Grant of Performance Share Rights

Capital Change Notice

Updated as at June 2023


Section 1: Issuer information
Name of issuer New Zealand King Salmon
Investments Limited (NZKS)
NZX ticker code NZK
Class of financial product Unquoted Performance Share
Rights (PSRs), convertible to
NZKS ordinary shares pursuant
to the FY24(i), FY24(ii) and
FY25 Grants made under
NZKS’ Performance Share
Rights Plan (Plan).
ISIN (If unknown, check on NZX website) N/A
Currency NZD
Section 2: Capital change details
Number issued 4,889,679
Nominal value (if any) N/A
Issue/acquisition/redemption price per security Nil cash consideration
Nature of the payment (for example, cash or other
consideration)
PSRs are issued for nil cash
consideration.
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

The PSRs for the FY24(i),
FY24(ii) and FY25 Grants
comprise 100% of the financial
products of that class.
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 PSRs issued under the
FY24(i), FY24(ii) and FY25
Grants each comprise a single
tranche.
Provided the performance
hurdle (see below) has been
achieved on the vesting date,
(being the date that is 21
trading days following the
release of NZKS’ financial
results for the period ended 31
January 2026 to NZX and ASX
for the FY24(i) and FY24(ii)
Grants and the date that is 21
trading days following the
release of NZKS’ financial
results for the period ended 31
January 2027 to NZX and ASX

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

for the FY25 Grant), the PSRs
will become eligible for exercise
by the participants.
On becoming exercisable, each
PSR entitles the holder to one
fully paid ordinary NZKS share,
subject to adjustment in
accordance with the Plan rules,
ranking equally with all other
NZKS ordinary shares.
The PSRs have a set exercise
price of $0.

Performance Hurdles
PSRs will become eligible for
exercise where NZKS’ total
shareholder return (TSR) from
the commencement date to the
vesting date is a positive
amount and greater than the
50th percentile of the NZX50
(excluding NZKS and banking
groups) comparator group set
for each Grant (NZX50
Comparator Group). The
percentage of PSRs that
become eligible for exercise will
increase on a straight line basis
from 50% where NZKS’ TSR is
a positive amount and is equal
to the 50th percentile of the
NZX50 Comparator Group to
100% where NZKS’ TSR is a
positive amount and is equal to
or greater than the 75th
percentile of the NZX50
Comparator Group.

Lapse
PSRs will lapse where the
performance hurdle is not met
on the vesting date or, where
the participant ceases to be
employed by NZKS before the
vesting date (except in certain
circumstances).
Reason for issue/acquisition/redemption and specific authority
for issue/acquisition/redemption/ (the reason for change must
be identified here)
Issue of 4,889,679 PSRs for the
FY24(i), FY24(ii) and FY25
Grants under the Plan.
Board resolution dated 19 June
2024.

Capital Change Notice

Updated as at June 2023
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.
4,889,679 PSRs
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
Board resolution dated 19 June
2024.
NZX Listing Rule 4.6.1.
Terms or details of the issue, acquisition, or redemption (for
example: restrictions, escrow arrangements)


See above.
PSRs are not transferrable
(other than in exceptional
circumstances) and do not
entitle the holder to receive
dividends or other distributions
or vote in respect of NZKS
ordinary shares.
Any ordinary shares issued on
the valid exercise of PSRs will
rank equally with existing
ordinary shares.
Date of issue/acquisition/redemption
2
1 July 2024
Section 3: Authority for this announcement and contact person
Name of person

authorised to make this announcement Ben Rodgers
Contact person for this announcement Ben Rodgers
Contact phone number +64-03-548-5714
Contact email address Ben.rodgers@kingsalmon.co.nz
Date of release through MAP

1 July 2024




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).