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INTEGRATED REPORT 2017
3. PLAN DESCRIPTION continued
3.6 AWARD LETTERS
3.6.1 Following an award date, the Remuneration Committee shall, as soon reasonably practicable, inform elected
eligible employees of their election to participate in the Plan via written award letters.
3.6.2 The award letter shall be in the form as prescribed by Remuneration Committee, from time to time, and shall
at least specify:
3.6.2.1 the maximum number of Share Awards conditionally awarded to the eligible employee or the formula
by which such maximum number of Share Awards was determined;
3.6.2.2 a description of the type of shares and rights inherent to the Share Awards;
3.6.2.3 the award date;
3.6.2.4 the vesting date;
3.6.2.5 a description and explanation of employment conditions to be fulfilled by the eligible employee prior
to the vesting date;
3.6.2.6 the provision 6 [Reacquisition] and 4.1.6 and 4.1.7 [Tax Liabilities];
3.6.2.7 a stipulation that the Share Award is subject to the provisions of this Plan;
3.6.2.8 an indication on where a copy of the Plan can be obtained for perusal by the eligible employee; and
3.6.2.9 information relating to the Company, including its latest annual financial statements, the general
nature of its business and its profit history over the last three years.
3.6.3 The award letter should make provision for signed acceptance by the eligible employee.
3.6.4 Participants must accept Share Awards in writing and confirm acceptance of the award letter and terms
and conditions pertaining to participation in the Plan within 7 (seven) business days following receipt of the
award letter.
3.6.5 An Award Letter which is not accepted by an eligible employee as aforesaid, shall automatically be deemed
to revert back to the Plan for utilisation.
4. TERMS AND PROVISIONS OF SHARE AWARDS
4.1 GENERAL
4.1.1 A Share Award (and participant shares) is personal to a participant and shall not be capable of being ceded,
assigned, transferred or otherwise disposed of or encumbered by a participant in any way or manner.
4.1.2 There shall be no consideration payable for a Share Award upon written acceptance by the participant.
4.1.3 Upon acceptance, the participant will not become entitled to any rights or benefits (any dividends, or other
distributions made, or right to vote in shareholders’ meetings) associated with the Share Awards prior to the
expiry of the retention period and subject to fulfilment of predetermined employment conditions.
4.1.4 Shares awarded in terms of the Plan and which are not subsequently issued to the identified participants,
following the retention period, will remain available within the Plan to be awarded to other identified employees.
4.2 VESTING AND EXERCISE
4.2.1 The vesting of Share Awards following the retention period will occur by means of staggered vesting.
As example:
4.2.1.1 Staggered vesting will result in the vesting of the Share Awards following the retention period
in 3 (three) equal tranches released at a predetermined pattern, spanning over a 3 (three) year period
(alternatively the tranches and percentages may be altered subject to the Board’s approval) i.e:
4.2.1.1.1 One third of Share Awards after the expiry of retention period (i.e. in year 3 (three) after
award date); and
4.2.1.1.2 One third of Share Awards after 2 (two) years from the expiry date of the retention period
(i.e. in year 4 (four) after award date); and
4.2.1.1.3 One third of Share Awards after 3 (three) years from the expiry date of the retention period
(i.e. in year 5 (five) after award date).