Document:

EX-10.2

 Exhibit 10.2 
 AGREEMENT OF LEASE 
 Made and entered into 

By and between 

THYNK INDUSTRIAL ONE (PTY) LTD 
 (Hereinafter called “the Landlord”) 
 of the first part represented herein
by 
 ROBIN ASHLEY FREW 
 (Identify Number 5909085054002) 
 Who is duly authorized to do so, 

and 
 MATRIX
VEHICLE TRACKING (PTY) LTD 
 (Hereinafter called “the Tenant”) 

of the first part represented herein by 
 RIËTTE BOTHA 
 (Identify Number 6803150045087) 

Who is duly authorized to do so, 

  
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 WHEREAS the landlord is the registered owner and developer of certain immovable property situate at
Matrix Corner, Waterfall Business Park, Bekker Street Midrand; 
 AND WHEREAS the tenant is desirous of entering into a lease agreement
with the landlord in respect of the above property; 
 AND WHEREAS the parties have agreed on the essential terms and conditions;

 AND WHEREAS they wish to record the above agreement together with the further terms and conditions relating thereto, in writing.

 NOW THEREFORE THE PARTIES AGREE AS FOLLOWS:- 
  

	1.	DEFINITIONS 

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

 

							
	1.1	  	The landlord	  	means	  	 Thynk Industrial One [Pty] Ltd

(Registration No. 2005/029033/07),
 Office Suite
1, The Old Bakery, cnr
 Main & Lincoln Roads, Lakeside;

				
	1.2	  	The tenant	  	means	  	 Matrix Vehicle Tracking [Pty] Ltd
 (Registration No. 2004/019797/07)
 of Matrix Corner, Waterfall Business Park,

Bekker Street, Midrand;

				
	1.3	  	The property	  	means	  	 Erf 1335 Vorna Valley Ext 12

Township Div IR Gauteng,
 Registration Division
I.R, Province of
 Gauteng;
  

In extent 1 (One) hectare;

				
	1.4	  	The premises	  	means	  	 Matrix Corner, Waterfall Business
 Park, Bekker Road, Midrand;

		
	1.5	  	In this agreement, unless inconsistent with the context –

  

	 	1.5.1	words referring to one gender shall include a reference to the other genders: 

 

	 	1.5.2	words importing the singular shall include the plural and vice versa: and 

  

	 	1.5.3	words referring to natural persons shall include companies and vice versa. 

  
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	2.	LEASE 

 The
landlord lets to the tenant which hires the premises as described in Clause 1.4 above. 
  

	3.	COMMENCEMENT DATE 

The commencement date of the lease shall be the 1 November 2007. 

 

	4.	DURATION OF LEASE 

Notwithstanding the date of signature of this agreement, the lease shall endure for an initial period of 4 (four) years and 11 (eleven)
months calculated from the commencement date with an option to renew for a further period of 4 (four) years and 11 (eleven) months (the renewal period). 
  

	5.	RENTAL 

  

	 	5.1	The net monthly rental [Inclusive of VAT] for the initial period is as follows:- 

 

													
	 PERIOD
	  	MONTHLY
RENTAL
(R)	 	  	V.A.T.
(R)	 	  	TOTAL
Net 
Monthly
Rental
Incl of VAT
(R)	 
				
	 01/11/07 – 31/10/08
	  	R	284,000.00	  	  	R	39,760.00	  	  	R	323,760.00	  
				
	 01/11/08 – 31/10/09
	  	R	308,140.00	  	  	R	43,139.60	  	  	R	351,279.60	  
				
	 01/11/09 – 31/10/10
	  	R	334,331.90	  	  	R	46.806.47	  	  	R	381,138.37	  
				
	 01/11/10 – 31/10/11
	  	R	362,750.11	  	  	R	50,785.01	  	  	R	413,535.12	  
				
	 01/11/11 – 30/09/12
	  	R	393,583.87	  	  	R	55,101.74	  	  	R	448,685.61	  

  

	 	5.2	The net monthly rental is to be paid by the tenant to the landlord, in South African currency, with effect from the commencement date, or earlier, on a pro-rata basis,
if the tenant occupies a portion of the premises before the commencement date, monthly in advance, on or before the first day (which is not a Saturday, Sunday or public holiday) of each month, without deduction or set-off for any reason whatsoever,
free of exchange, during office hours in such manner or at such place, within the borders of the Republic of South Africa as the landlord may nominate, from time to time, in writing. 

  
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	 	5.3	Should the rate of Value Added Tax be amended at any time during the currency of this lease, or the renewal thereof, the rental referred to in 5.1 will be varied in
terms of section 67 of the Value Added Tax Act, 1991, to reflect such amendment. 

  

	 	5.4	The net rental and escalation for the renewal period will be at a market related rental and escalation rate for the premises, as assessed by a senior valuer, of not
less than 10 years standing, and specialising in industrial / commercial properties, to be nominated by the Chairman of the Institute of Valuers - Gauteng Branch. The assessment is then to be regarded as that of an expert and binding on the parties.

  

	 	5.5	Once determined, in terms of sub-clause 5.4 above, the net monthly rental for the renewal period will escalate annually on each successive anniversary of the
commencement date by the percentage agreed compounded. 

  

	 	5.6	The tenant shall, should it wish to renew the lease for the renewal period, advise the landlord of its intention to do so, in writing not less than 6 (six) calendar
months prior to the expiry of the initial period. 

  

	 	5.7	The terms and conditions of this lease shall apply to the renewal period, save for the rental and escalation rate which is to be determined in accordance with the
provisions of sub-clause 5.4 above. 

  

	6.	MUNICIPAL CHARGES, OPERATING COSTS AND LEVIES 

  

	 	6.1	The tenant shall, from the commencement date, for the duration of this lease and any renewal thereof and in addition to the net monthly rental payable in terms of
clause 5 above, be responsible for and pay all municipal / other competent authority charges and/or levies, existing or future, in respect of the property, which obligation shall include, but not be limited to:- 

 

	 	6.1.1	all property assessment rates and taxes; 

  

	 	6.1.2	the cost of all municipal and/or other services including but not limited to water consumption, sewerage and refuse disposal charges; 

 

	 	6.1.3	the cost of the supply of electricity; and 

  

	 	6.1.4	all deposits required by the relevant authorities and any fees charged for the reading of the meters, if any, serving the property. 

