section 6.05. Remuneration Governance Procedures, Compensation, Tax Responsibility and In-Scope Arrangements. (a) The
Company agrees and acknowledges that (i) RBS shall have oversight authority as provided under the Remuneration Governance Procedures, (ii) the Company shall, and shall cause each other member of the Company Group to, comply with the
Remuneration Governance Procedures and (iii) for the avoidance of doubt, CompCo shall exercise its authority in compliance with the Remuneration Governance Procedures. 

(b) The Company agrees and acknowledges that it shall be responsible for the administration, conversion and satisfaction of all contractual
obligations relating to, and costs incurred in connection with, the In-Scope Arrangements, and that RBS shall have no liability with respect thereto. 

  
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 (c) Each of RBS and the Company agree and acknowledge that they shall cooperate, and shall cause
their respective certified public accountants to cooperate, with the other Party, with respect to tax withholding and reporting obligations relating to the In-Scope Arrangements. 

Section 6.06. Cooperation on Public Filings. (a) Subject to Section 6.06(f), until the Final Withdrawal Date,
each of RBS and the Company shall cooperate, and shall cause their respective independent certified public accountants to cooperate, with the other Party to the extent requested by such Party in connection with the preparation of such Party’s
public earnings or other press releases, quarterly and annual reports to shareholders, annual reports on Form 10-K or 20-F, any current reports on Form 8-K or Form 6-K, any reports pursuant to Section 16 of the Exchange Act and any other proxy,
information and registration statements, reports, notices, prospectuses and any other filings made by either Party with any Governmental Authority, any national securities exchange or otherwise made publicly available (collectively, the
“Public Filings”). The Company agrees that it will, and will cause each other member of the Company Group to: 

(i) provide to RBS all information that RBS reasonably requests in connection with any RBS Public Filings or that, in the
judgment of RBS, is required to be disclosed or incorporated by reference therein under any Law, rule or regulation; 
 (ii)
use its reasonable best efforts to cause the Company Auditors to consent to any reference to them as experts in any RBS Public Filings required under any Law, rule or regulation; 

(iii) notify RBS in a timely manner of its intention to make any Public Filing, provide RBS a reasonable opportunity to review
and comment on such Public Filing prior to such Public Filing being made and use its reasonable efforts to incorporate any such comments of RBS; provided that the Company shall not be required to take any action that will result in a
violation of its disclosure or other obligations under applicable Law; 
 (iv) if and to the extent requested by RBS,
diligently and promptly review and comment on all drafts of any RBS Public Filings or other Disclosure Documents of RBS (including to ensure that any portion of such RBS Public Filing or such Disclosure Document pertaining to the Company Group does
not include any information that contains an untrue statement of a material fact or omits to state a material fact necessary to make such information not misleading) and prepare in a diligent and timely fashion any portion of such RBS Public Filing
or such Disclosure Document pertaining to the Company Group; and 
 (v) prior to any printing or public release of any RBS
Public Filing, cause an appropriate executive officer of the Company to, if timely requested by RBS, certify that the information relating to any Company Group member in such RBS Public Filing is accurate, true, complete and correct in all material
respects. 

  
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 (b) The Company will, and will cause each other member of the Company Group to, provide any
information requested by RBS pursuant to this Section 6.06 in a timely manner on the dates requested by RBS (which may be earlier than the dates on which the Company otherwise would be required under the provisions of this Agreement to have
such information available; provided, however, that where practicable, RBS shall make its request for such information no later than five (5) Business Days prior to the date that RBS expects the Company to provide such information). 

(c) With respect to any information provided by one Party to the other Party that is contained in, or used in the preparation of, any public
disclosure or Disclosure Document of such other Party, neither Party shall provide any such information that contains an untrue statement of a material fact, or omits to state a material fact necessary to make such information not misleading. 

(d) In the event that any member of the Company Group is required by applicable Law to publicly release information concerning such
Person’s financial information for a period for which RBS has yet to publicly release financial information or that otherwise conflicts with the information with respect to any Company Group member that is included in any RBS Public Filing, the
Company shall provide RBS notice of such release of such information, including a copy of such intended release, as soon as practicable prior to such release of such information and in any event within five (5) Business Days prior to such release.

 (e) Subject to Section 6.06(f), the Company and RBS shall consult and agree on the timing of their respective Public Filings.
Prior to making any Public Filing, each Party shall give the other Party an opportunity to review such Public Filing and to comment thereon and each Party shall use reasonable efforts to incorporate any such comments of the other Party;
provided that neither Party shall be required to take an action that will result in a violation of its disclosure or other obligations under applicable Law. 

(f) Notwithstanding anything to the contrary in this Section 6.06, RBS shall not be required to consult or cooperate with the Company,
or otherwise have any obligations under this Section 6.06, with respect to any RBS Public Filing or any portion of any RBS Public Filing that (x) does not contain information relating to the Company or the Company Business or
(y) contains information relating to its ownership of Common Stock but does not otherwise contain any other information relating to the Company or the Company Business. 

Section 6.07. Conformance of Information. Until the Final Withdrawal Date, all information provided by any Company Group member to
RBS will be consistent in terms of format and detail and otherwise with RBS’s policies with respect to the application of IFRS and U.S. GAAP, as applicable, and practices in effect on the Effective Date with respect to the provision of such
information by such Company Group member to RBS (and, where appropriate, as presently presented in financial reports to the RBS Board), with such changes therein as may be requested by RBS from time to time consistent with changes in such accounting
principles and practices. 

  
 30 

 Section 6.08. Disclosure Controls. (a) Until the Final Withdrawal Date, the
Company agrees that it will, and will cause each other member of the Company Group to: 
 (i) maintain, as of and after the
Effective Date, disclosure controls and procedures and internal control over financial reporting as defined in Exchange Act Rule 13a-15; 

(ii) cause each of its principal executive and principal financial officers to sign and deliver certifications to the
Company’s periodic reports and will include the certifications in the Company’s periodic reports, as and when required pursuant to Exchange Act Rule 13a-14 and Item 601 of Regulation S-K; 

(iii) cause its management to evaluate the Company’s disclosure controls and procedures and internal control over
financial reporting (including any change in internal control over financial reporting) as and when required pursuant to Exchange Act Rule 13a-15; and 

(iv) disclose in its periodic reports filed with the Commission information concerning the Company management’s
responsibilities for and evaluation of the Company’s disclosure controls and procedures and internal control over financial reporting (including, without limitation, the annual management report and attestation report of the Company Auditors
relating to internal control over financial reporting) as and when required under Items 307 and 308 of Regulation S-K and other applicable Commission rules. 

(b) Without limiting the generality of Section 6.08(a), until the Deconsolidation Date, the Company agrees that it will, and will
cause each other member of the Company Group to, maintain as of and after the Effective Date internal systems and procedures that will provide reasonable assurance that: 

(i) the Company’s consolidated financial statements are reliable and timely prepared in accordance with U.S. GAAP and
applicable Law; 
 (ii) all transactions of members of the Company Group are recorded as necessary to permit the preparation
of the Company’s consolidated financial statements in accordance with U.S. GAAP and applicable Law; 
 (iii) the
receipts and expenditures of members of the Company Group are authorized at the appropriate level within the Company; and 

(iv) unauthorized use or disposition of the assets of any member of the Company Group that could have a material effect on the
Company’s consolidated financial statements is prevented or detected in a timely manner. 

  
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 Section 6.09. Special Reports of Deficiencies, Violations or Unscheduled Events.
(a) Until the Final Withdrawal Date, the Company agrees that it will, and will cause each other member of the Company Group to, report in reasonable detail to RBS the following events or circumstances promptly after any executive officer of the
Company or any member of the Company Board becomes aware of such matter: (A) all significant deficiencies and material weaknesses in the design or operation of internal controls, whether over financial reporting or otherwise; (B) any
fraud, whether or not material, that involves management or other employees who have a significant role in the Company’s internal control over financial reporting; (C) any illegal act within the meaning of Section 10A(b) and
(f) of the Exchange Act and (D) any material violation of Law, including for the avoidance of doubt, any report of a violation that an attorney representing any Company Group member has formally made to any officers or directors of the
Company pursuant to the SEC’s attorney conduct rules (17 C.F.R. Part 205), or the Company Group Policy Framework. 
 (b) Until the
Final Withdrawal Date, the Company agrees that it will, and will cause each other member of the Company Group to, report in reasonable detail to RBS promptly after any executive officer of the Company or any member of the Company Board becomes aware
of any material change, or any development involving a prospective material change, in or affecting the general affairs, management, financial position, stockholders’ equity or results of operations of the Company Group on a consolidated basis.

 Section 6.10. Company Information Rights. (a) Until the Final Withdrawal Date, RBS will, and will cause each other
member of the RBS Group to, as promptly as reasonably practicable but in any case within five (5) Business Days (subject to any provision of this Agreement that requires that such action be taken more promptly) of any request from the Company
(unless not practicably available within such time, in which case as soon as practicable thereafter), provide to the Company (including its agents, accountants, advisors, counsel and other representatives): 

(i) Financial, accounting, taxation and other information and records of, or confirmations from, RBS and each member of the RBS
Group; 
 (ii) Audit documents and papers of RBS’s auditors as may be reasonably required by the Company from time to
time; and 
 (iii) Access to relevant personnel of RBS and each member of the RBS Group, 

in each case to the extent such information or access is necessary for the Company or any other member of the Company Group to comply with any applicable Law
or to meet the requirements of any Governmental Authority or securities exchange to which the Company is subject. 
 (b) Subject to
Section 8.03(b), if RBS reasonably determines that any provision of information pursuant to this Article 6 (including any information provided pursuant to 

  
 32 

 
the Functional Requirements) could be commercially detrimental to the RBS Business, violate any Law or Contract or result in the waiver of any Privilege, the Parties shall take all reasonable
measures to permit the provision of such information in a manner that avoids any such detriment, violation or waiver. If, after the Parties have taken all such measures, RBS is unable to provide any such information other than in a manner that could
violate any Law or Contract, RBS shall not be required to provide such information. Any information owned by RBS that is provided to the Company pursuant to this Section 6.10 shall be deemed to remain the property of RBS. 

Section 6.11. Access to Historical Records. For a period of five years following the Final Withdrawal Date, subject to an
extension of up to ten years upon the demonstration of a legal, tax or regulatory requirement for such extension by the requesting Party, RBS and the Company shall retain the right to access such records of the other which exist as a result of
RBS’s control or ownership of all or a portion of the Company. Upon reasonable notice and at each Party’s own expense, RBS (and its authorized representatives) and the Company (and its authorized representatives) shall be afforded access
to such records at reasonable times and during normal business hours and each Party (and its authorized representatives) shall be permitted, at its own expense, to make abstracts from, or copies of, any such records; provided, access to such
records may be denied if (i) RBS or the Company, as the case may be, cannot demonstrate a legitimate business need (during the five year period following the Final Withdrawal Date), or a legal, tax or regulatory requirement (during the
extension period described above), for such access to the records; (ii) the information contained in the records is subject to any applicable confidentiality commitment to a third party; (iii) a bona fide competitive reason exists to deny
such access; (iv) the records are to be used for the initiation of, or as part of, a suit or claim against the other Party; (v) such access would serve as a waiver of any Privilege afforded to such record; or (vi) such access would
unreasonably disrupt the normal operations of RBS or the Company, as the case may be. Notwithstanding the foregoing, nothing in this Section 6.11 shall require either Party to modify its record retention policy as may be in effect from time to
time to retain or preserve any records that in the absence of this Section 6.11 would otherwise be exempt from such retention requirement. 

Section 6.12. Expenses. Except as expressly provided in Section 6.11, the Company shall be responsible for any expenses it
incurs in connection with the fulfillment of its obligations under Article 5 and this Article 6, except (i) out-of-pocket expenses reasonably incurred with respect to any specific request by RBS for information or access in excess
of information or access historically provided by the Company to RBS prior to the Effective Date, unless such request relates to any action by, or inaction of, any member of the Company Group that is inconsistent with such past practice; and
(ii) to the extent expressly agreed between RBS and the Company prior to the incurrence of any specific expenses. 
 Section 6.13.
Additional Matters. (a) For the avoidance of doubt, the rights and obligations set out in this Article 6 shall be deemed to include, but are not intended to limit, or be limited by, the rights and obligations of RBS and the
Company pursuant to the Functional Requirements. 

  
 33 

 (b) For the avoidance of doubt, the rights and obligations granted under this Article 6
are subject to any specific provisions on the retention, rights to use or confidential treatment of information set forth in any Ancillary Agreement. 

(c) For the avoidance of doubt, each obligation of either Party to provide information and access to information pursuant to this Article
6 shall include the obligation to provide information and access to information in any form, including, without limitation, in written, oral, electronic or other tangible or intangible forms and stored in any medium, whether in existence now
or in the future. 
 ARTICLE 7 

CERTAIN BUSINESS MATTERS 

Section 7.01. Insurance Matters. (a) The Company has since the Insurance Separation Date and shall until the Final Withdrawal
Date maintain in effect the Insurance Policies set forth on Schedule 7.01. Since the Insurance Separation Date, the coverage under all Shared Insurance Policies has and shall continue in force only for the benefit of RBS and other members of the RBS
Group and not for the benefit of the Company or any other member of the Company Group. Effective from and after the Insurance Separation Date, the Company has and shall continue to arrange for its own Insurance Policies with respect to the Company
Business covering all periods (whether prior to or following the Insurance Separation Date) and agrees not to seek, through any means, benefit from any of RBS’s or its Affiliates’ Insurance Policies that may provide coverage for claims
relating in any way to the Company Business following the Insurance Separation Date. 
 (b) Where Shared Insurance Policies with an insurer
cover Liabilities related to the Company Business reported after the Insurance Separation Date with respect to an occurrence prior to the Insurance Separation Date under an occurrence-based Shared Insurance Policy (collectively, “Covered
Claims”), then the members of the Company Group may notify RBS of such claim and RBS shall seek coverage for such Covered Claims under such Shared Insurance Policies, control the prosecution and defense of such Covered Claims and forward
any insurance proceeds recoverable with respect thereto pursuant to Section 3.02(d) hereof, without any prejudice or limitation to RBS seeking insurance under the Shared Insurance Policies for its own claims. After the Insurance Separation
Date, RBS has and shall continue to procure and administer the Shared Insurance Policies, provided that such administration shall not limit, inhibit or preclude the right of the members of the Company Group to insurance coverage thereunder in
accordance with this Section 7.01(b), in each case, with respect to Covered Claims. The Company shall promptly notify RBS of any Covered Claims, and RBS agrees to reasonably cooperate with the Company concerning the pursuit by the Company of
any such Covered Claim, in each case at the expense of the Company (to the extent such expenses are not covered by the applicable Shared Insurance Policies). 

  
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 (c) In the event that Covered Claims relate to the same occurrences for which RBS is seeking
coverage under such Shared Insurance Policies and for which the Parties have a shared defense, the Company and RBS shall jointly defend any such claim and waive any conflict of interest necessary to conduct a joint defense, and shall bear any
expenses in connection therewith on a pro rata basis in proportion to the assessed value of the claim or claims against such Party (to the extent such expenses are not covered by the applicable Shared Insurance Policies), including self-insured
retentions or deductibles. In the event that policy limits under an applicable Shared Insurance Policy are not sufficient to fund all claims of RBS and members of the RBS Group and the Company and members of the Company Group, and any amounts
simultaneously due shall be paid to the respective entities in proportion to the assessed value of each respective entity’s claim or claims. 

Section 7.02. No Restriction on Competition. It is the explicit intent of each of the Parties hereto that the provisions of this
Agreement shall not include any non-competition or other similar restrictive arrangements with respect to the range of business activities which may be conducted by the Parties. Accordingly, each of the Parties acknowledges and agrees that, subject
to Section 5.05(b)(i), nothing set forth in this Agreement shall be construed to create any explicit or implied restriction or other limitation on (i) the ability of any Party to engage in any business or other activity which
competes with the business of any other Party or (ii) the ability of any Party to engage in any specific line of business or engage in any business activity in any specific geographic area. 

Section 7.03. No Solicitation of Employees. For and during the 12 month period following the Effective Date, none of RBS, the
Company or any member of their respective Groups will, without the prior written consent of the other applicable Party, either directly or indirectly, on their own behalf or in the service or on behalf of others, solicit, aid, induce or encourage
any employee at the level of Senior Vice President or higher of any other Party’s respective Group to leave his or her employment; provided, however, that nothing in this Section 7.03 shall restrict or preclude the rights of RBS,
the Company or any member of their respective Groups from soliciting or hiring (i) any employee who responds to a general solicitation or advertisement that is not specifically targeted or focused on the employees employed by any other
Party’s respective Group (and nothing shall prohibit such generalized searches for employees through various means, including, but not limited to, the use of advertisements in the media (including trade media) or the engagement of search firms
to engage in such searches); provided that the applicable Party has not encouraged or advised such firm to approach any such employee; (ii) any employee whose employment has been terminated by the other Party’s respective Group; or
(iii) any employee who voluntarily terminated his or her employment more than sixty (60) days prior to any act of solicitation referred to in this Section 7.03. 

Section 7.04. Company Capital Reduction. Subject to obtaining any required Governmental Approvals, the Company agrees to
consummate the capitalization reduction transaction(s) described in the IPO Registration Statement under the heading “Our Relationship with the RBS Group and Certain Other Related Party Transactions—Relationship with the RBS
Group—Other.” 

  
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 Section 7.05. Non-Control Determination. Within thirty (30) days following the
first date on which RBS ceases to beneficially own such number of shares of Common Stock representing at least 10% of the voting power of all outstanding shares of Common Stock, RBS shall assess based on the facts and circumstances (including the
extent of business relationships among RBS and the Company) whether RBS has a reasonable basis on which to seek a non-control determination with respect to the Company from the Federal Reserve Board and if such reasonable basis exists, RBS shall use
commercially reasonable efforts to seek written confirmation from the Federal Reserve Board that RBS is not deemed to control the Company by the Federal Reserve Board. 

Section 7.06. Deconsolidation Date Determination. RBS shall provide written confirmation informing the Company that the
Deconsolidation Date has occurred. RBS shall provide such written confirmation promptly, but in any case within five (5) Business Days after the Deconsolidation Date. 

Section 7.07. Mutual Agreement Procedure Claim. With respect to certain tax matters, each of the Company and RBS agrees to comply
with the provisions of Schedule 7.07 hereto. 
 ARTICLE 8 

CONFIDENTIALITY; PRESERVATION OF PRIVILEGE 

Section 8.01. Confidentiality. (a) Subject to Section 8.02, each of RBS and the Company (each, a
“Receiving Party”), on behalf of itself and each Person in its respective Group, agree to hold, and to cause its respective directors, officers, employees, agents, accountants, counsel and other advisors and representatives to hold,
all Confidential Information received from a Disclosing Party (as defined below) in confidence with at least the same degree of care that applies to its own confidential and proprietary information pursuant to (x) with respect to the Company,
the Company Group Policy Framework and (y) with respect to RBS, the RBS Group Policy Framework, in each case as in effect as of the Effective Date. As used in this Article 8, “Confidential Information” shall include all information
with respect to the Company, solely concerning the Company Business (for which the Company shall be the “Disclosing Party”) and with respect to RBS, concerning the RBS Business (for which RBS shall be the “Disclosing
Party”) that is accessible to it, in its possession (including Confidential Information in its possession prior to the Effective Date) or furnished by the Disclosing Party or any Person in its respective Group, or accessible to, in the
possession of, or furnished to such Receiving Party’s respective directors, officers, employees, agents, accountants, counsel and other advisors and representatives at any time pursuant to this Agreement or otherwise (including, for the
avoidance of doubt, any Confidential Information provided by the RBS Designee or the RBS Non-Voting Attendee to any member of the RBS Group or any of such member’s directors, officers, employees, agents, accountants, counsel and other advisors
or representatives), except, in each case, 

  
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to the extent that such Confidential Information (i) is or becomes part of the public domain through no breach of this Agreement by the Receiving Party or any of its Group, its respective
directors, officers, employees, agents, accountants, counsel and other advisors and representatives, (ii) Confidential Information that was independently developed following the Effective Date by employees or agents of the Receiving Party or
any Person in its respective Group, its respective directors, officers, employees, agents, accountants, counsel and other advisors and representatives who have not accessed or otherwise received the applicable Confidential Information; provided
that such independent development can be demonstrated by competent, contemporaneous written records of the Receiving Party or any Person in its respective Group, or (iii) becomes available to the Receiving Party or any Person in its
respective Group following the Effective Date on a non-confidential basis from a third party who is not bound directly or indirectly by a duty of confidentiality to the Disclosing Party. Notwithstanding the foregoing, this Section 8.01(a)
shall not limit the ability of the Receiving Party to disclose information of the Disclosing Party (i) to its directors, officers, employees, agents, accountants, counsel and other advisors or representatives in accordance with this Agreement,
(ii) to the extent a Receiving Party discloses such information in any Public Filings or filings with Governmental Authorities pursuant to its reasonable determination that it must make such disclosure or (iii) as required by applicable
Law or by any Governmental Authority. 
 (b) Each Party acknowledges that it and the other members of its Group may have in their possession
confidential or proprietary information of third parties that was received under confidentiality or non-disclosure agreements with such third party prior to the Effective Date. Such Party will hold, and will cause the other members of its Group and
their respective representatives to hold, in strict confidence the confidential and proprietary information of third parties to which they or any other member of their respective Groups has access, in accordance with the terms of any agreements
entered into prior to the Effective Date between one or more members of such Party’s Group and such third parties. 
 (c)
Notwithstanding anything to the contrary in this Article 8, (i) to the extent that an Ancillary Agreement or other Contract pursuant to which a Party hereto or a Person in its respective Group is bound or its confidential information is
subject provides that certain information shall be maintained confidential on a basis that is more protective of such information or for a longer period of time than provided for herein, then the applicable provisions contained in such Ancillary
Agreement or other Contract shall control with respect thereto and (ii) a Party and the Persons in its respective Group shall have no right to use any information of the Disclosing Party unless otherwise provided for in this Agreement, an
Ancillary Agreement or Contract between the Parties or a Person in its respective Group. 
 Section 8.02. Protective
Arrangements. In the event that Confidential Information is required to be kept confidential pursuant to Section 8.01 and the Receiving Party or any Person in its Group either determines on the advice of its counsel that it is required to
disclose any Confidential Information pursuant to applicable Law (including 

  
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the rules and regulations of the Commission or any national securities exchange) or receives any request or demand from any Governmental Authority to disclose or provide Confidential Information
of the Disclosing Party (or any Person in the Disclosing Party’s Group) that is subject to the confidentiality provisions hereof, such Party shall notify the other Party prior to disclosing or providing such Confidential Information and shall
cooperate at the expense of such other Party in seeking any reasonable protective arrangements (including by seeking confidential treatment of such Confidential Information) requested by such other Party. Subject to the foregoing, the Person that
received such a request or determined that it is required to disclose Confidential Information may thereafter disclose or provide Confidential Information to the extent required by such Law (including the rules and regulations of the Commission or
any national securities exchange) (as so advised by counsel) or requested or required by such Governmental Authority; provided, however, that such Person provides the other Party, to the extent legally permissible, upon request with a copy of
the Confidential Information so disclosed. 
 Section 8.03. Preservation of Legal Privileges. (a) RBS and the Company
recognize that the members of their respective Groups possess and will possess information and advice that has been previously developed but is legally protected from disclosure under legal privileges, such as the attorney-client privilege or work
product exemption and other concepts of legal protection (“Privilege”). Neither Party will knowingly waive or compromise any Privilege associated with such information and advice without the prior written consent of the other Party.
In the event that Privileged information is required to be disclosed to any arbitrator or mediator in connection with a dispute between the Parties, such disclosure shall not be deemed a waiver of Privilege with respect to such information, and any
party receiving it in connection with a proceeding shall be informed of its nature and shall be required to safeguard and protect it. 
 (b)
If the Disclosing Party required to deliver information pursuant to this Agreement believes in good faith (from internal or external counsel), that the delivery of such information would cause the loss of any Privileges (or create a risk of such
loss), then both Parties will work in good faith to determine an alternate means of delivering the requested information, or the substance thereof, that does not result in the loss of such Privilege. If needed to preserve a Privilege, the Company
and RBS agree to enter into a common interest agreement, in a form to be agreed to by the Parties, in advance of, and as a condition to, such delivery. Notwithstanding the foregoing, if no alternate means can be agreed by the Parties and external
counsel to the Disclosing Party informs the Receiving Party in writing that a common interest cannot be established, or with sufficient confidence be asserted, to preserve the Privilege with respect to the information in question, even if a common
interest agreement were to be entered into, or that for any other reason the information cannot be delivered without loss of the Privilege (such counsel to explain the reasons for its conclusion briefly but in reasonable detail so that the Receiving
Party can review the legal analysis with its own counsel), then the Disclosing Party is excused from providing such information but only to the extent and for the time necessary to preserve the Privileged character thereof. 

