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Pandit, Other Citi Execs Forego Stock Awards

Key Citigroup executives, including CEO Vikram Pandit, declined incentive or retention awards in stock or cash, a Securities and Exchange Commission filing showed Wednesday.

The move comes after Citi cut its common stock dividend to 1 cent a share on Tuesday, the maximum allowed for the bank after its $20 billion government bailout.

Other members of Citigroup's executive committee received stock awards that vest if the price of common stock meets specified price targets during the next four years. Half of each award has a price target ot $17.85 and half has a price target of $10.61, the document showed.

"These price levels were chosen based on the conversion prices of the warrants to purchase common stock issued by Citigroup to the U.S. Department of the Treasury on October 28, 2008 and on December 31, 2008," the filing showed.

Along with Pandit, Chairman of the Board Sir Winfried Bischoff and Chief Financial Officer Gary Crittenden also refused to be considered for the awards, it said.

Citi also introduced a Deferred Cash Award Plan for eligible employees, mainly in the U.S. and the U.K. with incentive compensation of over $100,000. These awards vest over four years and earn interest during the vesting period at the 90-day LIBOR rate, the documents showed.

Pandit, Biscchoff and Crittenden gave up the cash awards as well.