<SEC-DOCUMENT>0001062993-18-003723.txt : 20180912
<SEC-HEADER>0001062993-18-003723.hdr.sgml : 20180912
<ACCEPTANCE-DATETIME>20180912163029
ACCESSION NUMBER:		0001062993-18-003723
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20180912
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
FILED AS OF DATE:		20180912
DATE AS OF CHANGE:		20180912

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:		181067109

	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>FORM 8-K
<TEXT>
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   <TITLE>Net 1 UEPS Technologies, Inc.: Form 8-K - Filed by newsfilecorp.com</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><BR>Washington, D.C. 20549
</B></P>
<P align=center><B><FONT size=5>FORM 8-K </FONT></B></P>
<P align=center><B>CURRENT REPORT <BR></B><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): September 12,
2018 (September 7, 2018)<B> </B></P>
<P align=center><B><U><FONT size=5>NET 1 UEPS TECHNOLOGIES, INC.
</FONT></U><BR></B>(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><U><B>Florida </B></U></TD>
    <TD align=center width="33%"><U><B>000-31203 </B></U></TD>
    <TD align=center width="33%"><U><B>98-0171860 </B></U></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%">(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 <BR>Rosebank, Johannesburg, South Africa
<BR></B>(Address of principal executive
offices)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(ZIP Code) </P>
<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>[ &nbsp;]&nbsp; Written communications pursuant to Rule 425
under the Securities Act (17 CFR 230.425) </P>
<P align=justify>[&nbsp; ]&nbsp; Soliciting material pursuant to Rule 14a-12
under the Exchange Act (17 CFR 240.14a -12) </P>
<P align=justify>[&nbsp; ]&nbsp; Pre-commencement communications pursuant to
Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d -2(b)) </P>
<P align=justify>[&nbsp; ]&nbsp; Pre-commencement communications pursuant to
Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e -4(c)) Indicate by check
mark whether the registrant is an emerging growth company 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).</P>
<P align=right>Emerging growth company&nbsp; [&nbsp; ]&nbsp;</P>
<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.&nbsp; [&nbsp; ] </P>
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<P align=justify><B>Item 5.02&nbsp;&nbsp; Departure of Directors or Certain
Officers; Election of Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers. </B></P>
<P align=justify>On September 7, 2018, our board of directors (the &#147;Board&#148;),
upon recommendation of the Remuneration Committee, increased the annual base
salary of Herman G. Kotz&#233;, our Chief Executive Officer, Nitin Soma, our Chief
Technology Officer and Nunthakumarin Pillay, our Managing Director: Southern
Africa, to $721,000, $391,000, and ZAR 4,770,000 ($309,740 based on the
September 7, 2018, $/ZAR rate of $1: ZAR15.40), respectively. The increase in
annual base salary in each case was effective July 1, 2018. Our Chief Financial
Officer, Mr. Alex M.R. Smith, did not receive a base salary increase because he
was appointed on March 1, 2018, and his base salary remains at $375,000. </P>
<P align=justify>In addition, the Board adopted a cash incentive award plan for
fiscal 2019 for Messrs. Kotz&#233;, Smith, Soma and Pillay and awarded shares of
restricted stock to each of these individuals, which vest based on the
performance of our share price during a measurement period commencing on the
date that we file our Annual Report on Form 10-K for the fiscal year ended 2021
and ending on December 31, 2021. </P>
<P align=justify><B>Cash Incentive Award Plan for Fiscal 2019 </B></P>
<P align=justify style="text-indent:5%">Under the cash incentive award
plan, each of Messrs. Kotz&#233;, Smith, Soma and Pillay, will be eligible to earn a
cash incentive award based on our fiscal 2019 financial performance (the
&#147;Quantitative Portion of the Cash Incentive Award Plan&#148; below) and his
individual contribution toward the achievement of certain objectives described
under &#147;Qualitative Portion of the Cash Incentive Award Plan&#148; below. The terms of
the cash incentive award plan are not contained in a formal written document,
but are summarized below.</P>
<P align=justify><U>Mr. Herman Kotz&#233;</U></P>
<P align=justify style="text-indent:5%">The cash incentive award plan
provides for a target level cash incentive award of 100% of Mr. Kotz&#233; annual
base salary for fiscal 2019. Under the plan, 70% will be based on quantitative
factors, as more fully described below, including and allocated equally to (i)
the achievement of certain fundamental diluted earnings per share (&#147;Fundamental
EPS&#148;) and (ii) the achievement of certain fundamental earnings before interest,
tax and depreciation and amortization (&#147;Fundamental EBITDA&#148;); and 30% will be
based on qualitative factors. The quantitative portion of the award can increase
