JOHANNESBURG, March 5, 2020 /PRNewswire/ -- In order for Sasol
to remain competitive in the market and to keep senior management
and eligible specialists retained, focused, engaged and motivated,
Conditional Share Awards are made annually and forms an important
component of the reward mix offered in terms of the remuneration
policy. Shareholder approval of the Sasol Long-Term Incentive Plan
("the Plan" and/or "LTI", as appropriate) was obtained at the 2016
Annual General Meeting.
The Conditional Share Awards have a split vesting period of 50%
after three years with the balance after five years and will only
vest to the extent that the Corporate Performance Targets (detailed
below), as approved by the Remuneration Committee, have been
achieved after the performance period of three years. The full
award is subject to the achievement of these targets.
The standard timing for the annual Conditional Share Awards is
to be made to eligible participants at the beginning of the new
financial year. However, due to the extended closed period at the
end of the 2019 financial year, the Board agreed to postpone these
awards to later in the 2020 financial year. No compensation is
offered to members of the GEC in respect of the delayed award date
and the standard vesting periods of three and five years
respectively, will apply. To align with this timing, the
on-appointment Conditional Share Awards made to F R Grobler and B V
Griffith on their appointment as President and Chief Executive
Officer and Executive Vice President: Chemicals Business
respectively, as well as the recent appointment of H C Brand,
Executive Vice President: Sustainability and Technology, all
subject to the same performance and vesting conditions as the
annual LTI awards, have now been made.
In compliance with paragraphs 3.63 to 3.66 of the JSE Listings
Requirements, Sasol hereby announces that directors of Sasol,
prescribed officers and directors of major subsidiaries of Sasol,
have been granted Conditional Share Awards in terms of the
Plan.
The Board, or the Sasol Remuneration Committee, as appropriate,
approved the Conditional Share Awards made on 4 March 2020. In terms of the rules of the Plan,
the participants have to decline such an award within ten business
days after the award date, failing which the award will be deemed
to have been accepted.
The rules of the LTI Plan are available on the Sasol website
www.sasol.com.
Award
date:
|
4 March
2020
|
Deemed acceptance
date:
|
14 March
2020
|
Vesting
periods:
|
50% after 3 years and
the balance after 5 years to the extent
that the corporate performance targets have been
achieved
|
Class of
securities:
|
Sasol ordinary
shares
|
Nature of
transaction:
|
Annual supplementary
LTI Award (off-market)
|
Price per
share*
|
R192,83
|
Nature and extent
of interest:
|
Direct
beneficial
|
|
Surname and
initials
|
Designation
|
Company
|
Number
of shares
|
Total value
of the
transaction**
(ZAR)
|
Victor, P
|
Director
|
Sasol
Limited Sasol (USA)
Corporation Sasol Oil (Pty)
Ltd
|
63 497
|
12 244
126,51
|
Kahla, V D
|
Director
|
Sasol
Limited Sasol South Africa
Limited
Sasol (USA) Corporation Sasol
Oil (Pty) Ltd
|
43 628
|
8 412
787,24
|
Mokoena, C
K
|
Director
Prescribed
Officer
|
Sasol South Africa
Limited Sasol Oil (Pty)
Ltd Sasol Limited
|
32 424
|
6 252
319,92
|
Klingenberg, B
E
|
Director
Prescribed
Officer
|
Sasol Oil (Pty)
Ltd
Sasol
Limited
|
46 010
|
8 872
108,30
|
Radebe, M
|
Director
Prescribed
Officer
|
Sasol Oil (Pty)
Ltd
Sasol
Limited
|
31 953
|
6 161
496,99
|
Brand, H C
|
Prescribed
Officer
|
Sasol
Limited
|
28 025
|
5 404
060,75
|
|
Award
date:
|
4 March
2020
|
Deemed acceptance
date:
|
14 March
2020
|
Vesting
periods:
|
50% after 3 years and
the balance after 5 years to the extent
that the corporate performance targets have been
achieved
|
Class of
securities:
|
Sasol ordinary
shares
|
Nature of
transaction:
|
On-appointment LTI
Award (off-market)
|
Price per
share*
|
R192,83
|
Nature and extent
of interest:
|
Direct
beneficial
|
|
Surname and
initials
|
Designation
|
Company
|
Number
of shares
|
Total value
of the
transaction**
(ZAR)
|
Grobler, F
R
|
Director
|
Sasol
Limited
|
99 569
|
19 199
890,27
|
Brand, H C
|
Prescribed
Officer
|
Sasol
Limited
|
22 644
|
4 366
442,52
|
|
|
|
|
|
|
|
|
Award
date:
|
4 March
2020
|
Deemed acceptance
date:
|
14 March
2020
|
Vesting
periods:
|
50% after 3 years and
the balance after 5 years
|
Class of
securities:
|
Sasol American
Depository Receipts (ADRs)
|
Nature of
transaction:
|
Annual supplementary
LTI Award (off-market)
|
Price per
share*
|
US$12,07
|
Nature and extent
of interest:
|
Direct
beneficial
|
|
Surname and
initials
|
Designation
|
Company
|
Number
of shares
|
Total value of
the
transaction**
(US$)
|
Harris, J
R
|
Prescribed
Officer
|
Sasol
Limited
|
44 302
|
534 725,14
|
|
|
|
|
|
|
Award
date:
|
4 March
2020
|
Deemed acceptance
date:
|
14 March
2020
|
Vesting
periods:
|
50% after 3 years and
the balance after 5 years
|
Class of
securities:
|
Sasol American
Depository Receipts (ADRs)
|
Nature of
transaction:
|
On-appointment LTI
Award (off-market)
|
Price per
share*
|
US$12,07
|
Nature and extent
of interest:
|
Direct
beneficial
|
|
Surname and
initials
|
Designation
|
Company
|
Number
of shares
|
Total value of
the
transaction**
(US$)
|
Griffith, B
V
|
Prescribed
Officer
|
Sasol
Limited
|
24 230
|
292 456,10
|
|
|
|
|
|
|
The necessary clearance to deal has been obtained for all the
transactions set out above in terms of paragraph 3.66 of the JSE
Listings Requirements.
