CITYCON OYJ Stock Exchange Release 27 October 2021 at 21:15 hrs
HELSINKI, Oct. 27, 2021 /PRNewswire/ -- The Board of Directors of Citycon Oyj has approved a new Restricted Share Plan 2021-2025 for the CEO, F. Scott Ball. Mr Ball's appointment as the CEO commenced on 1 January 2019, and the renewal of his CEO agreement, which will last until 14 January 2025, was published in a stock exchange release dated 23 August 2021.
The aim of the new plan is to align the objectives of the shareholders and the CEO in order to increase the long-term value of the company, to retain the CEO at Citycon, and to offer him a competitive reward plan, which is based on receiving and accumulating the company's shares.
The new CEO Restricted Share Plan 2021-2025 includes three vesting periods ending on 15 January 2023, 2024 and 2025, respectively.
The rewards to be paid according to this plan correspond to the total value of 570,000 Citycon shares including also a potential cash proportion to be used for taxes and tax-related costs. The rewards from the plan will be paid in three equal instalments, partly as company shares and partly in cash, after the end of each vesting period. All paid shares shall be subject to a lock-up undertaking by the CEO until 14 January 2025 unless the CEO agreement is terminated prior to such date.
The Board of Directors
For further information, please contact:
Vice President, Strategy and Investor Relations
Tel. +358 40 725 7573
Citycon is a leading owner, manager and developer of mixed-use centres for urban living including retail, office space and housing. We are committed to sustainable property management in the Nordic region with assets that total approximately EUR 4.5 billion. Our centres are located in urban hubs with a direct connection to public transport. Placed in the heart of communities, our centres are anchored by groceries, healthcare and services to cater for the everyday needs of customers.
Citycon has investment-grade credit ratings from Moody's (Baa3), Fitch (BBB-) and Standard & Poor's (BBB-). Citycon Oyj's share is listed in Nasdaq Helsinki.
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