to a maximum of 150% of Mr. Kotz&#233; base salary multiplied by 0.70, based on the
achievement of the maximum target. The Fundamental EPS and Fundamental EBITDA
components of the cash incentive award operate independently. It is possible for
Mr. Kotz&#233; to earn all or a portion of certain quantitative components of the
award while earning none of the other quantitative components, or a combination
of components. </P>
<P align=justify style="text-indent:5%">The qualitative portion of the
award is limited to 30% of Mr. Kotz&#233;&#146;s annual base salary and is based on
certain predetermined performance criteria. </P>
<P align=justify><U>Mr. Alex Smith</U> </P>
<P align=justify style="text-indent:5%">The cash incentive award plan
provides for a target level cash incentive award of 75% of Mr. Smith&#146;s annual
base salary for fiscal 2019. Under the plan, 60% will be based on quantitative
factors, as more fully described below, including and allocated equally to (i)
Fundamental EPS and (ii) Fundamental EBITDA. The quantitative portion of the
award can increase to a maximum of 97.50% of Mr. Smith&#146;s base salary multiplied
by 0.60, based on the achievement of the maximum target&#148;); and 40% will be based
on qualitative factors.. The Fundamental EPS and Fundamental EBITDA components
of the cash incentive award operate independently. It is possible for Mr. Smith to earn all or a
portion of certain quantitative components of the award while earning none of
the other quantitative components, or a combination of components. </P>
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<P align=justify style="text-indent:5%">The qualitative portion of the
award is limited to 30% of Mr. Smith&#146;s annual base salary and is based on
certain predetermined performance criteria. </P>
<P align=justify><U>Mr. Nitin Soma</U> </P>
<P align=justify style="text-indent:5%">The cash incentive award plan
provides for a target level cash incentive award of 60% of Mr. Soma&#146;s annual
base salary for fiscal 2019. Under the plan, 30% will be based on quantitative
factors, as more fully described below, including and allocated equally to (i)
Fundamental EPS and (ii) Fundamental EBITDA; and 70% will be based on
qualitative factors. The quantitative portion of the award can increase to a
maximum of 78% of Mr. Soma&#146;s base salary multiplied by 0.30, based on the
achievement of the maximum target. The Fundamental EPS and Fundamental EBITDA
components of the cash incentive award operate independently. It is possible for
Mr. Soma to earn all or a portion of certain quantitative components of the
award while earning none of the other quantitative components, or a combination
of components. </P>
<P align=justify style="text-indent:5%">The qualitative portion of the
award is limited to 42% of Mr. Soma&#146;s annual base salary and is based on certain
predetermined performance criteria. </P>
<P align=justify><U>Mr. Nunthakumarin Pillay</U> </P>
<P align=justify style="text-indent:5%">The cash incentive award plan
provides for a target level cash incentive award of 60% of Mr. Pillay&#146;s annual
base salary for fiscal 2019. Under the plan, 60% will be based on quantitative
factors, as more fully described below, including (A) group wide performance
measures of (i) Fundamental EPS and (ii) Fundamental EBITDA; and (B) a
divisional EBITDA performance component (&#147;Divisional Measure&#148;); and 40% will be
based on qualitative factors. The quantitative portion of the award can increase
to a maximum of 78% of Mr. Pillay&#146;s base salary multiplied by 0.60, based on the
achievement of the maximum target. The Fundamental EPS and Fundamental EBITDA
and Divisional Measure components of the cash incentive award operate
independently and are weighted 15%, 15% and 70%, respectively, relative to the
quantitative component of the award. It is possible for Mr. Pillay to earn all
or a portion of certain quantitative components of the award while earning none
of the other quantitative components, or a combination of components. </P>
<P align=justify style="text-indent:5%">The qualitative portion of the
award is limited to 24% of Mr. Pillay&#146;s annual base salary and is based on
certain predetermined performance criteria. </P>
<P align=justify><U>Quantitative Portion of the Cash Incentive Award Plan</U>
</P>
<P align=justify style="text-indent:5%">Mr. Kotz&#233;, Mr. Smith, Mr. Soma
and Mr. Pillay will each be entitled to receive an amount equal to 70%, 45%, 18%
and 36%, respectively of their individual annual base salary (the &#147;<B>Target
Quantitative Award</B>&#148;) if (1) Fundamental EPS equals $1.58 for fiscal 2019 and
(2) Fundamental EBITDA equals $145,206,000 for fiscal 2019, and for Mr. Pillay&#146;s
Divisional Measure, if EBITDA of ZAR 1,633,564,000 is achieved in the division
for which he is responsible. At other levels of quantitative targets, each
executive will receive the following percentage of the Target Quantitative Award
based on the following two components, and the Divisional Measure for Mr.
