Issue of ordinary shares and performance rights

NZX Limited
Level 1, NZX Centre
11 Cable Street
PO Box 2959
Wellington 6140
New Zealand
Tel +64 4 472 7599

www.nzx.com


19 March 2025

Issue of ordinary shares and performance rights to employees of NZX Limited
(NZX)

NZX advises that it has issued $1,000 of ordinary shares (gross of tax) in NZX to each of its first
time permanent employees as at 7 February 2025 who have joined or become permanent
employees of NZX since 7 February 2024.

NZX advises that it has issued performance rights to the members of its executive and
management teams pursuant to NZX’s Long Term Incentive Plan (LTI). The performance rights
give the holder options to acquire ordinary shares in NZX, which may be exercised if the
performance rights vest. The vesting period for the performance rights is periods ending one,
two or three years from 1 January 2025 and in one case, 1 January 2024 to 31 December 2026.
NZX operates two LTI programmes that each vest over one, two or three years, one based on
retention for middle to senior managers, and one based on total shareholder returns (TSR)
and/or any other specific hurdles for senior executives. Further information on the LTI
programmes is available in NZX’s annual report.

NZX also advises that a portion of the performance rights issued to the members of its
executive and management teams in 2020 and 2022 and in one case 2023, have vested. These
vested performance rights give the holder the options to acquire ordinary shares in NZX. NZX
has issued ordinary shares to each holder that has exercised the options. NZX also confirms
that 643,500 of performance rights relating to TSR-based LTI and other performance hurdles
lapsed on 31 December 2024.


The total number of ordinary shares on issue is now 328,535,448.

The total number of performance rights on issue is now 4,505,091.


The attached information is supplied pursuant to NZX Listing Rule 3.13.1.

For further information, please contact:

Simon Beattie
GM Corporate Affairs & Sustainability
Mobile: + 64 21 702 694
Email: simon.beattie@nzx.com

---

Level 2, NZX Centre
11 Cable Street
PO Box 2959
Wellington 6140
New Zealand
Tel +64 4 472 7599

www.nzx.com


19 March 2025

Notice of issue of ordinary shares to employees of NZX Limited (NZX)

This notice is given under NZX Listing Rule 3.13.1 and relates to the issue of $1,000 of ordinary
shares (gross of tax) in NZX to every first time permanent employee of NZX (full-time and part
time) as at 7 February 2025 who has joined or become a permanent employee of NZX since
NZX's previous issue of $1,000 of ordinary shares to employees as at 7 February 2024 (Specified
Employees).


Section 1: Issuer information
Name of issuer NZX Limited
NZX ticker code NZX
Class of financial product NZX Limited Ordinary Shares
ISIN (If unknown, check on NZX website) NZNZXE0001S7
Currency NZD
Section 2: Capital change details
Number issued 16,848
Nominal value (if any) N/A
Issue/acquisition/redemption price per security No consideration is payable for the issue
of the NZX Limited Ordinary Shares
Nature of the payment (for example, cash or other
consideration)
N/A
Amount paid up (if not in full) Fully paid
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

0.0052% (as a percentage of NZX Limited
Ordinary Shares in existence immediately
prior to this issue and the issue of
1,496,286 NZX Ordinary Shares to
participants in the NZX Limited Employee
Share Plan, to four decimal places)
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)
N/A
Reason for issue/acquisition/redemption and
specific authority for issue/acquisition/redemption/
(the reason for change must be identified here)
The issue of the shares will: (1) increase
the engagement of Specified Employees;
(2) encourage cultural change in order to
deliver on NZX's strategy; and (3) align

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

the interests of Specified Employees with
that of NZX's shareholders, by
encouraging them to think like
shareholders.
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.
328,535,448 NZX Limited Ordinary
Shares (includes the issue of 1,496,286
NZX Limited Ordinary Shares to
participants in the NZX Limited Employee
Share Plan).

