| Wed 15 Dec 2010, 12:45 | | FSR - Firstrand Limited - Acceptance by directors of conditional awards |
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FSR
FSR
FSR - Firstrand Limited - Acceptance by directors of conditional awards
FIRSTRAND LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1966/010753/06)
Share Code: (JSE) FSR, (NSX) FSR
ISIN: ZAE000066304
ACCEPTANCE BY DIRECTORS OF CONDITIONAL AWARDS
In compliance with the JSE Limited Listings Requirements, the following
information is disclosed:
1. LONG-TERM INCENTIVE PLAN
1.1 Executive Directors - Award of Conditional Shares: 2009 cycle
Conditional share awards of FirstRand ordinary shares, which vest on 17
September 2012, after a three year performance period, subject to
performance conditions, have been made at a grant price of R00,00, based
on a share price of R15,64 to the following:
Executive Directors Conditional awards Total value
SE Nxasana 600 000 9 384 000
Chief Executive Officer
JP Burger 450 000 7 038 000
Chief Operating Officer
and Finance Director
The rights and awards have been granted in terms of the rules of the
FirstRand Limited Conditional Share Plan 2009 as approved by shareholders
at the annual general meeting held on 25 November 2009, and detailed in
the annual financial statements.
It is recorded that the aforementioned awards which are in respect of the
2009 award cycle were recommended by the Remuneration Committee and
approved by the Board on 10 September 2009, subject to the adoption of
the Share Plan by the shareholders at the aforementioned annual general
meeting. However, the grants could not be made prior to 15 December 2010
when a protracted prohibition on dealing in securities was lifted
(including closed periods prior to the announcements of the FirstRand`s
interim and year-end financial results and the recently concluded
Momentum Group Limited and Metropolitan Holdings Limited merger and the
sale of its interest in OUTsurance to RMB Holdings Limited).
1.2 Executive Directors - Award of Conditional Shares: 2010 cycle
Conditional share awards of FirstRand ordinary shares, which vest on 14
September 2013, after a three year performance period, subject to
performance conditions, have been made at a grant price of R00,00 based
on a share price of R20,1619 to the following:
Executive Directors Conditional awards Total value
SE Nxasana 520 785 10 500 015.09
Chief Executive Officer
JP Burger 396 790 8 000 040.30
Chief Operating Officer
and Finance Director
The rights and awards have been granted in terms of the rules of the
FirstRand Limited Conditional Share Plan 2009.
The aforementioned awards which are in respect of the 2010 award cycle
were recommended by the Remuneration Committee and approved by the Board
on 16 August 2010.
The 2009 and 2010 cycle awards were priced prior to the Momentum Group
Limited and Metropolitan Holdings Limited merger and subsequent
distribution of MMI Holdings Limited shares to FirstRand shareholders
("the distribution"). The awards will be adjusted to account for the
distribution once Remuneration Committee and Board approval is received
therefor.
Clearance has been received in terms of Rule 3.66 of the JSE`s Listings
Requirements in respect of the above off market transactions. All
interests in the transactions are direct and beneficial.
Sandton
15 December 2010
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 15/12/2010 12:45:01 Produced by the JSE SENS Department.
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