Document:

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                                                                   Exhibit 10.22

                           PLACEMENT AGENT AGREEMENT

                                                                  July 18, 2005

CI Law Trustees Limited for the San Roque Trust
Dr. Serge C.P. Belamant
Net 1 UEPS Technologies, Inc.
c/o Net 1 UEPS Technologies, Inc.
President Place, 4th Floor
Cnr. Jan Smuts Avenue and Bolton Road
Rosebank
Johannesburg
South Africa

Brait International Limited
South African Private Equity Fund III, L.P.
South African Private Equity Trust III
c/o South African Private Equity Fund III, L.P.
Walker House
P.O. Box 908
George Town, Grand Cayman
Cayman Islands

Brenthurst Private Equity II Limited
Brenthurst Private Equity South Africa I Limited
9 Columbus Centre
Pelican Drive
Road Town
Tortola
British Virgin Islands

Dear Sirs:

     SECTION 1.     APPOINTMENT OF PLACEMENT AGENT.  This Agreement confirms our
understanding that CI Law Trustees Limited for the San Roque Trust, Dr. Serge
C.P. Belamant, Brait International Limited, South African Private Equity Fund
III, L.P., South African Private Equity Trust III, Brenthurst Private Equity II
Limited and Brenthurst Private Equity South Africa I Limited (collectively, the
"Sellers") hereby appoint Morgan Stanley & Co. Incorporated and J.P. Morgan
Securities Inc. as their placement agents (collectively, the "Placement Agents")
in connection with the proposed private placement referenced in the stock
purchase agreement (the "Stock Purchase Agreement") by and among the Sellers,
the Purchasers (as defined in the Stock Purchase Agreement) and Net 1 UEPS
Technologies, Inc., a Florida corporation (the "Company") and dated July 18,
2005.  All

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capitalized terms used in this Agreement but not defined herein shall have the
same meaning as defined in the Stock Purchase Agreement. On the basis of the
representations and warranties contained in the Stock Purchase Agreement, but
subject to the terms and conditions set forth herein, the Placement Agents agree
to use their reasonable efforts to solicit and receive offers to purchase the
Purchased Shares. Notwithstanding anything to the contrary contained in this
Agreement, the Placement Agent shall have no obligation to purchase any of the
Purchased Shares, or any liability to the Company if any prospective purchaser
fails to consummate a purchase of any of the Purchase Shares.

     SECTION 2.     FEES. (a). Once the sale of the Purchased Shares is
consummated, the Placement Agents will charge the Sellers a placement fee (the
"Placement Fee") per Purchased Share equivalent to the Public Offering Price (as
defined in the underwriting agreement (the "Underwriting Agreement") to be
entered into between the Company, certain shareholders of the Company named in
Schedule I thereto and the Underwriters (as defined therein)) less the Purchase
Price (as defined in the Underwriting Agreement) and each Seller will pay the
Placement Fee in respect of the Purchased Shares sold by it on the Closing Date
in immediately available funds.

     (b) The right of the Placement Agents to receive the fees set forth in
this Section 2 shall survive the termination of this Agreement in accordance
with Section 6 hereof.

     SECTION 3.     ADVERTISING. Upon the completion of the Placement, the
Placement Agents will be entitled to advertise the transaction in their usual
formats, at their expense in periodicals of their choice.

     SECTION 4.     INDEMNITY AND CONTRIBUTION. The Company and the Placement
Agents agree to the indemnification and contribution arrangements set forth in
Schedule I hereto.

     SECTION 5.     INDEMNITY TO SURVIVE. The indemnities set forth herein will
remain in full force and effect regardless of any investigation made by or on
behalf of the Placement Agents or the Company or any of their respective
officers, directors or controlling persons, and will survive delivery of any
payment for the Purchased Shares.  The provisions of this Section and
Sections 2, 4, 6, and 7 hereof shall survive the termination or cancellation
of this Agreement.

     SECTION 6.     TERMINATION. The Placement Agents' services hereunder may
be terminated with or without cause by either the Sellers or the Placement
Agents at any time and without liability or continuing obligation to the
Placement Agents or the Sellers, except for any compensation earned by the
Placement Agents to the date of termination.

