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Net 1 UEPS Technologies, Inc.: Exhibit 10.64 - Filed by newsfilecorp.com

  
  

Exhibit 10.64

INDEPENDENT DIRECTOR AGREEMENT 

     This Independent Director
Agreement is made effective as of June 21, 2017 (the “Agreement”), between Net 1
UEPS Technologies, Inc., a Florida corporation (the “Company”), and Christopher
S. Seabrooke (“Director”). 

     WHEREAS, it is essential to the
Company to retain and attract as directors the most capable persons available to
serve on the board of directors of the Company (the “Board”); and 

     WHEREAS, the Company believes
that Director possesses the necessary qualifications and abilities to serve as a
director of the Company and to perform the functions and meet the Company’s
needs related to its Board, 

     NOW, THEREFORE, in consideration
of the mutual promises contained herein, the benefits to be derived by each
party hereunder and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties agree as follows: 

     1. Service as Director.
Director will serve as a director of the Company and perform all duties as a
director of the Company, including without limitation (a) attending meetings of
the Board, (b) serving on one or more committees of the Board (each a
“Committee”) and attending meetings of each Committee of which Director is a
member, and (c) using reasonable efforts to promote the business of the Company.
The Company currently intends to hold at least one regular meeting of the Board
and each Committee each quarter, together with additional meetings of the Board
and Committees as may be required by the business and affairs of the Company. In
fulfilling his responsibilities as a director of the Company, Director agrees
that he will act in good faith, with the care an ordinarily prudent person in a
like position would exercise under similar circumstances, and in a manner he
reasonably believes to be in the best interests of the Company. Director agrees
to abide by the policies and procedures of the Company, including the Company’s
insider trading policy. 

     2. Compensation and
Expenses. 

          (a)
Board Compensation. For the services provided to the Company as a
director, the Director will be entitled to compensation as determined by the
Board from time to time. 

          (b)
Expenses. The Company will reimburse Director in accordance with the
non-employee director expense policy attached hereto as Exhibit A. 

          (c)
Other Benefits. The Board (or its designated Committee) may from time to
time authorize additional compensation and benefits for Director, including
additional compensation for service as chairman of a Committee and awards under
any stock incentive, stock option, stock compensation or long-term incentive
plan of the Company, including, without limitation, the Company’s Amended and
Restated 2015 Stock Incentive Plan or any other plan that may later be
established by the Company. 

     3. Director and Officer
Liability Insurance. The Company shall maintain an insurance policy or
policies providing directors’ and officers’ liability insurance, and Director
shall be covered by such policy or policies, in accordance with
its or their terms, to the maximum extent of the coverage available for any of
the Company’s directors or officers. At a minimum, such coverage shall consist
of an aggregate of at least $35,000,000, comprised of $20,000,000 in traditional
A/B/C coverage and $15,000,000 in Side-A excess difference-in-conditions
coverage with a retention of $350,000. The Company shall maintain such insurance
coverage for Director for at least six years after such time that Director
ceases to be a member of the Board.

     4. Limitation of Liability;
Right to Indemnification. Director shall be entitled to indemnification by
the Company under the terms of an indemnification agreement, attached hereto as
Exhibit B (the “Indemnification Agreement”). 

     5. Amendments and Waiver.
No supplement, modification or amendment of this Agreement will be binding
unless executed in writing by both parties. No waiver of any provision of this
Agreement on a particular occasion will be deemed or will constitute a waiver of
that provision on a subsequent occasion or a waiver of any other provision of
this Agreement. 

     6. Binding Effect. This
Agreement will be binding upon and inure to the benefit of and be enforceable by
the parties and their respective successors and assigns. 

     7. Severability. The
provisions of this Agreement are severable, and any provision of this Agreement
that is held by a court of competent jurisdiction to be invalid, void, or
otherwise unenforceable in any respect will not affect the validity or
enforceability of any other provision of this Agreement. 

     8. Governing Law. This
Agreement will be governed by and construed and enforced in accordance with the
laws of the State of Florida applicable to contracts made and to be performed in
that state without giving effect to the principles of conflicts of laws. 

     9. Entire Agreement. This
Agreement and the Indemnification Agreement constitute the entire understanding
between the parties with respect to the subject matter hereof, superseding all
negotiations, prior discussions and prior agreements and understanding relating
to such subject matter. 

     10. Miscellaneous. This
Agreement may be executed by the Company and Director in any number of
counterparts, each of which shall be deemed an original instrument, but all of
which together shall constitute but one and the same instrument. A signed copy
of this Agreement transmitted by facsimile, email or other means of electronic
transmission shall be deemed to have the same legal effect as delivery of an
original executed copy of this Agreement for all purposes. Director acknowledges
that this Agreement does not constitute a contract of employment and does not
imply that the Company will continue his service as a director for any period of
time. 

[Signature page follows.] 

2 

IN WITNESS WHEREOF, the parties have executed this Agreement as
of the date shown above. 

Net 1 UEPS Technologies, Inc. 

	By:/s/ Herman G. Kotzé 
	Name: 	Herman G. Kotzé 
	Title: 	Chief Executive Officer and 
	  	Chief Financial Officer 
	  	  
	  	  
	/s/ Christopher S. Seabrooke 
	Christopher S. Seabrooke 

[Signature Page to the Independent Director Agreement
(Christopher S. Seabrooke)] 

Exhibit A 

Expense Policy 

NET 1 UEPS TECHNOLOGIES, INC. (“Net1”) 
NON-EMPLOYEE
DIRECTOR (“NED”) EXPENSE POLICY 

When travelling on Net1 business, NEDs of Net1 will be entitled
to be reimbursed for all expenses necessarily incurred specifically: 

	
  First or business class air travel (at the election of the director). 

  
	
  Single room hotel accommodation and reasonable extras (three to five star
  at the election of the NED). 

  
	
  Meals and reasonable incidental expenditure. 

  
	
  Other travel costs (car hire, trains, taxis, etc). 

The above policy applies to NEDs for a maximum of three nights
per single day board meeting with or without a board dinner the night before or
after, and four nights if there are two days of meetings. 

A summary schedule of expenditure by each NED will be tabled
annually in August for review by the Nominating and Corporate Governance
Committee. 

Approved 
May 3rd, 2017

A-1 

Exhibit B 
Indemnification Agreement

(see attached) 

B-1 

INDEMNIFICATION AGREEMENT 

     This Indemnification Agreement
(this “Agreement”) is made as of April 8, 2016, by and between Net 1 UEPS
Technologies, Inc., a Florida corporation (the “Corporation”), and
Christopher S. Seabrooke (“Indemnitee”). Capitalized terms used, but not
otherwise defined herein, shall have the meanings set forth in Section 1. 

RECITALS 

     A. Highly competent and qualified
persons have become more reluctant to serve corporations as directors, officers
or in other capacities unless they are provided with adequate protection through
insurance coverage or adequate indemnification against risks of claims and
actions against them arising out of their service to and activities on behalf of
the corporation. 

     B. The Board of Directors of the
Corporation (the “Board”) has determined that, in order to attract and
retain competent and qualified individuals, the Corporation will seek to
maintain on an ongoing basis, at its sole expense, directors’ and officers’
liability insurance to protect persons serving the Corporation and its
subsidiaries from certain liabilities. However, as a result of changes in the
marketplace for insurance it has become increasingly difficult to obtain
directors’ and officers’ liability insurance on terms providing reasonable
protection at reasonable cost. The uncertainties relating to directors’ and
officers’ liability insurance have increased the difficulty of attracting and
retaining such persons. 

     C. The Board has determined that
the potential inability to attract and retain highly competent and qualified
persons to serve the Corporation would be detrimental to the best interests of
the Corporation and its shareholders and that the Corporation should act to
assure such persons that there will be increased certainty of adequate
protection against risks of claims and actions against them arising out of their
service to and activities on behalf of the Corporation in the future. 

     D. The Board has determined that
it is reasonable, prudent and necessary for the Corporation to contractually
obligate itself to indemnify, and to advance expenses on behalf of, such persons
to the fullest extent permitted by applicable law so that they will serve or
continue to serve the Corporation free from undue concern that they will not be
so indemnified. 

     E. Indemnitee has agreed to serve
the Corporation in an officer and/or director capacity provided that Indemnitee
is provided the protections available under this Agreement, the Corporation’s
Amended and Restated Articles of Incorporation (as amended and restated from
time to time, the “Articles of Incorporation”), the Corporation’s Amended
and Restated Bylaws (as amended and restated from time to time, the
“Bylaws”) and directors’ and officers’ liability insurance coverage that
is adequate in the present circumstances. 

     F. This Agreement is a supplement
to and in furtherance of any protections provided by the Articles of
Incorporation, the Bylaws and any resolutions adopted pursuant thereto, and
shall not be deemed a substitute therefor, nor to diminish or abrogate any
rights of Indemnitee thereunder. In addition, Indemnitee will be entitled to
indemnification pursuant to the Florida Business Corporation Act. 

B-2 

     NOW THEREFORE, in consideration
of the foregoing and the covenants, promises and representations set forth
herein, and for other good and valuable consideration, including Indemnitee’s
agreement to serve as a director and/or officer of the Corporation after the
date hereof, and intending to be legally bound hereby, the parties hereto agree
as follows: 

     1. Certain Definitions for
Purposes of this Agreement. The following terms as used in this Agreement
shall have the meanings set forth below. 

          (a)
“Change in Control” shall have occurred if, during any period of two consecutive
years, individuals who at the beginning of that period constitute the Board of
the Corporation cease for any reason to constitute at least a majority of it,
unless the election of each new Director was approved in advance by a vote of at
least a majority of the Directors then still in office who were Directors at the
beginning of the period. 

          (b)
“Corporation” includes any domestic or foreign predecessor entity of the
Corporation in a merger or other transaction in which the predecessor’s
existence ceased on consummation of the transaction. 

          (c)
“Director” means an individual who is or was a director of the Corporation or an
individual who, while a director of the Corporation, is or was serving at the
Corporation’s request as a director, officer, partner, trustee, employee, or
agent of another foreign or domestic corporation, partnership, limited liability
company, joint venture, trust, employee benefit plan, or other entity. A
Director is considered to be serving an employee benefit plan at the
Corporation’s request if that Director’s duties to the Corporation also impose
duties on, or otherwise involve services by, him or her to the plan or to
participants in or beneficiaries of the plan. 

          (d)
“Disinterested Director” or “Disinterested Officer” means a Director or Officer,
respectively, who at the time of a vote or selection referred to in Section 4(b)
or 5(c) is not a party to the Proceeding. 

