Document:

Filed by Automated Filing Services Inc. (604) 609-0244 - Western Standard Energy Corp. - Exhibit 10.1

SHARE ISSUANCE AGREEMENT 

SHARE ISSUANCE AGREEMENT dated for reference the 6th
day of May, 2008, AMONG: 

INFINITY ENERGY INVESTMENTS LIMITED, Road Town, Tortola,
British Virgin Islands (hereinafter, the "Subscriber"), AND: 

WESTERN STANDARD ENERGY CORP., a Nevada Corporation with
offices at 2 Sheraton Street, London W1F 8BH United Kingdom (hereinafter, the
"Company") 

NOW THEREFORE THIS SHARE ISSUANCE AGREEMENT (“Agreement”)
WITNESSES that the parties hereto agree as follows: 

1 – INTERPRETATION 

1.1. Definitions. When used in this Agreement (including the
recitals and schedules hereto) or in any amendment hereto, the terms listed in
Schedule A hereto shall, unless otherwise expressly provided, have the meanings
assigned to them therein. 

2 - THE SHARE ISSUANCE 

2.1. Share Issuance. The Subscriber shall make available to the
Company in accordance with, and subject to the terms and conditions of, this
Agreement, until May 5th 2009 (the "Completion Date"), up to
$15,000,000 (Fifteen Million US Dollars) by way of Advances in accordance with
Sections 2.2, 2.3 and 2.4 of this Agreement. The Completion Date may be extended
for an additional term of up to six months at the option of the Company or the
Subscriber upon written notice on or before the Completion Date in accordance
with the notice provisions in Section of this Agreement. 

2.2. The Advances. On the terms and conditions set forth herein
the Subscriber, from time to time, on any Banking Day, prior to the Completion
Date, agrees to make advances to the Company ("Advances"). Each Advance shall be
in an aggregate amount of not less than $250,000 and in integral multiples of
$250,000. 

2.3. Making the Advances. Each Advance shall be made on or
before five Banking Days following notice from the Company. Each such notice
shall be given by a notice to the Subscriber in the form substantially the same
as the form attached hereto in Schedule B (each a "Notice") which shall specify
therein (i) the requested date of such Advance; (ii) the aggregate amount of
such Advance. 

2.4. Subscription Agreement. Upon making each Advance, the
Subscriber shall provide an executed Subscription Agreement, in a form
acceptable to both parties to this Agreement, to the Company. 

2.5. Use of Proceeds. The Company shall use all Advances to
fund: (i) new prospect and leasehold acquisitions; (ii) exploration and drilling
activities; (iii) acquisition of existing production; and (iv) working capital
and general corporate activities. 

3 - REPRESENTATIONS AND WARRANTIES 

3.1. Representations and Warranties. The Company represents and warrants to the Subscriber as outlined in Schedule C hereto. 

4 - COVENANTS OF THE COMPANY 

4.1. Affirmative Covenants. Until the Completion Date, the Company shall: 

(a) Compliance with Laws, etc. Comply with all applicable laws, non-compliance with which could have a material adverse effect on the Company;  (b) Payment of Taxes and Claims. Pay and discharge before the same shall become delinquent: (i) all taxes
and assessments; and (ii) all lawful claims which, if unpaid, might become a lien upon or in respect of the Company's assets or properties; 

(c) Maintain Title. Maintain and, as soon as reasonably practicable, defend and take, all action necessary or advisable at any time, and from time to time, to maintain, defend, exercise or renew its right, title and interest in and to all of its
property and assets; 

(d) Pay Obligations to Subscriber and Perform Other Covenants. Make full and timely payment of its obligations hereunder and duly comply with the terms and covenants contained in this Agreement, all at the times and places and in the manner set
forth therein; 

(e) Further Assurances. At its cost and expense, upon request by the Subscriber, duly execute and deliver, or cause to be duly executed and delivered, to the Subscriber, such further instruments and do and cause to be done such other acts as may be
necessary or proper in the reasonable opinion of the Subscriber to carry out more effectually the provisions and purposes of this Agreement. 

5 – SHARE ISSUANCE 

5.1 Share Issuance. The Company shall issue, within five (5) Banking Days following the date of the receipt by the Company of any Advance under this Agreement, units (each a “Unit”) of the Company at the Unit Price. Each Unit shall consist
of one share (each a “Share”) of the common stock of the Company (the “Common Stock”) and one share purchase warrant (each a “Warrant”). Each Warrant shall entitle the Subscriber to purchase one additional share (each a
“Warrant Share”) of Common Stock, at an exercise price equal to 150% of the Unit Price at which the Unit containing the Warrant being exercised was issued, for a period of three (3) years from the date such Warrant is issued. Upon receipt
of any Advance under this Agreement, the Company shall promptly cause its registrar and transfer agent to issue the certificates representing the Shares. If the Subscriber exercises the Warrants, the Company shall promptly cause its registrar and
transfer agent to issue the certificates representing the Warrant Shares. 