  
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 (c) Upon receipt by either Party of any subpoena, discovery or other request that may call for
the production or disclosure of information that is the subject of a Privilege, or if a Party obtains knowledge that any current or former employee of a Party has received any subpoena, discovery or other request that may call for the production or
disclosure of such information, such Party shall provide the other Party a reasonable opportunity to review the information and to assert any rights it may have under this Section 8.03 or otherwise to prevent the production or disclosure
of such information. Absent receipt of written consent from the other Party to the production or disclosure of information that may be covered by a Privilege, each Party agrees that it will not produce or disclose any information that may be covered
by a Privilege unless a court of competent jurisdiction has entered a final, nonappealable order finding that the information is not entitled to protection under any applicable Privilege. 

(d) The Parties’ agreement to exchange information contained herein are made in reliance on RBS’s and the Company’s respective
agreements, as set forth in Section 8.01, Section 8.02 and this Section 8.03, to maintain the confidentiality of such information and to take the steps provided herein for the preservation of all Privileges that may belong to or
be asserted by RBS or the Company, as the case may be. As between the Parties, the access to information being granted pursuant to Article 6 hereof, the agreement to provide witnesses and individuals pursuant to Section 9.10 hereof and
the disclosure to RBS and the Company of Privileged information relating to the Company Business or RBS Business (if any) pursuant to this Agreement shall not be asserted by RBS or the Company to constitute, or otherwise deemed, a waiver of any
Privilege that has been or may be asserted under this Section 8.03 or otherwise. Nothing in this Agreement shall operate to reduce, minimize or condition the rights granted to RBS and the Company in, or the obligations imposed upon the
Parties by, this Section 8.03. 
 ARTICLE 9 

MUTUAL RELEASES; INDEMNIFICATION; COOPERATION 

Section 9.01. Release of Pre-Closing Claims. (a) Except as provided in Section 9.01(c) and Section 9.04,
effective as of the Effective Date, the Company does hereby, for itself and for each member of the Company Group as of the Effective Date and their respective successors and assigns and all Persons who at any time prior to the Effective Date, have
been directors, officers, agents or employees of any member of the Company Group (in each case, in their respective capacities as such), release and forever discharge RBS and each member of the RBS Group, and all Persons who at any time prior to the
Effective Date have been stockholders, directors, officers, managers, members, agents or employees of any Person in the RBS Group (in each case, in their respective capacities as such), and their respective heirs, executors, administrators,
successors and assigns, from any and all Liabilities whatsoever between or among the Company or any Person in the Company Group, on the one hand, and RBS or any Person in the RBS Group, on the other hand, whether at law or in equity (including any
rights of contribution or recovery), whether arising under any Contract, by operation of Law or otherwise, existing or arising from any acts or events occurring or failing to occur or alleged to have occurred or to have failed to occur or any
conditions existing or alleged to have existed in each case on or before the Effective Date. 

  
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 (b) Except as provided in Section 9.01(c) and Section 9.03, effective as of the
Effective Date, RBS does hereby, for itself and for each member of the RBS Group as of the Effective Date and their respective successors and assigns and all Persons who at any time prior to the Effective Date, have been directors, officers, agents
or employees of any member of the RBS Group (in each case, in their respective capacities as such), release and forever discharge the Company and each member of the Company Group, and all Persons who at any time prior to the Effective Date have been
stockholders, directors, officers, managers, members, agents or employees of any Person in the Company Group (in each case, in their respective capacities as such), and their respective heirs, executors, administrators successors and assigns, from
any and all Liabilities whatsoever between or among the Company or any Person in the Company Group, on the one hand, and RBS or any Person in the RBS Group, on the other hand, whether at law or in equity (including any rights of contribution or
recovery), whether arising under any Contract, by operation of Law or otherwise, existing or arising from any acts or events occurring or failing to occur or alleged to have occurred or to have failed to occur or any conditions existing or alleged
to have existed in each case on or before the Effective Date; provided, however, that nothing contained in this Section 9.01(b) shall be construed to include the release by RBS of any rights it may have had in connection with
Third Party Shares. 
 (c) Nothing contained in Section 9.01(a) or (b) shall (x) impair any right of any Person
to enforce any Surviving Contract in accordance with its terms or (y) release any Person from: 
 (i) any Liability
provided in or resulting from any Surviving Contract; 
 (ii) any Liability assumed or retained by, or transferred, assigned
or allocated to the Group of which such Person is a member in accordance with, or any other Liability of any Person in any Group under, this Agreement or any Ancillary Agreement; 

(iii) any Liability provided in or resulting from any Contract or understanding that is entered into after the Effective Date
between a member of the RBS Group, on the one hand, and a member of the Company Group, on the other hand; 
 (iv) any
Liability that the Parties may have with respect to claim for indemnification, recovery or contribution brought pursuant to this Agreement or any Ancillary Agreement, which Liability shall be governed by the provisions of this Article
9 or, if applicable, the appropriate provisions of the Ancillary Agreements; or 
 (v) any Liability the
release of which would result in the release of any Person other than a Person released pursuant to this Section 9.01. 

  
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 In addition, nothing contained in Section 9.01(a) shall release RBS from indemnifying any
director, officer or employee of the Company or any of its Subsidiaries who was a director, officer or employee of RBS or any of its Affiliates on or prior to the Effective Date, to the extent such director, officer or employee is or becomes a named
defendant in any Action with respect to which he or she was entitled to such indemnification pursuant to obligations existing prior to the Effective Date, it being understood that if the underlying obligation giving rise to such Action is a
liability of the Company, the Company shall indemnify RBS for such Liability (including RBS’s costs to indemnify the director, officer or employee) in accordance with the provisions set forth in this Article 9. 

(d) The Company shall not make, and shall not permit any Person in the Company Group to make, any claim or demand, or commence any Action
asserting any claim or demand, including any claim of contribution, recovery or any indemnification, against RBS or any Person in the RBS Group, or any other Person released pursuant to Section 9.01(a), with respect to any Liabilities
released pursuant to Section 9.01(a). RBS shall not make, and shall not permit any Person in the RBS Group to make, any claim or demand, or commence any Action asserting any claim or demand, including any claim of contribution, recovery or
any indemnification against the Company or any Person in the Company Group, or any other Person released pursuant to Section 9.01(b), with respect to any Liabilities released pursuant to Section 9.01(b). 

(e) It is the intent of each of RBS and the Company, by virtue of the provisions of this Section 9.01, to provide for a full and
complete release and discharge of all Liabilities existing or arising from all acts and events occurring or failing to occur or alleged to have occurred or to have failed to occur and all conditions existing or alleged to have existed in each case
on or before the Effective Date, between or among the Company or any Person in the Company Group, on the one hand, and RBS or any Person in the RBS Group, on the other hand (including any contractual agreements or arrangements existing or alleged to
exist between or among any such Persons on or before the Effective Date), except as expressly set forth in Section 9.01(c). At any time, at the request of the other Party, each Party shall cause each Person in its respective Group and to the
extent practicable each other Person to execute and deliver releases reflecting the provisions hereof. 
 (f) If any current or former
director, officer, agent or employee of either RBS or the Company initiates an Action with respect to claims released by this Section 9.01, the Party for whom such Person served as a director, officer, agent or employee at the time the Action
arose shall indemnify the other Party against such Action in accordance with the provisions set forth in this Article 9. 

Section 9.02. Pending, Threatened and Unasserted Claims. The Company shall assume liability for all claims, including pending,
threatened and unasserted claims, relating to actions or omissions relating to the Company Business and RBS shall assume liability for all pending, threatened and unasserted claims relating to actions or omissions relating to the RBS Business. In
the event of any third-party claims that name both Parties as defendants, each Party will cooperate with the other Party to defend against such claims. 

  
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 Section 9.03. Indemnification by the Company. Except as provided in Sections 9.05 and
9.09, the Company shall indemnify, defend and hold harmless each member of the RBS Group and each of their Affiliates and each member of the RBS Group’s and their respective Affiliates’ directors, officers, employees and agents, and each
of the heirs, executors, successors and assigns of any of the foregoing (collectively, the “RBS Indemnitees”), from and against any and all Losses of the RBS Indemnitees relating to, arising out of or resulting from (without
duplication and including any such Losses arising by way of setoff, counterclaim or defense or enforcement of any lien): 
 (a) any untrue
statement or alleged untrue statement of a material fact contained in any Disclosure Document of any member of the Company Group or any omission or alleged omission to state a material fact in any such Disclosure Document required to be stated
therein or necessary to make the statements therein not misleading, except insofar as any such Losses are caused by any untrue statement or alleged untrue statement of a material fact in such Disclosure Document or any omission or alleged omission
to state a material fact in such Disclosure Document required to be stated therein or necessary to make the statements therein not misleading based upon information relating to RBS furnished to the Company in writing by RBS expressly for use
therein; 
 (b) the Company Business, including the failure of the Company or any other member of the Company Group to pay, perform or
otherwise promptly discharge any Liability relating to, arising out of or resulting from the Company Business in accordance with its terms, whether prior to or after the Effective Date or the date hereof; and 

(c) any breach by the Company or any Person in the Company Group of this Agreement or any Ancillary Agreement, unless such Ancillary Agreement
expressly provides for separate indemnification therein, in which case, any such indemnification claims may be made thereunder (without duplication and including any such Losses arising by way of setoff, counterclaim or defense or enforcement of any
lien). 
 Section 9.04. Indemnification by RBS. Except as provided in Sections 9.05 and 9.09, RBS shall indemnify, defend and
hold harmless each member of the Company Group and each of their Affiliates and each member of the Company Group’s and their respective Affiliates’ directors, officers, employees and agents, and each of the heirs, executors, successors and
assigns of any of the foregoing (collectively, the “Company Indemnitees”), from and against any and all Losses of the Company Indemnitees relating to, arising out of or resulting from (without duplication and including any such
Losses arising by way of setoff, counterclaim or defense or enforcement of any lien): 
 (a) any untrue statement or alleged untrue
statement of a material fact contained in any Disclosure Document of any member of the Company Group or any omission or alleged omission to state a material fact in any such Disclosure Document 

  
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required to be stated therein or necessary to make the statements therein not misleading that is based upon information relating to RBS furnished to the Company in writing by RBS expressly for
use in such Disclosure Document; 
 (b) the RBS Business, including the failure of RBS or any other member of the RBS Group to pay, perform
or otherwise promptly discharge any Liability relating to, arising out of or resulting from the RBS Business in accordance with its terms, whether prior to or after the Effective Date or the date hereof; and 

(c) any breach by RBS or any Person in the RBS Group of this Agreement or any Ancillary Agreement, unless such Ancillary Agreement expressly
provides for separate indemnification therein, in which case, any such indemnification claims may be made thereunder (without duplication and including any such Losses arising by way of setoff, counterclaim or defense or enforcement of any lien).

 Section 9.05. Indemnification Obligations Net of Insurance Proceeds and Other Amounts. (a) The Parties intend that any
Loss subject to indemnification or reimbursement pursuant to this Article 9 will be net of Insurance Proceeds that actually reduce the amount of the Loss. Accordingly, the amount which any Party (an “Indemnifying Party”) is
required to pay to any Person entitled to indemnification hereunder (an “Indemnitee”) will be reduced by any Insurance Proceeds theretofore actually recovered by or on behalf of the Indemnitee in respect of the related Loss. If an
Indemnitee receives a payment (an “Indemnity Payment”) required by this Agreement from an Indemnifying Party in respect of any Loss and subsequently receives Insurance Proceeds, then the Indemnitee will pay to the Indemnifying Party
an amount equal to the excess of the Indemnity Payment received over the amount of the Indemnity Payment that would have been due if the Insurance Proceeds had been received, realized or recovered before the Indemnity Payment was made. 

(b) An insurer that would otherwise be obligated to pay any claim shall not be relieved of the responsibility with respect thereto or, solely
by virtue of the indemnification provisions hereof, have any subrogation rights with respect thereto, it being expressly understood and agreed that no insurer or any other third party shall be entitled to a “wind-fall” (i.e., a
benefit such insurer or other third party would not be entitled to receive in the absence of the indemnification provisions) by virtue of the indemnification provisions hereof. Nothing contained in this Agreement or any Ancillary Agreement shall
obligate any Person in any Group to seek to collect or recover any Insurance Proceeds. 
 (c) Any Indemnity Payment made by the Company
shall be (i) increased as necessary so that after making all payments in respect to taxes imposed on or attributable to such Indemnity Payment, each RBS Indemnitee receives a net amount equal to the sum it would have received had no such taxes
been imposed and (ii) reduced to take account of any net Tax benefit actually realized by an RBS Indemnitee arising from the incurrence or payment of the Loss to which the Indemnity Payment relates. Any Indemnity Payment made by RBS shall be
(i) increased as necessary so that after making 

  
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all payments in respect to taxes imposed on or attributable to such Indemnity Payment, each Company Indemnitee receives a net amount equal to the sum it would have received had no such taxes been
imposed and (ii) reduced to take account of any net Tax benefit actually realized by a Company Indemnitee arising from the incurrence or payment of the Loss to which the Indemnity Payment relates. 

(d) If an indemnification claim is covered by the indemnification provisions of an Ancillary Agreement, the claim shall be made under the
Ancillary Agreement to the extent applicable and the provisions thereof shall govern such claim. In no event shall any Party be entitled to double recovery from the indemnification provisions of this Agreement and any Ancillary Agreement. 

Section 9.06. Procedures for Indemnification of Third Party Claims. (a) If an Indemnitee shall receive notice or otherwise
learn of the assertion by a Person (including any Governmental Authority) who is not a Person in the RBS Group or the Company Group of any claim or of the commencement by any such Person of any Action with respect to which an Indemnifying Party may
be obligated to provide indemnification to such Indemnitee pursuant to Section 9.02, Section 9.03 or Section 9.04, or any other Section of this Agreement (collectively, a “Third Party Claim”), such
Indemnitee shall give such Indemnifying Party written notice thereof as promptly as practicable (and in any event within thirty (30) days) after becoming aware of such Third Party Claim. Any such notice shall describe the Third Party Claim in
reasonable detail. Notwithstanding the foregoing, the failure of any Indemnitee or other Person to give notice as provided in this Section 9.06(a) shall not relieve the related Indemnifying Party of its obligations under this Article
9, except to the extent, and only to the extent, that such Indemnifying Party is actually prejudiced by such failure to give notice. 

(b) An Indemnifying Party may elect (but shall not be required) to defend, at such Indemnifying Party’s own expense and by such
Indemnifying Party’s own counsel (which counsel shall be reasonably satisfactory to the Indemnitee), any Third Party Claim if such Indemnifying Party acknowledges that it would have an indemnity obligation for the Liability resulting from such
Third Party Claim as provided for under this Article 9 within forty-five (45) days after the receipt of notice from an Indemnitee in accordance with Section 9.06(a); provided that the Indemnifying Party shall not be
entitled to defend and shall pay the reasonable fees and expenses of one separate counsel (in addition to local counsel or counsel with specialized expertise) for all Indemnitees if the claim for indemnification relates to or arises in connection
with any criminal action, indictment or allegation; and provided, further, that if an Indemnifying Party elects to defend a Third Party Claim pursuant to this Section 9.06(b), such defense shall be carried out in consultation
with the applicable Indemnitees. Within forty-five (45) days after the receipt of notice from an Indemnitee in accordance with Section 9.06(a) (or sooner, if the nature of such Third Party Claim so requires), the Indemnifying Party shall
notify the Indemnitee of its election whether the Indemnifying Party will assume responsibility for defending such Third Party Claim, which election shall specify any reservations or exceptions to its defense. After notice from an Indemnifying Party
to an Indemnitee of its election to assume the defense of a Third Party Claim, such Indemnitee shall have the 

  
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right to employ separate counsel and to participate in (but not control) the defense, compromise, or settlement thereof, but the fees and expenses of such counsel shall be the expense of such
Indemnitee; provided, however, that (i) if the Indemnifying Party has elected to assume the defense of the Third Party Claim but has specified, and continues to assert, any reservations or exceptions in such notice or (ii) if the
Third Party Claim involves injunctive or equitable relief, then, in any such case, the reasonable fees and expenses of one separate counsel (in addition to local counsel or counsel with specialized expertise) for all Indemnitees shall be borne by
the Indemnifying Party. 
 (c) If an Indemnifying Party elects not to assume responsibility for defending a Third Party Claim, or fails to
notify an Indemnitee of its election as provided in Section 9.06(b), and for any period during which an Indemnifying Party has not assumed the defense of a Third Party Claim (other than during any period in which the Indemnitee shall have
failed to give notice of the Third Party Claim in accordance with Section 9.06(a)), such Indemnitee may defend such Third Party Claim at the cost and expense of the Indemnifying Party. Any legal fees and expenses incurred by the Indemnitee in
connection with defending such claim shall be paid by the Indemnifying Party at the then applicable regular rates charged by counsel, without regard to any flat fee or special fee arrangement otherwise in effect between such counsel and the
Indemnitee. 
 (d) Unless the Indemnifying Party has failed to assume the defense of the Third Party Claim in accordance with the terms of
this Agreement, no Indemnitee may settle or compromise any Third Party Claim without the consent of the Indemnifying Party. If an Indemnifying Party has failed to assume the defense of the Third Party Claim within the time period specified in clause
(b) above, it shall not be a defense to any obligation to pay any amount in respect of such Third Party Claim that the Indemnifying Party was not consulted in the defense thereof, that such Indemnifying Party’s views or opinions as
to the conduct of such defense were not accepted or adopted, that such Indemnifying Party does not approve of the quality or manner of the defense thereof or that such Third Party Claim was incurred by reason of a settlement rather than by a
judgment or other determination of liability. 
 (e) In the case of a Third Party Claim, no Indemnifying Party shall consent to entry of any
judgment or enter into any settlement of the Third Party Claim without the consent of the Indemnitee if the effect thereof is (i) to permit any injunction, declaratory judgment, other order or other non-monetary relief to be entered, directly
or indirectly, against any Indemnitee or (ii) to ascribe any fault on any Indemnitee in connection with such defense. 
 (f)
Notwithstanding the foregoing, the Indemnifying Party shall not, without the prior written consent of the Indemnitee, settle or compromise any Third Party Claim or consent to the entry of any judgment which does not include as an unconditional term
thereof the delivery by the claimant or plaintiff to the Indemnitee of a written release from all Liability in respect of such Third Party Claim. 

  
 45 

 Section 9.07. Additional Matters. (a) Any claim on account of a Loss which does
not result from a Third Party Claim shall be asserted by written notice given by the Indemnitee to the related Indemnifying Party. Such Indemnifying Party shall have a period of thirty (30) days after the receipt of such notice within which to
respond thereto. If such Indemnifying Party does not respond within such 30-day period, such Indemnifying Party shall be deemed to have refused to accept responsibility to make payment. If such Indemnifying Party does not respond within such 30-day
period or rejects such claim in whole or in part, such Indemnitee shall be free to pursue such remedies as may be available to such Indemnitee as contemplated by this Agreement and the Ancillary Agreements. 

(b) In the event of payment by or on behalf of any Indemnifying Party to any Indemnitee in connection with any Third Party Claim, such
Indemnifying Party shall be subrogated to and shall stand in the place of such Indemnitee as to any events or circumstances in respect of which such Indemnitee may have any right, defense or claim relating to such Third Party Claim against any
claimant or plaintiff asserting such Third Party Claim or against any other Person. Such Indemnitee shall cooperate with such Indemnifying Party in a reasonable manner, and at the cost and expense of such Indemnifying Party, in prosecuting any
subrogated right, defense or claim. 
 (c) In the event of an Action in which the Indemnifying Party is not a named defendant, if either the
Indemnitee or Indemnifying Party shall so request, the Parties shall endeavor to substitute the Indemnifying Party for the named defendant or otherwise hold the Indemnifying Party as party thereto, if at all practicable. If such substitution or
addition cannot be achieved for any reason or is not requested, the named defendant shall allow the Indemnifying Party to manage the Action as set forth in this Section, and the Indemnifying Party shall fully indemnify the named defendant against
all costs of defending the Action (including court costs, sanctions imposed by a court, attorneys’ fees, experts fees and all other external expenses), the costs of any judgment or settlement, and the cost of any interest or penalties relating
to any judgment or settlement with respect to such Third Party Claim. 
 Section 9.08. Remedies Cumulative. The remedies
provided in this Article 9 shall be cumulative and, subject to the provisions of Article 8, shall not preclude assertion by any Indemnitee of any other rights or the seeking of any and all other remedies against any
Indemnifying Party. 
 Section 9.09. Special Damages. NOTWITHSTANDING ANY OTHER PROVISION OF THIS AGREEMENT OR ANY ANCILLARY
AGREEMENT TO THE CONTRARY, IN NO EVENT WILL EITHER PARTY OR ANY OF ITS GROUP MEMBERS BE LIABLE FOR ANY SPECIAL, INCIDENTAL, INDIRECT, COLLATERAL, CONSEQUENTIAL OR PUNITIVE DAMAGES OR LOST PROFITS SUFFERED BY AN INDEMNITEE, HOWEVER CAUSED AND ON ANY
THEORY OF LIABILITY, IN CONNECTION WITH ANY DAMAGES ARISING HEREUNDER OR THEREUNDER (INCLUDING ANY LOSS IN THE VALUE OF COMMON STOCK BENEFICIALLY OWNED BY AN INDEMNITEE); PROVIDED, HOWEVER, 

  
 46 

 
THAT TO THE EXTENT AN INDEMNITEE IS REQUIRED TO PAY ANY SPECIAL, INCIDENTAL, INDIRECT, COLLATERAL, CONSEQUENTIAL OR PUNITIVE DAMAGES OR LOST PROFITS (INCLUDING IN RESPECT OF ANY LOSS IN THE VALUE
OF COMMON STOCK, INCLUDING THIRD PARTY SHARES) TO A PERSON WHO IS NOT A MEMBER OF THE INDEMNITEE’S GROUP IN CONNECTION WITH A THIRD PARTY CLAIM, SUCH DAMAGES WILL CONSTITUTE DIRECT DAMAGES AND NOT BE SUBJECT TO THE LIMITATION SET FORTH IN THIS
SECTION 9.09. 
 Section 9.10. Production of Witnesses; Records; Cooperation. (a) After the Effective Date, except
in the case of any Action involving or relating to a conflict or dispute between any member of the RBS Group, on the one hand, and any member of the Company Group, on the other hand, each Party hereto will use its commercially reasonable efforts to
make available to each other Party, upon written request, the then current directors, officers, employees, other personnel and agents of the Person in its respective Group as witnesses and any books, records or other documents within its control or
which it otherwise has the ability to make available, to the extent that any such Person (giving consideration to business demands of such directors, officers, employees, other personnel and agents) or books, records or other documents may
reasonably be required in connection with any Action in which indemnification is or may reasonably be expected to be sought that the requesting Party may from time to time be involved. The requesting Party shall bear all costs and expenses in
connection therewith. 
 (b) If an Indemnifying Party or Indemnitee chooses to defend or to seek to compromise or settle any Third Party
Claim, the other Party shall make available to such Indemnifying Party or Indemnitee, as applicable, upon written request then current directors, officers, employees, other personnel and agents of the Persons in its respective Group as witnesses and
any information within its control or possession, to the extent that any such Person (giving consideration to business demands of such directors, officers, employees, other personnel and agents) or books, records or other documents may reasonably be
required in connection with such defense, settlement or compromise, or such prosecution, evaluation or pursuit, as the case may be, and shall otherwise reasonably cooperate in such defense, settlement or compromise, or such prosecution, evaluation
or pursuit, as the case may be. 
 (c) Without limiting the foregoing, the Parties shall cooperate and consult to the extent reasonably
necessary with respect to any Actions in which indemnification is or may reasonably be expected to be sought. 
 (d) The obligation of the
Parties to provide witnesses pursuant to this Section 9.10 is intended to be interpreted in a manner so as to facilitate cooperation and shall include the obligation to provide as witnesses employees and other officers without regard to
whether the witness or the employer of the witness could assert a possible business conflict (subject to the exception set forth in the first sentence of Section 9.10(a)). 