          (e)
“Enterprise” means (i) the Corporation, (ii) any other corporation, partnership,
joint venture, trust, employee benefit plan or other enterprise that is an
affiliate or wholly or partially owned subsidiary of the Corporation and of
which Indemnitee is or was serving as a director, trustee, general partner,
managing member, officer, employee, agent or fiduciary, and (iii) any other
corporation, partnership, limited liability company, joint venture, trust,
employee benefit plan or other enterprise of which Indemnitee is or was serving
at the express written request of the Corporation as a director, trustee,
general partner, managing member, officer, employee, agent or fiduciary. 

          (f)
“Expenses” includes all reasonable counsel fees, retainers, court costs,
transcript costs, fees of experts, witness fees, travel expenses, duplicating
costs, printing and binding costs, telephone charges, postage, delivery service
fees, and all other disbursements or expenses of the types customarily incurred
in connection with prosecuting, defending, preparing to prosecute or defend,
investigating, being or preparing to be a witness in, or otherwise participating
in, a Proceeding, including any appeals. Expenses also shall include Expenses
incurred in connection with any appeal resulting from any Proceeding, including
the premium, security for, and other costs relating to any cost bond,
supersede as bond, or other appeal bond or its equivalent. Expenses shall
include any federal, state, local or foreign taxes imposed on the Indemnitee, as
a result of the actual or deemed receipt of any payments under this Agreement.
Expenses, however, shall not include amounts paid in settlement by Indemnitee or
the amount of judgments or fines against Indemnitee. 

B-3 

          (g)
“Independent Legal Counsel” means a law firm, or a member of a law firm, that is
experienced in matters of corporation law and neither presently is, nor in the
past five years has been, retained to represent: (i) the Corporation, (ii)
Indemnitee, or (iii) any other party to the Proceeding giving rise to a claim
for indemnification hereunder. Notwithstanding the foregoing, the term
“Independent Legal Counsel” shall not include any person who, under the
applicable standards of professional conduct then prevailing, would have a
conflict of interest in representing either the Corporation or Indemnitee in an
action to determine Indemnitee’s rights under this Agreement. 

          (h)
“Liability” includes the obligation to pay a judgment, settlement, penalty, fine
(including an excise tax assessed with respect to an employee benefit plan), or
reasonable Expenses actually incurred with respect to a Proceeding. 

          (i)
“Officer” means an individual who is or was an officer of the Corporation or an
individual who, while an officer of the Corporation, is or was serving at the
Corporation’s request as a director, officer, partner, trustee, employee, or
agent of another foreign or domestic corporation, partnership, limited liability
company, joint venture, trust, employee benefit plan, or other entity. An
Officer is considered to be serving an employee benefit plan at the
Corporation’s request if that Officer’s duties to the Corporation also impose
duties on, or otherwise involve services by, him or her to the plan or to
participants in or beneficiaries of the plan. 

          (j)
“Proceeding” includes any threatened, pending or completed action, suit,
arbitration, alternate dispute resolution mechanism, investigation, inquiry,
administrative hearing or any other actual, threatened or completed proceeding,
whether brought by or in the right of the Corporation or other Enterprise or
otherwise and whether civil, criminal, administrative or investigative, in which
Indemnitee was, is or will be involved as a party or otherwise, by reason of the
fact that Indemnitee is or was an officer or director of the Corporation, by
reason of any action taken by Indemnitee or of any inaction on Indemnitee’s part
while acting as an officer or director of the Corporation, or by reason of the
fact that Indemnitee is or was serving at the request of the Corporation as a
director, officer, employee, agent or fiduciary of another Enterprise; in each
case whether or not Indemnitee is acting or serving in any such capacity at the
time any liability or expense is incurred for which indemnification can be
provided under this Agreement; including one pending on or before the date of
this Agreement, but excluding one initiated by Indemnitee pursuant to this
Agreement to enforce Indemnitee’s rights under this Agreement. 

          (k)
“Reviewing Party” shall mean the person or persons making the entitlement
determination pursuant to Section 5 of this Agreement, and shall not include a
court making any determination under this Agreement or otherwise. 

B-4 

     2. Basic Indemnification
Arrangement. 

          (a)
Obligation to Indemnify; Standard of Conduct. Except as provided in
Sections 2(e), 2(f), 2(g) or 7 below, the Corporation shall indemnify Indemnitee
and hold harmless Indemnitee, to the fullest extent authorized or permitted by
applicable law, in the event Indemnitee is, or is threatened to be made, a party
to a Proceeding because he or she is or was a Director or Officer, against
Liability incurred in connection with the Proceeding if: 

               (1)
Indemnitee conducted himself or herself in good faith and in a manner he or she
reasonably believed to be in, or not opposed to, the best interests of the
Corporation; and 

               (2)
in the case of any criminal Proceeding, Indemnitee had no reasonable cause to
believe his or her conduct was unlawful. 

          (b)
Service with Respect to Employee Benefit Plan. Indemnitee’s conduct with
respect to an employee benefit plan for a purpose he or she believed in good
faith to be in the interests of the participants in and beneficiaries of the
plan is conduct that satisfies the requirement of Section 2(a)(1). 

          (c)
Reliance as Safe Harbor. For purposes of any determination hereunder,
Indemnitee shall be deemed to have acted in good faith and in a manner
reasonably believed to be in or not opposed to the best interests of the
Corporation, or, with respect to any criminal Proceeding, to have had no
reasonable cause to believe Indemnitee’s conduct was unlawful, if Indemnitee’s
conduct was based primarily on: (i) the records or books of account of the
Corporation or relevant entity, including financial statements, (ii) information
supplied to Indemnitee by the officers of the Corporation or relevant entity in
the course of their duties, (iii) the advice of legal counsel for the
Corporation or relevant entity, or (iv) information or records given or reports
made to the Corporation or relevant entity by an independent certified public
accountant, or by an appraiser or other expert selected with reasonable care by
the Corporation or relevant entity. The provisions of this Section 2(c) shall
not be deemed to be exclusive or to limit in any way the other circumstances in
which Indemnitee may be deemed to have met the relevant standard of conduct set
forth in this Agreement. In addition, the knowledge, and/or actions or failure
to act, of any director, officer, agent or employee of the Corporation shall not
be imputed to Indemnitee for purposes of determining the right to
indemnification under this Agreement.

          (d)
Termination of Proceeding Not Determinative. The termination of a
Proceeding by judgment, order, settlement, or conviction, or upon a plea of nolo
contendere or its equivalent shall not, of itself, create a presumption or be
determinative that Indemnitee is not entitled to indemnification or
reimbursement of Expenses hereunder or otherwise. 

          (e)
Limits on Indemnification. Unless, and then only to the extent that, a
court of competent jurisdiction acting pursuant to Section 6 of this Agreement
or Section 607.0850(9) of the Florida Business Corporation Act, determines that,
in view of the circumstances of the case, Indemnitee is fairly and reasonably
entitled to indemnification, the Corporation shall not indemnify Indemnitee
under this Agreement: 

B-5 

               (1)
in connection with a Proceeding by or in the right of the Corporation, except
for reasonable Expenses (including an excise tax assessed with respect to an
employee benefit plan) and amounts paid in settlement not exceeding, in the
judgment of the Board, the estimated expense of litigating the Proceeding to
conclusion, actually and reasonably incurred in connection with the defense or
settlement of the Proceeding, including any appeal thereof; or 

               (2)
in connection with a Proceeding by or in the right of the Corporation with
respect to any claim, issue or matter as to which Indemnitee shall have been
adjudged liable to the Corporation. 

          (f)
Proceeding Brought by Indemnitee. Notwithstanding any other provision of
this Agreement, Indemnitee shall not be entitled to indemnification or
advancement of Expenses under this Agreement with respect to any Proceeding or
claim brought or made by Indemnitee against the Corporation or its Directors,
Officers, employees or other indemnitees, other than (i) a Proceeding or claim
seeking or defending Indemnitee’s right to indemnification or advancement of
Expenses pursuant to Section 6 of this Agreement or otherwise, (ii) a Proceeding
authorized by the Board prior to its initiation, or (iii) the Corporation
provides the indemnification, in its sole discretion, pursuant to the powers
vested in the Corporation under applicable law. 

          (g)
Settlements. The Corporation acknowledges that a settlement or other
disposition short of final judgment may be successful if it permits a party to
avoid expense, delay, distraction, disruption and uncertainty. In the event that
any Proceeding to which Indemnitee is a party is resolved in any manner other
than by adverse judgment against Indemnitee (including settlement of such
Proceeding with or without payment of money or other consideration) it shall be
presumed that Indemnitee has been successful on the merits or otherwise in such
Proceeding. Anyone seeking to overcome this presumption shall have the burden of
proof and the burden of persuasion by clear and convincing evidence.

          (h)
Mandatory Indemnification. To the fullest extent permitted by law, the
Corporation shall indemnify Indemnitee to the extent that he or she has been
successful, on the merits or otherwise, in the defense of any Proceeding to
which Indemnitee was a party, or in defense of any claim, issue or matter,
because Indemnitee is or was a Director or Officer, against all Expenses
incurred by Indemnitee in connection with the Proceeding. 

     3. Contribution. 

          (a)
Whether or not the indemnification provided hereunder is available, in respect
of any Proceeding in which the Corporation is jointly liable with Indemnitee (or
would be if joined in such Proceeding), the Corporation shall pay the entire
amount of any Expenses, judgments, penalties, fines or amounts paid or to be
paid in settlement of such Proceeding without requiring Indemnitee to contribute
to such payment and the Corporation hereby waives and relinquishes any right of
contribution it may have against Indemnitee. The Corporation shall not enter
into any settlement of any Proceeding in which the Corporation is jointly liable
with Indemnitee (or would be if joined in such Proceeding) unless such
settlement provides for a full and final release of all claims asserted against Indemnitee
without any injunction or other equitable relief being imposed against
Indemnitee. 

B-6 

          (b)
Without diminishing or impairing the obligations of the Corporation set forth in
the preceding subparagraph, if, for any reason, Indemnitee shall elect or be
required to pay all or any portion of any judgment or settlement in any
Proceeding in which the Corporation is jointly liable with Indemnitee (or would
be if joined in such Proceeding), the Corporation shall contribute to the amount
of Expenses, judgments, penalties, fines and amounts paid in settlement actually
and reasonably incurred and paid or payable by Indemnitee in proportion to the
relative benefits received by the Corporation and all officers, directors or
employees of the Corporation, other than Indemnitee, who are jointly liable with
Indemnitee (or would be if joined in such Proceeding), on the one hand, and
Indemnitee, on the other hand, from the transaction from which such Proceeding
arose; provided, however, that the proportion determined on the basis of
relative benefit may, to the extent necessary to conform to law, be further
adjusted by reference to the relative fault of the Corporation and all officers,
directors or employees of the Corporation other than Indemnitee who are jointly
liable with Indemnitee (or would be if joined in such Proceeding), on the one
hand, and Indemnitee, on the other hand, in connection with the events that
resulted in such Expenses, judgments, penalties, fines or settlement amounts, as
well as any other equitable considerations which the Florida Business
Corporation Act may require to be considered. The relative fault of the
Corporation and all officers, directors or employees of the Corporation, other
than Indemnitee, who are jointly liable with Indemnitee (or would be if joined
in such Proceeding), on the one hand, and Indemnitee, on the other hand, shall
be determined by reference to, among other things, the degree to which their
actions were motivated by intent to gain personal profit or advantage, the
degree to which their liability is primary or secondary and the degree to which
their conduct is active or passive. 