Pillay: </P>
<P align=justify><I>Fundamental EPS Thresholds </I></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  ></TD>
    <TD align=left  >&#149;</TD>
    <TD align=left width="90%">Below $1.50 (threshold)&#151;0%
</TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">At $1.58 (target)&#151;100% </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">At or above $1.82 (maximum)&#151; 130% for all,
      except Mr. Kotze&#151;150% </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">Fundamental EPS at or above $1.50 and below
      $1.82 will be interpolated relative to the next threshold on a linear
      basis. </TD></TR></TABLE>
<P align=justify style="text-indent:5%">Fundamental EPS will be measured
in U.S. dollars as our earnings per share on a constant currency basis
determined in accordance with U.S. generally accepted accounting principles, as
adjusted to exclude the effects related to (i) amortization of intangible assets
(net of deferred taxes) and acquisition-related costs; (ii) stock-based
compensation charges and (iii) other items that the Remuneration Committee may
determine in its discretion to be appropriate (for example, accounting changes
and one-time or unusual items). </P>
<P align=justify style="text-indent:5%"><EM>Fundamental EBITDA Thresholds
</EM></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="89%">
      <P align=justify>Below $137,946,000 (threshold)&#151;0% </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="89%">
      <P align=justify>At $145,206,000 (target)&#151;100% </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="89%">
      <P align=justify>At or above $166,987,000 (maximum)&#151;130% for all, except
      Mr. Kotze&#151;150% </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left  >&#149;</TD>
    <TD align=left width="89%">
      <P align=justify>Fundamental EBITDA at or above $137,946,000 and below
      $166,987,000 will be interpolated relative to the next threshold on a
      linear basis. </P></TD></TR></TABLE>
<P align=justify style="text-indent:5%">Fundamental EBITDA will be
measured in U.S. dollars as operating income plus depreciation and amortization,
on a constant currency basis determined in accordance with U.S. generally
accepted accounting principles, as adjusted to exclude the effects of items that
the Remuneration Committee may determine in its discretion to be appropriate
(for example, accounting changes and one-time or unusual items). </P>
<P align=justify style="text-indent:5%"><EM>Divisional Measure Thresholds
</EM></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">Below ZAR 1,551,886,000 (threshold)&#151;0% </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">At ZAR 1,633,564,000 (target)&#151;100% </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">At or above ZAR 1,878,599,000 (maximum)&#151;130%
  </TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left  >
      <P align=justify></P>
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">Divisional Measure at or above ZAR
      1,551,886,000 and below ZAR 1,878,599,000 will be interpolated relative to
      the next threshold on a linear basis. </TD></TR></TABLE>
<P align=justify style="text-indent:5%">The Divisional Measure will be
measured in ZAR as operating income plus depreciation and amortization for
business units that are managed by Mr. Pillay, determined in accordance with
U.S. generally accepted accounting principles, as adjusted to exclude the
effects of items that the Remuneration Committee may determine in its discretion
to be appropriate (for example, accounting changes and one-time or unusual
items). </P>
<P align=justify style="text-indent:5%"><U>Qualitative Portion of the
Cash Incentive Award Plan</U> </P>
<P align=justify style="text-indent:5%">Mr. Kotz&#233; will be entitled to
receive up to 30% of his annual base salary based on his contribution towards
enhancing shareholder value through performance criteria which include:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">Progress with certain business relationships;
    </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">Regular interaction with investors; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">Achievement and increases in incremental
      revenue lines; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">Development of applications; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">Progress with initiatives, expansion,
      succession and strategic plans; and </TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_5></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">Personnel and management goals.
