Document:

Net 1 UEPS Technologies Inc. - Exhibit 10.100 - Filed by newsfilecorp.com

Exhibit 10.100

 

 

 

CALL OPTION AGREEMENT 

 

between

 

NET1 APPLIED TECHNOLOGIES SOUTH AFRICA PROPRIETARY
LIMITED

 

and

 

DNI-4PL CONTRACTS PROPRIETARY LIMITED 

 

 

2 May 2019

TABLE OF CONTENTS 

	1 	PARTIES 	1
    
	 	 	 
	2 	INTERPRETATION 	1
    
	 	 	 
	3 	INTRODUCTION 	13
      
	 	 	 
	4 	CONDITIONS PRECEDENT 	14
      
	 	 	 
	5 	PLACEMENT OF CALL OPTION SHARES AND RIGHT TO
      NOMINATE 	15
      
	 	 	 
	6 	DUE DILIGENCE 	16
      
	 	 	 
	7 	CALL OPTION 	17
      
	 	 	 
	8 	EXERCISE OF CALL OPTION 	18
      
	 	 	 
	9 	SALE 	19
      
	 	 	 
	10 	REGULATORY AND OTHER APPROVALS FOR ANY SALE 	19
      
	 	 	 
	11 	OPTION PRICE 	23
      
	 	 	 
	12 	PAYMENT OF THE OPTION PRICE AND INTEREST ON OVERDUE
      AMOUNTS 	 23 
	  	  	  
	13 	SECURITIES TRANSFER TAX 	23
      
	 	 	 
	14 	CLOSING 	24
      
	 	 	 
	15 	WAIVERS AND CONSENTS 	25
      
	 	 	 
	16
      	INTERIM
      PERIOD AND LIASON ON CONDUCT OF BUSINESS 	25
      
	 	 	 
	17
      	CONTRACTS
      	30
      
	 	 	 
	18
      	CONCLUSION
      OF LOAN AGREEMENT 	30
      
	 	 	 
	19
      	WARRANTIES
      BY THE GRANTOR 	31
      
	 	 	 
	20
      	INDEMNITIES
      BY THE GRANTOR 	32
      
	 	 	 
	21
      	LIMITATION
      OF LIABILITY 	33
      
	 	 	 
	22
      	GENERAL
      WARRANTIES 	38
      
	 	 	 
	23
      	CONFIDENTIALITY
      	38
      
	 	 	 
	24
      	PUBLICITY
      	40
      
	 	 	 
	25
      	SUPPORT
      	40
      
	 	 	 
	26
      	BREACH
      	41
      
	 	 	 
	27
      	DISPUTE
      RESOLUTION 	41
      
	 	 	 
	28
      	NOTICES
      AND DOMICILIA 	43
      
	 	 	 
	29
      	BENEFIT
      OF THE AGREEMENT 	44
      
	 	 	 
	30
      	APPLICABLE
      LAW AND JURISDICTION 	44
      
	 	 	 
	31
      	INDEPENDENT
      ADVICE 	44
      
	 	 	 
	32
      	GENERAL
      	45
      
	 	 	 
	33
      	COSTS
      	46
      
	 	 	 
	34
      	SIGNATURE
      	46
      

	ANNEXURES 	  
	 	 
	Annexure
      A 	Form
      of Call Option Notice 
	 	 
	Annexure
      B 	Nomination
      Agreement 
	 	 
	Annexure
      C 	Warranties
      by the Grantor 

	 
	

1

	1 	
      PARTIES

	1.1 	
      The Parties to this Agreement are
–

	1.1.1 	
      Net1 Applied Technologies South Africa Proprietary
      Limited; and

	 	 
	1.1.2 	
      DNI-4PL Contracts Proprietary
Limited.

	1.2 	
      The Parties agree as set out
below.

	2 	
      INTERPRETATION

	2.1 	
      In this Agreement, unless the context indicates a
      contrary intention, the following words and expressions bear the meanings
      assigned to them and cognate expressions bear corresponding meanings
    –

	2.1.1 	
      "AFSA" means the Arbitration Foundation of
      Southern Africa;

	 	 
	2.1.2 	
      "Adverse Consequences" means all adverse
      consequences of whatever description including, but not limited to, all
      actions, applications, suits, proceedings, damages, penalties, fines,
      costs, reasonable amounts paid in settlement, liabilities, obligations,
      tax, liens, losses, compensation (including compensation paid or payable
      to any employee), expenses and fees, including reasonable fees and
      expenses of attorneys, counsel, accountants, consultants and
    experts;

	 	 
	2.1.3 	
      "Affected Call Option Shares" means any Call
      Option Shares in respect of which the Call Option has been exercised, as
      set out and defined in clause 8.1.2.1;

	 	 
	2.1.4 	
      "Agreement" means the agreement contained in this
      document;

	 	 
	2.1.5 	
      "Anti-Corruption Laws" means any anti-corruption
      or bribery laws or regulations of any applicable jurisdiction, as amended
      from time to time, including –

	2.1.5.1 	
      the Prevention and Combating of Corrupt Activities Act,
      No 12 of 2004;

	 	 
	2.1.5.2 	
      the UK Bribery Act 2010;

	 	 
	2.1.5.3 	
      the U.S. Foreign Corrupt Practices Act
  1977;

	 
	

2

	2.1.5.4 	
      any law, rule, or regulation promulgated to implement the
      OECD Convention on Combating Bribery of Foreign Public Officials in
      International Business Transactions, signed on 17 December 1997;
  and

	 	 
	2.1.5.5 	
      any other law of similar purpose and scope in any
      jurisdiction;

	2.1.6 	
      "Audited Accounts" means the most recent
      consolidated audited annual financial statements of the Group as at and in
      respect of the financial year ended immediately preceding the relevant
      Call Exercise Date (or in the event that those are not yet available at
      the time, the most recent consolidated audited annual financial statements
      of the Group that are available at the time), to be delivered to and
      approved by a Purchaser pursuant to clause 10.1;

	 	 
	2.1.7 	
      "Auditors" means the auditors of the Company from
      time to time;

	 	 
	2.1.8 	
      "Aware" means, in relation to the Grantor, the
      actual knowledge of those directors of the Company nominated by the
      Grantor, provided that the expression will be deemed to include an
      additional statement that such directors have made due enquiry of the
      executive directors of the Company;

	 	 
	2.1.9 	
      "Business" means the business carried on by the
      Group as at the Signature Date, including the business of operating as a
      distributor of mobile cellular products in the formal and informal markets
      of South Africa;

	 	 
	2.1.10 	
      "Call Exercise Date" means each date on which a
      Purchaser delivers a Call Option Notice in terms of clause 8.1;

	 	 
	2.1.11 	
      "Call Option" means the call option granted by the
      Grantor to the Company (and which may be exercised by the Company and/or a
      Nominated Purchaser) in terms of clause 7.1;

	 	 
	2.1.12 	
      "Call Option Notice" shall have the meaning
      ascribed thereto in clause 8.1;

	 	 
	2.1.13 	
      "Call Option Shares" means 30,394,765 ordinary "A"
      shares issued by the Company, conferring a 30.394765% voting and
      participation interest in the Company on the holder thereof as at the
      Signature Date and the Effective Date, which number will diminish during
      the Option Period on each occasion when the Call Option is exercised and
      the applicable resultant Sale is implemented;

	 
	

3

	2.1.14 	
      "Capacity and Authority Warranties" means those
      warranties set out in clause 2 of Annexure C;

	 	 
	2.1.15 	
      "Claim" means any claim by a Purchaser against the
      Grantor of any nature whatsoever and howsoever arising out of or in
      connection with a breach of any Warranties and/or any indemnities given
      under this Agreement;

	 	 
	2.1.16 	
      "Closing Date" means, in relation to any sale of
      Affected Call Option Shares, the 3rd business day after the
      date upon which the last of the Option Conditions Precedent is fulfilled
      or waived, as the case may be;

	 	 
	2.1.17 	
      "Commissioner" means the Commissioner for the
      South African Revenue Service (or his successor in title) for purposes of
      the Income Tax Act, including his lawful representative and including any
      other authority entitled to administer any taxes in South
Africa;

	 	 
	2.1.18 	
      "Companies Act" means the Companies Act, No 71 of
      2008;

	 	 
	2.1.19 	
      "Company" means DNI-4PL Contracts Proprietary
      Limited, registration number 2005/040937/07, a limited liability private
      company duly incorporated in accordance with the laws of South
    Africa;

	 	 
	2.1.20 	
      "Competition Act" means the Competition Act, No 89
      of 1998;

	 	 
	2.1.21 	
      "Competition Authorities" means the Competition
      Commission, the Competition Tribunal or the Competition Appeal Court,
      whichever has jurisdiction for the purposes of any sale contemplated in
      this Agreement in terms of the Competition Act, or such other equivalent
      regulatory body having jurisdiction outside South Africa;

	 	 
	2.1.22 	
      "Conditions Precedent" means the conditions
      precedent set out in clause 4.1;

	 	 
	2.1.23 	
      "Designated Account" means the bank account set
      out below or such other bank account in South Africa as the Grantor may
      designate in writing, on at least 3 business days' notice, to a Purchaser
      –

	 
	

4

	Name of Account: 	Net1 Applied Technologies South Africa
      Proprietary Limited 
	Bank: 	Nedbank Limited 
	Branch Code: 	Xxx 
	Account Number: 	xxx 

	2.1.24 	
      "Designated Period" means the period commencing on
      1 August 2017 and terminating on the relevant Closing Date;

	 	 
	2.1.25 	
      "Disclosure Schedule" means a disclosure schedule
      containing itemised disclosures (as at the applicable date) against the
      Warranties, to be delivered to and approved by a Purchaser pursuant to
      clause 10.1;

	 	 
	2.1.26 	
      "Distribution" means, in relation to the Company,
      any payment (whether in cash or in specie and whether by way of
      set-off, counterclaim or otherwise) by way of interest or principal
      (whether in respect of an inter-company loan or otherwise), dividend,
      redemption, fee, royalty or other distribution or payment (including by
      way of the repurchase of any shares) by or on behalf of the Company to or
      for the account of any direct or indirect shareholder of the Company (in
      its capacity as such), and the term Distribution shall include a
      distribution, as such term is defined in the Companies Act, but
      specifically excluding any and all repayments made (whether in respect of
      capital or interest) in terms of the Loan Agreement, and any and all
      repayments made (whether in respect of capital or interest) in terms of
      each of the Existing RCF, the Amended and Restated RCF and the New RCF
      (each, as defined in the agreement containing the Put Option);

	 	 
	2.1.27 	
      "Effective Date" means the date upon which the
      last of the Conditions Precedent is fulfilled or waived (as the case may
      be);

	 	 
	2.1.28 	
      "Encumbrance" means in relation to any shares,
      includes any pledge, charge, hypothecation, lien, subordination, mortgage,
      option over, right of retention or any other encumbrance whatsoever, or
      any form of hedging or similar derivative instrument of any nature
      whatsoever of or over those shares, or any lending of
  shares;

	 
	

5

	2.1.29 	
      "Evercomm" means Evercomm Proprietary Limited,
      registration number 2011/123401/07, a limited liability private company
      duly incorporated in accordance with the laws of South Africa;

	 	 
	2.1.30 	
      "Fairly Disclosed" means disclosed in such a
      manner and in such detail as would enable a prospective purchaser, acting
      reasonably and in good faith, to make an informed assessment of the matter
      concerned and to establish what the consequences thereof would
  be;

	 	 
	2.1.31 	
      "Grantor" means Net1 Applied Technologies South
      Africa Proprietary Limited, registration number 2002/031446/07, a limited
      liability private company duly incorporated in accordance with the laws of
      South Africa;

	 	 
	2.1.32 	
      "Governmental Body" means any country, any
      national body, any state, province, municipality, or subdivision of any of
      the foregoing, any Governmental department, or any agency, court, entity,
      commission, board, ministry, bureau, department, locality or authority of
      any of the foregoing, or other political subdivision of any government,
      entity or organisation described in the foregoing provisions, or any
      quasi-Governmental or private body exercising any regulatory, taxing,
      importing, exporting, or other Governmental or quasi-Governmental
      function, or any company, business, enterprise, or other entity owned, in
      whole or in part, or controlled by any government, entity, organisation,
      or other person described in the foregoing provisions of this definition,
      or any political party;

	 	 
	2.1.33 	
      "Group" means the Company and its subsidiaries
      from time to time, and "Group Company" shall mean any of
    them;

	 	 
	2.1.34 	
      "Health and Safety Laws" means all laws regulating
      health and safety in the workplace, including but not limited to, laws
      governing compensation for injuries sustained and illnesses suffered in
      the course and scope of an employee's employment;

	 	 
	2.1.35 	
      "IFRS" means International Financial Reporting
      Standards as issued by the Board of the International Accounting Standards
      Committee from time to time;

	 	 
	2.1.36 	
      "Income Tax Act" means the Income Tax Act, No. 58
      of 1962, as amended;

	 
	

6

	2.1.37 	
      "Insolvency Act" means the Insolvency Act, No. 24
      of 1936, as amended;

	 	 
	2.1.38 	
      "Intellectual Property" means in relation to a
      person, all intellectual property right of any nature whatsoever,
      including (i) any registered or unregistered trademarks, logos, trade
      names and corporate names (including all domain names, internet and
      intranet names, addresses, icons and other designations), and all
      applications, registrations, and renewals in connection therewith; (ii)
      any inventions (whether patentable or unpatentable) and all improvements
      thereto; (iii) any patents, patent applications and patent disclosures,
      together with all revisions, extensions and re-examinations thereof; (iv)
      any design or copyright and all applications, registrations and renewals
      in connection therewith; (v) any computer software (including data and
      related documentation); and (vi) any rights in any trade secrets, know-how
      or confidential information; used by that person in the conduct of its
      business;

	 	 
	2.1.39 	
      "JAA" means JAA Holdings Proprietary Limited,
      registration number 2018/223075/07, a limited liability private company
      duly incorporated in accordance with the laws of South Africa;

	 	 
	2.1.40 	
      "Labour Relations Act" means the Labour Relations
      Act, No. 65 of 1995, as amended;

	 	 
	2.1.41 	
      "Licence" means any licence, permit, approval,
      consent, authorisation, order, licence application, and licence amendment
      application of or to a Governmental Body;

	 	 
	2.1.42 	
      "Loan Agreement" means the agreement titled
      "Loan Agreement" to be entered into between the Shareholders and
      the Company which, among other things, records the advancing of a loan in
      the amount of R60,000,000 by the Grantor to the Company and the terms of
      such loan;

	 	 
	2.1.43 	
      "Management Accounts" means the unaudited
      consolidated internally prepared management accounts of the Group for the
      period between the 1st day after the date of the Audited
      Accounts and the last day of the month immediately preceding the month in
      which the Call Exercise Date falls, to be delivered to and approved by a
      Purchaser pursuant to clause 10.1;

	 
	

7

	2.1.44 	"MOI" means the memorandum of
      incorporation of the Company, as amended from time to time;
	 	 
	2.1.45 	"Nomination Agreement" shall have the
      meaning ascribed thereto in clause 5.3;
	 	 
	2.1.46 	"Nominated Purchaser" shall have the
      meaning ascribed thereto in clause 5.2;
	 	 
	2.1.47 	"Option Conditions Precedent" means
      conditions precedent referred to in clause 10.1;
	 	 
	2.1.48 	"Option Period" means the period from
      the Effective Date up to and including 31 December 2019;
	 	 
	2.1.49 	"Option Price" means the amount
      payable by a Purchaser to the Grantor for any Affected Call Option Shares
      in terms of this Agreement, as set out in clause 11;
	 	 
	2.1.50 	"Ordinary Course of Business" means
      the usual and ordinary course of the Business as carried out in accordance
      with policies and practices applied in the 12 months immediately preceding
      the Signature Date;
	 	 
	2.1.51 	"Ordinary Distribution" means any
      Distribution which the Company pays to the ordinary Shareholders from
      profits of the Company, generated in the Ordinary Course of
Business;
	 	 
	2.1.52 	"Parties" means the parties to this
      Agreement, including any person who accedes to this Agreement by
      concluding a Nomination Agreement, and "Party" means any one of
      them as the case may be;
	 	 
	2.1.53 	"Pension Funds Act" means the Pension
      Funds Act, No 24 of 1956;
	 	 
	2.1.54 	"PK Gain" means PK Gain Investment
      Holdings Proprietary Limited, registration number 2006/005036/07, a
      limited liability private company duly incorporated in accordance with the
      laws of South Africa;
	 	 
	2.1.55 	"Prime Rate" means the publicly quoted
      basic rate of interest (percent, per annum, compounded monthly in arrears
      and calculated on a 365 day year irrespective of whether or not the year
      is a leap year) from time to time published by FirstRand Bank Limited (acting through its
      First National Bank division) as being its prime overdraft rate, as
      purportedly certified by any representative of that bank whose appointment
      and designation it shall not be necessary to prove;

	 
	

8

	2.1.56 	
      "Purchaser" means the Company or a Nominated
      Purchaser, as the case may be, as the purchaser of Affected Call Option
      Shares;

	 	 
	2.1.57 	
      "Purchaser's Representatives" means those members
      of a Purchaser's deal team who are involved in the negotiation and/or
      implementation of any Sale;

	 	 
	2.1.58 	
      "Put Option" means a put option granted to RMB by
      DNI-4PL Retail Proprietary Limited, a subsidiary of the Company, in terms
      of which RMB is granted a right to require DNI-4PL Retail Proprietary
      Limited to purchase from RMB the Put Option Shares;

	 	 
	2.1.59 	
      "Put Option Shares" means 7,605,235 ordinary "A"
      shares issued by the Company, conferring a 7.605235% voting and
      participation interest in the Company on the holder thereof;

	 	 
	2.1.60 	
      "RMB" means FirstRand Bank Limited, acting through
      its Rand Merchant Bank division, registration number 1929/001225/06, a
      limited liability public company duly incorporated in accordance with the
      laws of South Africa;

	 	 
	2.1.61 	
      "Sale" means the sale by the Grantor to a
      Purchaser of Affected Call Option Shares in terms of this
  Agreement;

	 	 
	2.1.62 	
      "Sale Agreement" means the written agreement
      titled "Sale of Shares Agreement" entered into or to be entered
      into between the Parties and RMB contemporaneously with this Agreement,
      pursuant to which RMB will acquire the Put Option Shares from the
      Grantor;

	 	 
	2.1.63 	
      "Sanctions Laws" means any anti-corruption or
      bribery laws or regulations of any applicable jurisdiction, as amended
      from time to time, including –

	2.1.63.1 	
      any of the Trading With the Enemy Act, the International
      Emergency Economic Powers Act, the United Nations Participation Act, or
      the Syria Accountability and Lebanese Sovereignty Act, all as amended,
      or regulations of the US Treasury Department Office of
      Foreign Assets Controls ("OFAC"), or any export control law or
      regulation applicable to US-origin goods, or any enabling legislation or
      executive order relating to any of the above, as collectively interpreted
      and applied by the US Government at the prevailing point in
time;

	 
	

9

	2.1.63.2 	
      any U.S. sanctions related to or administered by the
      Department of State; and

	 	 
	2.1.63.3 	
      any sanctions measures or embargos imposed by the United
      Nations Security Council, Her Majesty's Treasury, the European Union or
      other relevant sanctions authority (including the government of the
      Republic of France, the government of Switzerland and the Commonwealth of
      Australia) (each a "Sanctions
Authority");

	2.1.64 	
      "Sanctions Target" means (i) any country or
      territory that is the subject of country-wide or territory-wide Sanctions,
      including, but not limited to, as the date of this Agreement, Iran, Cuba,
      Syria, Sudan and North Korea; (ii) a person or entity that is on the list
      of Specially Designated Nationals and Blocked Persons published by OFAC or
      any equivalent list of sanctioned persons issued by the U.S. Department of
      State; or (iii) a person or entity that is located in or organised under
      the laws of a country or territory that is identified as the subject of
      country-wide or territory-wide Sanctions Law;

	 	 
	2.1.65 	
      "Shareholders" means the shareholders of the
      Company from time to time;

	 	 
	2.1.66 	
      "Shareholders Agreement" means the written
      agreement titled "Shareholders Agreement" governing the
      relationship between the Shareholders inter se, and between the
      Shareholders and the Company;

	 	 
	2.1.67 	
      "Share Sale and Subscription Agreement" means the
      agreement titled "Share Sale and Subscription Agreement" entered
      into between the Company, PK Gain, JAA, the Grantor, AJD Holdings
      Proprietary Limited and Richmark Holdings Proprietary Limited on or about
      30 January 2019;

	 	 
	2.1.68 	
      "Signature Date" means the date of signature of
      this Agreement by the Party last signing;

	 
	

10

	2.1.69 	
      "Special Distribution" means any Distribution
      which the Company pays to the Shareholders, excluding any Ordinary
      Distribution, but including a distribution out of the proceeds of a
      disposal by the Company of the whole or any portion of its
  assets;

	 	 
	2.1.70 	
      "South Africa" means the Republic of South Africa,
      as constituted from time to time;

	 	 
	2.1.71 	
      "Takeover Panel" means the Takeover Regulation
      Panel established in terms of section 196 of the Companies Act;

	 	 
	2.1.72 	
      "Tax" means all income tax, capital gains tax,
      secondary tax on companies (or any similar tax replacing or substituting
      it), dividend tax, value-added tax, stamp duty, securities transfer tax,
      uncertificated securities tax, PAYE, levies, assessments, imposts,
      deductions, charges and withholdings whatsoever in terms of any tax
      legislation, and includes all penalties and interest payable as a
      consequence of any failure or delay in paying any taxes;

	 	 
	2.1.73 	
      "Tax Warranties" means those warranties pertaining
      to tax as set out in clause 7 of Annexure C;

	 	 
	2.1.74 	
      "Title Warranties" means those warranties
      pertaining to the Call Option Shares as set out in clause 3 of Annexure
      C;

	 	 
	2.1.75 	
      "Warranted Accounts" means the Audited Accounts
      and the Management Accounts; and

	 	 
	2.1.76 	
      "Warranties" means the warranties given by the
      Grantor in terms of clause 19, read with Annexure C, and otherwise
      expressly given in terms of this Agreement.

	2.2 	
      In this Agreement –

	2.2.1 	
      clause headings and the heading of the Agreement are for
      convenience only and are not to be used in its interpretation;

	 	 
	2.2.2 	
      an expression which denotes –

	2.2.2.1 	
      any gender includes the other
genders;

	 
	

11

	2.2.2.2 	
      a natural person includes a juristic person and vice
      versa;

	 	 
	2.2.2.3 	
      the singular includes the plural and vice versa;
      and

	 	 
	2.2.2.4 	
      a Party includes a reference to that Party's successors
      in title and assigns allowed at law;

	2.2.3 	
      a reference to a consecutive series of two or more
      clauses is deemed to be inclusive of both the first and last mentioned
      clauses.

	2.3 	
      Any reference in this Agreement to
–

	2.3.1 	
      "business hours" shall be construed as being the
      hours between 08h30 and 17h00 on any business day. Any reference to time
      shall be based upon South African Standard Time;

	 	 
	2.3.2 	
      "days" shall be construed as calendar days unless
      qualified by the word "business", in which instance a "business day" will
      be any day other than a Saturday, Sunday or public holiday as gazetted by
      the government of South Africa from time to time;

	 	 
	2.3.3 	
      "related" person shall have the meaning ascribed
      thereto in section 2 of the Companies Act or an "inter-related"
      persons as such terms is defined in the Companies Act;

	 	 
	2.3.4 	
      "subsidiary" or "holding company" shall
      have the meaning ascribed thereto in section 2 of the Companies Act;
      and

	 	 
	2.3.5 	
      "laws" means all constitutions; statutes;
      regulations; by-laws; codes; ordinances; decrees; rules; judicial,
      arbitral, administrative, ministerial, departmental or regulatory
      judgments, orders, decisions, rulings, or awards; policies; voluntary
      restraints; guidelines; directives; compliance notices; abatement notices;
      agreements with, requirements of, or instructions by any Governmental
      Body, in each case to the extent the aforegoing has the force of law; and
      the common law, and "law" shall have a similar meaning;

	 	 
	2.3.6 	
      "person" means any natural person, company, close
      corporation, trust, partnership, joint venture, association,
      unincorporated association, Governmental Body, or other entity
whether or not having separate legal personality. 

	 
	

12

	2.4 	
      The words "include" and "including" mean
      "include without limitation" and "including without limitation". The use
      of the words "include" and "including" followed by a
      specific example or examples shall not be construed as limiting the
      meaning of the general wording preceding it.

	 	 
	2.5 	
      Any substantive provision, conferring rights or imposing
      obligations on a Party and appearing in any of the definitions in this
      clause 2 or elsewhere in this Agreement, shall be given effect to as if it
      were a substantive provision in the body of the Agreement.

	 	 
	2.6 	
      Words and expressions defined in any clause shall, unless
      the application of any such word or expression is specifically limited to
      that clause, bear the meaning assigned to such word or expression
      throughout this Agreement.

	 	 
	2.7 	
      Unless otherwise provided, defined terms appearing in
      this Agreement in title case shall be given their meaning as defined,
      while the same terms appearing in lower case shall be interpreted in
      accordance with their plain English meaning.

	 	 
	2.8 	
      Unless specifically otherwise provided, any number of
      days prescribed shall be determined by excluding the first and including
      the last day or, where the last day falls on a day that is not a business
      day, the next succeeding business day.

	 	 
	2.9 	
      If the due date for the performance of any obligation in
      terms of this Agreement is a day which is not a business day then (unless
      otherwise stipulated) the due date for performance of the relevant
      obligation shall be the immediately preceding business day.

	 	 
	2.10 	
      The rule of construction that this Agreement shall be
      interpreted against the Party responsible for the drafting of this
      Agreement, shall not apply.

	 	 
	2.11 	
      No provision of this Agreement shall (unless otherwise
      stipulated) constitute a stipulation for the benefit of any person
      (stipulatio alteri) who is not a Party to this
  Agreement.

	 
	

13

	2.12 	
      Any reference in this Agreement to "this
      Agreement" or any other agreement or document shall be construed as a
      reference to this Agreement or, as the case may be, such other agreement
      or document, as amended, varied, novated or supplemented from time to
      time.

	 	 
	2.13 	
      In this Agreement the words "clause" or
      "clauses" refer to clauses of this Agreement.

	 	 
	2.14 	
      Whenever any person is required to act "as an expert
      and not as an arbitrator" in terms of this Agreement, then
  –

	2.14.1 	
      the determination of the expert shall (in the absence of
      manifest error) be final and binding;

	 	 
	2.14.2 	
      subject to any express provision to the contrary, the
      expert shall determine the liability for his or its charges, which shall
      be paid accordingly;

	 	 
	2.14.3 	
      the expert shall be entitled to determine such methods
      and processes as he or it may, in his or its sole discretion, deem
      appropriate in the circumstances provided that the expert may not adopt
      any process which is manifestly biased, unfair or unreasonable;

	 	 
	2.14.4 	
      the expert shall consult with the relevant Parties
      (provided that the extent of the expert's consultation shall be in his or
      its sole discretion) prior to rendering a determination; and

	 	 
	2.14.5 	
      having regard to the sensitivity of any confidential
      information, the expert shall be entitled to take advice from any person
      considered by him or it to have expert knowledge with reference to the
      matter in question.

	3 	
      INTRODUCTION

	3.1 	
      The Call Option Shares are beneficially owned by and
      registered in the name of the Grantor.

	 	 
	3.2 	
      The Grantor wishes to confer on the Company an option to
      purchase (either itself or through a Nominated Purchaser) all or a portion
      of the Call Option Shares from the Grantor, on the terms and subject to
      the conditions contained in this Agreement.

	 
	

14

	3.3 	
      The Parties wish to record in writing their agreement in
      respect of the above and matters ancillary
thereto.

	4 	
      CONDITIONS PRECEDENT

	4.1 	
      Save for clauses 1 to 4, clause 16 and clauses 22 to 34,
      all of which will become effective immediately, this Agreement is subject
      to the fulfilment of the Conditions Precedent that by no later than 3 May
      2019 –

	4.1.1 	
      the board of directors of the Grantor has approved and/or
      ratified the entering into and implementation of this Agreement, including
      such resolutions as may be required to approve the disposal by the Grantor
      of the Call Option Shares;

	 	 
	4.1.2 	
      the board of directors of the Company has approved and/or
      ratified the entering into and implementation of this Agreement, including
      –

	4.1.2.1 	
      such resolutions as may be required to approve the
      repurchase by the Company of the Call Option Shares (or any of them) to
      the extent that the Company is a Purchaser in terms hereof;

	 	 
	4.1.2.2 	
      authorising the repurchase of any Call Option Shares in
      terms of section 48(2)(a) of the Companies Act; and

	 	 
	4.1.2.3 	
      acknowledging that it has applied the solvency and
      liquidity test, as set out in section 4 of the Companies Act, and
      reasonably concluding that the Grantor will satisfy the solvency and
      liquidity test immediately after completing the repurchase of any Call
      Option Shares, in terms of section 46(1)(c) of the Companies
  Act;

	4.1.3 	
      the Shareholders have approved and/or ratified the
      entering into and implementation of this Agreement, including, to the
      extent that the Company is a Purchaser in terms hereof, such resolutions
      as may be required to approve the repurchase by the Company of the Call
      Option Shares (or any of them) and resolutions in terms of sections 48(8)
      and 115(2)(a) of the Companies Act, the MOI and the Shareholders
      Agreement;

	 
	

15

	4.1.4 	
      all the Shareholders have waived in writing any
      pre-emptive, come-along and tag-along rights which they may have in
      respect of the Call Option Shares, whether under the MOI, the Shareholders
      Agreement or otherwise; and

	 	 
	4.1.5 	
      the Sale Agreement has been implemented in accordance
      with its terms.

	4.2 	
      Each of the Parties will, to the extent within its
      control, use reasonable endeavours to procure the fulfilment of the
      Conditions Precedent including, in respect of the Grantor, voting in
      favour of any and all required resolutions in its capacity as
      Shareholder.

