EX-10.53 16 ex1053.htm EX-10.53
1
CONTRACT OF EMPLOYMENT
BETWEEN
LESAKA TECHNOLOGIES PROPRIETARY
LIMITED
("the Company")
AND
DANIEL LUKE SMITH
("the Employee")
1.
EMPLOYMENT
1.1
The Company employs the Employee, who accepts
employment in accordance with the terms
and conditions of this contract.
1.2
In this agreement unless the
context indicates otherwise the male shall
import the female and
the singular shall include the plural and
vice versa.
1.3
The
Company
hereby
appoints
the
Employee
to
the
position
of
Chief
Financial
Officer
for
Lesaka Technologies
Proprietary Limited, subject
to the Employee
satisfying the
Company’s
normal
requirements
regarding
his
previous
outside
employment
etc,
which
includes
satisfactory reference and credit checks.
1.4
The
following
aspects
are
extracted
from
the
Company
Staff
Manual,
available
to
all
Employees, obtainable from the respective manager, and are covered in greater depth therein.
2.
DURATION
2.1
Subject to 2.2
and 9, this
agreement shall commence
on 1 October
2024 and the contract
period
is 3 years from your date of joining. This contract
shall be terminable by either party by giving
not less than three month's written notice of termination.
2.2
The Company may utilise the Employee's services at whatever place and in
whatever capacity
as may be required during the currency of this agreement.
2.3
The first three months will be considered a probationary period.
3.
REMUNERATION
3.1
The
Employee’s
remuneration
will
be
determined
on
the
basis
of
the
total direct
cost
to
the
Company, excluding any
statutory deductions,
which the
Employee and
the Company
are liable
for. The Employee’s
total direct cost to the Company will be R6 000 000-00 per annum.
3.2
The Employee will receive his emoluments monthly in arrears.
3.3
The
Employee shall be eligible to earn a discretionary
cash incentive award in respect of each
full
fiscal
year
during
the
Employment
Period
as
determined
in
the
sole
discretion
of
the
Remuneration Committee
of the
Lesaka Technologies,
Inc. Board.
Any such
award (and
the
terms and conditions
of such award)
shall be based upon
the Employee's performance
and such
Exhibit 10.53
2
other
factors
as
the
Remuneration
Committee
shall
determine
in
its
discretion,
which
may
include the Group’s performance during such year.
4.
HOURS OF WORK
4.1
The Employee’s
ordinary hours
of work
will be
40 hours
per week
or 160
hours per
4-week
cycle, excluding lunch hours.
4.2
The
Employee
will
be
required
to
work
a
five-day
week
from
Monday
to
Friday.
Normal
working hours will be determined by the Employee’s manager.
4.3
At
the
discretion
of
the
Company
the
Employee
may
be
required
to
work
on
weekends
and
Public Holidays in accordance with the work schedule or alternatively as the need arises.
4.4
The Employee acknowledges
that the Company
has the right
to change the
hours of work,
from
time to time, in terms of its operational requirements.
5.
LEAVE
ENTITLEMENT
5.1
ANNUAL LEAVE
The Employee acknowledges that he will qualify for 25
working days leave in respect of each
completed 12-month period
of service, (or
2.08 working days
per month).
This is based
on a
five-day working week.
All rules pertaining
to this leave are
set out in
the Company’s
Leave
Policy.
5.2
SICK LEAVE
5.2.1
The Employee is only
entitled to paid sick
leave in the event
that they are unable
to work due
to sickness or injury subject to the requirements contained in the Company’s leave policy.
5.2.2
Employees will accumulate
sick leave at
the rate of
one (1) days
sick leave per every
twenty-
six (26) days worked during the first six (6) months of employment.
Thereafter,
employees who
work a
5-day work
week are
entitled to
30 days
sick leave
per 3-
year sick leave
cycle and employees
who work a
6-day work week
are entitled to
a 36 days
sick
leave per 3-year sick leave cycle
5.3
FAMILY
RESPONSIBILITY LEAVE
Where the
Employee has
completed four
months of
service, the
Employee will
be entitled
to
three days of paid leave per year for the following:
5.4.1
when the Employee’s child is sick; or
5.4.2
in the event of death of:
5.4.2.1
the Employee’s spouse or life partner; or
5.4.2.2
the
Employee’s
parent,
adoptive
parent,
grandparent,
child,
adopted
child,
grandchild or sibling.
