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372 NEDBANK GROUP Limited INTEGRATED REPORT 201051 SHARE-BASED PAYMENTS ... continued51.1 Description of arrangements ... continuedScheme Trust/SPV DescriptionNedbank Namibia Omufima BEE schemes – Business partners and affinity groups and long-term investment plansNamibia Black BusinessPartner SchemeNamibia Affinity GroupSchemeNamibia Education SchemeNedbank NamibiaLTIP SchemeCentral Consortium SPV ThreeInvestments (Pty) Limited,Coastal Consortium SPV ThreeInvestments (Pty) Limitedand Northern EmpowermentSPV Three Investments (Pty)LimitedSouthern ConsortiumSPV Three Investments(Pty) Limited and EasternConsortium SPV ThreeInvestments (Pty) LimitedNedbank Namibia EducationTrustn/aNedbank Swaziland Sinakekelwe schemes – BEE and LTIPSwaziland Broad-basedEmployee SchemeSwaziland ManagementSchemeSwaziland Trust Long-termIncentive SchemeNedbank Sinakekelwe TrustBroad-based EmployeeSchemeNedbank Sinakekelwe TrustManagement SchemeNedbank Sinakekelwe TrustLong-term Incentive SchemeEach SPV was issued an equal number of restricted shares at R2,53 pershare, with notional funding over a period of 10 years. The beneficialownership of the shares resides with the participants, including the votingand dividend rights.Each SPV was issued an equal number of restricted shares at R1 per share,with notional funding over a period of 10 years. The beneficial ownership ofthe shares resides with the participants, including the voting and dividendrights.The SPV was issued an equal number of restricted shares at R1 per share,with notional funding over a period of 10 years. The beneficial ownership ofthe shares resides with the participants, including the voting and dividendrights.Share options and restricted shares are granted to key personnel to motivatesenior employees to remain with the group. The granting of share options isbased on job level, merit and performance, entirely at the discretion of thetrustees, acting on recommendations of executive management. Grantsare made twice a year for new appointments and annually for existing staff,on a date determined by the trustees.Restricted shares were granted to qualifying non-managerial employeeswho do not participate in any other incentive schemes within the group.The beneficial ownership of the shares lies with the participants, includingdividend rights.Restricted shares and share options were granted to key managementpersonnel as an incentive to remain within the group. Grants areallocated on the basis of job level, performance, potential and skills andcompetencies portrayed by the employee, entirely at the discretion of thetrustees, and are allocated under recommendation of the group’s executivemanagement team. The beneficial ownership of the shares lie with theparticipants, including dividend rights.Restricted shares and share options are to be granted to key managementpersonnel as an incentive to remain within the group. Grants will beallocated on the basis of job level, performance, potential and skills andcompetencies portrayed by the employee, entirely at the discretion ofthe group’s executive management team. The beneficial ownership of theshares will lie with the participants, including dividend rights. Grants tostaff have yet to be made.No numerical information has been included in either the share-based payment expense or reserve in respect of these schemes, as thecumulative amount is less than R1 million.
373Reports andcertificationsConsolidatedannual financialstatementsShareholdermeeting mattersDefinitions andabbreviationsInstrumentcodesContactdetailsnotes to the financial statements for the year ended 31 December 2010Vesting requirementsMaximum termNo dealing in these shares during the 10-year notional funding period.10 yearsNo dealing in these shares during the 10-year notional funding period.10 yearsNo dealing in these shares during the 10-year notional funding period.10 yearsNo dealing in these shares during the restricted period of five years.5 yearsParticipants must remain in service for three, four and five years, after each of which 1/3 of the sharesbecome unrestricted and 1/3 of the options vest.5 yearsParticipants must remain in service for three, four and five years, after each of which 1/3 of the sharesbecome unrestricted and 1/3 of the options vest.5 years
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262 NEDBANK GROUP Limited INTEGRATE
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