          (c)
The Corporation hereby agrees to indemnify and hold harmless Indemnitee from any
claims of contribution which may be brought by officers, directors or employees
of the Corporation, other than Indemnitee, who may be jointly liable with
Indemnitee. 

     4. Advances for Expenses.

          (a)
Obligations and Requirements. The Corporation shall advance, to the
extent not prohibited by applicable law, the Expenses incurred by or on behalf
of Indemnitee in connection with any Proceeding, and such advancement shall be
made within thirty (30) days after the receipt by the Corporation of any
statement requesting such advances (which shall include invoices received by
Indemnitee in connection with such Expenses but, in the case of invoices in
connection with legal services, any references to legal work performed or to
expenditures made that would cause Indemnitee to waive any privilege accorded by
applicable law shall not be included with the invoice) from time to time,
whether prior to or after final disposition of any Proceeding. Any such
statement shall reasonably evidence the Expenses incurred by Indemnitee.
Advances shall be unsecured and interest free. Advances shall be made without
regard to Indemnitee’s ability to repay the expenses and without regard to
Indemnitee’s ultimate entitlement to indemnification under the other provisions
of this Agreement. Advances shall include any and all reasonable Expenses
incurred pursuing an action to enforce this right of advancement, including
Expenses incurred preparing and forwarding statements to the Corporation to
support the advances claimed. Indemnitee shall qualify for advances upon the
execution and delivery to the Corporation of this Agreement,
subject to the condition that if and to the extent that it is ultimately
determined by a court of competent jurisdiction in a final judgment, not subject
to appeal, that Indemnitee is not entitled to be indemnified by the Corporation,
Indemnitee shall undertake to the fullest extent permitted by law to repay the
advance. Such undertaking shall be an unlimited general obligation of Indemnitee
but need not be secured and shall be accepted without reference to Indemnitee’s
financial ability to make repayment. The right to advances under this Section 4
shall in all events continue until final disposition of any Proceeding,
including any appeal thereof. 

B-7 

          (b)
Evaluation of Reasonableness of Expenses. Evaluation as to reasonableness
of Expenses of Indemnitee in the specific case shall be made in the same manner
as the determination that indemnification is permissible, as described in
Section 5 below, except that if the determination is made by Independent Legal
Counsel, evaluation as to reasonableness of Expenses shall be made by those
entitled under Section 5(c)(3) to select Independent Legal Counsel.
Notwithstanding the foregoing sentence, any Expenses claimed by Indemnitee shall
be deemed reasonable if the Reviewing Party fails to make the reasonableness
evaluation within thirty (30) days following the Corporation’s receipt of
invoices for specific Expenses to be reimbursed or advanced. 

     5. Authorization of and
Determination of Entitlement to Indemnification. 

          (a)
Entitlement Determination. The Corporation and Indemnitee acknowledge that
indemnification of Indemnitee under Section 2 of this Agreement has been
pre-authorized by the Corporation as permitted by the Florida Business
Corporation Act. Nevertheless, the Corporation shall not indemnify Indemnitee
under Section 2 unless a separate determination has been made in the specific
case that indemnification of Indemnitee is permissible in the circumstances
because Indemnitee has met the relevant standard of conduct set forth in Section
2(a); provided, however, that: (i) no such entitlement decision need be made
prior to the advancement of Expenses; and (ii) regardless of the result or
absence of any such determination, the Corporation shall make any
indemnification mandated by Section 2(h) above. 

          (b)
To obtain indemnification (including advancement of Expenses) under this
Agreement, Indemnitee shall submit to the Corporation a written request,
including therein or therewith such documentation and information as is
reasonably available to Indemnitee and is reasonably necessary to determine
whether and to what extent Indemnitee is entitled to indemnification. The
Secretary of the Corporation shall, promptly upon receipt of such a request for
indemnification, advise the Board in writing that Indemnitee has requested
indemnification. 

          (c)
Reviewing Party. The determination referred to in Section 5(a) shall be
made, at the election of the Board, by any of the following Reviewing Parties
(unless a Change in Control shall have occurred after Indemnitee first began
serving as a Director or Officer, in which case Indemnitee shall be entitled to
designate that the determination shall be made by Independent Legal Counsel
selected in the manner set forth in Section 5(d) below): 

               (1)
by the Board by a majority vote of a quorum consisting of Disinterested
Directors; or 

B-8 

               (2)
by a majority vote of a committee duly designated by the Board (in which
designation directors who do not qualify as Disinterested Directors may
participate) consisting solely of two or more Disinterested Directors; or 

               (3)
by Independent Legal Counsel: (A) Selected in the manner prescribed in paragraph
(1) or (2) of this Section 5(c); or (B) if a quorum of Directors cannot be
obtained for purposes of paragraph (1) and the committee cannot be designated
under paragraph (2), selected by a majority vote of the full Board (in which
selection directors who do not qualify as Disinterested Directors may
participate); or 

               (4)
by the shareholders of the Corporation, by a majority vote of a quorum
consisting of shareholders who were not Parties to that Proceeding or, if no
such quorum is obtainable, by a majority vote of shareholders who were not
Parties to that Proceeding. 

          (d)
Selection of Counsel after Change in Control. If a Change in Control
shall have occurred, Independent Legal Counsel shall be selected by Indemnitee
(unless Indemnitee requests that the selection be made in the manner described
in Section 5(c)(3)), and Indemnitee shall give written notice to the Corporation
advising it of the identity of the Independent Legal Counsel so selected. In
either event, Indemnitee or the Corporation, as the case may be, may, within
fifteen (15) days after the written notice of selection has been given, deliver
to the Corporation or to Indemnitee, as the case may be, a written objection to
the selection; provided, however, that the objection may be asserted only on the
ground that the counsel so selected does not meet the requirements of
“Independent Legal Counsel” as defined in Section 1 of this Agreement. The
objection shall set forth with particularity the factual basis of the assertion.
If a written objection is made and substantiated, the counsel selected may not
serve as Independent Legal Counsel unless and until the objection is withdrawn
or a court has determined that the objection is without merit. If, within
fifteen (15) days after submission by Indemnitee of a written request for
indemnification, no Independent Legal Counsel shall have been selected and not
objected to, either the Corporation or Indemnitee may petition the court
conducting the Proceeding, or another court of competent jurisdiction, for
resolution of any objection that shall have been made by the Corporation or
Indemnitee to the other’s selection of Independent Legal Counsel and/or for the
appointment as Independent Legal Counsel of a person selected by the court or by
another person that the court shall designate, and the person with respect to
whom all objections are so resolved or the person so appointed shall act as
Independent Legal Counsel under Section 5(c). 

          (e)
Cooperation by Indemnitee. Indemnitee shall cooperate with the Reviewing
Party with respect to its determination of Indemnitee’s entitlement to
indemnification, including providing to the Reviewing Party on reasonable
advance request any documentation or information which is not privileged or
otherwise protected from disclosure and which is reasonably available to
Indemnitee and reasonably necessary to the determination. Any Expenses incurred
by Indemnitee in so cooperating with the Reviewing Party shall be borne by the
Corporation, regardless of the determination as to Indemnitee’s entitlement to
indemnification. 

          (f)
If the Reviewing Party shall not have made a determination within sixty (60)
days after receipt by the Corporation of the request therefor, the requisite
determination of entitlement to indemnification shall be deemed to have been
made and Indemnitee shall be entitled to such indemnification absent (i) a
misstatement by Indemnitee of a material fact, or an omission of a material fact
necessary to make Indemnitee’s statement not materially misleading, in
connection with the request for indemnification, or (ii) a prohibition of such
indemnification under applicable law; provided, however, that (x) such 60-day
period may be extended for a reasonable time, not to exceed an additional thirty
(30) days, if the Reviewing Party in good faith requires such additional time to
obtain or evaluate documentation and/or information relating thereto; and (y)
that the foregoing provisions of this Section 5(f) shall not apply if the
determination of entitlement to indemnification is to be made by the
shareholders pursuant to Section 5(c)(4) and if (A) within fifteen (15) days
after receipt by the Corporation of the request for such determination, the
Board or the Disinterested Directors, if appropriate, resolve to submit such
determination to the shareholders for their consideration at an annual meeting
thereof to be held within seventy-five (75) days after such receipt and such
determination is made thereat, or (B) a special meeting of shareholders is
called within fifteen (15) days after such receipt for the purpose of making
such determination, such meeting is held for such purpose within sixty (60) days
after having been so called and such determination is made thereat.

B-9 

     (g) Other. 

                    (i)
In making a determination with respect to entitlement to indemnification
hereunder, the Reviewing Party shall presume that Indemnitee is entitled to
indemnification under this Agreement, and anyone seeking to overcome this
presumption shall have the burden of proof and the burden of persuasion by clear
and convincing evidence. Neither the failure of the Corporation (including by
its directors or Independent Legal Counsel) to have made a determination prior
to the commencement of any action pursuant to this Agreement that
indemnification is proper in the circumstances because Indemnitee has met the
applicable standard of conduct, nor an actual determination by the Corporation
(including by its directors or Independent Legal Counsel) that Indemnitee has
not met such applicable standard of conduct, shall create a presumption that
Indemnitee has not met the applicable standard of conduct. 

                    (ii)
The Reviewing Party, however chosen, shall make the requested determination as
promptly as reasonably practicable after a request for indemnification is
presented. 

                    (iii)
Any determination by Independent Legal Counsel under this Section 5 shall be
delivered in the form of a written opinion to the Board with a copy to
Indemnitee. 

                    (iv)
The Corporation shall pay any and all reasonable fees and expenses of
Independent Legal Counsel incurred by the counsel in connection with acting
pursuant to this Section 5, and the Corporation shall pay all reasonable fees
and expenses incident to the procedures of this Section 5, regardless of the
manner in which such Independent Legal Counsel was selected or appointed. 

                    (v)
On the due commencement of any action to seek court-ordered indemnification
pursuant to Section 6 of this Agreement, Independent Legal Counsel shall be discharged and relieved of any further responsibility in that
capacity, subject to the applicable standards of professional conduct then
prevailing. 

