C » Topics » 8. INCENTIVE PLANS

This excerpt taken from the C 8-K filed Oct 13, 2009.

8. INCENTIVE PLANS

 

The Company has adopted a number of equity compensation plans under which it administers stock options, restricted or deferred stock and stock purchase programs. The award programs are used to attract, retain and motivate officers, employees and non-employee directors, to compensate them for their contributions to the Company, and to encourage employee stock ownership. The plans are administered by the Personnel and Compensation Committee of the Citigroup Board of Directors, which is composed entirely of independent non-employee directors. At December 31, 2008, approximately 142 million shares were authorized and available for grant under Citigroup’s stock incentive and stock purchase plans. In accordance with Citigroup practice, shares would be issued out of Treasury stock upon exercise or vesting.

 

The following table shows components of compensation expense relating to the Company’s stock-based compensation programs as recorded during 2008, 2007 and 2006:

 

In millions of dollars

 

2008

 

2007

 

2006

 

SFAS 123(R) charges for January 2006 awards to retirement-eligible employees

 

$

 

$

 

$

648

 

SFAS 123(R) charges for estimated awards to retirement-eligible employees

 

110

 

467

 

824

 

Option expense

 

29

 

86

 

129

 

Amortization of MC LTIP awards (1)

 

18

 

18

 

 

Amortization of restricted and deferred stock awards (excluding MC LTIP) (2)

 

3,133

 

2,728

 

1,565

 

Total

 

$

3,290

 

$

3,299

 

$

3,166

 

 


(1)

Management Committee Long-Term Incentive Plan (MC LTIP) was created in 2007.

(2)

Represents amortization of expense over the remaining life of all unvested restricted and deferred stock awards granted to all employees prior to 2006. The 2008, 2007 and 2006 periods also include amortization expense for all unvested awards to non-retirement-eligible employees on or after January 1, 2006. Amortization includes estimated forfeitures of awards.

 

These excerpts taken from the C 10-K filed Feb 27, 2009.

8. INCENTIVE PLANS

The Company has adopted a number of equity compensation plans under which it administers stock options, restricted or deferred stock and stock purchase programs. The award programs are used to attract, retain and motivate officers, employees and non-employee directors, to compensate them for their contributions to the Company, and to encourage employee stock ownership. The plans are administered by the Personnel and Compensation Committee of the Citigroup Board of Directors, which is composed entirely of independent non-employee directors. At December 31, 2008, approximately 142 million shares were authorized and available for grant under Citigroup’s stock incentive and stock purchase plans. In accordance with Citigroup practice, shares would be issued out of Treasury stock upon exercise or vesting.

The following table shows components of compensation expense relating to the Company’s stock-based compensation programs as recorded during 2008, 2007 and 2006:

 

In millions of dollars   2008    2007    2006

SFAS 123(R) charges for January 2006 awards to retirement-eligible employees

  $    $    $ 648

SFAS 123(R) charges for estimated awards to retirement-eligible employees

    110      467      824

Option expense

    29      86      129

Amortization of MC LTIP awards (1)

    18      18     

Amortization of restricted and deferred stock awards (excluding MC LTIP) (2)

    3,133      2,728      1,565

Total

  $ 3,290    $ 3,299    $ 3,166

 

(1) Management Committee Long-Term Incentive Plan (MC LTIP) was created in 2007.
(2) Represents amortization of expense over the remaining life of all unvested restricted and deferred stock awards granted to all employees prior to 2006. The 2008, 2007 and 2006 periods also include amortization expense for all unvested awards to non-retirement-eligible employees on or after January 1, 2006. Amortization includes estimated forfeitures of awards.

8. INCENTIVE PLANS

The Company has adopted a number of equity compensation plans under which it administers stock options, restricted or deferred stock and stock purchase programs. The award programs are used to attract, retain and motivate officers, employees and non-employee directors, to compensate them for their contributions to the Company, and to encourage employee stock ownership. The plans are administered by the Personnel and Compensation Committee of the Citigroup Board of Directors, which is composed entirely of independent non-employee directors. At December 31, 2008, approximately 142 million shares were authorized and available for grant under Citigroup’s stock incentive and stock purchase plans. In accordance with Citigroup practice, shares would be issued out of Treasury stock upon exercise or vesting.

