South Port New Zealand Limited employee share rights plan

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23 August 2024

NZX Announcement

South Port New Zealand Limited employee share rights plan
The Board of South Port New Zealand Limited (SPNZ) is pleased to announce that it has
approved 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 30 August 2024 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 Philip Cory-Wright
Chief Executive Chair
South Port New Zealand Limited South Port New Zealand Limited
Tel: (03) 212 8159 Mobile: 021 767 828
Email: ngear@southport.co.nz Email: philip@cory-wright.co.nz