  
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	 	6.2	In addition to the costs referred to in 6.1 above, the tenant agrees and undertakes to assume sole financial responsibility for all and any operating costs associated,
directly or indirectly, with its occupation and use of the premises and/or the property, which obligation shall include but not be limited to:- 

  

	 	6.2.1	the maintenance of all buildings and other improvements effected to the property, subject to clause below: 

 

	 	6.2.2	the maintenance of all landscaped / garden areas; 

  

	 	6.2.3	the maintenance and servicing of all plant and equipment in or on the property and/or the premises. In accordance with the relevant operating manuals and instructions
relating thereto, as issued by the manufacturer / supplier thereof; 

  

	 	6.2.4	the cleaning of and keeping clean, neat and tidy, the premises, the property and all and any improvements effected thereon; 

 

	 	6.2.5	all security and related expenses; 

  

	 	6.2.6	the short term insurance premiums payable in respect of the policy referred to in clause 14 below; 

 

	 	6.2.7	the monthly levies payable and 

  

	 	6.3	If the tenant fails to pay the charges for any service provided to or consumed on the premises and/or the property within 7 days of due date, then, without prejudice to
any other rights the landlord may have, the landlord shall be entitled – 

  

	 	6.3.1.	to pay such charges and recover them from the tenant provided that the landlord’s claims will be supported by invoices (if available) in respect of the charges so
paid; or, 

  

	 	6.3.2.	to terminate such services to the premises. 

  

	 	6.4.	Where any such charges are payable by the tenant directly to the authority concerned, the tenant shall, when called upon to do so by the landlord, exhibit to the
landlord the receipt in respect of payments for the charges. 

  
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	 	6.5.	As of the commencement date, any proportionate prepayment of rates and taxes and other imposts paid by the landlord shall be refunded to the landlord on demand,
together with interest in terms of 20.1 calculated from the date of demand until the date of payment. 

  

	 	6.6	A certificate signed by any director, employee or official of the landlord stating the amount due by the tenant in terms of this clause 6 and the due date for payment,
shall be prima facie evidence of the amount due and the due date for payment. 

  

	 	6.7	Should the tenant believe that the premises has a serious structural defect which needs to be repaired, which defect has not arisen due to the actions or negligence of
the tenant, the tenant may require that the cost of repairing such a defect be borne by the landlord. Should any dispute arise between the parties in terms of this clause, such dispute shall be referred to the Chairman for the time being of the
Institute of Civil Engineers for determination, who shall determine the matter, or may appoint some other suitably qualified person to determine the matter, as an expert and not as arbitrator, such expert’s determination shall be final and
binding on the parties. 

  

	7.	PAYMENT OF RENT IF CANCELLATION DISPUTED 

  

	 	7.1	If the landlord cancels the lease and the tenant disputes the right to cancel and remains in occupation of the premises, the tenant shall, pending settlement of any
dispute, either by negotiation, arbitration or litigation, continue to pay [without prejudice to its rights), an amount equivalent to the net monthly rent provided for in this lease, monthly in advance on the first day of each month, and all costs
referred to in clause 6 above and the landlord shall be entitled to accept and recover such payments. 

  

	 	7.2	Such payments and their acceptance by the landlord shall be without prejudice to, and shall not in any way whatsoever affect, the landlord’s claim of cancellation
then in dispute or any other rights of the landlord. 

  

	 	7.3	If the dispute is resolved in favour of the landlord the payments made and received in terms of this clause shall be deemed to be amounts paid by the tenant on account
of damages suffered by the landlord by reason of the cancellation of the lease or the unlawful holding over of the premises by the tenant. 

  
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	8.	DEFECTS 

 The
tenant shall under no circumstances be entitled to cancel this lease or have any claim or right of action against the landlord for damages, loss or otherwise, nor be entitled to withhold or defer payment of rent nor to claim any remission of rent by
reason of the premises, appliances, air-conditioning or other amenities, installations, fittings or fixtures in the premises or the buildings being out of use or out of order for any reason or for any period, or being in a defective condition or
falling into disrepair or any particular repairs not being effected. 
  

	9.	USE OF PREMISES 

The tenant shall be entitled to use the premises for purposes related to the business of the tenant and for no other purpose whatsoever
without the landlord’s prior written consent, which consent will not be withheld unreasonably. 
  

	10.	SUITABILITY OF PREMISES 

 The landlord does not warrant and this lease is not entered into on the basis – 
  

	 	10.1	that the premises are or will at any time be fit for the use set out in clause 9 or for any other purposes whatsoever; 

 

	 	10.2	that the tenant will be granted licences or permits in respect of the premises or property for the conduct of any business or for any other business, or that any such
licences or permits will be renewed from time to time. 

  

	11.	COMPLIANCE WITH LAWS AND TITLE DEED 

  

	 	11.1	The tenant shall comply with all laws, by-laws and regulations which may apply to the tenant or the premises or affect the conduct of any business carried on in the
premises. 

  

	 	11.2	The tenant shall not – 

  

	 	11.2.1	contravene or permit the contravention of any of the conditions of title under which the premises are held; 

 

	 	11.2.2	 contravene or permit the contravention of the provisions of the Atmospheric Pollution Prevention Act, Act 45 of 1965: the Hazardous

  
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Substances Act, Act 15 of 1973; the Water Act, Act 54 of 1956; the Health Act, Act 63 of 1977 and the Environmental Conservation Act, Act 73 of 1989 to the extent that same may be applicable to
the tenant’s business and/or use of the property; 

  

	 	11.2.3	contravene any of the provisions of the town planning scheme applicable to the premises; 

 

	 	11.2.4	do or cause or permit to be done in or about the premises anything which may be or cause a nuisance or disturbance to occupiers of neighbouring premises.

  

	12.	ALTERATlONS AND ADDITIONS 

  

	 	12.1.	The tenant shall not make any alterations or additions to the premises without the landlord’s prior written consent, which consent will not be withheld
unreasonably. 

  

	 	12.2	If it is a condition of any competent authority in respect of a grant or renewal of any licences required by the tenant to carry on business for which the premises are
hired, that the premises be altered, added to or renovated, the landlord shall not be obliged, but the tenant shall be entitled at its own expense, to carry out such alterations, additions or renovations, provided that the landlord’s prior
written consent, which shall not be withheld unreasonably, is obtained and that the work is carried out by a contractor approved by the landlord and under the supervision of an architect nominated by the landlord. 

 

	 	12.3	If any alterations or additions are made by the tenant, the tenant shall, on the expiry of this lease, unless the landlord otherwise agrees in writing (in which case
any alterations or improvements shall become the landlord’s property) remove them and reinstate the premises to the condition in which they were before the additions were effected. 

