The CEO and COO of Royal Bafokeng Platinum (RBPlat) will receive a total of R85 million as the company is delisted from the JSE following its acquisition by Impala Platinum.
- These payments are the acceleration of the long-term incentive scheme, which has been deemed to have been met under the takeover conditions.
- RBPlat extended CEO Steve Phiri’s contract multiple times due to the lengthy takeover process, considering the retention of the CEO and COO crucial for the safe and effective operations of the company during a period of uncertainty.
- The company exercised discretion under the applicable scheme rules to permit the vesting of the balance of the long-term incentive awards that the CEO and COO would otherwise have forfeited.
- The Deferred Award, originally comprising shares, was converted into a cash-settled award due to the unavailability of shares. The full cash consideration will be paid to the CEO on or about August 31, 2023.
- In addition to the current payments, upon the mutually agreed termination of employment with an executive on a change of control, the executive will receive a full vesting of all outstanding awards and one year’s guaranteed remuneration.