Vikram Pandit, who recently resigned as Citigroup's chief executive officer amid board tensions, may have to forgo nearly $33 million in cash & stock from a retention package.

Mr. Pandit was to get $19 million via a profit-sharing agreement, deferred stock worth around $9 million and optional stock worth $4.6 million, according to the company's terms of a May last year regulatory filing.

But for all those payments Mr. Pandit was required to stay with the company through a range of payment dates, most of which have not been reached.

But it is not unusual for chief executives of big companies who resign suddenly to forfeit previously negotiated retention package. In most of such cases, outgoing chiefs work out an alternative payout deal with the board.

Steven Hall, managing director of New York-based executive compensation consulting firm Steven Hall & Partners, said that the board might have negotiated an alternative package for Mr. Pandit to make his resignation or termination smooth.

Pandit suddenly resigned on Tuesday, just a day after the bank reported higher-than-expected earnings for third quarter.

Mr. Pandit's friction with Michael E. O'Neill, who became the chairman of Citigroup earlier in 2012, is said to be the reason behind his sudden resignation.