</TD></TR></TABLE>
<P align=justify style="text-indent:5%">Mr. Smith will be entitled to
receive up to 30% of his annual base salary based on his contribution towards
enhancing shareholder value through performance criteria which include:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">Accurate and timely reporting of group and
      divisional financial performance; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">Support and collaboration with other
      departments to achieve their objectives; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">Production of concise and condensed management
      information; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">Regular interaction with investors; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">Progress with initiatives, expansion,
      succession and strategic plans; and </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">Personnel and management goals.
</TD></TR></TABLE>
<P align=justify style="text-indent:5%">Mr. Soma will be entitled to
receive up to 42% of his annual base salary based on his contribution towards
enhancing shareholder value through performance criteria which include:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">Progress with research, development and
      innovation activities; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">Support and collaboration with other
      departments to achieve their objectives; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">Maintenance of a secure and efficient
      information technology environment; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">Progress with initiatives, expansion,
      succession and strategic plans; and </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">Personnel and management goals.
</TD></TR></TABLE>
<P align=justify style="text-indent:5%">Mr. Pillay will be entitled to
receive up to 24% of his annual base salary based on his contribution towards
enhancing shareholder value through performance criteria which include:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">Successful management of the phase-out of the
      SASSA contract; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">Progress with initiatives and expansion of the
      Company&#146;s South African businesses; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">Progress with succession and strategic plans;
      and </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="90%">Personnel and management goals.
</TD></TR></TABLE>
<P align=justify style="text-indent:5%">The Remuneration Committee may
award between 0% and 100% of 30% of Messrs. Kotz&#233; and Smiths&#146;s annual base
salary, between 0% and 100% of 42% of Mr. Soma&#146;s annual base salary and, between
0% and 100% of 24% of Mr. Pillay&#146;s annual base salary, based on its assessment
of progress against these objectives. </P>
<P align=justify><U>Tables Illustrating Potential Payments Under the
Quantitative Portion of the Cash Incentive Award Plan</U> </P>
<P align=justify style="text-indent:5%">Based on Mr. Kotz&#233;&#146;s current
annual base salary of $721,000, the table below illustrates the potential
amounts that could be payable to him under the quantitative portion of the cash
incentive award plan upon achievement of various levels of Fundamental EPS and
Fundamental EBITDA and assuming the full award is made in respect of the
qualitative portion of the plan, with the relative weightings in parentheses.
The maximum total award payable to Mr. Kotz&#233;, assuming the full award of
$216,300 is made in respect of the qualitative portion of the plan, is $973,350.
</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_6></A><BR>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="90%" border=1>

  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="55%" colSpan=5><B>&nbsp;Quantitative Portion</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="11%"><B>&nbsp;Qualitative<BR>portion</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="11%"><B>Total&nbsp;</B></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="11%"><i>&nbsp;Fundamental<BR>EPS<BR>(50%)</i></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="11%"><i>Amount <BR>Payable&nbsp;</i></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="11%"><i>Fundamental<BR>EBITDA&nbsp;('000s)&nbsp;<BR>(50%)</i></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="11%"><i>Amount <BR>Payable&nbsp;&nbsp;</i></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="11%"><i>Total<BR>(100%)&nbsp;</i></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="11%"><i>&nbsp;Total<BR>(100%)</i></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="11%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><I>Threshold</I>
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">Below $1.50 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%">$-
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">Below $137,946 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%">$-
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%">$-
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="11%">$216,300 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="11%">$216,300 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><I>Target</I> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="11%">At
      $1.58 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="11%">$252,350 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="11%">At
      $145,206 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="11%">$252,350 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="11%">$504,700 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="11%">$216,300 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="11%">$721,000 </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=center width="11%">At or above </TD>
    <TD align=right width="11%">&nbsp; </TD>
    <TD align=center width="11%">At or above </TD>
    <TD align=right width="11%">&nbsp; </TD>
    <TD align=right width="11%">&nbsp; </TD>
    <TD align=right width="11%">&nbsp; </TD>
    <TD align=right width="11%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><I>Maximum</I> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">$1.82 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="11%">$378,525 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">$166,987 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="11%">$378,525 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="11%">$757,050 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="11%">$216,300 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="11%">$973,350 </TD></TR></TABLE></DIV>
<P align=justify style="text-indent:5%">Based on Mr. Smith&#146;s current
annual base salary of $375,000, the table below illustrates the potential
amounts that could be payable to him under the quantitative portion of the cash
incentive award plan upon achievement of various levels of Fundamental EPS and
Fundamental EBITDA and assuming the full award is made in respect of the
qualitative portion of the plan, with the relative weightings in parentheses.
