<SEC-DOCUMENT>0001062993-17-002762.txt : 20170531
<SEC-HEADER>0001062993-17-002762.hdr.sgml : 20170531
<ACCEPTANCE-DATETIME>20170531163151
ACCESSION NUMBER:		0001062993-17-002762
CONFORMED SUBMISSION TYPE:	8-K/A
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20170531
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20170531
DATE AS OF CHANGE:		20170531

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/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-31203
		FILM NUMBER:		17881503

	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/A
<SEQUENCE>1
<FILENAME>form8ka.htm
<DESCRIPTION>FORM 8-K/A
<TEXT>
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   <TITLE>Net 1 UEPS Technologies, Inc.: Form 8-K/A- Filed by newsfilecorp.com</TITLE>
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<P align=center><B><FONT size=5>UNITED STATES </FONT></B><BR><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/A </FONT></B><BR><B>(Amendment No. 1)
</B></P>
<P align=center><B><U>CURRENT REPORT </U></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): <B><U>May 31,
2017 (May 24, 2017)</U></B><B> </B></P>
<P align=center><B><U><FONT size=5>NET 1 UEPS TECHNOLOGIES, INC.
</FONT></U></B><BR>(Exact name of registrant as specified in its charter)
</P>
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  <TR vAlign=top>
    <TD width="33%" align=center><B>Florida </B></TD>
    <TD align=center width="33%"><B>000-31203 </B></TD>
    <TD align=center width="33%"><B>98-0171860 </B></TD></TR>
  <TR vAlign=top>
    <TD width="33%" align=center>(State or other jurisdiction </TD>
    <TD align=center width="33%">(Commission </TD>
    <TD align=center width="33%">(IRS Employer </TD></TR>
  <TR vAlign=top>
    <TD width="33%" align=center>of incorporation) </TD>
    <TD align=center width="33%">File Number) </TD>
    <TD align=center width="33%">Identification No.) </TD></TR></TABLE><BR>
<TABLE
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  <TR vAlign=top>
    <TD align=center colSpan=2><B>President Place, 4</B><B><SUP>th
      </SUP></B><B>Floor, Cnr. Jan Smuts Avenue and Bolton Road </B></TD></TR>
  <TR vAlign=bottom>
    <TD align=center colSpan=2><B>Rosebank, Johannesburg, South Africa
  </B></TD></TR>
  <TR vAlign=top>
    <TD align=center>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp;(Address of principal executive offices) </TD>
    <TD align=center width="50%">(ZIP Code) </TD></TR></TABLE>
<P align=justify>Registrant&#146;s telephone number, including area code:
<B>011-27-11-343-2000 </B></P>
<P align=justify>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=justify>[ ] Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425) </P>
<P align=justify>[ ] Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14a -12) </P>
<P align=justify>[ ] Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d -2(b)) </P>
<P align=justify>[ ] Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e -4(c)) </P>
<P align=justify>Indicate by check mark whether the registrant is an emerging
growth company as defined in as defined in Rule 405 of the Securities Act of
1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of
1934 (&#167;240.12b -2 of this chapter). Emerging growth company  [   ]</P>
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<P align=justify>If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to
Section 13(a) of the Exchange Act.[   ] </P>
<P align=center><B>EXPLANATORY NOTE </B></P>
<P align=justify>This Current Report on Form 8-K/A is being filed as an
amendment to the Current Report on Form 8-K filed by Net 1 UEPS Technologies,
Inc. (the &#147;Company&#148;) on May 30, 2017 (the &#147;Original Form 8-K&#148;). This Amendment
No. 1 revises &#147;Item 5.02. Departure of Directors or Certain Officers; Election
of Directors; Appointment of Certain Officers; Compensatory Arrangements of
Certain Officers&#148; in the Original Form 8-K to provide information with respect
to the determination of the repurchase price of shares discussed below.</P>
<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><B><I>Retirement of Serge C.P. Belamant and Appointment of
Herman G. Kotz&#233; as Chief Executive Officer </I></B></P>
<P align=justify>On May 24, 2017, the Company announced that Serge C.P. Belamant
will retire from his position as Chief Executive Officer of the Company and as a
member of the Company&#146;s board of directors, effective as of May 31, 2017. Herman
G. Kotz&#233; will succeed Mr. Belamant as Chief Executive Officer, effective
immediately upon Mr. Belamant&#146;s retirement. Mr. Kotz&#233; has been the Company&#146;s
Chief Financial Officer, Secretary and Treasurer since 2004. Mr. Belamant&#146;s
resignation was not due to any dispute or disagreement with the Company over any
matter relating to the Company&#146;s operations, policies or practices. </P>
<P align=justify>On May 24, 2017, the Company issued a press release announcing
Mr. Belamant&#146;s retirement and the appointment of Mr. Kotz&#233;, a copy of which is
attached hereto as Exhibit 99.1 and incorporated herein by reference. </P>
<P align=justify>On May 24, 2017, the Company and Mr. Belamant entered into a
Separation and Release of Claims Agreement (the &#147;Separation Agreement&#148;). The
Separation Agreement provides for certain payments and other benefits to Mr.
