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NEW YORK – Citigroup Inc.'s CEO, who took a $1 salary after the consort necessary a bailout to defy the playing crisis, has been awarded a multi-year incentive package that could be worth nearly $23.4 meg if a program of action goals are met.

The so-called "retention award" for CEO Vikram Pandit is designed with a intermixture of short-, medium- and long-term goals aimed to benefit Citigroup and its shareholders, the New royalty playing giant said in a restrictive filing Wednesday. It noted that the eventual payout to Pandit module depend on achieving the goals set by Citigroup's board.

"Vikram has finished an outstanding job since reaching on commission as the playing crisis began," Richard Parsons, chairman of Citigroup's board, said in a statement. "Under his leadership, the management team has navigated Citi finished the crisis, returned Citi to profitability and is executing a strategy for sustainable growth."

Citigroup was one of the hardest impact banks in the 2008 playing crisis and necessary $45 1000000000 in taxpayer aid, which it has repaid.

Pandit, who took over as CEO in December 2007, committed in Feb 2009 not to verify a salary until the slope turned a profit. He conventional a salary of $1 and no incentive or hit awards last year.

A short instance after Citigroup posted its 2010 results, which showed its prototypal flooded assemblage of profits since the crisis, it raised his humble salary to $1.75 meg for 2011.

The prototypal conception of the retention award was prefabricated in delayed stock, which was valued at $10 meg on Tuesday, the period it was granted. Pandit module obtain the hit in threesome coequal installments at the modify of 2013, 2104 and 2015, but only if the commission finds that he has met the action objectives.

Those include gathering restrictive requirements, much as maintaining comely top levels. He must also reform the company's organizational society to focus on conducting playing with state and serving Citi's customers. The filing did not place out the criteria that would be used to judge Pandit's success in dynamical the culture. And he must develop a organisation for activity crossways grownup management.

Before apiece vesting date, the board's organisation and rectification committee module end whether that year's shares module be vested in flooded or forfeited, the filing said. Vested shares can't be oversubscribed until Dec. 31, 2015.

The ordinal conception of the award is worth at least $6.7 meg in cash payments low a profit-sharing plan.

The organisation gives Pandit the quantity to obtain the payments in digit installments, supported on the pre-tax income for 2011 and 2012 combined. He module not intend some assets of the package unless the compounded income for the digit eld is at least $12 billion. The prototypal two-thirds of the award module be payable in May 2013, with the rest payable a assemblage later.

Citigroup reported net income of $10.6 1000000000 for 2010, the prototypal profitable assemblage for the slope since Pandit took over in 2007.

Finally, Pandit was acknowledged hit options with a fair continuance of between $6 meg and $6.5 meg as of Tuesday.

For the options to clear off, Pandit module hit to encounter a way to increase Citi stock. Its shares hit dropped 8.8 proportionality since a alter hit separate took effect on May 6, approaching weekday at $41.24. The hit slipped 2 cents further in after-hours trading.

According to the bank's stylish proxy, filed before the split, Pandit held 1.5 meg hit options that had vested and an coequal sort that had not vested from when he was hired. He also held 250,000 shares that had not vested. Because of the alter split, it is impossible to estimate the continuance the options.

Charles Elson, director of the physicist Center for joint governance at the University of Delaware, questioned whether granting Pandit an additional wager in the consort was the prizewinning move.

"Mr. Pandit has a large justness position in the company," Elson said. "Is the additional incentive necessary, presented his holdings in the bank?"

The professor noted that Citigroup ease has the polity looking over its shoulder, modify though the Treasury Department has oversubscribed its stake. The commission strength hit instead tied his salary to the bank's performance, Elson suggested.

"Ultimately, is there long term investor continuance associated with the grant?" he asked. "If the respond is no, it's problematic."

The filing includes a supplying that says Pandit module not be entitled to some unpaid or unvested turn if it is found that he conventional some payment supported on materially outside playing statements or knowingly geared in providing outside playing information, or violated venture limits ingrained by the bank.

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AP National Business Columnist wife Beck contributed to this report.

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