The maximum total award payable to Mr. Smith, assuming the full award of
$112,500 is made in respect of the qualitative portion of the plan, is $331,875.
</P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="90%" border=1>

  <TR vAlign=top>
    <TD noWrap align=center></TD>
    <TD noWrap align=center width="11%"></TD>
    <TD noWrap align=center width="44%" colSpan=4><BR><B>Quantitative
      Portion</B> </TD>
    <TD noWrap align=center width="11%"><B>Qualitative</B> <BR><B>Portion</B>
    </TD>
    <TD noWrap align=center width="11%"><B>Total</B> </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=center></TD>
    <TD vAlign=bottom noWrap align=center width="11%"><I>Fundamental</I>
      <BR><I>EPS</I> <BR><I>(50%)</I> </TD>
    <TD vAlign=bottom noWrap align=center width="11%"><I>Amount</I>
      <BR><I>Payable</I> </TD>
    <TD vAlign=bottom noWrap align=center width="11%"><I>Fundamental</I>
      <BR><I>EBITDA (&#146;000s)</I> <BR><I>(50%)</I> </TD>
    <TD vAlign=bottom noWrap align=center width="11%"><I>Amount</I>
      <I><br>
    Payable</I> </TD>
    <TD vAlign=bottom noWrap align=center width="11%"><I>Total</I>
      <BR><I>(100%)</I> </TD>
    <TD vAlign=bottom noWrap align=center width="11%"><I>Total</I>
      <BR><I>(100%)</I> </TD>
    <TD vAlign=bottom noWrap align=center width="11%"></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left><I>Threshold</I> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="11%">Below $1.50 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%">$- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="11%">Below $137,946 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%">$- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%">$- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%">&nbsp; &nbsp; &nbsp;$112,500 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%">$112,500 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left><I>Target</I> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="11%">At $1.58 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%">$84,375 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="11%">At $145,206 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%">$84,375 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%">$168,750 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%">&nbsp; &nbsp; &nbsp;$112,500 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%">$281,250 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left><I>Maximum</I> </TD>
    <TD vAlign=bottom align=center width="11%">At or above <BR>$1.82 </TD>
    <TD vAlign=bottom align=right width="11%">$109,687 </TD>
    <TD vAlign=bottom align=center width="11%">At or above<BR>$166,987 </TD>
    <TD vAlign=bottom align=right width="11%">$109,688 </TD>
    <TD vAlign=bottom align=right width="11%">$219,375 </TD>
    <TD vAlign=bottom align=right width="11%">$112,500 </TD>
    <TD vAlign=bottom align=right width="11%">$331,875
</TD></TR></TABLE></DIV>
<P align=justify style="text-indent:5%">Based on Mr. Soma&#146;s current
annual base salary of $391,000, the table below illustrates the potential
amounts that could be payable to him under the quantitative portion of the cash
incentive award plan upon achievement of various levels of Fundamental EPS and
Fundamental EBITDA and assuming the full award is made in respect of the
qualitative portion of the plan, with the relative weightings in parentheses.
