SA's largest cellular company, Vodacom, is rewarding its executives with forfeitable shares, which they will earn in three years, based on the company's performance.
During the last financial year, Vodacom reviewed its long-term incentive plan and implemented a forfeitable share plan. For executive directors, a proportion of the shares are linked to performance conditions, which include operating profit and market share in terms of revenue.
CEO Pieter Uys has been awarded 111 304 shares in the company, of which 75 003 - or 67.4% ‑ are subject to “performance conditions,” says the cellular company in a statement to shareholders. The shares are worth a total of R9.5 million and vest three years from the “award” date.
CFO Rob Shuter has been awarded shares worth R5.4 million. He received 63 352 shares, of which the bulk, at 42 690, is also subject to performance conditions.
Vodacom's company secretary, Sandi Linford, has been awarded 7 378 shares, worth a total of R627 641. According to Vodacom's statement, 3 009 shares are subject to performance conditions.
Vodacom SA FD Johan van der Watt was allocated 17 708 forfeitable shares, of which 7 222 are linked to performance. The shares are worth R1.5 million.
COO of Vodacom SA Vuyani Jarana was awarded 51 337 shares worth R4.4 million, while Mpho Nkeli, chief human resources executive, received 14 273 shares worth R1.2 million.
Vodacom's shares closed 3.42%, or R2.90, lower yesterday, at R82.
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