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Vital Limited Employee Share Option Plan

6/03/2023, 08:30 NZDT, GENERAL

3rd March 2023 VITAL LIMITED EMPLOYEE SHARE OPTION PLAN The directors of Vital Limited ('VTL' or 'Company') have introduced an Employee Share Option Plan ("ESOP') for key staff members. The general principle of the ESOP is to ensure staff interests are closely aligned with shareholder interests. The ESOP is intended to form part of VTL's strategy of attracting and retaining the very best people possible. A number of key staff have specialised industry skills and knowledge that is core to the Company's continued progress. The ESOP is an efficient way to retain and reward those staff in a manner consistent with growing shareholder value. The board has decided that: o The maximum aggregate number of share options to be granted pursuant of the ESOP is 5% of the total number of shares in VTL on issue. (i.e. options to acquire not more than 2,077,416 shares); and o Options amounting to not more than one percent of the total number of VTL's shares on issue can be granted to any individual staff member. o This ESOP replaces any existing Long-Term Incentive (LTI) plans. It is not anticipated that the number of share options to be initially granted under the ESOP will reach the maximum number of share options as this figure includes some head room to allow for the possibility of subsequently including new staff who meet the skills and experience criteria. The decision to offer a handful of key staff the opportunity to participate in the ESOP and the individual allocations was made entirely at the discretion of the Board and is not intended to indicate that the Board will implement similar plans in the future or that any individual employee will be selected to participate in any future plan or other incentive scheme that may be developed by the Board. The board has granted 950,000 options in the initial tranche to acquire shares in VTL at an exercise price of $0.32 per share. The share options to be granted under the ESOP will be issued in one tranche which will become exercisable by a participant (in whole or part) after three years from the date that they are granted (and any options that are not exercised within a further eighteen months from the date of vesting will lapse) - provided that the participate has continued to be employed by VTL. Participants have certain early exercise rights in the event of corporate activity. In accordance with generally accepted accounting practice, the cost attributed to the issue of share options under ESOP will be reflected in the employee benefit expense recorded in the Statement of Comprehensive Income. The impact of any ESOP expense is not included in any earnings guidance provided by the Board. John McMahon Chair +64-(0)21-0914 0236 End CA:00407828 For:VTL Type:GENERAL Time:2023-03-06 08:30:36