Grup v Renaissance BJM Securities (Pty) Ltd (J1720/12)
Grup v Renaissance BJM Securities (Pty) Ltd (J1720/12) [2014] ZALCJHB 72; (2014) 35 ILJ 3400 (LC) (25 February 2014)
The court found that clause 4.5 of the employment contract created an unconditional and enforceable obligation for the respondent to pay the applicant deferred equity compensation in three instalments, subject only to the applicant providing proof of forfeiture and value of the shares from his previous employer. The obligation vested upon signature of the contract and acceptance of the share value by the respondent. There was no contractual condition requiring continued employment for payment of subsequent instalments. The respondent failed to prove the existence of an industry practice that…
Source excerpt
- Deferred Equity Compensation
- Contractual Interpretation
- Termination Of Employment
- Industry Practice
- Repudiation
- Remedies For Breach