Document:

Exhibit

        

   Exhibit 10.20
COMMERCEHUB, INC.
LEGACY STOCK APPRECIATION RIGHTS PLAN
STOCK OPTION AGREEMENT

This Stock Option Agreement (the “Option Agreement”), dated as of the 21st day of July 2016 (the “Conversion Date”), is between CommerceHub, Inc., a Delaware corporation (the “Company”), and Michael Trimarchi (the “Awardee”).
WHEREAS, the Awardee was a holder of outstanding stock appreciation rights (the “Original SAR”) granted on May 19, 2016 (the “Original Grant Date”) under the Commerce Technologies, Inc. 2010 Stock Appreciation Rights Plan (as amended effective as of January 13, 2011, the “Prior Plan”) administered by Commerce Technologies, Inc. (“CTI”).
WHEREAS, in connection with the reorganization of CTI, the merger of CTI with and into a subsidiary of the Company and the anticipated spin-off of the Company from Liberty Interactive Corporation, a Delaware corporation, the Prior Plan was amended and restated into the form of the CommerceHub Inc. Legacy Stock Appreciation Rights Plan (the “Plan”) and, as of the Conversion Date, the outstanding stock appreciation rights under the Prior Plan were converted into options to purchase Common Shares pursuant to the Plan.
NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth and for other good and valuable consideration, the parties hereto, intending to be legally bound hereby, agree as follows:
1.Grant of Option. Pursuant to the terms of the Plan, the Committee hereby grants to Awardee, an Option, subject to the terms, definitions and provisions of the Plan adopted by the Company, which is incorporated herein by reference, and pursuant to this Option Agreement. Unless otherwise defined herein, capitalized terms used in this Option Agreement shall have the meaning ascribed to such terms in the Plan. In the event of a conflict between the terms of the Plan and this Option Agreement, the Plan shall prevail.
2.Value of the Option. The Option shall entitle the Awardee, after the Option has vested, to purchase Common Shares at the exercise price set forth on the attached Notice of Grant (the “Exercise Price”) upon exercise of the Option pursuant to Section 5. No dividend equivalents are paid with respect to any Option.
3.Nonassignability of Option. The Option is not assignable or transferable by the Awardee except by will or by the laws of descent and distribution. During the lifetime of the Awardee, only the Awardee or Awardee’s guardian or legal representative shall be entitled to exercise the Option.
4.Exercise Period. The Option or any portion thereof may be exercised only after the Option or any portion thereof has vested and only within the term set forth in the Notice of Grant contained herein and may be exercised during such term only in accordance with the terms of the Plan and this Option Agreement.  No Options shall be exercisable after the tenth anniversary of the Original Grant Date.  
5.Method of Exercise. Options will be considered exercised (as to the number of Options specified in the notice referred to in clause (i) below) on the latest of (a) the date of exercise designated in the written notice referred to in clause (i) below, (b) if the date so designated is not a Business Day (as defined below), the first Business Day following such date or (c) the earliest Business Day by which the Company has received all of the following:
(i)    Written notice, in such form as the Committee may require, containing such representations and warranties as the Committee may require and designating, among other things, the date of exercise and the number and of Common Shares to be purchased by exercise of Options (each, an “Option Share”);
(ii)    Payment of the applicable Exercise Price for each Option Share in any (or a combination) of the following forms: (A) cash, (B) check, (C) the delivery, together with a properly executed exercise 

