Royal Bafokeng Platinum Limited (JSE:RBP) News - RBPlat Chief Executive Officer and Chief Operating Officer retirement

ROYAL BAFOKENG PLATINUM LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2008/015696/06)
JSE share code: RBP ISIN: ZAE000149936
("RBPlat" or the "Company")


RBPLAT CHIEF EXECUTIVE OFFICER (“CEO”) AND CHIEF OPERATING OFFICER (“COO”)
RETIREMENT

Shareholders are hereby advised that as reported in the Company’s Response
Circular to shareholders, the 2021 Integrated Report and when the RBPlat annual
results for 2021 were announced, that the Board has been in discussion with key
members of the executive in order to seek continuity in terms of the leadership
of the organisation during the current corporate action underway and which was
yet to be resolved. The Chief Executive (CEO) advised in 2021 of his intention
to retire in 2022 at the Company’s annual general meeting. The Board expressed
its concern regarding organisational stability and the achievement of business
objectives during this transitional period, which is of paramount importance to
the business and have therefore entered into an agreement with the CEO.

CEO RETIREMENT
The Board, through the Remuneration and Nominations Committee has, on 25 April
2022, reached an agreement with the CEO to retain his services as CEO and
executive director of the Company post his retirement, which is effective from 7
April 2022, in the form of a Fixed Term Contract (“the contract”) for a period
of 12 months, or until certainty is attained with regard to the final outcome of
the current corporate action. The contract outlines certain additional
performance conditions to be achieved which relate mainly to the implementation
and conclusion of the corporate action and ensuring that the business strategy,
structures and operational frameworks remain relevant in order to ensure a
sustainable business post the corporate action. During the contract period and
depending on the final outcome of the current corporate action, the Board will
commence a formal process to identify a successor and will update the market in
due course.

In terms of his retirement, the CEO will be entitled to a pro-rated accelerated
vesting of his scheme shares, after assessment of the applicable performance
conditions, in terms of the scheme rules, but will further be entitled to a
discretionary accelerated vesting of the balance of the shares which will be
subject to the required assessment of the additional performance conditions, in
terms of the contract. The balance of the deferred proceeds will be held in
escrow and remain subject to the performance conditions being assessed and
achieved. The parties may seek to extend the contract in the case that a
satisfactory conclusion of the corporate action and subsequent business
continuity has not yet been reached after the 12-month period, and further defer
the benefits in relation thereto.

The shares to vest in terms of the pro-rated accelerated entitlement amount to
378 396 RBPlat scheme shares and the deferred pro-rated vesting portion, subject
to further performance conditions, amounts to 356 091 RBPlat scheme shares. The
scheme shares to be forfeited total 133 163.

CHIEF OPERATING OFFICER’S (“COO”) RETIREMENT
Similarly to the CEO, the COO and prescribed officer of the Company, Mr Neil
Carr, has also retired with effect from 7 April 2022 and has been requested and
has agreed to remain with the organisation in his current capacity in the
interest of continuity and ensuring that the operational strategies and
structures remain relevant whilst transitioning the business to its new form
based on the outcome of the corporate action. The same arrangement as the CEO
has been concluded with the COO who has entered into a Fixed Term Contract with
the Company.
The shares to be vested in terms of the pro-rated accelerated entitlement amount
to 226 208 RBPlat scheme shares and the deferred pro-rated vesting subject to
further performance conditions, amounts to 214 545 RBPlat scheme shares. The
scheme shares to be forfeited total 78 570.

Any dealings in respect of these shares will be announced separately following
the necessary clearance to trade in the Company’s shares.

The information in this paragraph is provided on a voluntary basis and Mr Neil
Carr is not a director of the Company.



Johannesburg
26 April 2022


JSE Sponsor
Merrill Lynch South Africa Proprietary Limited t/a BofA Securities

For further enquiries, please contact:
Lester Jooste
Company Secretary
Tel: +27 (0)10 590 4519
Email: lester@bafokengplatinum.co.za

Date: 26-04-2022 02:00:00
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