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C » Topics » Stock Options Granted Table

This excerpt taken from the C DEF 14A filed Mar 14, 2006.

Stock Options Granted Table

 

The following table shows 2005 stock option grants received by two of the covered executives. Neither of the options were discretionary awards, rather they were reload options whose issuance resulted from rights that were granted to the option holder as part of an earlier option grant and were made under Citigroup’s equity compensation plans, including the Citigroup 1999 stock incentive plan. The value of stock options depends upon a long-term increase in the market price of the common stock: if the stock price does not increase, the options will be worthless; if the stock price does increase, the increase will benefit all stockholders.

 

Citigroup no longer grants reload options except to the extent required by the terms of previously granted options.

 

The table describes options as either “initial” or “reload.” Unless otherwise stated:

 

•   The per share exercise price of all options is the closing price on the NYSE on the trading day before the option grant.

 

•   Initial options generally vest in four equal installments on the first, second, third and fourth anniversaries of the grant date, and remain exercisable until the sixth anniversary of the grant.

 

•   The sale of underlying shares acquired through the exercise of options are restricted for a two-year period.

 

•   Initial option grants made in 2005, 2004 and 2003 do not have a reload feature; however, options granted prior to 2003 retain that feature.

 

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This excerpt taken from the C DEF 14A filed Mar 15, 2005.

Stock Options Granted Table

 

The following table shows 2004 stock option grants to the covered executives. The 2004 stock option grants, including reload options, were made under Citigroup’s equity compensation plans, including the Citigroup 1999 stock incentive plan, the 1997 Citicorp stock incentive plan, or the Travelers Group capital accumulation plan. The value of stock options depends upon a long-term increase in the market price of the common stock: if the stock price does not increase, the options will be worthless; if the stock price does increase, the increase will benefit all stockholders.

The table describes options as either “initial” or “reload.” Unless otherwise stated:

 

•   The per share exercise price of all options is the closing price on the NYSE on the trading day before the option grant.

 

•   Initial options generally vest in three equal installments, with the first vesting occurring approximately 17 months after the date of award and the second and third vestings occurring on the two subsequent anniversaries of such vesting, and remain exercisable until the sixth anniversary of the grant.

 

•   The sale of underlying shares acquired through the exercise of options are restricted for a two-year period. Initial option grants made in 2004 and 2003 do not have a reload feature; however, options granted prior to 2003 retain that feature.

 

 

Reload Options. Under the reload program, option holders can use Citigroup common stock they have owned for at least six months to pay the exercise price of their options and have shares withheld for the payment of income taxes due on exercise. They then receive a new reload option to make up for the shares they used and had withheld.

 

Reload options maintain the option holder’s commitment to Citigroup by maintaining as closely as possible the holder’s net equity position — the sum of shares owned and shares subject to option.

 

For optionees who are eligible to participate in the reload program, the issuance of a reload option is not a new discretionary grant by Citigroup. Rather, the issuance results from rights that were granted to the option holder as part of the initial option grant. The reload option does not vest (i.e., become exercisable) for six months and expires on the expiration date of the initial grant.

 

Citigroup no longer grants reload options except to the extent required by the terms of previously granted options.

 

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EXCERPTS ON THIS PAGE:

DEF 14A
Mar 14, 2006
DEF 14A
Mar 15, 2005

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