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C » Topics » (a) Voluntary Resignation.

This excerpt taken from the C 10-Q filed Nov 6, 2009.
(a) Voluntary Resignation.  If Participant voluntarily terminates his or her employment with the Company, vesting of [restricted stock awards, deferred stock awards and Option shares][deferred cash awards] will cease[, as will the right to exercise any vested Option shares,] on the date Participant’s employment is so terminated[; all unvested shares and unexercised Option shares subject to the Award will be canceled] and Participant shall have no further rights of any kind with respect to the Award.  [Different treatment may apply to Option shares if Participant is subject to a garden leave or other notice policy.]

 

This excerpt taken from the C 8-K filed Jan 21, 2009.
(a) Voluntary Resignation.  If Participant voluntarily terminates his or her employment with the Company except as expressly provided in Sections 4(i) and 4(j) below, participation in the Program will cease on the date Participant’s employment is so terminated and Participant shall have no further rights of any kind with respect to any unvested portion of the Award.  Any previously vested shares, and accrued dividend equivalents, if applicable (less appropriate withholdings for the payment of taxes), will be distributed to Participant on the 30th day after the Award Termination Date.

This excerpt taken from the C 10-Q filed Oct 31, 2008.
(a) Voluntary Resignation.  If Participant voluntarily terminates his or her employment with the Company, vesting of [restricted stock awards, deferred stock awards and Option shares][deferred cash awards] will cease[, as will the right to exercise any vested Option shares,] on the date Participant’s employment is so terminated[; all unvested shares and unexercised Option shares subject to the Award will be canceled] and Participant shall have no further rights of any kind with respect to the Award.  [Different treatment may apply to Option shares if Participant is subject to a garden leave or other notice policy.]

 

This excerpt taken from the C DEF 14A filed Mar 13, 2008.

Voluntary Resignation

Under CAP and MSOP, if a participant meets the Rule of 75 and terminates his or her employment, the participant’s stock awards will continue to vest on schedule, provided that the participant does not compete with Citi’s business operations. In addition, if a CAP or MSOP participant meets the Rule of 75 and terminates his or her employment, the participant’s stock options will vest on the last day of employment and the participant will have up to two years to exercise his or her vested stock options, provided that he or she does not compete with Citi’s business operations. Sir Winfried meets the Rule of 75, so all of his nonvested awards disclosed in the Outstanding Equity Awards at Fiscal Year-End Table (other than the LTIP awards) would vest. His nonvested awards under the LTIP, shown in the equity incentive plan award column of that table, would be forfeited.

 

If a participant meets the Rule of 60 and terminates his or her employment, the participant’s basic and supplemental CAP shares vest on schedule, provided that he or she does not compete with Citi’s business operations, and nonvested premium shares are forfeited. In addition, if a CAP or MSOP participant meets the Rule of 60 and terminates his or her employment, vesting of the participant’s stock options will stop on his or her last day of employment and the participant may have up to two years to exercise his or her vested stock options. Mr. Klein meets the Rule of 60. Accordingly, if Mr. Klein had resigned on


 

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December 31, 2007, all his nonvested stock options shown in the Outstanding Equity Awards at Fiscal Year-End Table would have been forfeited, but 260,163 shares of his nonvested stock awards, valued at $7,659,198, would continue to vest on schedule and 52,155 shares, valued at $1,535,443, would have been forfeited.

 

If a CAP or MSOP participant voluntarily terminates his or her employment and does not meet any of the age and years of service requirements, the participant’s nonvested stock awards and stock options will be forfeited on his or her last day of employment. Currently, Ms. Krawcheck, Mr. Kaden, and Mr. Volk do not meet any of the age and years of service rules, so if they voluntarily terminate their employment all of their nonvested awards disclosed in the Outstanding Equity Awards at Fiscal Year-End Table would be forfeited.

 

If any named executive officer had voluntarily terminated his or her employment on December 31, 2007, then all of his or her awards under the LTIP, shown in the equity incentive plan award column of the Outstanding Equity Awards at Fiscal Year-End Table, would have been forfeited.

 

An executive forfeits any nonvested retention equity awards upon voluntary resignation.

 

No executive is entitled to a grant of an additional equity award in connection with his or her voluntary resignation.

 

This excerpt taken from the C 10-Q filed Aug 3, 2007.
(a)           Voluntary Resignation.  If Participant voluntarily terminates his or her employment with the Company, vesting of the Award will cease, the Award will be canceled and Participant shall have no further rights of any kind with respect to the Award as of Participant’s Termination Date.

This excerpt taken from the C DEF 14A filed Mar 13, 2007.

Voluntary Resignation

Under CAP and MSOP, if a participant meets the Rule of 75 and terminates his or her employment, the participant’s stock awards will continue to vest on schedule, provided that the participant does not

compete with Citigroup’s business operations. In addition, if a CAP or MSOP participant meets the Rule of 75 and terminates his or her employment, the participant’s stock options will vest on the last day of employment and the participant will have up to two years to exercise his or her vested stock options, provided that he or she does not compete with Citigroup’s business operations. Mr. Prince and Mr. Rubin each meet the Rule of 75, so all of their nonvested awards disclosed in the Outstanding Equity Awards at Fiscal Year-End Table would vest, with one exception. If Mr. Prince had voluntarily resigned on December 29, 2006, the retention award granted to him on July 15, 2003 in the form of stock would have been forfeited.

 

If a participant meets the Rule of 60 and terminates his or her employment, the participant’s basic and supplemental CAP shares vest on schedule, provided that he or she does not compete with Citigroup’s business operations, and nonvested premium shares are forfeited. In addition, if a CAP or MSOP participant meets the Rule of 60 and terminates his or her employment, vesting of the participant’s stock options will stop on his or her last day of employment and the participant will have up to two years to exercise his or her vested stock options. Mr. Druskin meets the Rule of 60. Accordingly, if Mr. Druskin had resigned on December 29, 2006, all his nonvested stock options shown in the Outstanding Equity Awards at Fiscal Year-End Table would have been forfeited, but 179,669 shares of his nonvested stock awards would continue to vest on schedule.

 

If a CAP or MSOP participant voluntarily terminates his or her employment and does not meet any of the age and years of service requirements, the participant’s nonvested stock awards and stock options will be forfeited on his or her last day of employment. Currently, Ms. Krawcheck and Mr. Volk do not meet any of the age and years of service rules, so if they voluntarily terminate their employment all of their nonvested awards disclosed in the Outstanding Equity Awards at Fiscal Year-End Table would be forfeited.

 

No executive is entitled to a grant of an additional equity award in connection with his or her voluntary resignation.


 

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EXCERPTS ON THIS PAGE:

10-Q
Nov 6, 2009
8-K
Jan 21, 2009
10-Q
Oct 31, 2008
DEF 14A
Mar 13, 2008
10-Q
Aug 3, 2007
DEF 14A
Mar 13, 2007

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