Capital change notice

Capital Change Notice

Updated as at 17 October 2019


Section 1: Issuer information
Name of issuer Cavalier Corporation Limited
NZX ticker code CAV
Class of financial product Ordinary shares
ISIN (If unknown, check on NZX website) NZCAVE0001S7
Currency Not applicable
Section 2: Capital change details
Number issued/acquired/redeemed Each participant will be issued
a performance right which will
convert into a number of equity
securities as described below.
Nominal value (if any) Not applicable
Issue/acquisition/redemption price per security Not applicable
Nature of the payment (for example, cash or other
consideration)
Not applicable
Amount paid up (if not in full) Fully paid
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

The number of quoted equity
securities which will be issued
on conversion of the
performance rights is unknown
at the time of issue of the
performance rights, but will not
exceed the 3% threshold
under listing rule 4.6.1(c).
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)
Performance rights are issued
pursuant to the Company's
long-term incentive scheme.
The performance rights give
the holder the right to receive
equity securities when the
performance rights vest. The
performance rights will vest on
1 May 2023 if (among other
things) the Company's total
shareholder return exceeds
14% per annum compounding
over the period from 1
November 2020 to 1 May
2023. The number of equity
securities into which the
performance rights will convert
will depend on the extent to
which the Company's total

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

shareholder return exceeds
14% per annum compounding
over the performance period
and the price of the
Company’s shares at the
vesting date.
Reason for issue/acquisition/redemption and specific authority
for issue/acquisition/redemption/ (the reason for change must
be identified here)
Issue of performance rights
pursuant to the Company's
long-term incentive scheme.
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.
The number of quoted equity
securities which will be issued
on conversion of the
performance rights is unknown
at the time of issue of the
performance rights, but will not
exceed the 3% threshold
under listing rule 4.6.1(c).
In the case of an acquisition of shares, whether those shares
are to be held as treasury stock
Not applicable
Specific authority for the issue, acquisition, or redemption,
including a reference to the rule pursuant to which the issue,
acquisition, or redemption is made
Cavalier Corporation Limited
Long-Term Incentive Scheme
Rules and directors' resolution
for the purposes of rule 4.6.1,
dated 24 December 2020.
Terms or details of the issue, acquisition, or redemption (for
example: restrictions, escrow arrangements)
See 'Principal terms of
Conversion' above. The
number of shares that will be
issued to each participant
depends on the price of the
CAV shares at the time that
the performance rights are
converted into shares. These
shares will be subject to
restrictions on dealing for a
two-year restriction period, as
follows:
• 40% of shares will be
able to be dealt with on and
from the issue date;
• 30% of shares will be
able to be dealt with one year
from the issue date; and
• 30% of shares will be
able to be dealt with two years
from the issue date.
Date of issue/acquisition/redemption
2
24 December 2020

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).

Capital Change Notice

Updated as at 17 October 2019
Section 3: Authority for this announcement and contact person
Name of person

authorised to make this announcement Victor Tan
Contact person for this announcement Victor Tan
Contact phone number +64 27 668 8963
Contact email address vtan@bremworth.co.nz
Date of release through MAP

24 December 2020