	 	 
	4.3 	
      The Conditions Precedent may only be waived by agreement
      in writing between the Grantor and the Company.

	 	 
	4.4 	
      Unless all of the Conditions Precedent have been
      fulfilled or waived by not later than the relevant dates for fulfilment
      thereof set out in clause 4.1 (or such later date or dates as may be
      agreed in writing between the Parties) the provisions of this Agreement,
      save for clauses 1 to 4 and clauses 22 to 34, which will remain of full
      force and effect, will never become of any force or effect and the
      status quo ante will be restored as near as may be possible and
      none of the Parties will have any claim against the others in terms hereof
      or arising from the failure of the Conditions Precedent, save for any
      claim arising from the failure of a Party to comply with its obligations
      in terms of clause 4.2.

	5 	
      PLACEMENT OF CALL OPTION SHARES AND RIGHT TO
      NOMINATE

	5.1 	
      At any time during the Option Period, the Company shall
      be entitled (but not obliged) to attempt to place all or a portion of the
      Call Option Shares with one or more third parties, which third parties
      will replace the Company as purchaser of all or some of the Call Option
      Shares upon conclusion of a Nomination Agreement as contemplated in clause
      5.3.

	 	 
	5.2 	
      The Company has the right, at any time after the
      Signature Date and prior to the expiry of the Option Period, to nominate
      any person or persons, whether natural and/or juristic, to be the
      purchaser of any Call Option Shares in the place and stead of the Company
      ("Nominated Purchaser"), provided that no Nominated Purchaser may
      acquire fewer Call Option Shares than would confer at least a
  1% voting and participation interest in the Company on such
      Nominated Purchaser (taking into account any shares in the Company already
  held by such Nominated Purchaser).

	 
	

16

	5.3 	
      Any nomination in terms of this clause 5 shall be
      effected by delivery to the Grantor in accordance with the provisions of
      clause 28, of a written nomination agreement substantially in the form
      attached hereto as Annexure B, duly signed by the Company and the nominee,
      or their lawful representatives duly authorised in writing ("Nomination
      Agreement"). Once a Nominated Purchaser has concluded a Nomination
      Agreement, it shall automatically become a Party to this Agreement without
      any further action being required.

	 	 
	5.4 	
      A nomination in terms of this clause 5 will be effective
      as from the date on which the Nomination Agreement is concluded (or such
      other date as may be stated in the Nomination Agreement) and as from such
      date the Nominated Purchaser will be a Purchaser in respect of such number
      of Affected Call Option Shares as is specified in the applicable
      Nomination Agreement and, as such, will be bound by the terms and
      conditions of this Agreement and shall be entitled to enforce the terms
      and conditions of this Agreement as if the said Nominated Purchaser was
      the Company in respect of such number of Affected Call Option Shares as is
      specified in the applicable Nomination
Agreement.

	6 	
      DUE DILIGENCE

	6.1 	
      The Company and the Grantor acknowledge that any entity
      that is considering acquiring Call Option Shares (each a "Prospective
      Purchaser") shall be entitled (but not obliged) and by means of
      written notice delivered to the Grantor and the Company (which notice may
      be delivered via email), to carry out a due diligence investigation into
      the Group, its Business and/or the title to the Call Option Shares in
      accordance with the scope determined by the Company ("Due Diligence
      Investigation"), subject to the Prospective Purchaser entering into a
      confidentiality and non-disclosure agreement upon terms and conditions
      reasonably acceptable to the Company.

	 	 
	6.2 	
      The Due Diligence Investigation shall be carried out at
      the cost of the Prospective Purchaser.

	 
	

17

	6.3 	
      The Parties will co-operate with one another and the
      Grantor, to the extent within its control, and the Company will procure
      that the Group's employees and, to the extent required, the Auditors and
      the Group's consultants and professional advisors will co-operate fully
      with each Prospective Purchaser and its/their representatives (as
      applicable) in relation to the Due Diligence Investigation.

	 	 
	6.4 	
      The Due Diligence Investigation shall not in any way
      detract from the Warranties or from any of the Grantor's obligations in
      terms of this Agreement.

	7 	
      CALL OPTION

	7.1 	
      The Grantor hereby grants to the Company, and the Company
      accepts the grant of, an option pursuant to which the Company shall be
      entitled to call on the Grantor to sell and transfer all or a portion of
      the Call Option Shares to the Company itself or to any Nominated Purchaser
      in terms of clause 5, subject to the terms and conditions set out in this
      Agreement.

	 	 
	7.2 	
      Subject to clause 7.4, the Call Option may be exercised
      more than once at any time during the Option Period and in respect of all
      or only a portion of the Call Option Shares, at the sole and absolute
      discretion of the Company.

	 	 
	7.3 	
      Each Sale resulting from an exercise of the Call Option
      in respect of only a portion of the Call Option Shares shall constitute a
      Sale divisible from another Sale resulting from an exercise of the Call
      Option in respect of a different portion of the Call Option
  Shares.

	 	 
	7.4 	
      It is recorded that the Grantor does not wish to hold
      less than 20% of the issued ordinary shares in the Company at any time.
      The Company accordingly undertakes to give effect to the aforegoing and
      agrees not to exercise or permit the exercise of the Call Option and
      require the Grantor to sell so many Call Option Shares as would reduce the
      Grantor's total ordinary shareholding to below 20%, unless the Grantor is
      required to sell the entirety of its Call Option Shares as part of such
      intended Sale/s. Accordingly, any exercise of the Call Option which would
      contravene the aforegoing principles shall be invalid and of no force or
      effect.

	 
	

18

	7.5 	
      The Call Option is irrevocable for the Option Period and
      if not exercised, will automatically lapse and be of no further force or
      effect on expiry of the Option Period. The expiry of the Option Period
      will not terminate or otherwise affect any Call Option exercised prior to
      the expiry of the Option Period.

	 	 
	7.6 	
      No consideration is payable by the Company (or any
      Nominated Purchaser) to the Grantor in respect of the granting of the Call
      Option.

	 	 
	7.7 	
      The Grantor hereby agrees and undertakes to and in favour
      of the Company (and each Nominated Purchaser) that it shall not, for the
      duration of the Option Period -

	7.7.1 	
      transfer, sell, alienate or dispose of in any manner any
      of the Call Option Shares (other than pursuant to this
  Agreement);

	 	 
	7.7.2 	
      create or permit to exist any encumbrance whatsoever over
      or in respect of all or a portion of the Call Option Shares (other than in
      respect of any encumbrance in favour of RMB);

	 	 
	7.7.3 	
      amend its existing constitutional documents;

	 	 
	7.7.4 	
      agree to amend or vote in favour of the amendment of the
      MOI and/or Shareholders Agreement,

without the express, prior written
consent of the Company. 

	8 	
      EXERCISE OF CALL
OPTION

	8.1 	
      The Call Option –

	8.1.1 	
      shall be capable of being exercised at any time during
      the Option Period; and

	 	 
	8.1.2 	
      shall be exercised by way of the Purchaser giving written
      notice to that effect to the Grantor substantially in the form attached
      hereto as Annexure A ("Call Option Notice") (with a copy addressed
      to the board of directors of the Company), which notice shall specify
    –

	8.1.2.1 	
      the number of Call Option Shares which the Grantor is
      required to sell ("Affected Call Option Shares");
  and

	 
	

19

	8.1.2.2 	
      the Option Price payable in respect of the Affected Call
      Option Shares (which shall be determined in accordance with clause
    11).

	8.2 	
      The Company shall deliver each notice of exercising of
      the Call Option to all other Shareholders as soon as practically possible
      after receiving a Call Option Notice.

	9 	
      SALE

	9.1 	
      Upon each Call Exercise Date a sale shall automatically
      come into existence in terms of which the Grantor sells to the Purchaser,
      and the Purchaser purchases from the Grantor, the Affected Call Option
      Shares on the terms and conditions set out in this Agreement.

	 	 
	9.2 	
      All risk in and all benefit attaching to the Affected
      Call Option Shares will pass to the Purchaser on the applicable Closing
      Date.

	 	 
	9.3 	
      Possession and effective control of the Affected Call
      Option Shares acquired by the Purchaser will be given to the Purchaser on
      the applicable Closing Date. The Grantor will accordingly retain all
      rights attaching to the Affected Call Option Shares, including the right
      to exercise all voting rights attaching to the Affected Call Option
      Shares, until the applicable Closing Date.

	 	 
	9.4 	
      Any Affected Call Option Shares repurchased by the
      Company in terms of this Agreement will, as contemplated in section
      37(9)(b)(i) of the Companies Act, cease to have any of the rights
      associated with such Affected Call Option Shares and shall be restored to
      the status of authorised but unissued ordinary shares as soon as the
      repurchase of such Affected Call Option Shares has been entered into the
      securities register of the Company as contemplated in section 35(5) of the
      Companies Act.

	10 	
      REGULATORY AND OTHER APPROVALS FOR ANY
  SALE

	10.1 	
      The implementation of any sale of Affected Call Option
      Shares shall be subject to the conditions precedent that: (i) the Audited
      Accounts, the Management Accounts and the Disclosure Schedule have been
      delivered to the Purchaser and the Purchaser has confirmed, in writing,
      its satisfaction therewith; and (ii) the Loan Agreement has been entered
      into and has (to the extent applicable) become unconditional in accordance with its terms. The Company
      and the Grantor, to the extent within its control, shall be obliged to
      deliver the documents referred to above within 10 business days of a
      written request therefor, and should they fail to deliver the Disclosure
      Schedule within such period, the Disclosure Schedule shall be deemed not
  to contain any disclosures.

	 
	

20

	10.2 	
      To the extent that the lawful implementation of any sale
      of any Affected Call Option Shares –

	10.2.1 	
      requires the consent of any other party for the release
      of any Encumbrances over any of the Affected Call Option Shares and such
      consent has not already been obtained by the Closing Date, the sale of the
      Affected Call Option Shares shall be subject to the condition precedent
      that such consent is given within 5 business days of the Call Exercise
      Date or such later date as the Purchaser stipulates by way of notice in
      terms of clause 10.3;

	 	 
	10.2.2 	
      requires any authorisation or approval in terms of the
      Companies Act and such authorisation or approval has not already been
      obtained by the Closing Date, the Sale of the Affected Call Option Shares
      shall be subject to the condition precedent that such authorisation or
      approval is given within 10 business days of the Call Exercise Date or
      such later date as the Purchaser stipulates by way of notice in terms of
      clause 10.3;

	 	 
	10.2.3 	
      requires the approval of the Takeover Panel, the
      Financial Surveillance Department of the South African Reserve Bank, the
      Competition Authorities or other relevant regulatory authority in South
      Africa ("Regulatory Authorities") (such approvals being referred to
      herein as "Regulatory Approvals") then
–

	10.2.3.1 	
      the Sale of any Affected Call Option Shares shall be
      subject to the condition precedent that the requisite Regulatory Approvals
      are obtained by the relevant Regulatory Authorities, either
      unconditionally or on terms and conditions acceptable to the Purchaser,
      within 120 days of the Call Exercise Date or such later date as the
      Purchaser stipulates by way of notice in terms of clause 10.3;

	 	 
	10.2.3.2 	
      if the Regulatory Approval is granted on terms and
      conditions, such terms and conditions shall not be regarded as being
      acceptable to the Purchaser unless the Purchaser gives notice to that effect to the
      Grantor before the expiry of such 120 day period or any extension thereof.
      A Purchaser shall act reasonably in deciding whether or not such terms and
  conditions are acceptable to it;

	 
	

21

	10.2.3.3 	
      the Grantor and the Purchaser shall as soon as reasonably
      possible after the Call Exercise Date, jointly instruct attorneys Cliffe
      Dekker Hofmeyr Incorporated to prepare and submit an application,
      notification or filing (as applicable) in respect of the Sale of the
      Affected Call Option Shares for purposes of obtaining any such Regulatory
      Approval from any Regulatory Authority, including any merger notification
      to the Competition Authorities ("Merger Notification");

	 	 
	10.2.3.4 	
      the Grantor and the Purchaser shall procure that any
      Merger Notification is submitted to the Competition Authorities by no
      later than 10 business days after the Call Exercise Date, and any other
      application for Regulatory Approval shall be submitted to the relevant
      Regulatory Authority no later than 5 business days after the Call Exercise
      Date;

	 	 
	10.2.3.5 	
      each of the Parties shall –

	10.2.3.5.1 	
      sign all documents and expeditiously provide all
      necessary information as soon as practically possible after being required
      to do so (and no less than 3 business days after request
  therefor);

	 	 
	10.2.3.5.2 	
      use its reasonable endeavours and shall take all such
      steps and render all such assistance as may be reasonably necessary to
      procure that the Merger Notification or any other application for
      Regulatory Approval is properly prepared and duly submitted within the
      time periods specified in clause 10.2.3.4; and

	 	 
	10.2.3.5.3 	
      do everything required by the Competition Authorities or
      any other Regulatory Authority in order to enable the Merger Notification
      or application for Regulatory Approval to be dealt with, to the extent
      that it is within its power to do so;

	 
	

22

	10.2.3.6 	
      the Purchaser shall pay the costs of and associated with
      the filing of any Merger Notification and any other application for
      Regulatory Approval. These costs shall include the filing fee payable in
      connection with the filing of the Merger Notification and the legal fees
      of attorneys Cliffe Dekker Hofmeyr Incorporated for the preparation and
      submission of the Merger Notification, but shall exclude each Party's
      other legal costs associated with the preparation of such Merger
      Notification (if any), which costs will be for each Party's own
      account;

	10.2.4 	
      requires the consent of any counterparty to any material
      contract to which the Company is a party for purposes of the change in
      shareholding occurring in the Company pursuant to the exercise of a Call
      Option and the resultant sale ("Contract"), then the Sale of the
      Affected Call Option Shares shall be subject to the condition precedent
      that such consent is given within 10 business days of the Call Exercise
      Date or such later date as the Purchaser stipulates by way of notice in
      terms of clause 10.3.

	10.3 	
      The Purchaser shall be entitled, by giving notice to that
      effect (which notice may be given via email), to the Grantor, to waive any
      of the conditions precedent referred to in clause 10.1 or clause 10.2
      ("Option Conditions Precedent") which is not a requirement of law
      or extend on one or more occasions the periods for the fulfilment of any
      one or more of the Option Conditions Precedent (including an extension
      beyond the Option Period if the Call Option has already been exercised),
      provided that –

	10.3.1 	
      such dates shall not be extended by more than 180 days
      beyond the Call Exercise Date; and

	 	 
	10.3.2 	
      an extension to a date shall not be valid unless the
      required notice of extension is given before the due date
  therefor.

	10.4 	
      The Parties undertake to co-operate fully with one
      another to the extent necessary for purposes of fulfilling any Option
      Condition Precedent. The Parties undertake to use their respective
      reasonable endeavours, to the extent within their control, to procure the
      fulfilment of any Option Condition Precedent.

	 
	

23

	11 	
      OPTION PRICE

	 	 
		
      The purchase price payable by the Purchaser to the
      Grantor in respect of the Affected Call Option Shares shall be calculated
      in accordance with the following formula –

	 	A 	= 	(B - C) x D 

Where – 

	 	A 	= 	
      Option Price; 

	 	  	  	     
	 	B 	= 	
      R2,827,000,000; 

	 	  	  	     
	 	C 	= 	
      any Special Distributions declared and/or paid by the
      Company to all Shareholders between the Effective Date and the relevant
      Closing Date; and 

	 	 	 	
       

	 	D 	= 	
      the economic and voting rights attaching to the Affected
      Call Option Shares as a proportion of the total economic and voting rights
      attaching to all of the issued shares in the Company, as at the relevant
      Closing Date, expressed as a percentage. 

	12 	
      PAYMENT OF THE OPTION PRICE AND INTEREST ON OVERDUE
      AMOUNTS

	12.1 	
      The Option Price shall be paid by the Purchaser to the
      Grantor on the Closing Date, in cash, by way of electronic transfer of
      funds in the currency of South Africa, into the Designated Bank
      Account.

	 	 
	12.2 	
      Should any payment under or arising from this Agreement
      fail to be made on the due date thereof then, without prejudice to such
      other rights as may accrue to the payee consequent upon such failure, such
      overdue amounts will bear interest at the Prime Rate, from the due date
      for payment to the date of actual payment, both dates
  inclusive.

	13 	
      SECURITIES TRANSFER TAX

	 	 
		
      Any securities transfer tax payable in terms of the
      Securities Transfer Tax Act, No. 25 of 2007 in respect of the sale and
      transfer of any Affected Call Option Shares from the Grantor to the
      Purchaser shall be paid by the Company but shall be recoverable from the
      applicable Purchaser.

	 
	

24

	14 	
      CLOSING

	14.1 	
      On each Closing Date, the Grantor will deliver to the
      Purchaser –

	14.1.1 	
      to the extent not already in the possession of the
      Purchaser, the original share certificate(s) in respect of the Affected
      Call Option Shares (as applicable); and

	 	 
	14.1.2 	
      to the extent not already in the possession of the
      Purchaser, share transfer forms in respect of the Affected Call Option
      Shares duly completed by the registered holder/s thereof and dated as of
      the Closing Date, in favour of the Purchaser (as the
transferee);

	 	 
	14.1.3 	
      the written resignation of those directors of the Company
      nominated by the Grantor, to the extent required by the Purchaser and then
      only to the extent consistent with the entitlement to nominate directors
      under the MOI or Shareholders Agreement.

	14.2 	
      To the extent that the original share certificate(s)
      delivered by the Grantor in terms of clause 14.1.1 include(s) Call Option
      Shares which are not being sold on the relevant Closing Date, then the
      Company shall issue and deliver to the Grantor a share certificate in
      respect of the balance of the Call Option Shares.

	 	 
	14.3 	
      The Company will cancel any relevant Affected Call Option
      Shares repurchased by the Company in terms of this Agreement, which shall
      thereupon return to the status of authorised but unissued shares in terms
      of section 35(5) of the Companies Act.

	 	 
	14.4 	
      Notwithstanding anything to the contrary contained
      herein, it is hereby recorded and agreed that the Grantor shall on the
      Signature Date (and then only to the extent not already in the possession
      of RMB) deliver to the Company the share certificate in respect of the
      Call Option Shares for safe-keeping, and the Grantor hereby irrevocably
      and unconditionally instructs any company secretary or director of the
      Company from time to time or any senior manager of the Company to do all
      acts and sign all documents on behalf of the Grantor that are required for
      the Company to cancel the share certificate/s in respect of the Affected
      Call Option Shares and to re-issue share certificates in the place thereof
      in accordance with the provisions of this
Agreement.

	 
	

25

	15 	
      WAIVERS AND CONSENTS

	15.1 	
      The Parties hereby acknowledge that they are aware that
      the Company and/or the Purchaser may be required to prepare and distribute
      a report of an independent expert regarding such repurchase as
      contemplated in section 114 of the Companies Act in the event that the
      exercise of the Call Option results in a repurchase of Call Option Shares
      pursuant to section 48(8)(b) of the Companies Act
  ("Report").

	 	 
	15.2 	
      The Grantor and each Party hereto (insofar as it is or
      becomes a shareholder of the Company) hereby –

	15.2.1 	
      waives any pre-emptive, come-along and tag-along rights
      which they may have to acquire any of the Call Option Shares, whether
      under the MOI, the Shareholders Agreement or otherwise;

	 	 
	15.2.2 	
      waives its right to receive the Report and accordingly
      consents to any repurchase of any Call Option Shares being implemented
      without any need for such a Report;

	 	 
	15.2.3 	
      acknowledges that it understands the type of arrangement
      proposed in regard to any repurchase of any Call Option Shares;
  and

	 	 
	15.2.4 	
      fully appreciates and understands the implications and
      consequences of any repurchase of any Call Option
Shares,

it being recorded that such waiver is
given on a fully informed and consensual basis. 

	16 	
      INTERIM PERIOD AND LIASON ON CONDUCT OF
      BUSINESS

	16.1 	
      During the Option Period, the Company undertakes for the
      benefit of the Grantor that it shall ensure that the Business is carried
      on in the Ordinary Course of Business, and the Company shall not enter
      into any contract or commitment or do anything which, in any such case, is
      out of the Ordinary Course of Business (other than as contemplated in this
      Agreement, the agreement recording the Put Option, the Sale Agreement, the
      Share Sale and Subscription Agreement and the Loan Agreement, and in any
      of the Existing RCF, the Amended and Restated RCF
and the New RCF (each, as defined in the agreement containing the
Put Option)). In particular, but without limitation to the generality of the
aforegoing, the Company undertakes that during the Option Period the Group will
not (other than as contemplated in this Agreement, the agreement recording the
Put Option, the Sale Agreement, the Share Sale and Subscription Agreement and
the Loan Agreement, and in any of the Existing RCF, the Amended and Restated RCF
and the New RCF (each, as defined in the agreement containing the Put Option)) – 

	 
	

26

	16.1.1 	
      alter the existing nature or scope of the
  Business;

	 	 
	16.1.2 	
      manage the Business otherwise than in accordance with its
      business and trading policies and practices up to the Signature Date,
      except as may be necessary to comply with any statutory changes;

	 	 
	16.1.3 	
      alter any of the rights attaching to the shares in any
      Group Company;

	 	 
	16.1.4 	
      increase, alter, reduce or convert the authorised or
      issued shares of any Group Company other than as contemplated in this
      Agreement;

	 	 
	16.1.5 	
      issue or allot any shares, capitalisation shares, bonus
      shares, share options, share warrants, debentures or any securities in any
      Group Company;

	 	 
	16.1.6 	
      repurchase any issued shares of any Group Company other
      than as contemplated in this Agreement;

	 	 
	16.1.7 	
      enter into any agreement or arrangement or permit any
      action whereby any other company becomes its subsidiary or it controls any
      joint venture, partnership or agreement or other venture for the sharing
      of profits or assets other than the acquisition by the Company of an
      equity interest in Evercomm Proprietary Limited (registration number
      2011/123401/07) substantially in accordance with the provisions of a
      transaction structuring memorandum prepared by Cliffe Dekker Hofmeyr Inc.,
      the latest version of which is dated 23 April 2019;

	 	 
	16.1.8 	
      enter into any transaction other than on arms'-length
      terms and for full and proper consideration;

	 
	

27

	16.1.9 	
      acquire or enter into any agreement to acquire (whether
      by one transaction or a series of transactions) the whole or a substantial
      or material part of the business, undertaking or assets of any other
      persons;

	 	 
	16.1.10 	
      enter into a single transaction or a series of
      transactions (whether related or not) and whether voluntary or involuntary
      to sell, lease, transfer or otherwise dispose of any material asset or
      part of the Business other than the sale or licence of intellectual
      property or other assets owned by M4Jam Proprietary Limited (registration
      number 2003/011766/07) and the sale of either (i) the business carried on
      by International Tower Company Proprietary Limited (registration number
      2015/421641/07) ("ITC"); or (ii) all the issued shares and claims
      in ITC;

	 	 
	16.1.11 	
      incur or agree to incur any capital expenditure other
      than in the normal and Ordinary Course of Business;

	 	 
	16.1.12 	
      take or agree to take any loans, borrowings or other
      forms of funding or financial facilities or assistance, or enter into or
      agree to enter into any foreign exchange transactions (which are not in
      the Ordinary Course of Business), guarantees or other similar
      agreements;

	 	 
	16.1.13 	
      grant or agree to grant any loans or other financial
      facilities or assistance to or any guarantees or indemnities for the
      benefit of any person or create any mortgage, charge or other encumbrance
      over the whole or any part of its undertakings or assets;

	 	 
	16.1.14 	
      enter into or agree to enter into any death, retirement,
      profit-sharing, bonus, share option, share incentive or other scheme for
      the benefit of any of its employees or make any variation (including, but
      without limitation, any increase in the rates of contribution) to any such
      existing scheme or effect any keyman insurance;

	 	 
	16.1.15 	
      commence, compromise or discontinue any legal,
      administrative, regulatory or arbitration proceedings other than
  –

	16.1.15.1 	
      routine debt collection in the Ordinary Course of
      Business; or

	 
	

28

	16.1.15.2 	
      any proceedings reasonably necessary to secure or
      preserve any right of the Group (including, but not limited to, the
      interruption of prescription or the obtaining of an interdict or mandamus)
      and in respect of which proceedings the Grantor undertakes to consult with
      the Company;

	16.1.16 	
      repay or prepay any loans of whatsoever nature and
      amount, any borrowings or any other financial facility or assistance made
      available to it (excluding amounts payable in the normal and Ordinary
      Course of Business);

	 	 
	16.1.17 	
      terminate the employment or office of any of its senior
      employees or appoint any new director, officer or senior employee or
      consultant or materially alter the terms of employment or engagement of
      any of the employees (whether senior or junior), consultants, directors or
      officers including increasing employees' or directors' compensation or
      benefits, except in the normal and Ordinary Course of Business and
      consistent with past practices;

	 	 
	16.1.18 	
      make or agree to any material amendment, variation,
      deletion, addition, renewal or extension to or of, terminate or give any
      notice or intimation of termination of or breach or fail to comply with
      the terms of any material contract or arrangement with third
    parties;

	 	 
	16.1.19 	
      make any changes to its accounting policies and
      procedures;

	 	 
	16.1.20 	
      enter into any agreement or perform any action or permit
      any action to be taken which is likely to result in the termination or
      breach of any Licence;

	 	 
	16.1.21 	
      perform any action or enter into any arrangement which
      would result in a breach of any law;

	 	 
	16.1.22 	
      directly or indirectly (whether through itself, or any
      Group Company, or any director, officer, agent or employee of the Company
      or any Group Company (in their capacity as such), or any other person
      acting for or on behalf of the foregoing (individually and collectively)),
      make or authorise any offer, gift, payment, or transfer, or promise of,
      any money or anything else of value, or provided or shall provide any
      benefit, to any Government Body or Government Official (as defined in
      clause 20 of Annexure C), or person that has resulted or would result in a
      breach of any Anti-Corruption Law;

	 
	

29

	16.1.23 	
      allow any Government Official (as defined in clause 20 of
      Annexure C) to serve in any capacity within the Group, including as a
      board member, employee, or consultant;

	 	 
	16.1.24 	
      engage in any conduct or permit any action to be taken
      which would result in any Group Company breaching any applicable
      Anti-Corruption Laws or Sanctions Laws, and each Group Company will remain
      in full compliance with applicable Anti-Corruption Laws or Sanctions
      Laws;

	 	 
	16.1.25 	
      engage in conduct or permit any action to be taken which
      would result in any Group Company -

	16.1.25.1 	
      being specified in either the Specially Designated
      Nationals and Blocked Persons List, the Control List, or the List of
      Sanctions Programs and Country Information administered by Office of
      Foreign Assets Control ("OFAC") of the US Department of the
      Treasury, or a list of politically exposed persons issued by OFAC or the
      US Department of the Treasury, pursuant to, any resolution or directive
      thereof;

	 	 
	16.1.25.2 	
      being specified in, or a list issued pursuant to, any
      resolution or legislation of the United Nations, South Africa, United
      Kingdom, European Union, United States or any other Sanctions Authority
      relating to the designation of a person as a terrorist or terrorist
      organisation or blocking any assets of such person; or

	 	 
	16.1.25.3 	
      receiving any notice that all financial transactions
      involving the assets of such Group Company have been, or are to be,
      blocked under legal authority.

	16.2 	
      The Company shall, during the Option Period
  -

	16.2.1 	
      keep the Purchaser and the Grantor appraised of all and
      any material decisions which the Group intends to make in respect of the
      Business, it being specifically recorded and agreed that nothing in this
      clause shall entitle the Purchaser and the Grantor to determine and/or
      materially to influence any such material decision or to manage and/or
      control the Group in any way;

	 	 
	16.2.2 	
      permit representatives of the Purchaser and the Grantor
      to have full access at all reasonable times, and in a manner so as not
      unreasonably to interfere with the normal business operations of the Group, to all
      premises, properties, personnel, books, records (including tax records),
      contracts, and documents of or pertaining to the Group and/or the
  Business;

	 
	

30

	16.2.3 	
      keep the Business and the assets of the Group used in
      respect of the Business substantially intact, including the present
      operations, physical facilities, working conditions, and relationships
      with lessors, licensors, suppliers, customers and the employees;
  and

	 	 
	16.2.4 	
      give prompt notice to the Purchaser and the Grantor of
      any adverse development causing a breach of the undertakings given in this
      clause 15 or which is likely to impede the implementation of this
      Agreement or any of the transactions contemplated herein, provided that no
      disclosure by a Party in terms of this clause 16.2 shall prevent or cure
      any misrepresentation or breach of any
undertaking.

	16.3 	
      The Company shall from time to time be entitled to
      request the Grantor to consent to any matter, the implementation of which
      would, but for such consent, constitute a breach of the undertakings
      contained in this clause 16. The Grantor shall not unreasonably withhold
      or delay any such consent and the Company shall, upon receiving such
      consent in writing, be entitled to implement the applicable
  matter.

	17 	
      CONTRACTS

	 	 
		
      Should any such counterparty to any Contract fail or
      refuse to give its consent as contemplated in clause 10.2.4 and the
      condition precedent has not been waived by the Purchaser pursuant to
      clause 10.3, the Parties shall forthwith meet and in good faith agree an
      alternative solution that is commercially acceptable for the Company and
      the Purchaser.

	 	 
	18 	
      CONCLUSION OF LOAN AGREEMENT

	 	 
		
      The Company undertakes to procure the preparation of a
      draft Loan Agreement as soon as reasonably possible after the Effective
      Date but in any event by no later than 14 days after the Effective Date
      and to submit such draft documents to the Grantor for its consideration.
      The Company and the Grantor undertake to negotiate in
the utmost good faith in order to sign the Loan Agreement, by
  no later than 30 days after the Effective Date.

