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<SEC-DOCUMENT>0001062993-07-003171.txt : 20070814
<SEC-HEADER>0001062993-07-003171.hdr.sgml : 20070814
<ACCEPTANCE-DATETIME>20070814171806
ACCESSION NUMBER:		0001062993-07-003171
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20070801
ITEM INFORMATION:		Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers
FILED AS OF DATE:		20070814
DATE AS OF CHANGE:		20070814

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NET 1 UEPS TECHNOLOGIES INC
		CENTRAL INDEX KEY:			0001041514
		STANDARD INDUSTRIAL CLASSIFICATION:	FUNCTIONS RELATED TO DEPOSITORY BANKING, NEC [6099]
		IRS NUMBER:				980171860
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-31203
		FILM NUMBER:		071056876

	BUSINESS ADDRESS:	
		STREET 1:		4TH FLOOR, PRESIDENT PLACE
		STREET 2:		CNR. JAN SMUTS & BOLTON
		CITY:			ROSEBANK, JOHANNESBURG
		STATE:			T3
		ZIP:			00000
		BUSINESS PHONE:		27 11 343 2000

	MAIL ADDRESS:	
		STREET 1:		4TH FLOOR, PRESIDENT PLACE
		STREET 2:		CNR. JAN SMUTS & BOLTON
		CITY:			ROSEBANK, JOHANNESBURG
		STATE:			T3
		ZIP:			00000
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>form8k.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>
<!DOCTYPE HTML PUBLIC "Form 8-K re_ Restricted Stock grant.pdf">