B-10 

     6. Court-Ordered
Indemnification and Advances for Expenses. 

          (a)
Procedure. If Indemnitee is a party to a Proceeding, he or she may apply
for indemnification or for advances for Expenses to the court conducting the
Proceeding or to another court of competent jurisdiction. For purposes of this
Agreement, the Corporation consents to personal jurisdiction and venue in any
court in which is pending a Proceeding to which Indemnitee is a party.
Regardless of any determination by the Reviewing Party that Indemnitee is not
entitled to indemnification or to advancement of Expenses or as to the
reasonableness of Expenses, and regardless of any failure by the Reviewing Party
to make a determination as to the entitlement or the reasonableness of Expenses,
the court’s review shall be a de novo review. After receipt of an application
and after giving any notice it considers necessary, the court may: 

               (1)
order indemnification or the advance for Expenses if it determines that
Indemnitee is entitled to indemnification or to advance for Expenses under this
Agreement, the Florida Business Corporation Act or otherwise; or 

               (2)
order indemnification or the advance for Expenses if it determines that, in view
of all the relevant circumstances, it is fair and reasonable to indemnify
Indemnitee, or to advance Expenses to Indemnitee, regardless of whether
Indemnitee has the relevant standard of conduct, complied with the requirements
for advancement of Expenses, or been adjudged liable in a Proceeding referred to
in Section 2(e) above (in which case any court-ordered indemnification need not
be limited to Expenses incurred by Indemnitee, but may include penalties, fines,
amounts paid in settlement, judgments and any other amounts ordered by the court
to be indemnified or advanced). 

          (b)
Payment of Expenses to Seek Court-Ordered Indemnification. If the court
determines that Indemnitee is entitled to indemnification or to advance for
Expenses, the Corporation shall pay Indemnitee’s reasonable Expenses to obtain
the court-ordered indemnification or advance for Expenses. 

     7. Limitations on
Indemnification. Regardless of whether Indemnitee has met the relevant
standard of conduct set forth in Section 2(a), nothing in this Agreement shall
require or permit indemnification of Indemnitee for any Liability or Expenses
incurred in a Proceeding in which a judgment or other final adjudication
establishes that Indemnitee’s actions or omissions to act were material to the
cause of action so adjudicated and constitute: 

          (a)
a violation of criminal law, unless Indemnitee had reasonable cause to believe
his or her conduct was lawful or had no reasonable cause to believe his or her
conduct was unlawful; 

          (b)
a transaction from which Indemnitee derived an improper personal benefit,
including, without limitation, any benefits received through the purchase and
sale by Indemnitee of securities of the Corporation within the meaning of
Section 16(b) of the Securities Exchange Act of 1934, as amended, or similar
provisions of state statutory law or common law; 

B-11 

               (c)
in the case of a Director, a circumstance under which the liability provisions
of Section 607.0834 of the Florida Business Corporation Act are applicable; or

               (d)
willful misconduct or a conscious disregard for the best interests of the
Corporation in a Proceeding by or in the right of the Corporation to procure a
judgment in its favor or in a Proceeding by or in the right of a shareholder of
the Corporation. 

     8. Vested Rights; Specific
Performance. No amendment to the Articles of Incorporation or Bylaws of the
Corporation or any other corporate action shall in any way limit Indemnitee’s
rights under this Agreement. In any Proceeding brought by or on behalf of
Indemnitee to specifically enforce the provisions of this Agreement, the
Corporation waives the claim or defense in that Proceeding that the plaintiff or
claimant has an adequate remedy at law, and the Corporation shall not urge in
any such Proceeding the claim or defense that an adequate remedy at law exists.
The provisions of this Section 8, however, shall not prevent Indemnitee from
seeking a remedy at law in connection with any breach of this Agreement. 

     9. Liability Insurance. To
the extent the Corporation maintains an insurance policy or policies providing
directors’ or officers’ liability insurance, Indemnitee shall be covered by that
policy or those policies, in accordance with its or their terms, to the maximum
extent of the coverage provided under that policy or those policies in effect
for any other Director or Officer of the Corporation, as the case may be. 

     10. Witness Fees.
Notwithstanding any other provision in this Agreement, to the extent that
Indemnitee is made a witness in any Proceeding to which Indemnitee is not a
party, because he or she is or was a Director or Officer, the Corporation hereby
indemnifies and holds harmless Indemnitee against all Expenses actually and
reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection
therewith. 

     11. Security for
Indemnification Obligations. The Corporation may at any time and in any
manner, at the discretion of the Board, secure the Corporation’s obligations to
indemnify or advance Expenses to Indemnitee pursuant to this Agreement. 

     12. Non-exclusivity, No
Duplication of Payments. The rights of Indemnitee under this Agreement shall
be in addition to any other rights with respect to indemnification, advancement
of Expenses or otherwise that Indemnitee may have under the Articles of
Incorporation or Bylaws, the Florida Business Corporation Act or otherwise;
provided, however, that the Corporation shall not be liable under this Agreement
to make any payment to Indemnitee under this Agreement to the extent Indemnitee
has otherwise actually received payment (under any insurance policy, provision
of the Articles of Incorporation or Bylaws, or otherwise) of the amounts
otherwise payable under this Agreement. The Corporation’s obligation to
indemnify or advance expenses under this Agreement to Indemnitee who is or was
serving at the request of the Corporation as a director, officer, partner,
trustee, employee or agent of any other entity shall be reduced by any amount
Indemnitee has actually received as indemnification or advancement of expenses
from that other entity. 

     13. Amendments. To the
extent that the provisions of this Agreement are held to be inconsistent with
the provisions of the Florida Business Corporation Act (including Section 607.0850(7) thereof), the provisions of that statute
shall govern. To the extent that the Florida Business Corporation Act is later
amended to permit a Florida corporation, without the need for shareholder
approval, to provide to its directors greater rights to indemnification or
advancement of Expenses than those specifically set forth here, this Agreement
shall be deemed amended to require the greater indemnification or more liberal
advancement of Expenses to Indemnitee, in each case consistent with the Florida
Business Corporation Act as so amended from time to time. Otherwise, no
supplement, modification or amendment of this Agreement shall be binding unless
executed in writing by the Corporation and Indemnitee. To the extent there is
any supplement, modification or amendment to this Agreement, such supplement,
modification or amendment shall not adversely affect any right or protection
hereunder of Indemnitee in respect of any act or omission occurring prior to the
time of such supplement, modification or amendment.

B-12 

     14. Subrogation. In the
event of payment under this Agreement, the Corporation shall be subrogated to
the extent of that payment to all of the rights of recovery of Indemnitee, who
shall execute all papers required and shall do everything that may be necessary
to secure those rights, including the execution of documents necessary to enable
the Corporation effectively to bring suit to enforce those rights; provided,
however, that any rights of recovery of Indemnitee pursuant to any liability
insurance policy separately paid for by Indemnitee shall not be subject to
subrogation under this Section 14 except that any amounts recovered under such
policy shall be subject to Section 12 hereof. 

     15. Waiver. No waiver of
any of the provisions of this Agreement shall be deemed or shall constitute a
waiver of any other provisions of this Agreement (whether or not similar) nor
shall such a waiver constitute a continuing waiver. 

     16. Binding Effect, Etc.
This Agreement shall be binding on and inure to the benefit of and be
enforceable by the parties to this Agreement and their respective successors or
assigns (including any direct or indirect successor or assign by purchase,
merger, consolidation or otherwise to all or substantially all of the business
and/or assets of the Corporation), spouses, heirs, and personal and legal
representatives. 

     17. Applicability of
Agreement. This Agreement shall apply retroactively with respect to acts or
omissions of Indemnitee occurring since the date that Indemnitee first became a
Director or Officer, and this Agreement shall continue in effect regardless of
whether Indemnitee continues to serve as a Director or Officer, but only in
respect of acts or omissions occurring prior to the termination of Indemnitee’s
service as a Director or Officer. 

     18. Severability. If any
provision or provisions of this Agreement shall be held to be invalid, illegal,
or unenforceable for any reason whatsoever: 

          (a)
the validity, legality, and enforceability of the remaining provisions of this
Agreement (including without limitation, each portion of any Section of this
Agreement containing any such provision held to be invalid, illegal, or
unenforceable, that is not itself invalid, illegal, or unenforceable) shall not
in any way be affected or impaired by it; 

B-13 

               (b)
the provision or provisions shall be deemed reformed to the extent necessary to
conform to applicable law and to give the maximum effect to the intent of the
parties to this Agreement; and 

               (c)
to the fullest extent possible, the provisions of this Agreement (including,
without limitation, each portion of any Section of this Agreement containing any
provision held to be invalid, illegal, or unenforceable, that is not itself
invalid, illegal, or unenforceable) shall be construed so as to give effect to
the intent manifested by it. 

     19. Governing Law. This
Agreement shall be governed by and construed and enforced in accordance with the
laws of the State of Florida applicable to contracts made and to be performed in
Florida without giving effect to the principles of conflicts of laws. 

     20. Headings. The headings
of the Sections of this Agreement are inserted for convenience only and shall
not be deemed to constitute part of this Agreement or to affect the construction
of this Agreement. 

     21. Inducement. The
Corporation expressly confirms and agrees that it has entered into this
Agreement and assumed the obligations imposed on it under this Agreement in
order to induce Indemnitee to serve or continue to serve as a Director and/or
Officer, and the Corporation acknowledges that Indemnitee is relying on this
Agreement in serving as a director, officer, employee or agent of the
Corporation or, at the request of the Corporation, as a director, officer,
partner, trustee, employee, or agent of another foreign or domestic corporation,
partnership, limited liability company, joint venture, trust, employee benefit
plan or other entity. 

     22. Notice by Indemnitee.
Indemnitee agrees promptly to notify the Corporation in writing upon being
served with any summons, citation, subpoena, complaint, indictment, information,
or other document relating to any Proceeding or matter which may be subject to
indemnification or advancement of Expenses covered under this Agreement. The
failure of Indemnitee so to notify the Corporation shall not relieve the
Corporation of any obligation that it may have to Indemnitee under this
Agreement or otherwise. 

     23. Notices. All notices,
requests, demands, and other communications under this Agreement shall be in
writing and shall be deemed to have been duly given if: (i) delivered by hand
and receipted for by the party to whom the notice or other communication shall
have been directed; or (ii) mailed by certified or registered mail with postage
prepaid, on the third business day after the date on which it is so mailed if to
the Corporation, to the principal office address of the Corporation, or if to
Indemnitee, to the address of Indemnitee last on file with the Corporation, or
to any other address that may have been furnished to Indemnitee by the
Corporation or to the Corporation by Indemnitee, as the case may be.

[Signature page follows.] 

B-14 

     The parties hereto have entered
into this Agreement effective as of the date first above written. 

	 	The Corporation: 
	 	 
	 	NET 1 UEPS TECHNOLOGIES, INC. 
	 	 