	 
	

31

	19 	
      WARRANTIES BY THE
GRANTOR

	19.1 	
      The Grantor hereby gives to and in favour of the Company
      the Capacity and Authority Warranties and the Title Warranties and no
      other Warranties, on the basis that each Capacity and Authority Warranty
      and Title Warranty –

	19.1.1 	
      is, insofar as it is promissory or relates to a future
      event, deemed to have been given as at the date of fulfilment of the
      promise or future happening of the event, as the case may be;

	 	 
	19.1.2 	
      save where any such Capacity and Authority Warranty or
      Title Warranty is expressly limited to a particular date, is given as at
      the Signature Date, the Effective Date, the Call Exercise Date and the
      Closing Date and all periods between those dates;

	 	 
	19.1.3 	
      is deemed to be material and to be a material
      representation inducing the Company to enter into this
Agreement;

	 	 
	19.1.4 	
      is a separate Capacity and Authority Warranty and Title
      Warranty and will in no way be limited or restricted by reference to or
      inference from the terms of any other Capacity and Authority Warranty or
      Title Warranty; and

	 	 
	19.1.5 	
      shall remain in force notwithstanding the completion of
      the sale of any Affected Call Option Shares.

	19.2 	
      The Grantor hereby gives to and in favour of each
      Nominated Purchaser the Warranties more fully set out in this Agreement
      and in Annexure C, on the basis that each Warranty
–

	19.2.1 	
      is, insofar as it is promissory or relates to a future
      event, deemed to have been given as at the date of fulfilment of the
      promise or future happening of the event, as the case may be;

	 	 
	19.2.2 	
      save where any Warranty is expressly limited to a
      particular date, is given as at the date of conclusion or alternatively,
      the effective date (if different to the date of conclusion of the
      Nomination Agreement) of the Nomination
Agreement, the Call Exercise Date and the Closing Date and all
  periods between those dates;

	 
	

32

	19.2.3 	
      is deemed to be material and to be a material
      representation inducing the Purchaser to enter into this
  Agreement;

	 	 
	19.2.4 	
      is a separate Warranty and will in no way be limited or
      restricted by reference to or inference from the terms of any other
      Warranty; and

	19.3 	
      shall remain in force notwithstanding the completion of
      any Sale.

	20 	
      INDEMNITIES BY THE
GRANTOR

	20.1 	
      Without prejudice to any rights of the Purchaser arising
      from any other provision of this Agreement and to the extent that such
      liability is not fully provided for or reflected as a liability in the
      Warranted Accounts, the Grantor hereby agrees to indemnify and hold the
      Purchaser harmless from and against the entirety of any Adverse
      Consequences which the Purchaser may suffer (whether directly or
      indirectly) resulting from, arising out of, or relating to
  –

	20.1.1 	
      a failure of any of the Warranties or any undertakings
      contained in this Agreement to be true and correct; and/or

	 	 
	20.1.2 	
      any liability for Tax not fully provided for in the
      Warranted Accounts in respect of the Designated
Period.

	20.2 	
      The indemnification provisions in this clause 20 are in
      addition to, and do not in any way derogate from, any statutory or common
      law remedy the Purchaser may have for breach of this Agreement including
      breach of any representation or Warranty.

	 	 
	20.3 	
      The indemnities provided for in this clause 20 shall be
      limited as provided for in clause 21, mutatis mutandis.

	 	 
	20.4 	
      Upon a third party threatening or bringing a Claim in
      respect of which the Grantor has given an indemnity pursuant to this
      clause 20 –

	20.4.1 	
      the Purchaser will notify the Grantor as soon as
      reasonably possible upon becoming aware of the Claim provided, however,
      that no delay on the part of the Purchaser in so notifying the Grantor shall relieve
      the Grantor from any obligation hereunder unless (and then solely to the
  extent that) the Grantor is thereby prejudiced; and

	 
	

33

	20.4.2 	
      the Grantor will elect whether or not to defend the
      Claim, in accordance with clause 20.5.

	20.5 	
      The Grantor may elect, by giving written notice, within
      14 business days following receipt of the notice provided for in clause
      20.4.2 or, if earlier, 7 business days prior to the first date when a
      response to the Claim is due, to assume control of the defence and
      settlement of the Claim, in which case –

	20.5.1 	
      the Grantor will, at its own expense, defend the Claim
      and have control of the conduct of the defence and settlement of the
      Claim, provided however that the Purchaser will have the right to
  –

	20.5.1.1 	
      participate in any defence and settlement, such
      participation to be at its own cost where it is not pursuant to a request
      for participation from the Grantor; and

	 	 
	20.5.1.2 	
      join the Grantor as a defendant in legal proceedings
      arising out of the Claim;

	20.5.2 	
      the Purchaser will –

	20.5.2.1 	
      not make admissions (except under compulsion of law),
      agree to any settlement or otherwise compromise the defence or settlement
      of the Claim without prior written approval of the Grantor, which will not
      be unreasonably withheld;

	 	 
	20.5.2.2 	
      give, at the Grantor's request and cost, all reasonable
      assistance in connection with the defence and settlement of the
    Claim.

	21 	
      LIMITATION OF
LIABILITY

	21.1 	
      The Warranties are limited and qualified by (and as a
      result no liability shall attach to the Grantor to the extent that)
      anything that is –

	21.1.1 	
      Fairly Disclosed in the Disclosure Schedule;
  or

	 
	

34

	21.1.2 	
      as at the relevant Call Exercise Date, in respect of the
      applicable Purchaser, within the actual knowledge of the Purchaser's
      Representatives.

	21.2 	
      No warranties or representations (whether made
      negligently or innocently), express or implied or tacit whether by law,
      contract or otherwise and whether they induced the contract or not, which
      are not set forth in this Agreement shall be binding on the Grantor, but
      excluding, for the avoidance of doubt, any fraudulent or intentional
      misrepresentation.

	 	 
	21.3 	
      For the avoidance of doubt and notwithstanding anything
      to the contrary contained in this Agreement –

	21.3.1 	
      the Grantor shall not be liable for any forward-looking
      statements and/or representations, regarding the future financial
      position, performance or business strategy of the Group. Accordingly, the
      actual performance of the Company or any Group Company may accordingly
      differ from forward- looking statements and/or representations made by the
      Grantor; and

	 	 
	21.3.2 	
      the Purchaser shall not be entitled to make any Claim
      against the Grantor in respect of and/or in connection with any breach of
      the Warranties or any other provision of this Agreement, if that Claim
      would result in the Purchaser being compensated more than once for the
      same damage or loss. Accordingly, a Claim by the Purchaser arising out of
      a breach of any one or more Warranties and/or other relevant provision of
      this Agreement, shall not entitle the Purchaser to make a Claim against
      the Grantor in respect of more than one Warranty or other claim arising
      from or which is attributable to the same cause of
  action.

	21.4 	
      Notwithstanding the Warranties, representations and
      indemnifications given by the Grantor in this Agreement, no liability
      shall attach to the Grantor in relation to Claims
-

	21.4.1 	
      to the extent that the underlying applicable facts,
      matters and/or circumstances which result in any representation and/or any
      Warranty being incorrect, or which would otherwise have resulted in any
      indemnifications being triggered, did not arise during the Designated
      Period, provided that the aforegoing restriction shall not apply to any Claims relating to the
  Capacity and Authority Warranties and the Title Warranties;

	 
	

35

	21.4.2 	
      which are less than an amount equal to 2% of the Option
      Price in aggregate, provided that (i) when such aggregate or individual
      claims or loss exceed the said amount, the Grantor shall, subject to
      clause 21.4.3 and clause 21.4.4, be liable for the full amount of such
      claim/s and/or loss and/or liabilities and not only for the amount in
      excess of the said amount; (ii) regard shall only be had to individual
      claims and/or losses which exceed an amount equal to 0.2% of the Option
      Price per individual claim and/or loss in determining whether the
      aforementioned 2% threshold has been reached; (iii) the aforegoing
      restrictions shall not apply to any Claims relating to the Capacity and
      Authority Warranties and the Title Warranties. For purposes of clarity,
      the amounts calculated with reference to the percentages set out in this
      clause 21.4.2 will be calculated in relation to each Purchaser in respect
      of the Option Price paid by that Purchaser;

	 	 
	21.4.3 	
      if the Purchaser has not made a demand for arbitration
      for recovery of such Claims, within 30 months of the Closing Date,
      provided that the aforegoing restriction shall not apply to any Claims
      relating to the Tax Warranties (in which case demand for arbitration must
      be made within 3 years of the most recent date of assessment of the
      applicable Group Company to which the Claim relates); or

	 	 
	21.4.4 	
      which in aggregate exceed an amount equal to the Option
      Price on the basis that the aggregate amount recoverable from the Grantor
      by a Purchaser, exclusive of interest and costs, from whatever cause
      arising, shall be limited to the applicable Option
Price.

	21.5 	
      The aggregate damages that the Purchaser suffers as a
      result of a Claim shall be reduced (at a maximum, to R0) by the aggregate
      of –

	21.5.1 	
      the economic and voting rights attaching to the Affected
      Call Option Shares as a proportion of the total economic and voting rights
      attaching to all of the issued shares in the Company, as at the relevant
      Closing Date, expressed as a percentage ("Proportionate Share") of
      any assessed Tax benefit (including without limitation any reduction in
      the Taxes due, deductibility of the damages suffered by the Group or the incurral of a capital loss
      that may be used to reduce capital gains in the future) as and when such
  Tax benefit accrues to the Group as a direct result thereof;

	 
	

36

	21.5.2 	
      the Proportionate Share of any amount actually recovered
      by the Group from any third party in respect thereof (including, but not
      limited to any insurer);

	 	 
	21.5.3 	
      any amount by which the subject matter of the Claims has
      been or is made good or otherwise compensated for, less any cost thereof
      to the Grantor and/or the Group,

		
      and any amount refunded to the Grantor by the Purchaser
      or any reduction in damages in terms of this clause 21.5 shall be regarded
      as never having been claimed from the Grantor for purposes of clause
      21.4.

	 	 
	21.6 	
      Notwithstanding anything to the contrary contained in
      this Agreement, no liability shall attach to the Grantor in respect of any
      Claim to the extent that –

	21.6.1 	
      the Claim is for any indirect, special or consequential
      damages (including loss of profit) of whatsoever nature suffered by any
      Group Company and/or the Grantor;

	 	 
	21.6.2 	
      the Claim or the events giving rise to the Claim would
      not have arisen but for an act, omission or transaction of any of the
      Purchaser's Representatives;

	 	 
	21.6.3 	
      the Claim is based upon a liability which is contingent
      only, unless and until such contingent liability becomes an actual
      liability or until the same is finally adjudicated;

	 	 
	21.6.4 	
      allowance, provision or reserve in respect of the matter
      giving rise to the Claim shall have been made in the Warranted Accounts;
      and/or

	 	 
	21.6.5 	
      the Claim occurs wholly or partly out of or the amount
      thereof is increased as a result of any change in law, regulation,
      guideline, codes of conduct, and the like or in their interpretation or
      administration by the South African courts, or by any other fiscal,
      monetary or regulatory authority, whether or not having the force of law,
      after the Closing Date.

	 
	

37

	21.7 	
      Notwithstanding anything to the contrary contained in
      this Agreement, no liability will arise and no Claim may be made if the
      matter giving rise to such Claim is remediable, to the reasonable
      satisfaction of the Purchaser, within the period of 30 days of receipt of
      written notice by the Purchaser to the Grantor requiring the Grantor to
      remedy the matter giving rise to such Claim (or if it is not reasonably
      possible to remedy the matter giving rise to such Claim within 30 days,
      within such further period as may be reasonable in the circumstances
      provided that the Grantor furnishes evidence within the period of 30 days,
      reasonably satisfactory to the Purchaser, that it has taken whatever steps
      are available to it, to commence remedying the matter giving rise to such
      Claim).

	 	 
	21.8 	
      Unless it is restricted by law from doing so and/or the
      Grantor is the counterparty of the Purchaser in any such Claim, the
      Purchaser shall -

	21.8.1 	
      within 10 business days inform the Grantor in writing of
      any fact, matter, event or circumstance which comes to its notice or to
      the notice of its holding or subsidiary companies whereby it appears that
      the Grantor is or may be liable to make any payment in respect of any
      Claim;

	 	 
	21.8.2 	
      thereafter keep the Grantor fully informed of all
      developments in relation thereto; and

	 	 
	21.8.3 	
      provide access to the Purchaser's Representatives and
      give all such information and documentation (no matter how it is recorded
      or stored) as the Grantor shall request in connection therewith, subject
      to any such disclosure not breaching any duty of confidentiality on the
      Purchaser under or in terms of any other agreement or
  arrangement.

	21.9 	
      Nothing in this Agreement shall or shall be deemed to
      relieve the Purchaser of any common law or other duty to mitigate any loss
      or damage incurred by them.

	 	 
	21.10 	
      Notwithstanding anything to the contrary contained in
      this Agreement, the Capacity and Authority Warranties and the Title
      Warranties shall not be limited or qualified in any respect whatsoever,
      and no disclosure (regardless of whether a fact or circumstance is Fairly
      Disclosed) shall be regarded as amending or supplementing the Disclosure
      Schedule or shall prevent or cure any  misrepresentation or breach of the
Capacity and Authority Warranties and the Title Warranties, as the case may be.

	 
	

38

	22 	
      GENERAL WARRANTIES

	22.1 	
      The Company (and each Purchaser upon entering into a
      Nomination Agreement) hereby warrants to and in favour of the other
      Parties that –

	22.1.1 	
      it has the legal capacity and has taken all necessary
      corporate action required to empower and authorise it to enter into this
      Agreement;

	 	 
	22.1.2 	
      this Agreement constitutes an agreement valid and binding
      on it and enforceable against it in accordance with its terms;

	 	 
	22.1.3 	
      the execution of this Agreement and the performance of
      its obligations hereunder does not and shall not
–

	22.1.3.1 	
      contravene any law or regulation to which the Party is
      subject;

	 	 
	22.1.3.2 	
      contravene any provision of the Party's constitutional
      documents; or

	 	 
	22.1.3.3 	
      conflict with, or constitute a breach of any of the
      provisions of any other agreement, obligation, restriction or undertaking
      which is binding on it.

	22.2 	
      Each of the representations and warranties given by a
      Party in terms of clause 22.1, shall –

	22.2.1 	
      be a separate warranty and will in no way be limited or
      restricted by inference from the terms of any other warranty or by any
      other words in this Agreement;

	 	 
	22.2.2 	
      continue and remain in force notwithstanding the
      completion of any or all the transactions contemplated in this Agreement;
      and

	 	 
	22.2.3 	
      prima facie be deemed to be material and to be a
      material representation inducing the other Parties to enter into this
      Agreement.

	23 	
      CONFIDENTIALITY

	23.1 	
      The Parties undertake that during
      the operation of, and for a period of 2 years after the lapsing or
      expiration, termination or cancellation of, this Agreement for any reason
      or, if the Call Option is exercised and a sale arises hereunder, after
      the Closing Date in respect of the sale of
the last of the Call Option Shares, they will keep confidential –

	 
	

39

	23.1.1 	
      any information which any Party ("Disclosing
      Party") communicates to any other Party ("Recipient") and which
      is stated to be or by its nature is intended to be confidential;

	 	 
	23.1.2 	
      all other information of the same confidential nature
      concerning the business of a Disclosing Party which comes to the knowledge
      of any Recipient whilst it is engaged in negotiating the terms of this
      Agreement or after its conclusion;

	 	 
	23.1.3 	
      the terms and conditions of this Agreement; and

	 	 
	23.1.4 	
      any information disclosed pursuant to the Due Diligence
      Investigation.

	23.2 	
      If a Recipient is uncertain about whether any information
      is to be treated as confidential in terms of this clause 23, it shall be
      obliged to treat it as such until written clearance is obtained from the
      Disclosing Party.

	 	 
	23.3 	
      Notwithstanding the provisions of clause 23.1, a
      Recipient shall be entitled to disclose any information to be kept
      confidential to its auditors, bankers, insurers, professional and other
      advisors and to any other person if and to the extent only that the
      disclosure is necessary for the purposes of carrying out its duties or
      implementing of enforcing any of its rights in terms of this
    Agreement.

	 	 
	23.4 	
      The obligation of confidentiality placed on the Parties
      in terms of this clause 23 shall cease to apply to a Recipient in respect
      of any information which –

	23.4.1 	
      has been independently developed by the
  Recipient;

	 	 
	23.4.2 	
      is or becomes generally available to the public other
      than by the negligence or default of the Recipient or by the breach of
      this Agreement by the Recipient;

	 	 
	23.4.3 	
      the Disclosing Party confirms in writing is disclosed on
      a non-confidential basis;

	 	 
	23.4.4 	
      has lawfully become known by or come into the possession
      of the Recipient on a non-confidential basis from a source other than the
      Disclosing Party having the legal right to disclose same, provided that
      such knowledge or possession is evidenced by the written records of the Recipient
  existing at the Signature Date; or

	 
	

40

	23.4.5 	
      is disclosed pursuant to a requirement or request by
      operation of law, regulation or court order or any regulatory or
      supervisory body or any applicable securities exchange, to the extent of
      compliance with such requirement or request only and not for any other
      purpose,

		
      provided that the onus shall at all times rest on the
      Recipient to establish that information falls within the exclusions set
      out in clauses 23.4.1 to 23.4.5.

	 	 
	23.5 	
      In the event that the Recipient is required to disclose
      confidential information of the Disclosing Party as contemplated in clause
      23.4.5, the Recipient will notify the Disclosing Party of the recipient
      of, and the form and extent of, any such disclosure or announcement
      immediately after it is made to the extent possible and permitted by any
      applicable law.

	24 	
      PUBLICITY

	 	 
		
      No public announcements of any nature whatsoever will be
      made by or on behalf of a Party relating to this Agreement and the terms
      and contents thereof without the prior written consent of the other
      Parties, save for any announcement or other statement required to be made
      in terms of the provisions of any law or by the rules of any recognised
      securities exchange, in which event the Party obliged to make such
      statement will first consult with the other Parties in order to enable the
      Parties in good faith to attempt to agree the content of such
      announcement, which (unless agreed) must go no further than is required in
      terms of such law or rules. This will not apply to a Party wishing to
      respond to any other Party which has made an announcement of some nature
      in breach of this clause 24.

	 	 
	25 	
      SUPPORT

	 	 
		
      Each Party undertakes, and shall procure that its
      representatives, at all times to do all such things, perform all such
      actions and take all such steps and to procure the doing of all such
      things, the performance of all such actions and the taking of all such
      steps as may be open to them and necessary for or incidental to the
      putting into effect or maintenance of the terms, conditions and/or import
      of this Agreement.

	 
	

41

	26 	
      BREACH

	26.1 	
      If a Party ("Defaulting Party") commits any breach
      of this Agreement and fails to remedy such breach within 10 business days
      ("Notice Period") of written notice requiring the breach to be
      remedied, then the Party giving the notice ("Aggrieved Party") will
      be entitled, at its option –

	26.1.1 	
      to claim immediate specific performance of any of the
      Defaulting Party's obligations under this Agreement, with or without
      claiming damages, whether or not such obligation has fallen due for
      performance, and to require the Defaulting Party to provide security to
      the satisfaction of the Aggrieved Party for the Defaulting Party's
      obligations; or

	 	 
	26.1.2 	
      to cancel this Agreement, with or without claiming
      damages, in which case written notice of the cancellation shall be given
      to the Defaulting Party, and the cancellation shall take effect on the
      giving of the notice. Notwithstanding the aforesaid, neither of the
      Parties shall be entitled to cancel this Agreement unless the breach is a
      material breach going to the root of the
Agreement.

	26.2 	
      The Parties agree that any costs awarded will be
      recoverable on an attorney-and- own-client scale unless the Court
      specifically determines that such scale shall not apply, in which event
      the costs will be recoverable in accordance with the High Court tariff,
      determined on an attorney-and-client scale.

	 	 
	26.3 	
      The Aggrieved Party's remedies in terms of this clause 26
      are without prejudice to any other remedies to which the Aggrieved Party
      may be entitled in law.

	 	 
	26.4 	
      Notwithstanding the aforegoing, after the acquisition of
      all of the Call Option Shares and payment of the Option Price in full in
      accordance with this Agreement, none of the Parties will have the right to
      cancel this Agreement as a result of a breach thereof, and the Parties'
      only remedies thereafter will be to claim specific performance of all the
      Defaulting Party's obligations, together with damages, if
  any.

	27 	
      DISPUTE RESOLUTION

	27.1 	
      In the event of there being any dispute or difference
      between all or some of the Parties arising out of this Agreement, the said
      dispute or difference shall on written demand by any Party be submitted to arbitration
      in Johannesburg in accordance with the AFSA rules, which arbitration shall
  be administered by AFSA.

	 
	

42

	27.2 	
      Should AFSA, as an institution, not be operating at that
      time or not be accepting requests for arbitration for any reason, then the
      arbitration shall be conducted in accordance with the AFSA rules for
      commercial arbitration (as last applied by AFSA) before an arbitrator
      appointed by agreement between the parties to the dispute or failing
      agreement within 10 business days of the demand for arbitration, then any
      party to the dispute shall be entitled to forthwith call upon the
      chairperson of the Johannesburg Bar Council to nominate the arbitrator,
      provided that the person so nominated shall be an advocate of not less
      than 10 years standing as such. The person so nominated shall be the duly
      appointed arbitrator in respect of the dispute. In the event of the
      attorneys of the parties to the dispute failing to agree on any matter
      relating to the administration of the arbitration, such matter shall be
      referred to and decided by the arbitrator whose decision shall be final
      and binding on the parties to the dispute.

	 	 
	27.3 	
      Any party to the arbitration may appeal the decision of
      the arbitrator or arbitrators in terms of the AFSA rules for commercial
      arbitration.

	 	 
	27.4 	
      Nothing herein contained shall be deemed to prevent or
      prohibit a party to the arbitration from applying to the appropriate court
      for urgent relief or for judgment in relation to a liquidated
  claim.

	 	 
	27.5 	
      Any arbitration in terms of this clause 27 (including any
      appeal proceedings) shall be conducted in camera and the Parties
      shall treat as confidential details of the dispute submitted to
      arbitration, the conduct of the arbitration proceedings and the outcome of
      the arbitration.

	 	 
	27.6 	
      This clause 27 will continue to be binding on the Parties
      notwithstanding any termination or cancellation of the
Agreement.

	 	 
	27.7 	
      The Parties agree that the written demand by a party to
      the dispute in terms of clause 27.1, that the dispute or difference be
      submitted to arbitration, is to be deemed to be a legal process for the
      purpose of interrupting extinctive prescription in terms of the
      Prescription Act, 1969.

	 
	

43

	28 	
      NOTICES AND DOMICILIA

	28.1 	
      The Parties select as their respective domicilia
      citandi et executandi the following physical addresses, and for the
      purposes of giving or sending any notice provided for or required under
      this Agreement, the following physical and email addresses
  –

	 	Name 	Physical Address 	Email 
	 	Grantor 	6th Floor 	xxx 
	 	  	President Place 	  
	 	  	Cnr Jan Smuts Ave and Bolton
      Road 	  
	 	  	Rosebank 	  
	 	  	Johannesburg 	 

Marked for the attention of: Chief
Financial Officer 

	 	Name 	Physical Address 	Email 
	 	Company 	23/25 Commerce Crescent 	xxx 
	 	  	Kramerville 	  
	 	  	Johannesburg 	 

		
      Marked for the attention of: Andrew Dunn

	 	 
		
      provided that a Party may change its domicilium to
      any other physical address in South Africa, or its address for the
      purposes of notices to any other physical or email address, by written
      notice to the other Parties to that effect. Such change of address will be
      effective 5 business days after receipt of the notice of the
  change.

	 	 
	28.2 	
      All notices to be given in terms of this Agreement will
      be given in writing and will –

	28.2.1 	
      be delivered by hand or sent by
email;

	 
	

44

	28.2.2 	
      if delivered by hand during business hours, be presumed
      to have been received on the date of delivery. Any notice delivered after
      business hours or on a day which is not a business day will be presumed to
      have been received on the following business day; and

	 	 
	28.2.3 	
      if sent by email during business hours, be presumed to
      have been received on the date of successful transmission of the email.
      Any email sent after business hours or on a day which is not a business
      day will be presumed to have been received on the following business
      day.

	28.3 	
      Notwithstanding the above, any notice given in writing,
      and actually received by the Party to whom the notice is addressed, will
      be deemed to have been properly given and received, notwithstanding that
      such notice has not been given in accordance with this clause
  28.

	29 	
      BENEFIT OF THE AGREEMENT

	 	 
		
      This Agreement will also be for the benefit of and be
      binding upon the successors in title and permitted assigns of the Parties
      or any of them.

	 	 
	30 	
      APPLICABLE LAW AND
JURISDICTION

	30.1 	
      This Agreement will in all respects be governed by and
      construed under the laws of South Africa.

	 	 
	30.2 	
      Subject to clause 26.2, the Parties hereby consent and
      submit to the non-exclusive jurisdiction of the High Court of South
      Africa, Gauteng Local Division (Johannesburg), in any dispute arising from
      or in connection with this Agreement.

	31 	
      INDEPENDENT ADVICE

	 	 
		
      Each of the Parties hereby acknowledges and agreed that
      -

	31.1 	
      it has been free to secure independent legal and other
      professional advice (including financial and taxation advice) as to the
      nature and effect of all of the provisions of this Agreement and that it
      has either taken such independent advice or has dispensed with the
      necessity of doing so; and

	 
	

45

	31.2 	
      all of the provisions of this Agreement and the
      restrictions herein contained are fair and reasonable in all the
      circumstances and are in accordance with the Party's
  intentions.

	32 	
      GENERAL

	32.1 	
      Whole Agreement

	 	 
		
      This Agreement constitutes the whole of the agreement
      between the Parties relating to the matters dealt with herein and, save to
      the extent otherwise provided herein, no undertaking, representation, term
      or condition relating to the subject matter of this Agreement not
      incorporated in this Agreement shall be binding on any of the
    Parties.

	 	 
	32.2 	
      Variations to be in Writing

	 	 
		
      No addition to or variation, deletion, or agreed
      cancellation of all or any clauses or provisions of this Agreement will be
      of any force or effect unless in writing and signed by the
  Parties.

	 	 
	32.3 	
      No Indulgences

	 	 
		
      No latitude, extension of time or other indulgence which
      may be given or allowed by any Party to the other in respect of the
      performance of any obligation hereunder, and no delay or forbearance in
      the enforcement of any right of any Party arising from this Agreement and
      no single or partial exercise of any right by any Party under this
      Agreement, shall in any circumstances be construed to be an implied
      consent or election by that Party or operate as a waiver or a novation of
      or otherwise affect any of its rights in terms of or arising from this
      Agreement or estop or preclude it from enforcing at any time and without
      notice, strict and punctual compliance with each and every provision or
      term hereof. Failure or delay on the part of any Party in exercising any
      right, power or privilege under this Agreement will not constitute or be
      deemed to be a waiver thereof, nor will any single or partial exercise of
      any right, power or privilege preclude any other or further exercise
      thereof or the exercise of any other right, power or
  privilege.

	 
	

46

	32.4 	
      No Waiver or Suspension of Rights

	 	 
		
      No waiver, suspension or postponement by any Party of any
      right arising out of or in connection with this Agreement shall be of any
      force or effect unless in writing and signed by that Party. Any such
      waiver, suspension or postponement will be effective only in the specific
      instance and for the purpose given.

	 	 
	32.5 	
      Continuing Effectiveness of Certain
    Provisions

	 	 
		
      The expiration or termination of this Agreement shall not
      affect such of the provisions of this Agreement as expressly provide that
      they will operate after any such expiration or termination or which of
      necessity must continue to have effect after such expiration or
      termination, notwithstanding that the clauses themselves do not expressly
      provide for this.

	 	 
	32.6 	
      No Assignment

	 	 
		
      Neither this Agreement nor any part, share or interest
      herein nor any rights or obligations hereunder may be ceded, delegated or
      assigned by any Party without the prior signed written consent of the
      others.

	33 	
      COSTS

	 	 
		
      Subject to clause 26.2, the Grantor will bear and pay all
      the legal costs and expenses of and incidental to the negotiation,
      drafting, preparation and implementation of this Agreement, including the
      legal costs and expenses of the Company in connection with the
      negotiation, drafting and preparation and implementation of this
      Agreement, provided that each Nominated Purchaser shall on demand
      reimburse the Grantor, a pro rata portion, based on the proportion
      of the Call Option Shares acquired by the relevant Nominated Purchaser, of
      the legal costs and expenses incurred by the Grantor in respect of the
      negotiation, drafting, preparation and implementation of this
      Agreement.

	 	 
	34 	
      SIGNATURE

	34.1 	
      This Agreement is signed by the Parties on the dates and
      at the places indicated below.

	 
	

47

	34.2 	
      This Agreement may be executed in counterparts, each of
      which shall be deemed an original, and all of which together shall
      constitute one and the same Agreement as at the date of signature of the
      Party last signing one of the counterparts.

	 	 
	34.3 	
      The persons signing this Agreement in a representative
      capacity warrant their authority to do so.

	 	 
	34.4 	
      The Parties record that it is not required for this
      Agreement to be valid and enforceable that a Party shall initial the pages
      of this Agreement and/or have its signature of this Agreement verified by
      a witness.

[Remainder of page left intentionally blank. Signature pages
follow hereafter.] 

	 
	

48

SIGNED at Rosebank on 2 May 2019

	 	For and on behalf of 
	 	NET1 APPLIED TECHNOLOGIES 
	 	SOUTH AFRICA PROPRIETARY 
	 	LIMITED 
	 	  
	 	/s/ A.M.R. Smith 
	 	Signature 
	 	  
	 	A.M.R. Smith 
	 	Name of Signatory 
	 	  
	 	Director 
	 	Designation of Signatory 

SIGNED at Sandton on 3 May 2019

	 	For and on behalf of 
	 	DNI-4PL CONTRACTS 
	 	PROPRIETARY LIMITED 
	 	  
	 	/s/ Andrew Dunn 
	 	Signature 
	 	  
	 	Andrew Dunn 
	 	Name of Signatory 
	 	  
	 	Director 
	 	Designation of Signatory

	 
	

Annexure A

Form of Call Option Notice

	To: 	Net1 Applied Technologies South
      Africa Proprietary Limited 
	  	[•] 
	  	[•] 
	  	[•] 
	  	  
	By email: [•] 	 
	  	  
	Attention: [•] 	 

[•] 20[•]

Dear Sirs

CALL OPTION EXERCISE NOTICE

	1 	
      We refer to the written agreement titled "Call Option
      Agreement" entered into between Net1 Applied Technologies South Africa
      Proprietary Limited and DNI-4PL Contracts Proprietary Limited on or about
      3 May 2019 ("Call Option Agreement").

