GENERATION DEVELOPMENT GROUP LIMITED — Regulatory Filings 2021

Jun 30, 2021

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ASX Announcement

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1 July 2021

GRANT OF PERFORMANCE RIGHTS

Generation Development Group Limited ( ASX: GDG ) (“ Company ”) announces that it has granted 2,851,856 Performance Rights to Eligible Participants under the GDG Rights Plan (Plan), the principal terms of which are as follows:

ASX Announce 1 July 2021 GRANT OF PERFORMANCE RIG Generation Development Group Li Performance Rights to Eligible Par are as follows:	ment HTS mited (ASX: G ticipants under	DG) (“Compan the GDG Righ	y”) announces ts Plan (Plan),	that it has grante the principal term	that it has grante the principal term	d 2,851,856 s of which e to y he on re in y a t’s il ct rn nce h e	d 2,851,856 s of which e to y he on re in y a t’s il ct rn nce h e
Plan overview	The board of time at its abs employee or c corporate that Plan (Eligible A Performanc vesting and e the Company Share or in ca Performance right to vote o The purpose remuneration attraction and	directors of the olute discretio ontractor of th the Board det Participant). e Right confer xercise, to the (Share) which sh at the discr Rights are not r to receive div of the Plan is to to Company p retention strat	Company (Boa n grant Perform e Company or i ermines eligible s on the holder value of a fully may be settled etion of the Boa quoted securiti idends. link a compon erformance and egy for key em	rd) may ance Rig ts related to partic an entitle paid ordi in the fo rd. es and d ent of a p to act a ployees.	from tim hts to an bodies ipate in t ment, up nary sha rm of a o not carr articipan s an	e to y he on re in y a t’s
GDG Performance Rights (GDGAA)	The Performa consideration. consideration to the Board’s circumstances In relation to 1 Company hav (iTSR) target over a measu July 2021 and levels have be Performance target is achie The iTSR targ issued to a ho determined by	nce Rights we They automa on satisfaction discretion to d . ,617,287 right ing achieved t and the earnin rement period ending on 30 en stipulated Rights may ve ved. et will apply to lder (tranche 1 comparing th	re granted on 3 tically vest and of the Vesting etermine other s, the Vesting C he indexed tota gs per share gr of three years c June 2024. A r so that only a p st unless the up 50% of the Per ). The vesting e Company’s to	0 June 2 exercise Conditio wise in c ondition l shareho owth targ ommenc ange of ortion of per level formanc of tranch tal share	021 for n for nil ns, subje ertain s are the lder retu et (EPS) ing on 1 performa the or stretc e Rights e 1 will b holder	il ct rn nce h e
	return over th small industria	e measuremen ls total return	t period with th index over the	e movem measure	ent in th ment per	e iod.

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	The EPS target will apply to the other 50% of the Performance Rights issued to a holder (tranche 2). The vesting of tranche 2 will be determined by the earnings per share growth of the investment bond and funds administration business during the measurement period. In relation to the remaining 1,234,569 rights, the Vesting Condition is the Company reaching a target FUM of $700m for Generation Life LifeIncome within 3.5 years of the first policy being sold. A range of performance levels have been stipulated so that only a portion of the Performance Rights may vest if $700m in FUM is not reached within the first 3 years. Further details will be included in the Company’s 2021 Financial Report.
Dealing / disposal restrictions	Performance Rights may not be disposed of or otherwise dealt with.
Termination of employment	Unvested Performance Rights held at the date of termination and granted in the financial year of termination will be forfeited in the proportion that the remainder of the financial year following the termination bears to the full financial year. All other unvested Performance Rights will be retained for possible vesting at the end of the measurement period according to whether the Vesting Conditions are satisfied.
Change of control	Unless otherwise determined by the Board, in the event of a change of control, including a takeover, the unvested Performance Rights will vest in accordance with the application of the following formula (with negative results to be taken as nil): Unvested Performance Rights x 50% plus Remaining unvested Performance Rights multiplied by (share price at the change of control minus share price at commencement of measurement period) divided by share price at commencement of measurement period.

An Appendix 3G in relation to the grant of these Performance Rights follows.

Authorised by and contact for further information:

Terence Wong CFO Telephone: 61 3 8601 2021