Please note that the Company requires reasonable proof of the above.
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6.
MEDICAL AID
You
have
the
option
to
join
the
Company’s
Medical
Aid
Scheme
with
Discovery
Medical
Health or Bankmed of which you will have to pay the full contribution.
7.
EMPLOYEE’S DUTIES
7.1
The Employee shall be expected to satisfactorily perform such duties as may be required from
time to time as determined by the Company.
7.2
The Employee agrees and
undertakes to obey all
reasonable and lawful orders
and instructions,
which
may
be
given
by
any
person
employed
by
the
Company
who
is
in
a
managerial
or
supervisory position.
7.3
The Employee
confirms that
he is
capable and
competent to
perform the
duties for
which he
has been employed and that he has the
necessary skills and knowledge to perform competently
and to the satisfaction of the Company.
7.4
It is
expressly agreed
by the
Employee that
that should
the work
as set
out in
the job
description,
be unavailable,
he will
be prepared
to perform
any other
suitable work
which falls
within his
vocational abilities.
7.5
The Employee agrees and undertakes to devote
all time and attention during working hours
to
conducting the Company's business.
7.6
The Employee agrees and undertakes not
to engage in activities which
would detract from the
proper
performance
of
Company's
duties,
nor
to
be
engaged
in
any
other
kind
of
business
without first having obtained the Company's written authority to do so.
7.7
If the Employee
is unable to
report for duty,
for any reason,
then the Employee
undertakes to
contact his manager before he is due to report for duty and notify him of such reasons.
8.
COPYRIGHT
8.1
The Employee acknowledges that the
Company shall, by operation of
law,
become the owner
of the copyright in any
work, which is eligible
for copyright and which is
created or executed
by the Employee, whether alone or with others, in the course and scope of employment.
8.2
Insofar as it may be necessary,
the Employee cedes and assigns to the Company the copyright
of any work created or executed by
the Employee, whether alone or with
others, in the course
and scope of employment.
8.3
The Employee undertakes
not to
exercise any
residuary rights in
respect of
any work
created
or
executed
by
the
Employee,
whether
alone
or
with
others,
in
the
course
and
scope
of
employment with the Company.
8.4
All work created or executed by the Employee and for which copyright exists shall, unless the
Employee establishes the
contrary,
be deemed to
have been created
or executed in
the course
and scope of employment with the Company.
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9.
TERMINATION FOR MISCONDUCT OR ILLNESS
9.1
Subject to fair procedures
being adhered to, this
agreement may be
terminated by the Company
summarily at any time and without any payment in lieu of notice if, at any time, the Employee
is
guilty
of
any
serious
misconduct
or
commits
a
breach
of
a
material
obligation
under
this
agreement or is guilty of any act which at common law would entitle
the Company summarily
to terminate this agreement.
9.2
If the Employee is absent for an unreasonable long time
due to illness, the Company is entitled
to terminate the contract after a
fair procedure and investigation
into the health position of
the
worker.
9.3
The Company reserves the right to request
the Employee to undergo a
medical examination at
any time at the Company's expense to
assist in determining the Employee's fitness
to continue
Employment.
9.4
The Employee guarantees
that at the
time of signing
this contract, he is
free of any notifiable,
contagious illness. If the Employee should discover any such illness after employment, he will
immediately inform the Company.
9.5
You
agree that
by virtue
of your
employment, you
are bound
by the
principles
of the
REDS
check Database which applies to you, both during and after termination of your employment.
9.6
Should your employment
with the Company
be terminated for
any reason
related to dishonesty,
your
name
and
biographical
details
will
be
recorded
on
a
central
database,
the
REDS
check
Database administered
by the
Banking Association
of South
Africa.
If you
were to
resign to
avoid facing a
disciplinary process relating
to misconduct involving
an element of
dishonesty
or if the Company, after termination of your employment, were to uncover serious misconduct
by you involving
an element of
dishonesty committed whilst
still employed, the
Company shall
be entitled to
convene a REDS
check enquiry.
The purpose of
the enquiry shall
be to determine
whether you should be listed on the REDS check Database and to afford you an opportunity to
be heard before a decision is made."
10.
RESTRICTIVE COVENANTS AGREEMENT
10.1
On the
date hereof,
Executive shall
execute a restrictive
covenants agreement,
in the
form of
Exhibit A attached hereto and made a part hereof (the “
Restrictive Covenants Agreement
”).
