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Tiger Brands Limited Integrated Annual Report
2014
Remuneration report
Termination event
Old rule (options awarded
before 1 January 2011)
New rule (options awarded from
1 January 2011)
Resignation
Options not exercised on or before
the last date of employment will
lapse
No change
Normal
retirement
There will be no early vesting. All
options will be retained and will
vest post-retirement subject to normal
vesting criteria
No change
Early retirement
There will be no early vesting of
options. For options granted prior to
January 2009, all options will be
retained. However, for options
granted in 2009 and 2010, the
number of options that will be
retained will be pro-rated based on
the period of service at the date of
early retirement relative to the full
vesting period of the unvested
options. Retained options will vest
post-retirement subject to the normal
vesting criteria applicable to the
respective years
No change, but a sliding scale has
replaced annual retesting
Retrenchment
The number of options to be
retained will be pro-rated based on
the period of service at the date of
retrenchment relative to the full
vesting period of the unvested
options. Such options will be
allowed to vest early, and the
performance conditions waived.
Such retained options must be
exercised within a period of six
months after the date of
retrenchment
No change, other than that only
50% of the retained options must be
exercised within the six-month
period after the date of
retrenchment. The remainder will
continue to be subject to
performance conditions (but a
sliding scale has replaced annual
re-testing)