 

	 	12.4	The tenant shall under no circumstances have any claim for compensation for any such alterations, additions or renovations, whether or not they are removed and the
premises reinstated. 

  

	 	12.5	The landlord will not be regarded as withholding consent unreasonably if the alterations, additions or renovations referred to in this clause 12 result in any decrease
in the floor area of the buildings. 

  

	 	12.6	 The tenant may at any time install any fixtures, fittings and equipment in the premises for the purposes of carrying on the tenant’s normal
business, with the 

  
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prior written consent of the landlord, which consent shall not be withheld unreasonably, and shall, prior to the termination of this lease. If so required by the landlord, remove any such
fixtures or fittings, provided that the tenant shall repair any damage caused by the installation or removal of such fixtures, fittings or equipment. 

  

	 	12.7	If the tenant fails to remove any fixtures and fittings on vacating the premises, these will become the property of the landlord, and the tenant shall not have any
claim against the landlord for any fixtures and fittings not removed on termination. However, if the tenant fails to remove any fixtures and fittings despite being requested to do so, the landlord may remove the same at the expense of the tenant.
The landlord shall deliver any fixtures and fittings removed by it, in terms hereof, to the tenant upon payment by the tenant of the costs occasioned by the landlord, in causing same to be removed. 

 

	 	12.8	All alterations, additions, installations of fixtures and fittings or tenant’s equipment, shall be known as “tenant’s work”, and shall be
done in accordance with the following conditions – 

  

	 	12.8.1	all tenant’s work shall be done at the tenant’s expense in accordance with drawings and specifications approved by the landlord and all relevant laws. The
work shall be done by the contractors and sub-contractors approved by the landlord, who shall comply with such reasonable rules and regulations as to safety, administration and coordination as the landlord may make; 

 

	 	12.8.2	the contractors and sub-contractors referred to in 12.8.1 and the suppliers of materials required for the tenant’s work, shall be the tenant’s contractors,
sub-contractors and suppliers and the tenant shall ensure that those persons waive, in favour of the landlord, all liens and other rights of retention in respect of the work performed by them; and 

 

	 	12.8.3	the landlord shall at all times retain the overall right to demand from the tenant that any contractor, sub-contractor or supplier be removed from the premises if such
contractor, sub-contractor or supplier, in the sole but reasonable opinion of the landlord, causes or is responsible for any disturbance, misconduct, damage or potential damage or any other unacceptable conduct on the premises not flowing normally
and naturally from the work being conducted on the premises. 

  
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	13	INSURANCE, DAMAGE OR DESTRUCTION 

  

	 	13.1.	The landlord that shall insure the buildings, including fixtures and fittings – 

 

	 	13.1.1	for not less than the full replacement value of the buildings to the landlord as determined by the landlord in its absolute discretion provided that if the tenant
requires the sum insured to be increased from time to time, the landlord shall procure that the sum insured is increased to the amount which the tenant requires; 

 

	 	13.1.2	against the risk of fire, lightning, explosion, storm, flood, earthquake, riots (including political riot), civil commotion, strikes and malicious damage and for any
other risks selected by the landlord or the tenant including the contingencies referred to in 16.1.2, which are freely insurable in the local insurance market; 

 with a reputable insurer nominated by the landlord. 
  

	 	13.2.	The tenant’s interest as tenant shall be recorded in the relevant insurance policy. However, the value of the tenant’s work or any other property owned by the
tenant will only be covered to the extent agreed between the landlord and the tenant and specifically provided for in the relevant policy. 

  

	 	13.3.	The first premium, subsequent renewal premiums, all additional premiums and all stamp duties in respect of the relevant insurance policies, shall be paid by the
landlord, who shall be reimbursed by the tenant within 14 days of being requested in writing to do so. 

  

	 	13.4.	The landlord shall use its best endeavours to negotiate premiums reasonably competitive with those for which the tenant could insure the buildings if owned by the
tenant and insured on a reinstatement value basis and which relate to the risk represented by the buildings without reference to any other premises. 

  

	 	13.5.	The landlord shall provide the tenant with full details of the cover provided by the relevant insurance policy and shall endeavour to obtain cover against risk or
circumstances not insured, should the tenant so request in writing, but at the expense of the tenant. 

  

	 	13.6.	The tenant shall specifically advise the landlord in writing of any change of risk relative to its occupation or the storage of any hazardous commodity or any other
material information, and shall abide by the conditions of the relevant insurance policy as notified to it and shall not do or permit to be done anything which may adversely affect or invalidate such insurance. 

  
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	 	13.7.	The insurance shall include an item in respect of rent to cover loss of rent for an amount equivalent to 12 times the monthly rent payable in respect of the month
preceding the inception of each period of insurance, or such greater amount as may be agreed in writing between the landlord and the tenant. 

  

	 	13.8.	If the premises are totally destroyed or damaged so as to render them wholly untenantable, the buildings shall be reinstated and the landlord shall cause such
reinstatement to take place with due expedition; the landlord shall only be obliged to reinstate the premises to the extent of the proceeds received from the insurer in terms of the relevant insurance policy and shall be entitled to delay
commencement of reinstatement until the proceeds of the policy have been received from the insurer. 

  

	 	13.9.	The tenant’s obligation to pay rent shall be abated during the period from the date of the occurrence to the date upon which the reinstated premises are ready for
beneficial occupation by an amount not greater than the amount recovered under any loss of rent policy. 

  

	 	13.10	The period of reinstatement shall not be added to the term of the lease. 

  

	 	13.11	In the event of a partial destruction, the lease shall not terminate and the rent shall be abated to the extent of the loss of beneficial occupation, but subject to the
amount of such abatement not exceeding the recovery under any loss of rent policy. 

  

	 	13.12	The landlord shall cause the reinstatement of the damaged portion as expeditiously as possible and the landlord shall apply all proceeds of the insurance policy
received in respect of the partial destruction of the buildings to the cost of reinstatement, subject to the provisions of 13.8 concerning the limits imposed on the landlord’s reinstatement obligation. 

 

	 	13.13	If any dispute arises as to the extent of the destruction or whether it does or does not render the premises untenantable, such dispute shall be referred to the
Chairman for the time being of the Institute of Civil Engineers for determination, who shall determine the matter, or may appoint some other suitably qualified person to determine the matter, as an expert and not as arbitrator; such expert’s
determination shall be final and binding on the parties. 

