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This excerpt taken from the C DEF 14A filed Mar 20, 2009. Cash
Awards for 2008
As noted previously, Mr. Pandit and Mr. Crittenden
declined to be considered for incentive or retention awards in
January 2009. In addition, none of the other named executive
officers received any currently payable cash awards for 2008.
Mr. Banga, Mr. Forese, and Mr. Volk each received
deferred cash retention awards that vest ratably over a four
year period, and are credited with a notional interest rate
based on
90-day
libor. Unless the
executive dies, becomes disabled or there is a change in control
of Citi, the executive must be employed on the applicable
vesting dates in order to receive an award payment. The awards
for the named executive officers have no retirement provisions
that would permit an executive to terminate his employment with
Citi and receive payment of the award.
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