Common use of Remuneration Package Clause in Contracts

Remuneration Package. 5.1 The Executive shall receive an annual all-inclusive Remuneration Package of R1 900 000.00 (one million nine hundred thousand rand) per annum. The Remuneration Package will be paid in 12 equal monthly installments. 5.2 The Remuneration Package referred to in CLAUSE 5.1 above, includes: 5.2.1 all contributions to the Pension or Provident Fund of which the Executive is a member, made in accordance with the relevant rules of the fund in question; 5.2.2 all contributions to the Medical Aid Scheme of which the Executive and his dependants are members; and 5.2.3 all allowances for vehicles, water, electricity, entertainment, subsistence and accommodation to which the Executive is entitled in accordance with the policies of the Company from time to time and as agreed with the Company from time to time. 5.3 Notwithstanding anything to the contrary in this Agreement, the payment by the Company of the premiums on behalf of the Executive to the Group Life Scheme as referred to in CLAUSE 10, and the payment by the Company of any monies payable in terms of the rules of the Share Option Scheme for any of the share options to which the Executive may be entitled in terms of CLAUSE 19, shall not constitute part of the Remuneration Package. 5.4 It is recorded that it has been agreed that, by virtue of his relinquishing the post of Chief Executive Officer and Deputy Chairman of the Company, and by virtue of him becoming Executive Chairman of the Company, the Executive has become entitled to an amount equal to 92 (ninety-two) per cent of his Remuneration Package calculated on the basis of the Remuneration Package received by the Executive on the 1 December 2003. This shall be paid to the Executive within 10 days of the signing of this Agreement by both parties. 5.5 The Company will refund, or will procure the refunding, to the Executive of all reasonable expenses properly incurred by him in performing his duties under this Agreement in accordance with Company policy. This will include expenses relating to entertainment and traveling. The Company requires the Executive to submit official receipts or other documents as proof that he has incurred any expenses he claims. 5.6 The Company undertakes to reimburse the following costs to be incurred by the Executive for the benefit of the Company: 5.6.1 in light of the Company requiring the Executive to be a member of one or more clubs, the annual membership fees payable by the Executive for membership of any 2 (two) of such clubs; 5.6.2 membership subscriptions payable by the Executive for membership of relevant work related associations and/or societies approved in writing in advance by the Company and of which the Executive is a member by virtue of his employment with the Company; 5.6.3 any cost of insurance cover for any 2 (two) of the motor vehicles owned by the Executive during the term of this Agreement. 5.7 The Executive shall be entitled to use any travel miles allocated on any business credit cards and flying membership cards issued to him by the Company for his family and personal use. 5.8 The Company will require the Executive to undergo a medical examination at the cost of the Company on an annual basis and the Executive agrees to give effect to this requirement. 5.9 The date of payment of the salary portion of the Remuneration Package of the Executive shall be the 24th day of each calendar month.

Remuneration Package. 5.1 The Executive 9.1. In consideration of the Employee performing the duties for SGI and complying with the terms of this Contract, the Employee shall receive an annual all-inclusive be provided with a Remuneration Package of R1 900 000.00 (one million nine hundred thousand rand) per annumin the terms recorded in Schedule 1. The Remuneration Package includes an amount which compensates the Employee for any additional reasonable hours worked by the Employee. 9.2. Any payment that SGI makes to the Employee is intended to discharge the obligations imposed by any statute, award, agreement or other industrial instrument. To the extent that a payment exceeds what is required under any particular law or provision, the excess is to be taken to help satisfy SGI’s obligations under any other applicable law or provision. 9.3. SGI will deduct all taxes and other deductions from the Remuneration Package which SGI is lawfully authorised or obliged to make (including fringe benefits tax, if applicable). 9.4. Where any salary sacrifice arrangements have been agreed to with the Employee, these are recorded in Schedule 1. 9.5. The salary component shall be paid monthly and in 12 equal monthly installmentsthe final week of each month or as otherwise agreed between the parties. 5.2 9.6. Superannuation contributions shall be made at the rate recorded in Schedule 1 and into the complying superannuation fund as chosen by the Employee and advised to SGI. The Remuneration Package referred is inclusive of all of SGI’s obligations to in CLAUSE 5.1 above, includes: 5.2.1 all make superannuation contributions to the Pension or Provident Fund of which the Executive is a member, made in accordance with the relevant rules of the fund in question; 5.2.2 all contributions to the Medical Aid Scheme of which the Executive and his dependants are members; and 5.2.3 all allowances for vehicles, water, electricity, entertainment, subsistence and accommodation to which the Executive is entitled in accordance with the policies of the Company from time to time and as agreed with the Company from time to time. 5.3 Notwithstanding anything to the contrary in this Agreement, the payment by the Company of the premiums on behalf of the Executive Employee. 9.7. Where SGI provides the Employee with a motor vehicle, either on a ‘fully maintained’ or ‘tool of trade’ basis, the value to the Group Life Scheme Employee will be as referred to recorded in CLAUSE 10Schedule 1 and the provision and use by the Employee of the motor vehicle will be in accordance with SGI’s motor vehicle policy. 9.8. SGI shall review the Employee’s Remuneration Package at least annually, and the payment by the Company of any monies payable in terms of the rules of the Share Option Scheme for any of the share options to which the Executive may be entitled in terms of CLAUSE 19at such other time that SGI decides and shall take into consideration during such review factors including, shall but not constitute part of the Remuneration Package. 5.4 It is recorded that it has been agreed that, by virtue of his relinquishing the post of Chief Executive Officer and Deputy Chairman of the Company, and by virtue of him becoming Executive Chairman of the Companylimited to, the Executive has become Employee’s performance, the general economic climate and SGI’s specific economic performance. The Employee acknowledges that they are not entitled to an amount equal to 92 (ninety-two) per cent increase in their remuneration as of his Remuneration Package calculated on the basis of right and that any increase in the Remuneration Package received by the Executive on the 1 December 2003. This shall will be paid to the Executive within 10 days of the signing of this Agreement by both parties. 5.5 The Company will refund, or will procure the refunding, to the Executive of all reasonable expenses properly incurred by him in performing his duties under this Agreement in accordance with Company policy. This will include expenses relating to entertainment and traveling. The Company requires the Executive to submit official receipts or other documents as proof that he has incurred any expenses he claims. 5.6 The Company undertakes to reimburse the following costs to be incurred by the Executive for the benefit of the Company: 5.6.1 in light of the Company requiring the Executive to be a member of one or more clubs, the annual membership fees payable by the Executive for membership of any 2 (two) of such clubs; 5.6.2 membership subscriptions payable by the Executive for membership of relevant work related associations and/or societies approved in writing in advance by the Company and of which the Executive is a member by virtue of his employment with the Company; 5.6.3 any cost of insurance cover for any 2 (two) of the motor vehicles owned by the Executive during the term of this Agreement. 5.7 The Executive shall be entitled to use any travel miles allocated on any business credit cards and flying membership cards issued to him by the Company for his family and personal use. 5.8 The Company will require the Executive to undergo a medical examination at the cost sole discretion of the Company on an annual basis and the Executive agrees to give effect to this requirementSGI. 5.9 The date of payment of the salary portion of the Remuneration Package of the Executive shall be the 24th day of each calendar month.