  

	 	13.14	The costs of such expert shall be borne equally by both parties unless the expert considers that it is equitable that the costs be borne on a different basis.

  
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	14	WAIVER AND INDEMNITY 

  

	 	14.1	Neither the tenant nor anybody obtaining occupation of all or a portion of the premises from the tenant shall hold the landlord responsible and the landlord shall not
be liable to the tenant nor to anybody obtaining occupation of all or a portion of the premises if there is any loss or damage to the property or the premises or other interests of the tenant whether caused by the negligence of the landlord or the
negligence of persons for whom the landlord is vicariously liable in law. 

  

	 	14.2	The tenant indemnifies the landlord against all sums which the landlord may be liable to pay for any injury, loss or damage sustained by any person on or about the
premises, or for any fines or penalties and the like that may be imposed, including costs incurred in defending or contesting any such matter whether such injury, loss, damage, fines, penalties and costs are caused by or result from any negligence
on the part of the landlord or any party for whose negligence the landlord is vicariously liable in law. 

  

	15	NAMING RIGHTS AND SIGNAGE 

  

	 	15.1	The tenant shall be entitled to give the buildings such name as may be reasonably acceptable to the landlord, provided that once the buildings are named, such name will
not be changed without the landlord’s prior written consent. 

  

	 	15.2	Any identification and advertising signs will be subject to the prior written approval of the landlord, will be erected by the tenant at its own expense and will be
removed and any damage made good by the tenant at its own expense at the termination of the lease. 

  

	 	15.3	Subject to 18.3 and 18.4, no signs other than the name of the buildings, the identity of the tenant, an indication of its business and product signage shall be
permitted to appear on any portion of the property or the premises. The tenant has erected a billboard on the property with the prior approval of the landlord. The tenant may place advertising relating to their products and brand on this billboard.

  

	 	15.4	The tenant shall, in affixing and/or erecting any identification and advertising signs on the property, ensure that same comply with the provisions of all relevant
statutes, regulations and by-laws enforce, from time to time. 

  
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	16	EXCLUSION OF LANDLORD’S LIABILITY FOR DAMAGE 

  

	 	16.1	Neither the landlord nor its directors, agents or employees will be liable for any loss, damage or injury which may be caused to – 

 

	 	16.1.1	any of the assets or employees of the tenant; 

  

	 	16.1.2	the tenant or its employees, customers, invitees, or licensees in consequence of the overflow of water supply or of any fault in the plumbing works or any electrical
fault or by reason of the elements of the weather or failure on the part of the landlord or its agents or employees to carry out any work required of them in a proper manner or at all or by reason of any defect in the premises or any other act or
omission on the part of the landlord whether negligent or not. 

  

	 	16.2	The tenant indemnifies the landlord against any claim by any third party in respect of any such loss, damage or injury. 

 

	17	LANDLORD’S RIGHT OF ENTRY 

  

	 	17.1	The landlord shall be entitled to enter the premises at all reasonable times and on giving reasonable notice either through its representatives or servants or through
contractors, for the purposes of inspecting the premises and for carrying out any repairs or other work in respect of the premises. 

  

	 	17.2	The landlord shall, in exercising its rights, not unduly or unreasonably interfere with the conduct of any business lawfully carried on in the premises.

  

	 	17.3	The tenant shall not have any claim for remission of rent, compensation or damages in connection with the exercise by the landlord of any of its rights.

  

	18	RIGHT OF INSPECTION AND EXHIBITION OF NOTICES 

  

	 	18.1	The tenant shall – 

  

	 	18.1.1	at all reasonable times, permit prospective purchasers of the property to view the interior and exterior of the premises; and 

 

	 	18.1.2	during the period of 9 months preceding the termination or expiry of the lease permit at all reasonable times prospective tenants to view the interior and exterior of
the premises subject to the tenant’s security arrangements; 

  
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	 	18.1.3	during the 9 months preceding the termination or expiry of this lease, permit the landlord or any incoming tenant to exhibit on the property any notice that may be
required in connection with any application for any licence to carry on business in the premises, and “To Let” notices; 

  

	 	18.1.4	permit the landlord to display “For Sale” signs on the property at any time. 

 

	19	SERVICES AND MAINTENANCE 

  

	 	19.1	The landlord shall not be obliged to render any service of any nature in respect of the property and/or the premises, with the tenant to assume sole liability for all
arrangements that require to be made in order to secure the rendering of services to the property and/or the premises. 

  

	 	19.2	Neither the landlord nor its directors, agents or employees shall be liable for - 

 

	 	19.2.1	the receipt or non-receipt or delivery or non-delivery of goods, postal matter or correspondence. 

 

	 	19.2.2	anything which the tenant or any employee or any client, licensee, customer or invitee of the tenant may have deposited or left in the premises or in any part of the
buildings. 

  

	 	19.3	All goods brought by the tenant on to the premises shall be placed there at the sole risk of the tenant. 

 

	 	19.4	The landlord shall not at any time be obliged to maintain, repair (whether structurally or otherwise) or redecorate the premises; the tenant shall be responsible for
all maintenance and repairs (including structural repairs) and redecoration of the premises (including, without limitation, all buildings, parking areas and gardens on the premises) at all times and will at the tenant’s own cost

  

	 	19.4.1	protect all foundations from rain and surface and subterranean water and not permit the foundation of the buildings to be exposed or undermined in any manner;

  

	 	19.4.2	keep all floors in good condition and replace from time to time any damaged or missing tiles, wood blocks, timber strips or other flooring material including carpeting;

  

	 	19.4.3	repair and remedy and make good all cracks and other defects in all walls; 

  
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	 	19.4.4	secure property all ceilings and make good and repair any damaged or defective areas; 

 

	 	19.4.5	maintain, keep in leakproof condition and paint and apply other protective materials to all gutters, roofs, downpipes and flashings; 

 

	 	19.4.6	treat all flat roofs covered with waterproofing materials regularly as specified by the suppliers and as stipulated by any guarantees given by such suppliers;

  

	 	19.4.7	replace all damaged waterproofing with approved waterproofing; 

  

	 	19.4.8	check all timber, steel or other materials forming roof trusses and roof supports, to keep such in sound condition and replace any faulty or damaged trusses or
supports; 

  

	 	19.4.9	keep all paintwork, externally and internally, clean and re-do such work at regular intervals or whenever the paintwork shows signs of deterioration;

  

	 	19.4.10	replace any glass which has been broken or cracked with glass of a suitable type and thickness; 

