Annexure C

Directors’ emoluments

Table of directors’ emoluments for the year ended 30 September 2017

  Group  
(R000) Fees   Cash salary   Bonus   Other benefits   Retirement fund contributions   Gains on options exercised   Total
2017 		 
Executive directors3
LC Mac Dougall –   8 059   –   149   339   –   8 547  
PB Matlare1 –   –   –   –   –   2 575   2 575  
NP Doyle –   5 212   –   72   872   3 499   9 655  
CFH Vaux –   4 531   –   52   347   6 609   11 539  
Total A –   17 802   –   273   1 558   12 683   32 316  
Non-executive directors3
EFs  
KDK Mokhele (chairman) 1 233   48   –   –   –   –   1 281  
AC Parker2 839   241   –   –   –   –   1 080  
MO Ajukwu 812   –   –   –   –   –   812  
SL Botha 578   –   –   –   –   –   578  
MJ Bowman 478   –   –   –   –   –   478  
K Hedderwick3 90   –   –   –   –   –   90  
M Makanjee 587   25   –   –   –   –   612  
E Mashilwane4 360   –   –   –   –   –   360  
RD Nisbet 820   –   –   –   –   –   820  
MP Nyama 554   –   –   –   –   –   554  
BL Sibiya (deputy chairman)5 659   –   –   –   –   –   659  
YGH Suleman 745   –   –   –   –   –   745  
BS Tshabalala6 94   –   –   –   –   –   94  
Total B 7 849   314   –   –   –   –   8 163  
Total A + B 7 849   18 116   –   273   1 558   12 683   40 479  
Details of remuneration paid to prescribed officers of the company are set out hereunder:
N Segoale7 –   –   –   –   –   5 453   5 453  
NG Brimacombe8 –   2 348   –   462   252   5 956   9 018  
PW Spies9 –   2 344   1 783   2 002   228   –   6 357  
AG Kirk –   3 955   2 320   240   354   3 185   10 054  
Total –   8 647   4 103   2 704   834   14 594   30 882  
Aggregated details of remuneration paid to members (six) of the executive committee, excluding executive directors and prescribed officers above, are set out hereunder:                            
Total –   16 953   10 501   979   2 066   4 960   35 459  

1 Resigned effective 31 December 2015. Payment relates to options exercised.
2 Resigned as Chairman effective 21 February 2017.
3 Appointed effective 1 December 2016 and resigned on 14 February 2017.
4 Appointed effective 1 December 2016.
5 Resigned effective 30 June 2017.
6 Appointed effective 26 May 2017.
7 Resigned effective 30 October 2015. Payment relates to options exercised.
8 Resigned effective 31 January 2017. Other benefits includes leave encashment.
9 Appointed 1 February 2017. Other benefits includes a sign on bonus of R1 740 154.

EFs – Fees paid to the Chairman for his attendance at meetings of the board of directors of Empresas Carozzí (R90 000), an associate of Tiger Brands. Also includes fees paid to non-executive directors in respect of their attendance at special board meetings of the company.

Table of directors’ emoluments for the year ended 30 September 2016

  Group  
(R000) Fees   Cash salary   Bonus   Other benefits   Retirement fund contributions   Gains on options exercised   Total
2016 		 
Executive directors
LC Mac Dougall1 (10 May 2016 – 30 September 2016) –   3 053   513   20 088   128   –   23 782  
O Ighodaro2 (1 October 2015 – 31 July 2016) –   3 630   –   4 260   337   2 742   10 969  
PB Matlare3 (1 October 2015 – 31 December 2015) –   1 187   –   6 506   209   786   8 688  
NP Doyle4 –   4 716   836   10 134   789   –   16 475  
CFH Vaux –   4 119   718   107   515   2 778   8 237  
Total A –   16 705   2 067   41 095   1 978   6 306   68 151  
Non–executive directors
EFs  
AC Parker (chairman) 1 638   145   –   –   –   –   1 783  
MO Ajukwu 440   36   –   –   –   –   476  
SL Botha 560   69   –   –   –   –   629  
MJ Bowman 353   36   –   –   –   –   389  
M Makanjee 517   79   –   –   –   –   596  
KDK Mokhele 682   139   –   –   –   –   821  
RD Nisbet 712   139   –   –   –   –   851  
MP Nyama 538   58   –   –   –   –   596  
BL Sibiya (deputy chairman) 846   36   –   –   –   –   882  
YGH Suleman 593   172   –   –   –   –   765  
Total B 6 879   909   –   –   –   –   7 788  
Total A + B 6 879   17 614   2 067   41 095   1 978   6 306   75 939  
Details of remuneration paid to prescribed officers of the company are set out hereunder:
N Segoale5 –   261   10   2 811   49   3 415   6 546  
NG Brimacombe –   3 625   349   191   749   979   5 893  
AG Kirk6 –   3 582   646   4 315   445   –   8 988  
Total –   7 468   1 005   7 317   1 243   4 394   21 427  
Aggregated details of remuneration paid to members (six) of the executive committee, excluding executive directors and prescribed officers above, are set out hereunder:
Total –   15 488   2 300   4 514   2 296   1 676   26 274  

