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"So I think the company pays more in employee retention packages — a Microsoft premium".
On Monday, Mr. Kruszewski said that about 85 KBW executives had signed retention packages.
Xstrata adjusted its retention packages in August after institutional shareholders complained.
The terms of any new retention packages for key Xstrata staff - who stood to receive share awards of more than £240m - also need to be resolved.
The transaction has a hurdle rate of 75% and Glencore cannot vote its stake while the vote on the retention packages has a 50% pass rate.
Since Mr. Pandit and Mr. Havens abruptly left the company, they will both forfeit the remainder of their retention packages, which were outlined last year.
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Citigroup's board broke the retention package into three parts.
Mr. Klein, who headed Citigroup's investment banking operations, was given a retention package in cash and stock worth $19.3 million.
But such a vote almost ensures the passage of the retention package with the merger.
In addition, he received a retention package valued at $40 million, to be awarded through 2015.
The initial deal required that the merger and retention package be approved together.
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