Capital Change Notice – CEO Share Rights

Template
Capital Change Notice

Updated as at 17 October 2019



Section 1: Issuer information
Name of issuer Channel Infrastructure NZ Limited
NZX ticker code CHI
Class of financial product Unquoted share rights (Share
Rights)
ISIN (If unknown, check on NZX website) N/A
Currency NZD
Section 2: Capital change details
Number issued/acquired/redeemed 337,975
Nominal value (if any) N/A
Issue/acquisition/redemption price per security Share Rights 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)
100%
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 Share Right converts on a 1:1 basis for
nil cash consideration into fully paid ordinary
shares on 27 February 2028, subject to the
satisfaction of a performance condition and
workplace safety condition (each as
confirmed by the Board). Vesting is also
subject to the CEO remaining retained
except in certain no fault terminations
provided the above performance condition
and workplace safety condition are satisfied.
Shares will be issued (or transferred in
accordance with terms of the Channel
Infrastructure Share Rights Plan) in respect
of vested Share Rights as soon as
reasonably practicable after vesting. Share
Rights rank behind Channel Infrastructure’s
ordinary shares, are non-transferable, cannot
be encumbered, and have no voting or other
share rights. Share Rights are otherwise
subject to the terms of the individual offer
letter and the rules of the Channel
Infrastructure’s Share Rights Plan, including
that the CEO’s Rights lapse automatically in
the event of fraud, dishonesty or wilful
default.

Reason for issue/acquisition/redemption and
specific authority for
issue/acquisition/redemption/ (the reason for
change must be identified here)
Issue of Share Rights under Channel
Infrastructure’s Share Rights Plan, on the
commencement of the CEO’s employment in
accordance with the terms of the CEO’s
executive employment agreement.
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.
337,975
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
Resolution of the Board and Listing Rules
4.6.1 and 4.9.1(b).
Terms or details of the issue, acquisition, or
redemption (for example: restrictions, escrow
arrangements)
No cash consideration is payable by the CEO
on the grant of the Share Rights or on the
issue or delivery of fully paid ordinary shares
following vesting of Share Rights. As noted
above, vesting of Shares Rights is subject to
continued employment (subject to
accelerated vesting, including for no fault
terminations or resignation within three
months of a change of control of Channel
Infrastructure), together with other conditions
noted above.
Date of issue/acquisition/redemption 27 March 2023
Section 3: Authority for this announcement and contact person
Name of person

authorised to make this
announcement
Chris Bougen
Contact person for this announcement Chris Bougen
Contact phone number +64 27 444 3220
Contact email address
C
hris.Bougen@channelnz.com
Date of release through MAP

28 March 2023