Annexure C

DIRECTORS' EMOLUMENTS

for the year ended 30 September 2021

Table of directors' emoluments for the year ended 30 September 2021

  GROUP
(R’000) Fees Cash
salary
Bonus* Other
benefits
Retirement
fund
contributions
Total
2021
Executive directors            
NP Doyle 8 591 1 409 10 000
DS Sita1 4 957 909 228 335 6 429
Total A 13 548 909 228 1 744 16 429
Non-executive directors**            
MO Ajukwu 1 460 1 460
MJ Bowman 754 754
I Burton2 442 442
GJ Fraser-Moleketi3 (Chairman) 1 713 1 713
CH Fernandez 1 028 1 028
GA Klintworth 1 345 1 345
M Makanjee 799 799
TE Mashilwane 713 713
Dr KDK Mokhele4  519 519
MP Nyama5 346 346
M Sello 909 909
OM Weber 1 440 1 440
DG Wilson 868 868
Total B 12 336 12 336
Total A + B 12 336 13 548 909 228 1 744 28 765
Aggregated details of remuneration paid to members of the executive committee, excluding executive directors above, are set out hereunder            
Total 40 787 303 2 616 2 394 46 100
1 DS Sita appointed 1 October 2020.
2 I Burton resigned 24 June 2021.
3 GJ Fraser-Moleketi for FY21, chairman from 1 January 2021 to 30 September 2021.
4 Dr KDK Mokhele retired 31 December 2020. During the year, served as chairman from 1 October 2020 to 31 December 2020.
5 MP Nyama retired 17 February 2021.
* Certain executive committee members are paid sign-on bonuses. An upfront payment is made with a two-year lock-in provision. Total of sign-on bonuses paid in 2021 amounts to R4,2 million, total expenses in employee costs amounts to R1,2 million and total prepayment amounts to R3,0 million.
** The fees to non-executive directors exclude VAT.

Table of directors' emoluments for the year ended 30 September 2021

  GROUP
(R’000) Fees Cash
salary
Bonus* Other
benefits
Retirement
fund
contributions
Gains on  
options  
exercised#
Total
2020
Executive directors              
LC Mac Dougall1 3 094 55 109 387 3 645
NP Doyle2 6 996 1 270 736 9 002
Total A 10 090 55 1 379 1 123 12 647
Non-executive directors**   EFS*          
CH Fernandez 936 936
DG Wilson 695 695
GA Klintworth 1 174 1 174
KDK Mokhele (Chairman) 1 877 1 877
M Makanjee 760 760
MJ Bowman 650 650
MO Ajukwu 1 280 1 280
MP Nyama 650 650
TE Mashilwane 890 890
GJ Fraser-Moleketi3 109 109
M Sello4 475 475
MP Fandeso5 310 310
I Burton6 109 109
OM Webber7 250 250
Total B 10 165 10 165
Total A + B 10 165 10 090 55 1 379 1 123 22 812
Aggregated details of remuneration paid to members of the executive committee, excluding executive directors above, are set out hereunder              
Total 41 896 112 4 272 2 945 454 49 679
1 LC Mac Dougall retired on 31 January 2020.
2 NP Doyle appointed as chief executive officer 1 February 2020.
3 GJ Fraser-Moleketi appointed 1 September 2020.
4 M Sello appointed 1 October 2019.
5 MP Fandeso resigned 28 February 2020.
6 I Burton appointed 3 August 2020.
7 OM Weber appointed 3 August 2020.
* EFS – fees paid to non-executive directors in respect of their attendance at special board meetings of the company.
** The fees to non-executive directors exclude VAT.
# The gains on options exercised were derived from bonus matching shares, deferred bonus shares and company matching shares granted in 2017 which vested and was settled in 2020.

Tiger Brands Limited 2013 Share Plan

Executive directors

Details of share appreciation rights allocated to executive directors under this plan at 30 September 2021 are set out below:

Name Date
of grant
Holding at
1 October
2020
Forfeited
2021
Holding at
30 September
2021
Number of
options
vested at
30 September
2021
Number of
options
subject to
performance
targets and
retention
Grant 
price 
(Rand)
NP Doyle Dec–18 56 688 56 688 56 688 254,8
  Dec–17 49 298 16 432 32 866 32 866 385,3
  Dec–16 24 224 12 112 12 112 12 112 368,1
  Feb–16 8 201 8 201 271,2
  Feb–15 1 117 1 117 358,2
Total   139 528 37 862 101 666 101 666  

Details of performance shares awarded to executive directors under the Tiger Brands Limited 2013 Share Plan as at 30 September 2021 appear below:

Name Date
of grant
Holding at
1 October
2020
Granted
2021
Holding at
30 September
2021
Number of
options
vested as at
30 September
2021
Number of
options
subject to
performance
targets and
retention
10-day
VWAP
share
price on
grant date
NP Doyle Dec-20 59 930 59 930 59 930 203,5
  Sep-20 65 880 65 880 65 880 178,2
Total   65 880 59 930 125 810 125 810  
DS Sita Dec-20 31 680 31 680 31 680 203,5
Total   31 680 31 680 31 680  

Executive committee members (excluding executive directors)

Aggregated details of share appreciation rights allocated to members of the executive committee, other than executive directors above, as at 30 September 2021, are set out below:

Total for FY Date
of grant
Holding at
1 October
2020
Forfeited
2021
Holding at
30 September
2021
Number of
options
vested at
30 September
2021
Number of
options
subject to
performance
targets and
retention
Grant 
price 
(Rand)
2019 Dec-18 247 361 58 678 188 683 188 683 254,8
2018 Dec-17 28 160 9 833 18 327 18 327 385,3
2017 Dec-16 22 411 11 457 10 954 10 954 368,1
2016 Feb-16 6 097 6 097 271,2
2015 Feb-15 1 645 1 645 358,2

Aggregated details of performance shares awarded to members of the executive committee, other than executive directors above, as at 30 September 2021, are set out below:

Total for FY Date
of grant
Holding at
1 October
2020
Granted
2021
Forfeited
2021
Exercised
2021
Holding at
30 September
2021
Number of
options
vested at
30 September
2021
Number of
options
subject to
performance
targets and
retention
10-day
VWAP
share price
on grant date
2021 Dec-20 133 300 25 000 108 300 108 300 203,5
2020 Sep-20 150 450 46 004 104 446 104 446 178,2
2020 Mar-20 47 220 47 220 47 220 172,4

Aggregated details of restricted shares granted to members of the executive committee, other than executive directors above, as at 30 September 2021:

Total for FY Date
of grant
Holding at
1 October
2020
Exercised
2021
Forfeited
2021
Holding at
30 September
2021
Number of
options
vested at
30 September
2021
Number of
options
subject to
performance
targets and
retention
10-day
VWAP
share price
on grant date
2020 Various 42 081 42 081 42 081 178,2
2018 Various 4 647 4 647 414,5
2017 Various 2 012 2 012 414,5