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Tiger Brands Limited Integrated Annual Report
2014
Remuneration report
share or restricted share) and the reasons
for termination, a participant may either
retain all units or only a pro rata portion of
the units. Accelerated vesting and settlement
of the retained units may apply in certain
circumstances.
The definition of a fault termination is the
termination of employment of a participant by
reason of dismissal for misconduct or poor
performance or a resignation by the
participant.
If employment is terminated on a fault basis,
the units will be cancelled.
Tiger Brands (1985) Share Option
Scheme
Executive directors
Details of equity-settled options issued in terms
of the Tiger Brands (1985) Share Option
Scheme held by executive directors as at
September 2014, together with options
exercised during the year, are set out in
note 24 of the notes to the annual financial
statements. The movement in these options
is summarised in the following table:
Balance at
the beginning
of the year
(Number)
Share
options
granted
Share
options
exercised
Balance at
the end of
the year
(Number)
Fair market
value of
outstanding
options
(R000)
Executive director
CFH Vaux
23 000
–
23 000
–
–
The definition of a no-fault termination is the
termination of employment of a participant by
the company or applicable employer company
by reason of:
Ϣ
Ϣ
death;
Ϣ
Ϣ
injury, disability or ill health;
Ϣ
Ϣ
dismissal based on operational requirements
as contemplated in the Labour Relations Act
No 66 of 1995;
Ϣ
Ϣ
retirement on or after the normal retirement
date;
Ϣ
Ϣ
voluntary early retirement in terms of the
rules of the retirement plan of which the
participant is a member;
Ϣ
Ϣ
the company by which the participant is
employed ceasing to be a member of the
Tiger Brands group;
Ϣ
Ϣ
mutual agreement between the company
and the participant; or
Ϣ
Ϣ
the undertaking in which the participant is
employed being transferred to a transferee
which is not a member of Tiger Brands.
Under the above circumstances, if employment
is terminated on a no-fault basis, then,
depending on the nature of the unit (ie whether
it is a share appreciation right, performance