Long Term Incentive Plan

ADMIN

Wed, Dec 08 2021 11:23 am

8 December 2021

Rakon (NZX: RAK) Long term Incentive Plan
The Directors of Rakon are pleased to announce they have approved the introduction of a new long-term incentive plan (LTI Plan).
The Directors believe the LTI Plan will promote the retention of key employees across Rakon’s global team and drive longer-term performance and alignment of incentives with the interests of the company’s shareholders.
Under the Rules of the LTI Plan, the Board will issue share rights to selected key employees of Rakon. The Board will determine whether the vesting conditions, including a performance hurdle based on relative total shareholder return against the NZX50, have been satisfied over a three-year vesting period.
Each share right that vests will entitle the holder to one ordinary share in the company. There is also provision for the Board to determine that selected participants should receive a payment rather than shares where additional regulatory requirements would apply to their receipt of shares.
The issue of share rights under the LTI Plan for 2021 is expected to be on 16 December 2021.
-Ends-
Investor contacts:
Brent Robinson
Managing Director
+64 9 573 5554

Anand Rambhai
Chief Financial Officer
+64 9 571 9225

About Rakon
Rakon is a global high technology company and a world leader in its field. The company designs and manufactures advanced frequency control and timing solutions. Its three core markets are Telecommunications, Positioning and Space and Defence. Rakon products are found at the forefront of communications where speed and reliability are paramount. The company’s products create extremely accurate electric signals which are used to generate radio waves and synchronise time in the most demanding communication applications. Rakon has three manufacturing plants, and has six research and development centres. Customer support personnel are located in sixteen offices worldwide. Rakon is proud of its New Zealand heritage; it was founded in Auckland in 1967. It is a public company listed on the New Zealand stock exchange, NZX, ticker code RAK.
www.rakon.com