	 	By: 	 
	 	 	 
	 	Title: 	 
	 	 	 
	 	Indemnitee: 	 
	 	  	 
	 	 	 
	 	Christopher S. Seabrooke 
	 	 
	 	Address:Net 1 UEPS Technologies, Inc.: Exhibit 10.65 - Filed by newsfilecorp.com

  
  

Exhibit 10.65

INDEPENDENT DIRECTOR AGREEMENT 

     This Independent Director
Agreement is made effective as of June 21, 2017 (the “Agreement”), between Net 1
UEPS Technologies, Inc., a Florida corporation (the “Company”), and Alasdair J.
K. Pein (“Director”). 

     WHEREAS, it is essential to the
Company to retain and attract as directors the most capable persons available to
serve on the board of directors of the Company (the “Board”); and 

     WHEREAS, the Company believes
that Director possesses the necessary qualifications and abilities to serve as a
director of the Company and to perform the functions and meet the Company’s
needs related to its Board, 

     NOW, THEREFORE, in consideration
of the mutual promises contained herein, the benefits to be derived by each
party hereunder and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties agree as follows: 

     1. Service as Director.
Director will serve as a director of the Company and perform all duties as a
director of the Company, including without limitation (a) attending meetings of
the Board, (b) serving on one or more committees of the Board (each a
“Committee”) and attending meetings of each Committee of which Director is a
member, and (c) using reasonable efforts to promote the business of the Company.
The Company currently intends to hold at least one regular meeting of the Board
and each Committee each quarter, together with additional meetings of the Board
and Committees as may be required by the business and affairs of the Company. In
fulfilling his responsibilities as a director of the Company, Director agrees
that he will act in good faith, with the care an ordinarily prudent person in a
like position would exercise under similar circumstances, and in a manner he
reasonably believes to be in the best interests of the Company. Director agrees
to abide by the policies and procedures of the Company, including the Company’s
insider trading policy. 

     2. Compensation and
Expenses. 

          (a)
Board Compensation. For the services provided to the Company as a
director, the Director will be entitled to compensation as determined by the
Board from time to time. 

          (b)
Expenses. The Company will reimburse Director in accordance with the
non-employee director expense policy attached hereto as Exhibit A. 

          (c)
Other Benefits. The Board (or its designated Committee) may from time to
time authorize additional compensation and benefits for Director, including
additional compensation for service as chairman of a Committee and awards under
any stock incentive, stock option, stock compensation or long-term incentive
plan of the Company, including, without limitation, the Company’s Amended and
Restated 2015 Stock Incentive Plan or any other plan that may later be
established by the Company. 

     3. Director and Officer
Liability Insurance. The Company shall maintain an insurance policy or
policies providing directors’ and officers’ liability insurance, and Director
shall be covered by such policy or policies, in accordance with
its or their terms, to the maximum extent of the coverage available for any of
the Company’s directors or officers. At a minimum, such coverage shall consist
of an aggregate of at least $35,000,000, comprised of $20,000,000 in traditional
A/B/C coverage and $15,000,000 in Side-A excess difference-in-conditions
coverage with a retention of $350,000. The Company shall maintain such insurance
coverage for Director for at least six years after such time that Director
ceases to be a member of the Board.

     4. Limitation of Liability;
Right to Indemnification. Director shall be entitled to indemnification by
the Company under the terms of an indemnification agreement, attached hereto as
Exhibit B (the “Indemnification Agreement”). 

     5. Amendments and Waiver.
No supplement, modification or amendment of this Agreement will be binding
unless executed in writing by both parties. No waiver of any provision of this
Agreement on a particular occasion will be deemed or will constitute a waiver of
that provision on a subsequent occasion or a waiver of any other provision of
this Agreement. 

     6. Binding Effect. This
Agreement will be binding upon and inure to the benefit of and be enforceable by
the parties and their respective successors and assigns. 

     7. Severability. The
provisions of this Agreement are severable, and any provision of this Agreement
that is held by a court of competent jurisdiction to be invalid, void, or
otherwise unenforceable in any respect will not affect the validity or
enforceability of any other provision of this Agreement. 

     8. Governing Law. This
Agreement will be governed by and construed and enforced in accordance with the
laws of the State of Florida applicable to contracts made and to be performed in
that state without giving effect to the principles of conflicts of laws. 

     9. Entire Agreement. This
Agreement and the Indemnification Agreement constitute the entire understanding
between the parties with respect to the subject matter hereof, superseding all
negotiations, prior discussions and prior agreements and understanding relating
to such subject matter. 

     10. Miscellaneous. This
Agreement may be executed by the Company and Director in any number of
counterparts, each of which shall be deemed an original instrument, but all of
which together shall constitute but one and the same instrument. A signed copy
of this Agreement transmitted by facsimile, email or other means of electronic
transmission shall be deemed to have the same legal effect as delivery of an
original executed copy of this Agreement for all purposes. Director acknowledges
that this Agreement does not constitute a contract of employment and does not
imply that the Company will continue his service as a director for any period of
time. 

[Signature page follows.] 

2 

IN WITNESS WHEREOF, the parties have executed this Agreement as
of the date shown above. Net 1 UEPS Technologies, Inc. 

	By:/s/ Herman G. Kotzé 
	Name: 	Herman G. Kotzé 
	Title: 	Chief Executive Officer and 
	  	Chief Financial Officer 
	  	  
	  	  
	/s/ Alasdair J.K. Pein 
	Alasdair J. K. Pein 

[Signature Page to the Independent Director Agreement
(Alasdair J. K. Pein)] 

Exhibit A 

Expense Policy 

NET 1 UEPS TECHNOLOGIES, INC. (“Net1”) 
NON-EMPLOYEE
DIRECTOR (“NED”) EXPENSE POLICY 

When travelling on Net1 business, NEDs of Net1 will be entitled
to be reimbursed for all expenses necessarily incurred specifically: 

	
  First or business class air travel (at the election of the director). 

  
	
  Single room hotel accommodation and reasonable extras (three to five star
  at the election of the NED). 

  
	
  Meals and reasonable incidental expenditure. 

  
	
  Other travel costs (car hire, trains, taxis, etc). 

The above policy applies to NEDs for a maximum of three nights
per single day board meeting with or without a board dinner the night before or
after, and four nights if there are two days of meetings. 

A summary schedule of expenditure by each NED will be tabled
annually in August for review by the Nominating and Corporate Governance
Committee. 

Approved 
May 3rd, 2017

A-1 

Exhibit B 

Indemnification Agreement 

(see attached) 

B-1 

INDEMNIFICATION AGREEMENT 

     This Indemnification Agreement
(this “Agreement”) is made as of April 8, 2016, by and between Net 1 UEPS
Technologies, Inc., a Florida corporation (the “Corporation”), and
Alasdair J.K. Pein (“Indemnitee”). Capitalized terms used, but not
otherwise defined herein, shall have the meanings set forth in Section 1. 

RECITALS 

     A. Highly competent and qualified
persons have become more reluctant to serve corporations as directors, officers
or in other capacities unless they are provided with adequate protection through
insurance coverage or adequate indemnification against risks of claims and
actions against them arising out of their service to and activities on behalf of
the corporation. 

     B. The Board of Directors of the
Corporation (the “Board”) has determined that, in order to attract and
retain competent and qualified individuals, the Corporation will seek to
maintain on an ongoing basis, at its sole expense, directors’ and officers’
liability insurance to protect persons serving the Corporation and its
subsidiaries from certain liabilities. However, as a result of changes in the
marketplace for insurance it has become increasingly difficult to obtain
directors’ and officers’ liability insurance on terms providing reasonable
protection at reasonable cost. The uncertainties relating to directors’ and
officers’ liability insurance have increased the difficulty of attracting and
retaining such persons. 

     C. The Board has determined that
the potential inability to attract and retain highly competent and qualified
persons to serve the Corporation would be detrimental to the best interests of
the Corporation and its shareholders and that the Corporation should act to
assure such persons that there will be increased certainty of adequate
protection against risks of claims and actions against them arising out of their
service to and activities on behalf of the Corporation in the future. 

     D. The Board has determined that
it is reasonable, prudent and necessary for the Corporation to contractually
obligate itself to indemnify, and to advance expenses on behalf of, such persons
to the fullest extent permitted by applicable law so that they will serve or
continue to serve the Corporation free from undue concern that they will not be
so indemnified. 

     E. Indemnitee has agreed to serve
the Corporation in an officer and/or director capacity provided that Indemnitee
is provided the protections available under this Agreement, the Corporation’s
Amended and Restated Articles of Incorporation (as amended and restated from
time to time, the “Articles of Incorporation”), the Corporation’s Amended
and Restated Bylaws (as amended and restated from time to time, the
“Bylaws”) and directors’ and officers’ liability insurance coverage that
is adequate in the present circumstances. 

     F. This Agreement is a supplement
to and in furtherance of any protections provided by the Articles of
Incorporation, the Bylaws and any resolutions adopted pursuant thereto, and
shall not be deemed a substitute therefor, nor to diminish or abrogate any
rights of Indemnitee thereunder. In addition, Indemnitee will be entitled to
indemnification pursuant to the Florida Business Corporation Act. 

B-2 

     NOW THEREFORE, in consideration
of the foregoing and the covenants, promises and representations set forth
herein, and for other good and valuable consideration, including Indemnitee’s
agreement to serve as a director and/or officer of the Corporation after the
date hereof, and intending to be legally bound hereby, the parties hereto agree
as follows: 

     1. Certain Definitions for
Purposes of this Agreement. The following terms as used in this Agreement
shall have the meanings set forth below. 

          (a)
“Change in Control” shall have occurred if, during any period of two consecutive
years, individuals who at the beginning of that period constitute the Board of
the Corporation cease for any reason to constitute at least a majority of it,
unless the election of each new Director was approved in advance by a vote of at
least a majority of the Directors then still in office who were Directors at the
beginning of the period. 

          (b)
“Corporation” includes any domestic or foreign predecessor entity of the
Corporation in a merger or other transaction in which the predecessor’s
existence ceased on consummation of the transaction. 

          (c)
“Director” means an individual who is or was a director of the Corporation or an
individual who, while a director of the Corporation, is or was serving at the
Corporation’s request as a director, officer, partner, trustee, employee, or
agent of another foreign or domestic corporation, partnership, limited liability
company, joint venture, trust, employee benefit plan, or other entity. A
Director is considered to be serving an employee benefit plan at the
Corporation’s request if that Director’s duties to the Corporation also impose
duties on, or otherwise involve services by, him or her to the plan or to
participants in or beneficiaries of the plan. 

          (d)
“Disinterested Director” or “Disinterested Officer” means a Director or Officer,
respectively, who at the time of a vote or selection referred to in Section 4(b)
or 5(c) is not a party to the Proceeding. 