<HTML>
<HEAD>
   <TITLE>Filed by Automated Filing Services Inc. (604) 609-0244 - Net 1 UEPS Technologies, Inc. - Form 8-K</TITLE>
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<P align=center><B><FONT size=5>UNITED STATES</FONT><BR></B><B><FONT
size=5>SECURITIES AND EXCHANGE COMMISSION</FONT></B><BR><B>Washington, D.C.
20549</B><BR><B>___________________________</B></P>
<P align=center><B><FONT size=5>FORM 8-K</FONT></B></P>
<P align=center><B>CURRENT REPORT</B><BR><B>Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934</B></P>
<P align=center>Date of Report (Date of earliest event reported): August 14,
2007 (August 1, 2007)</P>
<P align=center><B><FONT size=5><U>NET 1 UEPS TECHNOLOGIES,
INC.</U></FONT></B><BR>(Exact name of registrant as specified in its
charter)</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=center><B><U>Florida</U> </B></TD>
    <TD align=center width="33%"><B><U>000-31203 </U></B></TD>
    <TD align=center width="33%"><B><U>98-0171860 </U></B></TD></TR>
  <TR vAlign=top>
    <TD align=center>(State or other jurisdiction </TD>
    <TD align=center width="33%">(Commission </TD>
    <TD align=center width="33%">&nbsp;(IRS Employer </TD></TR>
  <TR vAlign=top>
    <TD align=center>of incorporation) </TD>
    <TD align=center width="33%">File Number) </TD>
    <TD align=center width="33%">Identification No.) </TD></TR></TABLE>
<P align=center><B>President Place, 4</B><B><SUP>th</SUP></B><B> Floor, Cnr. Jan
Smuts Avenue and Bolton Road</B><BR><B><U>Rosebank, Johannesburg, South
Africa</U></B><BR>(Address of principal executive offices) (ZIP Code)</P>
<P align=center>Registrant&#146;s telephone number, including area code:
<B>011-27-11-343-2000</B></P>
<P align=center>Check the appropriate box below if the Form 8-K filing is
intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:</P>
<P align=center>[&nbsp; &nbsp;] Written communications pursuant to Rule 425
under the Securities Act (17 CFR 230.425)</P>
<P align=center>[&nbsp; &nbsp;] Soliciting material pursuant to Rule 14a-12
under the Exchange Act (17 CFR 240.14a -12)</P>
<P align=center>[&nbsp; &nbsp;] Pre-commencement communications pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR 240.14d -2(b))</P>
<P align=center>[&nbsp; &nbsp;] Pre-commencement communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR 240.13e -4(c))</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=justify><B>ITEM 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS;
ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY
ARRANGEMENTS OF CERTAIN OFFICERS.</B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On August 1, 2007, the
Remuneration Committee (the &#147;Committee&#148;) of the Board of Directors of Net 1 UEPS
Technologies, Inc. (the &#147;Company&#148; or &#147;Net1&#148;), approved an award of 35,000
restricted shares of the Company&#146;s common stock to Brenda Stewart, Senior Vice
President of Sales and Marketing, and 30,000 restricted shares of the Company&#146;s
common stock to Nitin Soma, Senior Vice President of Information Technology. On
August 7, 2007, the Committee approved additional awards of 40,000 restricted
shares of Company common stock to each of Dr. Serge C.P. Belamant, Chief
Executive Officer, and Herman Gideon Kotze, Chief Financial Officer. All of the
awards of restricted shares were granted pursuant to the Company&#146;s Amended and
Restated 2004 Stock Incentive Plan.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;One-third of the award shares
will vest on each of September 1, 2009, 2010 and 2011. Vesting of the award
shares is conditioned upon each recipient&#146;s continuous service through the
applicable vesting date and the Company achieving the financial performance
target set for that vesting date. Specifically, the financial performance
targets shall be set based on a 20% increase, compounded annually, in
fundamental earnings per share (diluted) (expressed in South African rand)
(referred to hereafter as &#147;Fundamental EPS&#148;) above the Fundamental EPS for the
fiscal year ended June 30, 2007; provided, however, that in the case of Dr.
Belamant and Mr. Kotze, the annual required increase shall be 25% rather than
20%. For this purpose, Fundamental EPS are calculated by adjusting GAAP earnings
per share (diluted) (as reflected in the Company&#146;s audited consolidated
financial statements) to exclude the effects related to the amortization of
intangible assets, stock-based compensation charges, one-time, large, unusual
expenses as determined in the discretion of the Committee, and assuming a
constant tax rate of 30%. If the Fundamental EPS for the specified fiscal year
do not equal or exceed the Fundamental EPS target for such year, no award shares
will become vested or nonforfeitable on the corresponding vesting date. Any
award shares that do not become vested and nonforfeitable because the
Fundamental EPS target is not met for the specified fiscal year remain
outstanding and are available to become vested and nonforfeitable as of a
subsequent vesting date if the Fundamental EPS target for a subsequent fiscal
year is met; provided that the recipient&#146;s service continues through such
subsequent vesting date. Any outstanding award shares that have not become
vested and nonforfeitable as of September 1, 2011, will be forfeited by the
recipient on September 1, 2011 and transferred to the Company for no
consideration.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fundamental EPS targets will
be proportionately adjusted by the Committee for any stock split, reverse stock
split, stock dividend, share combination, recapitalization or similar event
effected subsequent to the date of grant. The Committee, in its sole discretion,
may adjust the targets as it considers in good faith to be appropriate to
reflect &#147;extraordinary items&#148; including, without limitation, the charges or
costs associated with restructurings of the Company, discontinued operations,
other unusual or nonrecurring items, and the cumulative effects of accounting
changes.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The foregoing description is
qualified in its entirety by the Company&#146;s form of Restricted Stock Agreement
for Non-U.S. Employees (the &#147;Restricted Stock Agreement&#148;) which will be filed
with the Company&#146;s Form 10-K for the year ended June 30, 2007.</P>
<P align=center>[remainder of page intentionally left blank; signature page
follows]</P>
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<A name=page_3></A>
<P align=center><B>SIGNATURES</B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of
  the Securities Exchange Act of 1934, the registrant has duly caused this report
  to be signed on its behalf by the undersigned hereunto duly authorized.</P>
<table style="font-size: 10pt;" width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="50%" valign="top">&nbsp;</td>
    <td colspan="2" valign="top"><b>NET 1 UEPS TECHNOLOGIES, INC.</b> </td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">Date: August 14, 2007 </td>
    <td valign="top">By:</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" >/s/ Dr. Serge C.P. Belamant</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;Dr. Serge C.P. Belamant </td>
  </tr>
  <tr>
    <td width="50%" valign="top">&nbsp;</td>
    <td width="5%" valign="top">&nbsp;</td>
    <td>&nbsp;Chief Executive Officer </td>
  </tr>
</table>
<br>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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