Stock-based compensation plan (Tables) - MiX Telematics Limited [Member]

12 Months Ended

Mar. 31, 2024

Schedule of SAR

The following table summarizes the Company’s SARs for the fiscal year ended March 31, 2024:

	Number of SARs			Weighted- Average Exercise Price in U.S. Cents*		Weighted-Average Remaining Contractual Term (years)		Aggregate Intrinsic Value* (in thousands)
Outstanding as of April 1, 2023		35,800,000			37
Granted on June 26, 2023		10,600,000			27
Exercised		—			—
Forfeited		(1,425,000	)		31
Outstanding as of March 31, 2024		44,975,000			33		3.58
Vested and expected to vest as of March 31, 2024		43,333,438			33		3.56	$	10,819,015
Vested as of March 31, 2024		12,143,750			40		2	$	2,218,099

* The exercise price is denominated in South African cents. U.S. currency amounts are based on a ZAR:USD exchange rate of 18.8761 as of March 31, 2024.

 

The following table summarizes the Company’s unvested SARs for the fiscal year ended March 31, 2024:

	Number of SARs			Weighted- Average Grant-Date Fair Value in U.S. Cents*
Unvested as of April 1, 2023		35,800,000			15
Granted on June 26, 2023		10,600,000			10
Vested		(12,143,750	)		16
Forfeited		(1,425,000	)		14
Unvested as of March 31, 2024		32,831,250			13

* The exercise price used to determine the grant date fair value is denominated in South African cents. U.S. currency amounts are based on a ZAR:USD exchange rate of 18.8761 as of March 31, 2024.

 

Schedule of salient details of SARs

The salient details of SARs granted during fiscal year 2024 are provided in the table below:

	Total shareholder return
Grant date		June 26, 2023
Grant date fair value (ZAR/$)(1)		R1.93/$0.10
Award price (ZAR/$)(1)		R5.01/$0.27
JSE share price on grant date (ZAR/$)(1)		R5.01/$0.27
Expiry date		June 26, 2029
Performance conditions
– Total shareholder return of (%)		10.0
Remaining contractual life at March 31, 2024		5.2
Valuation assumptions and drivers
Volatility (%)		52.6
Anticipated forfeiture rate (%)		5.0
Anticipated dividend yield (%)		3.75
Annual risk-free interest rate (%)		8.97

The salient details of SARs granted during fiscal year 2023 are provided in the table below:

	Total shareholder return
Grant date		November 1, 2022
Grant date fair value (ZAR/$)(1)		R2.58/$0.14
Award price (ZAR/$)(1)		R5.10/$0.28
JSE share price on grant date (ZAR/$)(1)		R5.80/$0.32
Expiry date		November 1, 2028
Performance conditions
– Total shareholder return of (%)		10.0
Remaining contractual life at March 31, 2024		4.6
Valuation assumptions and drivers
Volatility (%)		50.4
Anticipated forfeiture rate (%)		5.0
Anticipated dividend yield (%)		3.71
Annual risk-free interest rate (%)		8.74

⁽¹⁾ For purposes of this table, the award price has been converted, based on the South African Rand/U.S. Dollar exchange rate in effect as of grant date.

Schedule of unvested RSUs

The following table summarizes the Company’s unvested RSUs for the fiscal year ended March 31, 2024:

	Number of RSUs			Weighted- Average Grant-Date Fair Value in U.S. Cents*
Unvested as of April 1, 2023		800,000			30
Settled		(800,000	)		30
Forfeited		—			30
Unvested as of March 31, 2024		—			30

* The exercise price used to determine the grant date fair value is denominated in South African cents. U.S. currency amounts are based on a ZAR:USD exchange rate of 18.8761 as of March 31, 2024.