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This excerpt taken from the C DEF 14A filed Mar 20, 2009. Termination
for Gross Misconduct
Under the terms of
cap, the
ltip and other
equity awards made to the named executive officers, if a
participant’s employment is terminated for gross
misconduct, his or her nonvested stock awards and outstanding
options will be forfeited or cancelled on his or her termination
date.
This excerpt taken from the C DEF 14A filed Mar 13, 2008. Termination for Gross Misconduct Under CAP and MSOP, if a participant’s employment is terminated for gross misconduct, his or her equity awards will be cancelled on his or her termination date. Under the LTIP, if a participant’s employment is terminated for gross misconduct, his or her nonvested LTIP awards will be cancelled on his or her termination date. Thus, if a named executive officer’s employment had been terminated on December 31, 2007 for gross misconduct, all of his or her nonvested stock awards and vested and nonvested options as disclosed in the Outstanding Equity Awards at Fiscal Year-End Table would have been cancelled on that date. An executive forfeits all nonvested retention equity awards in the event of termination for gross misconduct.
This excerpt taken from the C 10-Q filed Aug 3, 2007. (f) Termination for Gross Misconduct. For purposes of this Agreement, “Gross
Misconduct” means any conduct that (i) is in competition with the Company’s
business operations, (ii) that breaches any obligation that Participant owes to
the Company or Participant’s duty of loyalty to the Company, (iii) is
materially injurious to the Company, monetarily or otherwise, or (iv) is
otherwise determined by the Committee, in its sole discretion, to constitute
Gross Misconduct. For purposes of this
subsection, “Company” shall mean Citigroup and any of its subsidiaries. If
Participant’s employment is terminated for Gross Misconduct, Participant’s
Award will be cancelled and Participant shall have no further rights of any
kind with respect to the Award.
This excerpt taken from the C DEF 14A filed Mar 13, 2007. Termination for Gross Misconduct Under CAP and MSOP, if a participant’s employment is terminated for gross misconduct, his or her equity awards will be cancelled on his or her termination date. Thus, if a named executive officer’s employment had been terminated on December 29, 2006 for gross misconduct, all of his or her nonvested stock awards and vested and nonvested options would have been cancelled on that date.
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