 

	 	19.4.11	maintain all internal and external finishes in clean condition and make good or replace any damaged or defective items; 

 

	 	19.4.12	keep all sanitary fittings and plumbing installations in good order and replace any damaged or faulty installations; 

 

	 	19.4.13	keep all bolts, catches, locks, etc. in good working order and replace any damaged or defective bolts, catches, locks, etc; 

 

	 	19.4.14	maintain the whole of the electrical system, including light fittings in good order and condition and in compliance with municipal regulations;

  

	 	19.4.15	maintain all mechanical equipment, air-conditioning plant and installation and boilers in good order and condition; 

 

	 	19.4.16	keep the premises clean and free from vermin to the satisfaction of any public authority having jurisdiction over the premises in the fields of public health and
hygiene; 

  
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	 	19.4.17	take out and maintain service contracts in respect of the air-conditioning plant and apparatus in the building, with contractors, and upon terms and conditions,
approved by the landlord; and 

  

	 	19.4.18	be responsible for maintaining the landscaping and all external and internal works of whatsoever nature on the premises. 

 

	 	19.5	The Landlord shall arrange for the sprinkler system (if applicable) in the leased premises to be checked annually and the Tenant shall bear the cost of such inspection
including the cost of any maintenance or repairs and the cost of obtaining a Certificate of Compliance acceptable to the insurers of the building. 

  

	 	19.6	The tenant shall be solely responsible and pay for all operating expenses in connection with the premises and the property, and no liability shall attach to the
landlord in this regard. 

  

	 	19.7	Upon the expiry of earlier termination of this lease, for whatever reason, the tenant shall return the premises to the landlord in the same good order and condition as
the premises were in at the commencement date. 

  

	20	OUTSTANDING PAYMENTS AND INTEREST 

  

	 	20.1	Without prejudice to any of the other rights or remedies of the landlord, the tenant shall pay interest on all arrear amounts payable by the tenant in terms of this
lease at the prime lending rate charged by Investec Bank Limited on unsecured overdrawn current accounts of its most preferred customers in the private sector plus 2% calculated from due date to date of payment. 

 

	 	20.2	A certificate issued by any manager of that bank will be proof, unless the contrary is proved by the tenant, of the prime lending rate charged from time to time.

  

	21	CESSION, ASSIGNMENT, PLEDGE AND SUB-LETTING 

  

	 	21.1	The tenant shall not cede, assign or pledge any of its rights or obligations in terms of this lease without the prior written consent of the landlord which consent
shall not be withheld unreasonably. It is further recorded that the landlord will not be acting unreasonably if, in giving its consent, the landlord stipulates that a suretyship acceptable to the landlord is furnished. 

  
 Page 16

	 	21.2	The tenant shall not sub-let the whole or any portion of the premise nor permit any other party to occupy or conduct business on any part of the premises without the
prior written consent of the landlord which shall not be unreasonably withheld. The landlord has given consent to the tenant to sub-let to Paym8 (Proprietary) Limited and Thynk Finance (Proprietary) Limited. 

 

	 	21.3	At any time during the currency of this lease the landlord shall be entitled to sell its property and to cede, assign and make over unto and in favour of any person or
corporate body, its right, title and interest in and to this lease. In the event of such sale and cession, the tenant shall not be entitled to terminate this lease and the tenant shall be obliged to perform and carry out all his obligations under
and in terms of this lease as if the cessionary were the original landlord. 

  

	22	TENANTS GENERAL OBLIGATIONS 

 The tenant shall – 
  

	 	22.1	not contravene or permit the contravention of any of the provisions of the Town Planning Scheme applicable to the property; 

 

	 	22.2	replace at its own cost all fluorescent lamps, starters, ballasts, and incandescent lamps used in the premises; 

 

	 	22.3	have no claim whatsoever whether for damages or remissions of rent or cancellation of the lease against the landlord, nor be entitled to withhold or defer payment of
rent by reason of any suspension of or interruption in the supply of water, gas, electricity, air-conditioning or heating or by reason of any amenities in or on the premises being out of use or out of order or far any period;

  

	 	22.4	not permit the accumulation of refuse in or outside the premises, save in refuse bins provided for the purpose: 

 

	 	22.5	not attach to the walls of the premises any fittings or appurtenances which will constitute too heavy a load, nor allow the floors of the premises to be overloaded; the
landlord’s decision regarding the weight that can be so attached to the walls or brought on to the floors being final and binding on the tenant; 

  

	 	22.6	not structurally affect the buildings or store any safe or any other heavy article on the premises, save with the approval of a suitably qualified representative of the
landlord which approval will not be unreasonably withheld; 

  
 Page 17

	 	22.7	maintain any sign, awning, canopy, decoration, lettering, advertising matter or other thing as may be approved by the landlord in good order, condition and repair at
all times; 

  

	 	22.8	not make any change to the exterior of the building without the landlord’s prior written consent. 

 

	23	BREACH 

 If –

  

	 	23.1	the tenant fails to pay any amount due by the tenant in terms of this lease and has still failed to pay within 7 days of the giving of written notice calling on the
tenant to pay; or 

  

	 	23.2	the tenant commits any other breach of this lease and fails to remedy such breach within 14 days after the landlord has given a written notice to the tenant requiring
the tenant to remedy the breach; or 

  

	 	23.3	the tenant in any period of twelve months breaches any provision of this lease on three or more occasions or in any period commits so many breaches of any of the
conditions of this lease in such manner as to justify the landlord in holding hat the conduct of the tenant is inconsistent with the intention or ability of the tenant to carry out the conditions of this lease; or 

 

	 	23.4	the tenant effects or attempts to effect a general compromise with the creditors of the tenant; or 

 

	 	23.5	the tenant is provisionally or finally placed under judicial management; or 

 

	 	23.6	without the prior written consent of the landlord which shall not be withheld unreasonably, the beneficial ownership of any shares in the tenant changes after the date
on which this lease is entered into to the extent that the control of the tenant passes to a third party from the shareholders who, as at the date on which this lease is entered into, hold a controlling interest in the tenant;

 then the landlord shall be entitled to cancel this lease without notice and without prejudice to any other claim
of any nature whatsoever that the landlord may have against the tenant. 