The following table shows components of compensation expense relating to the Company’s stock-based compensation programs as recorded during 2008, 2007 and 2006:

 

In millions of dollars   2008    2007    2006

SFAS 123(R) charges for January 2006 awards to retirement-eligible employees

  $    $    $ 648

SFAS 123(R) charges for estimated awards to retirement-eligible employees

    110      467      824

Option expense

    29      86      129

Amortization of MC LTIP awards (1)

    18      18     

Amortization of restricted and deferred stock awards (excluding MC LTIP) (2)

    3,133      2,728      1,565

Total

  $ 3,290    $ 3,299    $ 3,166

 

(1) Management Committee Long-Term Incentive Plan (MC LTIP) was created in 2007.
(2) Represents amortization of expense over the remaining life of all unvested restricted and deferred stock awards granted to all employees prior to 2006. The 2008, 2007 and 2006 periods also include amortization expense for all unvested awards to non-retirement-eligible employees on or after January 1, 2006. Amortization includes estimated forfeitures of awards.
This excerpt taken from the C 8-K filed Jan 23, 2009.

8. INCENTIVE PLANS

 

The Company has adopted a number of equity compensation plans under which it administers stock options, restricted or deferred stock and stock purchase programs. The award programs are used to attract, retain and motivate officers, employees and non-employee directors, to compensate them for their contributions to the Company, and to encourage employee stock ownership. The plans are administered by the Personnel and Compensation Committee of the Citigroup Board of Directors, which is composed entirely of independent non-employee directors. At December 31, 2007, approximately 238 million shares were authorized and available for grant under Citigroup’s stock incentive and stock purchase plans. In accordance with Citigroup practice, shares would be issued out of Treasury stock upon exercise or vesting.

 

29



 

The following table shows components of compensation expense relating to the Company’s stock-based compensation programs as recorded during 2007, 2006 and 2005:

 

In millions of dollars

 

2007

 

2006

 

2005

 

SFAS 123(R) charges for January 2006 awards to retirement-eligible employees

 

$

 

$

648

 

$

 

SFAS 123(R) charges for estimated awards to retirement-eligible employees through January 2007 and 2008

 

467

 

824

 

 

Option expense

 

86

 

129

 

137

 

Amortization of MC LTIP awards(1)

 

18

 

 

 

Amortization of restricted and deferred stock awards (excluding MC LTIP) (2)

 

2,728

 

1,565

 

1,766

 

Total

 

$

3,299

 

$

3,166

 

$

1,903

 

 


(1)          Management Committee Long-Term Incentive Plan (MC LTIP) was created in 2007.

(2)          Represents amortization of expense over the remaining life of all unvested restricted and deferred stock awards granted to all employees prior to 2006. The 2007 and 2006 periods also include amortization expense for all unvested awards to non-retirement-eligible employees on or after January 1, 2006. Amortization includes estimated forfeitures of awards.

 

This excerpt taken from the C 8-K filed Aug 14, 2008.

8. INCENTIVE PLANS

 

The Company has adopted a number of equity compensation plans under which it administers stock options, restricted or deferred stock and stock purchase programs. The award programs are used to attract, retain and motivate officers, employees and non-employee directors, to compensate them for their contributions to the Company, and to encourage employee stock ownership. The plans are administered by the Personnel and Compensation Committee of the Citigroup Board of Directors, which is composed entirely of independent non-employee directors. At December 31, 2007, approximately 238 million shares were authorized and available for grant under Citigroup’s stock incentive and stock purchase plans. In accordance with Citigroup practice, shares would be issued out of Treasury stock upon exercise or vesting.

 

27



 

The following table shows components of compensation expense relating to the Company’s stock-based compensation programs as recorded during 2007, 2006 and 2005:

 

In millions of dollars

 

2007

 

2006

 

2005

 

SFAS 123(R) charges for January 2006 awards to retirement-eligible employees

 

$

 

$

648

 

$

 

SFAS 123(R) charges for estimated awards to retirement-eligible employees through January 2007 and 2008

 

467

 

824

 

 

Option expense

 

86

 

129

 

137

 

Amortization of MC LTIP awards(1)

 

18

 

 

 

Amortization of restricted and deferred stock awards (excluding MC LTIP) (2)

 

2,728

 

1,565

 

1,766

 

Total

 

$

3,299

 

$

3,166

 

$

1,903

 

 


(1)  Management Committee Long-Term Incentive Plan (MC LTIP) was created in 2007.

(2)  Represents amortization of expense over the remaining life of all unvested restricted and deferred stock awards granted to all employees prior to 2006. The 2007 and 2006 periods also include amortization expense for all unvested awards to non-retirement-eligible employees on or after January 1, 2006. Amortization includes estimated forfeitures of awards.

 

This excerpt taken from the C 10-K filed Feb 22, 2008.

8. INCENTIVE PLANS

The Company has adopted a number of equity compensation plans under which it administers stock options, restricted or deferred stock and stock purchase programs. The award programs are used to attract, retain and motivate officers, employees and non-employee directors, to compensate them for their contributions to the Company, and to encourage employee stock ownership. The plans are administered by the Personnel and Compensation Committee of the Citigroup Board of Directors, which is composed entirely of independent non-employee directors. At December 31, 2007, approximately 238 million shares were authorized and available for grant under Citigroup’s stock incentive and stock purchase plans. In accordance with Citigroup practice, shares would be issued out of Treasury stock upon exercise or vesting.