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notice, of irrevocable instructions to a broker to deliver promptly to the Company the amount of sale or loan proceeds required to pay such Exercise Price (and, if applicable, the Required Withholding Amount as described in Section 6) or (D) the delivery of irrevocable instructions (provided such method of exercise is then-permitted by the Company) via the Company’s online grant and administration program for the Company to withhold the number of Common Shares (valued at the Fair Market Value of such Common Share on the date of exercise) required to pay such Exercise Price (and, if applicable, the Required Withholding Amount as described in Section 6) that would otherwise be delivered by the Company to the Awardee upon exercise of the Options; and
(iii)    Any other documentation that the Committee may reasonably require.
As used in this Section 5, “Business Day” means any day other than Saturday, Sunday or a day on which banking institutions in Albany, New York, are required or authorized to be closed.
6.Mandatory Withholding for Taxes. The Awardee acknowledges and agrees that the Company will deduct from the Common Shares otherwise payable or deliverable upon exercise of any Options that number of Common Shares (valued at the Fair Market Value of such Common Shares on the date of exercise) that is equal to the amount of all federal, state and other governmental taxes required to be withheld by the Company or any subsidiary of the Company upon such exercise, as determined by the Company (the “Required Withholding Amount”), unless provisions to pay such Required Withholding Amount have been made to the satisfaction of the Company. If the Awardee elects to make payment of the applicable Exercise Price by delivery of irrevocable instructions to a broker to deliver promptly to the Company the amount of sale or loan proceeds required to pay such Exercise Price, such instructions may also include instructions to deliver the Required Withholding Amount to the Company. In such case, the Company will notify the broker promptly of its determination of the Required Withholding Amount.
7.Forfeiture. If the Awardee has a Separation from Service with the Company for any reason any portion of this Option that is issued and outstanding but unvested as of the date of such termination of employment will be cancelled and terminate as of the date of termination. If the Awardee has a Separation from Service for Cause or, in the event that the Committee determines, in its sole discretion, that any conduct of the Awardee constitutes Grounds for Forfeiture of the Option, all rights of the Awardee under this Option Agreement and the Plan (including rights with respect to outstanding vested or unvested Options) will terminate as of the date of termination.
8. Separation from Service. In case of the Awardee’s Separation from Service for any reason other than for Cause, the Awardee may exercise this Option during the Termination Period set out in the Notice of Grant herein, but only to the extent it was exercisable at the date of such termination (but in no event later than the “Term/Expiration Date” of this Option as set forth in the Notice of Grant herein). To the extent that Awardee was not entitled to exercise this Option at the date of such termination, and to the extent that Awardee does not exercise this Option (to the extent otherwise so entitled) within the Termination Period specified in the Notice of Grant, this Option shall terminate.
9.Clawback Policy. Notwithstanding any other provisions in this Option Agreement or the Plan, the Option shall be subject to recovery or clawback by the Company under any clawback policy adopted by the Company in accordance with Securities and Exchange Commission regulations or other applicable law, as amended or superseded from time to time.
		
	10.
	Tax Consequences.

		
	a.
	Awardee understands that upon either the grant or the exercise of this Option, the Awardee may recognize adverse tax consequences.

		
	b.
	Awardee understands that the Company will be required to withhold any tax or social insurance required from any governmental authority. Awardee is encouraged to consult with a tax advisor concerning the tax consequences of exercising this Option.

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11.Entire Agreement. The Plan and this Option Agreement (including the Notice of Option Grant contained herein), constitute the entire agreement of the parties and supersede in their entirety all prior undertakings and agreements of CTI and the Company and Awardee with respect to the subject matter hereof, and the Original SAR is hereby replaced in its entirety and is null and void and of no further effect.

AWARDEE ACKNOWLEDGES THAT NEITHER THE PLAN NOR THIS OPTION AGREEMENT CONFERS ANY RIGHT WITH RESPECT TO CONTINUANCE OF EMPLOYMENT WITH OR SERVICE TO THE COMPANY NOR INTERFERES IN ANY WAY WITH ANY RIGHT THE COMPANY WOULD OTHERWISE HAVE TO TERMINATE THE AWARDEE’S SERVICE AT ANY TIME, WITH OR WITHOUT CAUSE.  NO PERSON SHALL, BY REASON OF PARTICIPATION IN THE PLAN, ACQUIRE ANY RIGHT OR TITLE TO ANY ASSETS, FUNDS OR PROPERTY OF THE COMPANY, INCLUDING WITHOUT LIMITATION, ANY SPECIFIC FUNDS, ASSETS OR OTHER PROPERTY WHICH THE COMPANY MAY SET ASIDE IN ANTICIPATION OF ANY LIABILITY UNDER THE PLAN.  A PARTICIPANT SHALL HAVE ONLY A CONTRACTUAL RIGHT TO AN OPTION, IF ANY, PAYABLE UNDER THE PLAN, UNSECURED BY ANY ASSETS OF THE COMPANY, AND NOTHING CONTAINED IN THE PLAN SHALL CONSTITUTE A GUARANTEE THAT THE ASSETS OF THE COMPANY SHALL BE SUFFICIENT TO PAY ANY BENEFITS TO ANY PERSON.

