CITIGROUP INC
EXHIBIT 10.01
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<DESCRIPTION>EXHIBIT 10.01
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit
10.01</font></b></p>

<p style="margin:0in 0in .0001pt 3.5in;text-indent:-3.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 3.5in;text-indent:-3.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">July 31, 2003</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Michael T. Masin</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vice Chairman and</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;Chief Operating Officer</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Citigroup Inc.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">399 Park Avenue</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">New York, NY&#160; 10022</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dear Mike:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Reference is made to the letter dated October 7, 2002 (the &#147;2002
Letter&#148;) relating to your employment with Citigroup Inc. (&#147;Citigroup&#148;).</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This
letter shall confirm that in light of the recent announcements regarding
Citigroup&#146;s plan for CEO succession and the anticipated management
reorganization, you will have &#147;Good Cause&#148;, as defined in the 2002 Letter, to
terminate your employment with Citigroup, at any time after the effective date
of the appointment by the Board of a new Chief Operating Officer.&#160; In order to ensure a smooth transition, you
have agreed to remain with Citigroup until December 31, 2003, or such earlier
date as we may mutually agree upon (the &#147;Termination Date&#148;).&#160; The terms and conditions of your termination
of employment shall be governed by the 2002 Letter, which shall remain in full
force and effect, except as specifically modified herein.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">You will continue to receive your base salary at the current rate and
will remain eligible to participate in Citigroup&#146;s employee benefit programs
through and until your Termination Date.&#160;
You will receive a cash incentive award for the year 2003 having a
pretax value of $6.8 million, which amount will be subject to proration if your
Termination Date occurs prior to December 31, 2003.&#160; Payment of this cash incentive award will be deferred until April
1, 2004.&#160; You will not be eligible to
participate in the Capital Accumulation Program with respect to this cash
incentive award.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In consideration of Citigroup&#146;s agreement to enter into a consulting
agreement with you following your Termination Date, on the terms and conditions
described below (&#147;Consulting Agreement&#148;), you agree to waive all rights to the
payments described in paragraph (1) under the heading &#147;Termination of
Employment&#148; in the 2002 Letter.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Your
receipt of the payments described above, in the 2002 Letter and pursuant to the
Consulting Agreement, will be subject to your execution (without revocation),
following the Termination Date, of a separation agreement and general release,
which will include confidentiality, non-disparagement and non-solicitation
provisions in standard form acceptable to the Company and its counsel.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


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<p align="center" style="font-family:'Book Antiqua';font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Consulting Agreement shall be in standard form acceptable to
Citigroup and its counsel, and shall contain the following provisions:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 37.05pt;text-indent:-37.05pt;"><font size="2" face="Symbol" style="font-family:Symbol;font-size:10.0pt;">&#183;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The Consulting Agreement shall have a term of two
years following the Termination Date (the &#147;Term&#148;), during which time you agree
to provide consulting services to senior management of Citigroup, as requested
(the &#147;Services&#148;).</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 37.05pt;text-indent:-37.05pt;"><font size="2" face="Symbol" style="font-family:Symbol;font-size:10.0pt;">&#183;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">You will be paid a base annual fee (&#147;Base Consulting
Fee&#148;) for the Services in the amount of $7.5 million, payable quarterly, in
arrears, during the Term.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 37.05pt;text-indent:-37.05pt;"><font size="2" face="Symbol" style="font-family:Symbol;font-size:10.0pt;">&#183;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">You will be paid a supplemental annual fee
(&#147;Supplemental Consulting Fee&#148;) for the Services in the amount of $800,000
payable quarterly, in arrears, during the Term. The Supplemental Consulting Fee
will be subject to adjustment, as mutually agreed, for Services related to
special projects.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 37.05pt;text-indent:-37.05pt;"><font size="2" face="Symbol" style="font-family:Symbol;font-size:10.0pt;">&#183;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">You may terminate the Consulting Agreement, for any
reason, upon thirty (30) days&#146; prior written notice to Citigroup, in which
event (a) the Base Consulting Fee for the remainder of the Term shall be
accelerated and paid to you in full in a lump sum as soon as practicable
following termination of the Consulting Agreement and (b) the Supplemental
Consulting Fee shall be prorated as of the date of termination of the
Consulting Agreement, and any unpaid portion of the prorated amount shall be
paid to you as soon as practicable following termination of the Consulting
Agreement.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 37.05pt;text-indent:-37.05pt;"><font size="2" face="Symbol" style="font-family:Symbol;font-size:10.0pt;">&#183;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Citigroup may terminate the Consulting Agreement, in
the event you fail to provide the Services or breach any of the other terms of
the Consulting Agreement and such failure or breach has not been cured within
ten (10) days of receipt of written notice. &#160;Upon such a termination (a) the Base Consulting Fee for the
remainder of the Term shall be accelerated and paid to you in full in a lump
sum as soon as practicable following termination of the Consulting Agreement and
(b) the Supplemental Consulting Fee shall be prorated as of the date of
termination of the Consulting Agreement, and any unpaid portion of the prorated
amount shall be paid to you as soon as practicable following termination of the
Consulting Agreement.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 37.05pt;text-indent:-37.05pt;"><font size="2" face="Symbol" style="font-family:Symbol;font-size:10.0pt;">&#183;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">You will be permitted to pursue other business
activities during the Term, including accepting full-time or part-time
employment and/or other consulting assignments.&#160; However, if you accept employment or a consulting assignment
during the Term with any of Goldman Sachs, Merrill Lynch, JP Morgan Chase, Bank
One or HSBC (or any successor company) the Consulting Agreement shall
automatically terminate, in which event (a) the Base Consulting Fee for the
remainder of the Term shall be accelerated and paid to you in full in a lump
sum as soon as practicable following termination of the Consulting Agreement
and (b) the Supplemental Consulting Fee shall be prorated as of the date of
termination of the Consulting </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>


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<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Agreement, and any unpaid portion of the prorated
amount shall be paid to you as soon as practicable following termination of the
Consulting Agreement.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 37.05pt;text-indent:-37.05pt;"><font size="2" face="Symbol" style="font-family:Symbol;font-size:10.0pt;">&#183;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">During the Term, you will be provided with the use of
an office at your current location or at another location as mutually agreed
and the services of a full-time administrative assistant.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the terms described herein are acceptable to you, please sign and
return one copy of this letter to me.&#160;
It has been a pleasure working with you and I wish you the best of luck
in your future endeavors.</font></p>

<p style="margin:0in 0in .0001pt 27.0pt;text-indent:-27.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;Sincerely,</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Michael E. Schlein</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Michael E. Schlein</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ACCEPTED AND AGREED:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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  <td width="54%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:54.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Michael T. Masin</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:4.5%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="40%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:40.52%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">August 4, 2003</font></p>
  </td>
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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Michael T. Masin</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:4.5%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>


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