Wellington appoints new Chief Executive Officer

®
is a registered Trade Mark of Wellington Drive Technologies WT 9539

Wellington Drive Technologies Ltd
P: +64 9 477 4500 E: info@wdtl.com
21 Arrenway Drive, Rosedale, Auckland 0632
PO Box 302-533 North Harbour, Auckland 0751, New Zealand
www.wdtl.com



7 May 2021

Market Announcement
For immediate release
Wellington appoints new Chief Executive Officer


After an extensive international CEO search process, Wellington Drive Technologies’ (“Wellington”) Board of
Directors is delighted to announce that Greg Balla has accepted the role. He is expected to assume the role
on a full time basis on 1 September 2021, replacing Greg Allen who stepped down at the end of March 2021.

Gottfried Pausch, Chairman and Interim CEO says “We are excited to have found a new CEO with strong
leadership experience in agile product innovation, organisational development and running global
businesses. Greg’s broad background in strategy and execution places us in a great position to achieve
long-term sustainable growth. We believe Greg’s management style is what we need to take Wellington to
its next level; his customer focus, deep knowledge of running a global software company and wealth of
experience in monetising digital assets will drive our growth and international expansion strategies. We are
excited to have Greg on board and welcome him to the team”.

Greg holds a bachelor’s degree in Engineering from the University of Technology in Sydney and a Master’s
degree in Business Administration; from Deakin University. Greg comes to the role with significant
experience in technology and manufacturing companies across a range of sectors including industrial,
healthcare technology, mining, pharmaceuticals and electrical products. His most recent role was as Chief
Operating Officer for Orion Health, a global health technology company.

Greg says “I am really looking forward to joining the Wellington team, which has done a great job navigating
the impact of COVID-19 and built a strong foundation for future growth. With its intense customer focus and
strong pipeline of new products and solutions, Wellington has significant potential.”

“Wellington has a range of unique and innovative technologies in the hardware, software and IoT data
space. The Company is competitively well-positioned to deliver superior solutions to both gain market share
and expand into new market segments.”

“It is an exciting time to be joining Wellington and I look forward to an amazing journey that helps create a
broad portfolio of innovative products and solutions to take this company to truly global heights.”

WT 9539

2
As part of Greg Balla’s remuneration package, he has been granted options under the Wellington Employee
Share Option Plan to acquire shares in Wellington in number up to three percent of the current share capital
of the Company. Details are set out in the separate Capital Change Notice lodged with this announcement.



About Wellington Drive Technologies

Wellington is a leading provider of IoT solutions, cloud-based fleet management platforms, energy-efficient
electronic motors and connected refrigeration control solutions. It serves some of the world’s leading food
and beverage brands and refrigerator manufacturers, and offers proximity-based marketing for Smart Cities
to the Australian market. Wellington’s services and products improve sales, decrease costs and reduce
energy consumption. Headquartered in Auckland with a global reach, Wellington is listed on the New
Zealand stock exchange under the ticker symbol NZ:WDT

For further information visit
www.wdtl.com



Contact

Gottfried Pausch
Chairman
Phone +64 21 258 4054

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Template
Capital Change Notice

Updated as at 17 October 2019



Section 1: Issuer information
Name of issuer Wellington Drive Technologies
Limited
NZX ticker code WDT
Class of financial product Unlisted options to subscribe
for ordinary shares in
Wellington Drive Technologies
Limited (“Options”) under the
Wellington Employee Share
Option Plan (“Plan”)
ISIN (If unknown, check on NZX website) Options: N/A
Ordinary shares:
NZWDTE0002S1
Currency NZ$
Section 2: Capital change details
Number issued/acquired/redeemed Issue of 12,930,000 Options
Nominal value (if any) N/A
Issue/acquisition/redemption price per security Options are issued for nil cash
consideration.
Nature of the payment (for example, cash or other
consideration)
N/A
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

100% of the Options
representing on exercise a
total of 2.99% of the ordinary
shares 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)
The Options are issued
pursuant to the terms of the
Plan.
Each Option may be converted
by the Chief Executive Officer
(the “Holder”) into one ordinary
share in WDT on its exercise.
The Options will only vest if:
(a) the Holder commences
full time employment with
WDT on 1 September
2021 and;
(b) in respect of 8.62 million
Options (“Tranche One
Options”), the Holder

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

remains a full time
employee on 1 October
2024; and
(c) in respect of 4.31 million
Options (“Tranche Two
Options”) the Holder
remains a full time
employee on 1 October
2025.
If the vesting criteria are not
met, all of the Options will
lapse.
The Holder can exercise the
Options as follows:
(a) Tranche One Options may
be exercised within 18
months following 1
October 2024 at an
exercise price of the
greater of 8.5 cents per
share and the Average
Market Price (as defined
in the NZX Listing Rules)
of WDT on the NZX at
closing on the date of this
notice; and
(b) Tranche Two Options may
be exercised within 18
months of 1 October 2025
at an exercise price of
11.5 cents per share.
The Options are not subject to
any performance criteria,
however the vesting criteria (as
described above) must be met.
The Options do not carry
voting or dividend rights and
will not be quoted.
Reason for issue/acquisition/redemption and specific authority
for issue/acquisition/redemption/ (the reason for change must
be identified here)
The issue is to align the
interests of the CEO with those
of WDT’s shareholders and to
provide incentives and rewards
reflecting the performance of
WDT.
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.
12,930,000 Options

431,914,620 ordinary shares
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
Listing Rule 4.6 and resolution
of the Board of WDT.

Template
Capital Change Notice

Updated as at 17 October 2019

Terms or details of the issue, acquisition, or redemption (for
example: restrictions, escrow arrangements)
See terms above.
Date of issue/acquisition/redemption
2
07/05/2021
Section 3: Authority for this announcement and contact person
Name of person

authorised to make this announcement Paul Gillard, General Counsel
Contact person for this announcement Paul Gillard
Contact phone number 027 432 0310
Contact email address paul.gillard@wdtl.com
Date of release through MAP

07/05/2021




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).