Patrick Wabwile Pamba, Edna Wanjiru Mwangi, Arthur D. Washe, John Gitau Kamau, John K. Thagana, John Nyuguto Nderitu, Jacob Otieno Obiero & Edwin Maina Waweru v Equity Bank Limited, James Njuguna Mwangi, Mary Wangai Wamae, Kenneth Mbaabu Muchiri, Gerald Gachoka Warui & Andrew Mwangi Kimani (The 2nd, 3rd, 4th. 5th and 6th Defendants are being sued as Trustees of Equity Bank Share Ownership Plan “ESOP?) [2017] KEHC 9936 (KLR)

REPUBLIC OF KENYA

IN THE HIGH COURT OF KENYA AT NAIROBI

COMMERCIAL AND TAX DIVISION

CIVIL SUIT NO.409 OF 2012

PATRICK WABWILE PAMBA……………………....…………….……….1ST PLAINTIFF

EDNA WANJIRU MWANGI………..…..……...…………………………..2ND PLAINTIFF

ARTHUR D. WASHE…………………………....……………………………3RD PLAINTIFF

JOHN GITAU KAMAU………………………....…………………………….4TH PLAINTIFF

JOHN K. THAGANA………………………………………………………….5TH PLAINTIFF

JOHN NYUGUTO NDERITU……...…………..…………………………….6TH PLAINTIFF

JACOB OTIENO OBIERO…………………………………………….…….7TH PLAINTIFF

EDWIN MAINA WAWERU…………………….……………………..…….8TH PLAINTIFF

VERSUS

EQUITY BANK LIMITED....................................................................1ST DEFENDANT

JAMES NJUGUNA MWANGI……….……………..….…………………...2ND DEFENDANT

MARY WANGAI WAMAE…………………………..…………………..….3RD DEFENDANT

KENNETH MBAABU MUCHIRI……..……………………………………4TH DEFENDANT

GERALD GACHOKA WARUI………..………....………………………….5TH DEFENDANT

ANDREW MWANGI KIMANI………………...………………………..….6TH DEFENDANT

[The 2nd, 3rd, 4th. 5th and 6th Defendants are being sued

as Trustees of Equity Bank Share Ownership Plan “ESOP?]

RULING NO.2

FINAL CALCULATIONS

1. It is common ground that the plaintiffs ceased to work for the Bank on the following days:

NAME DATE

1. Patrick Wabwile Pamba 28th March 2007

2. Edna Wanjiru Mwangi 16th January 2008

3. Arthur D. Washe 26th June 2007

4. John Gitau Kamau 31st January 2008

5. John K. Thagana 30th June 2007

6. John Nyaguto Nderitu 28th July 2007

7. Jacob Otieno Obiero 3rd July 2007

8. Edwin Maina Waweru 21st April 2007

2. In line with the Judgement, each of the plaintiffs became entitled to receive payment by the 30th day after he/she ceased to be employed by the Bank.

3. Therefore, the Court declared that the price per share should be pegged to the value of shares on the 30th day from the date when each employee left his/her job.

4. The plaintiff made available the Price Lists from the Nairobi Securities Exchange.  Based on the said Price Lists, the prices of the shares were as follows;

DATE SHARE PRICE

1. 26th February 2007 Kshs. 91. 50

2. 14th February 2008 Kshs. 145. 00

3. 25th July 2007 Kshs. 130. 00

4. 29th February 2008 Kshs. 157. 00

5. 25th July 2007 Kshs. 130. 00

6. 27th August 2007 Kshs. 128. 00

7. 1st August 2008 Kshs. 274. 00

8 21st May 2007 Kshs. 98. 00

5. I note that the plaintiffs chose to use the “Average Prices? instead of the actual prices which were prevailing on the 30th day after each of them ceased to work at the bank.

6. On the other hand, the defendants used the actual share prices, which were provided by the plaintiffs.

7. The court had made it clear that the price to be used in calculating the amounts payable were the actual figures prevailing at the Nairobi Securities Exchange.  Therefore, the plaintiffs erred when they applied the Average Prices.

8. On the question the number of days, the defendants have calculated the interest until 13th February 2017.  However, as the plaintiffs received the undisputed amounts on 5th April 2017, the interest should be calculated for a further 51 days.

9.  By my calculations, the extra sums payable on Account of further Interest is as follows;

NAME AMOUNT IN KSHS.

1. Patrick Wabwile Pamba Kshs.124,836. 48

2. Edna Wanjiru Mwangi Kshs.33,964. 71

3. Arthur D. Washe Kshs.188,907. 75

4. John Gitau Kamau Kshs.27,722. 30

5. John K. Thagana Kshs.166,192. 22

6. John Nyaguto Nderitu Kshs.686,301. 07

7. Jacob Otieno Obiero Kshs.546,125. 59

8. Edwin Maina Waweru Kshs.109,939. 73

Aggregate Interest Kshs.1,835,257. 58

DATED, SIGNEDand DELIVEREDatNAIROBIthis31st dayofMay2017.

FRED A. OCHIENG

JUDGE

Ruling read in open court in the presence of

Odoyo for the Plaintiffs

Miss Mwika for Kiche for the Defendants

Collins Odhiambo – Court clerk.

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