1 Appointed 10 May 2016. Other benefits includes a sign on bonus of R20 000 000.
2 Resigned effective 31 July 2016. Other benefits includes notice pay, leave encashment and R500 000 ex gratia payment relating to the swift execution of the TBCG disposal.
3 Resigned effective 31 December 2015. Other benefits includes notice pay, severance pay and leave encashment.
4 Other benefits includes a retention bonus payment of R10 000 000.
5 Resigned effective 30 October 2015. Other benefits includes notice pay and leave encashment.
6 Other benefits includes a retention bonus of R4 028 000.

EFs – Fees paid to the chairman for his attendance at meetings of the board of directors of Empresas Carozzí (R76 020), an associate of Tiger Brands. Also includes fees paid to non-executive directors in respect of their attendance at special board meetings of the company.

Directors’ service contracts

No directors have service contracts with notice periods of more than three months.

Phantom cash-settled option scheme

Executive directors

Details of phantom cash-settled options held by executive directors under this scheme at 30 September 2017 appear below:

Name Date of grant   Holding at
1 October
2016		   Granted
2017		   Exercised 2017   Forfeited 2017 Holding at
30 September
2017		   Number of options vested at 30 September 2017   Number of options subject to retention   Number of options subject to performance targets   Grant price (Rand)   Fair market
value of vested options at
30 September
2017
R000		  
NP Doyle February 2013   25 000   –   –   5 000 20 000   10 000   5 000   5 000   299.8   864  
  July 2012   20 000   –   –   5 000 15 000   15 000   –   –   252.0   1 921  
Total     45 000   –   –   10 000 35 000   25 000   5 000   5 000       2 785  
CFH Vaux February 2013   3 084   –   617   617 1 850   617   617   617   299.8   53  
February 2012   13 734   –   6 866   3 434 3 434   3 434   –   –   253.2   431  
  February 2011   11 050   –   11 050   – –   –   –   –   –   –  
Total     27 868   –   18 533   4 051 5 284   4 051   617   617       484  

Prescribed officers

Details of phantom cash-settled options held by prescribed officers under the Tiger Brands phantom cash option scheme as at 30 September 2017 appear below:

Name Date of grant   Holding at
1 October
2016		   Granted 2017   Exercised 2017   Forfeited 2017 Holding at
30 September
2017		   Number
of options
vested at
30 September
2017		   Number
of options
subject to
retention		   Number
of options
subject to
performance
targets
and retention		   Grant price
(Rand)		   Fair market
value of vested
options at
30 September
2017
R000		  
NG Brimacombe February 2013   3 000   –   1 200   1 800 –   –   –   –   –   –  
NG Brimacombe February 2012   13 200   –   9 900   3 300 –   –   –   –   –   –  
NG Brimacombe February 2011   7 100   –   7 100   – –   –   –   –   –   –  
Total     23 300   –   18 200   5 100 –   –   –   –   –   –  

Executive committee members (excluding executive directors and prescribed officers)

Aggregated details of phantom cash options held by members of the executive committee, other than executive directors and prescribed officers above, at 30 September 2017 appear below:

  Date of grant   Holding at 1 October 2016   Granted 2017   Exercised 2017   Forfeited 2017   Holding at
30 September
2017		   Number
of options
vested at
30 September
2017		   Number of
options subject
to retention		   Number
of options
subject to
performance
targets		   Grant price
(Rand)		   Fair market
value of vested
options at
30 September
2017
R000		  
Total Various   32 782   -   11 350   5 828   15 604   12 933   1 268   1 403   Various   1 524  

Tiger Brands Limited 2013 Share Plan

Executive directors

Details of share appreciation rights allocated to executive directors under this plan at 30 September 2017 appear below:

