South Port New Zealand launches employee share rights plan

South Port New Zealand Limited (SPNZ) announced the approval of a new performance share rights plan by its board, designed to bolster employee retention and incentivize performance. The plan grants eligible employees rights, which are convertible into shares, contingent on meeting specific vesting conditions over a defined period. The rights are scheduled to be granted to participants on September 24, 2025, and will vest approximately three years from that date, provided participants remain employed by SPNZ and adhere to the terms of their employment or engagement.

The long-term performance incentive component of the rights is tied to several key vesting conditions. These include total shareholder return exceeding a cost of equity target, total shareholder return ranking above a target percentile within the NZX50 peer group companies, and earnings per share compound annual growth rate surpassing a specified rate over the three-year vesting period. Failure to meet these hurdles will result in the automatic lapse of rights by the end of the vesting period.

The board retains discretion to determine if rights granted to a participant will lapse in certain events where employment or engagement with SPNZ ceases. However, all rights will automatically lapse in instances of fraud, dishonesty, or willful default by the participant. For further information, interested parties can contact nigel gear, chief executive, or philip cory-wright, chair.