South Port NZ Ltd adopts employee share rights plan
24 October 2023
NZX Announcement
South Port New Zealand Limited adopts employee share rights plan
The Board of South Port New Zealand Limited (SPNZ) is pleased to announce that it has adopted
a performance share rights plan (Plan) to execute on its retention and incentive commitments to
employees who are eligible to participate in the Plan and have agreed to participate
(Participants) to align Participants’ and shareholders’ interests.
The Plan grants Participants rights to be issued or transferred shares (Rights), after a certain
vesting period and the satisfaction of vesting hurdles imposed on those Rights.
The Plan is adopted today, with the Rights to be granted to Participants on 1 November 2023 and
will vest in approximately three years’ time, subject to Participants remaining employed. During
that period, the Participants will be subject to the terms of their employment or engagement by
SPNZ.
The long-term performance incentive component consists of a grant of Rights which will have the
following vesting conditions:
• total shareholder return exceeding a cost of equity target;
• total shareholder return falling above a target percentile of the NZX50 peer group
companies; and
• earnings per share compound annual growth rate exceeding a target rate,
over a three-year vesting period.
Rights will automatically lapse if vesting hurdles are not satisfied by the end of the vesting period
The Board has discretion to determine, in certain events where a Participant ceases employment
or engagement with SPNZ, whether some or all of the Rights granted to the Participant will not
lapse. All Rights lapse automatically in the event of fraud, dishonesty or wilful default.
ENDS
For further information contact:
Mr Nigel Gear Mr Rex Chapman
Chief Executive Chair
South Port New Zealand Limited South Port New Zealand Limited
Tel: (03) 212 8159 Mobile: 027 454 8455
Email: ngear@southport.co.nz Email: rex.chapman@cplaw.co.nz
Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.
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