|
|
 | | | |
- close
- close
- close
- close
This excerpt taken from the C DEF 14A filed Mar 20, 2009. 2008
Sign-On Awards for Mr. Pandit
In connection with his appointment as
ceo, the committee
made equity awards to Mr. Pandit in January 2008 that are
designed to incentivize and reward him based on the future
performance of Citi. These awards consisted of
(a) 1 million shares of restricted stock vesting
ratably on the first four anniversaries of the date he became
ceo (the sign-on
stock award) and (b) options for 3 million shares of
stock vesting ratably over a four-year period (the sign-on
options). The sign-on options have a ten-year term. The exercise
price of one-third of the sign-on options is equal to the grant
date price ($24.40), another third have an exercise price that
is 25 percent above the grant date price ($30.50) and
one-third have an exercise price that is 50 percent above
the grant date price ($36.60). The grant date price of $24.40 is
the closing price of Citi stock on the
nyse on the date
of grant (January 22, 2008). The options will only have
value to the extent that the Citi stock price exceeds each
exercise price after the vesting of such options.
|
| |||||||
