Commonwealth Consolidated Regulations

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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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