  
 47 

 (e) In connection with any matter contemplated by this Section 9.10 the Parties will
enter into a mutually acceptable joint defense agreement so as to maintain to the extent practicable any applicable attorney-client privilege or work product immunity of any Person in any Group. 

Section 9.11. Company Warranty in respect of Pre-Closing Claims. As of the Effective Date the Company does hereby, for itself and
for each member of the Company Group and their respective successors and assigns and all Persons who at any time prior to the Effective Date have been directors, officers, agents or employees of any member of the Company Group (in each case, in
their respective capacities as such) (collectively, the “Company Warrantors”), warrant and represent that none of the Company Warrantors has sold, transferred, assigned or otherwise disposed of any interest any of them have, had or
may have had in relation to those claims released in Section 9.01(a). 
 Section 9.12. RBS Warranty in respect of Pre-Closing
Claims. As of the Effective Date RBS does hereby, for itself and for each member of the RBS Group and their respective successors and assigns and all Persons who at any time prior to the Effective Date have been directors, officers, agents or
employees of any member of the RBS Group (in each case, in their respective capacities as such) (collectively, the “RBS Warrantors”), warrant and represent that none of the RBS Warrantors has sold, transferred, assigned or otherwise
disposed of any interest any of them have, had or may have had in relation to those claims released in Section 9.01(b). 
 ARTICLE 10

 DISPUTE RESOLUTION 

Section 10.01. Disputes. Except as otherwise specifically provided in any Ancillary Agreement, the procedures for discussion,
negotiation and mediation set forth in this Article 10 shall apply to all disputes, controversies or claims (whether arising in contract, tort or otherwise) between or among any Person in the RBS Group and the Company Group that may
arise out of or relate to, or arise under or in connection with this Agreement, or the transactions contemplated hereby or thereby (including all actions taken in furtherance of the transactions contemplated hereby on or prior to the Effective
Date). 
 Section 10.02. Escalation; Mediation. (a) It is the intent of the Parties to use their respective commercially
reasonable efforts to resolve expeditiously any dispute, controversy or claim between or among them with respect to the matters covered by this Agreement or any Ancillary Agreement that may arise from time to time on a mutually acceptable negotiated
basis. In furtherance of the foregoing, any Party involved in a dispute, controversy or claim with respect to such matters (except any matters covered by the Trademark License Agreement and the Transitional Services Agreement) may deliver a notice
(an “Escalation Notice”) demanding an in person meeting involving representatives of the Parties at a senior level of management of the Parties (or if the Parties agree, of the appropriate strategic business unit or division within
such entity). A copy of any such Escalation Notice shall be given to the General Counsel, or like officer 

  
 48 

 
or official, of each Party involved in the dispute, controversy or claim (which copy shall state that it is an Escalation Notice pursuant to this Agreement). Any agenda, location or procedures
for such discussions or negotiations between the Parties may be established by the Parties from time to time; provided, however, that the Parties shall use their commercially reasonable efforts to meet within thirty (30) days of the
Escalation Notice. 
 (b) If the Parties are not able to resolve the dispute, controversy or claim through the escalation process referred
to above, then the matter shall be referred to mediation. The Parties shall retain a mediator to aid the Parties in their discussions and negotiations by informally providing advice to the Parties. Any opinion expressed by the mediator shall be
strictly advisory and shall not be binding on the Parties, nor shall any opinion expressed by the mediator be admissible in any other proceeding. The mediator may be chosen from a list of mediators previously selected by the Parties or by other
agreement of the Parties. Costs of the mediation shall be borne equally by the Parties involved in the matter, except that each Party shall be responsible for its own expenses. Mediation shall be a prerequisite to the commencement of any Action by
either Party. 
 Section 10.03. Court Actions. (a) In the event that any Party, after complying with the provisions set
forth in Section 10.02 above, desires to commence an Action, such Party, subject to Section 13.17, may submit the dispute, controversy or claim (or such series of related disputes, controversies or claims) to any court of
competent jurisdiction as set forth in Section 13.17. 
 (b) Unless otherwise agreed in writing, the Parties will continue to
provide service and honor all other commitments under this Agreement during the course of dispute resolution pursuant to the provisions of this Article 10, except to the extent such commitments are the subject of such dispute,
controversy or claim. 
 ARTICLE 11 

FURTHER ASSURANCES 

Section 11.01. Further Assurances. (a) In addition to the actions specifically provided for elsewhere in this Agreement,
including, without limitation, the actions set forth in Section 6.02, 6.03 and 6.09, each of the Parties hereto will cooperate with each other and shall use its (and will cause their respective Subsidiaries and Affiliates to use) commercially
reasonable efforts, prior to, on and after the Effective Date, to take, or cause to be taken, all actions, and to do, or cause to be done, all things, reasonably necessary, proper or advisable under applicable Laws, regulations and agreements to
consummate and make effective the transactions contemplated by this Agreement and the Ancillary Agreements. 
 (b) Without limiting the
foregoing, prior to, on and after the Effective Date, each Party shall cooperate with the other Party, and without any further consideration, at the expense of such Party, to execute and deliver, or use its commercially reasonable efforts to cause
to be executed and delivered, all instruments, including instruments of conveyance, assignment and transfer, and to make all filings with, and to obtain all 

  
 49 

 
consents, approvals or authorizations of, any Governmental Authority or any other Person under any permit, license, agreement, indenture, order, decree, financial assurance (including letter of
credit) or other instrument (including any Consents, Notices or Governmental Approvals), and to take all such other actions as such Party may reasonably be requested to take by such other Party hereto from time to time, consistent with the terms of
this Agreement, in order to effectuate the provisions and purposes of this Agreement and the Ancillary Agreements and the other transactions contemplated hereby and thereby. 

(c) On or prior to the Effective Date, RBS and the Company in their respective capacities as direct and indirect stockholders of their
respective Subsidiaries, shall each ratify any actions which are reasonably necessary or desirable to be taken by RBS, the Company or any other Subsidiary of the Company or RBS, as the case may be, to effectuate the transactions contemplated by this
Agreement. 
 ARTICLE 12 

TERMINATION 

Section 12.01. Termination. Except as expressly set forth in Section 12.02, this Agreement shall terminate and be of no
further force or effect on the Final Withdrawal Date. 
 Section 12.02. Effect of Termination; Survival. In the event of any
termination of this Agreement, no Party (or any of its directors, officers, members or managers) shall have any Liability or further obligation to any other Party; provided that the terms, provisions and agreements contained in Article
3, Section 6.11, Article 8, Article 9, Article 10 and Sections 11.01(a) and (b) shall survive indefinitely and remain operative and in full force and effect, including (in respect of Article 9) regardless of
(i) any investigation made by or on behalf of any Indemnitee; and (ii) the knowledge by the Indemnitee of Liabilities for which it might be entitled to indemnification or contribution hereunder; and provided, further, that
the terms, provisions and agreements contained in Schedule 1.01(b) hereto shall survive to the extent contemplated therein. For the avoidance of doubt, the rights and obligations of each of RBS and the Company (including their respective
Indemnitees) under this Agreement shall survive the merger or consolidation of any Party, the sale or other transfer by any Party of any assets or businesses or the assignment by it of any Liabilities, or the change of form, change of control or
corporate reorganization of any Party. 
 ARTICLE 13 

MISCELLANEOUS 

Section 13.01. Counterparts; Entire Agreement; Conflicting Agreements. (a) This Agreement may be executed in one or more
counterparts, all of which shall be considered one and the same agreement, and shall become effective when one or more counterparts have been signed by each of the Parties and delivered to the other Party. Execution of this Agreement or any other
documents pursuant to this Agreement by facsimile or other electronic copy of a signature shall be deemed to be, and shall have the same effect as, executed by an original signature. 

  
 50 

 (b) This Agreement, the Ancillary Agreements, the exhibits, the schedules and appendices hereto
and thereto contain the entire agreement between the Parties with respect to the subject matter hereof, supersede all previous agreements, negotiations, discussions, writings, understandings, commitments and conversations with respect to such
subject matter and there are no agreements or understandings between the Parties with respect to such subject matter other than those set forth or referred to herein or therein. 

(c) In the event of any inconsistency between this Agreement and any Schedule hereto, the Schedule shall prevail. Subject to
Section 9.05(d), in the event and to the extent that there shall be a conflict between the provisions of this Agreement and the provisions of any Ancillary Agreement, the Ancillary Agreement shall control with respect to the subject
matter thereof, and this Agreement shall control with respect to all other matters. 
 Section 13.02. No Construction Against
Drafter. The Parties acknowledge that this Agreement and all the terms and conditions contained herein have been fully reviewed and negotiated by the Parties. Having acknowledged the foregoing, the Parties agree that any principle of
construction or rule of law that provides that, in the event of any inconsistency or ambiguity, an agreement shall be construed against the drafter of the agreement shall have no application to the terms and conditions of this Agreement. 

Section 13.03. Governing Law. This Agreement shall be governed by and construed and interpreted in accordance with the Laws of the
State of New York, without regard to the conflict of laws principles thereof that would result in the application of any Law other than the Laws of the State of New York. 

Section 13.04. Transferability; Assignability. This Agreement shall be binding upon and inure to the benefit of the Parties hereto
and their respective successors and permitted assigns; provided, however, that no Party hereto may assign its respective rights or delegate its respective obligations under this Agreement without the express prior written consent of the other
Party hereto. 
 Section 13.05. Third Party Beneficiaries. Except for the indemnification rights under this Agreement of any RBS
Indemnitee or Company Indemnitee in their respective capacities as such (a) the provisions of this Agreement are solely for the benefit of the Parties and are not intended to confer upon any Person (including employees of the Parties hereto)
except the Parties any rights or remedies hereunder, and (b) there are no third party beneficiaries of this Agreement and this Agreement shall not provide any third person (including employees of the Parties hereto) with any remedy, claim,
liability, reimbursement, claim of action or other right in excess of those existing without reference to this Agreement. 

  
 51 

 Section 13.06. Notices. Except as otherwise provided in Section 5.07, all
notices or other communications under this Agreement shall be in writing and shall be deemed to be duly given when (a) delivered in person or (b) deposited in the United States mail or private express mail, postage prepaid, addressed as
follows: 
 If to RBS, to: 

The Royal Bank of Scotland Group plc 

Business House G, First Floor 

RBS Gogarburn 
 175 Glasgow Road

 Edinburgh EH12 1HQ 
 Scotland

 Attention: Group General Counsel 

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

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

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

and 
 Citizens Financial Group,
Inc. 
 28 State Street, 38th Floor 

Boston, MA 02109 
 Attention:
Stephen T. Gannon, General Counsel and Chief Legal Officer 
 with a copy to: 

Citizens Financial Group, Inc. 

28 State Street, 12th Floor, MS 1225 

Boston, MA 02109 
 Attention:
David A. Bright, Senior Vice President and Senior Counsel 
 Any Party may, by notice to the other Party, change the address to which such notices are to be
given. 

  
 52 

 Section 13.07. Severability. If any provision of this Agreement or the application
thereof to any Person or circumstance is determined by a court of competent jurisdiction to be invalid, void or unenforceable, the remaining provisions hereof or the application of such provision to Persons or circumstances or in jurisdictions other
than those as to which it has been held invalid or unenforceable, shall remain in full force and effect and shall in no way be affected, impaired or invalidated thereby, so long as the economic or legal substance of the transactions contemplated
hereby is not affected in any manner adverse to any Party. Upon such determination, the Parties shall negotiate in good faith in an effort to agree upon such a suitable and equitable provision to effect the original intent of the Parties. 

Section 13.08. Force Majeure. No Party shall be deemed in default of this Agreement to the extent that any delay or failure in the
performance of its obligations under this Agreement results from any cause beyond its reasonable control and without its fault or negligence, such as acts of God, acts of civil or military authority, embargoes, epidemics, war, riots, insurrections,
fires, explosions, earthquakes, floods, unusually severe weather conditions, labor problems or unavailability of parts, or, in the case of computer systems, any failure in electrical or air conditioning equipment. In the event of any such excused
delay, the time for performance shall be extended for a period equal to the time lost by reason of the delay; provided that if any Party experiences such a delay or failure, it shall immediately provide a written notice to the other Party of
such delay or failure, including a reasonably detailed description of the cause. 
 Section 13.09. Late Payments. Except as
expressly provided to the contrary in this Agreement or in any Ancillary Agreement, any amount not paid when due pursuant to this Agreement (and any amounts billed or otherwise invoiced or demanded and properly payable that are not paid within
thirty (30) days of such bill, invoice or other demand) shall accrue interest at a rate per annum equal to the Prime Rate plus 2.5%. 

Section 13.10. Expenses. Except as otherwise specified in this Agreement or the Ancillary Agreements, and except as set forth on
Schedule 13.10 or as otherwise agreed in writing between RBS and the Company, RBS and the Company shall each be responsible for its own fees, costs and expenses paid or incurred in connection with the IPO. 

Section 13.11. Headings. The article, section and paragraph headings contained in this Agreement are for reference purposes only
and shall not affect in any way the meaning or interpretation of this Agreement. 
 Section 13.12. Waivers of Default. Waiver by
any Party of any default by the other Party of any provision of this Agreement shall not be deemed a waiver by the waiving Party of any subsequent or other default, nor shall it prejudice the rights of the other Party. 

Section 13.13. Remedies. The Parties hereby expressly recognize and acknowledge that immediate, extensive and irreparable damage
would result, no adequate 

  
 53 

 
remedy at law would exist and damages would be difficult to determine in the event that any provision of this Agreement is not performed in accordance with its specific terms or otherwise
breached. Therefore, in addition to, and not in limitation of, any other remedy available to any Party, except as otherwise expressly provided herein, an aggrieved Party under this Agreement would be entitled to specific performance of the terms
hereof and immediate injunctive relief, without the necessity of proving the inadequacy of money damages as a remedy. Neither Party shall be required to obtain or furnish any bond or similar instrument in connection with or as a condition to
obtaining or seeking any such remedy. For the avoidance of doubt, nothing in this Agreement shall diminish the availability of specific performance of the obligations under this Agreement or any other injunctive relief. Such remedies, and any and
all other remedies provided for in this Agreement, shall be cumulative in nature and not exclusive and shall be in addition to any other remedies whatsoever which any Party may otherwise have. Each of the Parties hereby acknowledges and agrees that
it may be difficult to prove damages with reasonable certainty, that it may be difficult to procure suitable substitute performance, and that injunctive relief and/or specific performance will not cause an undue hardship to the Parties. Each Party
hereby further agrees that in the event of any action by the other Party for specific performance or injunctive relief, it will not assert that a remedy at law or other remedy would be adequate or that specific performance or injunctive relief in
respect of such breach or violation should not be available on the grounds that money damages are adequate or any other grounds 

Section 13.14. Amendments. No provisions of this Agreement shall be deemed waived, amended, supplemented or modified by any Party,
unless such waiver, amendment, supplement or modification is in writing and signed by the authorized representative of the Party against whom it is sought to enforce such waiver, amendment, supplement or modification. 

Section 13.15. Interpretation. Words in the singular shall be held to include the plural and vice versa and words of one gender
shall be held to include the other genders as the context requires. The terms “hereof”, “herein” and “herewith” and words of similar import shall, unless otherwise stated, be construed to refer to this Agreement as a
whole (including all of the schedules, exhibits and appendices hereto) and not to any particular provision of this Agreement. Article, Section, Exhibit, Schedule and Appendix references are to the Articles, Sections, Exhibits, Schedules and
Appendices to this Agreement unless otherwise specified. The word “including” and words of similar import when used in this Agreement shall mean “including, without limitation”, unless the context otherwise requires or unless
otherwise specified. 
 Section 13.16. Waiver of Jury Trial. EACH OF THE PARTIES HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED
BY APPLICABLE LAW ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY COURT PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF AND PERMITTED UNDER OR IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. EACH
OF THE PARTIES HEREBY (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR 

  
 54 

 
ATTORNEY OF THE OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES
THAT IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT, AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 13.16. 

Section 13.17. Submission to Jurisdiction; Waivers. With respect to any Action relating to or arising out of this Agreement,
subject to the provisions of Article 10, each Party to this Agreement irrevocably (a) consents and submits to the exclusive jurisdiction of the courts of the State of New York and any court of the United States located in the
Borough of Manhattan in New York City; (b) waives any objection which such Party may have at any time to the laying of venue of any Action brought in any such court, waives any claim that such Action has been brought in an inconvenient forum
and further waives the right to object, with respect to such Action, that such court does not have jurisdiction over such Party; and (c) consents to the service of process at the address set forth for notices in Section 13.06
herein; provided, however, that such manner of service of process shall not preclude the service of process in any other manner permitted under applicable Law. 

  
 55 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed by their duly
authorized representatives as of the date set forth above. 
  

			
	THE ROYAL BANK OF SCOTLAND GROUP PLC
		
	By:	 	  

		 	Name:
		
		 	Title:
	
	CITIZENS FINANCIAL GROUP, INC.
		
	By:	 	  

		 	Name:
		
		 	Title:EX-10.2

 Exhibit 10.2 

Dated             , 2014 

THE ROYAL BANK OF SCOTLAND GROUP PLC 

and 
 CITIZENS FINANCIAL
GROUP, INC. 
 TRANSITIONAL SERVICES AGREEMENT 

 TABLE OF CONTENTS 

 
  

 

									
	 	 	 	 	 	  	PAGE	 
			
	1	 	 Definition and Rules of Construction
	  	 	2	  
		 	 1.1
	 	 Definitions
	  	 	2	  
		 	 1.2
	 	 Rules of Construction
	  	 	9	  
	2	 	 Performance of Services
	  	 	11	  
		 	 2.1
	 	 Provision of Services and Relief
	  	 	11	  
		 	 2.2
	 	 Incidental and Omitted Services
	  	 	13	  
		 	 2.3
	 	 Standard of Service
	  	 	15	  
		 	 2.4
	 	 Recipient Dependencies
	  	 	16	  
		 	 2.5
	 	 Service Reporting
	  	 	17	  
	3	 	 Third Party Suppliers
	  	 	18	  
		 	 3.1
	 	 Termination, Expiry or Renewal of Third Party Agreements
	  	 	18	  
		 	 3.2
	 	 Changes in Third Party Supplier Costs
	  	 	19	  
		 	 3.3
	 	 Relationship with Third Party Suppliers
	  	 	20	  
		 	 3.4
	 	 Liability for Third Party Suppliers
	  	 	20	  
	4	 	 Price and Payment
	  	 	21	  
		 	 4.1
	 	 Charges
	  	 	21	  
		 	 4.2
	 	 Invoicing Procedures and Payment Due
	  	 	22	  
		 	 4.3
	 	 Payments Gross
	  	 	23	  
		 	 4.4
	 	 Interest
	  	 	23	  
		 	 4.5
	 	 Value Added Tax and Sales or Use Tax
	  	 	23	  
	5	 	 Representations, Warranties and Mutual Obligations
	  	 	24	  
		 	 5.1
	 	 Representations and Warranties
	  	 	24	  
		 	 5.2
	 	 General Obligations
	  	 	25	  
	6	 	 Term and Termination
	  	 	26	  
		 	 6.1
	 	 TSA Term
	  	 	26	  
		 	 6.2
	 	 Service Term
	  	 	26	  
		 	 6.3
	 	 Service Term Extension
	  	 	26	  
		 	 6.4
	 	 Termination on Notice
	  	 	27	  
		 	 6.5
	 	 Termination for Insolvency
	  	 	27	  
		 	 6.6
	 	 Termination for Regulatory Reasons
	  	 	27	  
		 	 6.7
	 	 Termination for Breach
	  	 	28	  
		 	 6.8
	 	 Termination Charges
	  	 	28	  
		 	 6.9
	 	 Delivery of Data on Termination or Expiry
	  	 	28	  
		 	 6.10
	 	 Survival of Rights on Termination or Expiry
	  	 	29	  
	7	 	 Migration
	  	 	29	  
		 	 7.1
	 	 Migration and the Migration Plans
	  	 	29	  
		 	 7.2
	 	 Failure to Timely Migrate
	  	 	29	  
	8	 	 Limitation of Liability and Indemnification
	  	 	29	  
		 	 8.1
	 	 Exclusions from Liability
	  	 	29	  
		 	 8.2
	 	 Cap on Damages and Exclusions
	  	 	30	  
		 	 8.3
	 	 Indemnification
	  	 	31	  
	9	 	 Governance
	  	 	32	  

