Common use of Role Based Allowance Clause in Contracts

Role Based Allowance. As your role has been identified as a MRT role under the EBA rules, you will also receive a Role Based Allowance of $550,000 (the “Allowance”), less any applicable tax and other statutory deductions. For 2014, the Allowance will be prorated based on your start date and paid in equal instalments in accordance with the Company’s regular payroll cycle. Thereafter, any Allowance amount above $500,000 payable in a single calendar year will be paid as follows: a) the first $500,000 payable in equal instalments in accordance with the Company’s regular payroll cycle and b) the remainder payable in four equal quarterly instalments of CFG stock. You will not be eligible for the Allowance if your employment terminates before the Allowance payment date for that period. The use of Allowances will be reviewed annually and may be changed or removed at the sole discretion of the Company, or as required by regulation. In the event the Allowance is removed, an appropriate adjustment to Executive’s variable compensation shall be made to increase the discretionary variable incentive award opportunity from $1,100,000.00 referenced in Section 3(c) below to a discretionary variable incentive award opportunity of $1,650,000.00.