Lendlease Benefits. 37.1 The Employer, as a wholly owned subsidiary of Lendlease Corporation Limited, is currently able to provide benefits in consideration for work performed.
37.2 Lendlease Benefits aim to link benefits for Employees to Employer performance via ownership of Lendlease securities (ESAP Benefit).
37.3 The Parties recognise and agree that the Employer’s obligations and Employees’ rights in respect of these benefits are not solely granted or regulated by the terms of this Agreement, but by separate Trust Deeds, Rules, Agreements, and legislation (e.g. applicable superannuation guarantee or taxation legislation). It is recognised that terms of those benefits may be altered by the Lendlease Group or the respective Trusts from time to time, without reference to this Agreement.
37.4 Notwithstanding 37.2 these Lendlease Benefits will be maintained for the life of this Agreement.
37.5 As an enhancement of the company philosophy of Employee ownership, a non-contributory Employee Share Acquisition Plan was created in November 1988. This applies to full-time and permanent part-time Employees. The securities acquired on an Employee’s behalf and allocated through the Plan are shares in Lendlease Corporation Limited which are stapled to units in Lendlease Trust (comprising of Lendlease securities which are publicly traded on the Australian Stock Exchange) (ESAP securities). Employees are entitled to receive distributions on their ESAP securities.
37.6 Employee entitlements under this ESAP remuneration arrangement are as follows:
(a) Effective from 2016, for each year of employment with the Employer, the Employer will contribute 1% of an Employee’s EBR per annum (pro rated as applicable), with the contribution increasing by 1% per annum to a maximum of 5% per annum, which will be converted into ESAP securities to an equivalent monetary value; but the maximum total contribution per tax year is $5,000 (which includes both voluntary and Employer contribution arrangements); and
(b) the ESAP arrangement is a scheme to which Subdivision 83A-C of the Income Tax Assessment Act 1997 (Cth) applies (subject to the conditions of the Income Tax Assessment Act 1997 (Cth)). Taxation implications associated with this ESAP remuneration arrangement are generally the same as those for the Lendlease voluntary ESAP salary sacrifice arrangement (although the $5,000 tax limit referred to in clause 37.6(a) above includes both voluntary and Employer contribution arrangements). Further tax informatio...
Lendlease Benefits. 29.1 The Employer, as a wholly owned subsidiary of Lendlease Corporation Limited, is currently able to provide comprehensive benefits in consideration for work performed.
29.2 Lendlease Benefits aim to provide meaningful income and security in the event of sickness and accident (Sickness and Accident Benefit) as well as further link benefits for Employees to Employer performance via ownership of Lendlease securities (ESAP Benefit).
29.3 The Parties recognise and agree that the Employer’s obligations and Employees’ rights in respect of these benefits are not solely granted or regulated by the terms of this Agreement, but by separate Trust Deeds, Rules, Agreements, and legislation (e.g. superannuation guarantee or taxation legislation). It is recognised that terms of those benefits may be altered by the Lendlease Group or the respective Trusts from time to time, without reference to this Agreement.
29.4 Notwithstanding clause 29.3 these Lendlease Benefits will be maintained for the life of this Agreement.
Lendlease Benefits. (a) The Company, as a wholly owned subsidiary of Lendlease Corporation Limited, is currently able to provide comprehensive benefits in consideration for work performed.
(b) Lendlease Benefits aim to provide meaningful income and security in the event of sickness and accident (Sickness and Accident Benefit) as well as further link benefits for Employees to Company performance via ownership of Lendlease securities (ESAP Benefit).
(c) The Parties recognise and agree that the Company’s obligations and Employees’ rights in respect of these benefits are not solely granted or regulated by the terms of this Agreement, but by separate Trust Deeds, Rules, Agreements, and legislation (e.g. applicable superannuation guarantee or taxation legislation). It is recognised that terms of those benefits may be altered by the Lendlease Group or the respective Trusts from time to time, without reference to this Agreement.
(d) Notwithstanding 14.1(c) these Lendlease Benefits will be maintained for the life of this Agreement.