  
 Page 18

	24	ARBITRATION 

  

	 	24.1	In the event of any dispute or difference arising between the parties hereto relating to or arising out of this agreement, including the validity, implementation,
execution, interpretation, rectification, termination or cancelation of this agreement, the parties shall forthwith meet to attempt to settle such dispute or difference, and failing such settlement within a period of 14 (fourteen) days, the said
dispute or difference shall on written demand by any party to the dispute be submitted to arbitration in Cape Town in accordance with the rules of the Arbitration Foundation of Southern Africa (“the Foundation”) by an arbitrator or
arbitrators appointed by the Foundation and agreed to by the parties. 

  

	 	24.2	Should the parties fail to agree an arbitrator within 10 (ten) days after arbitration has been demanded, the arbitrator shall be nominated at the request of any party
to the dispute by the Foundation. 

  

	 	24.3	The parties irrevocably agree that the submission to arbitration in terms of this clause is subject to the parties’ rights of appeal set out hereunder.

  

	 	24.3.1	Any party to the arbitration may appeal the decision of the arbitrator within a period of 21 (twenty-one) days after the arbitrator’s ruling has been handed down
by giving written notice to that effect to the other party or parties to the arbitration. The appeal shall be dealt with in accordance with the rules of the Foundation by a panel of 3 (three) arbitrators appointed by the Foundation.

  

	 	24.3.2	The decision of the arbitrator shall be final and binding on the parties to the arbitration after the expiry of the period of 21 (twenty-one) business days from the
date of the arbitrator’s ruling if no appeal has been lodged by any party. A decision which becomes final and binding in terms of this clause, may be made an order of court at the instance of any party to the arbitration.

  

	 	24.4	Nothing herein contained shall be deemed to prevent or prohibit either party from applying to the appropriate Court for urgent relief. 

 

	 	24.5	The provisions of this clause will continue to be binding on the parties notwithstanding any termination or cancellation of the agreement. 

 

	25	JURISDICTION 

 At
the option of the landlord any action or application arising out of this lease may be brought by the landlord in any Magistrate’s Court having jurisdiction in respect of the tenant, notwithstanding that the amount in issue may exceed the
jurisdiction of such Court. 

  
 Page 19

	26	COST AND STAMP DUTY 

  

	 	26.1	Each party shall bear its own attorney and client costs in connection with the preparation of this lease. 

 

	 	26.2	The stamp duty on this lease and any annexures to the lease will be payable by the tenant. 

 

	 	26.3	If the tenant requires this lease to be registered against the title deeds in respect of the property, all costs in connection with such registration shall be borne by
the tenant and be paid on demand. The landlord will be entitled to nominate the attorneys who will attend to the registration. 

  

	27	MISCELLANEOUS MATTERS 

  

	 	27.1	addresses and notices 

  

	 	27.1.1	For the purposes of this agreement, including the giving of notices and the serving of legal process, the parties choose as their respective domicillum citandi et
executandi (“domicillum”), the address recorded in clauses 1.1 and 1.2 above. 

  

	 	27.1.2	A party may at any time change that party’s domicillum by notice in writing, provided that the new domicillum is in the Republic of South Africa and consists of,
or includes, a physical address at which process can be served. 

  

	 	27.1.3	Any notice given in connection with this agreement shall 

  

	 	27.1.3.1	be marked for the attention of the Manging director and 

  
 Page 20

	 	27.1.3.2	be delivered by hand; or 

  

	 	27.1.3.3	be sent by prepaid registered post; or 

  

	 	27.1.3.4	be sent by prepaid telegram or cablegram; or 

  

	 	27.1.3.5	Be sent by facsimile (if the domicillum includes a facsimile number), 

 to the domicillum chosen by the party concerned. 
  

	 	27.1.4	A notice given as set out above shall be deemed to have been duly given – 

 

	 	27.1.4.1	if delivered, on the date of delivery; 

  

	 	27.1.4.2	if sent by post, 4 days after posting; 

  

	 	27.1.4.3	if sent by telegram or cablegram, on the day following the day on which the text of the notice is given to the post office for transmission; and

  

	 	27.1.4.4	if sent by facsimile, on the day that the facsimile is transmitted. 

  

	 	27.2	entire contract 

 This agreement
constitutes the entire contract between the parties with regard to the matters dealt with in this agreement and no representations, terms, conditions or warranties not contained in this agreement shall be binding on the parties. 

 

	 	27.3	variation and cancellation 

 No
agreement varying, adding to, deleting from or cancelling this agreement, shall be effective unless reduced to writing and signed by or on behalf of the parties. 

  
 Page 21

	 	27.4	indulgences 

 No indulgence
granted by a party shall constitute a waiver of any of that party’s rights under this agreement; accordingly, that party shall not be precluded, as a consequence of having granted such indulgence, from exercising any rights against the other
which may have arisen in the past or which may arise in the future. 
  

							
	Signed at Midrand on the 2nd day of October 2007.
			
	As witness 	 		 	for
				
	1.  	 	

	 		 	
				
	2.	 	        

	 		 	        

		 		 		 	 RIËTTE BOTHA
 For
and on behalf of Matrix Vehicle Tracking [Pty] Ltd

	
	Signed at Cape Town on the 2nd day of October 2007.
			
	As witness 	 		 	for
				
	1.	 	        

	 		 	
				
	2.	 	            

	 		 	     

		 		 		 	ROBIN ASHLEY FREW
		 		 		 	For and on behalf of Thynk Industrial One
		 		 		 	[Pty] Ltd

  
 Page 22

 ADDENDUM TO AGREEMENT OF LEASE 
 between 
 THYNK PROPERTY FUND (PROPRIETARY) LIMITED 

(the “Landlord”) 
 and

 MIX TELEMATICS AFRICA (PROPRIETARY) LIMITED 
 (the “Tenant”) 
  
 

 

 

 
 Table of Contents 

 

					
	 	 	 	  	Page No
			
	 1.
	 	 Introduction
	  	
			
	 2.
	 	 Definitions and interpretation
	  	
			
	 3.
	 	 Recordal
	  	
			
	 4.
	 	 Additional terms
	  	
			
	 4.1
	 	 renewal
	  	
			
	 4.2
	 	 rental
	  	
			
	 4.3
	 	 escalation
	  	
			
	 4.4
	 	 Tenant allowance
	  	
			
	 5.
	 	 Counterparts
	  	

 

 
  
  

	1.	Introduction 

 The Parties
previously entered into the Lease Agreement and wish to add certain provisions thereof in accordance with the provisions of this Addendum. 
  

