Rocket Lab CEO converts 50.95M common shares to preferred; enters new employment deal

Rocket Lab Corp

CEO Sir Peter Beck exchanges 50,951,250 common shares for equal number of Series A Convertible Participating Preferred shares; closing expected early 2025.
Preferred stock carries 1:1 conversion to common, no scheduled dividends, $0.0001 liquidation preference, and votes on as-converted basis with common.
Sir Peter designated as Preferred Stock Director term to 2027; holder class can elect additional directors if board exceeds 10 members.
Amended employment: $800k base salary (retroactive Oct 1, 2024), target bonus 100%, FY24 RSU grants (631,498 + 157,875), FY25 equity award of $8M in RSUs, 24-month non-compete.
Transaction and compensation package approved by Special Committee of independent directors and are interdependent.

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