Number of shares available for grant (in shares)

  
Stock Option ProgramsAll outstanding stock options are fully vested, with the related expense recognized as a charge to income in prior periods. The following table presents information with respect to stock option activity under Citigroup’s stock option programs:   


|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|   | 2021 | 2020 | 2019 |
|   | Options | Weighted-averageexerciseprice | Intrinsicvalueper share | Options | Weighted-averageexerciseprice | Intrinsicvalueper share | Options | Weighted-averageexerciseprice | Intrinsicvalueper share |
| Outstanding, beginning of year | 166,650  |  | $ | 47.42  |  | $ | 14.24  |  | 166,650  |  | $ | 47.42  |  | $ | 32.47  |  | 762,225  |  | $ | 101.84  |  | $ | —  |  |
|  |  |  |  |  |  |  |  |  |  |
| Canceled | —  |  | —  |  | —  |  | —  |  | —  |  | —  |  | (11,365) |  | 40.80  |  | —  |  |
| Expired | —  |  | —  |  | —  |  | —  |  | —  |  | —  |  | (449,916) |  | 142.30  |  | —  |  |
| Exercised | (166,650) |  | 52.50  |  | 20.49  |  | —  |  | —  |  | —  |  | (134,294) |  | 39.00  |  | 23.50  |  |
| Outstanding, end of year | —  |  | $ | —  |  | $ | —  |  | 166,650  |  | $ | 47.42  |  | $ | 14.24  |  | 166,650  |  | $ | 47.42  |  | $ | 32.47  |  |
| Exercisable, end of year | —  |  |  |   | 166,650  |  |   |   | 166,650  |  |   |   |

  
As of December 31, 2021, Citigroup no longer has any stock options outstanding.   
  
Other Variable Incentive CompensationCitigroup has various incentive plans globally that are used to motivate and reward performance primarily in the areas of sales, operational excellence and customer satisfaction. Participation in these plans is generally limited to employees who are not eligible for discretionary annual incentive awards. Other forms of variable compensation include monthly commissions paid to financial advisors and mortgage loan officers.  
SummaryExcept for awards subject to variable accounting, the total expense recognized for stock awards represents the grant date fair value of such awards, which is generally recognized as a charge to income ratably over the vesting period, other than for awards to retirement-eligible employees and immediately vested awards. Whenever awards are made or are expected to be made to retirement-eligible employees, the charge to income is accelerated based on when the applicable conditions to retirement eligibility were or will be met. If the employee is retirement eligible on the grant date, or the award is vested at the grant date, Citi recognizes the expense each year equal to the grant date fair value of the awards that it estimates will be granted in the following year. Recipients of Citigroup stock awards generally do not have any stockholder rights until shares are delivered upon vesting or exercise, or after the expiration of applicable required holding periods. Recipients of deferred stock awards and deferred cash stock unit awards, however, may, except as prohibited by applicable regulatory guidance, be entitled to receive or accrue dividends or dividend-equivalent payments during the vesting period. Recipients of stock payment awards generally are entitled to vote the shares in their award during the sale-restriction period. Once a stock award vests, the shares delivered to the participant are freely transferable, unless they are subject to a restriction on sale or transfer for a specified period. All equity awards granted since April 19, 2005 have been made pursuant to stockholder-approved stock incentive plans that are administered by the P&C Committee, which is composed entirely of independent non-employee directors.At December 31, 2021, approximately 39.0 million shares of Citigroup common stock were authorized and available for grant under Citigroup’s 2019 Stock Incentive Plan, the only plan from which equity awards are currently granted.The 2019 Stock Incentive Plan and predecessor plans permit the use of treasury stock or newly issued shares in connection with awards granted under the plans. Treasury shares were used to settle vestings from 2018 to 2021, and for the first quarter of 2022, except where local laws favor newly issued shares. The use of treasury stock or newly issued shares to settle stock awards does not affect the compensation expense recorded in the Consolidated Statement of Income for equity awards.  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
169
