Service contracts Executives’ service contracts comply with terms and conditions of employment in the jurisdiction where they are employed. Executives’ contracts do not contain guaranteed payments on termination. Details of the date of appointment and relevant notice period for executive directors are set out in the table below: CP Mawela TN Jacobs Date of appointment in the current role 1/11/2018 1/11/2018 Notice period 6 months 6 months Restraint period 12 months 6 months Recruitment policy On the appointment of a new executive, the individual’s package will typically be in line with the principles as outlined on page 111. To facilitate recruitment, it may be necessary to compensate for remuneration forfeited on exiting the previous employer. This will be considered on a case-by-case basis and may comprise cash or shares. Termination policy Payments in lieu of notice may be made to executives for the unexpired portion of the notice period. On cessation of employment, there is no automatic entitlement to an annual performance-related incentive (bonus). However, the committee retains the discretion to award a bonus to a leaver during the nancial year considering the circumstances of their departure. Termination provisions related to LTI plans are as follows: LTI termination provisions Death, ill health, disability or other event approved at the board’s discretion • All unvested awards will be accelerated and fully vest on the date of termination of employment. If applicable, the outcomes of PSU and PPS thresholds will be reviewed by the remuneration committee on a case-by-case basis. Redundancy or termination as a result of a business disposal or change of control/jurisdictional issue or retirement • Vesting of the awards will be accelerated on a pro rata basis. However, the pro rata portion will only be applicable to the next upcoming vesting portion. If applicable, the outcomes of PSU and PPS thresholds will be reviewed by the remuneration committee on a case-by-case basis. For other causes • All unvested awards will lapse. Overview Introduction Understanding Phuthuma Nathi Understanding MultiChoice SA MultiChoice SA performance Financial review Corporate governance review Shareholder information Phuthuma Nathi Investments (RF) Limited Integrated annual report 2023 115
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