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Sample Business Contracts

Employment Agreement - Citigroup Inc. and Robert E. Rubin

Employment Forms

  • Employment Contract. Employers can customize an employment agreement that states the salary, benefits, working hours and other important provisions for their new or existing employee.
  • Consulting Agreement. Answer simple questions to build a contract with a consultant. Specify the services rendered, when payment is due, as well as IP rights.
  • Commission Agreement. Employers who compensate their sales employees based on commissions can prepare an agreement to reduce misunderstandings by specifying the base salary and how commissions are calculated.
  • Executive Employment Agreement. Companies may offer their business executives a contract that is different from the one provided to their regular employees. Executive employment agreements may be more complex because the compensation structure may include a combination of salary and commissions, provide for bonuses based on sales, stock or other financial targets, and include non-compete, confidentiality and severance provisions.
  • Sales Representative Contract. Independent sales representatives offer companies the potential to increase the sale of products or services without the burden of increasing headcount. Both parties should understand how commissions are calculated, when commissions will be paid, as well as how the representative will treat confidential information from the company and whether the representative may also sell a competing line of products or services.
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[CITIGROUP LETTERHEAD]

March 22, 2006

Mr. Robert E. Rubin
399 Park Avenue
New York, NY 10022

Dear Bob:

I am writing on behalf of Citigroup Inc. to confirm certain changes to your employment agreement dated October 26, 1999, as amended on February 6, 2002, February 10, 2003, March 10, 2004, January 18, 2005, March 14, 2005 and December 19, 2005 (collectively, the "Agreement").

This letter confirms that, in accordance with your recommendation, the level of any future incentive awards to be paid to you will be determined in the discretion of Citigroup Inc.'s Personnel and Compensation Committee pursuant to the Citigroup 1999 Executive Performance Plan or any successor plan and the incentive programs applicable to other members of senior management. As with incentive awards made to other members of senior management, your annual incentive awards will be granted as a combination of a cash bonus and awards of restricted or deferred stock in accordance with our Capital Accumulation Program.

The terms and conditions applicable to your awards, including the time of payment, will be the same as for other members of senior management, subject to the terms of the Agreement, except that the fourth paragraph of the December 19, 2005 Letter is hereby deleted and replaced with the following:

The cash portion of the incentive award to be paid to you in January 2007 will be paid on January 2, 2007 or such later date in 2007 that incentive awards are paid to other similarly situated senior executives at Citigroup.

Please acknowledge your receipt of this letter and confirm your agreement to the terms described above by signing and returning one copy of this letter to me at your earliest convenience.

Very truly yours,
Citigroup Inc.

By: /s/  MICHAEL E. SCHLEIN      
Michael E. Schlein
Senior Vice President, Global Corporate Affairs,
Human Resources and Business Practices 		   

Accepted and agreed:

/s/  ROBERT E. RUBIN      
Robert E. Rubin 		  March 24, 2006
Date

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