Awardee acknowledges receipt of a copy of the Plan and certain information related thereto and represents that he or she is familiar with the terms and provisions thereof, and hereby accepts this Option Agreement subject to all of the terms and provisions of the Plan. Awardee has reviewed the Plan and this Option Agreement in their entirety, has had an opportunity to obtain the advice of independent counsel prior to executing this Option Agreement and fully understands all provisions relating to this Option Agreement. Awardee hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Committee upon any questions arising under the Plan or this Option Agreement.

If by August 31, 2016, the Awardee does not reject the Options granted pursuant to this Option Agreement by written notice received by the Company’s Human Resources Department, the Options will be deemed to be accepted on the Conversion Date.

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COMMERCEHUB, INC.
NOTICE OF OPTION GRANT

Michael Trimarchi

CommerceHub, Inc. (the “Company”) has granted Michael Trimarchi (“Awardee”) an Option covering Common Shares of the Company as follows:

Original Date of Grant:    May 19, 2016
Conversion Date:    July 21, 2016

Number of Common Shares Covered by this Option:     18,727
Exercise Price:    $16.34
Term/Expiration Date:    May 19, 2026

Vesting: The Option will vest, in its entirety, upon [Agreed-upon Metric]. 

The foregoing vesting condition shall be deemed to have occurred when the Company’s Chief Financial Officer or Chief Executive Officer, has confirmed in such officer’s good faith determination that the vesting condition has been satisfied.

Termination Period: Any portion of the Option that, as of the date of the Awardee’s Separation from Service for any reason other than for Cause, is unexpired, vested and non-forfeitable may be exercised until the “Close of Business” on the three month anniversary of the date of such Separation from Service with the Company (but in no event later than the Term/Expiration Date). “Close of Business” means, on any day, 5:00 p.m., Albany, New York time on such day.

Accelerated Vesting: 
A.    Double Trigger Change of Control Accelerated Vesting. In the event the Company terminates the Awardee’s employment other than for Cause during the six (6)-month period following the closing date of a Change of Control (as such term is defined below) resulting from a sale of all or substantially all of the Company’s business (by stock sale, asset sale or merger) to a third party acquirer, other than an Exempt Holder (as such term is defined below), any Options that are issued and outstanding, but unvested, as of the date of such termination of employment will vest effective as of the date of such termination of employment, subject to the release requirement described below.
Any acceleration of vesting of unvested Options described in this paragraph A is subject to the condition subsequent that the Awardee delivers a general release of claims in form and substance satisfactory to the Company, and that any applicable revocation period applicable to such release expires, both within 55 days following the date of such Separation from Service (the “Vesting Condition”).  The Awardee acknowledges that while the Option or a portion thereof may retroactively vest effective as of the date of the Awardee’s Separation from Service as set forth in this Notice of Option Grant, the Awardee will nonetheless not be able to exercise any accelerated portion of the Option unless and until the Vesting Condition is timely met.
“Change of Control” means any transaction in which the Company’s Board (or, if approval of the Board is not required as a matter of law, the stockholders of the Company) shall approve (i) any merger, consolidation or binding share exchange to which the Company is a party as a result of which the holders of the Company’s common stock immediately prior thereto have less than a majority of the combined voting power of the outstanding capital stock of the Company ordinarily (and apart from the rights accruing under special circumstances) having the right to vote in the election of directors immediately following such merger, 

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consolidation or binding share exchange, or (ii) any sale, exchange or other transfer (in one transaction or a series of related transactions) of all, or substantially all, of the assets of the Company other than to an Affiliate of the Company.  For the avoidance of doubt, a public offering of the Company’s (or any of its Affiliate’s) securities (including any spin-off or similar transaction and/or any other distribution of securities to the shareholders of the Company) and any corporate restructuring activities undertaken in connection with any such public offering, spin-off or distribution of securities shall not constitute a Change of Control resulting from a sale of the Company’s business for purposes of this provision. “Exempt Holder” means any direct or indirect beneficial equity holder (or family members of beneficial holders that are individuals) of the Company or any of its direct or indirect parent entities which holder is also a director or officer of the Company or any of its direct or indirect parent entities.