	 	 
	2 	
      Terms defined in the Call Option Agreement shall bear the
      meanings ascribed therein unless this document clearly indicates
      otherwise.

	 	 
	3 	
      In terms of clause 8.1.2 of the Call Option Agreement,
      the Purchaser is required to notify the Grantor in writing of its election
      to exercise the Call Option during any Option Period. The Purchaser hereby
      exercises the Call Option and this notice constitutes the Call Option
      Notice. Accordingly, the Purchaser is obliged to purchase the Call Option
      Shares on the terms and conditions contained in the Call Option
      Agreement.

	 	 
	4 	
      In terms of clause 8.1.2.2 of the Call Option Agreement,
      the Purchaser is required to set out its calculation of the Call Option
      Price. A copy of the calculations is enclosed with this
  letter.

 

Yours faithfully

______________________ 
For and on behalf of: 

	 
	

[•] 
Name:
Title: Authorised Signatory 

	 
	

Annexure B

Nomination Agreement

Whereas Net1 Applied Technologies South Africa Proprietary
Limited and DNI-4PL Contracts Proprietary Limited entered into a written
agreement titled "Call Option Agreement" on or about [•] ("Call Option
Agreement"). 

This document constitutes a Nomination Agreement as
contemplated under clause 2.1.45 of the Call Option Agreement. 

Capitalised words and expressions used in this Nomination
Agreement bear the meanings assigned to them in the Call Option Agreement. 

The Company hereby nominates [•] (registration number [•]) as
the purchaser of [•] Option Shares in terms of clause 5 of the Call Option
Agreement ("Nominated Purchaser"), which nomination the Nominated
Purchaser hereby accepts. 

The Nominated Purchaser hereby undertakes, with effect from the
date on which this Nomination Agreement is signed by both parties hereto, that
it will be and become bound by all of the provisions of the Call Option
Agreement and all of the terms and conditions thereof shall be enforceable
against it by any of the other Parties thereto. 

SIGNED
at ...............................................................................
on
............................................................................................... 20[•]

	 	For and on behalf of 
	 	THE NOMINATED PURCHASER 
	 	 
	 	 
	 	Signature 
	 	 
	 	 
	 	Name of Signatory 
	 	 
	 	 
	 	Designation of Signatory

	 
	

SIGNED
at ...............................................................................
on
............................................................................................... 20[•]

	 	For and on behalf of 
	 	THE GRANTEE 
	 	 
	 	 
	 	Signature 
	 	 
	 	 
	 	Name of Signatory 
	 	 
	 	 
	 	Designation of Signatory

	 
	

Annexure C

Warranties by the Grantor

	1 	
      INTRODUCTION

	1.1 	
      Expressions defined in the sale of shares agreement to
      which this document is attached as Annexure C ("Agreement") shall
      bear the same meaning in this Annexure C as that assigned to them in the
      Agreement.

	 	 
	1.2 	
      To the extent that the Warranties are given on a date
      which results in the use of any tense being inappropriate, the Warranties
      set out below shall be read in the appropriate tense.

	 	 
	1.3 	
      The Warranties set out below are given by the Grantor, on
      the basis set out in clause 19, and by the Company.

	 	 
	1.4 	
      All the Warranties given by the Grantor in this annexure
      are given subject to the limitations and qualifications set out in clause
      21 of the Agreement (or any other relevant provision of the
    Agreement).

	2 	
      CAPACITY AND AUTHORITY

	2.1 	
      Incorporation and
Existence

	2.1.1 	
      The Company is a company duly incorporated and registered
      under South African law and has been in continuous existence since
      incorporation.

	 	 
	2.1.2 	
      Each Group Company is a private company duly incorporated
      and registered under South African law and has been in continuous
      existence since incorporation.

	 	 
	2.1.3 	
      As far as the Grantor is Aware, no steps have been taken
      in respect of the deregistration of any Group Company in terms of section
      82(3) of the Companies Act.

	 	 
	2.1.4 	
      As at the Signature Date and the Closing Date the Company
      has an authorised share capital of 1,000 ordinary shares with a par value
      of R1 each, all ranking pari passu in all respects, and 90,000,000
      class A ordinary shares of no par value, all ranking pari passu in
      all respects.

	 
	

	2.1.5 	
      As at the Signature Date and the Closing Date, all the
      Group Companies will be wholly owned subsidiaries, save for the following
      Group Companies where the issued shares will be held as follows
  –

	2.1.5.1 	
      the Company holds 55% of all of the shares in Switch
      Mobile Proprietary Limited (registration number 2000/030913/07);

	 	 
	2.1.5.2 	
      the Company holds 55% of all of the shares in Mobile Mart
      Proprietary Limited (registration number 2014/030933/07);

	 	 
	2.1.5.3 	
      the Company holds 50% of all of the shares in Speckpack
      Field Services Proprietary Limited (registration number
      2014/164903/07);

	 	 
	2.1.5.4 	
      the Company holds 51.2% of all of the shares in M4Jam
      Proprietary Limited (registration number 2003/011766/07) , which in turn
      holds 100% of all of the shares in M4Jam South Africa Proprietary Limited
      (registration number 2004/013252/07), which in turn holds 100% of all of
      the shares in M4You Proprietary Limited (registration number
      2013/026161/07) and 40% of all of the shares in Fanaka Holdings
      Proprietary Limited (registration number
2011/110167/07).

	2.1.6 	
      As at the Closing Date the Group Companies have no shares
      in issue other than ordinary shares.

	 	 
	2.1.7 	
      Save as provided for above, the Company has no other
      direct or indirect shareholding in another
company.

	2.2 	
      Right, Power, Authority and
  Action

	2.2.1 	
      The Company has the right, power and authority to conduct
      its business.

	 	 
	2.2.2 	
      Each Group Company has the right, power and authority to
      conduct the businesses conducted by them.

	 	 
	2.2.3 	
      The Company and the Grantor each have the right, power
      and authority, and has taken all action necessary, to execute, deliver and
      exercise its rights, and perform its obligations, under this
    Agreement.

	2.3 	
      Binding Agreements

	 
	

	2.3.1 	
      The Grantor's obligations under this Agreement will be
      enforceable against it in accordance with their terms.

	 	 
	2.3.2 	
      The entry into this Agreement by the Grantor, and the
      performance by it of its obligations under this Agreement, does not, and
      will not –

	2.3.2.1 	
      as at the Closing Date, result in any present or future
      material indebtedness of the Grantor becoming due or capable of being
      declared due and payable prior to its stated maturity;

	 	 
	2.3.2.2 	
      contravene, conflict with, or result in a violation of,
      any applicable laws; or

	 	 
	2.3.2.3 	
      contravene, conflict with, or result in a breach or
      default of, the terms of, or give any person the right to declare a
      default or exercise any remedy under, or to accelerate the maturity or
      performance of, or to cancel, terminate or modify, any agreement,
      indenture, mortgage or other instrument of any kind to which it/he is a
      party, that has not been waived or consented to in writing by that person
      prior to the Signature Date.

	3 	
      SHARES

	3.1 	
      The Shares

	3.1.1 	
      The Grantor is the sole beneficial holder of the Call
      Option Shares and is reflected as the sole registered holder thereof in
      the securities register of the Company, and no person has any right to
      obtain an order for the rectification of such register.

	 	 
	3.1.2 	
      The Call Option Shares confer on the holder/s thereof:
      30.394765% of the total voting rights exercisable in the Company, (ii)
      30.394765% of the rights to any and all distributions by the Company, and
      (iii) upon the Company's liquidation, 30.394765% of the net assets of the
      Company.

	 	 
	3.1.3 	
      There is no Encumbrance, and there is no agreement,
      arrangement or obligation to create or give an Encumbrance, in relation to
      any shares in the Company (including the Call Option Shares). As far as
      the Grantor is Aware, no person has claimed to be entitled to an
      Encumbrance in relation to any of the shares in the
  Company.

	 
	

	3.1.4 	
      As at the Closing Date, save as contemplated in the Share
      Sale and Subscription Agreement, agreement containing the Put Option, the
      Sale Agreement, the Shareholders Agreement or the MOI, there is no
      agreement, arrangement or obligation requiring the creation, allotment,
      issue, transfer, redemption or repayment of, or the grant to a person of
      the right (conditional or not) to require the allotment, issue, transfer,
      redemption or repayment of, a share in the capital of the Company or any
      Group Company (including, without limitation, an option or right of
      pre-emption or conversion), in terms of which such creation, allotment,
      issue, transfer, redemption or repayment must still occur.

	 	 
	3.1.5 	
      As at the Closing Date, save as contemplated in the Put
      Option Agreement, neither the Company nor any Group Company is and will
      not be under any obligation (whether contingently upon the exercise of any
      right or otherwise), and no resolution shall have been passed, requiring
      the Company or any Group Company to increase or to reduce its authorised
      or issued shares, or to vary any of the rights attaching to any of its
      shares, or to buyback any of its shares, or to make any payment(s) to its
      shareholder.

	 	 
	3.1.6 	
      As at the Closing Date, no person (other than the
      Purchaser in terms of this Agreement and the agreement containing the Put
      Option, JAA Holdings Proprietary Limited and PK Gain Investment Holdings
      Proprietary Limited in terms of the Share Sale and Subscription Agreement
      and the Shareholders in terms of the Shareholders Agreement and the MOI)
      has any right, actual or contingent, (including, inter alia, any option or
      right of first refusal) to subscribe for any shares or any other
      Securities in the authorised shares of any Group Company.

	 	 
	3.1.7 	
      No person is entitled to participate in, or to a
      commission on the dividends or profits of, any Group Company, except as a
      shareholder.

	 	 
	3.1.8 	
      As at the Closing Date, no Group Company is obliged to
      cancel any of the shares in its capital or to create or issue any
      debentures or any derivatives.

	 	 
	3.1.9 	
      The Call Option Shares have been validly and lawfully
      authorised and issued.

	 
	

	3.2 	
      Securities Register

	3.2.1 	
      The securities register of the Company contains true and
      accurate records of the holders of securities from time to time issued by
      the Company and the Company does not know of any facts or circumstances
      which may give rise to a rectification of the securities register of the
      Company.

	 	 
	3.2.2 	
      No person has any right to obtain an order for the
      rectification of the securities register of any Group
  Company.

	4 	
      RECEIVABLES

	 	 
		
      As at the Closing Date –

	4.1 	
      the receivables book will be in the name of the Company
      or relevant Group Company;

	 	 
	4.2 	
      security relating to the receivables book will be
      documented to reflect the terms of the security and all such documents are
      in the possession, or under the control of the Company;

	 	 
	4.3 	
      the provision by the Company for bad or doubtful debt of
      the Group is adequate;

	 	 
	4.4 	
      the contracts with customers forming part of the
      receivables book and all documents ancillary thereto will be in the
      possession, and under the control, of the Company;

	 	 
	4.5 	
      the receivables book has accurately recorded the
      principle and material terms of these contracts (including the sum
      outstanding and the payment/repayment dates); and

	 	 
	4.6 	
      all accounts receivable of each Group Company will be
      fully recovered save to the extent specifically provided against in the
      Warranted Accounts.

	5 	
      RECORDS

	 	 
		
      Each Group Company complies in all material respects with
      all record keeping requirements imposed by applicable laws and all such
      records (including the books, registers, accounts, ledgers and accounting
      records) of that Group Company –

	 
	

	5.1 	
      are up-to-date in all material respects;

	 	 
	5.2 	
      are in its possession or under its control;

	 	 
	5.3 	
      give and reflect a true and fair view of that Group
      Company concerned and are not misleading in any material way;
and

	 	 
	5.4 	
      are properly completed on a basis consistent with the
      accounting records of the 3 most recent financial years of the Group
      Company concerned (unless otherwise stated therein) and in accordance with
      the Companies Act, IFRS (to the extent applicable) and the law of, and
      applicable standards, principles and practices generally accepted in South
      Africa.

	6 	
      FINANCIAL STATEMENTS

	6.1 	
      No Undisclosed
Liabilities

	6.1.1 	
      The Group has no liabilities, which would be regarded as
      material by an auditor, of any kind (including, for the avoidance of
      doubt, off statement of financial position liabilities) that would have
      been required to be reflected in, reserved against or otherwise described
      on the Warranted Accounts or in the notes thereto in accordance with IFRS
      and were not so reflected, reserved against or described, other than (i)
      liabilities incurred in the Ordinary Course of Business after 1 March
      2019, and (ii) liabilities incurred in connection with the transactions
      contemplated in the Agreement, other than as reflected and Fairly
      Disclosed in the Warranted Accounts.

	 	 
	6.1.2 	
      No Shareholder or any related person to any such person
      has any claims against any Group Company whether on loan account, current
      account or otherwise.

	 	 
	6.1.3 	
      The Group has paid its creditors which would be regarded
      as material creditors by an auditor, within the time limits agreed with
      such creditors save where a creditor's claim is disputed or as may be
      otherwise indicated and Fairly Disclosed in the Warranted
  Accounts.

	 	 
	6.1.4 	
      No report has been furnished to any Group Company by its
      auditor concerning a material irregularity as contemplated in the Auditing
      Professions Act No. 26 of 2005 (as amended), or any similar predecessor section,
  or any analogous legislation in a relevant jurisdiction.

	 
	

	6.1.5 	
      Between the Signature Date and the Closing Date, the
      Group's Business will be operated in the usual way so as to maintain it as
      a going concern.

	 	 
	6.1.6 	
      The Audited Accounts –

	6.1.6.1 	
      comply with the requirements of the Companies
  Act;

	 	 
	6.1.6.2 	
      have been prepared in accordance with IFRS;

	 	 
	6.1.6.3 	
      fairly present the financial position, operations and
      results of the Group as at the close of business at the end of the
      financial period to which they relate;

	 	 
	6.1.6.4 	
      save as noted therein, reflect no change in any of the
      bases of accounting or accounting principles used in respect of any
      material item;

	 	 
	6.1.6.5 	
      reflect or disclose all liabilities, actual or
      contingent, at their full amount;

	 	 
	6.1.6.6 	
      adequately provide for bad and doubtful debts as well as
      for any and all accrued liabilities including accrued leave pay, accrued
      holiday pay, pensions, bonuses or other similar payments or liabilities to
      employees;

	 	 
	6.1.6.7 	
      have been reported on by the auditors of the Group
      without any qualification other than in respect of post-balance sheet
      events; and

	 	 
	6.1.6.8 	
      have been approved and signed by the directors of the
      Company.

	6.1.7 	
      All provisions contained or brought to account are
      adequate and sufficient in respect of the matters to which they relate,
      including but not limited to foreign exchange commitments.

	 	 
	6.1.8 	
      As at the Signature Date, the financial year end of the
      Company is June.

	 	 
	6.1.9 	
      The Management Accounts –

	 	 
	6.1.9.1 	
      fairly present the financial position, operations and
      results of the Group as at the close of business at the end of the
      financial period to which they relate;

	 
	

	6.1.9.2 	
      save as noted therein, reflect no change in any of the
      bases of accounting or accounting principles used in the preparation of
      the Audited Accounts and have been prepared consistent with past
      practice;

	 	 
	6.1.9.3 	
      reflect or disclose all liabilities, actual or
      contingent, at their full amount; and

	 	 
	6.1.9.4 	
      adequately provide for bad and doubtful debts as well as
      for any and all accrued liabilities including accrued leave pay, accrued
      holiday pay, pensions, bonuses or other similar payments or liabilities to
      employees.

	6.2 	
      Minute Books

	 	 
		
      As at the Signature Date and the Closing Date, the minute
      book of each Group Company contain all material resolutions passed by the
      directors and shareholders thereof, save for resolutions required to give
      effect to the provisions of this Agreement.

	6.3 	
      Specific

	6.3.1 	
      Since 1 July 2018 –

	6.3.1.1 	
      no Group Company has, other than in the Ordinary Course
      of its Business –

	6.3.1.1.1 	
      acquired or disposed of, or agreed to acquire or dispose
      of, an asset which an auditor would regard as material; or

	 	 
	6.3.1.1.2 	
      assumed or incurred, or agreed to assume or incur, a
      liability, obligation or expense (actual or contingent) that an auditor
      would regard as material;

	6.3.1.2 	
      the Group's business has not been materially and
      adversely affected by the termination of, or a change in the terms of, any
      licence, an agreement or by the loss of a customer or supplier or by an
      abnormal factor not affecting similar businesses;

	 	 
	6.3.1.3 	
      the Company has not declared, paid or made a dividend or
      distribution (including, without limitation, a distribution within the
      meaning of the Income Tax Act), except as provided for in the Warranted
      Accounts; and

	 
	

	6.3.1.4 	
      no Group Company has changed its financial year end
      (other than the change from 28 February to 30 June) or its
  auditors.

	7 	
      TAX

	7.1 	
      Each Group Company shall at all times have complied in
      all material respects with the provisions of the Income Tax Act, the
      Value-added Tax Act, No. 89 of 1991 ("VAT Act") and all Tax returns
      (including without limitation employees' tax returns and specifically
      including all returns and information that relate to reportable
      arrangements as contemplated in Part B of Chapter 4 (sections 34 to 39 of
      the Tax Administration Act, No. 28 of 2011 or sections 80M to 80T of the
      Income Tax Act) and declarations required to be returned shall have been
      made by it in respect of the 4 financial years immediately preceding the
      Closing Date and shall have accurately disclosed all information properly
      required to be disclosed to the Commissioner or other appropriate
      authorities, and all provisional and other Taxes shall have been paid as
      at the due date thereof in material compliance with the provisions of the
      Income Tax Act.

	 	 
	7.2 	
      Each Group Company has paid and discharged when due, all
      Taxes payable by it from the date of its incorporation to the Closing
      Date, including any Tax in respect of –

	7.2.1 	
      its assets, income or profits;

	 	 
	7.2.2 	
      any transactions concluded by the Group Company
      concerned;

	 	 
	7.2.3 	
      the declaration and payment of dividends and/or deemed
      dividends by the Group Company concerned.

	7.3 	
      All assessments for Tax raised in respect of the Group
      where the due date for payment of the Tax arises on or before the Closing
      Date or which relate to the period prior to the Closing Date or as
      otherwise provided in the Management Accounts shall have been paid in full
      by the Closing Date, unless disputed by the Company in good
  faith.

	 	 
	7.4 	
      In respect of any Tax of the Group which is due for
      payment after the Closing Date, adequate provision therefor shall have
      been made in the financial statements of the relevant Group
  Company.

	 
	

	7.5 	
      Final assessments have been issued for all Tax periods in
      respect of which the Group Company has submitted Tax returns and the
      Grantor is not Aware of any intention by the Commissioner to re-open any
      such assessment.

	 	 
	7.6 	
      As far as the Grantor is Aware, no Group Company is
      liable to pay any penalty, late payment penalty, administrative
      non-compliance penalty, understatement penalty, fine or interest in
      connection with any Tax.

	 	 
	7.7 	
      As far as the Grantor is Aware, no Group Company is party
      to any transactions in respect of which the Tax authority may lawfully
      substitute, for purposes of Tax, a different consideration for the actual
      consideration given or received by the Group.

	 	 
	7.8 	
      The wear and tear, depreciation or capital allowances
      applied in the past to the Group's fixed or other assets for Tax purposes
      shall conform in all material respects to, and shall not exceed, those
      permitted in terms of the Income Tax Act.

	 	 
	7.9 	
      All financing costs incurred to date (including any
      interest or similar expenses) in relation to any financing entered into by
      the Group before Closing have been and will be deductible on an accruals
      basis.

	 	 
	7.10 	
      As far as the Grantor is Aware, no facts or circumstances
      exist which could cause a revenue authority to disallow any existing
      assessable/accumulated tax losses or the carrying forward of such
      losses.

	 	 
	7.11 	
      The current and deferred Tax provisions and/or assets
      that will be included in the Audited Accounts have been properly provided
      for in accordance with the IFRS.

	 	 
	7.12 	
      Where required, a Group Company has duly registered as a
      VAT vendor in terms of the VAT Act, has complied in all material respects
      with all statutory provisions and regulations relating to VAT and has duly
      paid or provided for all amounts of VAT which have become due and payable
      or for which that Group Company is liable; and is not operating any
      special arrangement or scheme relating to VAT nor has it agreed any
      special method of accounting for VAT.

	 	 
	7.13 	
      Except as otherwise Fairly Disclosed in the Disclosure
      Schedule, no Group Company has, at any time since the date of its
      incorporation –

	 
	

	7.13.1 	
      entered into any transaction as contemplated in sections
      41 to 47 of the Income Tax Act;

	 	 
	7.13.2 	
      issued any "hybrid equity instrument", as contemplated in
      section 8E of the Income Tax Act, or any "third-party backed share", as
      contemplated in section 8EA of the Income Tax Act;

	 	 
	7.13.3 	
      issued any "hybrid debt instrument" as contemplated in
      section 8F of the Income Tax Act;

	 	 
	7.13.4 	
      incurred "hybrid interest" as contemplated in section 8FA
      of the Income Tax Act.

	7.14 	
      Each Group Company is –

	7.14.1 	
      a resident for South African Tax purposes and has not
      ceased such residence since the date of its incorporation; and

	 	 
	7.14.2 	
      is not treated as resident or liable to Tax in any other
      jurisdiction for any Tax purpose (including for the purposes of any double
      taxation agreement); and

	 	 
	7.14.3 	
      not subject to the interest-limitation provisions
      contained in sections 23M or 23N of the Income Tax
Act.

	7.15 	
      No Group Company has at any time or times been party to
      any 'company formation transaction', 'share-for-share transaction',
      'amalgamation transaction', 'intra-group transaction', 'unbundling
      transaction' or 'liquidation, winding-up or deregistration transaction'
      all as contemplated in Part III of the Income Tax Act, or any other
      transaction which might be so classified.

	 	 
	7.16 	
      As at the Signature Date, there are no material queries,
      notices, suits, proceedings, investigations or inspections pending against
      any Group Company by the Commissioner or any Tax authority relating to any
      claim for any additional Tax or assessment, or any material matters under
      discussion with the Commissioner or any Tax authority relating to any
      claim for any Tax or assessment, nor is there any pending Tax objection or
      appeal by any Group Company.

	 	 
	7.17 	
      As far as the Grantor is Aware, the Tax files and records
      of the Group contain complete, full and accurate details in all material
      respects of all communications with the Commissioner and Tax advisors, respectively, for
  the 3 year period prior to the Closing Date.

	 
	

	7.18 	
      As far as the Grantor is Aware, to the extent that any
      Group Company claimed Tax allowances or deductions prior to the Closing
      Date (including, without limitation, in respect of leasehold improvements)
      it was, insofar as it was Aware, entitled to do so in accordance with the
      provisions of the Income Tax Act.

	8 	
      BUSINESS OF THE
COMPANY

	8.1 	
      The sole business of the Company is the Business which
      the Company conducts as a going concern solely in South Africa.

	 	 
	8.2 	
      No Group Company is bound by any restraint of trade
      agreement and no Group Company has committed (whether actually or
      contingently) to entering into any restraint of trade agreement by which
      it may be so bound.

	 	 
	8.3 	
      The Grantor is not Aware of anything which will prevent
      the Company from carrying on the Business nor any Group Company carrying
      on its business.

	 	 
	8.4 	
      As far as the Grantor is Aware, the Company has not given
      any express, tacit or implied warranties in respect of products sold by it
      or services rendered by it other than those given in the normal and
      ordinary course of conduct of the Business.

	 	 
	8.5 	
      As far as the Grantor is Aware, the Group has utilised
      all import permits issued to it only in respect of the Business and has
      not used any such import permit for the importation of goods on behalf of
      anyone else.

	9 	
      ASSETS

	9.1 	
      Title and Condition

	9.1.1 	
      Each asset included in the Management Accounts or
      acquired by the Group since the Management Accounts (other than stock
      disposed of in the Ordinary Course of Business or leased assets) is
    –

	9.1.1.1 	
      legally and beneficially owned solely by the Group;
      and

	 	 
	9.1.1.2 	
      where capable of possession, in the possession or under
      the control of the Group.

	 
	

	9.1.2 	
      Unless otherwise Fairly Disclosed in the Disclosure
      Schedule, all the material assets of the Group included in the Management
      Accounts or acquired by the Group since the Audited Accounts, whether
      movable, immovable, fixed or of whatever nature or description will be
      owned by the Group in full, free and unencumbered ownership, and none of
      them will be subject to –

	9.1.2.1 	
      any credit agreement, credit transaction, instalment sale
      transaction or leasing transaction;

	 	 
	9.1.2.2 	
      any other credit agreement, instalment sale agreement,
      hire-purchase or suspensive sale agreement, lease or any like agreement
      whatever its form, save for motor vehicle leases in the Ordinary Course of
      Business;

	 	 
	9.1.2.3 	
      any pledge, mortgage bond, lien or notarial
  bond;

	 	 
	9.1.2.4 	
      any other right in favour of any third person;
  or

	 	 
	9.1.2.5 	
      any arrangement for the payment of a premium or like
      consideration to or by the Group for the use of the asset
  concerned.

	9.1.3 	
      As far as the Grantor is Aware, no person has or will
      have any right (including any option or right of first refusal) to acquire
      or claim delivery, ownership or transfer or the use, occupation,
      possession or enjoyment of, any of the assets of any Group Company, other
      than in the Ordinary Course of its Business.

	 	 
	9.1.4 	
      There has been no exercise, purported exercise or claim
      for any Encumbrance over any of the assets of any Group Company, and there
      is no dispute directly or indirectly relating to any such
assets.

	 	 
	9.1.5 	
      Each Group Company has the legal capacity and power to
      own its assets and carry on its business as it is presently being
      conducted.

	 	 
	9.1.6 	
      No Group Company has stopped or suspended payment of a
      material portion of its debts, or otherwise become unable to pay its debts
      or otherwise become insolvent in any relevant jurisdiction.

	 	 
	9.1.7 	
      As far as the Grantor is Aware, none of the assets of the
      Group have been revalued during the immediately past 2 financial
    years.

	 
	

	10 	
      INTELLECTUAL PROPERTY

	10.1 	
      Each of the Intellectual Property Rights owned or
      licensed by the Group and material to the conduct of the Business is
    –

	10.1.1 	
      valid and enforceable and nothing has been done or
      omitted to be done by any Group Company by which it may cease to be valid
      and enforceable;

	 	 
	10.1.2 	
      legally and beneficially owned by the Group alone, or
      legally licensed by the Group; and

	 	 
	10.1.3 	
      as far as the Grantor is Aware, not the subject of a
      claim or opposition from a person (including, without limitation, an
      employee of the Group) as to title, validity, enforceability, entitlement
      or otherwise.

	10.2 	
      As far as the Grantor is Aware, no Group Company has
      infringed any third party's Intellectual Property Rights or rendered any
      Group Company liable to an action in respect of the infringement of any
      Intellectual Property Rights belonging to a third party, provided that the
      aforesaid Warranty does not apply to instances where any infringement
      occurs or may have occurred as a result of any Intellectual Property
      Rights not having been licensed to the Company validly by a licensor
      purporting to do so. There is and during the 2 years prior to the
      Signature Date has been, no civil, criminal, arbitration, administrative
      or other proceeding or dispute in any jurisdiction by or against any Group
      Company concerning any of the Intellectual Property Rights. The Grantor is
      not Aware of any civil, criminal, arbitration, administrative or other
      proceeding or dispute concerning any of the Intellectual Property Rights
      being pending or threatened against it or any Group Company.

	 	 
	10.3 	
      The Group is entitled to use the Intellectual Property
      Rights and there is nothing prohibiting its use of any Intellectual
      Property Rights and computer systems or other similar property licensed to
      the Group and used by the Company at present in connection with or for the
      Business operations of the Group.

	 	 
	10.4 	
      As far as the Grantor is Aware, no person is entitled to
      an order requiring any Group Company to change the trading style or
      trading name of any aspect of the Business.

	 
	

	10.5 	
      As far as the Grantor is Aware, the Group owns or has the
      exclusive right to use, modify or copy pursuant to licence, sub-licence,
      agreement, or permission, all Intellectual Property, free of any
      encumbrance, licence, or other restriction except as set out in the
      Disclosure Schedule, necessary or desirable for the operation of the
      Business or used by the Group in the Business as conducted on the Closing
      Date and as proposed to be conducted.

	 	 
	10.6 	
      As far as the Grantor is Aware, except as set out in the
      Disclosure Schedule, no royalties or other considerations are owed in
      relation to the Business as conducted in the 12-month period preceding the
      Closing Date and no additional royalties or other considerations are
      anticipated according to any known business plan or anticipated activity
      of the Business, including the services it
provides.

	11 	
      INSURANCE

	11.1 	
      Status of the Policies

	11.1.1 	
      As far as the Grantor is Aware, each of the current
      insurance and indemnity policies in respect of which the Group has an
      interest (including any active historic policies which provide cover on a
      losses occurring basis) ("Policies") is valid and
    enforceable.

	 	 
	11.1.2 	
      As far as the Grantor is Aware, no Group Company has done
      or omitted to do anything which –

	11.1.2.1 	
      makes any of the Policies unenforceable; or

	 	 
	11.1.2.2 	
      prejudices the ability to effect insurance on the same or
      better terms in the future.

	 	 
	11.1.3 	
      No insurer under any of the Policies has disputed, or
      given any indication that they intend to dispute, the validity of any of
      the Policies on any grounds.

