SLM - Sanlam - Amendment To Employee Incentive Plans
SLM
SLM
SLM - Sanlam - Amendment To Employee Incentive Plans
Sanlam Limited
(Incorporated in the Republic of South Africa)
(Registration number 1959/001562/06)
JSE share code: SLM
NSX share code: SLA
ISIN number: ZAE000070660
("Sanlam")
AMENDMENT TO EMPLOYEE INCENTIVE PLANS
During 2007 and 2008 Sanlam entered into long-term incentive agreements with
Sanlam executive directors and the company secretary (J van Zyl, JP Moller and
JP Bester) in terms of which cash bonuses may become payable to them on set
future dates, based on the value on those future dates of a predetermined number
of Sanlam Ltd ordinary shares. The number of reference shares (1 132 834 in
respect of J van Zyl, 403 613 in respect of JP Moller and 11 322 in respect of
JP Bester) was calculated with reference to the market price of the Sanlam
shares when the agreements were entered into (R22,08 in respect of the 2007
agreement and R18,65 in respect of the 2008 agreement). Entitlement to and
payment of these bonuses is subject to the achievement of the performance hurdle
that Sanlam`s normalised return on its equity value per share must have exceeded
its cost of capital for the period from the applicable agreement date until the
date of payment of the bonus by pre-determined percentages.
The shareholders of Sanlam approved the introduction of certain new employee
incentive plans at its annual general meeting in June 2008. Following the
approval of the new plans, the executive directors and company secretary have
agreed to convert the current cash bonus arrangements into the new equity
settled Performance Deferred Share Plan and Restricted Share Plan (with
performance hurdles), based on the same number of shares (1 132 834 in respect
of J van Zyl, 403 613 in respect of JP Moller and 11 322 in respect of JP
Bester) and on the same terms and subject to the previously agreed performance
hurdles. The existing agreements were accordingly amended on 1 October 2008.
Bellville
1 October 2008
Sponsor:
Deutsche Securities (SA) (Proprietary) Limited
Date: 01/10/2008 13:00:33 Produced by the JSE SENS Department.
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