Since I find the information in the NEM Development contract and summary a bit hard to read and make sense of in the presented form, here is all that information presented in a simple way so everyone can find and read it.

Development contract (preliminary draft)

1. Please refer to the NEM summary to all major information about NEM governance up to now and in the future.

2. To current stakeholders: the core development team’s development contract is designed to best advance NEM blockchain innovation, functionality and widespread usages from the core development team’s perspective. It is understandable that some stakeholders would not agree to the terms. In that case, you should request a refund and we should go separate ways in an amicable term. No fund from stakeholders is withheld by the development team involuntarily.

3. To investors: if you want to buy NEM from a current stakeholder or from NEM public auction. Please consult the development contract very carefully and consider it a very risky investment and only invest with what you can afford to lose.

4. The information in NEM summary should be self-sustained. The development team is under no obligation to provide extra information such as an exact release date of the software, team member personal information etc.

NEM Summary

Allocation of NEMshares is as follows:

Stakeholder community distribution            - 2845 = about 71%
Pre launch public auction                         - 155   = about 4%
Development distribution to V1 completion  - 600   = 15%
Development reserve post V1 completion    - 400   = 10%

Total = 4 billion NEM                                - 4000 = 100%

Development to V1 completion consists of:

Core development        400    10%
Promotion/ Marketting   100    2.50%
Ecosystem                  100    2.50%

Explanations:   

- Development fund = initial fund raising + pre-launch public auction   
- Initial fund raising = 66.2 btc + 419,697 nxt (minus some refund)   
- External expenses = independent code audit ; bug tracker bounties; contractor salaries etc.    
- Development fund - external expenses = Development bonus    
- Development bonus is allocated proportionally to Development shares up to V1 blockchain completion    

Development reserve principles:   

- Released over time maximum average 10% every 2 months (after V1 blockchain completion)   
- Focus on important features, big projects and applications for example: private transaction mode, encrypted social messaging system, multi-signature implementation, establish NEM using zones (street, shopping square, commune etc.), important ecosystem projects

Note: Development fund, development reserve, and development shares do not belong to the community. They are under the control of the development team to best advance the NEM blockchain, NEM functionality, NEM widespread usage and community and they will be allocated under the above guidelines.

NEM timeline:
    
Initial fundraising          1/19/2014   2/17/2014  first fundraising thead - second fundraising thread   
Waiting list open           2/21/2014  4/10/2014  waiting list thread
Public auditing of stakeholder list     3/2/2014   4/9/2014  public auditing thread   
Waiting list invitation    4/28/2014   5/9/2014    invitation letter   
Final stakeholder list published        5/10/2014  THE final list   
Development contract published     5/25/2014   Development contract   
NEMstake on asset exchange         5/30/2014   Asset exchange thread   
Open Alpha release                       TBA
NEM stake public auction               After open alpha release
Open Beta release                        estimate August
Official launch                              TBA
V1 blockchain completion               TBA   

History of allocation:   

The purpose of the stakeholder community distribution round  is to spread the majority of NEM evenly and to many stakeholders as long as the logistics allows. The goal is to build a big and decentralized community that can support NEM's exsitence and operation as a decentralized network. The rule of registration is 1 account/ 1 share, however stakeholder can reserve a share for their loved one in a different (new) account. Taint analysis was used during 1 month period of public auditing to find accounts that are related to maintain an even distribution.   ( taint analysis was a surprise factor and not known to be used during the fundrasing and as a result close to 300 accounts were refunded )   

Stakeholder population statistics:   

Group 1: veteran account at least junior member, high activity, acc openned before the fundrasing ---> about 1205 accounts   
Group 2: acc openned after January 16 but have recent activity, average >15 posts, show NEM support ---> about 645 accounts   
Group 3: accounts less than 10 posts, or >10 posts but with junk posts ---> about 995 accounts

155 NEM stakes will be put on a public auction (155 million NEM)

The auction will happen in Bitcoin blockchain and follow the multi auction format: Wiki multi auction format

1. On the auction day, a Bitcoin escrow address will be revealed at a designated time.
2. Each transaction to the escrow address will be considered a bid. Two transactions from the same address to the escrow address will be considered two separate bids.
3. The auction will last at least 24 hours (but less than 36 hours)
4. Bidders could monitor the bidding process in real time via Blockchain.info
5. When the auction ends, X highest bidders (X biggest transactions) will win X stakes
6. We will refund all non-winning bids minus the transaction fee and a service fee. All winning bids will receive back the difference between the winning bid price and lowest winning bid price minus the transaction fee and a service fee. Service fee is for the escrow service (for tallying and refunding the bids)
7. Example: there are 3 bids 1 btc, 1.2 btc and 2 btc and all are winning bids. Since 1 btc is the lowest winning bid price then bidders of 1.2 btc and 2 btc will win a stake and get a refund of 0.2 and 1 btc respectively.
8. There is a limit of two bids for each sending address and taint analysis will be used on the escrow address to make sure no address wins more than 2 stakes.
9. The sending address of the winning bid will be the identifier of the owner of the won stake.
Therefore the winning bid sender should later provide a NEM address to receive the share via a signed message from the sending address. Signed message could be done via popular bitcoin wallets such as multibit, bitcoin-qt or blockchain.info.
10. Bidding recommendation: bidders should consider placing only 1 bid if they want to buy 1 stake and placing the highest bid that they are willing to buy. Since the buying price for all stakes will be equal to the minimum winning bid, there is no risk of over-paying for a stake.

Technical update

The First Development Plan   The first NEM development plan published on 2/9/2013; There are many changes since then and a new development plan will be published soon.
NCC Specification    Ongoing NCC specification.   
NCC Teaser 1   Mock-up design   
NCC Teaser 2   1.5 months old buid (real thing will be better)

Organization:

Please read: Letter of invitation to waiting list   

Core team : UtopianFuture, Jaguar0625, Gimre, Thies, BloodyRookie, Makoto   

Developers and helpers: patmast3r, Krysto, Tranloi, xtester, taumuon, errki12, Kooream, Zoata87 and many more.   

Useful Links:

Our NEM website   
Twitter   
Facebook
Reddit   
Bitcointalk forum discussion thread - Currently, all the lastest updates go there first on the first page.   
Pre-launch asset exchange thread   
Logo package 1   
Logo package 2   

NEM development fund addresses:   
NXT: 14343293611098709683
BTC: 1Lk5Paws9T1YpoSeLeZT7ZeSQKW7UNq4TJ   

P.S. Please pm me if something needs to be corrected or added.