 5.2 Fractional Shares. Notwithstanding any other provisions
  of this Agreement, no certificate for fractional shares of the Shares or the
  Warrant Shares shall be issued to the Subscriber. In lieu of any such fractional
  shares, if the Subscriber would otherwise be entitled to receive a fraction
  of a share of the Shares or Warrant Shares following a Share Issuance or exercise
  of a Warrant, as applicable, the Subscriber shall be entitled to receive from
  the Company a stock certificate representing the nearest whole number of shares
  of the Company. 

6 - MISCELLANEOUS 

6.1. Notices, etc. Except as otherwise expressly provided herein, all notices, requests, demands, directions and communications by one party to the other shall be sent by hand delivery or registered mail, and shall be effective when hand delivered
or when delivered by the relevant postal service, as the case may be. All such notices shall be addressed to the President of the notified party at its address given on the signature page of this Agreement, or in accordance with any unrevoked
written direction from such party to the other party. 

6.2. No Waiver; Remedies. No failure on the part of the Subscriber or the Company to exercise, and no delay in exercising, any right under this Agreement shall operate as a waiver thereof. The remedies herein provided are cumulative and not
exclusive of any remedies provided by Law. 

6.3. Jurisdiction. (1) Each of the parties hereby irrevocably attorns to the non-exclusive jurisdiction of the Courts of England in any action or proceeding arising out of or relating to this Agreement. The Company agrees that a final judgment in
any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by Law; and (2) nothing in this Section 7.3 shall affect the right of the Subscriber to serve legal
process in any other manner permitted by Law or affect the right of the Subscriber to bring any action or proceeding against the Company or its property in the courts of other jurisdictions. 

6.4. English Version. The parties hereby represent, warrant, acknowledge and agree that: (i) they have agreed that this Agreement be drawn up in the English language; and (ii) the English version of this Agreement shall govern for all purposes. 

6.5. Successors and Assigns. The Company shall not have the right to assign its rights hereunder or any interest herein without the prior written consent of the Subscriber, which consent may be arbitrarily withheld. 

6.6. Severability. If one or more provisions of this Agreement be or become invalid, or unenforceable in whole or in part in any jurisdiction, the validity of the remaining provisions of this Agreement shall not be affected. The parties hereto
undertake to replace any such invalid provision without delay with a valid provision which as nearly as possible duplicates the economic intent of the invalid provision. 

6.7. Counterparts. This Agreement may be executed in counterparts and by different parties in separate counterparts, each of which when so executed shall be deemed an original and all of which, taken together, shall constitute one and the same
instrument. 

6.8. Syndication/Participation. The Subscriber may not sell, transfer, assign, participate, syndicate or negotiate to one or more third parties, in whole or in part, the Commitment and its rights under this Agreement, without the prior written
consent of the Company, which consent may not be arbitrarily withheld. 

 6.9. Exclusivity. The Company may not solicit, negotiate,
  nor engage in any investment or corporate finance agreements for a period of
  six (6) months from the date of this Agreement, without the prior written consent
  of the Subscriber, which consent may not be arbitrarily withheld. 

6.10 Unfavorable Market Conditions. The Subscriber may, at its
sole discretion, deem market conditions to be unfavorable for further investment
and the Subscriber may waive some or all of the provisions with regards to
Exclusivity. 

IN WITNESS WHEREOF the parties hereto have caused this
Agreement to be executed by their respective officers thereunto duly authorized,
as of the date first above written. 

THE SUBSCRIBER:
INFINITY ENERGY INVESTMENTS LIMITED

THE COMPANY:
WESTERN STANDARD ENERGY CORP. 

SCHEDULE A 

DEFINITIONS 

“Banking Day” shall mean any day other than a Saturday, Sunday,
public holiday under the laws of England or other day on which banking
institutions are authorized or obligated to close in England. 

“Charter Documents” means constating documents and by-laws, and
all amendments thereto; 

“Consent” means any permit, license, approval, consent, order,
right, certificate, judgment, writ, injunction, award, determination, direction,
decree, authorization, franchise, privilege, grant, waiver, exemption and other
concession or by-law, rule or regulation; 

"Unit Price" means a price equal to 80% of the volume weighted
average of the closing price (the "VWAP") of Common Stock, for the ten (10)
Banking Days immediately preceding the date of the Notice, as quoted on NASDAQ
at http://quotes.nasdaq.com/, or other source of stock quotes as agreed to by
the parties"; and 

“Dollar” or “$” means the currency of the United States of
America. 

