Common use of Basic Remuneration Clause in Contracts

Basic Remuneration. 3.1. In terms regulation 128(1)(c) of the Companies Act, a senior business rescue practitioner appointed for a large company is entitled to charge an amount of R2 000.00 per hour inclusive of VAT (R1 739.13 excluding VAT). 3.2. In accordance with section 143 of the Companies Act, the BRPs will charge the following hourly rates (“Tariff Fees”): 3.2.1. Murgatroyd an amount of R1 739.13 excluding VAT (R2 000 including VAT); 3.2.2. ▇▇▇ ▇▇▇ ▇▇▇▇▇ an amount of R1 739.13 excluding VAT (R2 000 including VAT); and 3.2.3. Albertyn an amount of R1 739.13 excluding VAT (R2 000 including VAT). 3.3. The Company recognizes that the hourly rate prescribed by the tariff in the regulations (as determined during the drafting of the Companies Act in 2008) is not market related and does not cater for annual inflationary escalations. Accordingly, the Company concluded a Remuneration Agreement with the BRPs in terms of which the Company agreed that the following additional remuneration will be paid to the BRPs effective from the business rescue Commencement Date (“Further Remuneration”): 3.3.1. Murgatroyd an additional amount of R2 660.87 (excluding VAT) per hour; 3.3.2. ▇▇▇ ▇▇▇ ▇▇▇▇▇ an additional amount of R2 660.87 (excluding VAT) per hour; and 3.3.3. Albertyn an additional amount of R1 210.87 (excluding VAT) per hour. 3.4. The aggregate of the Tariff Fees and the Further Remuneration is thus contemplated as the BRPs Basic Remuneration, as set out below: 3.4.1. Murgatroyd a Basic Remuneration of R4 400.00 (excluding VAT) per hour; 3.4.2. ▇▇▇ ▇▇▇ ▇▇▇▇▇ a Basic Remuneration of R4 400.00 (excluding VAT) per hour; and 3.4.3. ▇▇▇▇▇▇▇▇ a Basic Remuneration of R2 950.00 (excluding VAT) per hour.

Basic Remuneration. 3.1. In terms regulation 128(1)(c) of the Companies Act, a senior business rescue practitioner appointed for a large company is entitled to charge an amount of R2 000.00 per an hour inclusive of VAT (R1 739.13 excluding VAT). 3.2. In accordance with section 143 of the Companies Act, the BRPs will charge the following hourly rates (“Tariff Fees”): 3.2.1. Murgatroyd an amount of R1 739.13 excluding VAT (R2 000 including VAT); 3.2.2. ▇▇▇ ▇▇▇ ▇▇▇▇▇ an amount of R1 739.13 excluding VAT (R2 000 including VAT); and 3.2.3. Albertyn an amount of R1 739.13 excluding VAT (R2 000 including VAT). 3.3. The Company recognizes that the hourly rate prescribed by the tariff in the regulations (as determined during the drafting of the Companies Act in 2008) is not market related and does not cater for annual inflationary escalations. Accordingly, the Company concluded a Remuneration Agreement remuneration agreement with the BRPs in terms of which the Company agreed that the following additional remuneration will be paid to the BRPs effective from the business rescue Commencement Date (“Further Remuneration”): 3.3.1. Murgatroyd an additional amount of R2 660.87 (excluding VAT) per hour; 3.3.2. ▇▇▇ ▇▇▇ ▇▇▇▇▇ an additional amount of R2 660.87 (excluding VAT) per hour; and 3.3.3. Albertyn an additional amount of R1 210.87 (excluding VAT) per hour. 3.4. The aggregate of the Tariff Fees and the Further Remuneration is thus contemplated as the BRPs basic remuneration (“Basic Remuneration”), as set out below: 3.4.1. Murgatroyd a Basic Remuneration of R4 400.00 (excluding VAT) per hour; 3.4.2. ▇▇▇ ▇▇▇ ▇▇▇▇▇ a Basic Remuneration of R4 400.00 (excluding VAT) per hour; and 3.4.3. ▇▇▇▇▇▇▇▇ a Basic Remuneration of R2 950.00 (excluding VAT) per hour.

Basic Remuneration. 3.1. Section 143(2) of the Companies Act entitles the BRPs to propose an agreement with the Company providing for further remuneration additional to that contemplated in section 143(1) of the Companies Act. 3.2. In terms regulation 128(1)(c) of the Companies Act, a senior business rescue practitioner appointed for a large company is entitled to charge an amount of R2 000.00 per an hour inclusive of VAT (R1 739.13 excluding VAT) and up to an amount of R25 000.00 a day inclusive of VAT (R21 739.13 excluding VAT). 3.23.3. In accordance with section 143 of the Companies Act, the BRPs will charge the following hourly rates (“Tariff Fees”): 3.2.13.3.1. Murgatroyd an amount of R1 739.13 excluding VAT (R2 000 including VAT); 3.2.2. ▇▇▇ ▇▇▇ van den ▇▇▇▇▇ an amount of R1 739.13 excluding VAT (R2 000 including VAT); and 3.2.33.3.2. Albertyn Liebenberg an amount of R1 739.13 excluding VAT (R2 000 including VAT).; 3.33.4. The Company recognizes recognises that the hourly rate prescribed by the tariff in the regulations (as determined during the drafting of the Companies Act in 2008) is not market related and does not cater for annual inflationary escalations. Accordingly, accordingly, the Company concluded a Remuneration Agreement remuneration agreement with the BRPs in terms of which the Company agreed that upon approval of an extension of the date by when the business rescue plan is to be published pursuant to the provisions of section 150(5)(b) of the Companies Act, the following additional remuneration will be paid to the BRPs effective from the business rescue Commencement Date (“Further Remuneration”): 3.3.1. Murgatroyd an additional amount of R2 660.87 (excluding VAT) per hour; 3.3.23.4.1. ▇▇▇ ▇▇▇ van den ▇▇▇▇▇ an additional amount of R2 660.87 210.87 (excluding VAT) per hour; and 3.3.33.4.2. Albertyn ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ an additional amount of R1 210.87 R910.87 (excluding VAT) per hour. 3.43.5. The aggregate of the Tariff Fees and the Further Remuneration is thus contemplated as the BRPs Basic Remuneration, as set out below:. 3.4.13.5.1. Murgatroyd a Basic Remuneration of R4 400.00 (excluding VAT) per hour; 3.4.2. ▇▇▇ ▇▇▇ van den ▇▇▇▇▇ a Basic Remuneration of R4 400.00 R3 950.00 (excluding VAT) per hour; and 3.4.33.5.2. ▇▇▇▇▇▇▇▇ Liebenberg a Basic Remuneration of R2 950.00 650.00 (excluding VAT) per hour.