No Treasury Stock held
In the case of an acquisition of shares, whether
those shares are to be held as treasury stock
No
Specific authority for the issue, acquisition, or
redemption, including a reference to the rule
pursuant to which the issue, acquisition, or
redemption is made
Resolution of directors dated 19 February
2025
Terms or details of the issue, acquisition, or
redemption (for example: restrictions, escrow
arrangements)
The terms of the issue of shares are: (1)
Specified Employees will be issued
$1,000 (gross of tax) of the NZX Limited
Ordinary Shares in a one-off grant; (2)
Specified Employees will not be able to
decline the grant of shares; (3) the
number of shares a Specified Employee
receives will be determined by reference
to the volume weighted average price of
the NZX Limited Ordinary Shares on the
NZX Main Board during the five business
day period ending two days prior to the
issue date; (4) there will be no
performance, tenure or other requirement
placed on any Specified Employee in
order to receive the shares other than the
requirement to still be employed by the
Company as at the date of issue; (5)
Specified Employees will not pay any
consideration, whether in cash in
otherwise, for the shares; and (6) there
will be no restrictions on the shares once
they have been transferred to a Specified
Employee.
Date of issue/acquisition/redemption
2
19 March 2025
Section 4: Authority for this announcement and contact person
Name of person

authorised to make this
announcement
Simon Beattie
GM Corporate Affairs & Sustainability
Contact person for this announcement
Simon Beattie
GM Corporate Affairs & Sustainability
Contact phone number Mobile: + 64 21 702 694

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).

Level 2, NZX Centre
11 Cable Street
PO Box 2959
Wellington 6140
New Zealand
Tel +64 4 472 7599

www.nzx.com

Contact email address Simon.beattie@nzx.com
Date of release through MAP

19 March 2025

---

Level 2, NZX Centre
11 Cable Street
PO Box 2959
Wellington 6140
New Zealand
Tel +64 4 472 7599

www.nzx.com


19 March 2025

Notice of issue of performance rights to employees of NZX Limited (NZX)

This notice is given under NZX Listing Rule 3.13.1 and relates to the issue of performance rights
to members of NZX’s executive and management teams pursuant to NZX’s Long Term Incentive
Plan.

Section 1: Issuer information
Name of issuer NZX Limited
NZX ticker code NZX
Class of financial product Performance rights which give the holder
options to acquire NZX Limited Ordinary
Shares
ISIN (If unknown, check on NZX website) N/A
Currency NZD
Section 2: Capital change details
Number issued 1,446,091 performance rights
Nominal value (if any) N/A
Issue/acquisition/redemption price per security No consideration is payable for the issue
of the performance rights
Nature of the payment (for example, cash or other
consideration)
N/A
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

47.2634% (as a percentage of
performance rights in existence
immediately prior to this issue, but after
the cancellation of the performance rights
issued in 2020, 2022 and 2023, including
the 643,500 which lapsed due to failure to
satisfy vesting conditions, to four decimal
places)
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)
Issue of performance rights pursuant to
NZX’s Long Term Incentive Plan. The
performance rights give the holder options
to acquire NZX Limited Ordinary Shares,
which may be exercised if the
performance rights vest. An executive
team member’s performance rights will
vest if NZX meets performance hurdles in
respect of its total return to shareholders
and/or any other specific hurdles for the

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

team member, and on the executive team
member remaining an employee of the
NZX Group for the duration of the one,
two or three year vesting period. A
management team member’s
performance rights will vest on the
management team member remaining an
employee of the NZX Group for the
duration of the one, two or three year
vesting period.
Reason for issue/acquisition/redemption and
specific authority for issue/acquisition/redemption/
(the reason for change must be identified here)
Issue of performance rights pursuant to
NZX’s Long Term Incentive Plan, as
authorised by resolutions of directors
dated 21 February 2024 and 19 February
2025.
Total number of Financial Products of the Class
after the issue (excluding Treasury Stock) and the
total number of Financial Products of the Class
held as Treasury Stock after the
issue/acquisition/redemption.
4,505,734 performance rights

No Treasury Stock held
In the case of an acquisition of shares, whether
those shares are to be held as treasury stock
No
Specific authority for the issue, acquisition, or
redemption, including a reference to the rule
pursuant to which the issue, acquisition, or
redemption is made
Resolutions of directors dated 21
February 2024 and 19 February 2025
Terms or details of the issue, acquisition, or
redemption (for example: restrictions, escrow
arrangements)
See “The principal terms of Conversion or
the Option” above.
Date of issue/acquisition/redemption
2
19 March 2025
Section 4: Authority for this announcement and contact person
Name of person

authorised to make this
announcement
Simon Beattie
GM Corporate Affairs & Sustainability
Contact person for this announcement
Simon Beattie
GM Corporate Affairs & Sustainability
Contact phone number Mobile: + 64 21 702 694
Contact email address Simon.beattie@nzx.com
Date of release through MAP

19 March 2025




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).

