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Impact Of Covid-19 On The Long Term Incentive Plan (LTIP)
LIBERTY TWO DEGREES LIMITED
(Registration number: 2018/388906/06)
JSE share code: L2D
ISIN: ZAE000260576
(“L2D” or “the Company”)
IMPACT OF COVID-19 ON THE LONG TERM INCENTIVE PLAN (LTIP)
The Covid-19 pandemic and the economic impact created by the resultant lockdown has resulted in
worsening South Africa’s already extremely weak domestic economic position. The property sector has
been materially impacted as a result of the poor trading conditions and subsequent rental relief provided
to tenants. With the impact of the pandemic, L2D faces a situation in which the interests of shareholders
and all other stakeholders need to be protected by retaining and motivating the management team.
L2D’s Remuneration policy articulates and gives effect to direction on fair, responsible and transparent
remuneration which will promote the achievement of the strategic objectives, including the management
of risk, capital and liquidity and to encourage individual performance. The Board has therefore
considered the likely impact of Covid-19 on L2D’s Long Term Incentive Plan taking cogniscance of the
imperative to retain and motivate the management team in a manner that is aligned with the objectives
of L2D’s remuneration policy.
The achievement of the vesting criteria for the 2018, 2019 and 2020 LTIP awards may be materially
affected by the impact of Covid-19; however, these vesting conditions are not being modified.
In light of the impact of the current environment, the Board believes that a special once off LTIP award
is appropriate to achieve the required objectives and outcome. This special award is in accordance
with the Restricted Share Plan approved by shareholders in May 2020.
Given the need for management to focus on the delivery of L2D’s business recovery, the new awards
will carry the following conditionality:
1. Management participants must achieve a fully achieved individual rating across each year
between award and vesting.
2. L2D must have made substantial progress in the four strategic building blocks in the execution
of the strategy:
• Smart Spaces
• Good Spaces
• Interactive Spaces (a combination of On Demand, Inclusive and Immersive Spaces)
• Safe Spaces
3. Progress will be assessed by L2D’s Remuneration Committee (Remco) at each vesting date
of the awards and vesting will be in the sole discretion of Remco.
4. Remco may, in its discretion, approve proportional vesting should the assessment of progress
merit such.
5. Vesting will occur in terms of the existing rules which is in three equal tranches commencing at
the end of year 3.
The awards will range up to a maximum of 100% of an executive’s annual guranteed package.
No changes have been made to the the Short Term Incentive Scheme for the 2020 financial year.
The information set out above has not been reviewed or reported on by the Company’s external
auditors.
GRANT AND ACCEPTANCE OF LTIP AWARDS BY THE EXECUTIVE DIRECTORS AND THE
COMPANY SECRETARY
In compliance with paragraphs 3.63 to 3.74 of the JSE Limited Listings Requirements, L2D hereby
announces that the executive directors and the company secretary have been awarded, and accepted,
conditional awards in terms of a LTiP .
Awards in the LTIP will be settled in ordinary shares upon vesting, subject to the outcome of the
conditions imposed.
Chief Executive) Amelia Beattie
Acceptance date 19 November 2020
Number of securities 782 609
Nature of transaction Off-market award and acceptance of share awards in
terms of the LTIP
Vesting periods One-third after 3 years, another one-third after 4
years and the balance after 5 years subject to
performance conditions
Price per share * R4.60
Total value of transaction R3 600 001.40
Nature and extent of interest Indirect beneficial, via L2D's Restricted Share Plan
Trust
Clearance obtained Yes
Financial Director José Snyders
Acceptance date 19 November 2020
Number of securities 521 739
Nature of transaction Off-market award and acceptance of share awards in
terms of the LTIP
Vesting periods One-third after 3 years, another one-third after 4
years and the balance after 5 years subject to
performance conditions
Price per share * R4.60
Total value of transaction R2 399 999.40
Nature and extent of interest Indirect beneficial, via L2D's Restricted Share Plan
Trust
Clearance obtained Yes
Company Secretary Ben Swanepoel
Acceptance date 19 November 2020
Number of securities 63 000
Nature of transaction Off-market award and acceptance of share awards in
terms of the LTIP
Vesting periods One-third after 3 years, another one-third after 4
years and the balance after 5 years subject to
performance conditions
Price per share * R4.60
Total value of transaction R289 800.00
Nature and extent of interest Indirect beneficial, via L2D's Restricted Share Plan
Trust
Clearance obtained Yes
* The price per share is the closing price of the L2D ordinary share on 18 November 2020.
Johannesburg
20 November 2020
Sponsor
The Standard Bank of South Africa Limited
Investor Relations
Gareth Rees
Contact number: 011 448 6804
Date: 20-11-2020 03:30:00
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