Document:

EX-10.33

 EXHIBIT 10.33 

CITIZENS FINANCIAL GROUP, INC. 

NON-EMPLOYEE DIRECTORS COMPENSATION POLICY 

Effective as of             , 2014 

The Board of Directors (the “Board”) of Citizens Financial Group, Inc. (the “Company”) has approved this
director compensation policy (the “Policy”), which establishes compensation to be paid to each Non-Employee Director (as defined in the Citizens Financial Group, Inc. 2014 Non-Employee Directors Compensation Plan (the
“Plan”)), effective as of the Company’s initial public offering of common stock, par value $0.01 per share (“Common Stock”), as an inducement to obtain and retain the services of persons qualified to serve as
members of the Board. Capitalized terms used but not defined in this policy will have the meanings set forth in the Plan. 
 This policy is
subject to annual review and approval by the Compensation Committee of the Board (the “Committee”) to confirm continued alignment between the compensation of the Company’s Non-Employee Directors, the Company’s business and
its shareholders’ interests, and to ensure that the Company’s director compensation program is competitive with those of its peers. During the course of its review, the Committee may consider the annual retainer, lead director and
committee chair retainers, meeting fees and other benefits offered to Non-Employee Directors and payable under this Policy. The Committee may amend, revise, suspend, discontinue or terminate this Policy at any time. 

The elements of compensation for the Company’s Non-Employee Directors below are expressed as annual amounts. 

Cash Retainers and Meeting Fees 
 Cash Retainers

  

					
	 Board Retainer
	  	$	75,000	  
	 Lead Director Retainer
	  	$	20,000	  
	 Audit Committee Chair Retainer
	  	$	15,000	  
	 Other Committee Chair Retainer (per committee)
	  	$	10,000	  

 The cash retainers are payable in equal installments semi-annually, as soon as practicable after
January 1 and July 1 of each calendar year (each such date, a “Payment Date”). 
 Meeting Fees 

Any Non-Employee Director who attends more than six meetings of any committee of the Board per calendar year will receive an additional cash
meeting fee of $1,500 for each such additional meeting that such Non-Employee Director attends (regardless of whether attended in person or by telephone). Such additional cash meeting fees will be payable as soon as practicable following each such
qualifying meeting. 

 Equity Retainers 

Initial Public Offering Equity Grants 
 Any
Non-Employee Director who is serving on the Board at the time of the Company’s initial public offering (“IPO”) will receive on the closing date of such IPO an equity award, with the number of shares of Common Stock covered by
such award determined by dividing (i) the product of $75,000 and a fraction, the numerator of which is the number of days between the date of the Company’s IPO and May 5, 2015, and the denominator of which is 365, by (ii) the IPO
price. Each IPO award will vest 100% on the earlier of the first anniversary of the grant date or the date of the Company’s annual general meeting of stockholders, subject to the terms and conditions of the Plan and applicable award agreement
thereunder. 
 Annual Equity Grants 
 On
the date of each annual general meeting of stockholders of the Company, each Non-Employee Director who at such meeting is elected to serve on the Board or whose term is scheduled to continue at least through the date of the next such meeting of
stockholders will receive under and subject to the Plan (and any applicable award agreement thereunder) an annual award of RSUs. The number of shares of Common Stock covered by the annual award will be determined by dividing $75,000 by the Fair
Market Value of a share of Common Stock on the grant date. Each annual award will vest 100% on the first anniversary of the grant date, subject to the terms and conditions of the Plan and applicable award agreement thereunder. 

Any Non-Employee Director who commences service on the Board on a date other than the date of the Company’s annual general meeting of
stockholders will receive on such start date a pro-rated annual award, with the number of shares of Common Stock covered by such award determined by dividing (i) the product of $75,000 and a fraction, the numerator of which is 365 minus the
number of days that have elapsed between the date of such meeting and such start date, and the denominator of which is 365, by (ii) the Fair Market Value of a share of Common Stock on the start date. 

