Reply #30: Citigroup CEO gets $26.7 mln stock, 3 mln options

[UpInArms]

http://www.reuters.com/article/bondsNews/idUSN2530035720080125?sp=true

NEW YORK (Reuters) - Citigroup Inc (C.N: Quote, Profile, Research) awarded Chief Executive Vikram Pandit $26.7 million of shares and 3 million stock options, six weeks after he took over the largest U.S. bank, and a week after reporting a record $9.83 billion quarterly loss.

In a Thursday evening filing with the U.S. Securities and Exchange Commission, Citigroup said Pandit was awarded 1,094,949 shares on Tuesday under a company incentive plan adopted in 1999.

Citigroup said Pandit also received options to buy 1 million shares at $24.40 each, 1 million at $30.50 each and 1 million at $36.60 each.

Each of these awards vests in four annual installments. The higher exercise prices carry respective 25 percent and 50 percent premiums over Citigroup's Tuesday closing price.

The stock award constitutes Pandit's first direct stake in Citigroup shares, the filing shows. Citigroup acquired his Old Lane Partners LP hedge fund firm last year for about $800 million.

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