Rocket Lab CEO Sir Peter to swap 50,951,250 common shares for preferred stock
Rocket Lab agreed to exchange 50,951,250 common shares beneficially owned by CEO Sir Peter, held by The Equatorial Trust, for the same number of new preferred shares, with closing expected in early 2025. The filing also sets out an amended employment agreement for Sir Peter, who will remain CEO and Chair, and gives the preferred holders the right to elect a Preferred Stock Director, which he will initially be.
Key points
- Exchange agreement dated December 3, 2024: 50,951,250 common shares exchanged one-for-one for 50,951,250 preferred shares; closing expected in early 2025 and subject to conditions, including expiry of any HSR waiting periods
- Each preferred share converts into one common share and converts automatically if Sir Peter no longer serves as CEO or certain other executive roles, or upon his death or permanent disability
- Sir Peter to receive a $800,000 annual base salary, retroactive to October 1, 2024, with a target bonus of 100% of base salary
- Board approved FY24 grant of 631,498 RSUs and a FY24 Special Grant of 157,875 RSUs to Sir Peter
The filing
Written by AI on Nov 8, 2026, 1:10 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on December 05, 2024.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.