  
 i 

									
		 	 9.1
	 	 TSA Committee
	  	 	32	  
	10	 	 Changes and Change Control
	  	 	32	  
		 	 10.1
	 	 Changes
	  	 	32	  
		 	 10.2
	 	 Mandatory Change
	  	 	33	  
		 	 10.3
	 	 Discretionary Changes
	  	 	33	  
		 	 10.4
	 	 Emergency Change
	  	 	34	  
	11	 	 Dispute Resolution
	  	 	34	  
		 	 11.1
	 	 Dispute Resolution Process
	  	 	34	  
	12	 	 Intellectual Property Rights
	  	 	35	  
		 	 12.1
	 	 Provider Ownership and License
	  	 	35	  
		 	 12.2
	 	 Recipient Ownership and License
	  	 	35	  
	13	 	 Data Protection, Confidential Information and Record-keeping
	  	 	36	  
		 	 13.1
	 	 Data Protection
	  	 	36	  
		 	 13.2
	 	 Confidential Information
	  	 	37	  
		 	 13.3
	 	 Record-keeping
	  	 	39	  
	14	 	 Force Majeure
	  	 	40	  
		 	 14.1
	 	 Force Majeure Events
	  	 	40	  
		 	 14.2
	 	 No Liability for Force Majeure
	  	 	40	  
		 	 14.3
	 	 Delay Owing to Force Majeure
	  	 	40	  
	15	 	 Employee Provisions
	  	 	40	  
		 	 15.1
	 	 No Obligation to Transfer Employees
	  	 	40	  
		 	 15.2
	 	 Pre-employment Screening
	  	 	41	  
	16	 	 Communications with Competent Authorities
	  	 	42	  
	17	 	 Audit
	 		  	 	43	  
		 	 17.1
	 	 Regulatory Audit Rights
	  	 	43	  
		 	 17.2
	 	 General Audit Rights
	  	 	43	  
	18	 	 Sanctions
	  	 	44	  
		 	 18.1
	 	 Compliance with Sanctions Laws and Regulations
	  	 	44	  
	19	 	 Information Security
	  	 	45	  
		 	 19.1
	 	 Information Security
	  	 	45	  
	20	 	 Other Provisions
	  	 	46	  
		 	 20.1
	 	 Whole Agreement
	  	 	46	  
		 	 20.2
	 	 No Construction Against Drafter
	  	 	47	  
		 	 20.3
	 	 Publicity and Public Announcements
	  	 	47	  
		 	 20.4
	 	 Further Assurances
	  	 	47	  
		 	 20.5
	 	 Assignment
	  	 	47	  
		 	 20.6
	 	 Third Party Rights
	  	 	47	  
		 	 20.7
	 	 Amendment and Waiver
	  	 	48	  
		 	 20.8
	 	 Notices
	  	 	48	  
		 	 20.9
	 	 Severability
	  	 	49	  
		 	 20.10
	 	 Counterparts
	  	 	49	  
		 	 20.11
	 	 Independent Contractor
	  	 	49	  
		 	 20.12
	 	 Governing Law and Submission to Jurisdiction
	  	 	49	  
		 	 20.13
	 	 Anti-Bribery Provisions
	  	 	50	  

  
 ii 

									
	Schedule 1 – Service Schedules	  	 	1-1	  
	Schedule 2 – Forms of Invoice	  	 	2-1	  
	Schedule 3 – Migration Principles	  	 	3-1	  
	Schedule 4 – TSA Committee Terms of Reference	  	 	4-1	  
	Schedule 5 – Policies	  	 	5-1	  

  
 iii 

 TRANSITIONAL SERVICES AGREEMENT 

THIS TRANSITIONAL SERVICES AGREEMENT (“TSA”), dated as of
[            ], 2014, is by and among THE ROYAL BANK OF SCOTLAND GROUP PLC (“RBSG”), a public limited company organized under the laws of Scotland (Company Number
SC045551); and CITIZENS FINANCIAL GROUP, INC. (“CFG”), a Delaware corporation with its principal place of business in Providence, Rhode Island. Capitalized terms used herein and not otherwise defined shall have the respective
meanings assigned to them in Section 1 hereof. 
 RECITALS 

WHEREAS, RBSG is the indirect owner of all the issued and outstanding common stock of CFG immediately prior to the date hereof; 

WHEREAS, shares of CFG are being sold to the public pursuant to the IPO and CFG will cease to be a wholly owned indirect subsidiary of RBSG
upon the closing of the IPO; 
 WHEREAS, after the closing of the IPO, RBSG will remain the majority shareholder of CFG, subject to future
sales to the public (and ultimately the contemplated complete disposition on or before December 31, 2016) by RBSG; 
 WHEREAS,
immediately prior to the date hereof, each Provider specified in a Service Schedule was providing services (“Existing Services”) to the respective Recipient under such Service Schedule which were the same as, or substantially
similar to, the Services to be provided thereunder to such Recipient; 
 WHEREAS, as of the date hereof and pursuant to the terms of (and
except as otherwise provided in) the Separation Agreement, all master agreements, statements of work, service schedules and similar agreements, instruments, documents, arrangements, commitments or understandings relating to the Existing Services are
terminated; 
 WHEREAS, Services will be provided to each Recipient to facilitate its ongoing operations during a transitional period
following the IPO during which the applicable Provider will also provide assistance to such Recipient relating to Migration as contemplated by this TSA; 

WHEREAS, each Provider has agreed to procure and provide the Services to the applicable Recipient, and each Party has agreed to receive and
pay for the Services it or its Affiliates receives pursuant to the Service Schedules, subject to the terms of this TSA; and 

  
 1 

 NOW, THEREFORE, in consideration of the rights and duties set forth herein, and for other good
and valuable consideration, the adequacy and sufficiency of which are hereby acknowledged, RBSG and CFG hereby agree as follows: 
  

	1	Definition and Rules of Construction 

  

	1.1	Definitions 

 For the purposes of this TSA, the following terms shall have the following
meanings: 
 “Adverse Policy Change” has the meaning given in Section 2.3.4; 

“Affiliate” means, in relation to any company, such company’s holding companies and direct or indirect subsidiaries and
the direct or indirect subsidiaries of such holding companies from time to time; however, for purposes of this TSA, the Parties shall not be considered Affiliates of each other. For the avoidance of doubt, in respect of RBSG, Affiliates shall not
include CFG or its direct or indirect subsidiaries; and, in respect of CFG, Affiliates shall not include RBSG or its direct or indirect subsidiaries and “Affiliates” shall be construed accordingly; 

“Anti-Bribery and Corruption Policy” means each policy that a Party shall put in place to comply with its own anti-bribery and
corruption policy and obligations, and with Anti-Corruption Laws; 
 “Anti-Corruption Laws” means any anti-bribery or
anti-corruption-related provisions in criminal and anti-competition laws and/or anti-bribery or anti-corruption laws of the jurisdiction in which, for the Provider, the Provider provides the Services and, for the Recipient, the Recipient receives
the Services, together with any amending, consolidating or successor legislation or case law which has effect from time to time in the relevant jurisdiction; 

“ARD” has the meaning given in Section 15.1.1; 

“Business Day” means a day which is not a Saturday, Sunday or public holiday in London, New York or Boston; 

“CC Laws” means all laws relating to the handling of customer complaints that are applicable to the Services; 

“CFG” means Citizens Financial Group, Inc.; 

“CFG Policies” means the policies and procedures of CFG listed in Schedule 5B (as may be amended from time to time in
accordance with Sections 2.3.3 and 2.3.4); 
 “CFG Recipient” means any of CFG and its Affiliates that is a Recipient under
any of the Service Schedules; 
 “Change” means any modification, addition or amendment to any Service (including any change
to any part of any Service Schedule) including any Mandatory Change or Discretionary Change; 
 “Change Control Procedure”
means the procedure set out in Section 10.1.1; 
 “Change Control Request” has the meaning given in
Section 10.1.1(ii); 
 “Charges” means the charges imposed on a Recipient in exchange for receiving Services in the
relevant Service Schedules; 

  
 2 

 “Competent Authority” means any local, state, national, supranational,
governmental or nongovernmental authority, statutory undertaking, agency or public or regulatory body (including the Prudential Regulation Authority, the Financial Conduct Authority, the Board of Governors of the Federal Reserve System, the Office
of the Comptroller of the Currency, the Federal Deposit Insurance Corporation and the Consumer Financial Protection Bureau) which has jurisdiction over RBSG (and/or its Affiliates) and/or CFG (and/or its Affiliates); 

“Confidential Information” has the meaning given in Section 13.2.1; 

“Day 2” means, with respect to a Service, the date on which CFG ceases to be treated as a subsidiary of, a group company of,
an affiliate of or controlled by RBSG, pursuant to the terms of a Third Party Agreement necessary for the provision of such Service; 

“Defaulting Party” has the meaning given to it in Section 6.7.1; 

“Disabling Device” means any device, method, token, code, program or subprogram that can disable, interfere with or adversely
affect all or any part of a Service, a Party’s equipment, and/or their operation, or destroy any of a Party’s data or other software or hardware, or damage, destroy or interfere with a Party’s information technology network or any of
a Party’s data or other software or hardware, or permit any person to circumvent the normal security of a Party’s software, systems or networks; 

“Discretionary Change” means any Change which is not a Mandatory Change or an Emergency; 

“Dispute” has the meaning given in Section 11.1.1; 

“Emergency” has the meaning given in Section 10.4.2; 

“Excluded Service” means a service or element of a service that, prior to the Service Commencement Date, a Party or its
Affiliate, as Recipient with respect to such Service or service element, has expressly notified to the other Party or Affiliate in writing as not being required by the notifying Party or Affiliate whether in relation to its business or the business
of its Affiliates or specifically in relation to this TSA; 
 “Existing Services” means services provided by the Parties or
their Affiliates to each other immediately prior to the date hereof; 
 “Existing Third Party Agreement” means any Third
Party Agreement in force as at the Service Commencement Date, as the same may be amended from time to time, and any extension, replacement or renewal of such agreement; 

“Fairness Laws” means all applicable federal, state and local fair lending, fair housing, Unfair or Deceptive Acts or
Practices and Unfair, Deceptive or Abusive Acts or Practices statutes; 
 “FAM” means felony and misdemeanor in the context
of a county and lower court-level search; 
 “FIM” means felony including misdemeanor in the context of a county-level
search; 
 “Force Majeure” has the meaning given in Section 14.1; 

  
 3 

 “Fraud Prevention Policy” means anti-fraud measures or policies that a
Party’s Group shall have in place whenever it possesses, stores, processes or has access to the other Party’s Group’s Personal Data, as listed in Schedule 5; 

“GLB Act” means the Gramm-Leach-Bliley Act, 15 U.S.C. 6801 et seq.; 

“Group” means, in relation to (i) a Party, that Party and its Affiliates, (ii) a Provider, that Provider and its
Affiliates, and (iii) a Recipient, that Recipient and its Affiliates; 
 “Incidental Services” has the meaning given in
Section 2.2.1; 
 “Indemnitees” has the meaning given in Section 8.3.1; 

“Intellectual Property Rights” means (i) copyrights (including copyrights in any software), patents, database rights and
rights in trademarks, designs, know-how and confidential information (whether registered or unregistered), (ii) applications for registration, and rights to apply for registration, of any of the foregoing rights and (iii) all other
intellectual property rights and equivalent or similar forms of protection existing anywhere in the world; 
 “IPO” means
the initial public offering of CFG’s shares; 
 “IS Requirements” means the information security policies that a
Party’s Group shall have in place whenever it possesses, stores, processes or has access to the other Party’s Group’s Confidential Information (inclusive of Personal Data), as listed in Schedule 5; 

“Level 1 Clearance” means individuals who will have no unaccompanied access to any Recipient facility, and no access to the
Recipient’s information technology network or the Recipient’s Confidential Information; 
 “Level 2+ Clearance”
means individuals who may have unaccompanied access to any Recipient facility, or any access to the Recipient’s information technology network or the Recipient’s Confidential Information; 

“LIBOR” means the ICE Benchmark Administration Limited rate for deposits in £ (Sterling) (or its replacement) for a
period of one month which appears on the relevant Reuters Screen rounded upwards to four decimal places at 11:00 a.m. (London Time) on the day specified for the determination of an interest rate (or, if such day is not a Business Day, such rate from
the immediately preceding Business Day) and, if no such screen rate is available, the replacement rate or service selected by the TSA Committee; 

“Licensable” means, with respect to any Intellectual Property Rights, that the Licensing Party, as applicable, has the power
and authority to grant a license, sublicense or covenant as to such Intellectual Property Rights to the Licensed Party as provided for herein without (i) violating the terms of any agreement or other arrangement with any third party,
(ii) requiring any consent, approval or waiver from any third party, (iii) materially impairing any of the existing rights in respect of such Intellectual Property Rights of the Licensing Party, (iv) imposing any additional material
obligations on the Licensing Party relating to such Intellectual Property Rights, and/or (v) requiring the payment of any compensation to any third party. 

  
 4 

 “Licensed Party” means (i) the Provider in its capacity as a licensee for
the purposes of the licenses granted in Section 12.2 and (ii) the Recipient in its capacity as a licensee for the purposes of the licenses granted in Section 12.1. 

“Licensing Party” means (i) the Provider in its capacity as a licensor for the purposes of the licenses granted in
Section 12.1 and (ii) the Recipient in its capacity as a licensor for the purposes of the licenses granted in Section 12.2. 

“Losses” means losses, claims, damages, costs, charges and liabilities (including reasonable legal fees and disbursements) and
“Loss” shall be construed accordingly; 
 “Mandatory Change” means a Change which is required as a
consequence of any change in Regulation on or subsequent to the date hereof in order for (i) a Recipient to receive Services or to perform Recipient Dependencies and/or (ii) a Provider to provide (or procure the provision of) Services or
to perform any of its other obligations under this TSA, in each case in compliance with Regulation; 
 “Migration” means the
migration of Services in whole or part from the personnel and information technology systems or other facilities of a Provider, its Affiliates or Third Party Suppliers to the personnel and information technology systems or other facilities of a
Recipient, and/or its Affiliates and/or Successor Providers, provided, however, that Migration does not require or otherwise give rise to an obligation on the part of a Provider, its Affiliates or Third Party Suppliers to grant any Successor
Provider access to the Provider Systems; 
 “Migration Plan” shall have the meaning given in paragraph 2 of Schedule 3; 

“Migration Principles” means the principles relating to Migration set out in Schedule 3; 

“Monthly Charge” has the meaning given in Section 8.2.1; 

“Non-Defaulting Party” has the meaning given in Section 6.7.1; 

“OFAC” means the Office of Foreign Assets Control of the United States Department of the Treasury; 

“Omitted Service” has the meaning given in Section 2.2.2; 

“Party” means RBSG or CFG; 

“Personal Data” of a disclosing Party means any data, information and/or records of or pertaining to the disclosing
Party’s or an Affiliate’s customers (current, former or prospective) and employees (current, former or prospective) or its customers’ customers (current, former or prospective) or employees (current, former or prospective), including
but not limited to names, addresses, telephone numbers, account numbers, account and transaction information and any other “Nonpublic Personal Information” as defined in the GLB Act relating to such individuals; 

“Policies” means the policies and procedures listed in Schedule 5 (as may be amended from time to time in accordance with
Sections 2.3.3 and 2.3.4), as applicable to RBSG or CFG; 
 “Provider” means each provider specified in the Service Schedule
for the relevant Service; 

  
 5 

 “Provider Data” means all Confidential Information provided in relation to the
Services to the Recipient, any member of the Recipient’s Group, or any Successor Provider, by or on behalf of the Provider or any member of the Provider’s Group or any Third Party Supplier; 

“Provider’s Derivative IP” has the meaning given in Section 12.1.2(ii); 

“Provider’s Existing IP” has the meaning given in Section 12.1.2(i); 

“Provider’s Intellectual Property” means all Intellectual Property Rights owned by the Provider and shall include
software in the Provider’s information technology infrastructure and systems that is owned by the Provider (such as scripts and batch tools) as is needed by the Recipient to receive the Services (in whole or part) or in relation to Migration;

 “Provider’s New IP” has the meaning given in Section 12.1.2(iii); 

“Provider Systems” means the information technology systems made available to the Recipient and its Affiliates pursuant to
this TSA by or on behalf of the Provider, any member of its Group or any Third Party Supplier, which are supported and maintained by or on behalf of the Provider, any member of its Group or any Third Party Supplier; 

“RBSG” means The Royal Bank of Scotland Group plc; 

“RBSG Policies” means the policies and procedures of RBSG listed in Schedule 5A (as may be amended from time to time in
accordance with Sections 2.3.3 and 2.3.4), including but not limited to RBSG’s Policy Framework, Information Security and policies on records management and retention; 

“RBSG Recipient” means any of RBSG and its Affiliates that is a Recipient under any of the Service Schedules; 

“Recipient” means each Recipient specified in the Service Schedule for the relevant Service; 

“Recipient CHS” has the meaning given in Section 2.1.8; 

“Recipient Data” means all Confidential Information: 
  

	 	(i)	including, without limitation, all Personal Data provided in relation to the Services to a Provider, any member of the Provider’s Group, or any Third Party Supplier, by or on behalf of the Recipient or any member
of the Recipient’s Group; or 

  

	 	(ii)	generated by the Provider, any member of the Provider’s Group, or any Third Party Supplier in the course of providing the Services; 

“Recipient Dependencies” means the obligations of a Recipient under this TSA including (i) those expressly identified as
Recipient Dependencies in the Service Schedules and any other obligations of the Recipient otherwise set out in the description of the Services in the Service Schedules and (ii) any Recipient Dependencies added in accordance with Sections 2.2.2
and 2.2.3; 
 “Recipient’s Derivative IP” has the meaning given in Section 12.2.2(ii); 

“Recipient’s Existing IP” has the meaning given in Section 12.2.2(i); 

  
 6 

 “Recipient’s Intellectual Property” means all Intellectual Property Rights
owned by the Recipient and shall include software in the Recipient’s information technology infrastructure and systems that is owned by the Recipient (such as scripts and batch tools) as is needed by the Provider to provide the Services (in
whole or part) or in relation to Migration; 
 “Recipient’s New IP” has the meaning given in Section 12.2.2(iii);

 “Regulation” means any applicable law, regulation, regulatory constraint, obligation or rule (including any binding code
of conduct and binding statement of principle incorporated and contained in such rules) applicable to the existence or operation of this TSA, the Recipient, the Provider, any Affiliate of the Provider, any Affiliate of the Recipient or the provision
or receipt of the Services, the performance of any Recipient Dependency or the performance of either Party’s other obligations under this TSA from time to time; 

“Report” means a Service Organization Control (SOC) 1 Type II Report (or substantially similar report in the event the SOC 1
Type II Report is no longer the industry standard) issued by an accounting firm which will cover, at a minimum, the policies, procedures and controls required by this TSA and the relevant Service Schedule; 

“Revised Migration Date” means, for the relevant Service, the date that results from adding to that Service’s Scheduled
End Date the period equal to the period of delay to the completion of Migration to the extent directly attributable to the material fault of the Provider for such Service, provided, however, that in no event shall any Revised Migration Date
extend beyond December 31, 2016. For the avoidance of doubt, regardless of the length of the period of delay or whether Migration of a Service is complete as of December 31, 2016, a Revised Migration Date shall not be any date after
December 31, 2016; 
 “Sales or Use Tax” means any sales or use tax or any similar tax imposed at the point of sale or
on the use/consumption of goods and services; 
 “Scheduled End Date” means December 31, 2016 or, if an earlier date
for cessation of services is specified in a Service Schedule with respect to a Service, then such sooner date as is specified for such Service. For the avoidance of doubt, a Scheduled End Date shall not be any date after December 31, 2016; 

“Senior Nominees” means the senior individuals nominated by each Party; 

“Separation Agreement” means the Separation and Shareholder Agreement between RBSG and CFG dated on or about the date of this
TSA; 
 “Service Commencement Date” means the date hereof; 

“Service Level” means the level of performance set out in Section 2.3.1; 

“Service Provider CHP” means a Provider’s complaints handling policy for the relevant Service; 

“Service Records” means complete and accurate records of, and supporting documentation for, all Services provided pursuant to
this TSA; 

  
 7 

 “Service Schedule” means any of the Service Schedules in Schedule 1 of this TSA,
each of which describes the terms and obligations of a Provider and a Recipient in relation to a particular Service; 
 “Service
Term” means the period of provision of a Service which period shall start on the Service Commencement Date and expire (unless terminated earlier in accordance with this TSA) in accordance with the provisions of Section 6.2; 

“Services” means: 
  

	 	(i)	the services (or any element of the services) specified in the Service Schedules; 

  

	 	(ii)	any Incidental Services provided pursuant to Section 2.2.1; and 

  

	 	(iii)	any Omitted Services added to the Service Schedules pursuant to Section 2.2.2; and 

 in
each case as more specifically described in the Service Schedule for that Service and “Service” means any one of the Services; 

“Staff” has the meaning given in Section 15.1.3; 

“Successor Provider” means the entity or entities (which may include a Recipient or any member of its Group) succeeding a
Provider in the provision or operation of services the same as or substantially similar to all or part of the Services; 

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

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

“Third Party Agreements” means any agreements entered into between a Provider (or any member of its Group) and any third party
for the provision of a service, goods, lease or license relating to, or necessary for, the provision of the Services or performance of any of the Provider’s other obligations under this TSA whether entered into before or after the date of this
TSA; 
 “Third Party Consent” means any permission, consent, license, agreement, authorization or “right to use”
required, from a third party (whether under a Third Party Agreement or otherwise): 
  

	 	(i)	by the Provider, to the extent necessary to allow the provision of the Services or performance of the Provider’s other obligations under this TSA by the Provider to or for the benefit of the Recipient or receipt of
the Services by the Recipient; or 

  

	 	(ii)	by the Recipient, to the extent necessary for the Recipient to receive the benefit of the Services provided by the Provider under this TSA; 

  
 8 

 “Third Party Supplier” means any third party providing a service, goods, lease
or license under a Third Party Agreement; 
 “TSA” means this transitional services agreement; 

“TSA Committee” shall have the meaning set out in Section 9.1.1; and 

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

	1.2	Rules of Construction 

 Unless the context otherwise requires or except as otherwise
expressly provided the following rules of construction shall apply to this TSA. 
  

	 	1.2.1	Singular, Plural, Gender 

 References to one gender include all genders and references to
the singular include the plural and vice versa. 
  

	 	1.2.2	References to Persons and Companies 

 References to: 

 

	 	(i)	a person shall include any company, partnership, trust, joint venture, firm, association, unincorporated association, organization, or any government, state or local body or authority (whether or not having
separate legal personality); and 

  

	 	(ii)	a company shall include any company, corporation or any body corporate, wherever incorporated. 

  

	 	1.2.3	Schedules, Sections, Appendices, Paragraphs 

 References to this TSA shall include any
Schedules to it and references to Sections and Schedules are to Sections of, and Schedules to, this TSA. References to paragraphs and appendices are to paragraphs and appendices of the Schedules. All Schedules are an integral part of this TSA. 

  
 9 

	 	1.2.4	Headings 

 The article, Section and paragraph headings contained in this TSA are for
reference purposes only and shall not affect in any way the meaning or interpretation of this TSA. 
  

	 	1.2.5	Includes, in writing 

 The words “includes” and
“including” shall mean “include without limitation” and “including without limitation”, respectively. The words “in writing” means any communication made by letter (but not, for avoidance of
doubt, electronic mail) and “written” shall be interpreted accordingly. 
  

	 	1.2.6	Agreed 

 References to “agreed” mean, in relation to any document, that
document in the form agreed and, for the purposes of identification, signed or initialed by or on behalf of each Party by a duly authorized representative, with such alterations as the Parties agree in writing. 