	11.2 	
      Insurance of Assets

	11.2.1 	
      All Policies are and remain in full force and
    effect.

	 	 
	11.2.2 	
      All Policies are adequate in respect of the assets to
      which such Policies relate.

	11.3 	
      Claims

	 
	

As far as the Grantor is Aware – 

	11.3.1 	
      no material claims have been made under any Policy (other
      than claims made in the Ordinary Course of Business);

	 	 
	11.3.2 	
      no claim is outstanding;

	 	 
	11.3.3 	
      there exists no fact or circumstance which will give rise
      to a material claim under any of the Policies;

	 	 
	11.3.4 	
      no event, act or omission has occurred which requires
      notification under any of the Policies the failure of which would have a
      material adverse effect on the Business of the Company;

	 	 
	11.3.5 	
      no insurer under any of the Policies has refused, or
      given any indication to the Company that it intends to refuse, indemnity
      in whole or in part in the Ordinary Course of Business in respect of any
      material claims under the Policies; and

	 	 
	11.3.6 	
      nothing has been done or omitted to be done by the Group,
      which will entitle the insurers under any of the Policies to refuse
      indemnity in whole or in part in respect of any material claims under the
      Policies.

	11.4 	
      Premiums

	11.4.1 	
      All premiums which are due under the Policies have been
      paid.

	 	 
	11.4.2 	
      The Grantor is not Aware that any Group Company has done
      anything or omitted to do anything (other than to submit claims in the
      Ordinary Course of Business of the Company) which will result in a
      material increase in the premium payable under any of the Policies
      (excluding annual increases of premiums in the ordinary
  course).

	12 	
      PROPERTY

	12.1 	
      Immovable Property

	 	 
		
      The Group owns no immovable property.

	 	 
	12.2 	
      Leasehold Property used by the
  Group

	 
	

	12.2.1 	
      The warranties in this clause 12.2 are given only to the
      extent that a breach thereof would have a material adverse financial
      effect on the Group as a whole.

	 	 
	12.2.2 	
      No person (including, without limitation, the landlord)
      may bring the term of any lease agreement to which any Group Company is a
      party as a lessee to an end before the expiry of the term of the relevant
      lease agreement by effluxion of time (except by forfeiture).

	 	 
	12.2.3 	
      As far as the Grantor is Aware, there is no fact or
      circumstance which will restrict or terminate the Group's continued and
      uninterrupted possession or occupation of any of its premises, where such
      restriction or termination will have a material adverse effect on the
      Business.

	 	 
	12.2.4 	
      The Group has the right to conduct the Business from the
      premises from which it trades in the ordinary course thereof.

	 	 
	12.2.5 	
      No Group Company has any obligation to alter, renovate or
      improve the premises from which it trades, save as otherwise provided in
      any lease agreement and in such an event such obligation will not have a
      material adverse effect on the Business.

	 	 
	12.2.6 	
      Rent payable in respect of the Group's premises is not
      being reviewed and cannot be reviewed before the Closing Date, save for
      reviews in the ordinary course as provided for in the relevant lease
      agreements.

	 	 
	12.2.7 	
      No Group Company is in breach of any lease agreement to
      which it is a party.

	13 	
      AGREEMENTS

	13.1 	
      Validity of Agreements

	13.1.1 	
      As at the Closing Date, the Grantor is not Aware of the
      existence of any fact or circumstance which will invalidate or give rise
      to a ground for termination, avoidance or repudiation of an agreement or
      arrangement to which any Group Company is a party which would have a
      material adverse effect on the Business. As far as the Grantor is Aware,
      no party with whom any Group Company has entered into a material agreement
      or arrangement has given notice of its intention to terminate, or has sought to
  repudiate or disclaim, the agreement or arrangement.

	 
	

	13.1.2 	
      No Group Company is in breach of any agreement,
      arrangement or obligation entered into by any Group Company and which is
      material to the business of the Group.

	 	 
	13.1.3 	
      As far as the Grantor is Aware
–

	13.1.3.1 	
      no party with whom any Group Company has entered into an
      agreement, arrangement or obligations which is material to the business of
      the Group is in breach of the agreement, arrangement or
  obligation;

	 	 
	13.1.3.2 	
      there exists no fact or circumstance which will give rise
      to a breach of this type which would have a material adverse effect on the
      Business; and

	 	 
	13.1.3.3 	
      no fact or circumstance exists which will or is likely to
      result in any loss being suffered by the Company in respect of any
      contract or which will or is likely to form the basis of a claim to
      rectification at the instance of any other
person.

	13.1.4 	
      No Group Company is party to any agreement of a material
      nature which has not been entered into (i) on an arms'-length basis; and
      (ii) on terms which are normal having regard to the nature of its
      business.

	 	 
	13.1.5 	
      Save as Fairly Disclosed in the Disclosure Schedule, the
      Group is not bound by any –

	13.1.5.1 	
      any contract with the Grantor, any company within the
      Grantor's group, any of the Grantor's shareholders or any director or
      officer of the Grantor or any person that is related to any of them or
      that is an inter-related person in regard to any of them (as such terms
      are defined in the Companies Act);

	 	 
	13.1.5.2 	
      contract in restraint of trade or any management contract
      in terms of which a third party provides management services to the Group,
      as far as the Grantor is Aware; or

	 	 
	13.1.5.3 	
      agreement (or group of related agreements) under which
      the Company has created, incurred, assumed, or guaranteed any indebtedness
      for borrowed money, or any capitalised lease
obligation or under which the Company has imposed a security interest on any of
the assets of the Company, as far as the Grantor is Aware.

	 
	

	13.2 	
      Effect of Transaction

	13.2.1 	
      As far as the Grantor is Aware the execution or the
      performance of this Agreement will not result in any Group Company losing
      the benefit of a material asset, grant, subsidy, right or privilege which
      it enjoys at the Signature Date which would have a material adverse effect
      on the Business.

	 	 
	13.2.2 	
      Neither the execution nor the performance of this
      Agreement will conflict with, result in a breach of, give rise to an event
      of default under, require the consent of a person under, enable a person
      to terminate, or relieve a person from an obligation under any material
      agreement or arrangement to which any Group Company is a party which would
      have a material adverse effect on the Business of the
  Company.

	14 	
      EMPLOYEES

	14.1 	
      General

	14.1.1 	
      Save as Fairly Disclosed in the Disclosure Schedule, the
      Group owes no amount to a present or former director, other officer or
      employee of the Group (or his dependant) other than for accrued
      remuneration or reimbursement of business expenses in the Ordinary Course
      of Business.

	 	 
	14.1.2 	
      There is no agreement or arrangement between any Group
      Company and an employee or former employee with respect to his employment,
      his ceasing to be employed or his retirement which is not included in the
      written terms of his employment or previous employment. The Group has not
      provided, nor agreed to provide, a gratuitous payment or benefit to a
      director, officer or employee or to any of their dependants.

	 	 
	14.1.3 	
      The Group has maintained in all material respects
      up-to-date, full and accurate records regarding the employment of each of
      its employees (including, without limitation, details of terms of
      employment, payments of statutory sick pay and statutory maternity pay, income tax and social security
      contributions, disciplinary and health and safety matters) and termination
  of employment.

	 
	

	14.1.4 	
      No executive employee of any Group Company, being an
      employee of the Group and with annual cost to company in excess of
      R1,000,000 ("Employee"), is entitled to any exceptional benefits in
      relation to leave privileges, accumulated leave in excess of 30 days,
      pension or the like, other than provided for by the documented policies of
      the Group as at the Signature Date (copies of which have been provided, in
      writing, to the Purchaser prior to the Signature Date).

	 	 
	14.1.5 	
      Save for market-related annual wage and salary increases
      and salary increases attributable to Employee promotions in the Ordinary
      Course of Business, between the Signature Date and the Closing Date, no
      Group Company has in any way improved or undertaken to improve the terms
      of service of any of the Employees from those which prevailed at the
      Signature Date.

	14.2 	
      Payments to employees and consultants/independent
      contractors 

      As far as the Grantor is Aware
  –

	14.2.1 	
      no material liability has been incurred by the Group, or
      may be incurred between the Signature Date and the Closing Date
  –

	14.2.1.1 	
      for breach of any contract of employment with any of its
      employees, or termination of an employment contract with any of its
      employees, including, without limitation, a severance (whether voluntary
      or otherwise) payment, protective award and/or compensation for wrongful,
      unlawful dismissal, unfair dismissal, unfair labour practice, unfair
      discrimination or any other form of compensation for sex, race or
      disability discrimination, reinstatement or re-employment and/or failure
      to comply with an order for the reinstatement or re-employment of an
      employee or former employee; or

	 	 
	14.2.1.2 	
      whether arising in contract, statute, delict or
      otherwise, for breach or termination of a consultancy agreement;
  or

	14.2.2 	
      the Group has not made or agreed to make a material
      payment or provided or agreed to provide a material benefit to a present
      or former director, other officer or employee of the Group or to
any of their dependants in connection with the actual or proposed termination or
suspension of employment or variation of an employment contract.

	 
	

 

	14.3 	
      Compliance with Law and
Disputes

	14.3.1 	
      As far as the Grantor is Aware, there are no material
      claims or threatened material claims and/or investigations against the
      Group relating to –

	14.3.1.1 	
      the refusal by the Group to employ any person;

	 	 
	14.3.1.2 	
      the employment by the Group of any person the terms and
      conditions of the employment relationship between them and/or the
      termination of such employment; or

	 	 
	14.3.1.3 	
      any workplace related accident, injury, disease or
      illness suffered by any employee or former employee of the
  Group.

	14.3.2 	
      Save in respect of those disputes Fairly Disclosed in the
      Disclosure Schedule, no Group Company is a party to any dispute (with a
      maximum claim against it exceeding R1,000,000) with any employee before
      any court or tribunal, whether under the Labour Relations Act, the Basic
      Conditions of Employment Act No. 75 of 1997 (as amended), the Employment
      Equity Act 55 of 1998, the Occupational Health and Safety Act 85 of 1983,
      the Compensation for Occupational Injuries and Diseases Act 130 of 1993,
      the Skills Development Act 97 of 1998, the Skills Development Levies Act 9
      of 1999, the common law or otherwise, and the Grantor is not Aware of any
      facts or circumstances that may afford grounds or give rise to any such
      dispute.

	 	 
	14.3.3 	
      The Grantor warrants that all statutory levies and
      contributions due in respect of any employee of the Group has been paid in
      all material respects and that it has no material undischarged liability
      to any government, regulatory authority or similar authority or any other
      person in respect of employees engaged in the
Business.

	 
	

	14.4 	
      Trade Unions

	 	 
		
      The Group is not involved in, and the Grantor is not
      Aware of a fact or circumstance, or demand from any employee, trade union
      or association of employees for any alterations to the terms of their
      employment including demands for increased remuneration which will give
      rise to, a dispute of any nature whatsoever with a trade union, works
      council, workplace forum, employee or staff association or other body
      representing any of its employees.

	15 	
      LICENCES AND PERMITS

	15.1 	
      Each Group Company is in possession of all Licences as
      are prescribed by applicable law for the lawful conduct of the business/es
      carried on by it, and, as far as the Grantor is Aware, all such Licences
      are valid and subsisting and will not terminate or be terminable at the
      election of any person by virtue of the execution or implementation of
      this Agreement.

	 	 
	15.2 	
      No Group Company is in breach of any of the terms or
      conditions of any such Licences which may lead to the suspension,
      withdrawal or termination of any Licences issued to a Group
  Company.

	 	 
	15.3 	
      As far as the Grantor is Aware
–

	15.3.1 	
      there are no circumstances, facts or matters that may
      give rise to all of the above Licences being cancelled or not being
      renewed in the future or only being renewed subject to the imposition of
      onerous terms;

	 	 
	15.3.2 	
      there are no outstanding requirements of any relevant
      authorities with which the Group is required to comply or has been called
      upon to comply before it may lawfully carry on or continue its Business
      generally, and the Grantor is not Aware of any contravention or breach by
      the Group of any such material requirements; and

	 	 
	15.3.3 	
      there exists no fact or circumstance which will or may
      prejudice the renewal of any Licence required by the Group to conduct its
      Business generally.

	 
	

	15.4 	
      Each action required by the Group for the renewal or
      extension of each Licence to be issued by relevant authorities in order to
      enable the Group lawfully to carry on or continue its Business generally,
      has, as far as the Grantor is Aware, been
taken.

	16 	
      INSOLVENCY AND WINDING UP

	 	 
		
      No Group Company has taken any action, nor have any
      proceedings been served on or notified to any Group Company to commence
      business rescue proceedings in respect of any Group Company or for its
      winding up or dissolution or for the appointment of a liquidator, business
      rescue practitioner, curator or similar officer. As far as the Grantor is
      Aware no execution or other similar process which has been commenced or
      undertaken or threatened in respect of the assets of the Group or in
      respect of any Group Company, nor is the Grantor Aware of any unfulfilled
      or unsatisfied judgment or court order which is outstanding against the
      Company. No Group Company shall enter into any arrangement or composition
      for the benefit of creditors generally.

	16.1 	
      Payment of Debts and Acts of Insolvency

	 	 
	16.2 	
      The Group is not unable to pay its debts as they fall
      due, nor has the Group commenced negotiations with one or more of its
      creditors with a view to rescheduling or restructuring any of its
      indebtedness. No Group Company has committed an act of insolvency as
      defined in the Insolvency Act, which will have an impact on the Company's
      or Group's ability to continue its business as a going concern.

	 	 
	16.3 	
      As far as the Grantor is Aware, the directors of each
      Group Company have not, pursuant to section 129(7) of the Companies Act,
      issued any written notice to the effect that there are reasonable grounds
      to believe that any Group Company is financially distressed.

	 	 
	16.4 	
      Removal from Register

	 	 
		
      As far as the Grantor is Aware, no steps are pending or
      threatened against any Group Company for its deregistration in terms of
      section 82 of the Companies Act.

	 
	

	17 	
      LITIGATION AND COMPLIANCE WITH
  LAW

	17.1 	
      Litigation

	17.1.1 	
      Except as otherwise Fairly Disclosed in the Disclosure
      Schedule –

	17.1.1.1 	
      the Group is not involved, as at the Signature Date and
      as far as the Grantor is Aware, will not be involved as at the Closing
      Date, in a civil, criminal, arbitration, administrative or other
      proceeding, which has, or will have, a material adverse effect on the
      Business;

	 	 
	17.1.1.2 	
      no civil, criminal, arbitration, administrative or other
      proceeding is pending or threatened by or against the Group or any of its
      directors or officers, which will have a material adverse effect on the
      Business;

	 	 
	17.1.1.3 	
      as far as the Grantor is Aware, no person for whose acts
      or defaults the Group may be vicariously liable is involved, or has during
      the 2 years prior to the Signature Date been involved, in a civil,
      criminal, arbitration, administrative or other proceeding;

	 	 
	17.1.1.4 	
      as far as the Grantor is Aware, no civil, criminal,
      arbitration, administrative or other proceeding pending or threatened by
      or against a person for whose acts or defaults the Group may be
      vicariously liable.

	17.1.2 	
      As far as the Grantor is Aware, there is no material
      outstanding judgment, order, decree, arbitral award or decision of a
      court, tribunal, arbitrator or governmental agency against any Group
      Company and the Grantor is not aware of any outstanding judgment, order,
      decree, arbitral award or decision of a court, tribunal, arbitrator or
      governmental agency against a person for whose acts or defaults any Group
      Company may be vicariously liable.

	17.2 	
      Compliance with Law

	 	 
		
      The Group has complied in all material respects with all
      laws and administrative requirements governing its assets and Business
      where the failure to do so would have a material adverse effect on its
      Business, and to the extent that the Group has contravened any such laws,
      administrative requirements or regulations in the past, those
      contraventions have been remedied in full and the Group has paid
  all penalties or fines imposed for those contraventions, or
  has provided therefor in the Warranted Accounts.

	 
	

	17.3 	
      Investigations of a Material Nature

	 	 
		
      All action formally requested by any regulatory authority
      has been taken (save where it has been agreed with any regulatory
      authority that no action need be taken) within any time limit specified
      and any request for action or activities to be discontinued has been
      complied with in a timely manner where failure would have a material
      adverse effect on the Business of the Company.

	 	 
	17.4 	
      Unlawful Payments

	 	 
		
      The Group has not, nor is the Grantor Aware, that any
      person for whose acts or defaults the Group may be vicariously liable has
      –

	17.4.1 	
      induced a person to enter into an agreement or
      arrangement with the Group by means of an unlawful payment, contribution,
      gift or other inducement;

	 	 
	17.4.2 	
      offered or made an unlawful payment, contribution, gift
      or other inducement to a government official or employee; or

	 	 
	17.4.3 	
      made an unlawful contribution to a political
    activity.

	18 	
      CONSTITUTION, REGISTERS AND
  RETURNS

	18.1 	
      Constitution

	 	 
		
      The Group is operating and has always operated its
      business in all material respects in accordance with its Memoranda of
      Incorporation at the relevant time.

	 
	

	18.2 	
      Returns

	 	 
		
      All material returns, particulars, resolutions and other
      documents required to be delivered by the Group to the Companies and
      Intellectual Property Commission or another governmental or other
      authority or agency have been properly prepared and
  delivered.

	19 	
      MONEY LAUNDERING

	 	 
		
      Each Group Company has in all material respects complied
      with any know your customer and money laundering reporting laws and all
      laws for detecting and identifying money laundering, and detecting,
      identifying and reporting suspicions of money laundering to the
      appropriate regulators, in force in South Africa at the relevant
    time.

	 	 
	20 	
      ANTI-CORRUPTION LAWS

	20.1 	
      For the purposes of the Warranties given hereunder
    –

	20.1.1 	
      "Associate" means, in relation to an organisation,
      a person (including an employee, agent or subsidiary) who performs or has
      performed services (including within the meaning of section 8 of the UK
      Bribery Act 2010) for that organisation or on its behalf and in respect of
      whose actions or inactions the organisation may be liable under
      Anti-Corruption Laws;

	 	 
	20.1.2 	
      "Designated Party" means any person or
      organisation –

	20.1.2.1 	
      whose name is specified in any list issued pursuant to
      any resolution or legislation of the United Nations, South Africa, the
      United Kingdom or the United States relating to the designation of a
      person or organisation as a terrorist or terrorist organisation or
      blocking any assets of such person or organisation; or

	 	 
	20.1.2.2 	
      in respect of whom a Party has received notice that all
      financial transactions involving the assets of such person have been, or
      are to be, blocked under legal authority; or

	 
	

	20.1.2.3 	
      who is or was convicted, found guilty or against whom a
      judgment or order was entered in a court of competent jurisdiction in any
      proceedings for violating bribery, money laundering or terrorist financing
      laws;

	20.1.3 	
      "Government Authority" means any government (or
      any subdivision thereof, whether federal, central, regional or local) of
      any country or jurisdiction or any agency, authority, board, bureau,
      commission, department, judicial or administrative body, regulatory
      authority, public enterprise or similar body or any court or tribunal or
      public international organisation; and

	 	 
	20.1.4 	
      "Government Official" means
–

	20.1.4.1 	
      any official, officer, employee, director, principal,
      consultant, agent or representative of any government, ministry, body,
      department, agency, instrumentality or part thereof, or of any public
      international organisation (including the United Nations, the
      International Monetary Fund, the International Finance Corporation and the
      World Bank), any state-owned or state-controlled entity, agency or
      enterprise, or of any political party;

	 	 
	20.1.4.2 	
      any person acting in an official capacity or exercising a
      public function for and on behalf of any of the foregoing;

	 	 
	20.1.4.3 	
      any political party or party official or any candidate
      for political office;

	 	 
	20.1.4.4 	
      a Politically Exposed Person as defined by the Financial
      Action Task Force or Groupe d'action Financière sur le Blanchiment de
      Capitaux; and

	 	 
	20.1.4.5 	
      where the UK Bribery Act 2010 applies, includes foreign
      public officials as defined in sections 6(5) and 6(6) of the UK Bribery
      Act 2010.

	20.2 	
      The Grantor acknowledges that failure by the Grantor or
      the Group to comply with applicable Anti-Corruption Laws could cause the
      Purchaser and its affiliates to be in violation of such Anti-Corruption
      Laws.

	 	 
	20.3 	
      No Group Company nor any of its/their or its/their
      Associates' directors, officers, employees, agents or representatives
      have, in each case in connection with the business of the Group
  –

	 
	

	20.3.1 	
      breached or contravened any Anti-Corruption Laws or any
      applicable anti- money laundering law, rule or regulation; or

	 	 
	20.3.2 	
      been the subject of any investigation, inquiry, claim or
      enforcement proceedings by any Government Authority or any other
      regulatory authority or enforcement agency or any customer regarding any
      offence or alleged offence under any applicable Anti-Corruption Laws, and
      no such investigation, inquiry or proceedings have been threatened or are
      pending in connection with the business of the Company and there are no
      matters, facts or circumstances likely to give rise to any such
      investigation, inquiry or proceedings.

	20.4 	
      No bribe or other corrupt payment has ever been made by
      any Group Company or any of its or its Associates' directors, officers,
      employees, agents or representatives to any Government Official or any
      other person during the course of the conduct of the business of each
      Group Company.

	 	 
	20.5 	
      Books and records were made and kept which accurately and
      fairly reflect the transactions and dispositions of the assets of the
      Group.

	 	 
	20.6 	
      Internal accounting controls have been established,
      maintained and followed by the Group that are and were sufficient to
      provide reasonable assurance that transactions were executed in accordance
      with management's general or specific authorisation and were recorded in
      accordance with generally accepted accounting practice.

	 	 
	20.7 	
      The Group has, in respect of any Anti-Corruption Laws,
      put in place adequate procedures designed to prevent persons associated
      with the Group (including its or its Associates' directors, officers,
      employees, agents or representatives) from undertaking offences relating
      directly or indirectly to bribery.

	 	 
	20.8 	
      There exists no relationship and there are no agreements
      or arrangements between, on the one hand, the shareholders of any Group
      Company or any of its/their Associates, and any Government Official or an
      Associate of any Government Official on the other, where such
      relationship, agreement or arrangement may or may reasonably be considered
      to have an influence on the Company's performance of its obligations
      thereunder or the performance by the Government Official of his
    duties.

	 
	

	20.9 	
      No Group Company nor any of its/their or its Associates'
      directors, officers, employees, agents or representatives is an Associate
      of a Government Official or of an Associate of any Government
    Official.

	 	 
	20.10 	
      No Government Official or Designated Party has any
      indirect ownership or other economic interest in either the Group, the
      contractual relationship established by this Agreement or the proceeds of
      this Agreement.

	 	 
	20.11 	
      No Group has, in connection with
–

	20.11.1 	
      this Agreement or any consideration payable in connection
      with this Agreement; or

	 	 
	20.11.2 	
      the transactions contemplated by this Agreement;
  or

	 	 
	20.11.3 	
      any transactions or activities after closing of the
      transactions contemplated in this Agreement, whether by itself or by
      instructing or encouraging anyone else, made, promised to make or offered
      any payment or transfer of value or given, promised to give or offered any
      bribe, gift, loan, fee, consideration, reward or advantage of any kind,
      directly or indirectly, to –

	 	 
	20.11.4 	
      any Government Official, Government Authority or
      political party;

	 	 
	20.11.5 	
      any officer, director, employee, agent or representative
      of any customer of the Company; or

	 	 
	20.11.6 	
      to any other person or entity,

	 	in each case if such payment or transfer would violate any law.

	21 	
      SANCTIONS

	21.1 	
      As far as the Grantor is Aware, no officer, director or
      employee of any Group Company is a Sanctions Target or is located,
      organised or resident in a country or territory that is a Sanctions
      Target.

	 	 
	21.2 	
      As far as the Grantor is Aware, at any time during the 5
      years immediately prior to the Signature Date, no Group Company nor any
      director, officer, agent or employee of any Group Company (in their capacity as
      such), or any other person acting for or on behalf of the foregoing
      (individually and collectively), has violated applicable Sanctions
  Laws.

	 
	

	21.3 	
      As far as the Grantor is Aware, at any time during the
      period of 5 years immediately prior to the Signature Date, no Group
      Company nor any director, officer, agent or employee of any Group Company
      (in their capacity as such), or any other person acting for or on behalf
      of the foregoing (individually and collectively), knowingly engaged in any
      dealings or transactions with any person, or in any country or territory,
      that is a Sanctions Target, nor is any Group Company currently engaged in
      any such activities.

	 	 
	21.4 	
      No Group Company —

	21.4.1 	
      is specified in either the Specially Designated Nationals
      and Blocked Persons List, the Control List, or the List of Sanctions
      Programs and Country Information administered by OFAC of the US Department
      of the Treasury, or a list of politically exposed persons issued by OFAC
      or the US Department of the Treasury, pursuant to, any resolution or
      directive thereof;

	 	 
	21.4.2 	
      is specified in, or a list issued pursuant to, any
      resolution or legislation of the United Nations, South Africa, United
      Kingdom, European Union, United States or any other Sanctions Authority
      relating to the designation of a person as a terrorist or terrorist
      organisation or blocking any assets of such person; or

	 	 
	21.4.3 	
      has received notice that all financial transactions
      involving the assets of such Group Company have been, or are to be,
      blocked under legal authority.

	22 	
      DEALING WITH CLIENTS

	 	 
		
      All services and products provided by the Group to
      clients have been provided or organised in all material respects in
      accordance with the agreements governing such services and products and
      the Group has been compensated for such services and products in all
      material respects in accordance with such
agreements.

	 
	

	23 	
      GENERAL

	 	 
		
      As far as the Grantor is Aware it has not withheld any
      information which the Grantor, acting bona fide, believes is
      material to disclose to a Purchaser in terms of the
  Agreement.Net 1 UEPS Technologies Inc. - Exhibit 10.101 - Filed by newsfilecorp.com

Exhibit 10.101

 

 

 

 

PUT AND CALL OPTION AGREEMENT 

between

FIRSTRAND BANK LIMITED (ACTING THROUGH ITS RAND MERCHANT BANK
DIVISION) 

DNI-4PL CONTRACTS PROPRIETARY LIMITED 

DNI RETAIL PROPRIETARY LIMITED 

THE STARTERPACK COMPANY PROPRIETARY LIMITED 

NET1 APPLIED TECHNOLOGIES SOUTH AFRICA PROPRIETARY
LIMITED

JAA HOLDINGS PROPRIETARY LIMITED

SABVEST FINANCE AND GUARANTEE CORPORATION PROPRIETARY LIMITED

SABVEST INVESTMENTS PROPRIETARY LIMITED 

and

PK GAIN INVESTMENT HOLDINGS PROPRIETARY LIMITED 

Put and Call Option Agr – Execution Version
3 May
2019

TABLE OF CONTENTS 

	PART
      1: INTERPRETATION 	1
      
	 	 
	1
      	PARTIES
      	1
      
	 	 	 
	2
      	INTERPRETATION
      	1
      
	 	 	 
	3
      	INTRODUCTION
      	10
      
	 	 	 
	4
      	CONDITIONS
      PRECEDENT 	11
      
	 	 	 
	5
      	RANKING
      OF THE OPTIONS 	14
      
	 	 	 
	PART
      2: PUT OPTION 	15
      
	 	 
	6
      	PUT
      OPTION 	15
      
	 	 	 
	7
      	EXERCISE
      OF THE PUT OPTION 	15
      
	 	 	 
	8
      	SALE
      	16
      
	 	 	 
	9
      	PUT
      OPTION PRICE 	16
      
	 	 	 
	10
      	PAYMENT
      AND INTEREST ON OVERDUE AMOUNTS 	17
      
	 	 	 
	11
      	PUT
      OPTION CLOSING 	17
      
	 	 	 
	12
      	INTERIM
      PERIOD AND LIAISON ON CONDUCT OF BUSINESS 	17
      
	 	 	 
	13
      	FUNDING
      OF PUT OPTION PRICE 	20
      
	 	 	 
	14
      	SUBSTITUTION
      OF CONSTITUTIONAL DOCUMENTS 	21
      
	 	 	 
	15
      	ACCELERATION
      EVENTS 	21
      
	 	 	 
	PART
      3: CALL OPTION 	23
      
	 	 
	16
      	CALL
      OPTION 	23
      
	 	 	 
	17
      	EXERCISE
      OF CALL OPTION 	23
      
	 	 	 
	18
      	SALE
      	24
      
	 	 	 
	19
      	CALL
      OPTION PRICE 	24
      
	 	 	 
	20
      	PAYMENT
      AND INTEREST ON OVERDUE AMOUNTS 	25
      
	 	 	 
	21
      	CALL
      OPTION CLOSING 	25
      
	 	 	 
	22
      	PURCHASERS'
      REPRESENTATIVE 	25
      
	 	 	 
	PART
      4: GENERAL 	27
      
	 	 
	23
      	APPROVALS
      AND UNDERTAKINGS 	27
      
	 	 	 
	24
      	WAIVERS
      AND CONSENTS 	29
      
	 	 	 
	25
      	WARRANTIES
      IN RESPECT OF THE OPTION SHARES 	29
      
	 	 	 
	26
      	GENERAL
      WARRANTIES 	30
      
	 	 	 
	27
      	SECURITIES
      TRANSFER TAX 	30
      
	 	 	 
	28
      	CONFIDENTIALITY
      	31
      
	 	 	 
	29
      	PUBLICITY
      	32
      
	 	 	 
	30
      	SUPPORT
      	32
      
	 	 	 
	31
      	BREACH
      	32
      
	 	 	 
	32
      	DISPUTE
      RESOLUTION 	33
      
	 	 	 
	33
      	NOTICES
      AND DOMICILIA 	34
      
	 	 	 
	34
      	BENEFIT
      OF THE AGREEMENT 	35
      

	 
	

Put and Call Option Agr – Execution Version
3 May 2019

	35
      	APPLICABLE
      LAW AND JURISDICTION 	36
      
	 	 	 
	36
      	INDEPENDENT
      ADVICE 	36
      
	 	 	 
	37
      	GENERAL
      	36
      
	 	 	 
	38
      	COSTS
      	37
      
	 	 	 
	39
      	SIGNATURE
      	37
      

	ANNEXURES 	  
	 	 
	Annexure
      A 	Form
      of Put Option Notice 
	 	 
	Annexure
      B 	Form
      of Call Option Notice 

	 
	