SCHEDULE B 

NOTICE 

(To be executed by the Company in order to request an Advance)

To: INFINITY ENERGY INVESTMENTS LIMITED (the
“Subscriber”) 

The undersigned, WESTERN STANDARD ENERGY CORP., (the
“Company”) hereby requests an advance of $___________, in accordance with the
terms and conditions set forth in the Share Issuance Agreement dated May
6th, 2008, between the Subscriber and the Company and as of the Date
of Notice written below. 

	Date of Notice: 	  	 
	  	  	 
	  	  	 
	Remaining amount to be 	  	 
	advanced under the Share 	$15,000,000 	 
	Issuance: 	  	 

WESTERN STANDARD ENERGY CORP. 

	 	 
	Authorized Signatory

SCHEDULE C 

REPRESENTATIONS AND WARRANTIES OF THE COMPANY 

All undefined capitalized terms used herein shall have the
meanings set out in the Share Issuance Agreement (the “Agreement”) between
INFINITY ENERGY INVESTMENTS LIMITED (the “Subscriber”) and WESTERN
STANDARD ENERGY CORP. (the “Company”). 

(a) Organization and Corporate Power. The Company has been duly
incorporated and organized and is validly subsisting and in good standing under
the laws of its jurisdiction and has full corporate right, power and authority
to enter into and perform its obligations under the Agreement to which it is or
shall be a party and has full corporate right, power and authority to own and
operate its properties and to carry on its business; 

(b) Conflict with Other Instruments. The execution and delivery
by the Company of the Agreement and the performance by the Company of its
obligations thereunder, do not and will not: (i) conflict with or result in a
breach of any of the terms, conditions or provisions of: (A) the charter
documents of the Company; (B) any law applicable to or binding on the Company;
or (C) any contractual restriction binding on or affecting the Company or its
properties the breach of which would have a material adverse effect on the
Company; or (ii) result in, or require or permit: (A) the imposition of any lien
on or with respect to the properties now owned or hereafter acquired by the
Company; or (B) the acceleration of the maturity of any debt of the Company,
under any contractual provision binding on or affecting the Company; 

(c) Consents, Official Body Approvals. The execution and
delivery of the Agreement and the performance by the Company of its obligations
thereunder have been duly authorized by all necessary action on the part of the
Company, and no Consent under any applicable law and no registration,
qualification, designation, declaration or filing with any official body having
jurisdiction over the Company is or was necessary therefor. The Company
possesses all Consents, in full force and effect, under any applicable Law which
are necessary in connection with the operation of its business, the
non-possession of which could reasonably be expected to have a material adverse
effect on the Company; 

(d) Execution of Binding Obligation. The Agreement has been
duly executed and delivered by the Company and, when duly executed by the
Company and delivered for value, the Agreement will constitute legal, valid and
binding obligations of the Company, enforceable against the Company, in
accordance with its terms; 

(e) No Litigation. There are no actions, suits or proceedings
pending or, to the knowledge of the Company, after due inquiry, threatened
against or affecting the Company (nor, to the knowledge of the Company, after
due inquiry, any basis therefor) before any official body having jurisdiction
over the Company which purport to or do challenge the validity or propriety of
the transactions contemplated by the Share Issuance the Company, which if
adversely determined could reasonably be expected to have a material adverse
effect on the Company; 

(f) No Defaults. The Company is not in breach of or in default
under, in any respect: (i) its charter documents; (ii) any applicable law; (iii)
any contract or agreement binding on or affecting it or its property or assets
(including, without limitation, the Agreement); (iv) any material indenture,
mortgage, deed of trust; or (v) any writ, judgment, determination or award
binding on it or affecting it where such breach or defect could, in the case of
(ii), (iii), (iv) or (v) above, have a material adverse effect on the Company;

(g) Title to Assets. The Company has good and marketable title to all of its properties and assets; 

(h) Absence of Changes. Since the date of the most recently delivered financial statements of the Company, the Company has carried on its business, operations and affairs only in the ordinary and normal course consistent with past practice.Filed by Automated Filing Services Inc. (604) 609-0244 - Net 1 UEPS Technologies, Inc. - Exhibit 10.41