          (e)
“Enterprise” means (i) the Corporation, (ii) any other corporation, partnership,
joint venture, trust, employee benefit plan or other enterprise that is an
affiliate or wholly or partially owned subsidiary of the Corporation and of
which Indemnitee is or was serving as a director, trustee, general partner,
managing member, officer, employee, agent or fiduciary, and (iii) any other
corporation, partnership, limited liability company, joint venture, trust,
employee benefit plan or other enterprise of which Indemnitee is or was serving
at the express written request of the Corporation as a director, trustee,
general partner, managing member, officer, employee, agent or fiduciary. 

          (f)
“Expenses” includes all reasonable counsel fees, retainers, court costs,
transcript costs, fees of experts, witness fees, travel expenses, duplicating
costs, printing and binding costs, telephone charges, postage, delivery service
fees, and all other disbursements or expenses of the types customarily incurred
in connection with prosecuting, defending, preparing to prosecute or defend,
investigating, being or preparing to be a witness in, or otherwise participating
in, a Proceeding, including any appeals. Expenses also shall include Expenses
incurred in connection with any appeal resulting from any Proceeding, including
the premium, security for, and other costs relating to any cost bond,
supersede as bond, or other appeal bond or its equivalent. Expenses shall
include any federal, state, local or foreign taxes imposed on the Indemnitee, as
a result of the actual or deemed receipt of any payments under this Agreement.
Expenses, however, shall not include amounts paid in settlement by Indemnitee or
the amount of judgments or fines against Indemnitee. 

B-3 

     (g) “Independent Legal Counsel”
means a law firm, or a member of a law firm, that is experienced in matters of
corporation law and neither presently is, nor in the past five years has been,
retained to represent: (i) the Corporation, (ii) Indemnitee, or (iii) any other
party to the Proceeding giving rise to a claim for indemnification hereunder.
Notwithstanding the foregoing, the term “Independent Legal Counsel” shall not
include any person who, under the applicable standards of professional conduct
then prevailing, would have a conflict of interest in representing either the
Corporation or Indemnitee in an action to determine Indemnitee’s rights under
this Agreement. 

     (h) “Liability” includes the
obligation to pay a judgment, settlement, penalty, fine (including an excise tax
assessed with respect to an employee benefit plan), or reasonable Expenses
actually incurred with respect to a Proceeding. 

     (i) “Officer” means an individual
who is or was an officer of the Corporation or an individual who, while an
officer of the Corporation, is or was serving at the Corporation’s request as a
director, officer, partner, trustee, employee, or agent of another foreign or
domestic corporation, partnership, limited liability company, joint venture,
trust, employee benefit plan, or other entity. An Officer is considered to be
serving an employee benefit plan at the Corporation’s request if that Officer’s
duties to the Corporation also impose duties on, or otherwise involve services
by, him or her to the plan or to participants in or beneficiaries of the plan.

     (j) “Proceeding” includes any
threatened, pending or completed action, suit, arbitration, alternate dispute
resolution mechanism, investigation, inquiry, administrative hearing or any
other actual, threatened or completed proceeding, whether brought by or in the
right of the Corporation or other Enterprise or otherwise and whether civil,
criminal, administrative or investigative, in which Indemnitee was, is or will
be involved as a party or otherwise, by reason of the fact that Indemnitee is or
was an officer or director of the Corporation, by reason of any action taken by
Indemnitee or of any inaction on Indemnitee’s part while acting as an officer or
director of the Corporation, or by reason of the fact that Indemnitee is or was
serving at the request of the Corporation as a director, officer, employee,
agent or fiduciary of another Enterprise; in each case whether or not Indemnitee
is acting or serving in any such capacity at the time any liability or expense
is incurred for which indemnification can be provided under this Agreement;
including one pending on or before the date of this Agreement, but excluding one
initiated by Indemnitee pursuant to this Agreement to enforce Indemnitee’s
rights under this Agreement. 

     (k) “Reviewing Party” shall mean
the person or persons making the entitlement determination pursuant to Section 5
of this Agreement, and shall not include a court making any determination under
this Agreement or otherwise. 

B-4 

     2. Basic Indemnification
Arrangement. 

          (a)
Obligation to Indemnify; Standard of Conduct. Except as provided in
Sections 2(e), 2(f), 2(g) or 7 below, the Corporation shall indemnify Indemnitee
and hold harmless Indemnitee, to the fullest extent authorized or permitted by
applicable law, in the event Indemnitee is, or is threatened to be made, a party
to a Proceeding because he or she is or was a Director or Officer, against
Liability incurred in connection with the Proceeding if: 

               (1)
Indemnitee conducted himself or herself in good faith and in a manner he or she
reasonably believed to be in, or not opposed to, the best interests of the
Corporation; and 

               (2)
in the case of any criminal Proceeding, Indemnitee had no reasonable cause to
believe his or her conduct was unlawful. 

          (b)
Service with Respect to Employee Benefit Plan. Indemnitee’s conduct with
respect to an employee benefit plan for a purpose he or she believed in good
faith to be in the interests of the participants in and beneficiaries of the
plan is conduct that satisfies the requirement of Section 2(a)(1). 

          (c)
Reliance as Safe Harbor. For purposes of any determination hereunder,
Indemnitee shall be deemed to have acted in good faith and in a manner
reasonably believed to be in or not opposed to the best interests of the
Corporation, or, with respect to any criminal Proceeding, to have had no
reasonable cause to believe Indemnitee’s conduct was unlawful, if Indemnitee’s
conduct was based primarily on: (i) the records or books of account of the
Corporation or relevant entity, including financial statements, (ii) information
supplied to Indemnitee by the officers of the Corporation or relevant entity in
the course of their duties, (iii) the advice of legal counsel for the
Corporation or relevant entity, or (iv) information or records given or reports
made to the Corporation or relevant entity by an independent certified public
accountant, or by an appraiser or other expert selected with reasonable care by
the Corporation or relevant entity. The provisions of this Section 2(c) shall
not be deemed to be exclusive or to limit in any way the other circumstances in
which Indemnitee may be deemed to have met the relevant standard of conduct set
forth in this Agreement. In addition, the knowledge, and/or actions or failure
to act, of any director, officer, agent or employee of the Corporation shall not
be imputed to Indemnitee for purposes of determining the right to
indemnification under this Agreement.

          (d)
Termination of Proceeding Not Determinative. The termination of a
Proceeding by judgment, order, settlement, or conviction, or upon a plea of nolo
contendere or its equivalent shall not, of itself, create a presumption or be
determinative that Indemnitee is not entitled to indemnification or
reimbursement of Expenses hereunder or otherwise. 

          (e)
Limits on Indemnification. Unless, and then only to the extent that, a
court of competent jurisdiction acting pursuant to Section 6 of this Agreement
or Section 607.0850(9) of the Florida Business Corporation Act, determines that,
in view of the circumstances of the case, Indemnitee is fairly and reasonably
entitled to indemnification, the Corporation shall not indemnify Indemnitee
under this Agreement: 

B-5 

                    (1)
in connection with a Proceeding by or in the right of the Corporation, except
for reasonable Expenses (including an excise tax assessed with respect to an
employee benefit plan) and amounts paid in settlement not exceeding, in the
judgment of the Board, the estimated expense of litigating the Proceeding to
conclusion, actually and reasonably incurred in connection with the defense or
settlement of the Proceeding, including any appeal thereof; or 

                    (2)
in connection with a Proceeding by or in the right of the Corporation with
respect to any claim, issue or matter as to which Indemnitee shall have been
adjudged liable to the Corporation. 

          (f)
Proceeding Brought by Indemnitee. Notwithstanding any other provision of
this Agreement, Indemnitee shall not be entitled to indemnification or
advancement of Expenses under this Agreement with respect to any Proceeding or
claim brought or made by Indemnitee against the Corporation or its Directors,
Officers, employees or other indemnitees, other than (i) a Proceeding or claim
seeking or defending Indemnitee’s right to indemnification or advancement of
Expenses pursuant to Section 6 of this Agreement or otherwise, (ii) a Proceeding
authorized by the Board prior to its initiation, or (iii) the Corporation
provides the indemnification, in its sole discretion, pursuant to the powers
vested in the Corporation under applicable law. 

          (g)
Settlements. The Corporation acknowledges that a settlement or other
disposition short of final judgment may be successful if it permits a party to
avoid expense, delay, distraction, disruption and uncertainty. In the event that
any Proceeding to which Indemnitee is a party is resolved in any manner other
than by adverse judgment against Indemnitee (including settlement of such
Proceeding with or without payment of money or other consideration) it shall be
presumed that Indemnitee has been successful on the merits or otherwise in such
Proceeding. Anyone seeking to overcome this presumption shall have the burden of
proof and the burden of persuasion by clear and convincing evidence.

          (h)
Mandatory Indemnification. To the fullest extent permitted by law, the
Corporation shall indemnify Indemnitee to the extent that he or she has been
successful, on the merits or otherwise, in the defense of any Proceeding to
which Indemnitee was a party, or in defense of any claim, issue or matter,
because Indemnitee is or was a Director or Officer, against all Expenses
incurred by Indemnitee in connection with the Proceeding. 

     3. Contribution. 

          (a)
Whether or not the indemnification provided hereunder is available, in respect
of any Proceeding in which the Corporation is jointly liable with Indemnitee (or
would be if joined in such Proceeding), the Corporation shall pay the entire
amount of any Expenses, judgments, penalties, fines or amounts paid or to be
paid in settlement of such Proceeding without requiring Indemnitee to contribute
to such payment and the Corporation hereby waives and relinquishes any right of
contribution it may have against Indemnitee. The Corporation shall not enter
into any settlement of any Proceeding in which the Corporation is jointly liable
with Indemnitee (or would be if joined in such Proceeding) unless such
settlement provides for a full and final release of all claims asserted against Indemnitee
without any injunction or other equitable relief being imposed against
Indemnitee. 

B-6 

          (b)
Without diminishing or impairing the obligations of the Corporation set forth in
the preceding subparagraph, if, for any reason, Indemnitee shall elect or be
required to pay all or any portion of any judgment or settlement in any
Proceeding in which the Corporation is jointly liable with Indemnitee (or would
be if joined in such Proceeding), the Corporation shall contribute to the amount
of Expenses, judgments, penalties, fines and amounts paid in settlement actually
and reasonably incurred and paid or payable by Indemnitee in proportion to the
relative benefits received by the Corporation and all officers, directors or
employees of the Corporation, other than Indemnitee, who are jointly liable with
Indemnitee (or would be if joined in such Proceeding), on the one hand, and
Indemnitee, on the other hand, from the transaction from which such Proceeding
arose; provided, however, that the proportion determined on the basis of
relative benefit may, to the extent necessary to conform to law, be further
adjusted by reference to the relative fault of the Corporation and all officers,
directors or employees of the Corporation other than Indemnitee who are jointly
liable with Indemnitee (or would be if joined in such Proceeding), on the one
hand, and Indemnitee, on the other hand, in connection with the events that
resulted in such Expenses, judgments, penalties, fines or settlement amounts, as
well as any other equitable considerations which the Florida Business
Corporation Act may require to be considered. The relative fault of the
Corporation and all officers, directors or employees of the Corporation, other
than Indemnitee, who are jointly liable with Indemnitee (or would be if joined
in such Proceeding), on the one hand, and Indemnitee, on the other hand, shall
be determined by reference to, among other things, the degree to which their
actions were motivated by intent to gain personal profit or advantage, the
degree to which their liability is primary or secondary and the degree to which
their conduct is active or passive. 

