The Board of Directors of Citycon Oyj has approved two new share-based incentive plans for the Group key employees, a Performance Share Plan 2015 and a Restricted Share Plan 2015.
The aim of the new 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 bind the key employees to the company, and to offer them competitive reward plans based on earning and accumulating the company´s shares.
Performance Share Plan 2015
The new Performance Share Plan 2015 includes three performance periods, calendar years 2015—2017, 2016—2018, 2017—2019. The Board of Directors of the company will decide on the Plan’s performance criteria and required performance levels for each criterion at the beginning of each performance period. The Performance Share Plan is directed to approximately 30 people, including the members of the Corporate Management Committee.
The potential reward of the Plan from the performance period 2015—2017 will be based on the Total Shareholder Return of the Company´s share (TSR criterion). The rewards to be paid on the basis of the Plan correspond to the value of an approximate maximum total of 3,558,300 Citycon Oyj shares (including also the proportion to be paid in cash). An approximate maximum total of 1,186,100 Citycon Oyj shares will be paid on the basis of the performance period 2015—2017 (including also the proportion to be paid in cash).
The potential reward from the performance period 2015—2017 will be paid partly in the company’s shares and partly in cash in 2018. The cash proportion is intended to cover taxes and tax-related costs arising from the reward to the participant.
As a rule, no reward will be paid from the plan, if a participant´s employment or service ends during calendar years 2015—2017.
Restricted Share Plan 2015
The rewards from the new Restricted Share Plan 2015 may be allocated in 2015—2017. 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 two-year or a three-year vesting period.
The Plan is directed only to selected key employees, including the members of the Corporate Management Committee. The rewards to be paid on the basis of the Plan correspond to the value of an approximate maximum total of 500,000 Citycon Oyj shares (including also the cash proportion to be used for taxes and tax-related costs).
Helsinki 11 February 2015
CITYCON OYJ
The Board of Directors
For further information, please contact:
Marcel Kokkeel, CEO
Tel. +358 20 766 4521 or +358 40 154 6760
marcel.kokkeel@citycon.com
Citycon Oyj (NASDAQ OMX: CTY1S) is a leading owner, developer and manager of urban grocery-anchored shopping centres in the Nordic and Baltic regions, managing assets that total approximately EUR 3.3 billion and with a market capitalisation of approximately EUR 1.5 billion. For more information about Citycon, please visit www.citycon.com
