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370 NEDBANK GROUP Limited INTEGRATED REPORT 201051 SHARE-BASED PAYMENTS ... continued51.1 Description of arrangements ... continuedScheme Trust/SPV DescriptionNedbank Eyethu BEE schemes – EmployeesNon-executive Directors’Scheme*Black Executive SchemeBlack Management SchemeBroad-based EmployeeScheme**Nedbank EyethuNon-executive Directors’ TrustNedbank Eyethu BlackExecutive TrustNedbank Eyethu BlackManagement TrustNedbank Eyethu Broad-basedEmployee TrustNedbank Eyethu BEE schemes – Clients and business partnersBlack Business PartnerSchemeWiphold Financial ServicesNumber Two Trust andBrimstone-Mtha FinancialServices TrustCertain non-executive directors acquired restricted shares at par value,with notional funding over a period of six years. The beneficial ownership ofthe shares resides with the participants, including the voting and dividendrights.Restricted shares and share options were granted to certain black employeesat senior-management level. The beneficial ownership of the shares resideswith the participants, including the voting and dividend rights.Restricted shares and share options were granted to certain blackemployees at middle- and senior-management level. The beneficialownership of the shares resides with the participants, including the votingand dividend rights.Restricted shares were granted to all qualifying employees who do notparticipate in any other share incentive scheme operating in the group. Thebeneficial ownership of the shares resides with the participants, includingthe voting and dividend rights. However, the participants are not entitledto deal in the shares for a period of five years.Each trust was issued an equal number of restricted shares at R1,87 pershare, with notional funding over a period of 10 years. The beneficialownership of the shares resides with the participants, including the votingand dividend rights.Retail Scheme Nedbank Eyethu Retail Trust For every three shares acquired, participants qualify for an additional bonusshare after a three-year period. The participants can elect to settle thepayment for the shares in a once-off lump sum payment or by a monthlydebit order over 36 months. Should there be any contractual breach by theparticipants, they will cease to qualify for the bonus shares. The schemeis now closed to new participants and no further shares will be granted.Corporate Scheme*Nedbank Eyethu CorporateScheme Trust and Aka-Nedbank Eyethu TrustNedbank Namibia Omufima BEE schemes – EmployeesNamibia Black ManagementSchemeNamibia Broad-basedEmployee SchemeNedbank Ofifiya BlackManagement TrustNedbank Ofifiya Broad-basedEmployee TrustRestricted shares were allocated to existing black corporate clients andto Aka Capital (Pty) Limited, a key corporate client that has the role ofthe black development partner in the scheme, at par value, with notionalfunding over a period of six years. The beneficial ownership of the sharesresides with the participants, including the voting and dividend rights.Should there be any contractual breach by the participants, they will ceaseto qualify for these shares. No new grants are being made in terms of thescheme.Restricted shares and share options were granted to certain blackemployees at middle- and senior-management level. The beneficialownership of the shares resides with the participants, including the votingand dividend rights.Restricted shares were granted to all qualifying employees who do notparticipate in any other share incentive scheme operating in the group. Thebeneficial ownership of the shares resides with the participants, includingthe voting and dividend rights.* Refer to page 223 of the Directors’ Report for information on events after the reporting period relating to these schemes.** The Eyethu Broad-based Employee Scheme shares vested on 27 July 2010 and the expiry date to elect an option to sell or transfer these shares expired on27 September 2010. All the shares residing in the trust were sold.
371Reports andcertificationsConsolidatedannual financialstatementsShareholdermeeting mattersDefinitions andabbreviationsInstrumentcodesContactdetailsnotes to the financial statements for the year ended 31 December 2010Vesting requirementsMaximum termSix years’ service and no dealing in the shares during this notional funding period. So as not tocompromise the non-executive directors’ independence, no specific performance conditions will applyto the directors’ participation.Participants must remain in service for four, five and six years, after each of which 1/3 of the sharesbecome unrestricted and 1/3 of the options vest.Participants must remain in service for four, five and six years, after each of which 1/3 of the sharesbecome unrestricted and 1/3 of the options vest.6 years7 years7 yearsn/a5 yearsNo dealing in the shares during the 10-year notional funding period.10 yearsParticipants must operate and maintain a primary transaction account with Nedbank for three years.3 yearsParticipants must use Nedbank as their primary banker for six years.6 yearsParticipants must remain in service for four, five and six years, after each of which 1/3 of the sharesbecome unrestricted and 1/3 of the options vest.7 yearsNo dealing in these shares during the restricted period of five years.5 years
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