 

	 	1.2.7	Information 

 References to books, records or other information mean books, records or
other information in any form, including paper, electronically stored data, magnetic media, film and microfilm. 
  

	 	1.2.8	References to Law 

 References to a statute or statutory provision include: 

 

	 	(i)	that statute or provision as modified or amended from time to time, whether before or after the date of this TSA; and 

  

	 	(ii)	any subordinate legislation or regulation made from time to time under that statute or statutory provision, including (where applicable) that statute or statutory provision as modified or amended. 

 

	 	1.2.9	Precedence 

 If there is any conflict, apparent conflict or ambiguity in or between any
of the sections of this TSA set out below, the sections will be applied in the following order of precedence with the sections higher in the order of precedence prevailing over the Parties: 

 

	 	(i)	the Sections of this TSA; 

  

	 	(ii)	the Schedules to this TSA; and 

  

	 	(iii)	any other document referred to in this TSA. 

  
 10 

	 	1.2.10	Costs 

 Any reference to “costs” shall mean costs (including internal costs
arising in respect of personnel and other related costs) and expenses (including charges, fees and other amounts payable to third parties). 
  

	2	Performance of Services 

  

	2.1	Provision of Services and Relief 

  

	 	2.1.1	Each Provider specified in a Service Schedule shall provide the Services to the relevant Recipient specified in that Service Schedule for the relevant Service Term in accordance with the terms of this TSA. CFG
shall timely pay for all Services provided to a CFG Recipient (regardless of whether it is the Recipient, its Affiliate or any of their respective third party service providers who receive the Services) and RBSG shall timely pay for all Services
provided to an RBSG Recipient (regardless of whether it is the Recipient, its Affiliate or any of their respective third party service providers who receive the Services), in each case in accordance with the terms of this TSA. 

 

	 	2.1.2	A Provider shall provide the Services only to the Recipient specified in the relevant Service Schedule. If a Recipient wishes to add or substitute an Affiliate as a Recipient, such addition or substitution must
be agreed in accordance with the Change Control Procedure. The applicable Provider shall not unreasonably withhold or delay its consent to add such requested Affiliate as a Recipient. 

 

	 	2.1.3	If the Provider wishes to provide Services to the Recipient via any additional Affiliate or substitute an Affiliate as Provider, such addition or substitution must be agreed in accordance with the Change Control
Procedure. The applicable Recipient shall not unreasonably withhold or delay its consent to add such requested Affiliate as a Provider. 

  

	 	2.1.4	Without prejudice to the Mandatory Change provisions set out in Section 10.2, a Provider shall not be in breach of this TSA to the extent that it is unable to provide any of the Services or perform
any of its other obligations under this TSA, in each case to the extent that to do so would result in a breach of Regulation, so long as, if and to the extent commercially practicable, such Provider has promptly notified the applicable Recipient of
such prohibition, has consulted with the applicable Recipient to explain why the Provider reasonably believes such prohibition applies, and has worked together with the Recipient in good faith to either arrange for modification of the relevant
Service(s) at issue or a transition of such Service(s) to a Successor Provider. For the avoidance of doubt, the transition of any Service(s) to a Successor Provider pursuant to this Section 2.1.4 terminates the applicable Service(s) and
related Service Schedule(s) under this TSA and does not create a Third Party Agreement for which the Provider is responsible for the remainder of the Service Term(s) with respect to the affected Service(s). 

  
 11 

	 	2.1.5	Subject to the requirements set forth below, a Provider may subcontract the provision of any or all of the Services or any of the Provider’s other obligations under this TSA. Except in relation to an
Existing Third Party Agreement: 

  

	 	(i)	in selecting the subcontractor in question, the Provider shall have followed its applicable Policies on vendor procurement and approval; 

 

	 	(ii)	the Provider will notify the Recipient in advance of entering into any subcontract at a meeting of the TSA Committee; 

  

	 	(iii)	the Provider shall ensure any Third Party Consent that is required for the Recipient to receive the Services (and to sublicense to the extent necessary to receive the full benefit of the Services) is obtained and
maintained for the duration of the applicable Service Term; 

  

	 	(iv)	the Provider shall not be entitled to increase the Charges to reflect any increase in the costs incurred by the Provider under that subcontract, compared to the costs previously incurred by the Provider, other than to
the extent it would have been permitted to do so, had it not entered into the subcontract; and 

  

	 	(v)	the Provider shall furnish the Recipient with information about the subcontractor in question which is reasonable for diligence purposes, and the Recipient approves of the use of the subcontractor via the Change Control
Procedure, with such approval not to be unreasonably withheld or delayed. 

  

	 	2.1.6	Each Party shall be primarily liable under this TSA for any default in the performance of obligations under this TSA by any Provider in such Party’s Group, as well as any such default by any subcontractor of
such Provider. 

  

	 	2.1.7	In the event that the Provider is to participate in any credit or other business decision with respect to the Recipient’s customers or potential customers under a Service Schedule, then prior to commencing
any Services under such Service Schedule, the Provider shall distribute to each of its personnel who may have such interaction or make such a decision the following Fairness Statement: 

FAIRNESS STATEMENT 
 The fair
and equal treatment of [SERVICE RECIPIENT’S] customers, without regard to race, sex, sexual orientation, color, national origin, religion, age, marital status, disability, or any other prohibited basis, is an integral part of [SERVICE
RECIPIENT’S] fundamental mission of providing quality financial services to existing and prospective customers. Denying any segment of society equal access to basic economic opportunities is morally repugnant and has no place in our society.
Only through all of our efforts can we ensure that every bank customer and credit applicant receives fair and equal treatment and that we have helped each member of the communities that [RECIPIENT] serves reach his or her full potential. 

  
 12 

 The Provider shall be responsible for ensuring that it and its personnel have reviewed and
understand the above Fairness Statement as well as its and their obligations thereunder, and shall comply therewith as well as, subject to the Change Control Procedure with respect to any changes in Regulation occurring after the date hereof, with
Fairness Laws. In the event that the Provider detects any incident or activity which constitutes or results in a violation of Fairness Laws with respect to any matter relating to this TSA, the Provider will immediately notify the Recipient. 

 

	 	2.1.8	In the event that the Provider interacts directly with the Recipient’s customers or potential customers in the course of providing Services hereunder, then the Provider agrees that, subject to the Change
Control Procedure with respect to any changes in Regulation subsequent to the date hereof: 

  

	 	(i)	the Services will be performed in accordance with any and all laws relating to the handling of customer complaints that are applicable to the Services (“CC Laws”), 

 

	 	(ii)	the Provider shall not take, or omit to take, any act that could reasonably be expected to lead to the Recipient being in breach of any CC Law, and 

 

	 	(iii)	it shall have in place and comply with its own complaints handling policy (the “Service Provider CHP”) to ensure that the Provider complies with all CC Laws. 

The Provider further agrees that the Services shall be performed in accordance with the Recipient’s complaint handling standard (as in
effect on the date hereof and listed in Schedule 5, the “Recipient CHS”); provided that for the purposes of this Section 2.1.8, the Provider shall be deemed to be in compliance with the Recipient CHS if the applicable
Service Schedule contains agreed terms relating to complaint monitoring, investigations, escalation procedures, expected timescales and Service Level and Provider complies with such requirements. The Provider shall immediately notify the Recipient
in writing of any suspected or known breach of the Service Provider CHP or any CC Law. 
  

	2.2	Incidental and Omitted Services 

  

	 	2.2.1	From the Service Commencement Date: 

  

	 	(i)	each Provider shall provide, with no change to the Charges, in addition to the Services, any other services, functions and responsibilities which are reasonably necessary for or incidental to, or which otherwise
constitute an integral part of, the provision of the Services provided by such Provider, provided that no such service, function or responsibility that was not provided during the six months (or, if applicable, such shorter period) prior to
the Service Commencement Date shall be required to be provided pursuant to this provision; and 

  
 13 

	 	(ii)	each Recipient shall provide, with no change to the Charges, in addition to the applicable Recipient Dependencies set out in the Service Schedules, any information, cooperation and assistance and undertake any other
responsibilities which are reasonably necessary for or incidental to, or which otherwise constitute an integral part of, the performance of the Recipient Dependencies or the receipt of the Services set out in the Service Schedules, provided
that no such information, cooperation and assistance or any other responsibility that was not provided during the six months (or, if applicable, such shorter period) prior to the Service Commencement Date shall be required to be provided pursuant to
this provision, 

 these being “Incidental Services”. 

 

	 	2.2.2	Without limiting Section 2.2.1, if, during the six months immediately following the Service Commencement Date, either Party identifies any Service or any element of a Service (including any Recipient
Dependency) that: 

  

	 	(i)	was provided by or on behalf of a Provider to a Recipient or any of its Affiliates (or, in the case of a Recipient Dependency, was a dependency in respect of such provision) during the six months (or, if applicable,
such shorter period) prior to the Service Commencement Date; 

  

	 	(ii)	is not included in the Services set out in the Service Schedules or is not appropriately documented within the relevant Service Schedule; and 

 

	 	(iii)	is not an Excluded Service 

 (an “Omitted Service”), such Omitted Service
shall, upon the relevant Party’s request, be deemed to form part of the Services and the Parties shall amend or create the relevant Service Schedule accordingly, including by adding (i)(a) an additional Charge to reflect the additional cost and
appropriate margin, if any, to the Provider of the Omitted Services, to the extent that such cost and margin were not taken into account when calculating (and accordingly were not a constituent part of) the Charges for the Services excluding the
Omitted Service, and (b) any Recipient Dependency that such Omitted Service is dependent upon; or (ii) any Recipient Dependency that was omitted from an existing Service Schedule. The Parties shall act reasonably and in good faith in
agreeing whether and to what extent an additional Charge is payable pursuant to this Section 2.2.2. Disagreement on the Charge for an Omitted Service shall be resolved in accordance with Section 11. 

 

	 	2.2.3	If at any time more than six months after the Service Commencement Date an Omitted Service is identified, such Omitted Service may be added to the relevant Service Schedule only via the Change Control Procedure.

  
 14 

	2.3	Standard of Service 

  

	 	2.3.1	Each Provider shall provide each of the Services: 

  

	 	(i)	in the same manner and with the same skill and care as they were provided to the applicable Recipient during the six-month period (or, if applicable, such shorter period) prior to the Service Commencement Date;

  

	 	(ii)	if so specified for a Service, in accordance with any specified Service Level within a Service Schedule for the relevant Service; and 

 

	 	(iii)	if no Service Level is specified within a Service Schedule for the relevant Service, with the same priority and with the same level of service as they were provided to the applicable Recipient during the six-month
period (or, if applicable, such shorter period) prior to the Service Commencement Date. 

  

	 	2.3.2	Subject to the Change Control Procedure with respect to any change in Regulation coming into effect after the date hereof, the Provider shall provide and procure the provision of the Services in compliance with
the Regulation applicable to the Provider. 

  

	 	2.3.3	Subject to the Change Control Procedure with respect to any change in Regulation coming into effect after the date hereof, the Provider shall provide and procure the provision of the Services in accordance with
the Policies applicable to the Provider. 

  

	 	2.3.4	Without prejudice to Section 2.3.3, each Party shall ensure that, as part of the meetings of the TSA Committee, it notifies the other Party of any changes it has made to the Policies (and, to the
extent reasonably practicable, of any proposed changes to the Policies). Notwithstanding the foregoing, if and to the extent that any proposed change to the Policies would materially increase the risk or reduce the operational controls available to
the Provider or the Recipient in connection with the provision or receipt of the Services or materially increase the cost or reduce the benefit to the Recipient in receiving the Services or the Provider in providing the Services (an “Adverse
Policy Change”), the relevant Party shall undertake an impact assessment in advance of the change being implemented and involve the other Party in that impact assessment. In respect of any Adverse Policy Change the Parties shall, acting
reasonably and in good faith, develop, agree and implement a remedial plan with the objective of mitigating any material increase in risk or reduction in operational controls available to the Provider or the Recipient in connection with the
provision or receipt of the Services or material increase in the cost or reduction in the benefit to the Recipient or Provider in receiving or providing the Services. Any obligations set out in the Service Schedules which require compliance with
policies shall be construed as referring to the Policies. 

  

	 	2.3.5	If and to the extent a Provider is aware of any material failure, or any circumstances that, in the Provider’s reasonable opinion, would be reasonably likely to result in a material failure, to provide any
material part of the Services in accordance with Section 2.3.1, 2.3.2 or 2.3.3, then, without prejudice to the Recipient’s other rights and remedies, the Provider shall as soon as reasonably practicable:

  

	 	(i)	inform the Recipient (and the TSA Committee) of such failure or potential failure (and, if known, what the Provider considers to be the cause of the problem); 

  
 15 

	 	(ii)	advise the Recipient of the remedial efforts being undertaken with respect to that failure or to prevent that potential failure; and 

 

	 	(iii)	subject to any duty of confidentiality owed by the Provider, provide the Recipient with further information in relation to the failure or potential failure if and to the extent that information has been produced by, or
is otherwise in the possession or control of, the Provider or any of its Affiliates for its own purposes and the Recipient reasonably requires that information at the time in order to manage communications with its customers, employees, investors,
suppliers and any Competent Authority. 

  

	2.4	Recipient Dependencies 

  

	 	2.4.1	Each Service Schedule shall specify any “Recipient Dependencies” for the relevant Service, which are, above and beyond a Recipient’s general obligations under Section 2.2.1(ii) with
respect to such Services, specific obligations to be performed by the Recipient under that Service Schedule in order for the Provider under that Service Schedule to be able to provide the relevant Service to the Recipient. 

 

	 	2.4.2	If and to the extent a Recipient is aware of any material failure, or any circumstances that, in the Recipient’s reasonable opinion, would be reasonably likely to result in a material failure, to perform any
material part of the Recipient Dependencies that are set out in a Service Schedule in accordance with this TSA, then, without prejudice to the applicable Provider’s other rights and remedies, the Recipient shall, as soon as reasonably
practicable: 

  

	 	(i)	inform the Provider of such failure or potential failure and, if known, what the Recipient considers to be the cause of the problem; and 

 

	 	(ii)	undertake appropriate remedial efforts and promptly advise the Provider of the remedial efforts being undertaken with respect to that failure or to prevent that potential failure. 

 

	 	2.4.3	Without prejudice to any right or remedy of a Provider under this TSA in respect of any other obligations of the Recipient (including in relation to any Recipient Dependency or any Incidental Service performed by
a Recipient which is not set out in a Service Schedule), if and to the extent the Recipient fails to perform a Recipient Dependency that is set out in a Service Schedule, Section 2.4.4 sets out the Provider’s sole and exclusive
remedy in respect of the failure by the Recipient to meet that Recipient Dependency other than with respect to: 

  

	 	(i)	any such failure which causes unauthorized or unlawful access by a third party to the Provider’s computing systems or loss or corruption of the Provider’s data; or 

 

	 	(ii)	any obligation of the Recipient to pay any amount (including any Charges) to the Provider under this TSA. 

  
 16 

	 	2.4.4	Each Party recognizes that each Provider is reliant and dependent on the performance of the Recipient Dependencies in order to provide the Services and to perform its other obligations under this TSA. A Provider
shall not be in breach of this TSA to the extent that its failure to provide the Services or perform its other obligations under this TSA is a result of a breach by the Recipient of a Recipient Dependency (provided that such relief shall not
prejudice any rights or remedies of the Recipient in respect of any prior breach by the Provider, to the extent that such prior breach caused the Recipient’s breach of the relevant Recipient Dependency and was not itself caused by a breach by
the Recipient of a Recipient Dependency). Any disputes relating to the Provider’s relief from a breach by the Recipient of a Recipient Dependency shall be resolved in accordance with Section 11. Nothing in this
Section 2.4.4 shall exclude or limit the liability of the Provider in relation to any failure to provide the Services or perform its other obligations under this TSA to the extent that such failure is not the result of a breach by the
Recipient of a Recipient Dependency. 

  

	 	2.4.5	A Recipient shall not be in breach of this TSA to the extent that its failure to perform a Recipient Dependency is a result of a breach by the applicable Provider of an obligation of the Provider (provided
that such relief shall not prejudice any rights or remedies of the Provider in respect of any prior breach by the Recipient, to the extent that such prior breach caused the Provider’s breach of the relevant obligation and was not itself caused
by a breach of the Provider’s obligations under this TSA). Nothing in this Section 2.4.5 shall exclude or limit the liability of the Recipient in relation to any failure to perform a Recipient Dependency to the extent that such
failure is not the result of a breach by the Provider of its obligations under this TSA. 

  

	2.5	Service Reporting 

  

	 	2.5.1	From the Service Commencement Date and thereafter until the Scheduled End Date, each Provider shall, with respect to each Service for which the Service Schedule requires a certain Service Level:

  

	 	(i)	record the actual service level achieved for such Service in each calendar month against the relevant Service Level; and 

  

	 	(ii)	on a quarterly basis (or such alternate frequency if so specified in the relevant Service Schedule) report its performance in respect of the applicable Service Level. 

 

	 	2.5.2	At the TSA Committee, the Parties will review each Provider’s performance against the Service Levels for the previous reporting period. In the event that a Provider has failed to meet any Service Level, that
Provider shall present an appropriate action plan detailing steps to remedy the situation. 

  
 17 

	3	Third Party Suppliers 

  

	3.1	Termination, Expiry or Renewal of Third Party Agreements 

  

	 	3.1.1	If, during a Service Term: 

  

	 	(i)	a Third Party Agreement is terminated by a Provider (or any member of its Group) or by the Third Party Supplier (for any reason other than Force Majeure (for which Section 14.2 shall apply) or for
insolvency of the Third Party Supplier (for which Section 3.1.7 shall apply)); 

  

	 	(ii)	a Third Party Agreement expires or is terminated other than as provided in Section 3.1.1(i); or 

  

	 	(iii)	a Third Party Agreement otherwise ceases to be available to a Provider for the provisions of Services to a Recipient (for example, by virtue of application of a change of control or similar provision),

 and that Third Party Agreement is required for the provision or receipt of any Service or the performance of any obligation
of the Provider or the applicable Recipient, then subject to the provisions of Section 3.1, the Provider shall use commercially reasonable efforts to implement such arrangements as are necessary to ensure continuity of the relevant Service on
the same terms of the relevant Service Schedule and this TSA, unless otherwise agreed by the Parties in advance through the TSA Committee. 
  

	 	3.1.2	Each Provider shall, acting reasonably and in good faith, involve the applicable Recipient to the extent within its reasonable control in any negotiations with any Third Party Supplier in relation to any material
change to, or extension, renewal or replacement of, a Third Party Agreement and migration to an alternative Third Party Supplier if and to the extent such change, extension, renewal or replacement would be reasonably likely to materially impact the
relevant Service or the Charges for such Service provided under a relevant Service Schedule and this TSA, in each case in respect of the period from the date hereof until the end of the Service Term (and in such event shall to the extent within its
reasonable control permit the Recipient to negotiate with the relevant Third Party Supplier in respect of any increase in the Provider’s costs of implementing such change, extension, renewal, replacement or migration unless the Provider agrees
to bear such increased costs and not change the Charges for the Service). 

  

	 	3.1.3	The Recipient shall not unreasonably withhold or delay its approval of the costs referred to in Section 3.1.2. Any disputes as to the Recipient’s payment of such costs shall be resolved by the
TSA Committee. 

  

	 	3.1.4	Each Party shall use commercially reasonable efforts to mitigate to the extent within its reasonable control any costs required to be incurred in respect of the negotiation and implementation of any change to, or
extension, renewal or replacement of, a Third Party Agreement and migration to an alternative Third Party Supplier. 

  
 18 

	 	3.1.5	Each Provider shall ensure that, to the extent reasonably practicable, as part of the meetings of the TSA Committee, it gives the Recipient reasonable advance notice of any Third Party Agreements which are
expected to be breached or due to expire, terminate or be renewed. 

  

	 	3.1.6	Notwithstanding the provisions of Section 3.1.1, prior to any termination or expiry or renewal of a Third Party Agreement, the Parties shall consult with each other to determine whether, upon
termination or expiry of the relevant Third Party Agreement, the applicable Recipient wishes to establish independent arrangements for the Service to which such Third Party Agreement relates. The applicable Provider shall, to the extent reasonably
practicable, give the Recipient reasonable advance notice of that termination, expiry or renewal. If the Recipient elects to terminate the affected Service and migrate to a Successor Provider, then the Parties shall agree the changes (if any) that
need to be made to the relevant Service Schedules and related Charges. 

  

	 	3.1.7	In the event of the insolvency of a Third Party Supplier required for the provision or receipt of a Service or the performance of any obligation of the Provider or the applicable Recipient for such Service, the
Provider may discontinue (which, for the avoidance of doubt, shall include electing not to replace) such Service without the discontinuance being a breach or causing any liability of the Provider to the relevant Recipient. 

 

	 	3.1.8	For the avoidance of doubt, the provisions of Section 3.1.1 through Section 3.1.7, inclusive, shall not affect the rights of a Provider to terminate a Service, or for a Service to
terminate, pursuant to Section 6 hereof. 

  

	3.2	Changes in Third Party Supplier Costs 

  

	 	3.2.1	Except as provided in Section 3.1, in the event that a Third Party Supplier increases or decreases its fees in relation to a Service during a Service Term: 

 

	 	(i)	the affected Provider shall promptly notify the TSA Committee of the change in fees, with such notice to include supporting documentation as might reasonably be expected to explain the change in fees to the affected
Recipient; and 

  

	 	(ii)	the Charges for the relevant Service shall be adjusted accordingly. 

  

	 	3.2.2	In the event that a Third Party Supplier increases or decreases its fees (including but not limited to a change in fees owing to a material change in volume or usage by the Recipient) in relation to a Service (or
portion of a Service) for which, pursuant to the applicable Service Schedule, the Third Party Supplier directly invoices the Recipient, the applicable Recipient shall promptly inform the TSA Committee of such change in fees. 

  
 19 

	3.3	Relationship with Third Party Suppliers 

  

	 	3.3.1	So far as it relates to the provision of a Service or the performance of a Provider’s other obligations under this TSA, the Provider shall manage exclusively its relationship with Third Party Suppliers and
the applicable Recipient shall not discuss with any Third Party Supplier the provision of the Services or the performance of the Provider’s other obligations under this TSA, except: 

 

	 	(i)	to the extent required to do so by a court, competent judicial authority and/or a Competent Authority; 

  

	 	(ii)	as agreed by the TSA Committee; 

  

	 	(iii)	as may be necessary to pay invoices for a Service for which, pursuant to the applicable Service Schedule, a Third Party Supplier directly invoices the Recipient or to make a query about such an invoice;

  

	 	(iv)	as may otherwise be expressly permitted by a Service Schedule or otherwise by this TSA (including the Migration Principles); or 

  

	 	(v)	if in the Provider’s opinion and only to the extent reasonably necessary in order for the Recipient to be able to receive the Services under the applicable Service Schedule, 

provided in each case that the applicable Recipient has notified the Provider in advance (if and to the extent permitted to do so under
Regulation) through the TSA Committee. 
  

	3.4	Liability for Third Party Suppliers 

  

	 	3.4.1	If a Provider breaches this TSA as a result of the acts or omissions of a Third Party Supplier, the Provider’s liability is subject to the Section 8.2 limitations and caps on liability.