     SECTION 7.     GOVERNING LAW. This Agreement (including Schedule I) shall
be governed by and construed in accordance with the internal laws of the State
of New York.

     SECTION 8.     COUNTERPARTS; HEADINGS. This Agreement may be signed in
counterparts with the same effect as if the signatures thereto were on the same
instrument. The headings of the Sections of this Agreement have been inserted
for convenience of reference only and shall not be deemed a part of this
Agreement.

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     If the foregoing is in accordance with your understanding of our
agreement, please sign and return to us the enclosed duplicate hereof, whereupon
this Agreement shall represent a binding agreement between the Placement Agents,
the Sellers and the Company.

                                             Very truly yours,

                                             Morgan Stanley & Co. Incorporated

                                             By:___________________________
                                                Name:
                                                Title:

                                             J.P. Morgan Securities Inc.

                                             By:___________________________
                                                Name:
                                                Title:

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Accepted as of July 18, 2005

CI Law Trustees Limited for the San Roque Trust
Dr. Serge C.P. Belamant

By: /s/ Dr. Serge C.P. Belamant
   ------------------------------
   Name:  Dr. Serge C.P. Belamant
   Title:

Brait International Limited

By: /s/ Brett Childs
   ------------------------------
   Name:  Brett Childs
   Title: Director

South African Private Equity Fund III, L.P.

By: /s/ Hans Schibli
   ------------------------------
   Name:  Hans Schibli
   Title: Director

South African Private Equity Trust III

By: /s/ Anthony Ball
   ------------------------------
   Name:  Anthony Ball
   Title: Manager

Brenthurst Private Equity II Limited
Brenthurst Private Equity South Africa I Limited

By: /s/ Alasdair J.K. Pein
   ------------------------------
   Name:  Alasdair J.K. Pein
   Title: Managing Partner, Southern Cross Capital LLC

Net 1 UEPS Technologies, Inc.

By: /s/
   ------------------------------
   Name:
   Title:

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                                                                      SCHEDULE I

     This Schedule I is attached to and incorporated by reference into the
Placement Agent Agreement dated July 18, 2005 (the "Agreement"). Capitalized
terms used herein and not otherwise defined herein shall have the meanings
assigned to such terms in the Agreement or the Stock Purchase Agreement.

     The Company agrees to indemnify and hold harmless the Placement Agents and
their affiliates, and the respective directors, officers, agents and employees
of the Placement Agents and their affiliates and each other entity or person, if
any, controlling the Placement Agents or any of their affiliates within the
meaning of either Section 15 of the Securities Act or Section 20 of the Exchange
Act (the Placement Agents and each such entity or person being collectively
referred to as a "Placement Agent Indemnified Party") from and against any
losses, claims, damages or liabilities (or actions in respect thereof) relating
to, arising out of or in connection with (i) the sale of the Purchased Shares or
(ii) the matters contemplated by the Agreement or the transactions contemplated
by the Stock Purchase Agreement caused by any untrue statement or alleged untrue
statement of a material fact contained in the Company's Registration Statement
on Form S-1 (Registration Number 333-125273) or by any omission or alleged
omission to state therein a material fact necessary in order to make the
statements therein, in the light of the circumstances under which they were
made, not misleading. The Company will reimburse any Placement Agent Indemnified
Party for all expenses (including, without limitation, fees and disbursements of
counsel) incurred by such Placement Agent Indemnified Party in connection with
investigating, preparing or defending any such action or claim, whether or not
in connection with pending or threatened litigation to which the Placement Agent
Indemnified Party is a party, in each case, as such expenses are incurred or
paid. With respect to clause (i) above, the Company will not, however, be
responsible for any losses, claims, damages or liabilities (or expenses relating
thereto) that are finally judicially determined to have resulted from the bad
faith or gross negligence of such Placement Agent Indemnified Party. The Company
also agrees that no Placement Agent Indemnified Party shall have any liability
(whether direct or indirect, in contract or tort or otherwise) to the Company
for or in connection with the sale of the Purchased Shares, except for any such
liability for losses, claims, damages or liabilities with respect to clause (i)
above incurred by the Company that are finally judicially determined to have
resulted from the bad faith or gross negligence of such Placement Agent
Indemnified Party.