Other Director Benefits 
  

	 	•	 	Charitable Matching Gift Program. The Company will match each Non-Employee Director’s contributions to qualifying charities up to an aggregate limit of $5,000 per year. 

 

	 	•	 	Expenses Relating to Board Service. The Company will reimburse each Non-Employee Director for reasonable expenses incurred by such Non-Employee Director in connection with his or her Board service, including
travel, lodging and meals, subject to the Company’s requirements for reporting and documentation of such expenses. 

 Deferred
Compensation Plan 
 Subject to and under the terms and conditions of the Company’s Director Deferred Compensation Plan,
Non-Employee Directors may defer up to 100% of their cash retainers and meeting fees. Such deferred amounts will be paid in cash following the termination of the Non-Employee Director’s service on the Board, either in a lump sum or a series of
installments, as elected by the Non-Employee Director under the Company’s Director Deferred Compensation Plan. 

 Stock Ownership Guidelines 

Non-Employee Directors will be subject to stock ownership guidelines, as they may be in effect from time to time.EX-10.34

 EXHIBIT 10.34 

RBS CITIZENS FINANCIAL GROUP, INC. 

PERFORMANCE FORMULA AND INCENTIVE PLAN 

The following sets forth the performance formula (the “Performance Formula”), which is intended to be a valid performance
formula under Section 162(m) of the Internal Revenue Code of 1986, as amended, and the applicable rulings and regulations thereunder (the “Code”) and which shall govern annual incentive awards for certain executive officers of
the Company (as defined in Section 1), which may be awarded in the form of cash, stock, notes or other property or any combination of the foregoing under any of the compensation plans of the Company or its affiliates. The Performance Formula
and related provisions (the “Performance Formula and Incentive Plan”) are set forth below as a stand-alone document for ease of administration. 
  

	 	1.	Definitions. 

 As used herein, the following capitalized words shall have the meanings
set forth below: 
 “Award” means an award, including without limitation, an award of restricted stock, stock units, stock
options, or stock appreciation rights or another equity-based or equity-related award, granted under any Company equity compensation plan and subject to the terms and provisions of such plan. 

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

“Committee” means the Compensation Committee of the Board, any successor committee thereto, or any other committee of the
Board appointed by the Board to administer the Performance Formula and Incentive Plan or to have authority with respect to the Performance Formula and Incentive Plan, or any subcommittee appointed by such Committee, in each case, consisting solely
of at least two “outside directors” as defined under Section 162(m) of the Code. 
 “Company” means
RBS Citizens Financial Group, Inc., a Delaware corporation, and any and all successor entities. 
 “Date of the Award”
means the effective date of an Award as specified by the Committee. 
 “Fair Market Value” means, with respect to a Share,
the fair market value thereof as of the relevant date of determination, as determined in accordance with a valuation methodology approved by the Committee. 

“Maximum Annual Incentive Award” has the meaning set forth in Section 2. 

“Pre-Tax Operating Income” means, for the applicable fiscal year, the consolidated pre-tax income of the Company, adjusted to
exclude the impact of any 

 
extraordinary items, goodwill impairment, integration and restructuring costs, discontinued operations, acquisition costs, gains or losses on strategic disposals, pension curtailments or
settlements, cumulative effect of accounting changes, valuation adjustments related to debt accounted for at fair value, and other unusual or non-recurring items of loss or expense. In each case, all of the preceding terms will have the
meanings as defined by generally accepted accounting principles accepted in the United States of America and identified in the audited financial statements, notes to the audited financial statements, management’s discussion and analysis or
other Company filings with the Securities and Exchange Commission. 
 “Section 162(m) Participant” means, for a given
fiscal year of the Company, any individual designated by the Committee by not later than 90 days following the start of such year (or such other time as may be required or permitted by Section 162(m) of the Code) as an individual whose
compensation for such fiscal year may be subject to the limit on deductible compensation imposed by Section 162(m) of the Code. 

“Share” means a share of common stock, par value $0.01 per share, of the Company. 

