Pick n Pay Stores Limited

Remuneration committee report continued

b. Share options granted to directors – PIK

Director	Type of   share   option	Calendar   year	Option   grant   price   R	Balance   held at   4 March   2013	Granted   during   period	Taken-up   during   period	Balance   held at   2 March   2014	Available   for   take-up
Richard Brasher	standard	2012	42.24	333 334	—	—	333 334	Nov 2015
	standard	2012	42.24	333 333	—	—	333 333	Nov 2017
	standard	2012	42.24	333 333	—	—	333 333	Nov 2019
	binary	2012	42.24	1 000 000	—	—	1 000 000*	Nov 2017
				2 000 000	—	—	2 000 000
Richard van Rensburg	binary	2011	36.55	400 000	—	—	400 000*	May 2015
				400 000	—	—	400 000
Bakar Jakoet	standard	2003	12.00	250 000	—	—	250 000	Now
	standard	2007	31.15	5 779	—	—	5 779	Now
	standard	2008	26.55	3 954	—	—	3 954	Now
	standard	2008	26.55	3 953	—	—	3 953	Now
	standard	2008	26.14	60 000	—	—	60 000	Now
	standard	2008	26.14	45 000	—	—	45 000	Now
	standard	2008	26.14	45 000	—	—	45 000	Aug 2015
	standard	2009	28.20	8 689	—	—	8 689	Now
	standard	2009	28.20	3 724	—	—	3 724	Now
	standard	2010	42.28	719	—	—	719	Now
	standard	2010	42.28	540	—	—	540	Now
	standard	2010	42.28	540	—	—	540	Now
	binary	2010	41.23	500 000	—	—	500 000*	May 2014
	standard	2011	41.70	200 000	—	—	200 000	Now
	standard	2011	41.70	300 000	—	—	300 000	Apr 2016
				1 427 898	—	—	1 427 898
Jonathan Ackerman	standard	2005	20.70	6 441	—	—	6 441	Now
	standard	2006	28.00	14 286	—	—	14 286	Now
	standard	2007	31.15	14 446	—	—	14 446	Now
	standard	2008	26.56	9 414	—	—	9 414	Now
	standard	2008	26.14	25 000	—	—	25 000	Aug 2015
	standard	2008	26.14	25 000	—	—	25 000	Aug 2016
	standard	2008	26.14	25 000	—	—	25 000	Aug 2017
	standard	2008	26.14	25 000	—	—	25 000	Aug 2018
	standard	2009	28.20	6 207	—	—	6 207	Now
	standard	2009	28.20	2 660	—	—	2 660	Now
	standard	2010	42.27	624	—	—	624	Now
	standard	2010	42.27	468	—	—	468	Now
	standard	2010	42.27	468	—	—	468	Now
	binary	2010	41.23	400 000	—	—	400 000*	May 2014
				555 014	—	—	555 014
Suzanne Ackerman-Berman	standard	2004	21.00	10 000	—	—	10 000	Now
	standard	2007	31.15	60 000	—	—	60 000	Now
	standard	2007	31.15	60 000	—	—	60 000	Now
	standard	2007	31.15	2 408	—	—	2 408	Now
	standard	2008	26.56	2 259	—	—	2 259	Now
	standard	2008	26.56	2 260	—	—	2 260	Now
	standard	2008	26.14	25 000	—	—	25 000	Aug 2015
	standard	2008	26.14	25 000	—	—	25 000	Aug 2016
	standard	2008	26.14	25 000	—	—	25 000	Aug 2017
	standard	2008	26.14	25 000	—	—	25 000	Aug 2018
	standard	2009	28.20	6 207	—	—	6 207	Now
	standard	2009	28.20	2 660	—	—	2 660	Now
	standard	2010	42.27	569	—	—	569	Now
	standard	2010	42.27	426	—	—	426	Now
	standard	2010	42.27	426	—	—	426	Now
	binary	2010	41.23	400 000	—	—	400 000*	May 2014
				647 215	—	—	647 215

*	The exercising of these options is subject to specific performance criteria relating to the growth of the Company’s share price over the term of the option. If the share price performance criteria are not met, the options are forfeited.

