Notes to the Company Annual Financial Statements | Note 18

18. DIRECTORS’ EMOLUMENTS
Services
as Directors
of Blu Label
Unlimited
Group
Limited
R’000		 Services as
Directors of
subsidiaries
of Blu Label
Unlimited
Group
Limited
R’000		 Salary and
allowances
from
subsidiaries
R’000		 Bonuses and
performance-
related
payments
R’000		 Total
R’000		 Fair value of
conditional
shares
R’000
FOR THE YEAR ENDED 31 MAY 2026
EXECUTIVE DIRECTORS
BM Levy – – 12 900 7 730 20 630 33 059
MS Levy – – 12 900 7 730 20 630 33 059
DA Suntup1 – – 6 832 5 3641 12 196 17 509
– – 32 632 20 824 53 456 83 627
NON-EXECUTIVE DIRECTORS
LM Nestadt**** 3 115 – – – 3 115 –
JS Mthimunye* 356 74 – – 430 –
SJ Vilakazi 1 584 – – – 1 584 –
H Masondo 1 075 – – – 1 075 –
NP Mnxasana 1 072 50 – – 1 122 –
LE Mthimunye 1 531 28 – – 1 559 –
RD Mokhobo** 897 – – – 897 –
LP Ralphs*** 723 – – – 723 –
10 353 152 – – 10 505 –
10 353 152 32 632 20 824 63 961 83 627
FOR THE YEAR ENDED 31 MAY 2025
EXECUTIVE DIRECTORS
BM Levy – – 12 404 15 157 27 561 38 754
MS Levy – – 12 404 15 157 27 561 38 754
DA Suntup – – 6 569 5 400 11 969 20 526
– – 31 377 35 714 67 091 98 034
NON-EXECUTIVE DIRECTORS
LM Nestadt 2 635 – – – 2 635 –
JS Mthimunye 1 367 72 – – 1 439 –
SJ Vilakazi 1 476 – – – 1 476 –
H Masondo 764 – – – 764 –
NP Mnxasana 958 48 – – 1 006 –
LE Mthimunye 1 351 53 – – 1 404 –
8 551 173 – – 8 724 –
8 551 173 31 377 35 714 75 815 98 034
1 Included in DA Suntup’s bonuses and performance-related payments is a once-off amount of R2.5 million, awarded in recognition of his involvement in the Pre-Listing Restructuring transactions and the subsequent listing of Cell C Holdings Limited on the JSE in November 2025.
* Resigned on 29 August 2025.
** Appointed on 1 October 2025.
*** Appointed on 24 February 2026.
**** Resigned effective 26 August 2026.

The fair value of conditional shares per Director has been included.

No Director has a notice period of more than one year.

No Director’s service contract includes predetermined compensation as a result of termination that would exceed one year’s salary and benefits.

Issue
date		 Issue
price
R		 Vesting
date		 Awards
outstanding
as at the
beginning
of the year		 Number
of shares
awarded
during
the year		 Awards 
forfeited 
during 
the year 		 Awards
vested
during
the year		 Balance
as at
the end of
the year
CONDITIONAL SHARE PLAN
FOR THE YEAR ENDED 31 MAY 2026
EXECUTIVE DIRECTORS
BM Levy2 6 April 2022 6.42 24 November 2025 578 521 – –  (578 521) –
BM Levy2 1 September 2022 6.25 24 November 2025 874 878 – (43 744) (831 134) –
BM Levy 23 October 2023 3.22 31 August 2026 1 817 001 – –  – 1 817 001
BM Levy3 27 November 2025 4.93 31 August 2027 – 1 257 969 –  – 1 257 969
BM Levy3 28 November 2025 12.35 31 August 2028 – 522 256 –  – 522 256
3 270 400 1 780 225 (43 744) (1 409 655) 3 597 226
MS Levy2 6 April 2022 6.42 24 November 2025 578 521 – –  (578 521) –
MS Levy2 1 September 2022 6.25 24 November 2025 874 878 – (43 744) (831 134) –
MS Levy 23 October 2023 3.22 31 August 2026 1 817 001 – –  – 1 817 001
MS Levy3 27 November 2025 4.93 31 August 2027 – 1 257 969 –  – 1 257 969
MS Levy3 28 November 2025 12.35 31 August 2028 – 522 256 –  – 522 256
3 270 400 1 780 225 (43 744) (1 409 655) 3 597 226
DA Suntup2 6 April 2022 6.42 24 November 2025 306 407 – –  (306 407) –
DA Suntup2 1 September 2022 6.25 24 November 2025 463 369 – (23 169) (440 200) –
DA Suntup 23 October 2023 3.22 31 August 2026 962 354 – –  – 962 354
DA Suntup3 27 November 2025 4.93 31 August 2027 – 666 269 –  – 666 269
DA Suntup3 28 November 2025 12.35 31 August 2028 – 276 607 –  – 276 607
1 732 130 942 876 (23 169) (746 607) 1 905 230
FOR THE YEAR ENDED 31 MAY 2025
EXECUTIVE DIRECTORS
BM Levy4 6 April 2022 6.42 31 August 2024 803 501 – (224 980) – 578 521
BM Levy 1 September 2022 6.25 31 August 2025 874 878 – –  – 874 878
BM Levy 23 October 2023 3.22 31 August 2026 1 817 001 – –  – 1 817 001
BM Levy5 19 November 2024 4.93 31 August 2027 – – –  – –
3 495 380 – (224 980) – 3 270 400
MS Levy4 6 April 2022 6.42 31 August 2024 803 501 – (224 980) – 578 521
MS Levy 1 September 2022 6.25 31 August 2025 874 878 – –  – 874 878
MS Levy 23 October 2023 3.22 31 August 2026 1 817 001 – –  – 1 817 001
MS Levy5 19 November 2024 4.93 31 August 2027 – – –  – –
3 495 380 – (224 980) – 3 270 400
DA Suntup4 6 April 2022 6.42 31 August 2024 425 565 – (119 158) – 306 407
DA Suntup 1 September 2022 6.25 31 August 2025 463 369 – –  – 463 369
DA Suntup 23 October 2023 3.22 31 August 2026 962 354 – –  – 962 354
DA Suntup5 19 November 2024 4.93 31 August 2027 – – –  – –
1 851 288 – (119 158) – 1 732 130
2 As reported in the prior year, the vesting, transfer and/or sale of certain share awards to BM Levy, MS Levy and DA Suntup had been restricted by a closed period in terms of the JSE Listings Requirements. This closed period expired on 24 November 2025. Following its expiry, the shares awarded on 6 April 2022 and 1 September 2022 vested on 24 November 2025 and were transferred to the respective Directors. These shares are accordingly no longer restricted or included in treasury shares at year-end.
3 The 2024 and 2025 share awards, which had not previously been allocated to BM Levy, MS Levy and DA Suntup as a consequence of the closed period referred to above, were awarded following its expiry – the 2024 awards on 27 November 2025 and the 2025 awards on 28 November 2025.
4 Although 578 521 shares vested to BM Levy and MS Levy and 306 407 shares vested to DA Suntup during the year, the transfer and/or sale of these shares were restricted due to a closed period in terms of the JSE Listings Requirements. The shares will be transferred once the closed period expires. The shares are included in treasury shares and management has concluded that no agency relationship exists over the shares while these rights are restricted.
5 The 2024 share awards were not allocated to BM Levy, MS Levy and DA Suntup due to them being placed in a closed period. The shares will be awarded once the closed period expires.