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This excerpt taken from the C DEF 14A filed Mar 20, 2009. Stock
Ownership Commitment
The Board, the Executive Committee of Citigroup’s senior
management, members of the Senior Leadership Committee and other
designated members of senior management are subject to a Stock
Ownership Commitment (“SOC”), which requires these
individuals to maintain a minimum ownership level of Citigroup
stock. The Board revised the SOC in 2008 to reflect changes in
Citigroup’s management and organizational structure. The
Board and the Executive Committee of Citigroup’s senior
management must hold 75% of the net shares delivered to them
pursuant to awards granted under the Company’s equity
programs, subject to the provisions contained in the commitment.
Members of the Senior Leadership Committee must hold 50% of the
net shares delivered to them and other designated members of
senior management must hold 25% of the net shares delivered to
them. The holding requirement is reset at age 65.
Exceptions to the SOC may include estate-planning transactions
and certain other circumstances.
This excerpt taken from the C DEF 14A filed Mar 13, 2008. Stock Ownership Commitment
The Board, the Citigroup Management Committee, and Citigroup Senior Managers are subject to a Stock Ownership Commitment (“SOC”), which requires these individuals to maintain a minimum ownership level of Citigroup stock. The Board and Management Committee, who are subject to the Senior Executive SOC, must hold 75% of the net shares delivered to them pursuant to awards granted under the Company’s equity programs, subject to the provisions contained in the commitment. The holding requirement is reset at age 65. In 2005, the Company introduced the Senior Manager SOC, with a 25% holding requirement that applies prospectively. “Senior Managers” generally means those employees who report directly to a member of the Management Committee and those employees one level below them. Exceptions to the SOC may include estate-planning transactions and certain other circumstances.
This excerpt taken from the C DEF 14A filed Mar 13, 2007. Stock Ownership Commitment
The Board, the Citigroup Management Committee, and Citigroup Senior Managers are subject to a Stock Ownership Commitment (“SOC”), which requires these individuals to maintain a minimum ownership level of Citigroup stock. The Board and Management Committee, who are subject to the Senior Executive SOC, must hold 75% of the net shares delivered to them pursuant to awards granted under the Company’s equity programs, subject to the provisions contained in the commitment. In 2005, the Company introduced the Senior Manager SOC, with a 25% holding requirement that applies prospectively. “Senior Managers” generally means those employees who report directly to a member of the Management Committee and those employees one level below them. Exceptions to the SOC may include estate-planning transactions and certain other circumstances.
This excerpt taken from the C DEF 14A filed Mar 14, 2006. Stock Ownership Commitment
The Board and members of senior management are subject to the Stock Ownership Commitment, which provides that for so long as they remain members of the Board or senior management, they shall hold at least 75% of the shares of Company common stock they own on the date they become subject to the commitment and 75% of the net shares delivered to them pursuant to awards granted under the Company’s equity programs, once certain minimum guidelines have been met, subject to the provisions contained in the commitment.
For purposes of these guidelines, the term “members of senior management” shall mean members of the Operating Committee, members of the Management Committee, members of the Business Planning Groups and senior members of corporate staff as disclosed in the Company’s annual report.
In 2005, the Company introduced an expanded version of the Stock Ownership Commitment, with a 25% holding requirement that applies prospectively and generally covers those employees who report directly to a member of the Management Committee and those employees one level below them. After the expansion of the Stock Ownership Commitment becomes effective in 2006, approximately 3,000 employees around the world will be subject to the Stock Ownership Commitment.
Exceptions to the Stock Ownership Commitment include gifts to charity, estate planning transactions, transactions with the Company in connection with exercising employee stock options or paying withholding taxes under equity compensation programs, and certain other circumstances.
This excerpt taken from the C DEF 14A filed Mar 15, 2005. Stock Ownership Commitment
The Board and members of senior management are subject to the Stock Ownership Commitment, which provides that for so long as they remain members of the Board or senior management, they shall hold at least 75% of the shares of Company common stock they own on the date they become subject to the commitment and 75% of the net shares delivered to them pursuant to awards granted under the Company’s equity programs, once certain minimum guidelines have been met, subject to the provisions contained in the commitment.
For purposes of these guidelines, the term “members of senior management” shall mean members of the Management Committee, members of the Business Planning Groups and senior members of corporate staff as disclosed in the Company’s annual report.
Exceptions to the Stock Ownership Commitment include gifts to charity, estate planning transactions, transactions with Citigroup in connection with exercising employee stock options or paying withholding taxes under equity compensation programs, and certain other circumstances.
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