	2.	Definitions and interpretation 

  

	2.1	In this Addendum, the following terms and expressions shall, unless otherwise stated or inconsistent with the context in which they appear, bear the following meanings
and other words derived from the same origins as such words shall bear corresponding meanings: 

  

					
	2.1.1	  	“Addendum”	  	means this addendum to the Lease Agreement and the Annexe;
			
	2.1.2	  	“Annexe”	  	means an annexe to this document;
			
	2.1.3	  	“Parties”	  	means the parties to this Addendum, being the Landlord and the Tenant;
			
	2.1.4	  	“Lease Agreement”	  	means the written lease agreement previously entered into between the Parties, dated 2 October 2007 and the addendum thereto dated 17 September 2008;
			
	2.1.5	  	“Signature Date”	  	means, when this Addendum has been signed by each Party (whether or not in counterpart), the latest of the dates on which this Addendum (or any counterpart) was signed by any
Party;
			
	2.1.6	  	“Tenant Allowance”	  	means an allowance in the amount of 3.5 multiplied by the net monthly rental payable exclusive of VAT, as applies on 1 April 2012 in terms of clause 4.2 of this
Addendum.

  

	2.2	Unless the context requires otherwise, all words defined in the Lease Agreement (but not herein defined) and used in this Addendum shall have the meanings ascribed to
them in the Lease Agreement. 

  
 25 

 

 
  
  

	2.3	The amendments to the Lease Agreement set out in this Addendum shall constitute an integral part of the Lease Agreement. For the purposes of interpretation, the Lease
Agreement and this Addendum shall at all times be read together. Other than the amendments effected to the Lease Agreement by way of this Addendum, all the provisions of the Lease Agreement shall remain unchanged and in full force and effect.

  

	2.4	If there is any conflict between the terms of this Addendum and the Lease Agreement, the terms of this Addendum shall prevail to the extent of the conflict.

  

	2.5	This Addendum contains all the express provisions agreed on by the Parties with regard to the subject matter of their agreement and the Parties waive the right to rely
on any alleged express provision not contained in this Addendum. 

  

	2.6	No addition to, variation or cancellation of this Addendum shall be of any force or effect unless reduced in writing and signed on behalf of both Parties.

  

	2.7	Neither Party may rely on any representation, warranty or term which allegedly induced such Party to enter in this Addendum, unless that representation, warranty or
term is recorded in this Addendum. 

  

	3.	Recordal 

 The Parties
hereby record that the name of the Landlord has changed to Thynk Property Fund (Proprietary) Limited and the tenant has changed its name to Mix Telematics Africa (Proprietary) Limited. 

 

	4.	Additional terms 

 The
Parties agree that the Lease Agreement is hereby amended and supplemented on and with effect from the Signature Date, as follows: 
  

	4.1	Renewal 

 The Lease
Agreement shall renew on and with effect from 1 April 2012 for a further period of 5 years terminating on 31 March 2017, subject to the same terms and conditions as set forth in the Lease Agreement unless otherwise amended in terms of
this Addendum. 

  
 26 

 

 
  
  

	4.2	Rental 

 Notwithstanding
clause 5.1 of the Lease Agreement and the amount of the rental payable prior to 1 April 2012, the net monthly rental payable, exclusive of VAT, on and with effect from 1 April 2012 is R352,481.33 as specified in Annexe “A”
hereto. 
  

	4.3	Escalation 

Notwithstanding the provisions of clause 5.4 of the Lease Agreement, the net rental in clause 4.2 above shall escalate on 1 April of
each year until 31 March 2017 at the rate of 8% per annum, compounded annually. 
  

	4.4	Tenant allowance 

 The
Tenant shall be entitled to the Tenant Allowance, against which amount the Tenant may claim for expenses incurred in respect of repairs, maintenance and improvements to the Premises which are effected after 1 April 2012 but prior to
31 March 2013, provided that the Tenant submits invoices to the Landlord in respect of such expenditure on or before 31 March 2013 and provided further that such expenditure has been approved by the Landlord, in writing, in advance of the
costs being incurred by the Tenant, failing which such expenditure cannot be claimed against the Tenant Allowance. To the extent that the Tenant has failed to claim any portion of the Tenant Allowance in accordance with this clause 4.4, the Tenant
shall have no further claims to the Tenant Allowance. 
  

	5.	Counterparts 

 This
Addendum may be executed in counterparts, including faxed counterparts, and all such counterparts taken together shall be deemed to constitute on and the same instrument. 

  
 27 

 

 
  
  

					
	Signed at	 	on	 	2012                
			
	Witness	 		 	for Thynk Property Fund (Proprietary) Limited
			
	

	 		 	

	  
	 		 	  

		 		 	duly authorised and warranting such authority
			
	Signed at	 	on	 	                2012           
     
			
	Witness	 		 	for Mix Telematics Africa (Proprietary) Limited
			
	

	 		 	

	  
	 		 	  

		 		 	duly authorised and warranting such authority

  
 28 

 

 
  
 Annexe A 

Terms of Addendum to Matrix Lease 
  

													
	 	  	Size	 	  	Rate	 	  	Total Cost excluding
VAT	 
	 General office area
	  	 	3945.39 m2	  	  	 	67.50 per m2	  	  	 	266 313.83	  
	 Storage area
	  	 	374.5 m2	  	  	 	35.00 per m2	  	  	 	13 107.50	  
		  				  				  	  
	  
	 
		  				  				  	 	279 421.33	  
				
	 Basement parking bays
	  	 	101	  	  	 	450.00 per bay	  	  	 	45 450.00	  
	 Shadenet parking bays
	  	 	19	  	  	 	250.00 per bay	  	  	 	4 750.00	  
	 Open parking bays
	  	 	127	  	  	 	180.00 per bay	  	  	 	22 860.00	  
		  				  				  	  
	  
	 
		  				  				  	 	73 060.00	  

  
 29EX-10.3

 Exhibit 10.3 

 
 

 
 10th FLOOR | TWIN TOWERS EAST | SANDTON CITY | FIFTH STREET | SANDTON 

PO BOX 12326 | VORNA VALLEY | 1686 JOHANNESBURG | SOUTH AFRICA 
 PHONE +27 11 654 8279 | FAX +27 11 654 8286 
 18 November 2008 

Mr Stefan Joselowitz 
 c/o Mix Telematics North
America Inc. 
 2940 N Highway 360, Suite 400 
 Grand Prairie, Texas 75050 
 United States of America 

Dear Stefan 
 UPDATED TERMS &
CONDITIONS OF EMPLOYMENT 
  

	1.	INTRODUCTION 

 In terms of
our recent Acquisition of Tripmaster Corporation (recently renamed Mix Telematics North America) and your agreement to relocate to the USA to bed down this acquisition and generally drive the global expansion of the group, the board has agreed to
update your terms and conditions of employment. For sake of clarity, this document clarifies these terms and conditions and from the 1st November 2008 onwards will supersede all your current conditions of employment. 