The maximum total award payable to Mr. Soma, assuming the full award of $164,220
is made in respect of the qualitative portion of the plan, is $255,714. </P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="90%" border=1>

  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left></TD>
    <TD vAlign=bottom noWrap align=left width="11%"></TD>
    <TD vAlign=bottom noWrap align=center width="44%"
      colSpan=4><B>Quantitative Portion</B> </TD>
    <TD vAlign=bottom noWrap align=center width="11%"><B>Qualitative</B>
      <BR><B>Portion</B> </TD>
    <TD vAlign=bottom noWrap align=center width="11%"><B>Total</B> </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom noWrap align=left><BR><BR></TD>
    <TD vAlign=bottom noWrap align=center width="11%"><I>Fundamental</I>
      <BR><I>EPS</I> <BR><I>(50%)</I> </TD>
    <TD vAlign=bottom noWrap align=center width="11%"><BR><I>Amount</I>
      <BR><I>Payable</I> </TD>
    <TD vAlign=bottom noWrap align=center width="11%"><I>Fundamental</I>
      <BR><I>EBITDA (&#146;000s)</I> <BR><I>(50%)</I> </TD>
    <TD vAlign=bottom noWrap align=center width="11%"><BR><I>Amount</I>
      <BR><I>Payable</I> </TD>
    <TD vAlign=bottom noWrap align=center width="11%"><BR><I>Total</I>
      <BR><I>(100%)</I> </TD>
    <TD vAlign=bottom noWrap align=center width="11%"><BR><I>Total</I>
      <BR><I>(100%)</I> </TD>
    <TD vAlign=bottom noWrap align=center width="11%"><BR><BR></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left><I>Threshold</I> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="11%">Below $1.50 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%">$- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="11%">Below $137,946 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%">$- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%">$- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%">&nbsp; &nbsp; &nbsp;$164,220 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%">$164,220 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
      align=left><I>Target</I> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="11%">At $1.58 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%">$35,190 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="11%">At $145,206 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%">$35,190 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%">$70,380 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%">&nbsp; &nbsp; &nbsp;$164,220 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%">$234,600 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left><I>Maximum</I> </TD>
    <TD vAlign=bottom align=center width="11%">At or above <BR>$1.82 </TD>
    <TD vAlign=bottom align=right width="11%">$45,747</TD>
    <TD vAlign=bottom align=center width="11%">At or above <BR>$166,987 </TD>
    <TD vAlign=bottom align=right width="11%">$45,747</TD>
    <TD vAlign=bottom align=right width="11%">$91,494 </TD>
    <TD vAlign=bottom align=right width="11%">$164,220 </TD>
    <TD vAlign=bottom align=right width="11%">$255,714
</TD></TR></TABLE></DIV>
<P align=justify style="text-indent:5%">Based on Mr. Pillay&#146;s current
annual base salary of ZAR 4,770,000 the table below illustrates the potential
amounts that could be payable to him under the quantitative portion of the cash
incentive award plan upon achievement of various levels of Fundamental EPS,
Fundamental EBITDA and the Divisional Measure and assuming the full award is
made in respect of the qualitative portion of the plan, with the relative
weightings in parentheses. The maximum total award payable to Mr. Pillay,
assuming the full award of ZAR 1,144,800 is made in respect of the qualitative
portion of the plan, is ZAR 3,377,160. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_7></A><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR>
    <TD vAlign=bottom align=center>&nbsp;</TD>
    <TD vAlign=bottom align=center width="63%" colSpan=7><b>&nbsp;Quantitative
      Portion</b></TD>
    <TD vAlign=bottom align=center width="9%"><b>&nbsp;Qualitative<BR>Portion</b></TD>
    <TD vAlign=bottom align=center width="9%"><b>Total</b></TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=center></TD>
    <TD vAlign=bottom align=center width="9%"><I>Fundamental EPS <br>
    (15%)</I> </TD>
    <TD vAlign=bottom align=center width="9%"><i>Amount <br>
    Payable </i> </TD>
    <TD vAlign=bottom align=center width="9%"><I>Fundamental EBITDA <br>
    (&#146;000s)<BR>(15%) </I> </TD>
    <TD vAlign=bottom align=center width="9%"><i>Amount <br>
    Payable </i> </TD>
    <TD vAlign=bottom align=center width="9%"><I>Divisional
      <BR>Measure<BR>(&#146;000s) <BR>(70%) </I> </TD>
    <TD vAlign=bottom align=center width="9%"><i>Amount <br>
    Payable </i> </TD>
    <TD vAlign=bottom align=center width="9%"><I>Total<BR>(100%)</I> </TD>