 

The following table shows components of compensation expense relating to the Company’s stock-based compensation programs as recorded during 2007, 2006 and 2005:

 

In millions of dollars   2007    2006    2005

SFAS 123(R) charges for January
2006 awards to retirement-eligible employees

  $    $ 648    $

SFAS 123(R) charges for estimated awards to retirement-eligible employees through January 2007 and 2008

    467      824     

Option expense

    86      129      137

Amortization of MC LTIP awards (1)

    18          

Amortization of restricted and deferred stock awards (excluding MC LTIP) (2)

    2,728      1,565      1,766

Total

  $ 3,299    $ 3,166    $ 1,903

 

(1) Management Committee Long-Term Incentive Plan (MC LTIP) was created in 2007.
(2) Represents amortization of expense over the remaining life of all unvested restricted and deferred stock awards granted to all employees prior to 2006. The 2007 and 2006 periods also include amortization expense for all unvested awards to non-retirement-eligible employees on or after January 1, 2006. Amortization includes estimated forfeitures of awards.
This excerpt taken from the C 10-K filed Feb 23, 2007.

8. INCENTIVE PLANS

The Company has adopted a number of equity compensation plans under which it administers stock options, restricted or deferred stock and stock purchase programs. The award programs are used to attract, retain and motivate officers, employees and non-employee directors, to compensate them for their contributions to the Company, and to encourage employee stock ownership. The plans are administered by the Personnel and Compensation Committee of the Citigroup Board of Directors, which is comprised entirely of independent non-employee directors. At December 31, 2006, approximately 316 million shares were authorized and available for grant under Citigroup’s stock incentive and stock purchase plans. In accordance with Citigroup practice, shares would be issued out of Treasury stock upon exercise or vesting.

The following compensation expense relates to the Company’s stock-based compensation programs as recorded during 2006, 2005 and 2004:

 

In millions of dollars   2006    2005    2004

SFAS 123(R) charges for January 2006 awards issued to retirement-eligible employees

  $ 648    $    $

SFAS 123(R) charges for estimated awards granted through January 2007 to retirement-eligible employees

    824          

Option expense

    129      137      281

Amortization of restricted and deferred stock awards (1)

    1,565      1,766      1,515

Total

  $ 3,166    $ 1,903    $ 1,796

 

(1) Represents the amortization of the remaining unvested restricted and deferred stock awards granted to all employees prior to 2006. The 2006 period also includes amortization expense for awards granted to non-retirement-eligible employees in 2006. Also included is amortization of the forfeiture provision on stock awards.

 

This excerpt taken from the C 10-Q filed Aug 4, 2006.

8.     Incentive Plans

        The Company has adopted a number of equity compensation plans under which it administers stock options, restricted or deferred stock and stock purchase programs. The award programs are used to attract, retain and motivate officers and employees, to compensate them for their contributions to the Company, and to encourage employee stock ownership. The plans are administered by the Personnel and Compensation Committee of the Citigroup Board of Directors, which is composed entirely of independent non-employee directors. At June 30, 2006, approximately 318 million shares were authorized and available for grant under Citigroup's stock incentive and stock purchase plans. These shares would be issued out of Treasury stock.

        The following compensation expense relates to the Company's stock-based compensation programs as recorded during the 2006 and 2005 second quarters, and year-to-date 2006 and 2005:

 
  Three Months Ended
June 30,

  Six Months Ended
June 30,

In millions of dollars

  2006
  2005
  2006
  2005
SFAS 123(R) charges for January 2006 awards issued to retirement-eligible employees   $   $   $ 648   $
SFAS 123(R) quarterly accrual for estimated awards to be granted through January 2007 to retirement-eligible employees     168         366    
Quarterly Option Expense     36     50     70     98
Quarterly amortization of Restricted and Deferred Stock awards(1)     463     415     881     887
   
 
 
 
Total   $ 667   $ 465   $ 1,965   $ 985
   
 
 
 

(1)
Represents the quarterly amortization of the remaining unvested restricted and deferred stock awards that were granted to all employees who received awards prior to 2006. The 2006 quarter also includes amortization expense for awards granted to non-retirement-eligible employees in the 2006 first quarter. Also included is amortization of the forfeiture provision on stock awards.

        For the Statement of Cash Flows purposes, these amounts are included within Other, net.

"8. INCENTIVE PLANS" elsewhere:

The Travelers Companies (TRV)
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