Rakon grants over 1.8m share rights to executives, employees

Rakon Limited (NZX:RAK) has granted 1,866,143 share rights, representing 0.81% of its ordinary shares currently on issue, under its Long Term Incentive Plan. These share rights convert to ordinary shares upon vesting, subject to specific performance conditions over a three-year period ending June 27, 2028. Holders are not required to pay consideration for the grant or vesting of these rights.

For certain executive employees, the vesting of share rights is tied to the percentage change in Rakon's total shareholder return relative to the NZX50. Other holders must remain employed by Rakon until the vesting date. The share rights will lapse if performance hurdles are not met or if employment ceases during the vesting period, subject to board discretion.

Following this grant, the total number of financial products of the class, excluding treasury stock, will be 2,869,043 ordinary shares. This figure accounts for the new grant, 495,404 share rights remaining from previous grants that vested, and share rights that lapsed from prior years. The ordinary shares transferred upon vesting will rank equally with all other ordinary shares on issue.