  

	 	3.4.2	Notwithstanding the limitations in Section 3.4.1, any amounts recovered by a Provider from a Third Party Supplier which are in relation to Losses incurred as a result of the acts or omissions of the
Third Party Supplier shall be divided among the Provider and Recipient in proportion to their Losses, provided, however, that any amounts paid over to the Recipient shall not exceed the amount of the Recipient’s Losses. For the
avoidance of any doubt: 

  

	 	(i)	any amounts paid over to a Recipient pursuant to this Section 3.4.2 are independent of and not to be part of any limitations or caps on the liability of the Parties as set forth in
Section 8.2; and 

  

	 	(ii)	if a Provider’s commercially reasonable efforts to recover such amounts from a Third Party Supplier are unsuccessful, such a failure to recover any amounts is not a breach and is not a liability of the Provider.

  
 20 

	 	3.4.3	Without prejudice to the Parties’ rights and obligations in relation to mitigation of losses at law or in equity, each Provider and Recipient shall use commercially reasonable efforts to mitigate the quantum
of Losses and/or any other adverse consequences incurred or suffered by the Recipient and members of the Recipient’s Group as a result of the breach of a Third Party Agreement by a Third Party Supplier (to the extent a Party is aware of such
breach). 

  

	4	Price and Payment 

  

	4.1	Charges 

  

	 	4.1.1	In relation to a Service for which, pursuant to the applicable Service Schedule, the Provider issues an invoice, each Party shall pay on behalf of the Recipients in its Group to the applicable Provider the
Charges as set forth in the relevant Service Schedule in respect of the provision of the relevant Services and the performance of other obligations of the Provider under this TSA, provided that a relevant invoice has been rendered in
accordance with Section 4.2. 

  

	 	4.1.2	In relation to a Service (or portion of a Service) for which, pursuant to the applicable Service Schedule, a Third Party Supplier directly invoices the Recipient, each Party shall ensure that the Recipients in
its Group make timely payments directly to the applicable Third Party Supplier. 

  

	 	4.1.3	Without prejudice to the rights and remedies of either Party, if a Recipient is unable to undertake an activity on the date allocated to it in the Migration Plan owing to the material fault of the other Party and
as a consequence the date of completion of Migration of a Service is after the Scheduled End Date then: 

  

	 	(i)	the Parties shall submit the matter to the TSA Committee and, acting reasonably and in good faith, work together to reschedule such activity in a manner that minimizes any delay to completion of Migration and agree to
an adjustment of Charges as is appropriate to reflect the extent and materiality of the fault; 

  

	 	(ii)	the Recipient shall continue to pay Charges (subject to any adjustments made pursuant to Section 4.1.3(i)) until the Revised Migration Date; and 

 

	 	(iii)	the Scheduled End Date in the relevant Service Schedule shall be construed as a reference to the Revised Migration Date. 

  

	 	4.1.4	Unless otherwise expressly stated in or contemplated by this TSA, the Charges are the only amounts payable by the Recipient in respect of the Services. 

  
 21 

	4.2	Invoicing Procedures and Payment Due 

  

	 	4.2.1	The Charges for any Service shall be invoiced by RBSG or CFG as the Provider of that Service in accordance with this Section 4.2 and each invoice shall be substantially in the form of the template
attached in Schedule 2 applicable to the relevant Provider. Invoices shall be sent to the address for invoices specified in the Service Schedule to which the relevant invoice relates. 

 

	 	4.2.2	The Charges with respect to any month shall be invoiced by the Provider: 

  

	 	(i)	if CFG or an Affiliate of CFG is the Provider, within 30 days following the end of the month after which the relevant Services are provided or obligations are performed, or in respect of which the Charges are otherwise
due or the relevant costs incurred by the Provider. To the extent applicable, a true-up of Charges for a Service shall be invoiced as indicated in the Service Schedule to which the true-up relates; 

 

	 	(ii)	if an Affiliate of RBSG within the United States is the Provider, within 30 days following the end of the month after which the relevant Services are provided or obligations are performed, or in respect of which the
Charges are otherwise due or the relevant costs incurred by the Provider. To the extent applicable, a true-up of Charges for a Service shall be invoiced as indicated in the Service Schedule to which the true-up relates; or 

 

	 	(iii)	if RBSG or an Affiliate of RBSG outside the United States is the Provider, within 30 days following the end of the quarter after which the relevant Services are provided or obligations are performed, or in respect of
which the Charges are otherwise due or the relevant costs incurred by the Provider. To the extent applicable, a true-up of Charges for a Service shall be invoiced on an annual basis in the month of February. 

Payment on all invoices shall be due to the applicable Party within 30 days of receipt of the relevant invoice. 

 

	 	4.2.3	If any part of the Charges is subject to a bona fide dispute, then that part of the Charges subject to dispute shall be referred to the TSA Committee and any part of the Charges that is not subject to dispute is
to be paid pursuant to this Section 4. 

  

	 	4.2.4	Any amount due under this TSA for which a time for payment is not otherwise specified shall be due and payable within 30 days of the receipt of a valid invoice for such amount. 

 

	 	4.2.5	Payments due in respect of a Service pursuant to this TSA shall be made to the account specified in the relevant Service Schedule or such other account as the Provider may notify the Recipient from time to time.

  
 22 

	4.3	Payments Gross 

 All sums payable by a Party under this TSA, including any payment
pursuant to an indemnity, compensation or reimbursement provision, shall be invoiced and paid in U.S. dollars, British pounds sterling or Euros, free and clear of any deductions, withholdings, set-offs or counterclaims, save only as may be required
by law. If any deductions or withholdings are required by law (including with respect to any payment made pursuant to this Section 4.3), the Party making the payment shall be obliged to pay to the other Party 50% of the amount deducted or
withheld with respect to the payment. The Parties shall claim from the appropriate Tax Authority any exemption, rate reduction, refund, credit or similar benefit (including pursuant to any relevant tax treaty) to which they are entitled in respect
of any deduction or withholding in respect of which a payment has been made pursuant to this Section 4.3 and, for such purposes shall, within any applicable time limits, submit any claims, notices, returns or applications and send a copy
thereof to the payer. If the recipient of a payment to which this Section 4.3 applies receives a credit for or refund of any Tax payable or actually realizes a similar benefit by reason of any deduction or withholding for or on account of Tax,
then it shall reimburse to the other Party an amount equal to 50% of such credit, refund or benefit. The Parties shall cooperate and use commercially reasonable efforts to mitigate any deduction or withholding determined to be required by law. 

 

	4.4	Interest 

 If any Party defaults in the payment when due of any sum payable under this
TSA (howsoever determined), the liability of that Party shall be increased to include interest on such sum from the date when such payment is due until the date of actual payment at a rate per annum of 250 basis points above LIBOR. 

 

	4.5	Value Added Tax and Sales or Use Tax 

 All amounts payable under this TSA shall be deemed
to be exclusive of any applicable VAT, Sales or Use Tax. If any amount falling due under this TSA (from whatever cause) is subject to VAT, Sales or Use Tax, then the applicable Recipient shall bear the cost of such taxes in the manner described
below. 
 In the case of VAT, if any amount falling due under this TSA constitutes the consideration for a taxable supply of goods and/or
services for VAT purposes, the applicable Recipient shall, where the Provider is the person liable to account for the applicable VAT to the relevant Tax Authority, pay VAT in addition to and at the same time as the amount so falling due, against
delivery of a valid VAT invoice. Where the applicable Recipient is the person liable to account for the applicable VAT to the relevant Tax Authority, such Recipient shall pay such VAT directly to the Tax Authority. 

In the case of Sales or Use Tax, if any amount falling due under this TSA is subject to Sales or Use Tax, the applicable Recipient shall, where
the Provider is the person liable to account for the applicable Sales or Use Tax to the relevant Tax Authority, pay amounts equal to such Sales or Use Tax in addition to and at the same time as the amounts so falling due, against delivery of an
invoice itemizing the computed tax. Where the applicable Recipient is the person liable to account for the applicable Sales or Use Tax to the relevant Tax Authority, such Recipient shall pay such Sales or Use Tax directly to the Tax Authority. 

  
 23 

 Where under the terms of this TSA one Party is liable to indemnify or reimburse the other Party
in respect of any costs, such payment shall, to the extent required by the preceding sentences of this Section 4.5, be increased to include any applicable Sales or Use Tax or VAT, but in the case of VAT shall exclude the amount of any
recoverable input tax of the other Party (or the representative member of any group of which that Party is a member for VAT purposes in respect of such costs), and that other Party shall use commercially reasonable efforts (and shall procure that
any such relevant representative member shall use commercially reasonable efforts) to recover such amount of VAT as may be practicable. 

The Parties agree to cooperate and to use commercially reasonable efforts to reduce or mitigate liability for, or to obtain available refunds
of, any applicable Sales or Use Tax or VAT. 
  

	5	Representations, Warranties and Mutual Obligations 

  

	5.1	Representations and Warranties 

  

	 	5.1.1	Each Party represents and warrants to the other that as at the date hereof: 

  

	 	(i)	it is duly constituted, organized and validly existing under the laws of the jurisdiction of its incorporation; 

  

	 	(ii)	it has the legal right and full power and authority to execute and deliver, and it and its Affiliates, as applicable, have the legal right and full power and authority to exercise its and their rights and perform its
and their obligations under, this TSA, the Service Schedules and any documents which are to be executed by it or any of them pursuant to this TSA; 

  

	 	(iii)	its and its Affiliates’ contemplated provision or receipt, as applicable, of Services in the Service Schedules does not conflict with any other contract to which it is a Party; 

 

	 	(iv)	this TSA and the contemplated provision of the Services by it or any Affiliate pursuant to the Service Schedules is compliant in all material respects with all Regulation applicable to it and them, including, for the
avoidance of any doubt and to the extent applicable, Regulation W of the Board of Governors of the Federal Reserve System; 

  

	 	(v)	this TSA and the contemplated receipt of the Services by it or any Affiliate pursuant to the Service Schedules is compliant in all material respects with all Regulation applicable to it and them, including, for the
avoidance of any doubt and to the extent applicable, Regulation W of the Board of Governors of the Federal Reserve System; 

  

	 	(vi)	it is satisfied that all Charges for the Services provided hereunder were negotiated and determined on an arm’s-length basis; 

  
 24 

	 	(vii)	its and its Affiliates’ contemplated provision or receipt, as applicable, of Services in the Service Schedules is compliant in all material respects with the Policies applicable to it and them; 

 

	 	(viii)	the manner, priority and level of service (including any applicable Service Levels), skill and care as provided by each Provider of services to it or its Affiliates in respect of the Existing Services during the
six-month period (or, if applicable, such shorter period) prior to the date hereof is adequate and sufficient for its needs; 

  

	 	(ix)	its provision or receipt, as applicable of Existing Services by it and its Affiliates during the six-month period (or, if applicable, such shorter period) prior to the date hereof was compliant with all Regulation
applicable to it and them; 

  

	 	(x)	its and its Affiliates’ possession, storage, processing or access to the other Party’s and its Affiliates’ Personal Data during the six-month period (or, if applicable, such shorter period) prior to the
date hereof was compliant in all material respects with the applicable Fraud Prevention Policy; 

  

	 	(xi)	its and its Affiliates’ possession, storage, processing or access to the other Party’s and its Affiliates’ Confidential Information during the six-month period (or, if applicable, such shorter period)
prior to the date hereof was compliant in all material respects with the applicable Fraud Prevention Policy; 

  

	 	(xii)	its and its Affiliates’ provision or receipt, as applicable, of Existing Services during the six-month period (or, if applicable, such shorter period) prior to the date hereof was compliant in all material respects
with the Policies applicable to it and them; and 

  

	 	(xiii)	its and its Affiliates’ provision or receipt, as applicable, of Existing Services during the six-month period (or, if applicable, such shorter period) prior to the date hereof complied with the requirements,
including any specified Service Level, for the corresponding Services as set forth in the Service Schedules hereto. 

  

	5.2	General Obligations 

  

	 	5.2.1	Each Party shall and shall cause its Affiliates to: 

  

	 	(i)	subject to the Change Control Procedure with respect to any change in Regulation after the Service Commencement Date, comply with Regulation in connection with the performance of its obligations under this TSA including
(in the case of a Provider) its provision of the Services and (in the case of a Recipient) its receipt of the Services; 

  

	 	(ii)	perform its obligations under this TSA, including (in the case of a Provider) its provision of the Services and (in the case of a Recipient) its receipt of the Services; 

  
 25 

	 	(iii)	provide on a timely basis such information and data as the other Party may reasonably require for the purposes of the provision of the Services; and 

 

	 	(iv)	participate in discussions regarding the provision or receipt of the Services (as applicable) to the extent reasonably required by the other Party in order to enable the Services to be properly provided or received.

  

	 	5.2.2	Without prejudice to the Mandatory Change provisions set out in Section 10.2, each Party shall promptly notify the other upon becoming aware of any proposed changes to a Regulation or new Regulation which
will or are likely to impact the provision or receipt of the Services. 

  

	 	5.2.3	If a Party or any of its Affiliates or, to its knowledge, any Third Party Supplier is subject to any investigation by any Competent Authority and such investigation is relevant to the performance of the
obligations under this TSA, then, to the extent permitted by Regulation and the Competent Authority, the Party shall as soon as reasonably practicable notify the other Party of such investigation (such notice to contain reasonable detail relating to
the reason for the investigation and why it is relevant to the provision or receipt of the Services). The Parties agree to cooperate to the extent reasonable in the event of any such investigation. 

 

	6	Term and Termination 

  

	6.1	TSA Term 

 This TSA shall come into effect on the date of its execution and, subject to
earlier termination in accordance with its terms, automatically terminate without the need for further action by either Party on the earlier of (i) the date of expiry of the last Service Term and (ii) the Scheduled End Date (both being
subject to any extensions pursuant to Section 4.1.3). 
  

	6.2	Service Term 

 Subject to Sections 6.3 to 6.7 (inclusive) each Service Term shall
automatically expire without the need for further action by either Party on the date specified in the applicable Service Schedule or, if none is specified, the Scheduled End Date (subject to any extensions pursuant to Section 4.1.3). 

 

	6.3	Service Term Extension 

  

	 	6.3.1	If the Recipient wishes to continue to receive a Service after the expiry of the relevant Service Term (or any period previously specified by the Recipient in accordance with this Section) owing to the material
fault of the Provider pursuant to Section 4.1.3, it must give, together with an explanation as to why such extension is attributable to the material fault of the Provider, notice to specify the period for which the Recipient wishes to
continue to receive the Service; provided, however, that such extension period shall not extend beyond December 31, 2016. 

  
 26 

	 	6.3.2	Promptly upon receipt of such notice, the relevant Provider shall indicate if it: 

  

	 	(i)	agrees, in which case the Service Term shall be extended until the Revised Migration Date; or 

  

	 	(ii)	disagrees, as to either the degree of fault attributed to it or the period for which the relevant Service should be extended, in which case such dispute shall be resolved pursuant to Section 11.

  

	6.4	Termination on Notice 

  

	 	6.4.1	Notwithstanding any other provision of this TSA, the Recipient may terminate any of the Services, or any separable part of the Services, by providing the Provider with mailed notice of such termination, such
notice to be: 

  

	 	(i)	at least the period of notice specified in the relevant Service Schedule for the termination of that Service; or 

  

	 	(ii)	if no such notice period is specified, at least three months’ notice. 

  

	 	6.4.2	The Recipient is not responsible or liable for any Provider costs incurred as a result of an early termination notice made in compliance herewith; provided, however, that a Recipient shall reimburse the
Provider for any costs incurred by the Provider as a result of a Service being terminated early by the Recipient where such Service is provided pursuant to a Third Party Agreement which was renewed, extended or replaced after the Service
Commencement Date. 

  

	 	6.4.3	If a Service Schedule expressly permits the Provider to terminate the relevant Service upon notice, then, notwithstanding any other provisions of this TSA, such Provider may terminate the relevant Service
pursuant to the applicable termination procedures, and such Provider is not responsible or liable for any Recipient costs incurred as a result of an early termination in compliance herewith. 

 

	6.5	Termination for Insolvency 

 Each Party may terminate this TSA immediately by notice to
the other Party if the other Party becomes unable to pay its debts, enters into liquidation, a receiver or administrative receiver is appointed over all or any of its assets, it ceases trading or is dissolved, or any procedure equivalent to any of
the preceding matters occurs in any other jurisdiction with respect to that other Party. 
  

	6.6	Termination for Regulatory Reasons 

  

	 	6.6.1	Each Party shall have a right to terminate this TSA if directed in writing by a Competent Authority. A Party may exercise such right upon 90 days’ prior notice, or such shorter timeframe as required by a
Competent Authority or to comply with Regulation. 

  

	 	6.6.2	In the event of a termination of this TSA pursuant to this Section 6.6, the Parties acknowledge and agree that Migration of the Services may not be fully implemented as of such termination and, to the
extent required by a Competent Authority, neither Party will have any obligation to assist in the Migration of the Services after such termination. 

  
 27 

	6.7	Termination for Breach 

  

	 	6.7.1	Subject to Section 6.7.2, each Party (the “Non-Defaulting Party”) may terminate a Service immediately by notice to the other Party (the “Defaulting Party”) if the
Defaulting Party or any Affiliate commits a material breach of its obligations with respect to that Service under this TSA and the applicable Service Schedule and (where the breach is capable of being remedied) that breach has not been remedied
within 30 days after receipt of a written request to do so from the Non-Defaulting Party. 

  

	 	6.7.2	In the event that a Party elects to terminate a Service pursuant to Section 6.7.1, the TSA shall be deemed to continue in full force and effect in accordance with its terms, except with respect to
such terminated Service. 

  

	 	6.7.3	Unless otherwise specified, any breach in respect of any individual Service Schedule shall not constitute a breach of this TSA or a breach of any other Service Schedule, and unless otherwise agreed in writing,
the Parties will continue to provide Services and honor all other commitments under this TSA during the course of dispute resolution pursuant to Section 11, except to the extent such commitments are the subject of such dispute,
controversy or claim. 

  

	6.8	Termination Charges 

 In the event of termination or expiry of a Service pursuant to this
TSA or the termination or expiry of all or part of this TSA, the Recipient shall pay the Provider the applicable termination charges, if any, for that Service as set forth in the relevant Service Schedule. 

 

	6.9	Delivery of Data on Termination or Expiry 

  

	 	6.9.1	Except if and to the extent otherwise agreed in the relevant Service Schedule or Migration Plan, and subject always to Regulation, in the event of the termination or expiry of a Service pursuant to this TSA:

  

	 	(i)	to the extent that: 

  

	 	(a)	any Recipient Data is in the possession or reasonable control of the Provider or its Affiliates, the Provider shall provide to the Recipient such Recipient Data in its then-current format; and 

 

	 	(b)	any Provider Data is in the possession or reasonable control of the Recipient or its Affiliates, the Recipient shall provide to the Provider such Provider Data in its then-current format; 

 

	 	(ii)	 once the Provider has provided the Recipient Data in accordance with Section 6.9.1(i)(a), the Provider will (to the extent
reasonably practicable) delete or destroy its copy or copies of such data, unless required to maintain 

  
 28 

	 	
a copy by Regulation or the requirements of any Competent Authority or to the extent such Recipient Data also relates to the Provider’s Group’s business; and 

 

	 	(iii)	once the Recipient has provided the Provider Data in accordance with Section 6.9.1(i)(b) the Recipient will (to the extent reasonably practicable) delete or destroy its copy or copies of such data,
unless required to maintain a copy by Regulation or the requirements of any Competent Authority or to the extent such Provider Data also relates to the Recipient’s Group’s business. 

 

	 	6.9.2	Each Party will bear its own costs in complying with its obligations under this Section 6.9. 

  

	 	6.9.3	Any Recipient Data retained by Provider and any Provider Data retained by Recipient pursuant to Section 6.9.1 shall be subject to the Data Protection requirements set forth in Section 13 and the
Confidentiality requirements set forth in Section 13 for as long as such data is retained. 

  

	6.10	Survival of Rights on Termination or Expiry 

 Termination or expiry of this TSA shall not
affect any rights or obligations which may have accrued prior to termination or expiry. The obligations of each Party set out in any Section intended to survive such termination or expiry, including this Section 6.10 and Section 4,
Section 8, Section 12, Section 13, Section 16, Section 17 and Section 20 shall continue in full force and effect notwithstanding termination or expiry of this TSA. 

 

	7	Migration 

  

	7.1	Migration and the Migration Plans 

  

	 	7.1.1	The Parties shall act reasonably and in good faith in accordance with the Migration Principles as set forth in Schedule 3 and perform their respective obligations in relation to Migration (including those
obligations agreed as part of a Migration Plan). 

  

	7.2	Failure to Timely Migrate 

  

	 	7.2.1	Failure to timely complete Migration of a Service is not a breach of this TSA. 

  

	8	Limitation of Liability and Indemnification 

  

	8.1	Exclusions from Liability 

 Notwithstanding anything herein to the contrary, no Party
shall be liable for any special, indirect, incidental, consequential or punitive damages of any kind whatsoever in any way due to, resulting from or arising in connection with any of the Services or the performance of or failure to perform
Provider’s or Recipient’s obligations under this TSA, as applicable, including to the extent that such liability is: 
  

	 	(i)	for or in respect of any loss of profit, loss of revenue, loss of goodwill or indirect or consequential losses, punitive, special or consequential damages; or 

  
 29 

	 	(ii)	for the value of any lost or corrupted data; or 

  

	 	(iii)	for the costs of reconstituting, restoring or rectifying lost or corrupted data (in each case, other than to the extent arising from a breach of Section 19.1), 

in each case of whatever nature regardless of whether such damages are foreseeable or whether the Provider or Recipient, as applicable, or any
of its Affiliates has been advised of the possibility of such damages. 
  

	8.2	Cap on Damages and Exclusions 

  

	 	8.2.1	Except in the case of death or personal injury, willful misconduct, fraud or fraudulent misrepresentation, criminal liability, intentional tort, intentional breach of a Service Schedule or of this TSA, or Charges
that have been paid or come due in connection with the Services, each of the RBSG Group’s and the CFG Group’s aggregate liability to members of the other Group in respect of any individual Service shall be limited to an amount equal to 12
times the Monthly Charge for such Service, where “Monthly Charge” means the amount of Charges paid for the first full calendar month (which shall include any amounts invoiced directly to a Recipient by a Third Party Supplier in that
month) of the relevant Service giving rise to the claim. If the Charges for a Service are a lump sum or an amount that is otherwise not charged on a monthly basis then the Monthly Charge for such Service shall be the total amount of Charges for that
Service divided by the number of months during which the Service has been provided. 