“Subsidiary” means (i) a corporation or other entity with respect to which the Company, directly or indirectly, has the
power, whether through the ownership of voting securities, by contract or otherwise, to elect at least a majority of the members of such corporation’s board of directors or analogous governing body, or (ii) any other corporation or other
entity in which the Company, directly or indirectly, has an equity or similar interest and which the Committee designates as a Subsidiary for purposes of the Performance Formula and Incentive Plan. 

 

	 	2.	Annual Incentive Award. 

 Commencing with the fiscal year of the Company beginning
January 1, 2014, and for each fiscal year of the Company thereafter, each Section 162(m) Participant will be eligible to earn under the Performance Formula and Incentive Plan an annual incentive award for each fiscal year in a maximum
amount equal to the following percentages of Pre-Tax Operating Income for that fiscal year: 2% for the Chief Executive Officer and 0.7% for each other Section 162(m) Participant (each, the “Maximum Annual Incentive Award”). In
determining the annual incentive award amounts payable under the Performance Formula and Incentive Plan, the Committee may not pay a Section 162(m) Participant more than the Maximum Annual Incentive Award, but the Committee shall have the right
to reduce the incentive award amount payable to such Section 162(m) Participant to take into account additional factors that the Committee may deem relevant to the assessment of individual or corporate performance for the year. 

Following the completion of each fiscal year, the Committee shall certify in writing the Maximum Annual Incentive Awards and the incentive
amounts, if any, payable to Section 162(m) Participants for such fiscal year. The incentive award amounts payable to a Section 162(m) Participant may be paid annually following the end of the applicable fiscal year after such certification
by the Committee in the form of (i) cash 

  
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(including deferred cash), (ii) Awards with a value as of the Date of the Award, determined in accordance with Section 3 below, (iii) notes, (iv) other property as the
Committee may determine, or (v) any combination of the foregoing; in each case, subject to compliance with Section 409A of the Code. Any annual incentive awards granted in accordance with the preceding provisions will be subject to any
additional vesting, forfeiture, clawback or deferral terms as determined reasonable in the discretion of the Committee. 
  

	 	3.	Valuation. 

 If the Committee determines that all or a portion of an annual incentive
award awarded to a Section 162(m) Participant for a given fiscal year is paid in whole or in part in the form of Awards, then for purposes of determining the number of Shares subject to such Awards, the Committee will value Awards in the form
of restricted stock, restricted stock units or other full-value share awards at the Fair Market Value of the Shares underlying the grant on the Date of the Award and will value Awards in the form of options and stock appreciation rights at their
fair value on the Date of the Award, as expensed by the Company under applicable accounting rules for purposes of the Company’s financial statements. Notwithstanding the foregoing, the Fair Market Value of any Awards plus any cash paid as an
annual incentive award pursuant to the Performance Formula and Incentive Plan shall not exceed the Maximum Annual Incentive Award. 
  

	 	4.	Repeal of Section 162(m) of the Code. 

 Without further action by the Board, the
Performance Formula and Incentive Plan shall cease to apply on the effective date of the repeal of Section 162(m) of the Code (and any successor provision thereto). 
  

	 	5.	Administration. 

 The Committee shall administer the Performance Formula and Incentive
Plan and shall have full power and authority to make all determinations under the plan in its sole discretion, subject to the express provisions hereof, including, without limitation: (i) to appropriately identify eligible Section 162(m)
Participants; (ii) to make annual incentive awards and to determine the form and terms of such awards generally, including, without limitation, the number of Shares subject to each Award or the cash amount payable in connection with an annual
incentive award; (iii) to establish the terms and conditions of each annual incentive award, including, without limitation, those related to vesting, cancellation, forfeiture, clawback, payment, and exercisability, and the effect, if any, of
certain events on a Section 162(m) Participant’s annual incentive awards, including, without limitation, the Section 162(m) Participant’s termination of employment with the Company or its Subsidiaries; (iv) to specify and
approve the provisions of the annual incentive award documents delivered to Section 162(m) Participants in connection with their annual incentive awards, if any; (v) to construe and interpret any annual incentive award document delivered
under the plan; (vi) to prescribe, amend and rescind the Performance Formula and Incentive Plan, in whole or in part, or any rules, procedures or 

  
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programs relating to the plan; and (vii) to formulate such procedures as it considers to be necessary or advisable for the administration of the Performance Formula and Incentive Plan. 

