In a filing with the U.S. Securities and Exchange Commission on Tuesday, Citi said Havens's pay package comprised of 2.7 million shares of restricted stock, which Havens received on December 30.
Based on Citi's Dec 30 closing price of $3.32, Havens earned about $8.97 million. That made him the highest paid company executive in 2009, according to the Wall Street Journal.
Havens received a cash salary of less than $500,000, the paper said, citing a person familiar with the matter. The Obama administration's pay czar, Kenneth Feinberg, who had a say over compensation for the top 100 employees at Citigroup for 2009, reviewed the structure but not the dollar amount of Havens' pay package, the paper said, citing a person familiar with the matter.
The Journal, citing the person, said Havens was not among the 20 highest-paid Citi executives at the time of Feinberg's review last year.
Havens heads Citi's institutional clients group, which includes corporate and investment banking, sales and trading, and global transaction services, among other businesses.
(Reporting by Ajay Kamalakaran in Bangalore; Editing by Lincoln Feast)