  

	 	8.2.2	Except in the case of death or personal injury, willful misconduct, fraud or fraudulent misrepresentation, criminal liability, intentional tort, intentional breach of a Service Schedule or of this TSA, or Charges
that have been paid or come due in connection with the Services, each such Group’s aggregate liability to the members of the other Group in connection with this TSA in respect of any given calendar year shall be limited to the amounts set forth
below: 

  

													
	 	 	Calendar year of the relevant Service(s)	 
	 	 	2014	 	 	2015	 	 	2016	 
				
	 RBS Group maximum aggregate liability to members of CFG Group
	 	$	12.7 million	  	 	$	13.8 million	  	 	$	2.5 million	  
				
	 CFG Group maximum aggregate liability to members of RBS Group
	 	$	15.8 million	  	 	$	20.3 million	  	 	$	4.2 million	  

  
 30 

 For the avoidance of doubt, subject to the exceptions noted above in this
Section 8.2.2, the sum total of all amounts paid by a Group in respect of any given calendar year pursuant to Section 8.2.1, together with any other liability under this TSA, shall not exceed the amount set forth above for
that calendar year. 
  

	 	8.2.3	The limits on, and exclusions of, liability set out in this Section 8 shall not apply in respect of: 

  

	 	(i)	any liability for death or personal injury; 

  

	 	(ii)	any liability for willful misconduct; 

  

	 	(iii)	any liability for fraud or fraudulent misrepresentation; 

  

	 	(iv)	any criminal liability; 

  

	 	(v)	any liability for intentional tort; 

  

	 	(vi)	intentional breach of a Service Schedule or of this TSA; 

  

	 	(vii)	any other liability that cannot be lawfully excluded; and 

  

	 	(viii)	the obligation of any Party to pay Charges with respect to Services that have been provided. 

  

	8.3	Indemnification 

  

	 	8.3.1	Subject to the exclusions from liability in Section 8.1, RBSG and CFG agree to indemnify and hold harmless each other and each of their respective (and their respective Affiliates’) Affiliates,
and each of their and their respective Affiliates’ directors, officers, employees and agents, and each of the heirs, executors, successors and assigns of any of the foregoing (collectively, the “Indemnitees”), from and against
any and all Losses of the Indemnitees relating to, arising out of or resulting from any of the following by such indemnifying Party or by any person in such indemnifying Party’s Group: 

 

	 	(i)	breach of its obligations under this TSA; 

  

	 	(ii)	breach of its representations and warranties under this TSA; 

  

	 	(iii)	violations of Regulation in connection with this TSA; or 

  

	 	(iv)	infringement, misappropriation or violation of Intellectual Property Rights of a third party in connection with the provision or receipt of Services under this TSA; 

  
 31 

 provided that: 
  

	 	(i)	the aggregate liability pursuant to this Section 8.3 shall not exceed the cap on damages in Section 8.2 (subject to the exclusions from the cap set forth therein); and 

 

	 	(ii)	a Provider shall have no liability under this Section 8.3 with respect to any infringement, misappropriation or violation of Intellectual Property Rights of a third party to the extent that such claim
is based upon or related to: 

  

	 	(a)	Services that have been modified by the Recipient; 

  

	 	(b)	use of the Services in conjunction or combination with any software, data or other materials not provided by the Provider of the Services; or 

 

	 	(c)	use of the Services in a manner or for any purpose other than as directed by the Provider or as expressly permitted by this TSA. 

  

	9	Governance 

  

	9.1	TSA Committee 

  

	 	9.1.1	The Parties will establish a TSA Management and Change Control Committee (the “TSA Committee”) to monitor overall performance and trends in performance of all Services in accordance with this
TSA. The terms of reference of the TSA Committee shall be as set forth in Schedule 4. 

  

	10	Changes and Change Control 

  

	10.1	Changes 

  

	 	10.1.1	Subject to Sections 10.2 to 10.4 (inclusive), in the event that a Party wishes to make any Change it shall be managed by way of the “Change Control Procedure” as set forth in this
Section 10.1.1. 

  

	 	(i)	At each meeting of the TSA Committee (or, with respect to any proposed action of the TSA Committee in the absence of a meeting, by notice to each TSA Committee member) each Party shall, acting reasonably and in good
faith, provide the other with an indicative forecast of any Changes it proposes making to the Services. 

  

	 	(ii)	Upon realization of the need for a Change, either Party shall provide prompt notice to the other Party of a Change request (“Change Control Request”) in writing, specifying in as much detail as is
reasonably practicable the nature of the proposed Change. Within four weeks of receipt of a Change Control Request, the Party that received such notice shall provide a response indicating whether it can make the proposed Change, its estimated costs
of making the proposed Change and an estimated schedule for implementing the proposed Change. 

  

	 	(iii)	The timing of implementation of any Change will be determined by the TSA Committee. 

  
 32 

	10.2	Mandatory Change 

  

	 	10.2.1	Where a Change Control Request is in respect of a Mandatory Change, the Parties shall, as soon as reasonably practicable thereafter, meet to discuss and agree the terms on which, and the time frame in which, each
Party shall implement that Mandatory Change (which shall be within the time frame required to comply with the relevant Regulation, except where it would not be reasonable for each Party to implement such Mandatory Change within such time frame, in
which case each Party shall implement such Mandatory Change as soon as reasonably practicable thereafter). The Parties shall work together in good faith to mitigate the consequences of any delay in implementing the Mandatory Change beyond the date
required to comply with the Regulation. 

  

	 	10.2.2	To the extent that a Mandatory Change requested by a Party increases the cost to the other Party of providing or receiving the Services (including, for the avoidance of doubt, the costs and appropriate margin of
implementing the Mandatory Change and incremental running costs and appropriate margin incurred by the other Party arising as a result of that Mandatory Change), then the increased cost and margin to the other Party will be added to the Charges paid
by the Party for the relevant Service. 

  

	10.3	Discretionary Changes 

  

	 	10.3.1	Where a Change Control Request submitted by a Party is in respect of a Discretionary Change, the Parties shall, as soon as reasonably practicable thereafter, meet to discuss the terms of the Discretionary Change.

  

	 	10.3.2	To the extent that a Discretionary Change requested by a Party increases the cost to the other Party or any of its Affiliates in providing or receiving the relevant Service (including, for the avoidance of doubt,
the costs and appropriate margin of implementing the Discretionary Change and incremental running costs and appropriate margin arising as a result of that Discretionary Change), then: 

 

	 	(i)	if the Party that requested the Discretionary Change or any Affiliate is the Recipient of the applicable Service, the increased cost and margin to the Provider of the Service will be added to the Charges paid by the
Party for the relevant Service; or 

  

	 	(ii)	if the Party that requested the Discretionary Change or any Affiliate is the Provider of the applicable Service, the increased cost to the Recipient of the Service will be deducted from the Charges paid by the Recipient
for the relevant Service. 

  

	 	10.3.3	For the avoidance of doubt, the Party being requested to implement a Discretionary Change may refuse to implement any Discretionary Change. 

  
 33 

	10.4	Emergency Change 

  

	 	10.4.1	If a Change is required to respond to an Emergency, the affected Party shall use commercially reasonable efforts to notify the other Party and obtain the other Party’s prior consent for the Change but if the
notifying Party is the Provider and the Provider is not able to notify the Recipient and obtain consent, the Provider shall be entitled, without limiting any rights and remedies of the Recipient in respect of any breach of this TSA (as if such
Change had not been made), to nevertheless make the minimum necessary temporary Change as necessary to respond to the Emergency in accordance with the terms of any applicable disaster recovery plans. As soon as practicable following the
implementation of any temporary Change, the Provider shall notify the Recipient of the temporary Change and the nature of the Emergency and shall then retroactively comply with the terms of the Change Control Procedure. 

 

	 	10.4.2	“Emergency” means a Change that is required to ensure (i) continued provision of, or the continued operation and integrity of, the Services; or (ii) the continued operation and
integrity of the Provider Systems, in each case the implementation of which cannot wait (including for reasons of stability and performance) for authorization through the Change Control Procedure. 

 

	11	Dispute Resolution 

  

	11.1	Dispute Resolution Process 

  

	 	11.1.1	The Parties shall in the first instance attempt to resolve any dispute in relation to any aspect of, or failure to agree any matter arising in relation to, this TSA or any document agreed or contemplated as being
agreed pursuant to this TSA (a “Dispute”) informally through discussion as follows: 

  

	 	(i)	the TSA Committee will meet to resolve the Dispute, and if the TSA Committee cannot resolve the Dispute unanimously within 10 Business Days of the Dispute being referred to them, then; 

 

	 	(ii)	the Dispute shall promptly be referred by the TSA Committee to a nominated senior individual of each Party (the “Senior Nominees”), and if the Senior Nominees cannot resolve the Dispute unanimously
within 10 Business Days of the Dispute being referred to them (unless a longer period is mutually agreed), then; 

  

	 	(iii)	the dispute resolution process shall be deemed to have been exhausted in respect of the Dispute, and each Party shall be free to pursue its rights at law in respect of such Dispute without further reference to the
dispute procedure under this Section 11.1. 

  
 34 

 This Section 11.1 does not limit the right of either Party to: (i) exercise any
self-help remedies provided for herein; or (ii) file an action in a court of law, before, during, or after the dispute resolution process to obtain a provisional or interim remedy, and/or any ancillary, additional or supplementary remedy,
provided that any such action shall be heard and determined exclusively in any court of competent jurisdiction sitting in New York County, New York. 
  

	 	11.1.2	The Parties will discuss in good faith, at either Party’s request, measures to shorten the time contemplated by this Section 11 to complete the Dispute resolution process. 

 

	12	Intellectual Property Rights 

  

	12.1	Provider Ownership and License 

  

	 	12.1.1	Each Provider hereby grants to the applicable Recipient a non-exclusive, worldwide, royalty-free, fully paid-up license during the Service Term to use all Intellectual Property Rights (other than trademarks and
domain names) Licensable by the Provider and utilized by the Provider in the provision of the Services solely to the extent necessary to receive and use the Services or complete Migration (and with a right to sublicense to customers of the Recipient
to the extent necessary to enable such customers to benefit from the provision of the Services). 

  

	 	12.1.2	Each Recipient hereby acknowledges and agrees that, as between the Recipient and the applicable Provider: 

  

	 	(i)	the Provider’s Intellectual Property existing as of the date hereof (“Provider’s Existing IP”) will remain the sole and exclusive property of the Provider; 

 

	 	(ii)	the Provider shall own all Intellectual Property Rights subsisting in any and all adaptations of, modifications and enhancements to and works derived from Provider’s Existing IP that are created, developed,
conceived or reduced to practice by or on behalf of the Provider or the Recipient during the Service Term (“Provider’s Derivative IP”); and 

  

	 	(iii)	the Provider shall own all Intellectual Property Rights, other than Recipient’s Derivative IP and Recipient’s New IP (as defined below), that are created, developed, conceived or reduced to practice by or on
behalf of the Provider during the Service Term (“Provider’s New IP”). 

  

	 	12.1.3	Each Recipient hereby irrevocably assigns and agrees to assign to the applicable Provider all right, title and interest in and to Provider’s Derivative IP and Provider’s New IP. 

 

	12.2	Recipient Ownership and License 

  

	 	12.2.1	Each Recipient hereby grants the applicable Provider a non-exclusive, worldwide, royalty-free, fully paid-up license during the Service Term to use all Intellectual Property Rights (other than trademarks and
domain names) Licensable by the Recipient solely to the extent necessary to provide the Services. 

  
 35 

	 	12.2.2	Without prejudice to Section 12.1, each Provider hereby acknowledges and agrees that, as between the Provider and the applicable Recipient: 

 

	 	(i)	the Recipient’s Intellectual Property existing as of the date hereof (“Recipient’s Existing IP”) will remain the sole and exclusive property of the Recipient; and 

 

	 	(ii)	the Recipient shall own all Intellectual Property Rights subsisting in any and all adaptations of, modifications and enhancements to and works derived from Recipient’s Existing IP that are created, developed,
conceived or reduced to practice by or on behalf of the Provider or the Recipient during the Service Term (“Recipient’s Derivative IP”); and 

 

	 	(iii)	the Recipient shall own all Intellectual Property Rights, other than Provider’s Derivative IP, that are, at the Recipient’s expense, created, developed, conceived or reduced to practice by or on behalf of the
Provider specifically at the written direction of, and solely for, the Recipient during the Service Term (“Recipient’s New IP”). Notwithstanding the foregoing, the applicable Recipient shall hereby grant such Provider a
perpetual, irrevocable, non-exclusive, worldwide, royalty-free, fully paid-up and unrestricted license to use and reproduce software included in Recipient’s New IP, including any and all object code, source code, information and/or
documentation related thereto. 

  

	 	12.2.3	Each Provider hereby irrevocably assigns and agrees to assign to the applicable Recipient all right, title and interest in and to Recipient’s Derivative IP and Recipient’s New IP. 

 

	13	Data Protection, Confidential Information and Record-keeping 

  

	13.1	Data Protection 

  

	 	13.1.1	 Each Party acknowledges and agrees that, solely to permit it or its Affiliates to perform its obligations pursuant to this TSA and the Service
Schedules, the other Party’s Group may provide it with Confidential Information, including Personal Data. Each Party further acknowledges and agrees that it and its Affiliates shall have the right to use the other Party’s Group’s
Confidential Information, including Personal Data, solely to fulfill and perform its obligations under this TSA and otherwise comply with Regulation. Regulation in respect of Personal Data may include U.S. federal data privacy laws and regulations
such as the GLB Act, the Federal “Privacy of Consumer Financial Information” Regulation (12 CFR Part 30), as amended from time to time, issued pursuant to Section 504 of the GLB Act, and the Health and Insurance Portability and
Accountability Act of 1996 (42 U.S.C. § 1320d), U.S. state data privacy laws such as the Massachusetts Data Protection Act (201 CMR 17) and, if applicable, international data privacy laws such as The Data Protection Act 1998 and Directive

  
 36 

	 	
95/46/EC of the European Parliament and of the Council of 24 October 1995 on the protection of individuals with regard to the processing of personal data and the free movement of such data.
Each Party may provide guidelines to help the other Party comply with such Regulation, but each Party using its own legal advisors will remain fully responsible, subject to the Change Control Procedure in respect of any change in Regulation after
the date hereof, for interpreting and complying with such Regulation with respect to its own business. A Party shall have no right to use, reuse or disclose any Personal Data to any person or entity for any reason not specifically permitted under
this TSA or a Service Schedule. 

  

	 	13.1.2	Each Party confirms that, when it or its Affiliate is processing data, it or the Affiliate shall: 

  

	 	(i)	only process Personal Data in accordance with the other Party’s instructions; and 

  

	 	(ii)	take appropriate technical and organizational measures to protect Personal Data against accidental or unlawful destruction or accidental loss, alteration, unauthorized disclosure or access and against all other unlawful
forms of processing. 

  

	 	13.1.3	The Parties shall respectively comply with all Regulation, subject to the Change Control Procedure in respect of any change in Regulation after the date hereof, in respect of Confidential Information, including
Personal Data, including securing such consents, registrations and notifications as may be required to enable the Provider and any Third Party Suppliers to provide the Services and to enable the Recipient to receive the Services. 

 

	 	(i)	If requested by RBSG, CFG will enter into an agreement with RBSG on the terms of the Commission Decision of February 15, 2010 on standard contractual clauses for the transfer of Personal Data to processors
established in third countries (2010/87/EC) or the Commission Decision of 27 December 2004 on an alternative set of standard contractual clauses for the transfer of Personal Data to third countries (2004/915/EC), as appropriate.

  

	13.2	Confidential Information 

  

	 	13.2.1	 The Parties hereby covenant and agree to keep confidential all Confidential Information relating to the other Party’s Group. Without
limiting the generality of the foregoing, each Party’s Group shall cause its employees and agents to exercise the same level of care with respect to Confidential Information relating to the other Party’s Group as it would with respect to
proprietary information, materials and processes relating to itself. “Confidential Information” shall mean all information, materials and processes relating to a Party’s Group or its employees, third party vendors,
counterparties or customers obtained by the other Party’s Group at any time (whether prior to or after the date hereof) in any format whatsoever (whether orally, visually, in writing, electronically or in any other form) arising out of the
rendering or receipt of Services hereunder (or preparations for the same or for the termination thereof) and 

  
 37 

	 	
shall include, but not be limited to, economic and business information or data, business plans, software and information relating to personnel, products, financial performance and projections,
processes, strategies and systems but shall not include information which: 

  

	 	(i)	is or becomes generally available to the public other than by release in violation of the provisions of this Section 13;  

 

	 	(ii)	is or becomes available on a non-confidential basis to a Party from a source other than the other Party to this TSA, provided that the Party in question reasonably believes that such source is not or was not bound by an
obligation to the other Party to hold such information confidential; and 

  

	 	(iii)	is acquired or developed independently by a Party without use or reference to otherwise Confidential Information of the other Party. 

Except with the prior written consent of the other Party, each Party will use the other Party’s Group’s Confidential Information
only in connection with the performance of its obligations hereunder and each Party shall use commercially reasonable efforts to restrict access to the other Party’s Group’s Confidential Information to those employees of such Party’s
Group requiring access for the purpose of providing or receiving Services hereunder. 
  

	 	13.2.2	The provisions of Section 13.2.1 shall not prohibit a Party’s disclosure or use of the other Party’s Group’s Confidential Information if and to the extent such Confidential Information is
made available to or used by the professional advisers or Third Party Suppliers of each Party for the provision or receipt of the Services; provided, however, that in each case such professional advisors or Third Party Suppliers are
subject to written confidentiality obligations in a form approved by the other Party (such approval not to be unreasonably withheld or delayed). 

  

	 	13.2.3	Each Party shall notify the other Party immediately of any suspected or known fraud relevant to its activities under this TSA or any Service Schedule, or of any unauthorized access, possession, use, or knowledge,
or attempt thereof, of the other Party’s Group’s Confidential Information, or of the occurrence of any other incident relating to the Services that could cause financial, customer or reputational loss to another Party, and agrees to
cooperate with the other Party to investigate the occurrence and mitigate the impact of such an event. Each Party shall promptly provide the other Party with full details of any such event and use all available efforts to prevent a recurrence of any
such event. 

  

	 	13.2.4	 Notwithstanding any provision of this Section 13 to the contrary, a receiving Party’s Group may disclose such portion of the
Confidential Information relating to the disclosing Party’s Group to the extent, but only to the extent, the receiving Party reasonably believes that such disclosure is required under Regulation or the rules of a Competent Authority, or under a
subpoena or other legal process; provided that if practicable and permissible under Regulation or rules, the receiving Party shall first 

  
 38 

	 	
notify the disclosing Party of such requirement and allow such Party a reasonable opportunity to seek a protective order or other appropriate remedy to prevent such disclosure and cooperate with
the disclosing Party in any lawful effort by the disclosing Party to contest the legal validity of such requirement and prevent such disclosure. 

  

	 	13.2.5	The Parties agree that monetary damages will not be an adequate remedy if this Section 13 regarding Data Protection and Confidential Information is breached, and therefore, a disclosing Party shall, in
addition to any other legal or equitable remedies, be entitled to seek injunctive relief against any breach or threatened breach of this Section 13 by the receiving Party with respect to the disclosing Party’s Group’s
Confidential Information. 

  

	13.3	Record-keeping 

  

	 	13.3.1	The Provider shall maintain complete and accurate records of, and supporting documentation for, all Services provided pursuant to this TSA (“Service Records”). Until the later of:

  

	 	(i)	seven years after the termination of this TSA or in the case of invoices eight years after their issuance; 

  

	 	(ii)	all pending matters relating to this TSA (e.g., disputes) between the Parties are closed; 

  

	 	(iii)	all pending audits relating to this TSA are closed, provided, however, that notice of any such audit was received within seven years after the termination of this TSA; 

 

	 	(iv)	the information is no longer required to meet the Provider’s records retention policy as disclosed by the Provider to the Recipient and as such policy may be adjusted from time to time; or 

 

	 	(v)	any periods as required by Regulation have expired, 

 the Provider shall maintain and provide
access upon request to the Service Records. 
  

	 	13.3.2	The Provider’s records management program shall be reasonably consistent with such industry frameworks as ISO 15489 or DoD5015.2 as in effect on the date hereof. Before the Provider destroys or otherwise
disposes of any Service Records, the Recipient shall have the right to request that the Provider return such Service Records by giving notice at least sixty days prior to the applicable record retention expiration date, and the Provider shall
deliver such information to the Recipient. 

  
 39 

	14	Force Majeure 

  

	14.1	Force Majeure Events 

 For purposes of this TSA, “Force Majeure” means
an event beyond the reasonable control of either Party, which by its nature was not foreseen by such Party, or, if it was foreseen, was not reasonably avoidable, and includes without limitation, acts of God, storms, floods, riots, fires, sabotage,
civil commotion or civil unrest, interference by civil or military authorities, threat, declaration, continuation, escalation or acts of war (declared or undeclared) or acts of terrorism, any unauthorized, unlawful access by a third party to either
Party’s computing systems other than as a result of such Party’s fault, failure or shortage of energy sources, strike, walkout, lockout or other labor trouble or shortage, delays by unaffiliated suppliers, and acts, omissions or delays in
acting by any Competent Authority. 
  

	14.2	No Liability for Force Majeure 

 Without limiting the generality of Section 8.3,
neither Party shall be under any liability for failure to fulfill any obligation under this TSA or a Service Schedule, so long as and to the extent to which the fulfillment of such obligation is prevented, frustrated, hindered or delayed as a
consequence of circumstances of Force Majeure; provided that (i) such Party shall have used commercially reasonable efforts to minimize to the extent practicable the effect of Force Majeure on its obligations hereunder and
(ii) nothing in this Section 14.2 shall be construed to require the settlement of any strike, walkout, lockout or other labor dispute on terms which, in the reasonable judgment of the affected Party, are contrary to its interests. It is
understood that the settlement of a strike, walkout, lockout or other labor dispute will be entirely within the discretion of the affected Party. The Party affected by the Force Majeure event shall notify the other Party of that fact as soon as
practicable. 
  

	14.3	Delay Owing to Force Majeure 

 In the event of any such delay as a consequence of
circumstances of Force Majeure, the Recipient of any affected Service may elect to either: 
  

	 	(i)	submit a Change Control Request to extend the time for performance of the affected Service for a period equal to the time lost by reason of the delay, provided, however, that such extension period shall
not extend beyond December 31, 2016; or 

  

	 	(ii)	terminate this TSA in relation to those Services which are affected by the Force Majeure event. 

  

	15	Employee Provisions 

  

	15.1	No Obligation to Transfer Employees 

  

	 	15.1.1	The Parties agree that the Acquired Rights Directive (Council Directive 77/187/EEC as amended by Council Directive 98/50 EEC and consolidated in Council Directive 2001/23/EEC) as amended (“ARD”)
or any enactment of the ARD in any national law or any analogous national law will not apply on the commencement of the Services. 

  
 40 

	 	15.1.2	The Parties believe that on the cessation or partial cessation of the Services or any part of the Services on the termination, expiry or variation of this TSA, no transfer of the contracts of employment between a
Provider or any Third Party Supplier (or any subcontractor thereof) and any of its/their employees to the applicable Recipient or a Successor Provider shall take place by reason of the ARD or any enactment of the ARD in any national law or any
analogous national law. 

  

	 	15.1.3	Without prejudice to Section 15.1.1, if requested to do so by a Recipient at any time before the termination, expiry or variation of the Services, the applicable Provider will (or will procure that)
all persons working on the Services (“Staff”), whether employed/engaged by the Provider, by any Third Party Supplier or any subcontractor thereof, will be redeployed or otherwise removed from the Services before the cessation of
those Services so that those Staff cease to be engaged within the Services and are not affected by any transfer pursuant to the ARD or any enactment of the ARD in any national law or any analogous national law that may otherwise occur on the
cessation of those Services. 

