Citycon resolved to establish a performance share plan for the new CFO
CITYCON OYJ Stock Exchange Release 15 February 2024 at 20:20 hrs
HELSINKI, Feb. 15, 2024 /PRNewswire/ -- The Board of Directors of Citycon Oyj established a new share-based incentive plan for the new CFO of the company. The purpose of the plan is to align the interests of the company's shareholders and the new CFO to increase the company's value in the long-term, to retain the CFO at the company and to offer them a competitive incentive plan based on earning and accumulating the company's shares.
The CFO Performance Share Plan 2024–2026 consists of three performance periods, covering the financial years 2024, 2024–2025 and 2024–2026 respectively.
In the plan, the CFO has an opportunity to earn Citycon Oyj's shares based on performance. The performance criteria of the plan are tied to the participant achieving the strategic individual criteria. The potential rewards from the plan will be paid after the end of each performance period.
The value of the rewards to be paid on the basis of the plan corresponds to a maximum total of 30,000 shares of Citycon Oyj, including also the proportion to be paid in cash.
The potential reward will be paid partly in Citycon Oyj's shares and partly in cash. The cash proportion of the reward is intended to cover taxes and statutory social security contributions arising from the reward to the CFO. As a rule, no reward will be paid if the CFO's employment contract terminates before the reward payment.
CITYCON OYJ
Further information:
Sakari Järvelä
Chief Financial Officer
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 4.0 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 rating from Standard & Poor's (BBB-). Citycon's shares are listed on Nasdaq Helsinki Ltd.
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