1 

	PART 1:
      INTERPRETATION 

	1 	
      PARTIES

	1.1 	
      The Parties to this Agreement are
–

	1.1.1 	
      FirstRand Bank Limited (acting through its Rand Merchant
      Bank Division);

	 	 
	1.1.2 	
      DNI-4PL Contracts Proprietary Limited;

	 	 
	1.1.3 	
      DNI Retail Proprietary Limited;

	 	 
	1.1.4 	
      The Starterpack Company Proprietary Limited;

	 	 
	1.1.5 	
      Net1 Applied Technologies South Africa Proprietary
      Limited;

	 	 
	1.1.6 	
      Sabvest Finance and Guarantee Corporation Proprietary
      Limited;

	 	 
	1.1.7 	
      Sabvest Investments Proprietary Limited;

	 	 
	1.1.8 	
      JAA Holdings Proprietary Limited; and

	 	 
	1.1.9 	
      PK Gain Investment Holdings Proprietary
  Limited.

	1.2 	
      The Parties agree as set out
below.

	2 	
      INTERPRETATION

	2.1 	
      In this Agreement, the following words and expressions
      bear the meanings assigned to them and cognate expressions bear
      corresponding meanings –

	2.1.1 	
      "Agreement" means the agreement contained in this
      document together with the annexures hereto;

	 	 
	2.1.2 	
      "Amended and Restated RCF" means the written
      agreement titled "Amendment and Restatement Agreement", pursuant to
      which the Existing RCF will be amended or reinstated, to be entered into
      between the Company (as borrower), FirstRand Bank Limited (acting through
      its Rand Merchant Bank division) (as lender) and K2018318388 (South
      Africa) (RF) Proprietary Limited (as debt guarantor), as amended or
      reinstated from time to time;

	 	 
	2.1.3 	
      "Anti-Corruption Laws" means any anti-corruption
      or bribery laws or regulations of any applicable jurisdiction, as amended
      from time to time, including –

	2.1.3.1 	
      the Prevention and Combating of Corrupt Activities Act,
      No 12 of 2004;

	 	 
	2.1.3.2 	
      the UK Bribery Act 2010;

	 	 
	2.1.3.3 	
      the U.S. Foreign Corrupt Practices Act
  1977;

	 
	

2 

	2.1.3.4 	
      any law, rule, or regulation promulgated to implement the
      OECD Convention on Combating Bribery of Foreign Public Officials in
      International Business Transactions, signed on 17 December 1997;
  and

	 	 
	2.1.3.5 	
      any other law of similar purpose and scope in any
      jurisdiction;

	2.1.4 	
      "Business" means the business carried on by the
      Group from time to time, including the business of operating as a
      distributor of mobile cellular products in the formal and informal markets
      of South Africa;

	 	 
	2.1.5 	
      "Call Option" means the call option in respect of
      the Option Shares granted by the Grantee to the Call Option Holders in
      terms of clause 16.1;

	 	 
	2.1.6 	
      "Call Option Closing Date" means the 5th
      business day after delivery of the Call Option Notice;

	 	 
	2.1.7 	
      "Call Option Holders" has the meaning given
      thereto in clause 16.1;

	 	 
	2.1.8 	
      "Call Option Period" means the period commencing
      on 3 May 2019 (being the Effective Date) and terminating on 2 May
    2023;

	 	 
	2.1.9 	
      "Call Option Price" means the amount payable to
      the Grantee by the Purchasers for the Option Shares pursuant to an
      exercise of the Call Option, which shall be determined in accordance with
      clause 19 read together with clause 9;

	 	 
	2.1.10 	
      "Companies Act" means the Companies Act, No. 71 of
      2008;

	 	 
	2.1.11 	
      "Company" means DNI-4PL Contracts Proprietary
      Limited, registration number 2005/040937/07, a limited liability private
      company duly incorporated in accordance with the laws of South
    Africa;

	 	 
	2.1.12 	
      "Competition Act" means the Competition Act, No.
      89 of 1998;

	 	 
	2.1.13 	
      "Competition Authorities" means the commission
      established pursuant to Chapter 4, Part A of the Competition Act or the
      tribunal established pursuant to Chapter 4, Part B of the Competition Act
      or the appeal court established pursuant to Chapter 4, Part C of the
      Competition Act, as the case may be;

	 	 
	2.1.14 	
      "Conditions Precedent" means the suspensive
      conditions set out in clause 4.1;

	 	 
	2.1.15 	
      "Designated Account" means the bank account set
      out below or such other bank account in South Africa as the Grantee may
      designate in writing –

	 
	

3 

	Name of Account: 	RMB Domestic Money Market Account
    
	Bank: 	First National Bank 
	Branch: 	RMB Corporate Banking 
	Branch Code: 	xxx 
	Account Number: 	Xxx 
	Reference: 	IBDMAP5466

	2.1.16 	
      "Designated Proportions" means the following
      proportions –

	2.1.16.1 	
      JAA – 46%;

	 	 
	2.1.16.2 	
      Net1 – 38%; and

	 	 
	2.1.16.3 	
      PK Gain – 16%;

	2.1.17 	
      "Distribution" means, in relation to the Company,
      any payment (whether in cash or in specie and whether by way of
      set-off, counterclaim or otherwise) by way of interest or principal,
      dividend, redemption, fee, royalty or other distribution or payment
      (including by way of the repurchase of any shares) by or on behalf of the
      Company to or for the account of any direct or indirect shareholder of the
      Company (in its capacity as such), and the term Distribution shall include
      a distribution, as such term is defined in the Companies Act, but
      specifically excluding any and all repayments made (whether in respect of
      capital or interest) in terms of the Loan Agreement, the Existing RCF, the
      Amended and Restated RCF and the New RCF;

	 	 
	2.1.18 	
      "DNI Retail" means DNI Retail Proprietary Limited,
      registration number 2002/014708/07, a limited liability private company
      duly incorporated in accordance with the laws of South Africa;

	 	 
	2.1.19 	
      "Effective Date" means the date upon which the
      last of the Conditions Precedent is fulfilled or waived, as the case may
      be;

	 	 
	2.1.20 	
      "Escalation Amount" means an amount which shall
      –

	2.1.20.1 	
      be calculated in respect of each Option Share from and
      including the Effective Date up to but excluding the Put Option Closing
      Date or the Call Option Closing Date (whichever is applicable), at the
      Escalation Rate on an amount equal to the Option Price Balance from time
      to time;

	 	 
	2.1.20.2 	
      be calculated on the basis of the actual number of days
      elapsed and a 365 day year, whether or not the year is a leap
  year;

	 	 
	2.1.20.3 	
      accrue on a daily basis; and

	 	 
	2.1.20.4 	
      be compounded monthly in
arrears;

	 
	

4 

	2.1.21 	
      "Escalation Rate" means a rate equal to 85% of the
      prevailing Prime Rate from time to time;

	 	 
	2.1.22 	
      "Existing RCF" means the written agreement titled
      "Revolving Credit Facility" dated 28 June 2018, entered into
      between the Company (as borrower), FirstRand Bank Limited (acting through
      its Rand Merchant Bank division) (as lender) and K2018318388 (South
      Africa) (RF) Proprietary Limited (as debt guarantor), in terms of which
      the funding facilities were made available to Company, as amended or
      reinstated from time to time;

	 	 
	2.1.23 	
      "Government Official" means
–

	2.1.23.1 	
      any official, officer, employee, director, principal,
      consultant, agent or representative of any government, ministry, body,
      department, agency, instrumentality or part thereof, or of any public
      international organisation (including the United Nations, the
      International Monetary Fund, the International Finance Corporation and the
      World Bank), any state-owned or state-controlled entity, agency or
      enterprise, or of any political party;

	 	 
	2.1.23.2 	
      any person acting in an official capacity or exercising a
      public function for and on behalf of any of the foregoing;

	 	 
	2.1.23.3 	
      any political party or party official or any candidate
      for political office;

	 	 
	2.1.23.4 	
      a Politically Exposed Person as defined by the Financial
      Action Task Force or

	 	 
		
      Groupe d'action Financière sur le Blanchiment de
      Capitaux;

	 	 
	2.1.23.5 	
      any company, business, enterprise or other entity owned,
      in whole or in part, or controlled by any person described in the
      foregoing paragraphs of this definition; and

	 	 
	2.1.23.6 	
      where the UK Bribery Act 2010 applies, includes foreign
      public officials as defined in sections 6(5) and 6(6) of the UK Bribery
      Act 2010;

	2.1.24 	
      "Governmental Body" means any country, any
      national body, any state, province, municipality, or subdivision of any of
      the foregoing, any governmental department, or any agency, court, entity,
      commission, board, ministry, bureau, department, locality or authority of
      any of the foregoing, or other political subdivision of any government,
      entity or organisation described in the foregoing provisions, or any
      quasi-governmental or private body exercising any regulatory, taxing,
      importing, exporting, or other governmental or quasi-governmental
      function, or any company, business, enterprise, or other entity owned, in
      whole or in part, or controlled by any government, entity, organisation,
      or other person described in the foregoing provisions of this definition,
      or any political party;

	 
	

5 

	2.1.25 	
      "Grantee" means FirstRand Bank Limited, acting
      through its Rand Merchant Bank division, registration number
      1929/001225/06, a limited liability public company duly incorporated in
      accordance with the laws of South Africa;

	 	 
	2.1.26 	
      "Grantor" means DNI-Retail;

	 	 
	2.1.27 	
      "Group" means the Company and its subsidiaries
      from time to time, and "Group Company" shall mean any of
    them;

	 	 
	2.1.28 	
      "Guarantee" means the written agreement titled
      "Guarantee" entered into or to be entered into between the
      Guarantor and the Grantee in terms of which inter alia the
      Guarantor will (i) guarantee to and in favour of the Grantee any and all
      indebtedness or obligations of any nature whatsoever of the Grantor or the
      Purchasers for the payment of the Put Option Price or the Call Option
      Price (whichever is applicable) (together with all accrued interest
      thereon), and (ii) indemnify and hold the Grantee harmless from and
      against the entirety of any adverse consequences which the Grantee may
      suffer (whether directly or indirectly) resulting from, arising out of, or
      relating to any of the transactions provided for in this Agreement
      including any guaranteed obligation becoming void, unenforceable, invalid
      or illegal;

	 	 
	2.1.29 	
      "Guarantor" means TSPC;

	 	 
	2.1.30 	
      "Interim Period" means the period commencing on
      the Signature Date and terminating (i) upon closing and implementation of
      either the Put Option or the Call Option in terms of clauses 11 and 21
      respectively, whichever occurs first, and (ii) receipt of the Put Option
      Price or the Call Option Price in full by the Grantee;

	 	 
	2.1.31 	
      "ITC" means International Tower Company
      Proprietary Limited, registration number 2015/421641/07, a limited
      liability private company duly incorporated in accordance with the laws of
      South Africa;

	 	 
	2.1.32 	
      "JAA" means JAA Holdings Proprietary Limited,
      registration number 2018/223075/07, a limited liability private company
      duly incorporated in accordance with the laws of South Africa;

	 	 
	2.1.33 	
      "Loan Agreement" means the agreement titled
      "Loan Agreement" to be entered into between the Shareholders and
      the Company which, among other things, records the advancing of a loan in
      the amount of R60,000,000 by Net1 to the Company and the terms of such
      loan;

	 	 
	2.1.34 	
      "MOI" means the memorandum of incorporation of the
      Company, as amended from time to time;

	 
	

6 

	2.1.35 	
      "M4Jam" means M4Jam Proprietary Limited,
      registration number 2003/011766/07, a limited liability private company
      duly incorporated in accordance with the laws of South Africa;

	 	 
	2.1.36 	
      "Net1" means Net1 Applied Technologies South
      Africa Proprietary Limited, registration number 2002/031446/07, a limited
      liability private company duly incorporated in accordance with the laws of
      South Africa;

	 	 
	2.1.37 	
      "New RCF" has the meaning given to such term in
      clause 13.2;

	 	 
	2.1.38 	
      "Notional Capital Amount" means R28.27 per Option
      Share (being the aggregate purchase consideration payable in terms of the
      Sale Agreement of R215,000,000 divided by the number of Option
    Shares);

	 	 
	2.1.39 	
      "Option Price Balance" means, from time to time
      and at any relevant time, an amount per Option Share equal to –

	 	 
	2.1.39.1 	
      the Notional Capital Amount; less

	 	 
	2.1.39.2 	
      the aggregate amount of all Distributions received by the
      Grantee in respect of the relevant Option Share from the Effective Date to
      the date of calculation; plus

	 	 
	2.1.39.3 	
      an amount equal to all Escalation Amounts that have been
      compounded in terms of the provisions of clause 2.1.20.4 up to the date of
      calculation;

	 	 
	2.1.40 	
      "Option Shares" means 7,605,235 ordinary "A"
      shares issued by the Company, conferring a 7.605235% voting and
      participation interest in the Company on the holder thereof as at the
      Signature Date and the Effective Date;

	 	 
	2.1.41 	
      "Ordinary Course of Business" means the usual and
      ordinary course of the Business as carried out in accordance with policies
      and practices applied in the 12 months immediately preceding the Signature
      Date;

	 	 
	2.1.42 	
      "PK Gain" means PK Gain Investment Holdings
      Proprietary Limited, registration number 2006/005036/07, a limited
      liability private company duly incorporated in accordance with the laws of
      South Africa;

	 	 
	2.1.43 	
      "Placement Agreement" means the written agreement
      titled "Call Option Agreement" entered into or to be entered into
      between the Company (as option holder) and Net1 (as option grantor)
      contemporaneously with this Agreement, pursuant to which the Company is
      granted the option to purchase Net1's remaining ordinary "A" shares in the
      Company, conferring a 30.394765% voting and participation interest in the
      Company;

	 
	

7 

	2.1.44 	
      "Prime Rate" means the publicly quoted basic rate
      of interest (percent, per annum, compounded monthly in arrears and
      calculated on a 365 day year irrespective of whether or not the year is a
      leap year) from time to time published by FirstRand Bank Limited (acting
      through its First National Bank division) as being its prime overdraft
      rate, as purportedly certified by any representative of that bank whose
      appointment and designation it shall not be necessary to prove;

	 	 
	2.1.45 	
      "Purchasers" has the meaning given thereto in
      clause 17.1.2;

	 	 
	2.1.46 	
      "Purchasers' Representative" means Andrew Dunn,
      being the initial person appointed to act as representative of the
      Purchasers for purposes of clauses 16, 17 and 18 or such other
      representative as the Purchasers may from time to time appoint by notice
      in writing to the Grantee in accordance with the provisions of clause
      22.3;

	 	 
	2.1.47 	
      "Put Option Closing Date" means
–

	2.1.47.1 	
      the 5th business days after the delivery of
      the Put Option Notice; or

	 	 
	2.1.47.2 	
      if the Put Option has not been exercised prior to the
      last day of the Put Option Period, the 5th business day after
      the delivery of written notification of the Put Option Price in terms of
      clause 7.2.3;

	2.1.48 	
      "Put Option" means the put option granted by the
      Grantor to the Grantee in terms of clause 6.1;

	 	 
	2.1.49 	
      "Put Option Notice" has the meaning given to such
      term in clause 7.1.2;

	 	 
	2.1.50 	
      "Put Option Period" means the period commencing on
      3 May 2021 and terminating on 2 May 2023;

	 	 
	2.1.51 	
      "Put Option Price" means the amount payable to the
      Grantee by the Grantor for Option Shares in terms of this Agreement, which
      shall be determined in accordance with clause 9;

	 	 
	2.1.52 	
      "Regulatory Approval" means the approval of the
      Takeover Panel, the Financial Surveillance Department of the South African
      Reserve Bank or the Competition Authorities;

	 	 
	2.1.53 	
      "Sabvest Finance" means Sabvest Finance and
      Guarantee Corporation Proprietary Limited, registration number
      1992/004722/07, a limited liability private company duly incorporated in
      accordance with the laws of South Africa;

	 	 
	2.1.54 	
      "Sabvest Investments" means Sabvest Investments
      Proprietary Limited, registration number 1988/006250/07, a limited
      liability private company duly incorporated in accordance with the laws of
      South Africa;

	 
	

8 

	2.1.55 	
      "Sale Agreement" means the written agreement
      titled "Sale of Shares Agreement" entered into or to be entered
      into between the Company, Net1 (as the seller) and the Grantee (as the
      purchaser) contemporaneously with this Agreement, pursuant to which the
      Grantee will acquire the Option Shares from Net1;

	 	 
	2.1.56 	
      "Sale" means the sale or transfer of the Option
      Shares by the Grantee to either –

	2.1.56.1 	
      the Grantor, pursuant to the exercise of the Put Option;
      or

	 	 
	2.1.56.2 	
      the Purchasers, pursuant to the exercise of the Call
      Option;

	2.1.57 	
      "Shareholders Agreement" means the written
      agreement titled "Shareholders Agreement" governing the
      relationship between the Shareholders inter se, and between the
      Shareholders and the Company;

	 	 
	2.1.58 	
      "Shareholders" means the ordinary shareholders of
      the Company from time to time;

	 	 
	2.1.59 	
      "Share Sale and Subscription Agreement" means the
      agreement titled "Share Sale and Subscription Agreement" entered
      into between the Company, PK Gain, JAA, Net1, AJD Holdings Proprietary
      Limited and Richmark Holdings Proprietary Limited on or about 30 January
      2019, as amended by a first addendum thereto to be entered into
      contemporaneously with this Agreement;

	 	 
	2.1.60 	
      "Signature Date" means the date of signature of
      this Agreement by the Party last signing;

	 	 
	2.1.61 	
      "South Africa" means the Republic of South
      Africa;

	 	 
	2.1.62 	
      "Takeover Panel" means the Takeover Regulation
      Panel established in terms of section 196 of the Companies Act;
  and

	 	 
	2.1.63 	
      "TSPC" means The Starterpack Company Proprietary
      Limited, registration number 2007/010809/07, a limited liability private
      company duly incorporated in accordance with the laws of South
    Africa.

	2.2 	
      In this Agreement –

	2.2.1 	
      clause headings and the heading of the Agreement are for
      convenience only and are not to be used in its interpretation;

	 	 
	2.2.2 	
      an expression which denotes –

	2.2.2.1 	
      any gender includes the other genders;

	 	 
	2.2.2.2 	
      a natural person includes a juristic person and vice
      versa;

	 	 
	2.2.2.3 	
      the singular includes the plural and vice
  versa;

	 
	

9 

	2.2.2.4 	
      a Party includes a reference to that Party's successors
      in title and assigns allowed at law; and

	 	 
	2.2.2.5 	
      a reference to a consecutive series of two or more
      clauses is deemed to be inclusive of both the first and last mentioned
      clauses.

	2.3 	
      Any reference in this Agreement to
–

	2.3.1 	
      "business hours" shall be construed as being the
      hours between 08h30 and 17h00 on any business day. Any reference to time
      shall be based upon South African Standard Time;

	 	 
	2.3.2 	
      "days" shall be construed as calendar days unless
      qualified by the word "business", in which instance a "business
      day" will be any day other than a Saturday, Sunday or public holiday
      as gazetted by the Government of the Republic of South Africa from time to
      time;

	 	 
	2.3.3 	
      "laws" means all constitutions; statutes;
      regulations; by-laws; codes; ordinances; decrees; rules; judicial,
      arbitral, administrative, ministerial, departmental or regulatory
      judgments, orders, decisions, rulings, or awards; policies; voluntary
      restraints; guidelines; directives; compliance notices; abatement notices;
      agreements with, requirements of, or instructions by any Governmental
      Body, in each case to the extent the aforegoing has the force of law; and
      the common law, and "law" shall have a similar meaning;

	 	 
	2.3.4 	
      "person" means any person, company, close
      corporation, trust, partnership or other entity;

	 	 
	2.3.5 	
      "writing" shall have the meaning given to such
      term in the Shareholder Funding Agreement.

	2.4 	
      The words "include" and "including" mean
      "include without limitation" and "including without limitation". The use
      of the words "include" and "including" followed by a
      specific example or examples shall not be construed as limiting the
      meaning of the general wording preceding it.

	 	 
	2.5 	
      Any substantive provision, conferring rights or imposing
      obligations on a Party and appearing in any of the definitions in this
      clause 2 or elsewhere in this Agreement, shall be given effect to as if it
      were a substantive provision in the body of the Agreement.

	 	 
	2.6 	
      Words and expressions defined in any clause shall, unless
      the application of any such word or expression is specifically limited to
      that clause, bear the meaning given to such word or expression throughout
      this Agreement.

	 
	

10 

	2.7 	
      Unless otherwise provided, defined terms appearing in
      this Agreement in title case shall be given their meaning as defined,
      while the same terms appearing in lower case shall be interpreted in
      accordance with their plain English meaning.

	 	 
	2.8 	
      Unless specifically otherwise provided, any number of
      days prescribed shall be determined by excluding the first and including
      the last day or, where the last day falls on a day that is not a business
      day, the next succeeding business day.

	 	 
	2.9 	
      If the due date for performance of any obligation in
      terms of this Agreement is a day which is not a business day then (unless
      otherwise stipulated) the due date for performance of the relevant
      obligation shall be the immediately following business day.

	 	 
	2.10 	
      The rule of construction that this Agreement shall be
      interpreted against the Party responsible for the drafting of this
      Agreement, shall not apply.

	 	 
	2.11 	
      No provision of this Agreement shall (unless otherwise
      stipulated) constitute a stipulation for the benefit of any person
      (stipulatio alteri) who is not a Party to this Agreement.

	 	 
	2.12 	
      Any reference in this Agreement to "this
      Agreement" or any other agreement or document shall be construed as a
      reference to this Agreement or, as the case may be, such other agreement
      or document, as amended, varied, novated or supplemented from time to
      time.

	 	 
	2.13 	
      In this Agreement the words "clause" or
      "clauses" and "annexure" or "annexures" refer to
      clauses of and annexures to this Agreement.

	3 	
      INTRODUCTION

	3.1 	
      The Option Shares are, or will be (upon the Sale
      Agreement becoming effective in accordance with its terms), beneficially
      owned by and registered in the name of the Grantee.

	 	 
	3.2 	
      The Grantor wishes to confer on the Grantee an option in
      terms of which the Grantee may require the Grantor to purchase the Option
      Shares from the Grantee, on the terms and subject to the conditions
      contained in this Agreement.

	 	 
	3.3 	
      The Grantee wishes to confer on the Call Option Holders
      an option in terms of which the Call Option Holders may require the
      Grantee to sell the Option Shares to one or more of the Call Option
      Holders, on the terms and subject to the conditions contained in this
      Agreement.

	 	 
	3.4 	
      The Parties wish to record in writing their agreement in
      respect of the above and matters ancillary
thereto.

	 
	

11 

	4 	
      CONDITIONS PRECEDENT

	4.1 	
      Save for clauses 1 to 4, clause 12 and clauses 26 to 39,
      all of which will become effective immediately, this Agreement is subject
      to the fulfilment of the following Conditions Precedent, namely that by no
      later than 3 May 2019 –

	4.1.1 	
      the Sale Agreement has been implemented in accordance
      with the terms thereof and the Grantee has become the beneficial owner of
      the Option Shares;

	 	 
	4.1.2 	
      the Grantee has been provided with a copy of all such
      resolutions adopted by the board of directors of the Grantor as may be
      required to approve and/or ratify the entering into of this Agreement, the
      Amended and Restated RCF and the implementation of the transactions
      contemplated therein, in form and substance satisfactory to the Grantee,
      including -

	4.1.2.1 	
      authorising the purchase of any Option Shares pursuant to
      an exercise of the Put Option in terms of sections 48(2)(b) of the
      Companies Act;

	 	 
	4.1.2.2 	
      authorising the provision of financial assistance by the
      Grantor to a related or inter- related company in terms of sections 44 and
      45 of the Companies Act, subject to approval by the sole shareholder of
      the Grantor by way of special resolution; and

	 	 
	4.1.2.3 	
      acknowledging that it has applied the solvency and
      liquidity test, as set out in section 4 of the Companies Act, and
      reasonably concluded that the Grantor will satisfy the solvency and
      liquidity test immediately after completing the purchase of any Option
      Shares pursuant to an exercise of the Put Option, in terms of section
      46(1)(c) of the Companies Act and after providing the financial assistance
      referred to in clause 4.1.2.2;

	4.1.3 	
      the Grantee has been provided with a copy of all such
      resolutions adopted by the sole shareholder of the Grantor as may be
      required to approve and/or ratify the entering into of this Agreement, the
      Amended and Restated RCF and the implementation of the transactions
      contemplated therein, in form and substance satisfactory to the Grantee,
      including -

	4.1.3.1 	
      authorising the purchase of any Option Shares pursuant to
      an exercise of the Put Option;

	 	 
	4.1.3.2 	
      authorising the provision of financial assistance to a
      related or inter-related company in terms of sections 44 and 45 of the
      Companies Act;

	4.1.4 	
      the Grantee has been provided with a copy of all such
      resolutions adopted by the board of directors of the Company as may be
      required to approve and/or ratify the entering into of this Agreement, the
      Amended and Restated RCF and the implementation of the transactions
contemplated therein, in form and substance satisfactory to the Grantee,
including –

	 
	

12 

	4.1.4.1 	
      approving the transfer of any Option Shares pursuant to
      an exercise of the Call Option or the Put Option;

	 	 
	4.1.4.2 	
      authorising the provision of financial assistance by the
      Company to a related or inter-related company in terms of sections 44 and
      45 of the Companies Act, subject to approval by the Shareholders by way of
      special resolution; and

	 	 
	4.1.4.3 	
      acknowledging that it has applied the solvency and
      liquidity test, as set out in section 4 of the Companies Act, and
      reasonably concluded that the Company will satisfy the solvency and
      liquidity test immediately after providing the financial assistance
      referred to in clause 4.1.4.2;

	4.1.5 	
      the Grantee has been provided with a copy of all such
      resolutions adopted by the board of directors of the Guarantor as may be
      required to approve the entering into of this Agreement, the Amended and
      Restated RCF and the Guarantee and the implementation of the transactions
      contemplated therein, in form and substance satisfactory to the Grantee,
      including -

	4.1.5.1 	
      authorising the provision of financial assistance to a
      related or inter-related company in terms of sections 44 and 45 of the
      Companies Act, subject to approval by the sole shareholder of the
      Guarantor by way of special resolution; and

	 	 
	4.1.5.2 	
      acknowledging that it has applied the solvency and
      liquidity test, as set out in section 4 of the Companies Act, and
      reasonably concluding that the Guarantor will satisfy the solvency and
      liquidity test immediately after providing the Guarantee, in terms of
      section 46(1)(c) of the Companies Act;

	4.1.6 	
      the Grantee has been provided with a copy of all such
      resolutions adopted by the sole shareholder of the Guarantor as may be
      required to approve and/or ratify the entering into of this Agreement, the
      Amended and Restated RCF and the Guarantee and the implementation of any
      of the transactions contemplated therein, in form and substance
      satisfactory to the Grantee, including authorising the provision of
      financial assistance to a related or inter-related company in terms of
      sections 44 and 45 of the Companies Act;

	 	 
	4.1.7 	
      the Grantee has been provided with a copy of all such
      resolutions adopted by the Shareholders as may be required to approve
      and/or ratify the entering into of this Agreement, the Amended and
      Restated RCF and the implementation of any of the transactions
      contemplated herein, in form and substance satisfactory to the Grantee,
      including –

	 
	

13 

	4.1.7.1 	
      authorising any potential purchase of the Option Shares
      by the Call Option Holders;

	 	 
	4.1.7.2 	
      authorising the provision of financial assistance by the
      Company to a related or inter-related company in terms of sections 44 and
      45 of the Companies Act;

	4.1.8 	
      the Grantee has been provided with a copy of all such
      resolutions adopted by the board of directors of each of Sabvest Finance
      and Sabvest Investments as may be required to approve and/or ratify the
      entering into of this Agreement and the implementation of any of the
      transactions contemplated herein;

	 	 
	4.1.9 	
      the Grantee has been provided with a copy of all such
      resolutions adopted by the board of directors of each Shareholder as may
      be required to approve and/or ratify the entering into of this Agreement,
      any security or guarantees provided by such Shareholder in terms of the
      Amended and Restated RCF and the implementation of any of the transactions
      contemplated therein, in form and substance satisfactory to the Grantee,
      including –

	4.1.9.1 	
      approving the possible purchase of the Option Shares by
      each Call Option Holder;

	 	 
	4.1.9.2 	
      authorising the provision of financial assistance by such
      Shareholder to a related or inter-related company in terms of sections 44
      and 45 of the Companies Act, subject to approval by the shareholder(s) of
      that Shareholder by way of special resolution; and

	 	 
	4.1.9.3 	
      acknowledging that it has applied the solvency and
      liquidity test, as set out in section 4 of the Companies Act, and
      reasonably concluded that such Shareholder will satisfy the solvency and
      liquidity test immediately after providing the financial assistance
      referred to in clause 4.1.9.2;

	 	 
	4.1.10 	
      the Grantee has been provided with a copy of all such
      resolutions adopted by the shareholders of each Shareholder as may be
      required to approve and/or ratify the entering into of this Agreement, any
      security or guarantees provided by such Shareholder in terms of the
      Amended and Restated RCF and the implementation of any of the transactions
      contemplated therein, in form and substance satisfactory to the Grantee,
      including –

	4.1.10.1 	
      approving the possible purchase of the Option Shares (or
      any of them) by each Shareholder;

	 	 
	4.1.10.2 	
      authorising the provision of financial assistance by such
      Shareholder to a related or inter-related company in terms of sections 44
      and 45 of the Companies Act;

	 
	

14 

	4.1.11 	
      the Amended and Restated RCF has been entered into by all
      the parties thereto and has become unconditional in accordance with its
      terms, save for any condition requiring that this Agreement becomes
      unconditional; and

	 	 
	4.1.12 	
      the Guarantee has been entered into by all the parties
      thereto and has become unconditional in accordance with its terms, save
      for any condition requiring that this Agreement becomes
    unconditional.