     In case any proceeding (including any governmental investigation) shall be
instituted involving any Placement Agent Indemnified Party, such Placement Agent
Indemnified Party shall promptly notify the Company in writing and the Company,
upon request of the Placement Agent Indemnified Party, shall retain counsel
reasonably satisfactory to the Placement Agent Indemnified Party to represent
the Placement Agent Indemnified Party and any others the Company may designate
in such proceeding and shall pay the fees and disbursements of such counsel
related to such proceeding. In any such proceeding, such Placement Agent
Indemnified Party shall have the right to retain its own counsel, but the fees
and expenses of such counsel shall be at the expense of such Placement Agent
Indemnified Party unless (i) the Company and the Placement Agent

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Indemnified Party shall have mutually agreed to the retention of such counsel or
(ii) the named parties to any such proceeding (including any impleaded parties)
include both the Company and the Placement Agent Indemnified Party and
representation of both parties by the same counsel would be inappropriate due to
actual or potential differing interests between them. It is understood that the
Company shall not, in connection with any proceeding or related proceedings in
the same jurisdiction, be liable for the reasonable fees and expenses of more
than one separate firm (in addition to any local counsel) for all such Placement
Agent Indemnified Parties, and that all such fees and expenses shall be
reimbursed as they are incurred. In the case of any such separate firms for the
Placement Agent Indemnified Parties, such firms shall be designated in writing
by the Placement Agent Indemnified Parties. The Company shall not be liable for
any settlement of any proceeding effected without its written consent, but if
settled with such consent or if there be a final judgment for the plaintiff, the
Company agrees to indemnify each Placement Agent Indemnified Party from and
against any loss or liability by reason of such settlement or judgment.
Notwithstanding the foregoing sentence, if at any time a Placement Agent
Indemnified Party shall have requested the Company to reimburse such Placement
Agent Indemnified Party for fees and expenses of counsel as contemplated by the
third sentence of this paragraph, the Company agrees that it shall be liable for
any settlement of any proceeding effected without its written consent if (i)
such settlement is entered into more than 30 days after receipt by the Company
of the aforesaid request and (ii) the Company shall not have reimbursed the
Placement Agent Indemnified Party in accordance with such request prior to the
date of such settlement. The Company shall not, without the prior written
consent of each Placement Agent Indemnified Party, effect any settlement of any
pending or threatened proceeding in respect of which any Placement Agent
Indemnified Party is or could have been a party and indemnity could have been
sought hereunder by such Placement Agent Indemnified Party, unless such
settlement includes an unconditional release of such Placement Agent Indemnified
Party from all liability on claims that are the subject matter of such
proceeding.

     If the indemnification provided for in the second paragraph of this
Schedule I is unavailable to a Placement Agent Indemnified Party in respect of
any losses, claims, damages or liabilities referred to therein, then the
Company, in lieu of indemnifying such Placement Agent Indemnified Party
thereunder, shall contribute to the amount paid or payable by such Placement
Agent Indemnified Party as a result of such losses, claims, damages or
liabilities (i) in such proportion as is appropriate to reflect the relative
benefits received by the Company and its shareholders, on the one hand, and the
Placement Agents, on the other hand, from the sale of the Purchased Shares or
(ii) if the allocation provided by clause (i) above is not permitted by
applicable law, in such proportion as is appropriate to reflect not only the
relative benefits referred to in clause (i) above but also the relative fault of
the Company and of the Placement Agents in connection with the actions,
statements or omissions that resulted in such losses, claims, damages or
liabilities, as well as any other relevant equitable considerations. The
relative benefits received by the Company and its shareholders and the Placement
Agents shall be deemed to be in the same respective proportions as the net
proceeds that the Sellers will receive from the proposed sale of the Purchased
Shares (after deducting the Placement Fee, but before deducting expenses) and
the total Placement Fee that the Placement Agents will receive from the proposed
sale of the Purchased Shares bear to the aggregate price at which the Purchased
Shares will be sold to Purchasers pursuant to the proposed sale of the Purchased
Shares. The relative fault of the Company, on the one hand, and the Placement
Agents,

