This excerpt taken from the UEPS 8-K filed Nov 12, 2009.
Amendment of Restricted Stock Awards
The Board also modified the financial performance target contained in the restricted stock awards granted to Dr. Belamant and Mr. Kotze in August 2007. Under the existing terms of the awards, one-third of the original award shares will vest on each of September 1, 2010 and 2011. As previously disclosed in the Companys proxy statement for its annual meeting to be held on November 25, 2009, the Board determined that the first tranche of the awards vested on September 1, 2009. Vesting of the award shares is conditioned upon each recipients continuous service through the applicable vesting date and the Company achieving the financial performance target set for that vesting date. The financial performance target was set based on a 25% increase, compounded annually, in fundamental diluted earnings per share, expressed in ZAR, above the fundamental diluted earnings per share for the fiscal year ended June 30, 2007.
The Board determined to amend the award such that the financial performance target is now based on a 20% increase, compounded annually, in fundamental diluted earnings per share, expressed in ZAR, above the fundamental diluted earnings per share for the fiscal year ended June 30, 2007. As a result of the amendment, the terms of Dr. Belamants and Mr. Kotzes restricted stock awards are now consistent with the terms of the restricted stock awards granted to other employees of the Company in August 2007. Except as described herein, the terms of the restricted stock awards remain unchanged.