5Net 1 UEPS Technologies, Inc.: Exhibit 10.80 - Filed by newsfilecorp.com

Exhibit 10.80 

CONTRACT OF EMPLOYMENT 

BETWEEN 

NET1 APPLIED TECHNOLOGIES SOUTH AFRICA (PTY) LTD

("the Company") 

AND 

ALEXANDER MICHAEL RAMSAY SMITH 
("the Executive")

	1. 	
      EMPLOYMENT

	 	
       

	1.1 	
      The Company employs the Executive, who accepts employment
      in accordance with the terms and conditions of this contract.

	 	
       

	1.2 	
      The Company hereby appoints the Executive to the position
      of Chief Financial Officer at our Head Office.

	 	
       

	2. 	
      DURATION

	 	
       

	2.1 	
      Subject to 2.2 and 9, this agreement shall commence on 1
      March 2018 and 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 Executive's services at
      whatever place and in whatever capacity as may be required during the
      currency of this agreement.

	 	
       

	3. 	
      REMUNERATION

	 	
       

	3.1 	
      The Executive’s remuneration will be determined on the
      basis of the total direct cost to the Company, excluding any statutory
      deductions, which the Executive and the Company are liable for.

	 	
       

	3.2 	
      Base Salary. During the Employment Period, the
      Company shall pay to Executive a base salary at the rate of U.S. $375,000
      per year (the “Base Salary”), less applicable tax withholding,
      payable in monthly installments in South African rand. Each installment of
      the Base Salary shall be converted from U.S. dollars at an average
      exchange rate determined quarterly in advance. Make-whole payments will be
      made at the end of every quarter, if any, to reflect the actual exchange
      rate.

	 	
       

	3.3 	
      Sign-on Bonus. As soon as practicable following
      the first day of the Employment Period, the Company shall pay the
      Executive a sign-on bonus in the amount of R3,000,000 (the “Sign-On
      Bonus”) less applicable tax withholding, in accordance with the
      Company’s customary payroll practices. If Executive’s employment is
      terminated for any reason prior to January 31, 2020, Executive shall be
      obligated to repay to the Company the entire amount of the Sign-on Bonus
      within 30 days after such termination.

1

	3.4 	
      Incentive Compensation. The Executive 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 Board. Any such award (and
      the terms and conditions of such award) shall be based upon the
      Executive's performance and such other factors as the Remuneration
      Committee shall determine in its discretion, which may include the Group’s
      performance during such year.

	 	 
	3.5 	
      Expenses. The Company, in accordance with
      policies and practices established by the Board from time to time, will
      pay or reimburse Executive for all expenses reasonably incurred by
      Executive during the Employment Period in connection with the performance
      of Executive’s duties under this Agreement; provided, that Executive shall
      provide to the Company documentation or evidence of expenses for which
      Executive seeks reimbursement in accordance with the policies and
      procedures established by the Company from time to time.

	 	 
	3.6 	
      Benefit Plans. The Executive shall have the
      option to join the Group’s Medical Aid Scheme with Discovery Medical
      Health or Bankmed, or other scheme in which the Group participates from
      time to time. Participation in any such scheme shall be at the Executive’s
      sole cost and expense. The Executive acknowledges that the Group does not
      operate a retirement scheme or provide any other benefits not specifically
      provided for in this Agreement.

	 	 
	4. 	
      LEAVE ENTITLEMENT

	 	 
	4.1 	
      ANNUAL LEAVE

	 	 
		
      The Executive acknowledges that he will qualify for 25
      working days leave in respect of each completed 12-month period of
      service.