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on the other hand (i) in the case of any untrue or alleged untrue statement of a
material fact or any omission or alleged omission to state a material fact,
shall be determined by reference to, among other things, whether such statement
or omission relates to information supplied by the Company and the parties'
relative intent, knowledge, access to information and opportunity to correct or
prevent such statement or omission, and (ii) in the case of any other action or
omission, shall be determined by reference to, among other things, whether such
action or omission was taken or omitted to be taken by the Company or by the
Placement Agents and the parties' relative intent, knowledge, access to
information and opportunity to prevent such action or omission.

     The Company and the Placement Agents agree that it would not be just and
equitable if contribution pursuant to this Schedule I were determined by pro
rata allocation or by any other method of allocation that does not take account
of the equitable considerations referred to in the immediately preceding
paragraph.  The amount paid or payable by a Placement Agent Indemnified Party as
a result of the losses, claims, damages and liabilities referred to in the
immediately preceding paragraph shall be deemed to include, subject to the
limitations set forth above, any legal or other expenses reasonably incurred by
such Placement Agent Indemnified Party in connection with investigating or
defending any such action or claim.  Notwithstanding any of the provisions of
this Schedule I, in no event shall the Placement Agents' aggregate contribution
to the amount paid or payable exceed the aggregate amount of fees actually
received by them under the Agreement.

                                      I-3EX-10.1

 

Exhibit 10.1

FORM OF DIRECTOR

INDEMNIFICATION AGREEMENT

     This INDEMNIFICATION AGREEMENT is made and entered into as of the ___day of ___20___,
by and between The Pepsi Bottling Group, Inc., a Delaware corporation (“PBG”), and ___, a
member of PBG’s Board of Directors (the “Director”).

     WHEREAS, PBG and the Director each recognize the ongoing and substantial risk of litigation
and other claims being asserted against directors of public companies; and

     WHEREAS, in recognition of the need for protection against such litigation and claims to
facilitate the Director’s continued effective service to PBG, PBG desires to provide for the
indemnification, advancement, reimbursement and insurance of certain liabilities and expenses of
the Director, to the full extent permitted by law;

     NOW, THEREFORE, in consideration of these premises and of the Director’s continuation of
service to PBG, the parties hereto agree as follows:

     1. Indemnification Against Liability. The Director shall be indemnified and held
harmless by PBG, to the full extent permitted by law, against any and all liabilities and
assessments arising out of or related to any threatened, pending or completed action, suit,
proceeding, inquiry or investigation, whether civil, criminal, administrative, or other (each being
hereinafter referred to as an “Action”), including, but not limited to, judgments, fines, penalties
and amounts paid in settlement (whether with or without court approval), and any interest,
assessments, excise taxes or other charges paid or payable in connection with or in respect of any
of the foregoing (each such

 

 

liability and assessment being hereinafter referred to as a “Liability”), incurred by the Director
and arising out of his or her status as a director or member of a committee of the Board of
Directors of PBG, or by reason of anything done or not done by the Director in such capacities.

     2. Indemnification Against Expense. The Director shall also be indemnified and held
harmless by PBG, to the full extent permitted by law, against any and all attorneys’ fees and other
costs, expenses and obligations, and any interest, assessments, excise taxes or other charges paid
or payable in connection with or in respect of any of the foregoing (each such expense being
hereinafter referred to as an “Expense”) arising out of or relating to any Action, including
expenses incurred by a Director:

          (a) in connection with investigating, defending, being a witness or participating in any
Action (other than an Action commenced by the Director against another party, except as provided in
Section 2(b) below) or any appeal of an Action; or

          (b) in connection with any claim asserted or action brought by the Director for (i) payment or
indemnification of Liabilities or Expenses or advance payment of Expenses by PBG under this
Agreement, or pursuant to any other agreement, any resolution of PBG’s stockholders or Board of
Directors, any provision of PBG’s Certificate of Incorporation or By-Laws, or any statute or rule
of law providing for indemnification, now or hereafter in effect, relating to any Action, or for
specific performance pursuant to Section 17 hereof, and/or (ii) recovery under any directors’ and
officers’ liability insurance policy or policies maintained by PBG, regardless of whether the
Director is ultimately determined to be entitled to such payment, indemnification, advance, or
insurance recovery, as the case may be.