	4.2 	
      Each of the Parties will, to the extent within its
      control, use reasonable endeavours to procure the fulfilment of the
      Conditions Precedent.

	 	 
	4.3 	
      The Condition Precedent in clause 4.1.1 may not be
      waived.

	 	 
	4.4 	
      Subject to clause 4.3, the Conditions Precedent may only
      be waived by agreement in writing between the Grantor and the Grantee,
      save for the Condition Precedent in clause 4.1.12 which may be waived by
      notice in writing from the Grantee to the Grantor and Guarantor.

	 	 
	4.5 	
      Unless all of the Conditions Precedent have been
      fulfilled or waived by not later than the date for fulfilment thereof set
      out in clause 4.1 (or such later date or dates as may be agreed in writing
      between the Grantor and the Grantee) the provisions of this Agreement,
      save for clauses 1 to 4, clause 12 and clauses 26 to 39, which will remain
      of full force and effect, will never become of any force or effect and the
      status quo ante will be restored as near as may be possible and
      none of the Parties will have any claim against the others in terms hereof
      or arising from the failure of the Conditions Precedent, save for any
      claim arising from the failure of a Party to comply with its obligations
      in terms of clause 4.2.

	5 	
      RANKING OF THE OPTIONS

	 	 
		
      Unless the Grantee agrees otherwise in writing, the Put
      Option will always rank ahead of the Call Option for so long as the
      Grantee has not received payment of the Put Option Price in full and
      accordingly, –

	5.1 	
      a Put Option Notice delivered to the Grantor by the
      Grantee will supersede any Call Option Notice delivered to the Grantee by
      the Purchasers Representative;

	 	 
	5.2 	
      a Call Option Notice delivered to the Grantee by the
      Purchasers Representative will be superseded by the Put Option Notice
      delivered to the Grantor at any time prior to the Call Option Closing
      Date; and

	 	 
	5.3 	
      a failure to implement the Sale arising pursuant to the
      exercise of the Call Option shall not affect the Grantee's rights in terms
      of the Put Option and the Grantee's right to exercise the Put Option shall
      continue to be of full force and effect and to the extent necessary,
      reinstated if closing and implementation of the Sale arising pursuant to
      an exercise of the Call Option does not take place on the Call Option
      Closing Date.

	 
	

15 

	PART 2: PUT
      OPTION 

	6 	
      PUT OPTION

	6.1 	
      The Grantor hereby grants to the Grantee the irrevocable
      right and option in terms of which the Grantee shall be entitled to sell
      all the Option Shares to the Grantor, which shall be obliged to purchase
      such Option Shares from the Grantee, on the terms and conditions set out
      in the ensuing provisions of this Agreement.

	 	 
	6.2 	
      Subject to the provisions of clause 15, the Put Option
      may only be exercised (at the sole and absolute discretion of the Grantee)
      against the Grantor, in respect of all of the Option Shares and in a
      single sale during the Put Option Period.

	 	 
	6.3 	
      The Put Option is irrevocable from the Effective Date for
      duration of the Put Option Period.

	 	 
	6.4 	
      No consideration is payable by the Grantee to any of the
      other Parties in respect of the granting of the Put Option.

	 	 
	6.5 	
      The Company, Grantor, the Guarantor and the Shareholders
      (other than the Grantee) shall procure that their respective boards of
      directors shall, prior to the expiry of 120 business days after the
      acknowledgment referred to in clauses 4.1.4.3, 4.1.2.3, 4.1.5.2 and
      4.1.9.3 has been made, reconsider the solvency and liquidity test referred
      to in those respective clauses and adopt a fresh resolution contemplated
      in terms of section 46(1)(c) of the Companies Act (to the extent the
      Company is solvent and liquid), and shall repeat this process prior to the
      expiry of 120 business days after each such fresh
  resolution.

	7 	
      EXERCISE OF THE PUT
OPTION

	7.1 	
      The Put Option –

	7.1.1 	
      shall be capable of being exercised at any time during
      the Put Option Period (save for the circumstances specified in clause 15
      where the Put Option shall be capable of being exercised before the Put
      Option Period); and

	 	 
	7.1.2 	
      shall be exercised by way of the Grantee giving written
      notice to that effect to the Grantor, substantially in the form attached
      hereto as Annexure A ("Put Option Notice"), which notice shall
      specify the Put Option Price payable in respect thereof (which shall be
      determined in accordance with clause 9), save for the circumstance
      specified in clause 7.2 where the Put Option shall be deemed to have been
      exercised without any Put Option Notice being required to be
    delivered.

	7.2 	
      Notwithstanding anything to the contrary in clause 7.1,
      if the Grantee is still the holder of the Option Shares on the last day of
      the Put Option Period and it has not yet delivered a Put Option Notice to
      the Grantor, then –

	 
	

16 

	7.2.1 	
      the Put Option shall be deemed to have been exercised by
      the Grantee on the last day of the Put Option Period;

	 	 
	7.2.2 	
      the Grantor will be obliged to purchase the Option Shares
      on the terms and conditions in clauses 8 to 13 and any other applicable
      provisions of this Agreement; and

	 	 
	7.2.3 	
      the Grantee shall as soon as reasonably possible deliver
      written confirmation of the Put Option Price (which shall be determined in
      accordance with clause 9).

	8 	
      SALE

	8.1 	
      Upon the Put Option Closing Date a sale shall
      automatically come into existence in terms of which the Grantee sells to
      the Grantor, and the Grantor purchases from the Grantee, the Option Shares
      on the terms and conditions set out in this clause 8 and the remaining
      provisions of this Agreement.

	 	 
	8.2 	
      All risk in and all benefit attaching to the Option
      Shares will, against receipt of payment of the full Put Option Price
      (together with any accrued interest thereon), pass from the Grantee to the
      Grantor on the Put Option Closing Date.

	 	 
	8.3 	
      Possession and effective control of the Option Shares
      acquired by the Grantor will be given to the Grantor on the Put Option
      Closing Date, against receipt of payment of the full Put Option Price
      (together with any accrued interest thereon). The Grantee will accordingly
      retain all rights attaching to the Option Shares, including the right to
      exercise all voting rights attaching to the Option Shares, until the Put
      Option Closing Date and receipt of payment of the full Put Option Price
      (together with any accrued interest thereon).

	9 	
      PUT OPTION PRICE

	9.1 	
      The purchase price payable by the Grantor to the Grantee
      for the sale and transfer of each Option Share, shall be an amount equal
      to the aggregate of –

	9.1.1 	
      the Option Price Balance in respect of that Option Share
      as at the Put Option Closing Date; and

	 	 
	9.1.2 	
      the Escalation Amount calculated in respect of that
      Option Share up to but excluding the Put Option Closing Date (which has
      not yet been compounded in terms of the provisions of clause 2.1.20.4 and
      included in the calculation of the Option Price Balance in terms of the
      provisions of clause 2.1.39.3).

	9.2 	
      If closing of the Put Option does not occur on the Put
      Option Closing Date, the Put Option Price shall be recalculated and
      confirmed by the Grantee as at closing of the Put Option in terms of
      clause 11.

	 
	

17 

	9.3 	
      The Put Option Price as set out in the Put Option Notice
      or in the written confirmation in terms of clause 7.2.3 shall, in the
      absence of manifest error, be prima facie proof of the Put Option
      Price and the Grantee and the Grantor will proceed to closing and
      implement the Sale on the Put Option Closing Date on the basis of the
      Grantee's calculations set out in the Put Option Notice or in the written
      confirmation in terms of clause 7.2.3.

	10 	
      PAYMENT AND INTEREST ON OVERDUE
  AMOUNTS

	10.1 	
      The Put Option Price shall be paid by the Grantor to the
      Grantee on the Put Option Closing Date.

	 	 
	10.2 	
      All payments to be made under or arising from this
      Agreement will be made by electronic transfer of immediately available and
      freely transferable funds, free of any deductions or set-off whatsoever,
      in the currency of South Africa and, in the case of payments made to the
      Grantee, to the Designated Account.

	 	 
	10.3 	
      Should any payment under or arising from this Agreement
      fail to be made on the due date thereof then, without prejudice to such
      other rights as may accrue to the payee consequent upon such failure, such
      overdue amounts will bear interest at Prime Rate, from the due date for
      payment to the date of actual payment, both dates
  inclusive.

	11 	
      PUT OPTION CLOSING

	 	 
		
      On the Put Option Closing Date and then only against
      receipt of payment of the Put Option Price in full (together with any
      accrued interest thereon), free of any set-off or deduction
  –

	11.1 	
      the Grantee will deliver to the Grantor
  –

	11.1.1 	
      the original share certificate(s) in respect of the
      Option Shares; and

	 	 
	11.1.2 	
      the securities transfer forms (or such other instruments
      of transfer as may be appropriate) duly completed and signed by the
      Grantee (as the transferor) and dated as of the Put Option Closing Date,
      in favour of the Grantor (as the transferee);
and

	11.2 	
      the Company will deliver to the Grantee a copy of the
      updated securities register of the Company reflecting the
  Sale.

	12 	
      INTERIM PERIOD AND LIAISON ON CONDUCT OF
      BUSINESS

	12.1 	
      The Parties (other than the Grantee) hereby agree and
      undertake to procure that for the Interim Period the Business will be
      carried on in substantially the normal and ordinary course, and the Group
      shall not enter into any contract or commitment or do anything which, in
      any such case, is out of the normal and ordinary course of the Business
      (other than as contemplated in this Agreement and the Sale Agreement). In
      particular, but without limitation to the generality of the aforegoing,
      the Parties (other than the Grantee) agree and undertake that during the
Interim Period the Group will not (other than as contemplated in this Agreement
and the Sale Agreement) – 

	 
	

18 

	12.1.1 	
      manage the Business otherwise than in accordance with its
      business and trading policies and practices up to the Signature Date,
      except as may be necessary to comply with any statutory changes;

	 	 
	12.1.2 	
      alter any of the rights attaching to the shares in any
      Group Company;

	 	 
	12.1.3 	
      increase (either by an issue of new shares or subdividing
      existing shares), alter, reduce or convert the authorised or issued shares
      of any Group Company except in each instance for an issue of ordinary
      shares constituting up to 0.01% of the Company's total issued ordinary
      shares by the Company) to JAA (as to 0.007419%) and PK Gain (as to
      0.002581%) pursuant to clauses 12 and 13 of the Sale and Subscription
      Agreement; or reclassify any classified shares of any Group Company that
      have been authorised but not issued, classify any unclassified shares of
      any Group Company that have been authorised but are not issued or
      determine the preferences, rights, limitations or other terms of shares in
      any class of shares;

	 	 
	12.1.4 	
      issue or allot any shares, capitalisation shares, bonus
      shares, share options, share warrants, debentures or any securities in any
      Group Company, except in each instance for an issue of ordinary shares
      constituting up to 0.01% of the Company's total issued ordinary shares by
      the Company) to JAA (as to 0.007419%) and PK Gain (as to 0.002581%)
      pursuant to clauses 12 and 13 of the Sale and Subscription
    Agreement;

	 	 
	12.1.5 	
      approve or permit the transfer, sale, alienation or
      disposal of any issued shares in any Group Company, other than the sale of
      any shares in M4Jam and the sale of all the issued shares and claims in
      ITC;

	 	 
	12.1.6 	
      create or permit to exist any encumbrance whatsoever over
      or in respect of all or a portion of the ordinary shares issued by any
      Group Company, save for any encumbrance granted as security under the
      Existing RCF, the Amended and Restated RCF or the New RCF;

	 	 
	12.1.7 	
      repurchase any issued shares of any Group
  Company;

	 	 
	12.1.8 	
      amend, agree to or vote in favour of the amendment of the
      MOI and/or the Shareholders Agreement, other than as contemplated in
      clause 14;

	 	 
	12.1.9 	
      enter into any agreement or arrangement or permit any
      action whereby any other company becomes its subsidiary or it controls any
      joint venture, partnership or agreement or other venture for the sharing
      of profits or assets other than the acquisition by the Company of an
      equity interest in Evercomm Proprietary
Limited (registration number 2011/123401/07) substantially in
      accordance with the provisions of a transaction structuring memorandum
      prepared by Cliffe Dekker Hofmeyr Inc., the latest version of which is
  dated 23 April 2019;

	 
	

19 

	12.1.10 	
      enter into a single transaction or a series of
      transactions (whether related or not) and whether voluntary or involuntary
      to sell, lease, transfer or otherwise dispose of any asset or part of the
      Business other than the sale or licence of any shares in, or assets
      (including intellectual property) of M4Jam and the sale of either (i) the
      business carried on by ITC; or (ii) all the issued shares and claims in
      ITC;

	 	 
	12.1.11 	
      incur or agree to incur any capital expenditure other
      than in the normal and Ordinary Course of Business;

	 	 
	12.1.12 	
      enter into or agree to enter into any joint venture,
      partnership or agreement or other venture for the sharing of profits or
      assets, other than the sale or licence of any shares in, or assets
      (including intellectual property) of, M4Jam and the sale of either (i) the
      business carried on by ITC, or (ii) all the issued shares and claims in
      ITC;

	 	 
	12.1.13 	
      enter into or agree to enter into any death, retirement,
      profit-sharing, bonus, share option, share incentive or other scheme for
      the benefit of any of its employees or make any variation (including, but
      without limitation, any increase in the rates of contribution) to any such
      existing scheme or effect any keyman insurance;

	 	 
	12.1.14 	
      repay or prepay any loans of whatsoever nature and
      amount, any borrowings or any other financial facility or assistance made
      available to it (excluding amounts payable in the normal and Ordinary
      Course of Business), other than pursuant to the terms of the Loan
      Agreement or the Existing RCF, the Amended or Restated RCF or the New
      RCF;

	 	 
	12.1.15 	
      terminate the employment or office of any of its senior
      employees or appoint any new director, officer or senior employee or
      consultant or materially alter the terms of employment or engagement of
      any of the employees (whether senior or junior), consultants, directors or
      officers including increasing employees' or directors' compensation or
      benefits, except in the normal and Ordinary Course of Business and
      consistent with past practices;

	 	 
	12.1.16 	
      make or agree to any amendment, variation, deletion,
      addition, renewal or extension to or of, terminate or give any notice or
      intimation of termination of or breach or fail to comply with the terms of
      any contract or arrangement with third parties; and

	 	 
	12.1.17 	
      allow any Government Official to serve in any capacity
      within the Group, including as a board member, employee, or
    consultant.

	 
	

20 

	12.2 	
      The Parties shall, to the extent within their control,
      procure that, for the duration of the Interim Period
-

	12.2.1 	
      without derogating from the undertakings and obligations
      in clause 12.1, the Grantee is kept appraised of all and any material
      decisions which the Group intends to make in respect of the Business, it
      being specifically recorded and agreed that nothing in this clause shall
      entitle the Grantee to determine and/or materially to influence any such
      material decision or to manage and/or control the Group in any
  way;

	 	 
	12.2.2 	
      permit representatives of the Grantee to have full access
      at all reasonable times, and in a manner so as not unreasonably to
      interfere with the normal business operations of the Group, to all
      premises, properties, personnel, books, records (including tax records),
      contracts, and documents of or pertaining to the Group and/or the
      Business;

	 	 
	12.2.3 	
      keep the Business and the assets of the Group used in
      respect of the Business substantially intact, including the present
      operations, physical facilities, working conditions, and relationships
      with lessors, licensors, suppliers, customers and the employees;
  and

	 	 
	12.2.4 	
      give prompt notice to the Grantee of any development
      causing a breach of the undertakings given in this clause 12 or which is
      likely to impede the implementation of this Agreement or any of the
      transactions contemplated herein, provided that no disclosure by a Party
      in terms of this clause 12.2 shall prevent or cure any misrepresentation
      or breach of any undertaking.

	13 	
      FUNDING OF PUT OPTION
PRICE

	13.1 	
      The Grantee hereby undertakes to provide funding to the
      Grantor in order to enable the Grantor to fully discharge the Put Option
      Price on the Put Option Closing Date, subject to
-

	13.1.1 	
      a 10% pricing flex on the interest margin;

	 	 
	13.1.2 	
      the execution of all required agreements (on
      substantially the same terms as the Amended and Restated RCF);

	 	 
	13.1.3 	
      the fulfilment of all conditions to draw down under such
      agreements (which shall comprise of substantially the same conditions as
      contained in the Amended and Restated RCF).

	13.2 	
      The Grantee undertakes to procure the preparation of the
      draft agreement/s necessary to record the terms of a new revolving credit
      facility agreement (or alternatively an amendment to the Amended and
      Restated RCF to inter alia increase the facility to allow for the
      Put Option Price) ("New RCF") as soon as reasonably possible after
      the Effective Date and to submit such draft agreement/s to the Company for
      its consideration. The Company and the Grantee undertake to negotiate to: (i)
      sign the documents recording the New RCF, and (ii) fulfil all advance
      conditions required for the disbursement of funds thereunder, by no later
  than 90 days after the Effective Date.

	 
	

21 

	13.3 	
      In the event that the Grantee and the Company are unable
      to reach agreement on the New RCF or unable to fulfil all advance
      conditions under the New RCF, the Grantor shall be required to source its
      own funding for the Put Option Price.

	14 	
      SUBSTITUTION OF CONSTITUTIONAL
  DOCUMENTS

	14.1 	
      The Company undertakes to procure the preparation of a
      new draft shareholders agreement and draft memorandum of incorporation in
      respect of the Company reflecting inter alia each shareholder's the
      new voting and participation interest in the Company and providing for any
      matters pertaining to the transfer of shares pursuant to this Agreement)
      ("New Constitutional Documents") as soon as reasonably possible
      after the Effective Date and to submit such draft documents to the Grantee
      for its consideration.

	 	 
	14.2 	
      The Company, the Shareholders and the Grantee undertake
      to negotiate in order to: (i) sign the New Constitutional Documents; and
      (ii) fulfil any suspensive conditions contained therein, by no later than
      90 days after the Effective Date.

	15 	
      ACCELERATION EVENTS

	 	 
		
      If –

	15.1 	
      a Default (as defined in the Existing RCF, the Amended
      and Restated RCF and/or New RFC, whichever is applicable at the relevant
      point in time) occurs;

	 	 
	15.2 	
      the Parties fail to sign a new shareholders agreement as
      part of the finalisation of the New Constitutional Documents within the
      period set out in clause 14.2;

	 	 
	15.3 	
      the Grantee becomes aware of any breach of any of the
      undertakings given in clause 23;

	 	 
	15.4 	
      the Grantee becomes aware of a breach of any of the
      provisions of clause 12.1;

	 	 
	15.5 	
      a sale under the Placement Agreement is implemented
      without the Option Shares being placed first and in priority to any other
      shares issued by the Company, on terms and conditions to be agreed between
      the Grantee and the prospective purchaser; and

	 	 
	15.6 	
      the Grantee ceases to be a lender to the Group under the
      Existing RCF, the Amended and Restated RCF and/or the New RFC, whichever
      is applicable at the relevant point in time,

 

	 
	

22 

then, notwithstanding that the Put
Option Period has not commenced, the Grantee, shall be entitled (but not
obliged), and without prejudice to any other rights which the Grantee may have
in terms of this Agreement, to deliver a Put Option Notice in terms of clause
7.1 whereafter the Sale shall be
implemented in accordance with the provisions of clauses 8 to 11 and any other
applicable provision of this Agreement. 

	 
	

23 

	PART 3: CALL
      OPTION 

	16 	
      CALL OPTION

	16.1 	
      The Grantee hereby grants to PK Gain, JAA, Sabvest
      Finance and Sabvest Investments (collectively, the "Call Option
      Holders"), and the Call Option Holders hereby accept the grant of, an
      option pursuant to which the Call Option Holders shall be entitled to call
      on the Grantee to sell and transfer all (and not only a part) of the
      Option Shares to those of the Call Option Holders nominated to acquire the
      Option Shares in terms of clause 17, subject to the terms and conditions
      set out in this Agreement ("Call Option"). The Call Option Holders
      (acting jointly) shall be entitled to nominate another entity to acquire
      all or a portion of the Option Shares under the Call Option, provided that
      the Grantee grants its prior written consent thereto.

	 	 
	16.2 	
      The Call Option may only be exercised once at any time
      during the Call Option Period at the sole and absolute discretion of the
      Call Option Holders (acting jointly) and must be exercised in respect of
      all (and not only a part of) of the Option Shares by any one or more
      person or persons from amongst the Call Option Holders.

	 	 
	16.3 	
      The Call Option is irrevocable for the Call Option Period
      and if not exercised, will automatically lapse and be of no further force
      or effect on expiry of the Call Option Period. The expiry of the Call
      Option Period will not terminate or otherwise affect any Call Option
      exercised prior to the expiry of the Call Option Period.

	 	 
	16.4 	
      No consideration is payable by the Call Option Holders to
      the Grantee in respect of the granting of the Call Option.

	 	 
	16.5 	
      The Grantee hereby agrees and undertakes to and in favour
      of the Call Option Holders that it shall not, for the duration of the Call
      Option Period -

	16.5.1 	
      transfer, sell, alienate or dispose of in any manner any
      of the Option Shares other than pursuant to this Agreement or the
      Placement Agreement; or

	 	 
	16.5.2 	
      create or permit to exist any encumbrance whatsoever over
      or in respect of all or a portion of the Option Shares save for any
      encumbrance granted as security under the Existing RCF, the Amended and
      Restated RCF and/or the New RCF,

without the express, prior written
consent of the Call Option Holders. 

	17 	
      EXERCISE OF CALL
OPTION

	17.1 	
      The Call Option –

	17.1.1 	
      shall be capable of being exercised at any time during
      the Call Option Period;

	 
	

24 

	17.1.2 	
      shall be exercised by way of the Purchasers'
      Representative giving written notice to that effect to the Grantee
      substantially in the form attached hereto as Annexure B ("Call Option
      Notice"), which notice shall specify the names of the Call Option
      Holders that wish to acquire the Option Shares ("Purchasers") and
      the number of Option Shares to be acquired by each such Purchaser (which
      shall collectively amount to all the Option Shares and not only a part
      thereof).

	18 	
      SALE

	18.1 	
      Upon the Call Option Closing Date a sale shall
      automatically come into existence in terms of which the Grantee sells to
      the Purchasers, and the Purchasers purchase from the Grantee, the Option
      Shares on the terms and conditions set out in this Agreement. Each such
      sale between the Grantee and a Purchaser will be indivisibly linked to any
      other sale arising pursuant to the exercise of the Call Option between the
      Grantee and another Purchaser.

	 	 
	18.2 	
      All risk in and all benefit attaching to the Option
      Shares will pass from the Grantee to the Purchasers on the Call Option
      Closing Date, against receipt of payment of the full Call Option Price
      (together with any accrued interest thereon).

	 	 
	18.3 	
      Possession and effective control of the Option Shares
      acquired by the Purchasers will be given to the Purchasers on the Call
      Option Closing Date, against receipt of payment of the full Call Option
      Price (together with any accrued interest thereon). The Grantee will
      accordingly retain all rights attaching to the Option Shares, including
      the right to exercise all voting rights attaching to the Option Shares,
      until the Call Option Closing Date and receipt of payment of the full Call
      Option Price (together with any accrued interest
  thereon).

	19 	
      CALL OPTION PRICE

	19.1 	
      The purchase price payable by the Purchasers to the
      Grantee for the sale and transfer of each Option Share under the Call
      Option, shall be an amount equal to the aggregate of
–

	19.1.1 	
      the Option Price Balance in respect of that Option Share
      as at the Call Option Closing Date; and

	 	 
	19.1.2 	
      the Escalation Amount calculated in respect of that
      Option Share up to but excluding the Call Option Closing Date (which has
      not yet been compounded in terms of the provisions of clause 2.1.20.4 and
      included in the calculation of the Option Price Balance in terms of the
      provisions of clause 2.1.39.3).

	19.2 	
      The Grantee shall no less than 2 business days before the
      Call Option Closing Date, deliver written confirmation specifying the Call
      Option Price payable in respect of the Option Shares (which shall be
      determined in accordance with this clause 19).

	 
	

25 

	19.3 	
      The Call Option Price as set out in the written
      confirmation in terms of clause 19.2 signed by the Grantee or any director
      or manager of the Grantee (whose appointment need not be proved) as to the
      Call Option Price or the calculation of the Call Option Price, shall, in
      the absence of manifest error, be prima facie proof of the Call
      Option Price and the Grantee and the Purchasers will proceed to closing
      and implement the Sale on the Call Option Closing Date on the basis of the
      Grantee's calculations set out in the written confirmation in terms of
      clause 19.2.

	20 	
      PAYMENT AND INTEREST ON OVERDUE AMOUNTS

	 	 
		
      The Call Option Price shall be paid by the Purchasers to
      the Grantee on the Call Option Closing Date. Payment shall be made in
      accordance with clauses 10.2 and 10.3.

	 	 
	21 	
      CALL OPTION CLOSING

	 	 
		
      On the Call Option Closing Date, and then only against
      receipt of payment of the full Call Option Price (together with any
      accrued interest thereon) –

	21.1 	
      the Grantee will deliver to the Company
  –

	21.1.1 	
      the original share certificate(s) in respect of the
      Option Shares; and

	 	 
	21.1.2 	
      the securities transfer forms (or such other instruments
      of transfer as may be appropriate) duly completed and signed by the
      Grantee and dated as of the Call Option Closing Date, in favour of the
      Purchasers (as the transferees); and

	21.2 	
      the Company will deliver to the Grantee a copy of the
      updated securities register of the Company reflecting the
  Sale.

	22 	
      PURCHASERS'
REPRESENTATIVE

	22.1 	
      The Purchasers' Representative shall be authorised to act
      on behalf of the Purchasers for purposes of exercising and implementing
      the Call Option, and shall be authorised to take such action on behalf of
      the Purchasers and to exercise such rights, remedies, powers and
      discretions as are delegated by the Call Option Holders to the Purchasers'
      Representatives in terms of this Agreement or from time to time hereafter,
      together with such powers and discretions as are reasonably incidental
      thereto.

	 	 
	22.2 	
      For purposes of the aforegoing
-

	22.2.1 	
      the giving of a Call Option Notice to the Grantee by the
      Purchasers' Representative shall constitute due notice by the named Call
      Option Holders in the Call Option Notice to the Grantee;
  and

	 
	

26 

	22.2.2 	
      the giving of any written consent, approval, indulgence
      or the like by the Purchasers' Representative shall constitute the giving
      of such consent, approval, indulgence or the like by the relevant Call
      Option Holders; and

	 	 
	22.2.3 	
      the Grantee shall be entitled to rely on any document
      purportedly delivered or signed by the Purchasers' Representative and it
      shall not be necessary to prove the appointment, designation and authority
      of the Purchasers' Representative.

	22.3 	
      The Call Option Holders may from time to time, by way of
      notice in writing to the Grantee, signed by a majority in number of the
      Call Option Holders, nominate any Call Option Holder to be the Purchasers'
      Representative for purposes of this Agreement. If at any time there is no
      appointed Purchasers' Representative, any reference in this Agreement to
      the Purchasers' Representative shall be deemed to be a reference to all
      the Purchasers jointly.

	 
	

27 

	PART 4:
      GENERAL 

	23 	
      APPROVALS AND
UNDERTAKINGS

	23.1 	
      The Grantor, the Company, the Call Option Holders and
      Net1 hereby agree and undertake, not to do or omit to do anything that
      would trigger a Regulatory Approval or frustrate the implementation of the
      Put Option or the Call Option or cause the implementation of the Put
      Option or the Call Option to be unduly delayed. Without limiting the
      aforegoing, the Grantor, the Company, Call Option Holders and Net1 hereby
      agree and undertake not to do anything or carry out any transaction which
      would result in the Sale arising pursuant to the exercise of the Put
      Option triggering a change of control of the Company, as contemplated by
      Chapter 3 of the Competition Act and therefore requiring approval from the
      Competition Authorities prior to the Sale being implemented or requiring
      any other Regulatory Approval.

	 	 
	23.2 	
      To the extent that the lawful implementation of the Sale
      under either the Put Option or the Call Option requires any Regulatory
      Approval or any authorisation or approval in terms of the Companies Act
      (including the passing of the solvency and liquidity test in terms of
      section 46(1)(c) of the Companies Act) and such Regulatory Approval,
      authorisation or approval has not already been obtained or has expired,
      then –

	23.2.1 	
      the Grantor shall obtain such Regulatory Approval,
      authorisation or approval by not later than the Put Option Closing Date in
      the case of the Put Option;

	 	 
	23.2.2 	
      the Purchasers shall obtain such Regulatory Approval,
      authorisation or approval prior to the Call Option Closing Date in the
      case of the Call Option,

		
      failing which in each instance the Grantee shall be
      entitled to claim any amounts due under this Agreement (including the Put
      Option Price or the Call Option Price (as applicable) in full, free of any
      set off or deduction (together with any accrued interest thereon)) under
      the Guarantee or the indemnity in clause 23.6.

	 	 
	23.3 	
      The Company, the Grantor, the Guarantor and the
      Shareholders (other than the Grantee) shall procure that their respective
      boards of directors shall, prior to the expiry of 120 business days after
      the acknowledgment referred to in clauses 4.1.4.3, 4.1.2.3, 4.1.5.2 and
      4.1.9.3 has been made, reconsider the solvency and liquidity test referred
      to in those respective clauses and adopt a fresh resolution contemplated
      in terms of section 46(1)(c) of the Companies Act (to the extent the
      Company is solvent and liquid), and shall repeat this process prior to the
      expiry of 120 business days after each such fresh resolution.

	 	 
	23.4 	
      The Parties (other than the Grantee) undertake to
      co-operate fully, insofar as it is within its control, with the Grantee to
      the extent necessary for the obtaining, without unreasonable delay, of any
      Regulatory Approvals, authorisations or approvals for giving effect to
      this Agreement or a Sale.