c. Share options granted to directors – PWK

	Calendar   year   granted	Option   grant   price   R	Balance   held at   4 March   2013	Balance   held at   2 March   2014	Available   for take-up
Jonathan Ackerman	2010	16.00	1 000	1 000	Now
	2012	20.03	400	400	Now
			1 400	1 400
Suzanne Ackerman-Berman	2011	15.35	400	400	Now
Bakar Jakoet	2005	11.50	400	400	Now
	2008	11.33	600	600	Now
	2010	16.00	400	400	Now
			1 400	1 400
Richard van Rensburg	2011	15.18	1 000 000	1 000 000	Oct 2014

2. Non-executive directors

Fees paid to non-executive directors

2014	Directors’   fees   R’000	Lead   director   R’000	Audit   committee   R’000	Remune-   ration   committee   R’000	Nomina-   tions   committee   R’000	Corporate   finance   committee   R’000	Social   and ethics   committee   R’000	Employee   share trust   R’000	Total   R’000
Gareth Ackerman*	3 450.0	—	—	—	—	—	—	—	3 450.0
John Gildersleeve1	107.7	—	—	—	—	—	—	—	107.7
David Friedland2	64.1	—	—	—	—	—	—	—	64.1
Hugh Herman	300.0	100.0	100.0	130.0	—	100.0	—	29.0	759.0
Audrey Mothupi2	64.1	—	—	—	—	—	—	—	64.1
Lorato Phalatse	300.0	—	—	—	30.0	100.0	65.0	—	495.0
David Robins	300.0	—	—	—	—	—	—	—	300.0
Ben van der Ross	300.0	—	100.0	65.0	—	100.0	—	29.0	594.0
Jeff van Rooyen	300.0	—	250.0	—	—	150.0	—	—	700.0
Total remuneration	5 185.9	100.0	450.0	195.0	30.0	450.0	65.0	58.0	6 533.9
2013	Directors’   fees   R’000	Lead   director   R’000	Audit   committee   R’000	Remune-   ration   committee   R’000	Nomina-   tions   committee   R’000	Corporate   finance   committee   R’000	Social   and ethics   committee   R’000	Employee   share trust   R’000	Total   R’000
Gareth Ackerman	349.7	—	—	—	—	—	—	—	349.7
Hugh Herman	300.0	100.0	100.0	130.0	—	100.0	—	29.0	759.0
Alex Mathole3	300.0	—	100.0	—	—	—	—	—	400.0
Lorato Phalatse	300.0	—	—	—	—	100.0	65.0	—	465.0
David Robins	300.0	—	—	—	—	—	—	—	300.0
Ben van der Ross	300.0	—	100.0	65.0	—	100.0	—	29.0	594.0
Jeff van Rooyen	300.0	—	250.0	—	—	150.0	—	—	700.0
Total remuneration	2 149.7	100.0	550.0	195.0	—	450.0	65.0	58.0	3 567.7

*	Gareth Ackerman also received an amount of R169 600 to reimburse him for travel expenses personally incurred.
1	Appointed October 2013.
2	Appointed December 2013.
3	Resigned February 2013.

3. Directors’ interest in shares – PIK – all held beneficially

2014	How held*	Balance at   4 March   2013	Additions   during the   period	Average   purchase   price per   share   R	Disposals   during the   period	Average   selling   price   per share   R	Balance   held at   2 March   2014
Gareth Ackerman	direct	43	—	—	—	—	43
Jonathan Ackerman	direct	43	—	—	—	—	43
Suzanne Ackerman-Berman	direct	2 500	—	—	—	—	2 500
	indirect	4 651	—	—	—	—	4 651
Bakar Jakoet	direct	500 000	—	—	—	—	500 000
	indirect   – spouse   and minor   children	530	—	—	—	—	530
2013	How held*	Balance at   4 March   2013	Additions   during the   period	Average   purchase   price per   share   R	Disposals   during the   period	Average   selling   price   per share   R	Balance   held at   2 March   2014
Gareth Ackerman	direct	43	—	—	—	—	43
Jonathan Ackerman	direct	43	—	—	—	—	43
Suzanne Ackerman-Berman	direct	2 500	—	—	—	—	2 500
	indirect	4 651	—	—	—	—	4 651
Bakar Jakoet	direct	500 000	—	—	—	—	500 000
	indirect   – spouse   and minor   children	530	—	—	—	—	530
David Robins	direct	74 108	—	—	(74 108)	40.23	—
	indirect	224 000	—	—	(224 000)	40.34	—

*	Direct interests represent a holding in the director’s personal capacity and indirect interests represent a holding by a family trust of which the director is a trustee.

 

Hugh Herman
Chairman: remuneration committee

14 April 2014