NET 1 UEPS TECHNOLOGIES, INC. 
RESTRICTED
STOCK AGREEMENT 
FOR NON-EMPLOYEE DIRECTORS 

          Net
1 UEPS Technologies, Inc. (the “Company”) has granted to the
Non-Employee Director named below (“you” or “your”),
effective as of the Grant Date specified below, restricted shares (each, an
“Award Share,” and collectively, the “Award Shares”)
of common stock, par value $0.001 per share, of the Company (the “Common
Stock”) upon the terms and conditions set forth in this Restricted Stock
Agreement (the “Agreement”) and the Amended and Restated 2004
Stock Incentive Plan of Net 1 UEPS Technologies, Inc. (the
“Plan”), the provisions of which are incorporated into this
Agreement. Except as otherwise provided in Section 7 of this Agreement with
respect to applicable tax and social insurance withholding, you are not required
to pay any amount to the Company for the receipt of these Award Shares. By
signing this Agreement, you: (a) acknowledge that you have read this Agreement;
(b) accept the Award Shares subject to all of the terms and conditions of this
Agreement; and (c) agree to accept as binding, conclusive, and final all
decisions or interpretations of the Company upon any questions arising under
this Agreement. For purposes of this Agreement, actions and determinations to be
made by the Company may be made by the Board of Directors of the Company or by
such committee or delegate as may be appointed by the Board of Directors from
time to time. 

	 	Name of Director: 	Christopher Stefan Seabrooke 
	 	 	 
	 	Grant Date: 	February 6, 2008 
	 	 	 
	 	Number of Award Shares: 	1,931 

          1.      DEFINITIONS
AND CONSTRUCTION. 

          Unless
otherwise defined in this Agreement, capitalized terms have the meanings
ascribed to them in the Plan. The captions and titles contained in this
Agreement are for convenience only and do not affect the meaning or
interpretation of any provision of this Agreement. 

          2.      VESTING;
TERMINATION OF EMPLOYMENT OR
SERVICE.

                    (a)
All of the Award Shares are nonvested and forfeitable as of the Grant Date. For
clarity, as used in this Agreement, the term “vest” means the lapse of
restrictions on the Award Shares in accordance with the terms of this Agreement.

                    (b)
The Award Shares shall become vested and nonforfeitable, if at all, in
accordance with the rules set forth below, provided that your
service with the Company as a member of its Board of Directors (
“Service”) is continuous from the Grant Date through the
applicable vesting date. No Award Shares shall vest or become nonforfeitable
after the date your Service terminates for any reason. If your Service with the
Company ceases for any reason, all Award 

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Shares that are not then vested and nonforfeitable will be
immediately forfeited by you and transferred to the Company upon such cessation
for no consideration. 

                    (c)      Vesting
of the Award Shares is conditioned upon your continuous Service through the
applicable vesting date. The aggregate number of whole Award Shares subject to
this Agreement that shall have become vested as of any date is determined by
multiplying the number of Award Shares listed above by the following percentage
and rounding down: 

	Vesting
      Date 	Percentage 
	Prior to February
      6, 2009 	0% 
	On or after
      February 6, 2009 and prior to February 6, 2010 	33.333% 
	On or after
      February 6, 2010 and prior to February 6, 2011 	66.666% 
	On or after
      February 6, 2011 	100% 

          As
provided in Section 3 below, an Award Share becomes transferable 11 months after
the date on which it becomes vested and nonforfeitable. 

          3.      RESTRICTIONS
ON TRANSFER.

                    (a)      Until
11 months after an Award Share becomes vested and nonforfeitable, it may not be
sold, assigned, transferred, pledged, hypothecated, exchanged, or disposed of in
any way (whether by operation of law or otherwise), except by will or the laws
of descent and distribution and shall not be subject to execution, attachment,
anticipation, alienation, encumbrance, garnishment by your creditors or
beneficiaries, or similar process. 

                    (b)     
Any attempt to dispose of any such Award Shares in contravention of the
restrictions set forth in Section 3(a) shall be null and void and without
effect. The Company shall not be required to (i) transfer on its books any Award
Shares that have been sold or transferred in contravention of this Agreement or
(ii) treat as the owner of Award Shares, or otherwise accord voting, dividend,
or liquidation rights to, any transferee to whom Award Shares have been
transferred in contravention of this Agreement. 

