Citycon Resolved on Long-Term Incentive Plan for Corporate Management
17 Mar, 2020, 15:47 GMT
CITYCON OYJ Stock Exchange Release 17 March 2020 at 17:05 hrs
ESPOO, Finland, March 17, 2020 /PRNewswire/ -- The Board of Directors of Citycon Oyj has resolved to establish a new share-based incentive plan for the key employees of the Company. The aim of the plan is to combine the objectives of the shareholders and the key employees in order to increase the value of the company in the long-term, to retain the key employees at the company, and to offer them competitive share-based reward plan. The plan is targeted at the members of the Corporate Management Committee, excluding the CEO.
The new Performance Share Plan 2020-2022 includes three (3) three (3) year performance periods, spanning from March 2020, 2021 and 2022 until the end of February 2023, 2024 and 2025, respectively. The rewards payable are based on the participants achieving the strategic individual criteria set for each performance period.
The Board of Directors shall confirm the participants, determine their individual performance criteria and the amount of maximum reward for each performance period, denominated in a gross number of Citycon shares including possible cash proportions for taxes and tax-related costs. The rewards to be paid on the basis of the new performance share plan shall correspond to the value of an approximate maximum total of 150,000 Citycon Oyj shares including any cash proportion for taxes and tax-related costs.
The Board of Directors has resolved on the three participants for the first performance period (March 2020-February 2023) and the individual performance criteria based on their strategic areas of responsibilities. The rewards to be paid based on the first performance period correspond to the value of an approximate maximum total of 30,000 shares.
Espoo, 17 March 2020
CITYCON OYJ
The Board of Directors
Citycon is a leading owner, manager and developer of urban, grocery-anchored shopping centres in the Nordic region, managing assets that total almost EUR 4.5 billion. Citycon is No. 1 shopping centre owner in Finland and among the market leaders in Norway, Sweden and Estonia. Citycon has also established a foothold in Denmark.
Citycon has investment-grade credit ratings from Moody's (Baa3) and Standard & Poor's (BBB-). Citycon Oyj's share is listed in Nasdaq Helsinki.
www.citycon.com
CONTACT:
For further information, please contact:
F. Scott Ball, CEO
Tel. +46-8-562-532-11
scott.ball@citycon.com
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SOURCE Citycon Oyj
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