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CORPORATIONS REGULATIONS 2001 - REG 2D.2.03 When benefit given in connection with retirement from an office or a position

CORPORATIONS REGULATIONS 2001 - REG 2D.2.03

When benefit given in connection with retirement from an office or a position

  (1)   For subsection   200A(1A) of the Act, each of the following circumstances is specified in relation to a benefit:

  (a)   circumstances in which the benefit is the automatic vesting of share - based payments for a person on or as a result of retirement from an office or a position;

  (b)   circumstances in which the benefit is the accelerated vesting of share - based payments for a person on or as a result of retirement from an office or a position; and

  (c)   circumstances in which the benefit is a payment made to a person in lieu of the giving of notice of termination.

Note:   Subsection   200A(1A) of the Act provides that a benefit is given in connection with a person's retirement from an office or a position if the benefit is given in circumstances specified in regulations.

  (2)   For paragraph   200F(1)(b) of the Act, a benefit requires shareholder approval:

  (a)   if it:

  (i)   is a deferred bonus under paragraph   2D.2.02(2)(a); and

  (ii)   is subject to automatic or accelerated vesting under subregulation   (1); and

  (iii)   exceeds the payment limit set by section   200G of the Act; and

  (b)   if it is not a benefit attributable to the release of a deferred bonus from a restriction due to death or incapacity.

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