	 	 
	5. 	
      POSITION AND RESPONSIBILITIES

	 	 
	5.1 	
      During the Employment Period, the Executive shall have
      the duties, responsibilities, functions and authority, including
      administrative, financial, executive and managerial as are customary to
      the position of Chief Financial Officer. The Executive shall serve as a
      member of the board of directors (or similar governing body) of the
      Company or any other member of the Group as may be requested by the
      Board.

	 	 
	6. 	
      COMPLIANCE WITH COMPANY
      POLICIES/QUALIFICATIONS

	 	 
	6.1 	
      The Executive shall comply with all written Company
      policies, standards, rules and regulations (a “Company Policy” or
      collectively, the “Company Policies”) and all applicable government
      laws, rules and regulations that are now or hereafter in effect. The
      Executive acknowledges receipt of copies of all written Company Policies
      that are in effect as of the date of this
Agreement.

2

	6.2 	
      The Executive shall: (i) hold and maintain in good
      standing membership in a recognized accounting association and (ii) hold
      and maintain all required governmental licenses, certifications and
      authorizations necessary to perform Executive’s obligations under this
      Agreement.

	 	 
	7. 	
      RESTRICTIVE COVENANTS AGREEMENT

	 	 
	7.1 	
      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”).

	 	 
	8. 	
      COPYRIGHT

	 	 
	8.1 	
      The Executive 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 Executive,
      whether alone or with others, in the course and scope of
  employment.

	 	 
	8.2 	
      Insofar as it may be necessary, the Executive cedes and
      assigns to the Company the copyright of any work created or executed by
      the Executive, whether alone or with others, in the course and scope of
      employment.

	 	 
	8.3 	
      The Executive undertakes not to exercise any residuary
      rights in respect of any work created or executed by the Executive,
      whether alone or with others, in the course and scope of employment with
      the Company.

	 	 
	8.4 	
      All work created or executed by the Executive and for
      which copyright exists shall, unless the Executive establishes the
      contrary, be deemed to have been created or executed in the course and
      scope of employment with the Company.

	 	 
	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 Executive 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 Executive 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 Executive
      to undergo a medical examination at any time at the Company's expense to
      assist in determining the Executive's fitness to continue
    Employment.

3

	9.4 	
      The Executive guarantees that at the time of signing this
      contract, he is free of any notifiable, contagious illness. If the
      Executive should discover any such illness after employment, he will
      immediately inform the Company.

	 	 
	10. 	
      MISCELLANEOUS MATTERS

	 	 
	10.1 	
      Notwithstanding the terms contained in this contract, the
      Executive 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 Executive 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.

	 	 
	10.2 	
      The Executive 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.

	 	 
	10.3 	
      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.

	 	 
	10.4 	
      The Executive agrees that he will retire at the age of
      60.

	 	 
	10.5 	
      The Executive declares that he has never been convicted
      of a criminal offence. The Executive agrees that should this statement be
      proved to be false, or should the Executive fail to declare a future
      criminal offence, the Company reserves the right to summarily terminate
      the Executive’s service.

	 	 
	10.6 	
      The Executive 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.

	 	 
	10.7 	
      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 	
      DOCUMENTS APPLICABLE

	 	 
	13.1 	
      The following documents form part of the Executive’s
      contract of employment with the Company:

	 	(a) 	
      Articles of Agreement

	 	(b) 	
      Staff Manual

4

	 	(c) 	
      Restrictive Covenants Agreement (Attached)

	 	(d) 	
      Any other documents of which the Executive may be advised
      during his employment with the Company

Signed
at            
Rosebank                 on
February 28, 2018 

AS WITNESSES: 

	 	 	/s/ Herman G. Kotzé 
	 	 	For and on behalf of Net1 Applied 
	 	 	  
	 	 	Technologies th South Africa (Pty)
      Ltd 
	 	 	4 Floor, President Place Cnr. Jan Smuts 
	 	 	Ave & Bolton Rd Rosebank, Private Bag 2424
    
	 	 	Parklands, 2121 

Signed at Rosebank on February 27, 2018 

AS WITNESSES: 

	 	 	/s/ Alex M. R. Smith 
	 	 	The Executive 
	 	 	 
	 	 	 
	 	 	 

5

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