     3. Partial Indemnification. If the Director is entitled under this Agreement to
payment for some or a portion of any Liability or Expense relating to an Action, but not for the
total amount

 

 

thereof, PBG shall nevertheless pay the Director for the portion thereof to which he or she is
entitled.

     4. Advances. PBG shall pay any and all Expenses incurred by the Director in
connection with any Action, whether or not the Action has been finally disposed of (an “Advance”),
within five days after receipt by PBG of an appropriate request therefor from the Director,
provided that PBG shall have received an undertaking by or on behalf of the Director to
repay such Advance if it is ultimately determined that the Director is not entitled to be
indemnified by PBG against such Expenses.

     5. Demand and Final Payment. Final payments of Liabilities and Expenses provided for
herein shall be made by PBG upon the receipt of a written request therefor by or on behalf of the
Director, and upon the determination that indemnification is proper in the circumstances because
the Director met the applicable standard of conduct set forth in this Indemnification Agreement.
Such determination shall be made (i) by a majority vote of the PBG directors who are not parties to
the Action giving rise to the demand (the “Disinterested Directors”) even though less than a
quorum, or (ii) by a committee of such Disinterested Directors designated by majority vote of the
Disinterested Directors, even though less than a quorum, or (iii) if the Disinterested Directors so
direct, or if there are no Disinterested Directors, by independent legal counsel in a written
opinion, or (iv) by majority vote of PBG’s stockholders. The Director may contest a determination
that he or she is not entitled to indemnification by petitioning a court to make an independent
determination with respect to the Director’s right to indemnification hereunder.

     6. Failure to Indemnify. If a claim for payment of any Liability, Expense or Advance
under this Agreement, or pursuant to any other agreement, any resolution of PBG’s stockholders or
Board of Directors, any provision of PBG’s Certificate of Incorporation or By-Laws, or any statute
or rule of law providing for indemnification, now or hereafter in effect, is not paid in full
within

 

 

thirty days, in the case of Liabilities and Expenses, or within five days, in the case of Advances,
after a written request for payment thereof has been received by PBG, the Director may bring an
action against PBG to recover the unpaid amount of such claim, together with interest thereon. It
shall be a defense to any such claim (other than an action brought to enforce a claim for an
Advance) that the Director has not met the standard of conduct which makes it permissible under
this Indemnification Agreement for PBG to indemnify the Director for the amount claimed,
provided, however, that the burden of proving such defense shall be on PBG and the
Director shall be entitled to receive Advances pursuant to Section 4 hereof unless and until such
defense shall be finally adjudicated by a court.

     7. Presumption. For purposes of this Agreement, the termination of any Action by
judgment, order, settlement (whether with or without court approval) or conviction, or upon a plea
of nolo contendere, or its equivalent, shall not create a presumption that the
Director has not met any particular standard of conduct required for payment under this Agreement.

     8. Change in Control. If there is a Change in Control (as defined below) of PBG, then
the acquiring or successor Person (as defined below), as the case may be (the “Successor”), shall
not diminish or limit in any manner the indemnification rights available to the Director
immediately prior to such Change in Control, whether such rights were available under this
Agreement, or pursuant to any other agreement, any resolution of PBG’s stockholders or Board of
Directors, any provision of PBG’s Certificate of Incorporation or By-Laws, or any statute or rule
of law providing for indemnification, now or hereafter in effect. No such Successor shall cancel,
limit or in any way diminish the rights or coverage provided to the Director pursuant to one or
more directors’ and officers’ insurance policies carried by PBG immediately prior to any such
Change in Control. For the purposes of this Agreement, the term “Change in Control” shall mean (i)
the acquisition by any person or entity, or any group of persons or entities acting in concert (a
“Person”), other than PepsiCo, Inc., of direct or indirect beneficial ownership of 40% or more of
the voting power or

 