	 
	

28 

	23.5 	
      The Shareholders (other than the Grantee) and the Company
      hereby agree and undertake that if any placement of the Company's shares
      occurs under the Placement Agreement, prior to implementation of the sale
      arising from such placement, the Shareholders and the Company shall inform
      the prospective purchaser(s) of this clause and use their reasonable
      endeavours to place and sell the Option Shares first and in priority to
      any other shares issued by the Company, on terms and conditions to be
      agreed between the Grantee and the prospective purchaser.

	 	 
	23.6 	
      Without prejudice to any rights of the Grantee arising
      from any other provision of this Agreement, the Company and the
      Shareholders (other than the Grantee) in their Designated Proportions
      hereby agree, -

	23.6.1 	
      to pay all sums which at any time or times in the future
      shall become due, owing, incurred, scheduled, expressed, required or
      contracted to be paid to the Grantee under this Agreement;

	 	 
	23.6.2 	
      that if any obligation to pay any amount to the Grantee
      under this Agreement (including the Put Option Price or the Call Option
      Price) is or becomes void, unenforceable (including any unenforceability
      arising from the inability to satisfy the solvency and liquidity test in
      terms of section 46(1)(c) of the Companies Act or the failure to obtain a
      Regulatory Approval by the due date therefor), invalid or illegal, they
      will, as an independent and primary obligation, indemnify the Grantee,
      within 1 business day of demand from the Grantee, against any and all
      actions, applications, suits, proceedings, damages, penalties, fines,
      costs, reasonable amounts paid in settlement, liabilities, obligations,
      tax, liens, losses, compensation (including compensation paid or payable
      to any employee), expenses and fees, including reasonable fees and
      expenses of attorneys, counsel, accountants, consultants and experts,
      which the Grantee may incur or suffer (whether directly or indirectly) as
      a result of, arising out of, or relating to any Party not paying any
      amount which would, but for such unenforceability, invalidity or
      illegality, have been payable by such Party to the Grantee on the date
      when it would have been due under this Agreement;

	 	 
	23.6.3 	
      to indemnify and hold the Grantee harmless from and
      against the entirety of any adverse consequences of whatever description
      including, but not limited to, all actions, applications, suits,
      proceedings, damages, penalties, fines, costs, reasonable amounts paid in
      settlement, liabilities, obligations, tax, liens, losses, compensation
      (including compensation paid or payable to any employee), expenses and
      fees, including reasonable fees and expenses of attorneys, counsel,
      accountants, consultants and experts, which the Grantee may suffer
      (whether directly or indirectly) resulting from, arising out of, or
      relating to a breach of the warranties and undertakings in this Agreement
      and this clause 23.

	 
	

29 

	23.7 	
      The Grantee shall not be entitled to pursue a claim
      against the Shareholders in terms of clause 23.6 unless it has first given
      the Company at least 10 days written notice of a claim in terms of clause
      23.6, and the Company has failed within the aforementioned 10 day period
      to make payment of the Grantee's claim in terms of clause 23.6.

	 	 
	23.8 	
      The indemnity in clause 23.6 is in addition to, and does
      not in any way derogate from, any statutory or common law remedy the
      Grantee may have for breach of this Agreement.

	 	 
	23.9 	
      The Company and the Shareholders shall not be liable
      under this clause 23 for any indirect, special or consequential damages
      (including loss of profit) and nothing contained in this Agreement shall
      derogate from the Grantee's common law duty to mitigate its
  loss.

	24 	
      WAIVERS AND CONSENTS

	24.1 	
      Each of the Parties hereby –

	24.1.1 	
      irrevocably and unconditionally consents to any sale and
      transfer of any Option Shares being implemented;

	 	 
	24.1.2 	
      fully appreciates and understands the implications and
      consequences of any sale and purchase of any Option
  Shares,

		
      it being recorded that such waiver is given on a fully
      informed and consensual basis.

	 	 
	24.2 	
      Each Shareholder hereby waives any pre-emptive,
      come-along and tag-along rights which it may have in respect of the Option
      Shares, whether under the MOI, the Shareholders Agreement or otherwise.
      Notwithstanding the waivers contained herein, the Shareholders hereby
      agree that the provisions clauses 13, 17 and 18 of the Shareholders
      Agreement will not apply in respect of all the transactions contemplated
      in this Agreement.

	25 	
      WARRANTIES IN RESPECT OF THE OPTION
  SHARES

	25.1 	
      The Grantee warrants to and in favour of the Grantor or
      the Purchasers that on the date of delivery of the Put Option Notice and
      on the Put Option Closing Date, or on the date of delivery of the Call
      Option Notice and on the Call Option Closing Date (as applicable)
  –

	25.1.1 	
      it is the sole, legal and beneficial holder of the Option
      Shares and is entitled to dispose of same; and

	 	 
	25.1.2 	
      no other party shall have any claim to or over or in
      respect of the Option Shares, nor shall the Option Shares be encumbered
      save for any encumbrance granted as security under the Existing RCF, the
      Amended and Restated RCF and/or the New RCF.

	 
	

30 

	25.2 	
      The Grantee gives only the warranties set out in clause
      25.1 and no others. Save for these warranties, any sale and transfer of
      the Option Shares in terms of this Agreement is on a voetstoots
      basis, with no further warranties or representations, or terms as to
      fitness for any purpose, express or implied, being given by the
      Grantee.

	26 	
      GENERAL WARRANTIES

	26.1 	
      Each of the Parties hereby warrants to and in favour of
      the others that –

	26.1.1 	
      it has the legal capacity and has taken all necessary
      corporate action required to empower and authorise it to enter into this
      Agreement;

	 	 
	26.1.2 	
      this Agreement constitutes an agreement valid and binding
      on it and enforceable against it in accordance with its terms;

	 	 
	26.1.3 	
      the execution of this Agreement and the performance of
      its obligations hereunder does not and shall not
–

	26.1.3.1 	
      contravene any law or regulation to which that Party is
      subject;

	 	 
	26.1.3.2 	
      contravene any provision of that Party's constitutional
      documents; or

	 	 
	26.1.3.3 	
      conflict with, or constitute a breach of any of the
      provisions of any other agreement, obligation, restriction or undertaking
      which is binding on it.

	26.2 	
      Each of the representations and warranties given by the
      Parties in terms of clause 26.1, shall –

	26.2.1 	
      be a separate warranty and will in no way be limited or
      restricted by inference from the terms of any other warranty or by any
      other words in this Agreement;

	 	 
	26.2.2 	
      continue and remain in force notwithstanding the
      completion of any or all the transactions contemplated in this Agreement;
      and

	 	 
	26.2.3 	
      prima facie be deemed to be material and to be a
      material representation inducing the other Parties to enter into this
      Agreement.

	27 	
      SECURITIES TRANSFER TAX

	 	 
		
      The Grantor shall pay any securities transfer tax on the
      Sale arising out of the exercise of the Put Option in terms of the
      Securities Transfer Tax Act, No. 25 of 2007, without a right of recovery
      against the Grantee. The Grantor shall pay any securities transfer tax on
      the Sale arising out of the exercise of the Call Option in terms of the
      Securities Transfer Tax Act, No. 25 of 2007, with a right of recovery
      against the Purchasers.

	 
	

31 

	28 	
      CONFIDENTIALITY

	28.1 	
      The Parties undertake that during the operation of, and
      for a period of 2 years after the lapsing, expiration, termination or
      cancellation of, this Agreement for any reason, they will keep
      confidential –

	28.1.1 	
      any information which a Party ("Disclosing Party")
      communicates to any other Party ("Recipient") and which is stated
      to be or by its nature is intended to be confidential;

	 	 
	28.1.2 	
      all other information of the same confidential nature
      concerning the business of a Disclosing Party which comes to the knowledge
      of any Recipient whilst it is engaged in negotiating the terms of this
      Agreement or after its conclusion; and

	 	 
	28.1.3 	
      the terms and conditions of this
  Agreement.

	28.2 	
      If a Recipient is uncertain about whether any information
      is to be treated as confidential in terms of this clause 28, it shall be
      obliged to treat it as such until written clearance is obtained from the
      Disclosing Party.

	 	 
	28.3 	
      Notwithstanding the provisions of clause 28.1, a
      Recipient shall be entitled to disclose any information to be kept
      confidential to its auditors, bankers, insurers, professional and other
      advisors and to any other person if and to the extent only that the
      disclosure is necessary for the purposes of carrying out its obligations
      or implementing of enforcing any of its rights in terms of this
      Agreement.

	 	 
	28.4 	
      The obligation of confidentiality placed on the Parties
      in terms of this clause 28 shall cease to apply to a Recipient in respect
      of any information which –

	28.4.1 	
      has been independently developed by the
  Recipient;

	 	 
	28.4.2 	
      is or becomes generally available to the public other
      than by the negligence or default of the Recipient or by the breach of
      this Agreement by the Recipient;

	 	 
	28.4.3 	
      the Disclosing Party confirms in writing is disclosed on
      a non-confidential basis;

	 	 
	28.4.4 	
      has lawfully become known by or come into the possession
      of the Recipient on a non- confidential basis from a source other than the
      Disclosing Party having the legal right to disclose same, provided that
      such knowledge or possession is evidenced by the written records of the
      Recipient existing at the Signature Date; or

	 	 
	28.4.5 	
      is disclosed pursuant to a requirement or request by
      operation of law, regulation or court order or any regulatory or
      supervisory body or any applicable securities exchange, to the extent of
      compliance with such requirement or request only and not for any other
      purpose, provided that the onus shall at all times rest on the
      Recipient to establish that information falls within the exclusions set
  out in clauses 28.4.1 to 28.4.5.

	 
	

32 

	28.5 	
      In the event that the Recipient is required to disclose
      confidential information of the Disclosing Party as contemplated in clause
      28.4.5, the Recipient will notify the Disclosing Party of the recipient
      of, and the form and extent of, any such disclosure or announcement as
      soon as reasonably possible after it is made to the extent possible and
      permitted by any applicable law.

	29 	
      PUBLICITY

	 	 
		
      No public announcements of any nature whatsoever will be
      made by or on behalf of a Party relating to this Agreement and the terms
      and contents thereof without the prior written consent of the other
      Parties, save for any announcement or other statement required to be made
      in terms of the provisions of any law or by the rules of any recognised
      securities exchange, in which event the Party obliged to make such
      statement will first consult with the other Parties in order to enable the
      Parties in good faith to attempt to agree the content of such
      announcement, which (unless agreed) must go no further than is required in
      terms of such law or rules. This will not apply to a Party wishing to
      respond to any other Party which has made an announcement of some nature
      in breach of this clause 29.

	 	 
	30 	
      SUPPORT

	 	 
		
      Each of the Parties undertakes, and shall procure that
      its representatives, at all times to do all things, perform all such
      actions and take all such steps and to procure the doing of all such
      things, the performance of all such actions and the taking of all such
      steps as may be open to them and necessary for or incidental to the
      putting into effect or maintenance of the terms, conditions and/or import
      of this Agreement.

	 	 
	31 	
      BREACH

	31.1 	
      If a Party ("Defaulting Party") commits any breach
      of this Agreement and fails to remedy such breach within 10 business days
      ("Notice Period") of written notice requiring the breach to be
      remedied, then the Party giving the notice ("Aggrieved Party") will
      be entitled, at its option –

	31.1.1 	
      to claim immediate specific performance of any of the
      Defaulting Party's obligations under this Agreement, with or without
      claiming damages, whether or not such obligation has fallen due for
      performance, and to require the Defaulting Party to provide security to
      the satisfaction of the Aggrieved Party for the Defaulting Party's
      obligations; or

	 	 
	31.1.2 	
      to cancel this Agreement, with or without claiming
      damages, in which case written notice of the cancellation shall be given
      to the Defaulting Party, and the cancellation shall take effect on the giving of the
notice. Notwithstanding the aforesaid, none of the Parties shall be entitled to
cancel this Agreement unless the breach is a material breach going to the root
of the Agreement.

	 
	

33 

	31.2 	
      The Parties agree that any costs awarded will be
      recoverable on an attorney-and-own- client scale unless the Court
      specifically determines that such scale shall not apply, in which event
      the costs will be recoverable in accordance with the High Court tariff,
      determined on an attorney-and-client scale.

	 	 
	31.3 	
      The Aggrieved Party's remedies in terms of this clause 31
      are without prejudice to any other remedies to which the Aggrieved Party
      may be entitled in law.

	 	 
	31.4 	
      Notwithstanding the aforegoing, after the acquisition of
      all of the Option Shares and payment of the Put Option Price in full in
      accordance with this Agreement, none of the Parties will have the right to
      cancel this Agreement as a result of a breach thereof, and the Parties'
      only remedies thereafter will be to claim specific performance of all the
      Defaulting Party's obligations, together with damages, if
  any.

	32 	
      DISPUTE RESOLUTION

	32.1 	
      In the event of there being any dispute or difference
      between all or some of the Parties arising out of this Agreement, the said
      dispute or difference shall on written demand by any Party be submitted to
      arbitration in Johannesburg in accordance with the AFSA rules, which
      arbitration shall be administered by AFSA.

	 	 
	32.2 	
      Should AFSA, as an institution, not be operating at that
      time or not be accepting requests for arbitration for any reason, then the
      arbitration shall be conducted in accordance with the AFSA rules for
      commercial arbitration (as last applied by AFSA) before an arbitrator
      appointed by agreement between the parties to the dispute or failing
      agreement within 10 business days of the demand for arbitration, then any
      party to the dispute shall be entitled to forthwith call upon the
      chairperson of the Johannesburg Bar Council to nominate the arbitrator,
      provided that the person so nominated shall be an advocate of not less
      than 10 years standing as such. The person so nominated shall be the duly
      appointed arbitrator in respect of the dispute. In the event of the
      attorneys of the parties to the dispute failing to agree on any matter
      relating to the administration of the arbitration, such matter shall be
      referred to and decided by the arbitrator whose decision shall be final
      and binding on the parties to the dispute.

	 	 
	32.3 	
      Any party to the arbitration may appeal the decision of
      the arbitrator or arbitrators in terms of the AFSA rules for commercial
      arbitration.

	 	 
	32.4 	
      Nothing herein contained shall be deemed to prevent or
      prohibit a party to the arbitration from applying to the appropriate court
      for urgent relief or for judgment in relation to a liquidated
  claim.

	 
	

34 

	32.5 	
      Any arbitration in terms of this clause 32 (including any
      appeal proceedings) shall be conducted in camera and the Parties
      shall treat as confidential details of the dispute submitted to
      arbitration, the conduct of the arbitration proceedings and the outcome of
      the arbitration.

	 	 
	32.6 	
      This clause 32 will continue to be binding on the Parties
      notwithstanding any termination or cancellation of the
Agreement.

	 	 
	32.7 	
      The Parties agree that the written demand by a party to
      the dispute in terms of clause 32.1, that the dispute or difference be
      submitted to arbitration, is to be deemed to be a legal process for the
      purpose of interrupting extinctive prescription in terms of the
      Prescription Act, 1969.

	33 	
      NOTICES AND DOMICILIA

	33.1 	
      The Parties select as their respective domicilia
      citandi et executandi the following physical addresses, and for the
      purposes of giving or sending any notice provided for or required under
      this Agreement, the following physical and email addresses
  –

	 	Name 	Physical Address 	Email 
	 	Grantee 	1 Merchant Place 	xxx 
	 	  	14th Floor 	xxx 
	 	  	Cnr Fredman Drive and 	xxx 
	 	  	Rivonia Road 	xxx 
	 	  	Sandton 	xxx 
	 	  	Johannesburg 	  

Marked for the attention of: Head of
Transaction Management 

	 	Name 	Physical Address 	Email 
	 	JAA 	23/25 Commerce Crescent 	xxx 
	 	  	Kramerville 	xxx 
	 	  	Johannesburg 	  

Marked for the attention of: Chris
Seabrook and Andrew Dunn 

	 	Name 	Physical Address 	Email 
	 	PK Gain 	c/o Michael Honiball 	xxx 
	 	  	Werksmans Attorneys 	  
	 	  	96 Rivonia Road 	  
	 	  	Sandton 	  
	 	  	Johannesburg 	  

Marked for the attention of: Peter
Gain 

	 	Name 	Physical Address 	Email 
	 	Net1 	6th Floor 	xxx 
	 	  	President Place 	  
	 	  	Cnr Jan Smuts Ave and Bolton
      Road 	  
	 	  	Rosebank 	  
	 	  	Johannesburg 	  

  Marked for the attention of: Chief Financial Officer

	 
	

35 

	 	Name 	Physical Address 	Email 
	 	Grantor, 	23/25 Commerce Crescent 	Xxx 
	 	Guarantor 	Kramerville 	  
	 	and Company 	Johannesburg 	  

Marked for the attention of: Andrew
Dunn 

	 	Name 	Physical Address 	Email 
	 	Sabvest Finance 	Four Commerce Square 	Xxx 
	 	  	39 Rivonia Road 	  
	 	  	Sandhurst 	  

Marked for the attention of:Chris
  Seabrooke

	 	Name 	Physical Address 	Email 
	 	Sabvest 	Four Commerce Square 	xxx 
	 	Investments 	39 Rivonia Road 	  
	 	  	Sandhurst 	  

Marked for the attention of: Chris
Seabrooke 

provided that a Party may change its
domicilium to any other physical address in South Africa, or its address
for the purposes of notices to any other physical or email address, by written
notice to the other Parties to that effect. Such change of address will be
effective 5 business days after receipt of the notice of the change. 

	33.2 	
      All notices to be given in terms of this Agreement will
      be given in writing and will –

	33.2.1 	
      be delivered by hand or sent by email;

	 	 
	33.2.2 	
      if delivered by hand during business hours, be presumed
      to have been received on the date of delivery. Any notice delivered after
      business hours or on a day which is not a business day will be presumed to
      have been received on the following business day; and

	 	 
	33.2.3 	
      if sent by email during business hours, be presumed to
      have been received on the date of successful transmission of the email.
      Any email sent after business hours or on a day which is not a business
      day will be presumed to have been received on the following business
      day.

	33.3 	
      Notwithstanding the above, any notice given in writing,
      and actually received by the Party to whom the notice is addressed, will
      be deemed to have been properly given and received, notwithstanding that
      such notice has not been given in accordance with this clause
  33.

	34 	
      BENEFIT OF THE AGREEMENT

	 	 
		
      This Agreement will also be for the benefit of and be
      binding upon the successors in title and permitted assigns of the Parties
      or any of them.

	 
	

36 

	35 	
      APPLICABLE LAW AND
JURISDICTION

	35.1 	
      This Agreement will in all respects be governed by and
      construed under the laws of South Africa.

	 	 
	35.2 	
      Subject to clause 32, the Parties hereby consent and
      submit to the non-exclusive jurisdiction of the High Court of South
      Africa, Gauteng Local Division (Johannesburg), in any dispute arising from
      or in connection with this Agreement.

	36 	
      INDEPENDENT ADVICE

	 	 
		
      Each of the Parties hereby acknowledges and agrees that
      –

	36.1 	
      it has been free to secure independent legal and other
      professional advice (including financial and taxation advice) as to the
      nature and effect of all of the provisions of this Agreement and that it
      has either taken such independent advice or has dispensed with the
      necessity of doing so; and

	 	 
	36.2 	
      all of the provisions of this Agreement and the
      restrictions herein contained are fair and reasonable in all the
      circumstances and are in accordance with the Party's
  intentions.

	37 	
      GENERAL

	37.1 	
      Whole Agreement

	 	 
		
      This Agreement constitutes the whole of the agreement
      between the Parties relating to the matters dealt with herein and, save to
      the extent otherwise provided herein, no undertaking, representation, term
      or condition relating to the subject matter of this Agreement not
      incorporated in this Agreement shall be binding on any of the
    Parties.

	 	 
	37.2 	
      Variations to be in Writing

	 	 
		
      No addition to or variation, deletion, or agreed
      cancellation of all or any clauses or provisions of this Agreement will be
      of any force or effect unless in writing and signed by the
  Parties.

	 	 
	37.3 	
      No Indulgences

	 	 
		
      No latitude, extension of time or other indulgence which
      may be given or allowed by any Party to the other in respect of the
      performance of any obligation hereunder, and no delay or forbearance in
      the enforcement of any right of any Party arising from this Agreement and
      no single or partial exercise of any right by any Party under this
      Agreement, shall in any circumstances be construed to be an implied
      consent or election by that Party or operate as a waiver or a novation of
      or otherwise affect any of its rights in terms of or arising from this
      Agreement or estop or preclude it from enforcing at any time and without
      notice, strict and punctual compliance with each and every provision or
      term hereof.

	 
	

37 

		
      Failure or delay on the part of any Party in exercising
      any right, power or privilege under this Agreement will not constitute or
      be deemed to be a waiver thereof, nor will any single or partial exercise
      of any right, power or privilege preclude any other or further exercise
      thereof or the exercise of any other right, power or privilege.

	 	 
	37.4 	
      No Waiver or Suspension of Rights

	 	 
		
      No waiver, suspension or postponement by any Party of any
      right arising out of or in connection with this Agreement shall be of any
      force or effect unless in writing and signed by that Party. Any such
      waiver, suspension or postponement will be effective only in the specific
      instance and for the purpose given.

	 	 
	37.5 	
      Continuing Effectiveness of Certain
    Provisions

	 	 
		
      The expiration or termination of this Agreement shall not
      affect such of the provisions of this Agreement as expressly provide that
      they will operate after any such expiration or termination or which of
      necessity must continue to have effect after such expiration or
      termination, notwithstanding that the clauses themselves do not expressly
      provide for this.

	 	 
	37.6 	
      No Assignment

	 	 
		
      Neither this Agreement nor any part, share or interest
      herein nor any rights or obligations hereunder may be ceded, delegated or
      assigned by any Party without the prior signed written consent of the
      others.

	38 	
      COSTS

	 	 
		
      Subject to clause 31.2, Net1 will bear and pay all legal
      costs and expenses of and incidental to the negotiation, drafting,
      preparation and implementation of this Agreement.

	 	 
	39 	
      SIGNATURE

	39.1 	
      This Agreement is signed by the Parties on the dates and
      at the places indicated below.

	 	 
	39.2 	
      This Agreement may be executed in counterparts, each of
      which shall be deemed an original, and all of which together shall
      constitute one and the same Agreement as at the date of signature of the
      Party last signing one of the counterparts.

	 	 
	39.3 	
      The persons signing this Agreement in a representative
      capacity warrant their authority to do so.

	 	 
	39.4 	
      The Parties record that it is not required for this
      Agreement to be valid and enforceable that a Party shall initial the pages
      of this Agreement and/or have its signature of this Agreement verified by
      a witness.

	 
	

38

SIGNED at
...................................................................................... on 
................................................................................. 2019

	 	For and on behalf of 
	 	FIRSTRAND BANK LIMITED (ACTING 
	 	THROUGH ITS RAND MERCHANT BANK 
	 	DIVISION) 
	 	  
	 	/s/ C Welthagen 
	 	Signature 
	 	  
	 	C Welthagen 
	 	Name of Signatory 
	 	  
	 	Authorised 
	 	Designation of Signatory 
	 	  
	 	  
	 	  
	 	  
	 	/s/ Z Manie 
	 	Signature 
	 	  
	 	Z Manie 
	 	Name of Signatory 
	 	  
	 	Authorised 
	 	Designation of Signatory 

SIGNED at Rosebank on 3 May 2019

	 	For and on behalf of 
	 	NET1 APPLIED TECHNOLOGIES SOUTH 
	 	AFRICA PROPRIETARY LIMITED 
	 	  
	 	/s/ A.M.R. Smith 
	 	Signature 
	 	  
	 	A.M.R. Smith 
	 	Name of Signatory 
	 	  
	 	Director 
	 	Designation of Signatory

	 
	

39

SIGNED at Sandton on 3 May 2019

	 	For and on behalf of 
	 	JAA HOLDINGS PROPRIETARY LIMITED 
	 	  
	 	/s/ Andrew Dunn 
	 	Signature 
	 	  
	 	Andrew Dunn 
	 	Name of Signatory 
	 	  
	 	Director 
	 	Designation of Signatory 

SIGNED at Cape Town on 3 May 2019 2019

	 	For and on behalf of 
	 	PK GAIN INVESTMENT HOLDINGS 
	 	PROPRIETARY LIMITED 
	 	  
	 	/s/ Andrea Böhmert 
	 	Signature 
	 	  
	 	Andrew Böhmert 
	 	Name of Signatory 
	 	  
	 	Director 
	 	Designation of Signatory 

SIGNED at Sandton on 3 May 2019

	 	For and on behalf of 
	 	DNI-4PL CONTRACTS PROPRIETARY 
	 	LIMITED 
	 	  
	 	Andrew Dunn 
	 	Signature 
	 	  
	 	Andrew Dunn 
	 	Name of Signatory 
	 	  
	 	Director 

	 
	

40

SIGNED at Sandton on 3 May 2019

	 	For and on behalf of 
	 	DNI RETAIL PROPRIETARY LIMITED 
	 	  
	 	/s/ Andrew Dunn 
	 	Signature 
	 	  
	 	Andrew Dunn 
	 	Name of Signatory 
	 	  
	 	Director 

SIGNED at Sandton on 3 May 2019

	 	For and on behalf of 
	 	SABVEST FINANCE AND GUARANTEE 
	 	CORPORATION PROPRIETARY LIMITED 
	 	  
	 	/s/ Raymond Pleaner 
	 	Signature 
	 	  
	 	Raymond Pleaner 
	 	Name of Signatory 
	 	  
	 	Director 
	 	Designation of Signatory 

SIGNED at Sandton on 3 May 2019

	 	For and on behalf of 
	 	SABVEST INVESTMENTS PROPRIETARY 
	 	LIMITED 
	 	  
	 	/s/ Raymond Pleaner 
	 	Signature 
	 	  
	 	Raymond Pleaner 
	 	Name of Signatory 
	 	  
	 	Director 
	 	Designation of Signatory

	 
	

41

SIGNED at Sandton on 3 May 2019

	 	For and on behalf of 
	 	THE STARTERPACK COMPANY 
	 	PROPRIETARY LIMITED 
	 	  
	 	/s/ David Smaldon 
	 	Signature 
	 	  
	 	David Smaldon 
	 	Name of Signatory 
	 	  
	 	Director 

	 
	

Annexure A

Form of Put Option Notice

	To: 	DNI-4PL Contracts Proprietary
      Limited 
	  	[insert address]
  

By email: [•]

Attention: [•] 

[•] 20[•]

Dear Sirs

PUT OPTION EXERCISE NOTICE

	1 	
      We refer to the written agreement titled "Put and Call
      Option Agreement" entered into between FirstRand Bank Limited (acting
      through its Rand Merchant Bank Division), DNI-4PL Contracts Proprietary
      Limited, DNI Retail Contracts Proprietary Limited, The Starterpack Company
      Proprietary Limited, Net1 Applied Technologies South Africa Proprietary
      Limited, JAA Holdings Proprietary Limited, Sabvest Finance and Guarantee
      Corporation Proprietary Limited, Sabvest Investments Proprietary Limited
      and PK Gain Investment Holdings Proprietary Limited on or about [•] May
      2019 ("Option Agreement").

	 	 
	2 	
      Terms defined in the Option Agreement shall bear the
      meanings ascribed therein unless this document clearly indicates
      otherwise.

	 	 
	3 	
      In terms of clause 7 of the Option Agreement, the Grantee
      is required to notify the Grantor in writing of its election to exercise
      the Put Option during the Option Period. The Grantee hereby exercises the
      Put Option and this notice constitutes the Put Option Notice. Accordingly,
      the Grantor is obliged to purchase the Option Shares on the terms and
      conditions contained in the Option Agreement.

	 	 
	4 	
      In terms of clause 7.1.2 of the Option Agreement, the
      Grantee is required to set out its calculation of the Put Option Price, as
      determined in accordance with clause 9 of the Option Agreement. A copy of
      the calculations is enclosed with this letter.

Yours faithfully

______________________ 
For and on behalf
of:
FIRSTRAND BANK LIMITED (ACTING THROUGH ITS RAND MERCHANT BANK
DIVISION 
Name:
Title: Authorised Signatory

	 
	

Annexure B

Form of Call Option Notice

	To: 	FirstRand Bank Limited (acting through its Rand
      Merchant Bank Division) 
	  	[insert address] 

By email: [•]

Attention: [•] 

[•] 20[•]

Dear Sirs

CALL OPTION EXERCISE NOTICE

	1 	
      We refer to the written agreement titled "Put and Call
      Option Agreement" entered into between FirstRand Bank Limited (acting
      through its Rand Merchant Bank Division), DNI-4PL Contracts Proprietary
      Limited, DNI Retail Contracts Proprietary Limited, The Starterpack Company
      Proprietary Limited, Net1 Applied Technologies South Africa Proprietary
      Limited, JAA Holdings Proprietary Limited, Sabvest Finance and Guarantee
      Corporation Proprietary Limited, Sabvest Investments Proprietary Limited
      and PK Gain Investment Holdings Proprietary Limited on or about [•] May
      2019 ("Option Agreement").

	 	 
	2 	
      Terms defined in the Option Agreement shall bear the
      meanings ascribed therein unless this document clearly indicates
      otherwise.

	 	 
	3 	
      In terms of clause 17 of the Option Agreement, the Call
      Option Holders are required to notify the Grantee in writing of their
      election to exercise the Call Option during the Call Option Period. The
      following persons hereby exercise the Call Option and for the number of
      Option Shares specified below, and this notice constitutes the Call Option
      Notice –

	3.1 	
      [•] – [•] Option Shares;

	 	 
	3.2 	
      [•] – [•] Option Shares; and

	 	 
	3.3 	
      [•] – [•] Option Shares.

	4 	
      Accordingly, the Grantee is obliged to sell the Option
      Shares, on the terms and conditions contained in the Option
    Agreement.

	 	 
	5 	
      In terms of clause 19.2 of the Option Agreement, the
      Grantee is obliged to deliver written confirmation specifying the Call
      Option Price payable in respect of the Option Shares set out in clause 3
      above.

Yours faithfully

______________________ 
For and on behalf
of:
PURCHASERS
Name of Purchasers' Representative:
Title:
Authorised Signatory

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