Citigroup (NYSE:C) Awards Executives with Options on 18 Million Shares

In a filing with the SEC, Citigroup (NYSE:C) revealed it has awarded 15 senior executives with stock options on 18.2 million company shares. That is part of their bonuses for 2010 performances.

The most options were offered to Chief Operating Officer John Havens, and the head of consumer banking for the Americas, Manuel Medina-Mora, both receiving 2 million share each.

Next in line were Chief Financial Officer John Gerspach and head of Citi Holdings, Michael Corbat, who both received 1.5 million shares.

Chief Executive Officer Vikram Pandit refused to take a bonus for 2010.

Citigroup spokeswoman Anu Ahluwalia said, “These option awards, which are meant to incent and retain our management team, further align Citi’s compensation with the long-term performance of the company.”

Those awarded with options have a choice on whether or not to acquire shares at a specific price in a specific period of time.

If the share price of the company rises within those parameters, option holders can cash in the difference.

According to the filings, the options vest in three equal annual installments starting on February 14, 2012 and can be exercised at $4.91 a share. The options expire in February 2017.

Citigroup closed Wednesday at $4.90, dropping $0.01, or 0.20 percent.