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FSR - Firstrand Limited - Acceptance by directors of conditional awards

Release Date: 15/12/2010 12:45
Code(s): FSR
Wrap Text

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 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.

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