Name Date of grant   Holding at
1 October
2016		   Granted
2017		   Exercised
2017		   Forfeited
2017		   Holding at
30 September
2017		   Number
of options
vested at
30 September
2017		   Number of
options subject
to performance
targets and
retention		   Grant price
(Rand)		   Fair market
value of vested
options at
30 September
2017
R000		  
LC Mac Dougall December 2016   –   32 840   –   – 32 840   –   32 840   396,0   –  
  May 2016   36 000   –   –   –   36 000   –   36 000   341,7   –  
Total     36 000   32 840   –   –   68 840   –   68 840          
NP Doyle December 2016   –   33 780   –   – 33 780   –   33 780   396,0   –  
February 2016   22 870   –   –   – 22 870   –   22 870   291,7   –  
February 2015   11 540   –   –   – 11 540   –   11 540   385,3   –  
February 2014   12 950   –   –   – 12 950   4 316   8 634   254,5   569  
Note 1 February 2014   5 250   –   –   –   5 250   1 750   3 500   254,5   231  
Total     52 610   33 780   –   –   86 390   6 066   80 324          
CFH Vaux February 2015   9 060   –   –   – 9 060   –   9 060   385,3   –  
February 2014   12 880   –   –   – 12 880   4 292   8 588   254,5   566  
Note 1 February 2014   5 220   –   –   – 5 220   1 739   3 481   254,5   229  
  February 2013   6 867   –   –   3 433   3 434   –   3 434   299,8   –  
Total     34 027   –   –   3 433   30 594   6 031   24 563          

Note 1 – a special retention allocation of share appreciation rights was made on 28 February 2014. These are subject to normal performance and vesting conditions.

Details of performance shares awarded to executive directors under the Tiger Brands Limited 2013 Share Plan as at 30 September 2017 appear below:

Name Date of
grant		   Holding at
1 October
2016		   Granted
2017		   Exercised
2017		   Options
received/
forfeited
as result
of per-
formance
conditions achieved/not
achieved		   Holding at
30 September
2017		   10-day
VWAP share
price on
grant date		  
NP Doyle Feb 16   5 720   –   –   –   5 720   291,7  
Feb 15   2 490   –   –   –   2 490   385,3  
  Feb 14   2 790   –   5 580   8 370   –      
Total     11 000   –   5 580   8 370   8 210      
LC Mac Dougall May 16   8 160   –   –   –   8 160   341,7  
Total     8 160   –   –   –   8 160      
CFH Vaux Feb 15   1 950   –   –   –   1 950   385,3  
  Feb 14   2 780   –   5 560   8 340   –      
Total     4 730   –   5 560   8 340   1 950      

Details of restricted shares granted to executive directors under the Tiger Brands Limited 2013 Share Plan as at 30 September 2017 appear below:

Name Date of
grant		   Holding at
1 October
2016		   Granted
2017		   Exercised
2017		   Forfeited
2017		   Holding at
30 September
2017		   10-day
VWAP share
price on
grant date		  
NP Doyle Dec 16   –   3 710   –   –   3 710   396,0  
Feb 16   1 330   –   –   –   1 330   291,7  
Dec 15   5 376   –   –   –   5 376   342,9  
  Feb 15   2 320   –   –   –   2 320   385,3  
Total     9 026   3 710   –   –   12 736      
LC Mac Dougall Dec 16   –   1 950   –   –   1 950   396,0  
Total –   1 950   –   –   1 950  
CFH Vaux Feb 15   1 850   –   –   –   1 850   385,3  
Total     1 850   –   –   –   1 850      

Prescribed officers

Details of share appreciation rights allocated to prescribed officers under the Tiger Brands Limited 2013 Share Plan at 30 September 2017 appear below:

Name Date of
grant		   Holding
at
1 October
2016		   Granted
2017		   Exercised
2017		   Forfeited
2017		   Holding
at
30 September
2017		   Number
of options
vested at
30 September
2017		   Number of
options
subject to
performance
targets and
retention		   Grant
price
(Rand)		   Fair market
value of
vested
options at
30 September
2017
(R000)		  
NG Brimacombe Feb 16   6 150   –   –   6 150   –   –   –   291,7   –  
NG Brimacombe Feb 15   8 890   –   –   8 890   –   –   –   385,3   –  
NG Brimacombe Feb 14   5 120   –   1 707   3 413   –   –   –   254,5   –  
NG Brimacombe Feb 14   12 640   –   4 214   8 426   –   –   –   254,5   –  
NG Brimacombe Sep 13   13 400   –   –   13 400   –   –   –   298,7   –  
NG Brimacombe Feb 13   6 667   –   –   6 667   –   –   –   299,8   –  
AG Kirk Dec 16   –   12 760   –   –   12 760   –   12 760   396,0   –  
AG Kirk Feb 16   11 680   –   –   –   11 680   –   11 680   291,7   –  
AG Kirk Feb 15   8 260   –   –   –   8 260   –   8 260   385,3   –  
AG Kirk Feb 14   11 800   –   –   –   11 800   3 932   7 868   254,5   518  
PW Spies Sep 17   –   13 102   –   –   13 102   –   13 102   403,6   –  