11.
MISCELLANEOUS MATTERS
11.1
Notwithstanding the
terms contained
in this
contract, the
Employee accepts
that all
the rules
and procedures of the Company, wheresoever contained are applicable to his Employment and
that,
in
the
event
of
any
conflict
between
such
rules
and
procedures
and
this
contact,
this
contract
will
be
regarded
as
being
binding.
The
Employee
undertakes
not
to
injure
the
reputation or business of
the Company and its customers
and to observe the
utmost secrecy and
good faith in all dealings concerning the Company or its customers.
11.2
The
Employee
acknowledges
that
the
Company’s
Disciplinary
Code
and
Procedure,
and
Grievance Policy
and Procedure, are
applicable to
the employment
relationship and
agrees to
be bound thereby.
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11.3
No agreement varying, adding to, deleting
from or cancelling this agreement, shall be
effective
unless reduced to writing and signed by or on behalf of the parties.
11.4
The Employee agrees that he will retire at the age of 65.
11.5
The Employee declares that he has never been
convicted of a criminal offence. The
Employee
agrees that should this
statement be proved to
be false, or should
the Employee fail to
declare
a
future
criminal
offence,
the
Company
reserves
the
right
to
summarily
terminate
the
Employee’s service.
11.6
The Employee
shall, within
a reasonable
period, notify
the Company
of any
change in
his status,
such
as
address,
dependants,
marital,
telephone
number,
qualifications
or
any
other
relevant
changes.
11.7
Both
parties
acknowledge
that
by
signing
this
contract,
they
have
received
a
copy
of
this
contract, and
they have read
and understood
the contents thereof.
Both parties undertake
to hold
themselves bound by this contract and agree to observe the provisions contained therein.
12.
INDULGENCES
No indulgence
granted by
a party
shall constitute
a waiver
of any
of that
party's rights
under
this agreement.
13.
PROTECTION OF PERSONAL INFORMATION
13.1
I
hereby
authorise
Lesaka
Technologies
Group,
its
Human
Resource
Department
and
authorised Management
team to
use, review
and process
any personal
information including
special
personal
information,
as
defined
in
the
Protection
of
Personal
Information
Act
4
of
2013, provided
to the company
in the course
of my employment
as well as
any information
that
I have provided in support of my employment application.
13.2
I understand
my right
to privacy
and the
right to
have my
personal information
processed in
accordance with
the conditions
for the
lawful processing
of personal
information and
hereby
give my consent
to the Company
to collect process
and distribute relevant
personal information
where the company is legally required to do so.
13.3
I
hereby
consent
that
I
understand
that
third
party
providers
such
as
Funds,
Medical
Aid
suppliers, etc.
may have
access to
my personal
information and
I hereby
consent to
the company
sharing my
personal information
strictly for
the administration
with these
funds and/or
services.
13.4
I hereby confirm that I have the permission of my dependent(s) and/or beneficiary(ies) to give
their
consent,
where
such
consent
can
be
provided,
and
I
hereby
indemnify
Lesaka
Technologies Group against this.
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14
DOCUMENTS APPLICABLE
14.1
The
following
documents
form
part
of
the
Employee’s
contract
of
employment
with
the
Company:
(a)
Articles of Agreement
(b)
Staff Manual
(c)
Restrictive Covenants Agreement (Attached)
(d)
Any other
documents of
which the
Employee may
be advised
during his
employment
with the Company
14.2
This agreement is conditional
upon the Employee providing
the Company with certified
copies
of the following original documents which form part of the Employee’s
joining formalities.
It
is essential that these be submitted within two weeks of the Employee’s commencement date:
(a)
Identity Document
(b)
Highest Qualification
(c)
Tax reference number (if not available it must be obtained from SARS)
14.3
Enclosed is
a copy
of the
employee’s Articles of
Agreement in
duplicate, which
are to
be signed
by the
employee himself.
When completed,
one
copy of
the Articles
of
Agreement is
to be
returned to the Company office for retention.
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Signed at
Rosebank
on
08 October 2024
/s/ Ali Mazanderani
__________________________________________
Signed at
Rosebank
on
08 October 2024
/s/ Dan Smith
___________________________
The Employee
For and on behalf of Lesaka Technologies
Proprietary Limited
4
th
Floor, President Place Cnr. Jan Smuts
Ave & Bolton Rd Rosebank, Private Bag 2424
Parklands, 2121