    <TD vAlign=bottom align=center width="9%"><EM>Total<BR>(100%)</EM> </TD>
    <TD vAlign=bottom align=center width="9%"></TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=center>
      <P align=justify><I>Threshold</I> </P></TD>
    <TD vAlign=bottom align=center width="9%">Below $1.50 </TD>
    <TD vAlign=bottom align=right width="9%">R- </TD>
    <TD vAlign=bottom align=center width="9%">Below <BR>$137,946 </TD>
    <TD vAlign=bottom align=right width="9%">R- </TD>
    <TD vAlign=bottom align=center width="9%">Below ZAR<BR>1,551,886 </TD>
    <TD vAlign=bottom align=right width="9%">R- </TD>
    <TD vAlign=bottom align=right width="9%">R- </TD>
    <TD vAlign=bottom align=right width="9%">R1,144,800 </TD>
    <TD vAlign=bottom align=right width="9%">R1,144,800 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=center>
      <P align=justify><I>Target</I> </P></TD>
    <TD vAlign=bottom align=center width="9%">At $1.58 </TD>
    <TD vAlign=bottom align=right width="9%">R257,580 </TD>
    <TD vAlign=bottom align=center width="9%">At $145,206 </TD>
    <TD vAlign=bottom align=right width="9%">R257,580 </TD>
    <TD vAlign=bottom align=center width="9%">At ZAR<BR>1,633,564 </TD>
    <TD vAlign=bottom align=right width="9%">R1,202,040 </TD>
    <TD vAlign=bottom align=right width="9%">R1,717,200 </TD>
    <TD vAlign=bottom align=right width="9%">R1,144,800 </TD>
    <TD vAlign=bottom align=right width="9%">R2,862,000 </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=center>
      <P align=justify><I>Maximum</I> </P></TD>
    <TD vAlign=bottom align=center width="9%">At or above <BR>$1.82 </TD>
    <TD vAlign=bottom align=right width="9%">R334,854 </TD>
    <TD vAlign=bottom align=center width="9%">At or above<BR>$166,987 </TD>
    <TD vAlign=bottom align=right width="9%">R334,854 </TD>
    <TD vAlign=bottom align=center width="9%">At or above <BR>ZAR
      <BR>1,878,599 </TD>
    <TD vAlign=bottom align=right width="9%">R1,562,652 </TD>
    <TD vAlign=bottom align=right width="9%">R2,232,360 </TD>
    <TD vAlign=bottom align=right width="9%">R1,144,800 </TD>
    <TD vAlign=bottom align=right width="9%">R3,377,160
</TD></TR></TABLE></DIV>
<P align=justify><B>Grants of Restricted Stock &#150; Performance-Vesting</B></P>
<P align=justify style="text-indent:5%">On September 7, 2018, our Board,
upon the recommendation of the Remuneration Committee, awarded 58,000 shares of
restricted stock with time-based and performance-based vesting conditions to Mr.
Kotz&#233;, and 30,000 shares of restricted stock to each of Messrs. Smith, Soma and
Pillay on the same terms and conditions as those awarded to Mr. Kotz&#233;. </P>
<P align=justify style="text-indent:5%">In order for any of the shares to
vest, the following conditions must be satisfied: (1) the trading price of our
shares must equal or exceed certain agreed volume-weighted average stock price
(&#147;VWAP&#148;) levels (as described below) for a period of 30 consecutive trading days
during a measurement period commencing on the date that we file our Annual
Report on Form 10-K for the fiscal year ended 2021 and ending on December 31,
2021 and (2) the recipient is employed by us on a full-time basis when the
condition in (1) is met. The VWAP levels and vesting percentages related to such
levels are as follows: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="88%">Below $15.00 (threshold)&#151;0% </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="88%">At or above $15.00 and below $19.00&#151;33% </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="88%">At or above $19.00 and below $23.00&#151;66% </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="88%">At or above $23.00&#151;100% </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left  >
      <P align=justify>&#149;</P></TD>
    <TD align=left width="88%">Thresholds are absolute and not subject to
      interpolation. </TD></TR></TABLE>
<P align=justify>Any shares that do not vest in accordance with the
above-described conditions will be forfeited. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_8></A>
<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>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%"><B>NET 1 UEPS TECHNOLOGIES, INC.</B> </TD></TR>
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    <TD>&nbsp; </TD>
    <TD width="50%">&nbsp; </TD></TR>
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    <TD>&nbsp; </TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Date: September 12, 2018 </TD>
    <TD align=left width="50%">By: <U>/s/ Herman G. Kotz&#233;</U> </TD></TR>
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    <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 Executive Officer
</TD></TR></TABLE><BR>
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