Details of performance shares awarded to prescribed officers under the Tiger Brands Limited 2013 Share Plan at 30 September 2017 appear below:

Name Date of
grant		   Holding at
1 October
2016		   Granted
2017		   Options
received/
forfeited
as result
of per-
formance
conditions
achieved/
not
achieved		   Exercised
2017		   Forfeited
2017		   Holding at
30 September
2017		   10-day
VWAP share
price on
grant date		  
NG Brimacombe Feb 16   1 330   –   –   –   1 330   –   291,7  
NG Brimacombe Feb 15   1 920   –   –   –   1 920   –   385,3  
NG Brimacombe Feb 14   2 720   –   5 440   8 160   –   –   254,5  
AG Kirk Feb 16   2 520   –   –   –   –   2 520   291,7  
AG Kirk Feb 15   1 780   –   –   –   –   1 780   385,3  
AG Kirk Feb 14   2 540   –   5 080   7 620   –   –   254,5  

Details of restricted shares granted to prescribed officers under the Tiger Brands Limited 2013 Share Plan at 30 September 2017 appear below:

Name Date of
grant		   Holding at
1 October
2016		   Granted
2017		   Exercised
2017		   Forfeited
2017		   Holding at
30 September
2017		   10-day
VWAP share
price on
grant date		  
NG Brimacombe Feb 15   1 810   –   –   1 810   –   –  
AG Kirk Dec 16   –   1 900   –   –   1 900   396,0  
AG Kirk Feb 16   1 090   –   –   –   1 090   291,7  
AG Kirk Dec 15   3 848   –   –   –   3 848   342,9  
AG Kirk Feb 15   1 690   –   –   –   1 690   385,3  
AG Kirk Dec 14   7 084   –   –   –   7 084   382,4  

Executive committee members (excluding executive directors and prescribed officers)

Aggregated details of share appreciation rights allocated to members of the executive committee, other than executive directors and prescribed officers above, as at 30 September 2017, appear below:

Total for FY Date of
grant		   Holding
at
1 October
2016		   Granted
2017		   Exercised
2017		   Forfeited
2017		   Holding
at
30 September
2017		   Number
of options
vested at
30 September
2017		   Number of
options
subject to
performance
targets and
retention		   Grant
price
(Rand)		   Fair market
value of
vested
options at
30 September
2017
(R000)		  
2017 Dec 16   –   56 040   –   –   56 040   –   56 040   396,0   –  
2016 Feb 16   37 340   –   –   –   37 340   –   37 340   291,7   –  
2015 Feb 15   18 780   –   –   –   18 780   –   18 780   385,3   –  
2014 Feb 14   41 626   –   530   –   41 096   13 457   27 639   254,5   1 721  
2013 Feb 13   12 944   –   –   7 140   5 804   –   5 804   299,8   –  

Aggregated details of restricted shares granted to members of the executive committee, other than executive directors and prescribed officers above, as at 30 September 2017:

Total for FY Date
of grant		   Holding at
1 October
2016		   Granted
2017		   Exercised
2017		   Forfeited
2017		   Holding at
30 September
2017		   Grant
price
(Rand)		  
2016 Feb 16   6 800   –   –   –   6 800   291,7  
2015 Feb 15   3 420   –   –   –   3 420   254,5  
2014 Feb 14   2 890   –   5 780   8 670   –   –  

Aggregated details of restricted shares granted to members of the executive committee, other than executive directors and prescribed officers above, as at 30 September 2017:

Total for FY Date
of grant		   Holding at
1 October
2016		   Granted
2017		   Exercised
2017		   Forfeited
2017		   Holding at
30 September
2017		   10-day
VWAP share
price on
grant date		  
2017 Various   –   5 710   –   –   5 710   396,0  
2016 Various   6 712   –   –   –   6 712   291,7  
2015 Various   6 324   –   –   –   6 324   370,2