 

voting securities of PBG, (ii) the acquisition by any Person, other than PepsiCo, Inc., of direct
or indirect beneficial ownership of 20% or more of the voting power or voting securities of PBG and
the subsequent election of a majority of the members of PBG’s Board of Directors who were not
members of the Board for the two-year period immediately preceding their election, (iii) a transfer
of all or substantially all of PBG’s assets to another Person who is not a wholly owned subsidiary
of PBG, or (iv) merger or consolidation of PBG with another corporation where, as a result of such
merger and consolidation, less than 60% of the outstanding voting securities of the surviving or
resulting corporation shall then be owned by the stockholders of PBG immediately prior to such
merger or consolidation.

     9. Director’s Obligations. The Director shall promptly notify PBG in writing of the
institution of any Action which may be the subject of this Agreement and shall keep PBG generally
informed of any such Action. Notices to PBG shall be directed to The Pepsi Bottling Group, Inc., 1
Pepsi Way, Somers, New York 10589, Attention: Secretary (or to such other address as PBG may notify
the Director in writing). Notice shall be deemed received three business days after the date
postmarked and shall be sent by certified or registered mail, properly addressed. In addition, the
Director shall give PBG such information and cooperation as PBG shall reasonably require and as
shall be in the Director’s power.

     10. Termination. This Agreement may not be terminated except by a writing to that
effect executed by the parties hereto. This Agreement shall continue in effect regardless of
whether the Director continues to serve as a director of PBG.

     11. Contract Rights Not Exclusive. The rights of the Director hereunder shall be in
addition to, but not exclusive of, any other right which the Director may have pursuant to any
other agreement, any resolution of PBG’s stockholders or Board of Directors, any provision of PBG’s

 

 

Certificate of Incorporation or By-Laws, or any statute or rule of law providing for
indemnification, now or hereafter in effect.

     12. Insurance. The rights of the Director hereunder shall also be in addition to any
rights the Director may now or hereafter have under policies of insurance maintained by PBG or
otherwise. PBG may purchase and maintain insurance on behalf of its directors against any
liability asserted against or incurred by them, whether or not PBG would have the power to
indemnify them against such liability, and the Director shall be covered by such policy or policies
to the maximum extent of the coverage available for any director of PBG.

     13. Subrogation. In the event of any payment under this Agreement, PBG shall be
subrogated to the extent of such payment to all of the rights of recovery of the Director, who
shall execute all papers required and shall do everything that may be necessary to secure such
rights, including the execution of such documents as may be necessary to enable PBG effectively to
bring suit to enforce such rights.

     14. No Duplication of Payments. PBG shall not be liable under this Agreement to make
any payment in connection with any claim made against the Director to the extent the Director has
actually received payment of the amounts otherwise payable hereunder.

     15. Modification and Waiver. No supplement, modification or amendment of any of the
provisions of this Agreement and no consent by either party hereto to any departure therefrom by
the other party hereto shall be binding unless executed in writing by both of the parties hereto.
No waiver of any provision of this Agreement shall be deemed or shall constitute a waiver of any
other provisions hereof (whether or not similar) nor shall any such waiver constitute a continuing
waiver.

 

 

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

     17. Specific Performance. The failure of PBG to perform any of its obligations
hereunder shall entitle the Director, as a matter of course, to request an injunction from any
court of competent jurisdiction to enforce such obligations. Such right to request specific
performance shall be cumulative and in addition to any other rights and remedies to which the
Director shall be entitled.

     18. Severability. If any provision or provisions of this Agreement, or any portion of
any provision hereof, shall be deemed invalid or unenforceable pursuant to a final determination of
any court of competent jurisdiction or as a result of future legislative action, such determination
or action shall be construed so as not to affect the validity or enforceability hereof, and the
remaining provisions, and portions thereof, shall be enforceable to the fullest extent permitted by
law.

     19. Governing Law. This Agreement shall be governed by and construed in accordance
with the substantive laws of the State of Delaware.

     IN WITNESS WHEREOF, the parties hereto have entered into this Agreement as of the day and year
first above written.

	 	 	 	 	 
	 	 	The Pepsi Bottling Group, Inc.
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Director

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