          4.      COMPANY-ASSISTED
SALES OF
SHARES;
GRANT OF POWER OF
ATTORNEY FOR SALE OF
SHARES. 

          You
acknowledge that you have been advised that it may be impracticable for you on
your own to sell, or to arrange for a sale through a broker or otherwise, vested
Award Shares. Therefore, the Company expects to assist you in this regard by
facilitating the sale of vested Award Shares, with the method and timing of such
sales to be determined by the Executive Committee of the Company, although the
Company has no obligation to do so. However, in the event that the Company does
attempt to facilitate any such sale of vested Award Shares, the Company does not
represent to you that such sale will be completed, or if it is completed, that
vested Award Shares will be sold at any particular price or require any
particular level of brokerage commissions. You hereby irrevocably constitute and
appoint Dr. Serge C.P. Belamant and Mr. Herman Gideon Kotze, each with full
power and authority to act together or alone in any 

- 2 - 

matter hereunder and with full power of substitution, your true
and lawful attorneys-in-fact (individually an “Attorney,” and
collectively, the “Attorneys”), with full power and authority in
your name, for and on your behalf, with respect to all matters arising in
connection with the sale of vested Award Shares, including, but not limited to,
the power and authority on your behalf to take any and all of the following
actions: (i) to sell such vested Award Shares through a broker, including a
transaction in which the broker will act as a principal, at a purchase price per
share as determined by negotiation between the Company, the Attorneys, and the
broker and to complete, execute, and deliver a stock power in relation to the
sale of vested Award Shares; (ii) on your behalf, to make representations and
warranties and enter into appropriate agreements to effect the sale of such
vested Award Shares; (iii) to instruct the Company’s transfer agent as the
Attorneys shall determine on all matters pertaining to the delivery and custody
of certificates for such vested Award Shares; (iv) to incur or authorize the
incurrence of any necessary or appropriate expense in connection with the sale
of such vested Award Shares; (v) if necessary, to endorse (in blank or
otherwise) on your behalf the certificate(s) representing such vested Award
Shares and a stock power or powers attached to such certificate(s); and (vi) to
sign such other certificates, documents, and agreements and take any and all
other actions as the Attorneys may deem necessary or desirable in connection
with the consummation of the transactions contemplated by the power of attorney
granted under this Section 4. Each Attorney may act alone in exercising the
rights and powers conferred on the Attorneys. Each Attorney is hereby empowered
to determine in his sole discretion the time or times when, the purpose for and
the manner in which any power herein conferred upon him shall be exercised, and
the conditions, provisions, or covenants of any instrument or document which may
be executed by him pursuant hereto. The power of attorney granted under this
Section 4 is an agency coupled with an interest and all authority conferred
hereby shall be irrevocable, and shall not be terminated by any act of yours or
by operation of law, whether by your death, disability, or incapacity or by the
occurrence of any other event or events. It is understood that the Attorneys
assume no responsibility or liability for any aspect of offering or selling any
vested Award Shares and shall not be liable for any error of judgment or for any
act done or omitted or for any mistake of fact or law except for the Attorneys’
own gross negligence, willful misconduct, or bad faith. It is understood that
the Attorneys, in acting pursuant to this power of attorney, are not acting in a
fiduciary capacity on your behalf and are not required to, nor will they
necessarily, obtain the best available price or the lowest possible fee or
commission when negotiating or otherwise facilitating any sale of Award Shares
pursuant to this power of attorney. The power of attorney granted under this
Section 4 shall be binding upon you and your heirs, legal representatives,
distributees, successors, and assigns. 

          5.      CERTIFICATE
REGISTRATION. 

          Physical
possession or custody of such stock certificates shall be retained by the
Company until such time as the Award Shares are transferable without restriction
and, thereafter, the Company shall either issue and deliver to you one or more
certificates in your name for the applicable number of vested Award Shares or
provide for uncertificated, book entry issuance of those Award Shares. Upon the
request of the Company, you shall deliver to the Company a stock power, endorsed
in blank, with respect to any Award Shares that have been forfeited 

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pursuant to this Agreement. All regular cash dividends on the
Award Shares held by the Company will be paid directly to you on the dividend
payment date. 

          6.      LEGENDS.

          Until
the Award Shares become transferable, the Company may at any time place legends
referencing any restrictions on transfer and any applicable U.S. federal, state,
or foreign securities law restrictions on all certificates representing Award
Shares subject to the provisions of this Agreement. You shall, at the request of
the Company, promptly present to the Company any and all certificates
representing Award Shares in your possession in order to carry out the
provisions of this Section 6. 

