This excerpt taken from the C 10-K filed Feb 23, 2007.
(3) Annual Compensation.
(a)
You will be paid a semi-monthly salary of $8,333.33, annualized to $200,000.00;
(b)
You shall be eligible for annual discretionary incentive compensation payments based upon your performance, the performance of your business, the performance of
Citigroup and its businesses, particularly the GCIB, as recommended by Druskin and Klein (with respect to GCIB performance) and reviewed by Prince. In no event, however, shall the incentive compensation payment be less than $5.5 million per year for
calendar years 2004 and 2005, subject to the conditions below and less any base salary paid with respect to such year. For 2006 and 2007, you will be paid incentive compensation on the same basis as other peer executives. However, for purposes of
the provision of Section 5 (c), such incentive compensation shall be deemed to be $1 million. All incentive compensation payments are payable in part in cash and in restricted
stock awards issued pursuant to the Capital Accumulation Program(s) (“CAP”) then in effect. A summary of CAP is enclosed;
(c)
All compensation is payable in accordance with CGMI’s/GCIB’s payroll policies in effect from time to time. In order to receive any incentive compensation payment, you must
be employed on the day the payment is made which is typically the first quarter of the following year, except as otherwise provided for herein; and
(d)
You will also be entitled to participate in CGMI’s/GCIB’s comprehensive benefits program available to similarly situated employees.