          (c)
The Corporation hereby agrees to indemnify and hold harmless Indemnitee from any
claims of contribution which may be brought by officers, directors or employees
of the Corporation, other than Indemnitee, who may be jointly liable with
Indemnitee. 

     4. Advances for Expenses.

          (a)
Obligations and Requirements. The Corporation shall advance, to the
extent not prohibited by applicable law, the Expenses incurred by or on behalf
of Indemnitee in connection with any Proceeding, and such advancement shall be
made within thirty (30) days after the receipt by the Corporation of any
statement requesting such advances (which shall include invoices received by
Indemnitee in connection with such Expenses but, in the case of invoices in
connection with legal services, any references to legal work performed or to
expenditures made that would cause Indemnitee to waive any privilege accorded by
applicable law shall not be included with the invoice) from time to time,
whether prior to or after final disposition of any Proceeding. Any such
statement shall reasonably evidence the Expenses incurred by Indemnitee.
Advances shall be unsecured and interest free. Advances shall be made without
regard to Indemnitee’s ability to repay the expenses and without regard to
Indemnitee’s ultimate entitlement to indemnification under the other provisions
of this Agreement. Advances shall include any and all reasonable Expenses
incurred pursuing an action to enforce this right of advancement, including
Expenses incurred preparing and forwarding statements to the Corporation to
support the advances claimed. Indemnitee shall qualify for advances upon the
execution and delivery to the Corporation of this Agreement,
subject to the condition that if and to the extent that it is ultimately
determined by a court of competent jurisdiction in a final judgment, not subject
to appeal, that Indemnitee is not entitled to be indemnified by the Corporation,
Indemnitee shall undertake to the fullest extent permitted by law to repay the
advance. Such undertaking shall be an unlimited general obligation of Indemnitee
but need not be secured and shall be accepted without reference to Indemnitee’s
financial ability to make repayment. The right to advances under this Section 4
shall in all events continue until final disposition of any Proceeding,
including any appeal thereof. 

B-7 

          (b)
Evaluation of Reasonableness of Expenses. Evaluation as to reasonableness
of Expenses of Indemnitee in the specific case shall be made in the same manner
as the determination that indemnification is permissible, as described in
Section 5 below, except that if the determination is made by Independent Legal
Counsel, evaluation as to reasonableness of Expenses shall be made by those
entitled under Section 5(c)(3) to select Independent Legal Counsel.
Notwithstanding the foregoing sentence, any Expenses claimed by Indemnitee shall
be deemed reasonable if the Reviewing Party fails to make the reasonableness
evaluation within thirty (30) days following the Corporation’s receipt of
invoices for specific Expenses to be reimbursed or advanced. 

     5. Authorization of and
Determination of Entitlement to Indemnification. 

          (a)
Entitlement Determination. The Corporation and Indemnitee acknowledge that
indemnification of Indemnitee under Section 2 of this Agreement has been
pre-authorized by the Corporation as permitted by the Florida Business
Corporation Act. Nevertheless, the Corporation shall not indemnify Indemnitee
under Section 2 unless a separate determination has been made in the specific
case that indemnification of Indemnitee is permissible in the circumstances
because Indemnitee has met the relevant standard of conduct set forth in Section
2(a); provided, however, that: (i) no such entitlement decision need be made
prior to the advancement of Expenses; and (ii) regardless of the result or
absence of any such determination, the Corporation shall make any
indemnification mandated by Section 2(h) above. 

          (b)
To obtain indemnification (including advancement of Expenses) under this
Agreement, Indemnitee shall submit to the Corporation a written request,
including therein or therewith such documentation and information as is
reasonably available to Indemnitee and is reasonably necessary to determine
whether and to what extent Indemnitee is entitled to indemnification. The
Secretary of the Corporation shall, promptly upon receipt of such a request for
indemnification, advise the Board in writing that Indemnitee has requested
indemnification. 

          (c)
Reviewing Party. The determination referred to in Section 5(a) shall be
made, at the election of the Board, by any of the following Reviewing Parties
(unless a Change in Control shall have occurred after Indemnitee first began
serving as a Director or Officer, in which case Indemnitee shall be entitled to
designate that the determination shall be made by Independent Legal Counsel
selected in the manner set forth in Section 5(d) below): 

               (1)
by the Board by a majority vote of a quorum consisting of Disinterested
Directors; or 

B-8 

               (2)
by a majority vote of a committee duly designated by the Board (in which
designation directors who do not qualify as Disinterested Directors may
participate) consisting solely of two or more Disinterested Directors; or 

               (3)
by Independent Legal Counsel: (A) Selected in the manner prescribed in paragraph
(1) or (2) of this Section 5(c); or (B) if a quorum of Directors cannot be
obtained for purposes of paragraph (1) and the committee cannot be designated
under paragraph (2), selected by a majority vote of the full Board (in which
selection directors who do not qualify as Disinterested Directors may
participate); or 

               (4)
by the shareholders of the Corporation, by a majority vote of a quorum
consisting of shareholders who were not Parties to that Proceeding or, if no
such quorum is obtainable, by a majority vote of shareholders who were not
Parties to that Proceeding. 

          (d)
Selection of Counsel after Change in Control. If a Change in Control
shall have occurred, Independent Legal Counsel shall be selected by Indemnitee
(unless Indemnitee requests that the selection be made in the manner described
in Section 5(c)(3)), and Indemnitee shall give written notice to the Corporation
advising it of the identity of the Independent Legal Counsel so selected. In
either event, Indemnitee or the Corporation, as the case may be, may, within
fifteen (15) days after the written notice of selection has been given, deliver
to the Corporation or to Indemnitee, as the case may be, a written objection to
the selection; provided, however, that the objection may be asserted only on the
ground that the counsel so selected does not meet the requirements of
“Independent Legal Counsel” as defined in Section 1 of this Agreement. The
objection shall set forth with particularity the factual basis of the assertion.
If a written objection is made and substantiated, the counsel selected may not
serve as Independent Legal Counsel unless and until the objection is withdrawn
or a court has determined that the objection is without merit. If, within
fifteen (15) days after submission by Indemnitee of a written request for
indemnification, no Independent Legal Counsel shall have been selected and not
objected to, either the Corporation or Indemnitee may petition the court
conducting the Proceeding, or another court of competent jurisdiction, for
resolution of any objection that shall have been made by the Corporation or
Indemnitee to the other’s selection of Independent Legal Counsel and/or for the
appointment as Independent Legal Counsel of a person selected by the court or by
another person that the court shall designate, and the person with respect to
whom all objections are so resolved or the person so appointed shall act as
Independent Legal Counsel under Section 5(c). 

          (e)
Cooperation by Indemnitee. Indemnitee shall cooperate with the Reviewing
Party with respect to its determination of Indemnitee’s entitlement to
indemnification, including providing to the Reviewing Party on reasonable
advance request any documentation or information which is not privileged or
otherwise protected from disclosure and which is reasonably available to
Indemnitee and reasonably necessary to the determination. Any Expenses incurred
by Indemnitee in so cooperating with the Reviewing Party shall be borne by the
Corporation, regardless of the determination as to Indemnitee’s entitlement to
indemnification. 

          (f)
If the Reviewing Party shall not have made a determination within sixty (60)
days after receipt by the Corporation of the request therefor, the requisite
determination of entitlement to indemnification shall be deemed to have been
made and Indemnitee shall be entitled to such indemnification absent (i) a
misstatement by Indemnitee of a material fact, or an omission of a material fact
necessary to make Indemnitee’s statement not materially misleading, in
connection with the request for indemnification, or (ii) a prohibition of such
indemnification under applicable law; provided, however, that (x) such 60-day
period may be extended for a reasonable time, not to exceed an additional thirty
(30) days, if the Reviewing Party in good faith requires such additional time to
obtain or evaluate documentation and/or information relating thereto; and (y)
that the foregoing provisions of this Section 5(f) shall not apply if the
determination of entitlement to indemnification is to be made by the
shareholders pursuant to Section 5(c)(4) and if (A) within fifteen (15) days
after receipt by the Corporation of the request for such determination, the
Board or the Disinterested Directors, if appropriate, resolve to submit such
determination to the shareholders for their consideration at an annual meeting
thereof to be held within seventy-five (75) days after such receipt and such
determination is made thereat, or (B) a special meeting of shareholders is
called within fifteen (15) days after such receipt for the purpose of making
such determination, such meeting is held for such purpose within sixty (60) days
after having been so called and such determination is made thereat.

B-9 

     (g) Other. 

          (i)
In making a determination with respect to entitlement to indemnification
hereunder, the Reviewing Party shall presume that Indemnitee is entitled to
indemnification under this Agreement, and anyone seeking to overcome this
presumption shall have the burden of proof and the burden of persuasion by clear
and convincing evidence. Neither the failure of the Corporation (including by
its directors or Independent Legal Counsel) to have made a determination prior
to the commencement of any action pursuant to this Agreement that
indemnification is proper in the circumstances because Indemnitee has met the
applicable standard of conduct, nor an actual determination by the Corporation
(including by its directors or Independent Legal Counsel) that Indemnitee has
not met such applicable standard of conduct, shall create a presumption that
Indemnitee has not met the applicable standard of conduct. 

          (ii)
The Reviewing Party, however chosen, shall make the requested determination as
promptly as reasonably practicable after a request for indemnification is
presented. 

          (iii)
Any determination by Independent Legal Counsel under this Section 5 shall be
delivered in the form of a written opinion to the Board with a copy to
Indemnitee. 

          (iv)
The Corporation shall pay any and all reasonable fees and expenses of
Independent Legal Counsel incurred by the counsel in connection with acting
pursuant to this Section 5, and the Corporation shall pay all reasonable fees
and expenses incident to the procedures of this Section 5, regardless of the
manner in which such Independent Legal Counsel was selected or appointed. 

          (v)
On the due commencement of any action to seek court-ordered indemnification
pursuant to Section 6 of this Agreement, Independent Legal Counsel shall be discharged and relieved of any further responsibility in that
capacity, subject to the applicable standards of professional conduct then
prevailing. 

