Notice of Allotment of Options

Template
Capital Change Notice

Updated as at 17 October 2019


Section 1: Issuer information
Name of issuer Summerset Group Holdings
Limited
NZX ticker code SUM
Class of financial product Option to acquire ordinary shares
ISIN (If unknown, check on NZX website) N/A. The Options will not be
quoted.
Currency NZD
Section 2: Capital change details
Number issued/acquired/redeemed 548,505 Options
Nominal value (if any) N/A
Issue/acquisition/redemption price per security N/A
Nature of the payment (for example, cash or other
consideration)
No consideration is payable in
accordance with the Summerset
Share Option Plan Rules.
Amount paid up (if not in full) N/A
Percentage of total class of Financial Products
issued/acquired/redeemed/ (calculated on the number of
Financial Products of the Class, excluding any Treasury
Stock, in existence)
1

26.60059175% of all Options
currently on issue.

If, on vesting, all Options are
exercised, 0.2376051% of the
ordinary shares in Summerset
Group Holdings Limited (based
on the number of ordinary shares
and Options currently on issue).
For an issue of Convertible Financial Products or Options,
the principal terms of Conversion (for example the
Conversion price and Conversion date and the ranking of
the Financial Product in relation to other Classes of
Financial Product) or the Option (for example, the exercise
price and exercise date)
Each grant of Options is split into
two tranches. Subject to their
continued employment by
Summerset and the achievement
of certain performance hurdles,
Option holders will be able to
exercise the Options in the first
tranche in the period beginning
on 31 December 2022 and
ending on 30 June 2024. For the
second tranche the exercise
period begins on 31 December
2023 and ends on 30 June 2025.
The exercise price for the
Options is $10.85 per Option
(Exercise Price), being the
volume weighted average price of

1
The percentage is to be calculated immediately before the issue, acquisition, redemption or Conversion.

Summerset’s shares on the NZX
Main Board in the ten day trading
period which commenced on 30
November 2020.
Reason for issue/acquisition/redemption and specific
authority for issue/acquisition/redemption/ (the reason for
change must be identified here)
The board of Summerset has
resolved to offer the Options to
selected employees in order to:
(a) reward and retain key
employees;
(b) drive longer-term performance
and alignment of incentives of
participants with the interests
of Summerset’s shareholders;
and
(c) encourage longer term
decision-making by
participants.
Total number of Financial Products of the Class after the
issue/acquisition/redemption/Conversion (excluding
Treasury Stock) and the total number of Financial Products
of the Class held as Treasury Stock after the
issue/acquisition/redemption.
2,610,508
In the case of an acquisition of shares, whether those
shares are to be held as treasury stock
N/A
Specific authority for the issue, acquisition, or redemption,
including a reference to the rule pursuant to which the issue,
acquisition, or redemption is made
Summerset Share Option Plan
Rules, Directors’ resolution for
the purposes of Listing Rule
4.6.1, dated 15 December 2020.
Terms or details of the issue, acquisition, or redemption (for
example: restrictions, escrow arrangements)
As above. Upon exercise,
Summerset will facilitate a net
settled exercise by issuing to the
Option holder such number of
shares as is equal to the
difference between the market
value per share of Summerset’s
ordinary shares and the Exercise
Price, multiplied by the number of
Options being exercised, divided
by the market value per share of
Summerset’s ordinary shares.
Date of issue/acquisition/redemption
2
18/12/2020
Section 3: Authority for this announcement and contact person
Name of person

authorised to make this announcement Robyn Heyman
Contact person for this announcement Robyn Heyman
Contact phone number +64 27 506 5562

2
Continuous issuers using this form in reliance on Rule 3.13.2, please indicate the period during which the relevant
issue/acquisition/redemptions were made (for example, 1 January 2019 to 31 January 2019).

Template
Capital Change Notice

Updated as at 17 October 2019
Contact email address robyn.heyman@summerset.co.nz
Date of release through MAP

18/12/2020