  

	15.2	Pre-employment Screening 

  

	 	15.2.1	Subject to Regulation, the Provider shall require any individual it employs or engages in connection with the performance of its obligations under this TSA to have satisfied the screening procedures in Sections
15.2.2 and 15.2.3 prior to such individual performing any Services hereunder. 

  

	 	15.2.2	The screening procedures set forth in Section 15.2.3 below shall apply to individuals who will be performing Services from within the United States. For individuals who will be performing Services
from outside the United States: 

  

	 	(i)	when RBSG or its Affiliates are the Provider, they shall comply with the RBSG Policy applicable to the relevant jurisdiction; and 

  

	 	(ii)	when CFG or its Affiliates are the Provider, they shall comply with the CFG Policy applicable to the relevant jurisdiction. 

  

	 	15.2.3	For individuals who will have no unaccompanied access to any Recipient facility, and no access to the Recipient’s information technology network or the Recipient’s Confidential Information
(“Level 1 Clearance”), the Provider shall have conducted commercially reasonable recruitment and security vetting procedures in relation to each such individual, including, at a minimum, by verifying such individual’s identity
and legal right to work in the United States based on documentation satisfying Form I-9 of the U.S. Department of Homeland Security. For individuals who may have unaccompanied access to any Recipient facility, or any access to the Recipient’s
information technology network or the Recipient’s Confidential Information (“Level 2+ Clearance”), the Provider shall also have performed a background investigation on each such individual which, at a minimum, consists of the
following: 

  

	 	(i)	verification of current residence; 

  
 41 

	 	(ii)	verification of the previous two years of employment history; 

  

	 	(iii)	verification of any specific academic, trade or professional qualifications or records that are required for the individual to perform his or her role; and 

 

	 	(iv)	criminal records checks, including at a minimum a FIM county-level search and a FAM county and lower-court-level search; 

provided that in the event that an individual experiences a break in service with the Provider subsequent to the foregoing
investigation having been conducted, a new background investigation meeting the requirements set forth herein will be required. 
  

	 	15.2.4	In the event that: 

  

	 	(i)	the Provider is unable to comply fully with the pre-employment requirements above with respect to an individual; 

  

	 	(ii)	the Provider is unable to verify the information described in clauses (i) through (iii) of Section 15.2.3; 

 

	 	(iii)	the criminal records checks referred to in clause (iv) of Section 15.2.3 determine that the individual in question has (A) a conviction or program entry for a covered offense as described in
Section 19 of the Federal Deposit Insurance Act, or (B) two or more convictions for crimes involving violent behavior in the previous five years; or 

  

	 	(iv)	any pre-engagement screening activity returns information that otherwise indicates in the Provider’s reasonable judgment that such individual should not be engaged to provide Services under this TSA,

 then the Provider shall not engage the individual in relation to this TSA or any Service Schedule. 

 

	16	Communications with Competent Authorities 

 If either Party receives any material
correspondence from any Competent Authority that relates to the Services, it will provide a copy of that correspondence to the other Party unless it is prevented from doing so by Regulation or such Competent Authority. The Parties shall consult with
each other over such correspondence and shall only respond to the Competent Authority if: 
  

	 	16.1.1	the terms of the response have been approved by the other Party (such consent not to be unreasonably withheld or delayed); or 

 

	 	16.1.2	Regulation requires a response to the Competent Authority without the other Party’s consent. 

  
 42 

	17	Audit 

  

	17.1	Regulatory Audit Rights 

  

	 	17.1.1	The Provider shall (and shall use all commercially reasonable efforts to ensure its Third Party Suppliers providing material Services or a material element of the Services shall) promptly permit:

  

	 	(i)	the Recipient or its auditors (to the extent the Recipient and its auditors are directed by a Competent Authority); and 

  

	 	(ii)	any Competent Authority (or its designated representatives), 

 access to the Provider’s
and Third Party Suppliers’ facilities and premises, equipment, books and records (electronic or otherwise), operational systems, employees, contractors, and subcontractors to the extent required by the Competent Authority to perform an audit.

  

	 	17.1.2	Subject to any restriction under Regulation or the direction of any Competent Authority, the Provider shall ensure it is (and shall use all commercially reasonable efforts to ensure its Third Party Suppliers
providing material Services or a material element of the Services are) open and cooperative with the Recipient and its auditors and any Competent Authority (and its designated representatives) in performing its obligations under this Section
17.1 and shall provide such information, assistance, records and materials, access to persons engaged in the provision of the Services and explanations as required by the Recipient or its auditors (to the extent the Recipient and its auditors
are directed by a Competent Authority) or the Competent Authority (including attending any meetings requested by the Recipient and/or the Competent Authority (or its designated representatives) and providing copies of any internal audit reports
which are relevant to the Services). The Recipient shall provide as much notice of the audit as is reasonably practicable. Subject to Section 17.1.3, each Party shall bear its own costs in respect of such audits. 

 

	 	17.1.3	If and to the extent the Provider does not have the rights under its relevant Third Party Agreement to ensure its Third Party Supplier grants the rights described in Sections 17.1.1 and 17.1.2, any
costs in procuring such rights shall be borne by the Recipient; provided that such costs were approved by the Recipient in writing before they were incurred. If the Recipient declines, or otherwise fails, to approve such costs, the Provider
shall not be required to obtain the grant of the relevant rights by that Third Party Supplier. 

  

	17.2	General Audit Rights 

  

	 	17.2.1	With respect to each Service Schedule: 

  

	 	(i)	 The Provider shall, from time to time, but in any event no more than twice in any 12-month period (subject to the exception in Section
17.2.1(iii)), during regular business hours and upon reasonable notice, permit the Recipient or 

  
 43 

	 	
its representatives to perform audits of the Provider’s (and to the extent commercially reasonable, its Third Party Suppliers’) facilities, equipment, books and records (electronic or
otherwise), operational systems, employees, contractors, subcontractors, and such other audits as may be necessary to ensure the Provider’s and its Third Party Suppliers’ compliance with the terms and conditions of this TSA and the
relevant Service Schedules, as well as Regulation, and to ensure the Provider’s financial and operational viability, including but not limited to the Provider’s internal controls, pre-engagement employee screening, information and other
security, business resumption, continuity, recovery, Service Level compliance, and contingency plans. 

  

	 	(ii)	Upon request, the Provider shall provide to the Recipient at the Recipient’s expense an audit conducted by a reputable and experienced accounting firm in accordance with the Statement on Standards for Attestation
Engagements (SSAE) No. 16, Reporting on Controls at a Service Organization, developed by the American Institute of Certified Public Accountants (AICPA), and have such accounting firm issue a Service Organization Control (SOC) 1 Type II Report
(or substantially similar report in the event the SOC 1 Type II Report is no longer the industry standard) which will cover, at a minimum, the policies, procedures and controls required by this TSA and the relevant Service Schedule (the
“Report”). 

  

	 	(iii)	If an audit conducted pursuant to Section 17.2.1(i) reveals any non-compliance or other deficiencies, or the Report described in Section 17.2.1(ii) in its final and issued version
contains a qualified opinion, in either case relating to risks to the Provider’s systems and facilities which could result in the unauthorized destruction, loss, alteration, disclosure of or access to the Recipient’s Confidential
Information, then a senior technology executive of the Provider shall promptly meet with a representative of the Recipient to discuss the matter, and the Provider shall promptly take action to remedy the non-compliance or deficiencies and/or resolve
the matters addressed by the qualification(s) so that any deficiencies that caused the qualified opinion to be issued are remedied to the Recipient’s reasonable satisfaction (including with respect to the timeline of the remediation).
Notwithstanding the limitation on the number of audits in Section 17.2.1(i), a Provider shall permit the Recipient to perform an audit solely to the extent necessary to confirm that any non-compliance or deficiencies identified in
an audit conducted pursuant to Section 17.2.1(i) or in the Report described in Section 17.2.1(ii) have been remedied. 

  

	18	Sanctions 

  

	18.1	Compliance with Sanctions Laws and Regulations 

  

	 	18.1.1	 The Parties acknowledge that the Parties and their respective Groups are subject to the international sanction laws and regulations issued from
time to time by HM 

  
 44 

	 	
Treasury, the European Union, the United States of America (including, but not limited to, all applicable regulations of the Office of Foreign Assets Control (“OFAC”), the Bank
Secrecy Act and the USA Patriot Act (including such regulations that may require the Provider to implement a “Customer Identification Program” or “Know Your Customer Program” to confirm that no beneficiary or client of the
Provider appears on any lists issued by OFAC, including the Specially Designated Nationals list, and determine whether transactions by or with such beneficiary or client may constitute suspicious activity, such as identity theft, fraud, money
laundering, terrorist financing or other threats to national security)), and the United Nations. 

  

	 	18.1.2	Neither Party shall be obliged to make any payment under, or otherwise to implement any part of the Services, if in the reasonable opinion of the relevant Party to do so is illegal or there is involvement by any
person (natural, corporate or governmental) listed in the HM Treasury, the European Union, the United States of America, the United Nations or local sanctions lists, or there is any involvement by any person located in, incorporated under the laws
of, or owned or controlled by, or acting on behalf of, a person located in or organized under the laws of a country or territory that is the target of comprehensive sanctions. 

 

	19	Information Security 

  

	19.1	Information Security 

  

	 	19.1.1	A Party’s Group may not store, copy, disclose or use the other Party’s Group’s Data for any purpose other than to the extent necessary to provide or receive, as applicable, the Services and to
comply with Regulation. 

  

	 	19.1.2	Neither Party’s Group shall attempt to obtain access to, use or interfere with any information technology systems or data used or processed by the other Party’s Group except to the extent required to do
so to provide or receive the Services (as applicable), or except to the extent expressly permitted to do so by this TSA. 

  

	 	19.1.3	Each Party’s Group shall maintain reasonable security measures to protect both Party’s Groups’ information technology systems, from third parties, and in particular from disruption by any
“back door”, “time bomb”, “Trojan Horse”, “worm”, “drop dead device”, “virus” or other software routine intended or designed to (i) permit access or use of information technology
systems by a third person other than as authorized by the Recipient or the Provider or (ii) disable, damage or erase, or disrupt or impair the normal operation of the Recipient’s or Provider’s information technology systems.

  

	 	19.1.4	Each Party’s Group shall use reasonably up-to-date security measures to prevent unauthorized access to and unauthorized use of the information technology systems owned by the other Party (or, with respect to
a Recipient, any member of the Recipient’s Group and, with respect to a Provider, any member of the Provider’s Group) and the other Party’s data (including, with respect to a Recipient, the Recipient Data) by third parties (including
Third Party Suppliers). 

  
 45 

	 	19.1.5	A Party shall not introduce any Disabling Device into any information technology environment or any system used by the other Party’s Group in connection with the Services. Without limiting a Party’s
other obligations under this TSA, the Parties agree that, in the event any Disabling Device is found in the systems used to provide the Services, (i) if such Disabling Device originated in any software, deliverable or other resource provided
under this TSA or any Service Schedule, the Party that introduced the Disabling Device shall remove such Disabling Device at its sole expense and, subject to the caps on damages set forth in Section 8.2 hereof, indemnify the affected
Party for all Losses incurred as a result of such Disabling Device, and (ii) in any case (wherever such Disabling Device originated), the Party that introduced the Disabling Device shall exercise commercially reasonable efforts at no additional
charge to eliminate, and reduce the effects of, the Disabling Device and, if the Disabling Device causes a loss of operational efficiency or loss of data, to mitigate such losses and restore such data using generally accepted data restoration
techniques. 

  

	 	19.1.6	In addition to its other obligations set forth in this TSA, 

  

	 	(i)	whenever a Party’s Group possesses, stores, processes or has access to the other Party’s Group’s Personal Data, it shall comply with the applicable Fraud Prevention Policy; and 

 

	 	(ii)	whenever a Party’s Group possesses, stores, processes or has access to the other Party’s Group’s Confidential Information (inclusive of Personal Data), it shall comply with the applicable IS Requirements.

 If requested, a Party will explain to the disclosing Party how it complies with the Fraud Prevention Policy and the IS
Requirements, and shall demonstrate its compliance upon request as set forth in Section 17.2. 
  

	 	19.1.7	Each Party shall make the other aware as soon as reasonably practical of any information security breach which may materially adversely impact the Services or the other Party’s Group’s business.

  

	20	Other Provisions 

  

	20.1	Whole Agreement 

  

	 	20.1.1	This TSA constitutes the entire agreement between the Parties with respect to the subject matter hereof at the date hereof and supersedes all prior agreements and understandings, both oral or written, between the
Parties in relation to the subject matter hereof. 

  

	 	20.1.2	In this Section 20.1, “this TSA” includes all documents entered into pursuant to it and/or this TSA. 

  
 46 

	20.2	No Construction Against Drafter 

 The Parties acknowledge that this TSA and all the terms
and conditions contained herein have been fully reviewed and negotiated by the Parties. Having acknowledged the foregoing, the Parties agree that any principle of construction or rule of law that provides that, in the event of any inconsistency or
ambiguity, an agreement shall be construed against the drafter of the agreement shall have no application to the terms and conditions of the TSA. 
  

	20.3	Publicity and Public Announcements 

 A Party must not make any public announcement
relating to this TSA without the prior written approval of the other Party (such approval not to be unreasonably withheld, conditioned or delayed). This shall not affect any announcement required by Regulation, any Competent Authority or the rules
of any stock exchange on which the shares of a Party are listed, but the Party with an obligation to make an announcement shall notify the other Party and take into account their reasonable representations so far as is reasonably practicable before
complying with such obligation. 
  

	20.4	Further Assurances 

 Each Party shall, and shall cause its Affiliates to, from time to
time execute such documents, perform such acts and things as any Party may reasonably require to give full effect to the provisions of this TSA and the transactions contemplated herein. 

 

	20.5	Assignment 

 The provisions of this TSA shall be binding upon and inure to the benefit of
the Parties hereto and their respective successors and assigns. No Party may assign, delegate or otherwise transfer any of its rights or obligations under this TSA without the prior written consent of the other Party hereto. 

 

	20.6	Third Party Rights 

 Each Party to this TSA acknowledges and agrees that each of Citizens
Bank, N.A. and Citizens Bank of Pennsylvania (each a “Bank Beneficiary”) are express third party beneficiaries of this TSA, and that in the event of CFG’s default and failure to obtain for any Bank Beneficiary any services
needed by such Bank Beneficiary under this TSA, such Bank Beneficiary shall be entitled to directly enforce and enjoy all rights and privileges of CFG set forth in this TSA (including, without limitation, the right to obtain services under this TSA
directly and not through CFG) notwithstanding that they are not Parties to this TSA and irrespective of any actions taken or not taken by CFG; provided, however, that each Bank Beneficiary will be able to obtain services under this TSA
directly only to the extent such Bank Beneficiary is in compliance with and assumes all of CFG’s obligations under this TSA, including any obligation such Bank Beneficiary may have to provide Services under this TSA. Subject to the foregoing,
and except for the indemnification rights as set forth in Section 8.3, (i) the provisions of this TSA are solely for the benefit of the Parties and are not intended to confer upon any Person (including employees of the Parties
hereto) except the Parties and the express third party beneficiaries set forth above any rights or remedies hereunder, and (ii) there are no third party beneficiaries of this TSA other than the express third party beneficiaries set forth above
and this TSA shall not provide any third person (including 

  
 47 

 
employees of the Parties hereto), other than the express third party beneficiaries set forth above, with any remedy, claim, liability, reimbursement, claim of action or other right in excess of
those existing without reference to this TSA. 
  

	20.7	Amendment and Waiver 

  

	 	20.7.1	Any provision of this TSA (including the Service Schedules hereto) may be amended or waived if, but only if, such amendment or waiver is in writing and is signed, in the case of an amendment, by each Party to
this TSA, or in the case of a waiver, by the Party against whom the waiver is to be effective. 

  

	 	20.7.2	No failure or delay by any Party in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise
thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by Regulation. 

 

	20.8	Notices 

 All notices, requests and other communications to any Party hereunder shall be
in writing (electronic mail (“e-mail”) transmission may be used, provided that a receipt of such e-mail is requested and received), and shall be given: 
  

	 	(i)	if to RBSG to: 

 The Royal Bank of Scotland Group plc 

Business House G, First Floor 

RBS Gogarburn 
 PO Box 1000 

Edinburgh EH12 1HQ 
 Scotland

 Attention: Group General Counsel 

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

rushad.abadan@rbs.com 
  

	 	(ii)	if to CFG to: 

 Citizens Financial Group, Inc. 

One Citizens Plaza 
 Providence,
RI 02903 
 United States 

Attention: John Fawcett, Chief Financial Officer 

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

Boston, MA 02109 
 United States

 Attention: Stephen T. Gannon, General Counsel 

  
 48 

 or such other address or e-mail address as such Party may hereafter specify for the purpose by
notice to the other Parties hereto. All such notices, requests and other communications shall be deemed received on the date of receipt by the recipient thereof if received prior to 5:00 p.m. in the place of receipt and such day is a Business Day in
the place of receipt. Otherwise, any such notice, request or communication shall be deemed not to have been received until the next succeeding Business Day in the place of receipt. 

 

	20.9	Severability 

 If any provision of this TSA or the application thereof to any Party or
circumstance is determined by a court of competent jurisdiction to be invalid, void or unenforceable, the remaining provisions hereof or the application of such provision to any of the Parties or circumstances or in jurisdictions other than those as
to which it has been held invalid or unenforceable, shall remain in full force and effect and shall in no way be affected, impaired or invalidated thereby, so long as the economic or legal substance of the transactions contemplated hereby is not
affected in any manner adverse to any Party. Upon such determination, the Parties shall negotiate in good faith in an effort to agree upon such a suitable and equitable provision to effect the original intent of the Parties. 

 

	20.10	Counterparts 

 This TSA may be executed in one or more counterparts, all of which shall
be considered one and the same agreement, and shall become effective when one or more counterparts have been signed by each of the Parties and delivered to the other Party. Execution of this TSA or any other documents pursuant to this TSA by
facsimile or other electronic copy of a signature shall be deemed to be, and shall have the same effect as if executed by an original signature. 
  

	20.11	Independent Contractor 

 Nothing in this TSA shall constitute or be deemed to constitute
a partnership or joint venture between the Parties hereto or constitute or be deemed to constitute any Party the agent or employee of the other Party for any purpose whatsoever and neither Party shall have authority or power to bind the other or to
contract in the name of, or create a liability against, the other in any way or for any purpose. The Parties hereto acknowledge and agree that when acting as a Provider, the other Party is an independent contractor in the performance of each and
every part of this TSA and nothing herein shall be construed to be inconsistent with this status. Subject to the terms and conditions of this TSA, the Provider shall have the authority to select the means, methods and manner by which any Service is
performed. 
  

	20.12	Governing Law and Submission to Jurisdiction 

  

	 	20.12.1	This TSA shall be governed by and construed and interpreted in accordance with the laws of the State of New York, without regard to the conflict of laws principles thereof that would result in the application of
any law other than the laws of the State of New York. 

  
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	 	20.12.2	EACH OF THE PARTIES HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY COURT PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF AND
PERMITTED UNDER OR IN CONNECTION WITH THIS TSA OR THE SERVICES CONTEMPLATED BY THIS TSA. EACH OF THE PARTIES HEREBY (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF THE OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH
OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT HAS BEEN INDUCED TO ENTER INTO THIS TSA AND THE SERVICES CONTEMPLATED BY THIS TSA, AS APPLICABLE, BY, AMONG OTHER THINGS, THE
MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 20.12.2. 

  

	 	20.12.3	With respect to any Action relating to or arising out of this TSA, subject to the provisions of Section 11, each Party to this TSA irrevocably (a) consents and submits to the exclusive jurisdiction of
the courts of the State of New York and any court of the United States located in the Borough of Manhattan in New York City; (b) waives any objection which such Party may have at any time to the laying of venue of any Action brought in any such
court, waives any claim that such Action has been brought in an inconvenient forum and further waives the right to object, with respect to such Action, that such court does not have jurisdiction over such party; and (c) consents to the service
of process at the address set forth for notices in Section 20.7 herein; provided, however, that such manner of service of process shall not preclude the service of process in any other manner permitted under Regulation.

  

	20.13	Anti-Bribery Provisions 

  

	 	20.13.1	Each Party agrees that it shall comply with, and that the Services will be performed in accordance with, the Anti-Corruption Laws, subject to the Change Control Procedure in respect of any change in
Anti-Corruption Laws after the date hereof, and that it shall not cause, by act or omission, any other Party to be in breach of any Anti-Corruption Laws. 

  

	 	20.13.2	Each Party shall have in place and comply with its own anti-bribery and corruption policy to ensure that it complies with the Anti-Corruption Laws (each such policy, an “Anti-Bribery and Corruption
Policy”). If requested, a Party shall provide to the other Party a copy of its Anti-Bribery and Corruption Policy and, if required, the providing Party will explain to the receiving Party how the features set out in its Anti-Bribery and
Corruption Policy correspond to the receiving Party’s Anti-Bribery and Corruption Policy. Subject to the Change Control Procedure, the providing Party shall promptly implement any amendments to its Anti-Bribery and Corruption Policy which the
receiving Party, acting reasonably, considers necessary following its review of the providing Party’s Anti-Bribery and Corruption Policy to ensure that the providing Party complies with the Anti-Corruption Laws. 

  
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	 	20.13.3	Each Party shall review its Anti-Bribery and Corruption Policy on a regular basis and shall promptly implement and notify the other Party of any amendments to its Anti-Bribery and Corruption Policy which it
considers necessary for continued compliance with the Anti-Corruption Laws. 

  

	 	20.13.4	Each Party shall cooperate with the other Party and promptly provide any information or confirmation which the other Party requires from time to time in connection with the obligations set forth in this
Section 20.13. Each Party acknowledges that the other Party will place reliance upon the information provided. 

  

	 	20.13.5	Each Party shall immediately notify the other Party in writing of any suspected or known breach of its Anti-Bribery and Corruption Policy or any of the Anti-Corruption Laws. 

 

	 	20.13.6	Each Party shall have the right to suspend and/or terminate any Service Schedule for material breach immediately, or on such other time specified by the terminating Party, upon written notice to the Provider
under such Service Schedule if: (i) the Provider, or any person employed by it or acting on its behalf (whether with or without the knowledge of such Service Provider) fails to comply with any of the Anti-Corruption Laws or is in material
breach of the Provider’s Anti-Bribery and Corruption Policy; or (ii) a Party has a reasonable suspicion that an occurrence as specified in clause (i) of this Section 20.13.6
has occurred. 

  

	 	20.13.7	Regardless of any other provision in this TSA, no Party shall be obliged to do, nor obliged to omit to do, any act which would, in its reasonable opinion, put it in breach of any Anti-Corruption Laws.

  
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 IN WITNESS WHEREOF, this TSA has been duly executed. 

 

					
	SIGNED for and on behalf of THE ROYAL BANK OF SCOTLAND GROUP PLC by its Authorised Attorney:	  	 }
	  	
	  	  	
	  	  	
			
	SIGNED for and on behalf of CITIZENS FINANCIAL GROUP, INC. by:	  	 }
	  	
	  	  	
	  	  	

  
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