Belamant, including without limitation, the following: (a) a severance payment
of US$1,000,000, representing compensation for 27 years of service with the
Company, less applicable withholdings and deductions; (b) a payment of
US$7,000,000, less applicable withholdings and deductions, as an additional
amount in part for Mr. Belamant&#146;s cooperative resignation; (c) accelerated
vesting of 200,000 shares of restricted stock granted to Mr. Belamant in August
2016, (d) the repurchase from Mr. Belamant by the Company of his shares of
Company common stock pursuant to a stock repurchase agreement (as described
below), and (e) the repurchase of 252,286 of Mr. Belamant&#146;s in-the-money stock
options at a price per option equal to (i) US$10.80 minus (B) the applicable
exercise price per option. In addition, the Separation Agreement includes a
general release and waiver of claims by Mr. Belamant related to Mr. Belamant&#146;s
employment with the Company.</P>
<P align=justify>The Remuneration Committee met on May 3, 2017, to discuss the
early retirement of Mr. Belamant. The Remuneration Committee agreed that
detailed severance terms would need to be agreed and negotiated with Mr.
Belamant and proposed that in relation to any shares of the Company&#146;s common stock that would be repurchased from Mr.
Belamant, the Company would pay $10.80 per share, which was 6 cents lower than
the closing price on May 2, 2017. </P>
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<P align=justify>On May 24, 2017, as contemplated by the Separation Agreement,
the Company and Mr. Belamant entered into a Consulting Agreement (the
&#147;Consulting Agreement&#148;). Under the Consulting Agreement, Mr. Belamant will
provide consulting services to the Company as an independent contractor as
requested by the Company for a period of up to two years following his
departure, subject to termination by the Company or Mr. Belamant with a minimum
90 day notice period. The Company will pay Mr. Belamant US$50,000 per month plus
any applicable value-added tax (VAT), prorated for a partial month, for such
services. </P>
<P align=justify>On May 24, 2017, as contemplated by the Separation Agreement,
the Company and Mr. Belamant entered into a Stock Repurchase Agreement (the
&#147;Stock Repurchase Agreement&#148;) pursuant to which the Company will repurchase from
Mr. Belamant, at a price of US$10.80 per share, 1,017,465 shares of Company
common stock owned by Mr. Belamant within 10 days after the separation date.</P>
<P align=justify>The foregoing descriptions of the Separation Agreement
(including the Consulting Agreement and Stock Repurchase Agreement) is qualified
in its entirety by reference to the text of the such agreement, which is filed
as Exhibit 10.61 to this Current Report on Form 8-K and incorporated herein by
reference. </P>
<P align=justify><B>
<TABLE
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  <TR vAlign=top>
    <TD align=left><b>Item 9.01. </b> </TD>
    <TD align=left width="90%"><b>Financial Statements and Exhibits.&nbsp;&nbsp;
    </b>
    </TD></TR></TABLE></B></P>
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  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD>
      &nbsp;</TD></TR>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>Exhibits</P></TD></TR></TABLE><BR>
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  <TR vAlign=top>
    <TD noWrap align=center><U>Exhibit</U> </TD>
    <TD noWrap align=center width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=center><U>No.</U> </TD>
    <TD noWrap align=center width="90%"><U>Description</U> </TD></TR>
  <TR>
    <TD noWrap align=center >&nbsp;</TD>
    <TD noWrap align=center width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>10.61* </TD>
    <TD align=left width="90%" bgColor=#eeeeee>Separation and Release of
      Claims Agreement, dated May 24, 2017, by and between the Company and Serge
      C.P. Belamant </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>99.1* </TD>
    <TD align=left width="90%" bgColor=#eeeeee>Press Release, dated May 24,
      2017, issued by the Company </TD></TR></TABLE>
<P align=justify>* Previously filed as an exhibit to the Original Form 8-K. </P>
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<P align=center><B>SIGNATURES </B></P>
<P align=justify style="text-indent:5%">Pursuant to the requirements of the Securities Exchange Act of
1934, as amended, the registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized. </P>
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  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%"><B>NET 1 UEPS TECHNOLOGIES, INC. </B></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Date: May 31, 2017 </TD>
    <TD align=left width="50%">By: <U>/s/ Herman G. Kotz&#233; </U></TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">Name: Herman G. Kotz&#233; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">Title: Chief Financial Officer
</TD></TR></TABLE><BR>
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