Uncle Vikula, who just started receiving a salary in January after choosing to make $1 a year until Citi turned a profit, may now be eligible for a very exciting three-part bonus.
Mr. Pandit will receive $10 million in deferred stock in three equal installments starting in 2013, provided the New York bank hits certain financial, organizational and staff development goals. He will receive $6.65 million in profit sharing if Citigroup hits a certain income target, paid in two installments starting in 2013. And he will receive 500,000 stock options vesting over three years beginning in May 2012.
[WSJ]
And the smile… due to the fact that the federal government employee that negotiated the deal struck the option price at $4.40 cents so Vik is already in the money 10X. Oops.
Dude needs a stock price target to get paid.
UBS sucks
Stock price target? He just increased the price 10X the other day, what more do you want from the man?
– Lehman Quant.
you kicked my dog
This clown is totally clueless. I thought the Board kept him around because: a) he only costs $1/year; and b) the comedic value. They are actually proposing to pay this freak???!!!! Ugh! Kill the Board!
Baller