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.
 
 
 
3
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.
 
 
 
 
4
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.
 
 
5
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.
 
 
6
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.
 
 
 
 
 
 
 
 
 
 
7
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