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RocketBoots Limited (ASX:ROC) has revealed key changes to its executive leadership, including an updated employment agreement for CEO Joel Rappolt effective from FY27, alongside the resignation of co-Company Secretary Cameron Petricevic. The company confirmed Rappolt's annual base salary at $375,000 gross and granted him 3 million performance rights divided into two tranches, with vesting contingent on continuous employment through September 2027. These adjustments follow a thorough market review and align with RocketBoots' strategy to expand globally.
Key Points
- RocketBoots Limited (ASX:ROC), headquartered in Sydney, specialises in AI, cloud computing, and advanced analytics software that assists large retailers and banks in optimising store and branch operations while reducing costs and losses.
- CEO Joel Rappolt’s employment contract was revised effective FY27, establishing a base salary of $375,000 gross annually, excluding superannuation and CPI adjustments.
- Rappolt was granted 3 million performance rights in two equal tranches: 1.5 million vesting on 1 September 2026 and another 1.5 million on 1 September 2027, both subject to continuous employment.
- A new short-term incentive program for FY27 enables Rappolt to earn a cash bonus up to 50% of his base salary if board-approved KPIs are met.
- Cameron Petricevic resigned as co-Company Secretary effective 24 July 2026, with Michael Carruthers now serving as sole Company Secretary.
- Additional performance rights have been allocated to other employees under RocketBoots’ incentive plan.
RocketBoots’ AI-Driven Solutions for Retail and Banking Operations
RocketBoots Limited delivers software solutions aimed at enhancing operational efficiency for extensive retail and banking networks worldwide. The company’s mission focuses on enabling major retailers and banks to optimise their store and branch networks by lowering operating costs, minimising losses, and improving customer service, sales, and loyalty. Positioned within the enterprise software sector, RocketBoots targets complex organisations managing large physical footprints that require advanced management tools.
The company’s technology integrates artificial intelligence, cloud computing, simulation, and advanced analytics. Its three main AI-powered products tackle specific operational challenges: Adaptive Loss Prevention, which reduces losses at self-checkout and registers without disrupting customers; Workforce and Customer Experience Optimisation, which enhances in-person checkout for loyalty-driven retailers; and Branch Value Optimisation, designed for managing face-to-face banking branches in a digital-first environment. These offerings underscore RocketBoots’ strategic role in the evolving digital retail and financial services landscape where operational efficiency and customer experience are critical.
CEO Contract Revision Following Market Benchmarking
RocketBoots announced an amendment to CEO Joel Rappolt’s employment contract effective FY27, following a market review to align remuneration with role demands and support the company’s international growth ambitions. The revised terms set a base salary of $375,000 gross annually, excluding superannuation and annual cost-of-living increases. This update reflects the board’s intention to maintain competitive executive compensation while accommodating statutory and inflation-related adjustments.
The revised contract aims to support Rappolt in leading RocketBoots’ expansion into international markets, indicating a strategic focus on geographic diversification beyond the company’s Sydney base. Although the announcement does not clarify whether this represents a salary increase or adjustment, the restructure highlights the growing strategic importance and complexity of the CEO role amid global growth.
CEO Performance Rights Granted in Two Tranches
As part of the revised employment terms, RocketBoots granted CEO Joel Rappolt 3 million performance rights split equally into two tranches of 1.5 million each. The first tranche vests on 1 September 2026, and the second on 1 September 2027, both contingent on continuous employment with the company from 31 August 2025 through the respective vesting dates. The first tranche requires one year of continuous employment, and the second requires two years, aligning incentives with long-term retention.
No details were provided regarding exercise price, exercise period, or additional performance criteria beyond continuous employment. This vesting structure is a common retention mechanism designed to align executive interests with company stability and performance.
FY27 Short-Term Incentive Program Linked to Board-Approved KPIs
In addition to base salary and performance rights, RocketBoots introduced a FY27 short-term incentive (STI) program for CEO Joel Rappolt. The STI offers a cash bonus up to 50% of base salary—up to $187,500—subject to achieving board-approved key performance indicators. This adds a performance-based cash component to the CEO’s remuneration package.
The announcement does not disclose the specific KPIs, their number, or weighting, leaving the performance targets confidential. This is typical for executive remuneration disclosures but limits investor insight into the incentive’s achievability.
Additional Performance Rights Issued to Employees
RocketBoots has also granted performance rights to other employees under its incentive plan, as detailed in a separate Appendix 3G filing with the ASX. The company did not specify the number of employees involved, total rights granted, or vesting conditions for these grants. This broader equity-based incentive approach suggests a strategy to attract, retain, and motivate talent across the organisation, particularly in the competitive AI and software sectors.
Resignation of Co-Company Secretary Cameron Petricevic
Effective 24 July 2026, Cameron Petricevic resigned as co-Company Secretary. The company provided no details on his tenure, reasons for departure, or future plans. The brief announcement aligns with standard practice for non-executive departures in smaller listed companies, offering no commentary on circumstances or contributions.
The resignation coincides with the CEO contract update but no link between the events was indicated. The timing suggests a possible rationalisation of company secretarial functions amid management restructuring and international growth focus.
Michael Carruthers Becomes Sole Company Secretary
Following Petricevic’s resignation, Michael Carruthers assumed the role of sole Company Secretary as of 24 July 2026. Previously co-Company Secretary, Carruthers’ sole appointment provides continuity in governance and compliance functions. The company did not disclose further details about Carruthers’ background or tenure.
This consolidation likely reflects the company’s current scale and operational priorities, streamlining secretarial duties during a period of international expansion. No additional governance changes or board appointments were announced in conjunction with this adjustment.
International Expansion Drives Executive Remuneration Changes
The company explicitly links the amended CEO employment contract to its international growth strategy, highlighting geographic expansion as a key priority. The revised remuneration package—including base salary clarity, a short-term incentive, and extended performance rights vesting—aims to retain and motivate CEO Joel Rappolt during this complex growth phase. This underscores the board’s recognition of the strategic challenges associated with global market entry.
RocketBoots’ core AI-enabled products target large retail and banking networks, sectors with global footprints, supporting the rationale for international expansion. However, the announcement does not specify target markets, timelines, or financial implications of the growth plan.
Investor Considerations Following Announcement
Investors should monitor several key developments: the CEO’s achievement of FY27 board-approved KPIs impacting STI payouts; the vesting of performance rights in September 2026 and 2027 as indicators of CEO retention and incentive effectiveness; and updates on international expansion progress. Changes in board or executive composition may also signal ongoing organisational restructuring.
Performance of RocketBoots’ three main software products in target markets, including customer wins, will be critical to assessing alignment between executive incentives and business growth. Additionally, quarterly cash flow, customer acquisition, and commentary on international traction will provide valuable insight into the company’s advancement toward its stated global objectives.