B-10 

     6. Court-Ordered
Indemnification and Advances for Expenses. 

          (a)
Procedure. If Indemnitee is a party to a Proceeding, he or she may apply
for indemnification or for advances for Expenses to the court conducting the
Proceeding or to another court of competent jurisdiction. For purposes of this
Agreement, the Corporation consents to personal jurisdiction and venue in any
court in which is pending a Proceeding to which Indemnitee is a party.
Regardless of any determination by the Reviewing Party that Indemnitee is not
entitled to indemnification or to advancement of Expenses or as to the
reasonableness of Expenses, and regardless of any failure by the Reviewing Party
to make a determination as to the entitlement or the reasonableness of Expenses,
the court’s review shall be a de novo review. After receipt of an application
and after giving any notice it considers necessary, the court may: 

               (1)
order indemnification or the advance for Expenses if it determines that
Indemnitee is entitled to indemnification or to advance for Expenses under this
Agreement, the Florida Business Corporation Act or otherwise; or 

               (2)
order indemnification or the advance for Expenses if it determines that, in view
of all the relevant circumstances, it is fair and reasonable to indemnify
Indemnitee, or to advance Expenses to Indemnitee, regardless of whether
Indemnitee has the relevant standard of conduct, complied with the requirements
for advancement of Expenses, or been adjudged liable in a Proceeding referred to
in Section 2(e) above (in which case any court-ordered indemnification need not
be limited to Expenses incurred by Indemnitee, but may include penalties, fines,
amounts paid in settlement, judgments and any other amounts ordered by the court
to be indemnified or advanced). 

          (b)
Payment of Expenses to Seek Court-Ordered Indemnification. If the court
determines that Indemnitee is entitled to indemnification or to advance for
Expenses, the Corporation shall pay Indemnitee’s reasonable Expenses to obtain
the court-ordered indemnification or advance for Expenses. 

     7. Limitations on
Indemnification. Regardless of whether Indemnitee has met the relevant
standard of conduct set forth in Section 2(a), nothing in this Agreement shall
require or permit indemnification of Indemnitee for any Liability or Expenses
incurred in a Proceeding in which a judgment or other final adjudication
establishes that Indemnitee’s actions or omissions to act were material to the
cause of action so adjudicated and constitute: 

          (a)
a violation of criminal law, unless Indemnitee had reasonable cause to believe
his or her conduct was lawful or had no reasonable cause to believe his or her
conduct was unlawful; 

          (b)
a transaction from which Indemnitee derived an improper personal benefit,
including, without limitation, any benefits received through the purchase and
sale by Indemnitee of securities of the Corporation within the meaning of
Section 16(b) of the Securities Exchange Act of 1934, as amended, or similar
provisions of state statutory law or common law; 

B-11 

               (c)
in the case of a Director, a circumstance under which the liability provisions
of Section 607.0834 of the Florida Business Corporation Act are applicable; or

               (d)
willful misconduct or a conscious disregard for the best interests of the
Corporation in a Proceeding by or in the right of the Corporation to procure a
judgment in its favor or in a Proceeding by or in the right of a shareholder of
the Corporation. 

     8. Vested Rights; Specific
Performance. No amendment to the Articles of Incorporation or Bylaws of the
Corporation or any other corporate action shall in any way limit Indemnitee’s
rights under this Agreement. In any Proceeding brought by or on behalf of
Indemnitee to specifically enforce the provisions of this Agreement, the
Corporation waives the claim or defense in that Proceeding that the plaintiff or
claimant has an adequate remedy at law, and the Corporation shall not urge in
any such Proceeding the claim or defense that an adequate remedy at law exists.
The provisions of this Section 8, however, shall not prevent Indemnitee from
seeking a remedy at law in connection with any breach of this Agreement. 

     9. Liability Insurance. To
the extent the Corporation maintains an insurance policy or policies providing
directors’ or officers’ liability insurance, Indemnitee shall be covered by that
policy or those policies, in accordance with its or their terms, to the maximum
extent of the coverage provided under that policy or those policies in effect
for any other Director or Officer of the Corporation, as the case may be. 

     10. Witness Fees.
Notwithstanding any other provision in this Agreement, to the extent that
Indemnitee is made a witness in any Proceeding to which Indemnitee is not a
party, because he or she is or was a Director or Officer, the Corporation hereby
indemnifies and holds harmless Indemnitee against all Expenses actually and
reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection
therewith. 

     11. Security for
Indemnification Obligations. The Corporation may at any time and in any
manner, at the discretion of the Board, secure the Corporation’s obligations to
indemnify or advance Expenses to Indemnitee pursuant to this Agreement. 

     12. Non-exclusivity, No
Duplication of Payments. The rights of Indemnitee under this Agreement shall
be in addition to any other rights with respect to indemnification, advancement
of Expenses or otherwise that Indemnitee may have under the Articles of
Incorporation or Bylaws, the Florida Business Corporation Act or otherwise;
provided, however, that the Corporation shall not be liable under this Agreement
to make any payment to Indemnitee under this Agreement to the extent Indemnitee
has otherwise actually received payment (under any insurance policy, provision
of the Articles of Incorporation or Bylaws, or otherwise) of the amounts
otherwise payable under this Agreement. The Corporation’s obligation to
indemnify or advance expenses under this Agreement to Indemnitee who is or was
serving at the request of the Corporation as a director, officer, partner,
trustee, employee or agent of any other entity shall be reduced by any amount
Indemnitee has actually received as indemnification or advancement of expenses
from that other entity. 

     13. Amendments. To the
extent that the provisions of this Agreement are held to be inconsistent with
the provisions of the Florida Business Corporation Act (including Section 607.0850(7) thereof), the provisions of that statute
shall govern. To the extent that the Florida Business Corporation Act is later
amended to permit a Florida corporation, without the need for shareholder
approval, to provide to its directors greater rights to indemnification or
advancement of Expenses than those specifically set forth here, this Agreement
shall be deemed amended to require the greater indemnification or more liberal
advancement of Expenses to Indemnitee, in each case consistent with the Florida
Business Corporation Act as so amended from time to time. Otherwise, no
supplement, modification or amendment of this Agreement shall be binding unless
executed in writing by the Corporation and Indemnitee. To the extent there is
any supplement, modification or amendment to this Agreement, such supplement,
modification or amendment shall not adversely affect any right or protection
hereunder of Indemnitee in respect of any act or omission occurring prior to the
time of such supplement, modification or amendment.

B-12 

     14. Subrogation. In the
event of payment under this Agreement, the Corporation shall be subrogated to
the extent of that payment to all of the rights of recovery of Indemnitee, who
shall execute all papers required and shall do everything that may be necessary
to secure those rights, including the execution of documents necessary to enable
the Corporation effectively to bring suit to enforce those rights; provided,
however, that any rights of recovery of Indemnitee pursuant to any liability
insurance policy separately paid for by Indemnitee shall not be subject to
subrogation under this Section 14 except that any amounts recovered under such
policy shall be subject to Section 12 hereof. 

     15. Waiver. No waiver of
any of the provisions of this Agreement shall be deemed or shall constitute a
waiver of any other provisions of this Agreement (whether or not similar) nor
shall such a waiver constitute a continuing waiver. 

     16. Binding Effect, Etc.
This Agreement shall be binding on and inure to the benefit of and be
enforceable by the parties to this Agreement and their respective successors or
assigns (including any direct or indirect successor or assign by purchase,
merger, consolidation or otherwise to all or substantially all of the business
and/or assets of the Corporation), spouses, heirs, and personal and legal
representatives. 

     17. Applicability of
Agreement. This Agreement shall apply retroactively with respect to acts or
omissions of Indemnitee occurring since the date that Indemnitee first became a
Director or Officer, and this Agreement shall continue in effect regardless of
whether Indemnitee continues to serve as a Director or Officer, but only in
respect of acts or omissions occurring prior to the termination of Indemnitee’s
service as a Director or Officer. 

     18. Severability. If any
provision or provisions of this Agreement shall be held to be invalid, illegal,
or unenforceable for any reason whatsoever: .

          (a)
the validity, legality, and enforceability of the remaining provisions of this
Agreement (including without limitation, each portion of any Section of this
Agreement containing any such provision held to be invalid, illegal, or
unenforceable, that is not itself invalid, illegal, or unenforceable) shall not
in any way be affected or impaired by it; 

B-13 

          (b)
the provision or provisions shall be deemed reformed to the extent necessary to
conform to applicable law and to give the maximum effect to the intent of the
parties to this Agreement; and 

          (c)
to the fullest extent possible, the provisions of this Agreement (including,
without limitation, each portion of any Section of this Agreement containing any
provision held to be invalid, illegal, or unenforceable, that is not itself
invalid, illegal, or unenforceable) shall be construed so as to give effect to
the intent manifested by it. 

     19. Governing Law. This
Agreement shall be governed by and construed and enforced in accordance with the
laws of the State of Florida applicable to contracts made and to be performed in
Florida without giving effect to the principles of conflicts of laws. 

     20. Headings. The headings
of the Sections of this Agreement are inserted for convenience only and shall
not be deemed to constitute part of this Agreement or to affect the construction
of this Agreement. 

     21. Inducement. The
Corporation expressly confirms and agrees that it has entered into this
Agreement and assumed the obligations imposed on it under this Agreement in
order to induce Indemnitee to serve or continue to serve as a Director and/or
Officer, and the Corporation acknowledges that Indemnitee is relying on this
Agreement in serving as a director, officer, employee or agent of the
Corporation or, at the request of the Corporation, as a director, officer,
partner, trustee, employee, or agent of another foreign or domestic corporation,
partnership, limited liability company, joint venture, trust, employee benefit
plan or other entity. 

     22. Notice by Indemnitee.
Indemnitee agrees promptly to notify the Corporation in writing upon being
served with any summons, citation, subpoena, complaint, indictment, information,
or other document relating to any Proceeding or matter which may be subject to
indemnification or advancement of Expenses covered under this Agreement. The
failure of Indemnitee so to notify the Corporation shall not relieve the
Corporation of any obligation that it may have to Indemnitee under this
Agreement or otherwise. 

     23. Notices. All notices,
requests, demands, and other communications under this Agreement shall be in
writing and shall be deemed to have been duly given if: (i) delivered by hand
and receipted for by the party to whom the notice or other communication shall
have been directed; or (ii) mailed by certified or registered mail with postage
prepaid, on the third business day after the date on which it is so mailed if to
the Corporation, to the principal office address of the Corporation, or if to
Indemnitee, to the address of Indemnitee last on file with the Corporation, or
to any other address that may have been furnished to Indemnitee by the
Corporation or to the Corporation by Indemnitee, as the case may be.

[Signature page follows.] 

B-14 

     The parties hereto have entered
into this Agreement effective as of the date first above written. 

	 	The Corporation:
    
	 	 
	 	NET 1 UEPS
      TECHNOLOGIES, INC. 
	 	 
	 	 By: 	
	 	 	 
	 	 Title: 	
	 	 	 
	 	Indemnitee:
  
	 	 	  
	 	Alasdair J.K. Pein
  
	 	 	 
	 	Address:

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