*Strike price per share is nil. The Price per share indicated is
the closing price of the Sasol ordinary share / ADR on 3 March 2020, the day before the grant was made
(R192,83 in the case of Sasol ordinary shares and US$12,07 in the case of ADRs) which was used to
calculate the number of shares / ADRs.
**The total transaction value is the Price per share multiplied
by the number of Sasol ordinary shares / ADRs awarded.
FY20 Corporate Performance Targets
The Board annually considers the Corporate Performance Targets
to ensure they reflect a balanced outcome for both the participants
and shareholders and serve as motivation for the participants to
focus on objectives that enable the achievement of the longer-term
strategic priorities. The participants listed above have 100% of
their share awards subject to the achievement of these Corporate
Performance Targets (CPTs), which the Board believes is a
significant incentive to encourage performance. The following table
sets out the targets:
MEASURE
|
WEIGHTING
|
THRESHOLD
|
TARGET
|
STRETCH
|
Increase in total
tons
produced/headcount
|
30%
|
1% compound
improvement on
baseline
|
2% compound
improvement on
baseline
|
3% compound
improvement on
baseline
|
Return on
Invested
Capital (ROIC)
|
20%
|
Rest of Sasol: ROIC
(excl. AUC) at WACC
of 13,5% per annum
|
Rest of Sasol: ROIC
(excl. AUC) at WACC
+1% = 14,5% per
annum
|
Rest of Sasol:
ROIC
(excl. AUC) at WACC
+2% = 15,5% per
annum
|
10%
|
US: ROIC (excl.
AUC)
at WACC of 8,0% per
annum
|
US: ROIC (excl.
AUC)
at US WACC + 0,5%
= 8,5% per annum
|
US: ROIC (excl.
AUC)
at US WACC + 1,0%
= 9,0% per annum
|
TSR – MSCI
World
Energy Index*
|
20%
|
Below the
50th
percentile of the Index*
|
60th
percentile of the
Index
|
75th
percentile of the
Index
|
TSR – MSCI
Chemicals
Index*
|
20%
|
Below the
50th
percentile of the Index*
|
60th
percentile of the
Index
|
75th
percentile of the
Index
|
Disclaimer - Forward-looking statements
Sasol may, in this document, make certain statements that are
not historical facts and relate to analyses and other information
which are based on forecasts of future results and estimates of
amounts not yet determinable. These statements may also relate to
our future prospects, expectations, developments and business
strategies. Examples of such forward-looking statements include,
but are not limited to, statements regarding exchange rate
fluctuations, volume growth, increases in market share, total
shareholder return, executing our growth projects (including LCCP),
oil and gas reserves, cost reductions, our Continuous Improvement
(CI) initiative, our climate change strategy and business
performance outlook. Words such as "believe", "anticipate",
"expect", "intend", "seek", "will", "plan", "could", "may",
"endeavour", "target", "forecast" and "project" and similar
expressions are intended to identify such forward-looking
statements, but are not the exclusive means of identifying such
statements. By their very nature, forward-looking statements
involve inherent risks and uncertainties, both general and
specific, and there are risks that the predictions, forecasts,
projections and other forward-looking statements will not be
achieved. If one or more of these risks materialise, or should
underlying assumptions prove incorrect, our actual results may
differ materially from those anticipated. You should understand
that a number of important factors could cause actual results to
differ materially from the plans, objectives, expectations,
estimates and intentions expressed in such forward-looking
statements. These factors and others are discussed more fully in
our most recent annual report on Form 20-F filed on 28 October 2019 and in other filings with the
United States Securities and Exchange Commission. The list of
factors discussed therein is not exhaustive; when relying on
forward-looking statements to make investment decisions, you should
carefully consider both these factors and other uncertainties and
events. Forward-looking statements apply only as of the date on
which they are made, and we do not undertake any obligation to
update or revise any of them, whether as a result of new
information, future events or otherwise.
For further information, please contact:
Sasol Investor Relations, please contact:
Feroza Syed, Chief Investor
Relations Officer
Direct telephone: +27 (0) 10-344-7778
investor.relations@sasol.com
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SOURCE Sasol Limited