FSR - Firstrand Limited - Deferral of variable pay: acceptance by directors of
FSR
FSR
FSR - Firstrand Limited - Deferral of variable pay: 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
("FirstRand")
DEFERRAL OF VARIABLE PAY: ACCEPTANCE BY DIRECTORS OF CONDITIONAL AWARDS
In its deliberations during the 2010 financial year the Remuneration Committee
determined that a portion of the performance payments awarded to the Chief
Executive Officer, Mr SE Nxasana and to the Chief Operating Officer, Mr JP
Burger be deferred for two years in the form of awards of conditional shares.
This action was approved by the Board and was reported in the 2010 Annual
Financial Statements (refer page 084, Directors Emoluments).
Conditional share awards of FirstRand ordinary shares, which vest on 13
September 2012 after a two-year performance period, have been made and accepted
at a grant price of R00,00, based on a share price of R20.4439 on 18 April 2011.
Executive Directors Variable Deferred Conditional
Pay (Deemed Share Award
value)
SE Nxasana 8 700 000 5 180 000 253 376
JP Burger 8 200 000 4 480 000 219 136
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.
These awards were priced prior to the Momentum Group Limited, MMI Holdings
Limited merger and subsequent distribution of MMI Holdings shares to FirstRand
shareholders. The awards will be adjusted to account for the distribution upon
receipt of the external audit opinion on the adjustment proposed and
confirmation thereof by the Remuneration Committee and the Board.
Sandton
19 April 2011
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 19/04/2011 15:37:01 Produced by the JSE SENS Department.
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