HELSINKI, Dec. 11, 2019 /PRNewswire/ -- The Board of Directors of Citycon Oyj has approved a new Restricted Share Plan 2020-2022 for the key employees of Citycon Oyj and its subsidiaries. The aim of the new 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 bind the key employees to the company, and to offer them competitive reward plans based on earning and accumulating the company's shares.
The rewards from the new Restricted Share Plan 2020-2022 may be allocated in 2020-2022. The reward will be based on a valid employment or service contract of a key employee upon the reward payment, and it may be paid partly in the company's shares and partly in cash after the end of a vesting period. A vesting period will last 24 to 36 months from a reward allocation.
The Restricted Share Plan 2020-2022 is directed to selected key employees, excluding the CEO and other members of the Corporate Management Committee. The rewards to be paid on the basis of this plan in 2020-2025 correspond to the value of an approximate maximum total of 60,000 Citycon Oyj shares including also a possible cash proportion to be used for taxes and tax-related costs.
CITYCON OYJ Stock Exchange Release 11 December 2019 at 15:25 hrs
Espoo, 11 December 2019
The Board of Directors
Citycon Oyj is a leading owner, manager and developer of urban, grocery-anchored shopping centres in the Nordic region, managing assets that total approximately EUR 4.4 billion. Citycon is the number one shopping centre owner in Finland and among the market leaders in Norway, Sweden and Estonia. Citycon has also established a foothold in Denmark.
Citycon Oyj has investment-grade credit ratings from Moody's (Baa3) and Standard & Poor's (BBB-). Citycon Oyj's shares are listed on Nasdaq Helsinki Ltd. stock exchange.
For more information about Citycon Oyj, please visit www.citycon.com.
For further information, please contact:
Executive VP and CFO
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SOURCE Citycon Oyj