Adairs : Notification regarding unquoted securities - ADH

Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

Announcement Summary

For personal use only

Entity name

ADAIRS LIMITED

Date of this announcement

Monday December 13, 2021

The +securities the subject of this notification are:

+Other securities issued under an +employee incentive scheme that are not intended to be quoted on ASX

Total number of +securities to be issued/transferred

		Total number of
ASX +security		+securities to be
code	Security description	issued/transferred	Issue date
ADHAA	OPTION EXPIRING VARIOUS DATES EX	785,000	06/12/2021
	VARIOUS PRICES

Refer to next page for full details of the announcement

Notification of Issue, Conversion or Payment up of Unquoted

1 / 7

Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

Part 1 - Entity and announcement details

For personal use only

1.1 Name of entity

ADAIRS LIMITED

We (the entity named above) give notice of the issue, conversion or payment up of the following unquoted +securities.

1.2	Registered number type	Registration number
ABN	50147375451
1.3	ASX issuer code
ADH

1. The announcement is New announcement
2. Date of this announcement

13/12/2021

Notification of Issue, Conversion or Payment up of Unquoted

2 / 7

Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

Part 2 - Issue details

2.1 The +securities the subject of this notification are:

+Other securities issued under an +employee incentive scheme that are not intended to be quoted on ASX

For personal use only

2.2a This notification is given in relation to an issue of +securities in a class which is not quoted on ASX and which:

has an existing ASX security code ("existing class")

Notification of Issue, Conversion or Payment up of Unquoted

3 / 7

Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

Part 3B - number and type of +securities the subject of this notification (existing class) where issue has not previously been notified to ASX in an Appendix 3B

For personal use only

ASX +security code and description

ADHAA : OPTION EXPIRING VARIOUS DATES EX VARIOUS PRICES

Date the +securities the subject of this notification were issued

6/12/2021

Will these +securities rank equally in all respects from their issue date with the existing issued +securities in that class

Yes

Were any of the +securities issued to +key management personnel (KMP) or an +associate? No

Please provide a URL link for a document lodged with ASX detailing the terms of the +employee incentive scheme or a summary of the terms

The Options have been granted under the Adairs Limited Equity Incentive Plan. The key terms are detailed in pages

26-41of the Annual Report 2021 (https://investors.adairs.com.au/DownloadFile.axd?file=/Report/ComNews/20210820/02 409401.pdf). A summary of the performance and service conditions are set out below.

Issue Price: nil

Exercise Price: $3.16

Performance condition

Focus on Furniture (FoF) EBIT over FY23 & % of Options that vest

• ¿ $15m -> 0%
• Between $15m and $17.5m ->Pro-rata vesting on a straight line basis between 50% and 100%
• ¿ $17.5m -> 100%

Service condition

• the Option holder must remain employed on a full-time basis and must not have resigned from the Group;

If the above conditions are satisfied (as determined by the Board), the Options will vest and become capable of exercise between 1 September 2023 and 30 September 2024, after which any unexercised Options will lapse.

Any other information the entity wishes to provide about the +securities the subject of this notification

Notification of Issue, Conversion or Payment up of Unquoted

4 / 7

Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

Issue details

Number of +securities

785,000

For personal use only

Notification of Issue, Conversion or Payment up of Unquoted

5 / 7