---

Level 2, NZX Centre
11 Cable Street
PO Box 2959
Wellington 6140
New Zealand
Tel +64 4 472 7599

www.nzx.com


19 March 2025

Notice of issue of ordinary shares to employees of NZX Limited (NZX)

This notice is given under NZX Listing Rules 3.13.1 and 3.15.2 and relates to the exercise of
performance rights and the issue of ordinary shares to members of NZX’s executive and
management teams pursuant to NZX’s Long Term Incentive Plan.

Section 1: Issuer information
Name of issuer NZX Limited
NZX ticker code NZX
Class of financial product NZX Limited Ordinary Shares
ISIN (If unknown, check on NZX website) NZNZXE0001S7
Currency NZD
Section 2: Capital change details
Number issued 1,496,286
Nominal value (if any) N/A
Issue/acquisition/redemption price per security No consideration is payable for the issue
of the NZX Limited Ordinary Shares
Nature of the payment (for example, cash or other
consideration)
N/A
Amount paid up (if not in full) Fully paid
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

0.4575% (as a percentage of NZX Limited
Ordinary Shares in existence immediately
prior to this issue and the issue of 16,848
NZX Limited Ordinary Shares to every first
time permanent employee of NZX (full
time and part time) as at 7 February 2025
who has joined or become a permanent
employee of NZX since NZX’s previous of
$1,000 worth of ordinary shares to
employees as at 7 February 2024, to four
decimal places)
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)
N/A

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

Reason for issue/acquisition/redemption and
specific authority for issue/acquisition/redemption/
(the reason for change must be identified here)
NZX Limited Ordinary Shares issued on
exercise of performance rights issued on
31 March 2022, 29 July 2020 and 21
March 2023, pursuant to NZX’s Long
Term Incentive Plan
Total number of Financial Products of the Class
after the issue (excluding Treasury Stock) and the
total number of Financial Products of the Class
held as Treasury Stock after the
issue/acquisition/redemption.
328,535,448 NZX Limited Ordinary
Shares (includes the issue of 16,848 NZX
Limited Ordinary Shares to every first time
permanent employee of NZX (full-time and
part-time) as at 7 February 2025 who has
joined or become a permanent employee
of NZX since NZX’s previous issue of
$1,000 worth of ordinary shares to
employees as at 7 February 2024)
In the case of an acquisition of shares, whether
those shares are to be held as treasury stock
No
Specific authority for the issue including a
reference to the rule pursuant to which the issue,
acquisition, or redemption is made
Resolutions of directors dated 15
February 2022 and 21 February 2023, and
Board approval on 21 November 2019
Terms or details of the issue, acquisition, or
redemption (for example: restrictions, escrow
arrangements)
All NZX Limited Ordinary Shares issued
rank equally with the existing NZX Limited
Ordinary Shares
Date of issue/acquisition/redemption
2
19 March 2025
Section 4: Authority for this announcement and contact person
Name of person

authorised to make this
announcement
Simon Beattie
GM Corporate Affairs & Sustainability
Contact person for this announcement
Simon Beattie
GM Corporate Affairs & Sustainability
Contact phone number Mobile: + 64 21 702 694
Contact email address Simon.beattie@nzx.com
Date of release through MAP

19 March 2025



Listing Rule 3.15.2 – Options issued on 31 March 2022 and 21 March 2023

The following details are provided for the purposes of NZX Listing Rule 3.15.2:

(a) Number of Financial Products converted and the number and class of Quoted Financial
Products into which they have been converted: 1,496,286 performance rights converted
into 1,496,286 NZX Limited Ordinary Shares (the performance rights give the holder
Options to acquire NZX Limited Ordinary Shares, which may be exercised if the
performance rights vest).
(b) Interest or dividend conditions attaching to the Financial Products into which they have
been converted: None.

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).

Level 2, NZX Centre
11 Cable Street
PO Box 2959
Wellington 6140
New Zealand
Tel +64 4 472 7599

www.nzx.com


(c) Number of Financial Products of the same class remaining to be converted: 4,505,732
performance rights