Citycon resolved on two new long-term incentive plans and on changes to Matching Share Plan
CITYCON OYJ Stock Exchange Release 16 February 2023 at 20:30 hrs
The Board of Directors of Citycon Oyj has resolved to establish two new share-based incentive plans for the key employees of the Company and its subsidiaries. The aim of the plans 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 plans.
Performance Share Plan 2023–2025
The Performance Share Plan 2023–2025 is directed at the members of the Corporate Management Committee, excluding the CEO.
The plan includes three (3) three (3) year performance periods, spanning from March 2023, 2024 and 2025 until the end of February 2026, 2027 and 2028, 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 180,000 Citycon Oyj shares including any cash proportion for taxes and tax-related costs.
The Board of Directors has resolved on the four participants for the first performance period (March 2023–February 2026) 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 60,000 shares.
Restricted Share Plan 2023—2025
The Restricted Share Plan 2023—2025 is directed to selected key employees, excluding the CEO and other members of the Corporate Management Committee.
The rewards from the plan may be allocated in 2023—2025. The reward will be based on a valid employment or service contract of a key employee upon the reward payment, and it will 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 rewards to be paid on the basis of this plan 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.
Matching Share Plan 2022–2024
The Board of Directors of Citycon Oyj has resolved to add the CFO as a participant in the Matching Share Plan 2022—2024 approved on 22 March 2022.
For further information, please contact:
Sakari Järvelä
Vice President, Corporate Finance and Investor Relations
Tel. +358 50 387 8180
sakari.jarvela@citycon.com
Citycon is a leading owner, manager and developer of mixed-use real estate featuring modern, necessity-based retail with residential, office and municipal service spaces that enhance the communities in which they operate. Citycon is committed to sustainable property management in the Nordic region with assets that total approximately EUR 4.3 billion. Our centres are located in urban hubs in the heart of vibrant communities with direct connections to public transport and anchored by grocery, healthcare and other services that cater to the everyday needs of customers.
Citycon has investment-grade credit ratings from Moody's (Baa3) and Standard & Poor's (BBB-). Citycon’s shares are listed on Nasdaq Helsinki Ltd.
www.citycon.com