          7.      TAX
AND/OR SOCIAL
INSURANCE
WITHHOLDING. 

                    7.1      Generally.
At the time any withholding is required by applicable law, or at any time
thereafter as requested by the Company, you hereby authorize withholding from
payroll and any other amounts payable to you, and otherwise agree to make
adequate provision for any sums required to satisfy the federal, state, local,
and foreign tax and social insurance withholding obligations of the Company or
its affiliate, if any, which arise in connection with the grant or vesting of
the Award Shares. The Company shall have no obligation to deliver shares of
Common Stock or issue any Common Stock certificate until you have satisfied the
tax and social insurance withholding obligations of the Company or its
affiliate. The Company may, in its sole discretion, permit you to satisfy, in
whole or in part, any tax and social insurance withholding obligation which may
arise in connection with the grant or vesting of Award Shares either by electing
to have the Company withhold the issuance or delivery of shares of Common Stock
due to you, or by electing to deliver to the Company already-owned Award Shares,
in either case having a Fair Market Value (as defined below) equal to the amount
necessary to satisfy the statutory minimum withholding amount due. For purposes
of this Agreement, (i) if the shares of Common Stock are registered under
Section 12(b) or 12(g) of the Securities Exchange Act of 1934, as amended, and
listed for trading on a national exchange or market, “Fair Market
Value” means, as applicable, (a) the closing price on the relevant date,
the average of the high and low sale price on the relevant date, or the average
of the closing price over a period of up to 30 consecutive days immediately
prior to or including the relevant date, as determined in the Company’s
discretion, as quoted on the New York Stock Exchange, the American Stock
Exchange, the NASDAQ Global Select Market, or the NASDAQ Global Market; (b) the
last sale price on the relevant date or the average of the last sale price over
a period of up to 30 consecutive days immediately prior to or including the
relevant date, as determined in the Committee’s discretion, as quoted on the
NASDAQ Capital Market; (c) the average of the high bid and low asked prices on
the relevant date quoted on the NASDAQ OTC Bulletin Board Service or by the
National Quotation Bureau, Inc. or a comparable service as determined in the
Company’s discretion; or (d) if the shares of Common Stock are not quoted by any
of the above, the average of the closing bid and asked prices on the relevant
date furnished by a professional market maker for the shares, or by such other
source, selected by the Company; provided, however, that if an
average of prices over a period of days is not applicable and no public trading
of the shares occurs on the relevant date but the shares are so listed, then
Fair Market Value shall 

- 4 - 

be determined as of the earliest preceding date on which
trading of the shares does occur; and (ii) if the shares of Common Stock on the
relevant date are not listed for trading on a national exchange or market, then
Fair Market Value shall be the value established by the Company in good faith.

                    7.2      Section
83(b) Election. If you are a United States taxpayer, you hereby acknowledge
that you have been advised by the Company to seek independent tax advice from
your own advisors regarding the availability and advisability of making an
election under Section 83(b) of the Internal Revenue Code of 1986, as amended,
and that any such election, if made, must be made within 30 days of the Grant
Date. You expressly acknowledge that you are solely responsible for filing any
such Section 83(b) election with the appropriate governmental authorities,
irrespective of the fact that such election is also delivered to the Company.
You may not rely on the Company or any of its officers, directors, or employees
for tax or legal advice regarding this award. You acknowledge that you have
sought tax and legal advice from your own advisors regarding this award or have
voluntarily and knowingly foregone such consultation. 

          8.     
ADJUSTMENTS FOR CORPORATE
TRANSACTIONS AND OTHER
EVENTS. 

                    8.1     
Stock Dividend, Stock Split, and Reverse Stock Split. Upon a stock
dividend of, or stock split or reverse stock split affecting, the Common Stock,
the number of Award Shares and the number of such Award Shares that are
nonvested and forfeitable shall, without further action of the Board of
Directors of the Company, be adjusted to reflect such event. The Company shall
make appropriate adjustments, in its discretion, to address the treatment of
fractional shares with respect to the Award Shares as a result of the stock
dividend, stock split, or reverse stock split; provided, however,
that such adjustments do not result in the issuance of fractional Award Shares.
Adjustments under this Section 8.1 will be made by the Company, whose
determination as to what adjustments, if any, will be made and the extent
thereof will be final, binding, and conclusive. 

                    8.2      Binding
Nature of Agreement. The terms and conditions of this Agreement shall apply
with equal force to any additional and/or substitute securities received by you
in exchange for, or by virtue of your ownership of, the Award Shares, to the
same extent as the Award Shares with respect to which such additional and/or
substitute securities are distributed, whether as a result of any spin-off,
stock split-up, stock dividend, stock distribution, other reclassification of
the Common Stock of the Company, or similar event, except as otherwise
determined by the Company. If the Award Shares are converted into or exchanged
for, or stockholders of the Company receive by reason of any distribution in
total or partial liquidation or pursuant to any merger of the Company or
acquisition of its assets, securities of another entity, or other property
(including cash), then the rights of the Company under this Agreement shall
inure to the benefit of the Company’s successor, and this Agreement shall apply
to the securities or other property (including cash) received upon such
conversion, exchange, or distribution in the same manner and to the same extent
as the Award Shares. 

