08:00 AM EDT, 10/01/2024 (MT Newswires) -- Colliers International Group ( CIGI ) said Tuesday it has extended the management services agreement with its Global Chairman and Chief Executive Jay Hennick to Jan. 1, 2029, from its previous expiration in April 2026.

Under this arrangement, the company said Hennick had been granted 428,174 cash-settled performance units, subject to certain performance-based vesting conditions through Jan. 1, 2029. Hennick is Colliers International Group's ( CIGI ) largest shareholder.

It added that if earned, Colliers would make a one-time cash payment based on the number of vested units multiplied by the twenty-day volume-weighted average trading price of its subordinate voting share.

For full vesting, Colliers' market capitalization must reach about $12.3 billion, double its value as of Dec. 31, 2023, the company said.