The Committee shall have full power and authority, subject to the express provisions hereof, to construe and interpret the Performance Formula
and Incentive Plan. All of the Committee’s determinations in carrying out, administering, construing and interpreting the Performance Formula and Incentive Plan shall be made or taken in its sole discretion and shall be final, binding and
conclusive for all purposes and upon all persons. The Committee’s determinations under the Performance Formula and Incentive Plan need not be uniform and may be made by it selectively among persons who receive, or are eligible to receive,
annual incentive awards under the plan (whether or not such persons are similarly situated). The Committee shall not be liable for anything whatsoever in connection with the administration of the Performance Formula and Incentive Plan, including,
without limitation, any interpretation, determination or other action taken or not taken in administering the Performance Formula and Incentive Plan, except the Committee’s own willful misconduct. 

 

	 	6.	Tax Withholding. 

 All annual incentive awards shall be subject to tax withholding to the
extent required by applicable law. 
  

	 	7.	Discretionary Awards. 

 Unless the Company specifically provides otherwise, all grants of
Awards and deliveries of Shares, cash or other property under the Performance Formula and Incentive Plan shall constitute a special discretionary incentive payment to the Section 162(m) Participant and shall not be required to be taken into
account in computing the amount of salary, wages or other compensation of the Section 162(m) Participant for the purpose of determining any contributions to or any benefits under any pension, retirement, profit-sharing, bonus, life insurance,
severance or other benefit plan of the Company or other benefits from the Company or under any agreement with the Section 162(m) Participant. 
  

	 	8.	No Right to Continued Employment or Participation. 

 Neither the Performance Formula and
Incentive Plan nor any interpretation, determination or other action taken or omitted to be taken pursuant to the Performance Formula and Incentive Plan shall be construed as guaranteeing a Section 162(m) Participant’s employment with the
Company during any period, right to be reemployed by the Company following a termination of employment, a discretionary bonus or any particular level of bonus, compensation or benefits, or be deemed to create or confer on a Section 162(m)
Participant any right to participate in the Performance Formula and Incentive Plan, or in any similar program that may be established by the Company, in respect of any fiscal year or other period. 

  
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	 	9.	Effective Date. 

 The Performance Formula and Incentive Plan shall be effective with
respect to compensation in respect of the fiscal year beginning January 1, 2014. 
  

	 	10.	Termination and Amendment. 

 The Committee may amend, modify, suspend or terminate
the Performance Formula and Incentive Plan or any portion thereof at any time, provided that such action complies with the requirements of Section 162(m) of the Code.  

 

	 	11.	Governing Law; Arbitration. 

 The Performance Formula and Incentive Plan and all rights
hereunder shall be construed in accordance with and governed by the laws of the State of Delaware, without regard to any conflicts or choice of law, rule or principle that might otherwise refer the interpretation of an annual incentive award to the
substantive law of another jurisdiction. Any dispute, claim or controversy arising out of or relating to this Performance Formula and Incentive Plan or the breach, termination, enforcement, interpretation or validity thereof, including the
determination of the scope or applicability of this provision to arbitrate, shall be determined by arbitration before a single arbitrator in the English language. The arbitration shall be administered by the American Arbitration Association under
its Commercial Arbitration Rules. Judgment on the Award may be entered in any court having jurisdiction. Prior to arbitration, all disputes, controversies or claims maintained by any Section 162(m) Participant must first be submitted to the
Committee in accordance with claim procedures determined by the Committee in its sole discretion. 

  
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