- 5 - 

          9.     
RIGHTS AS A
STOCKHOLDER,
DIRECTOR, OR
CONSULTANT. 

                    9.1     
Rights as a Stockholder. Except as otherwise provided in this Agreement
with respect to restrictions on transfer of any nonvested and forfeitable Award
Shares, you are entitled to all rights of a stockholder of the Company,
including the right to vote the Award Shares and receive dividends and/or other
distributions declared on the Award Shares. 

               9.2     
Director or Consultant Status. You understand and acknowledge that,
except as otherwise provided in a separate, written service or consulting
agreement between you and the Company or an affiliate, your Service is at the
discretion of the Company and is for no specified term. Nothing in this
Agreement or the Plan shall confer upon you any right to continue in the Service
of the Company or an affiliate or interfere in any way with any right of the
Company or an affiliate to terminate your Service as a director or consultant,
as the case may be, at any time. 

          10.     
MISCELLANEOUS PROVISIONS. 

                    10.1      Further
Instruments. The parties hereto agree to execute such further instruments
and to take such further action as may reasonably be necessary to carry out the
intent of this Agreement. 

                    10.2     
Binding Effect; Parties; Entire Agreement. Subject to the restrictions on
transfer set forth herein, this Agreement shall inure to the benefit of and be
binding upon the parties hereto and their respective heirs, executors,
administrators, successors, and assigns. This Agreement is between you and the
Company. This Agreement shall constitute the entire understanding and agreement
between you and the Company with respect to the subject matter contained in this
Agreement and supersedes any prior agreements, understandings, restrictions,
representations, or warranties among you and the Company with respect to such
subject matter. 

                    10.3      Amendment.
This Agreement may be amended from time to time by the Company in its
discretion; provided, however, that this Agreement may not be
modified in a manner that would have a materially adverse effect on the Award
Shares as determined in the discretion of the Company, except as provided in the
Plan or in a written document signed by each of the parties hereto. 

                    10.4      Delivery
of Documents and Notices. Any notice required or permitted under this
Agreement shall be given in writing and shall be deemed effectively given
(except to the extent that this Agreement provides for effectiveness only upon
actual receipt of such notice) upon personal delivery, upon electronic delivery
at the e-mail address, if any, provided for you by the Company, or, upon deposit
with an internationally recognized overnight courier service with postage and
fees prepaid, addressed to the other party at the address of such party set
forth in this Agreement or at such other address as such party may designate in
writing from time to time to the other party.

                                        (a)      Description
of Electronic Delivery. This Agreement, the Plan, and any reports
of the Company provided generally to the Company’s stockholders may be delivered

- 6 - 

to you electronically. Such means of electronic delivery may
include but do not necessarily include the delivery of a link to a Company
intranet or the internet site of a third party involved in administering this
Agreement, the delivery of the document via e-mail or such other means of
electronic delivery specified by the Company. 

                                   (b)      Consent
to Electronic Delivery. You consent to the electronic delivery of
this Agreement and any reports of the Company provided generally to the
Company’s stockholders. You acknowledge that you may receive from the Company a
paper copy of any documents delivered electronically at no cost to you by
contacting the Company by telephone or in writing. You further acknowledge that
you will be provided with a paper copy of any documents if the attempted
electronic delivery of such documents fails. Similarly, you understand that you
must provide the Company or any designated third party administrator with a
paper copy of any documents if the attempted electronic delivery of such
documents fails. You may revoke your consent to the electronic delivery of
documents or may change the electronic mail address to which such documents are
to be delivered (if you have provided an electronic mail address) at any time by
notifying the Company of such revoked consent or revised e-mail address by
telephone, postal service, or electronic mail. Finally, you understand that you
are not required to consent to electronic delivery of documents. 

                    10.5     
Applicable Law. This Agreement shall be governed by the laws of the State
of Florida as such laws are applied to agreements between Florida residents
entered into and to be performed entirely within the State of Florida. 

                    10.6      Counterparts.
This Agreement may be executed in counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and the same
instrument. 

                    10.7      No
Future Entitlement. By execution of this Agreement, you acknowledge and
agree that: (i) the grant of Award Shares is a one-time benefit which does not
create any contractual or other right to receive future grants of Award Shares,
or compensation in lieu of Award Shares; (ii) all determinations with respect to
any such future grants, including, but not limited to, the times when Award
Shares shall be granted and the maximum number of Award Shares granted, will be
at the sole discretion of the Company; (iii) the value of the Award Shares is
outside the scope of your service or consulting contract, if any; (iv) the value
of the Award Shares is not part of normal or expected compensation for purposes
of calculating any severance, resignation, redundancy, end of service payments,
bonuses, long-service awards, pension or retirement benefits, or similar
payments; (v) the vesting of the Award Shares ceases upon termination of Service
with the Company or other cessation of eligibility for any reason, except as may
otherwise be explicitly provided in this Agreement; and (vi) no claim or
entitlement to compensation or damages arises if the Award Shares do not
increase in value and you irrevocably release the Company from any such claim
that does arise. Neither this Agreement nor any provision hereunder shall be
construed so as to grant you any right to remain in the Service of the Company.

                    10.8     
Personal Data. For the exclusive purpose of implementing, administering,
and managing the Award Shares, you, by execution of this Agreement, consent to

- 7 - 

the collection, receipt, use, retention, and transfer, in
electronic or other form, of your personal data by and among the Company and its
third party vendors. You understand that personal data (including but not
limited to, name, home address, telephone number, employee number, employment
status, social security number, tax identification number, job, and payroll
location, data for tax withholding purposes, and Award Shares granted,
forfeited, vested, and unvested) may be transferred to third parties assisting
in the implementation, administration, and management of the Award Shares and
you expressly authorize such transfer as well as the retention, use, and the
subsequent transfer of the data by the recipient(s). You understand that these
recipients may be located in your country or elsewhere, and that the recipient’s
country may have different data privacy laws and protections than your country.
You understand that data will be held only as long as is necessary to implement,
administer, and manage the Award Shares. You understand that you may, at any
time, request a list with the names and addresses of any potential recipients of
the personal data, view data, request additional information about the storage
and processing of data, require any necessary amendments to data or refuse or
withdraw the consents herein, in any case without cost, by contacting in writing
the Company’s legal department representative. You understand, however, that
refusing or withdrawing your consent may affect your ability to accept an Award
Share. 

                    10.9     
The Company’s Rights. The existence of the Award Shares shall not affect
in any way the right or power of the Company or its stockholders to make or
authorize any or all adjustments, recapitalizations, reorganizations or other
changes in the Company’s capital structure or its business, or any merger or
consolidation of the Company, or any issue of bonds, debentures, preferred or
other stocks with preference ahead of or convertible into, or otherwise
affecting the Common Stock or the rights thereof, or the dissolution or
liquidation of the Company, or any sale or transfer of all or any part of the
Company’s assets or business, or any other corporate act or proceeding, whether
of a similar character or otherwise. 

                    10.10      Conformity
with Plan. This Agreement is intended to conform in all respects with, and
is subject to all applicable provisions of, the Plan. Inconsistencies between
this Agreement and the Plan shall be resolved in accordance with the terms of
the Plan. In the event of any ambiguity in this Agreement or any matters as to
which this Agreement is silent, the Plan shall govern. A copy of the Plan
is available upon request to the Company. 

	NET 1 UEPS TECHNOLOGIES, INC. 	DIRECTOR 
	 	  
	By: /s/ Herman G.
      Kotzé                                                               
      	/s/ Christopher S.
      Seabrooke                                                                   
    
	 	Signature 
	Its: Chief Financial
      Officer                                                           
    	Christopher S.
      Seabrooke                                                                         
    
	 	Date 
	Address:         
           President Place 	February 11,
      2008                                                                                       
    
	                              
      4th Floor 	Address 
	                              
      Johannesburg 2196 	SABVEST
      LTD                                                                                           
    
	                              
      South Africa 	4 Commerce Square, 39 Rivonia
      Road                                                    
	 	
      Sandton 2196, South
      Africa                                                                     

- 8 - 

{This Stock Power should be signed in blank and
deposited with the Company 
if share certificates are issued and/or delivered
to the Grantee 
for Award Shares that are nonvested and
forfeitable.} 

 

STOCK POWER 

 

          FOR
VALUE RECEIVED, the undersigned, ________________, hereby sells, assigns and
transfers unto Net 1 UEPS Technologies, Inc., a Florida corporation (the
“Company”), or its successor, ______________ shares of common
stock, par value $0.001 per share, of the Company standing in my name on the
books of the Company, represented by Certificate No. ____________, or an
appropriate book entry notation, and hereby irrevocably constitutes and appoints
______________________________________________________ as my attorney-in-fact to
transfer the said stock on the books of the Company with full power of
substitution in the premises. 

WITNESS: 

 

	__________________________________________	__________________________________________ 
	 	 
	 	Dated:
  _____________________________________

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