Kindly sign and return a copy of this letter to me indicating your acceptance of these terms. 

 

	2.	APPOINTMENT 

 The Company
hereby confirms your appointment as: 
  

	a.	Chief Executive Officer and Managing Director of MiX Telematics Limited “the Company” (previously named TeliMatrix Limited). 

 

	b.	President and CEO of MiX Telematics Limited North America. 

 You will be based in Florida, USA and agree to such ongoing travel so as to effectively carry out your regional responsibilities in the USA as well as your responsibilities as global Group CEO.

  

	3.	DURATION 

  

	3.1	Subject to the provisions of clause 9, your employment with the Company will continue indefinitely until terminated on not less than three calendar months’ written
notice by either party to the other. 

 www.mixtelematics.com 

 
  
 DIRECTORS: SR BRUYNS (Chairman) | SB JOSELOWITZ (CEO) | R BOTHA | TE BUZER | RA FREW | R FRIEDMAN | A PATEL | S EVANS | T WELTON | CWR TASKER COMPANY SECRETARY: PROBITY BUSINESS SERVICES (PTY) LTD

 

 
  

	4.	DUTIES OF EMPLOYEE 

 You
shall, for the duration of your employment, unless amended in writing and assented to by both parties – 
  

	4.1	report directly to the board of directors; 

  

	4.2	perform the general duties of the Chief Executive Officer and Managing Director as may from time to time be determined by the board of directors;

  

	4.3	devote your attention and such reasonable time as may be necessary, having regard to the exigencies of the business of the Company, to the business and the affairs of
the Company; 

  

	4.4	obey the reasonable orders and directions of the board, carry out such functions and duties as are from time to time assigned to you and are consistent with your
status, and endeavour to protect and promote the business and interests of the Company and to preserve its reputation and goodwill; 

  

	4.5	perform such service for, and accept such office in subsidiary and/or associate companies of the Company as may from time to time be reasonably required by the Company;
and 

  

	4.6	not, without the prior written consent of the board, engage in any activities for remuneration outside the scope of your employment with the Company.

  

	5.	REMUNERATION AND BENEFITS 

  

	5.1	Salary 

  

	5.1.1	As remuneration for your services, the Company will pay to you an annual remuneration package having a gross value of $300,000 (three hundred thousand United States
dollars) excluding performance bonuses. 

  

	5.1.2	Salaries are paid by the last day of each month by way of a direct transfer into your nominated bank account. 

 

	5.1.3	Your salary will be subject to review at least once a year on April 1st. 

 

	5.2	Performance Bonus 

  

	5.2.1	Part of your remuneration package will be performance bonuses. These will be awarded and paid out on a bi-annual basis and will vary from time to time at the entire
discretion of the board’s remuneration committee. 

  

	5.2.2	The bonus period will run in line with the Group’s current financial year, which is currently 1 April to the end of March. 

 

	5.3	Share Options 

  

	5.3.1	You will be entitled to share options in MiX Telematics Limited as per the rules of the Company’s share scheme and as determined by the board from time to time.

  

	5.4	Other Benefits – Your mobile phone and broadband communication costs will be paid for by the Company. 

  
 Page 2 of 5

 

 
  

	5.5	Deductions from Salary 

  

	5.5.1	The Company will also withhold income tax from your salary and pay same over to the relevant tax authority. 

 

	5.5.2	Other statutory deductions, as required to be deducted and paid over, will be deductible from your salary, included but not limited to Medical Aid contributions as
stipulated from time to time. 

  

	5.5.3	You, by signature hereto, hereby irrevocably authorises the Company in writing to effect the deductions as contemplated. 

 

	5.5.4	On termination of your employment with the Company, you, to the extent required by law, by signature hereto, hereby irrevocably authorise the Company in writing to
deduct any amount owing by you to the Company from any amount owing by the Company to you at termination date. 

  

	5.6	Hours of Work 

  

	5.6.1	As a senior executive you are required to work whatever hours are necessary and reasonable. 

 

	5.7	Medical Aid Scheme 

  

	5.7.1	The Company offers membership of a medical aid scheme, which is at your sole discretion and cost. The rules of the scheme are available at the Company’s personnel
department, should you require them. 

  

	6.	LEAVE 

  

	6.1	You shall be entitled to leave that you may deem satisfactory. 

  

	6.2	Leave must be requested in writing and approved in advance by the Group Chairman. 

 

	6.3	No compensation will be paid for any leave not taken. 

  

	7.	CONFIDENTIALITY 

  

	7.1	You agree that you will at all times during your employment with the Company, and subsequent thereto, keep confidential and not divulge to any to any third person or
entity or use for any purpose (whether for your own financial benefit or the Company’s financial detriment) any of the confidential information of the Company, including but not limited to its financial business, customers or transactions and
any other proprietary and/or confidential information (“Confidential Data”) belonging to the Company or to any other person or entity doing business with the company, including its associates or subsidiaries. 

 

	7.2	Upon the termination of this agreement, you shall return to the Company all Confidential Data in your possession or under your control, including all copies and notes,
memoranda or other materials in your possession, which embody or record any of the Confidential Data. 

  

	7.3	The provisions of this clause shall not apply to any Confidential Data, which may come into the Public Domain without any fault of yours. 

 

	7.4	The provisions of this clause shall survive the termination of this agreement. 

  
 Page 3 of 5

 

 
  

	8.	TRADE SECRETS AND INDUSTRIAL COPYRIGHT 

  

	8.1	You agree that any patent or copyright or trademark or any other intellectual property to any work that you might be entitled arising out of your employment or
devolving on you during the period that you are employed by the Company or any of its associates or subsidiaries, shall automatically be transferred and become the property of the Company, and the Company will enjoy all right, title and interest in
such patent or copyright or trademark or any other intellectual property. 

  

	8.2	You undertake to do all things and refrain from doing anything that will prevent the transfer of ownership of the patent or copyright or trademark or other intellectual
property of the Company. 

  

	9.	TERMINATION - Your employment may be terminated at any time, either summarily or on notice by the Company after a fair procedure establishes that you are guilty
of any misconduct or you have committed a breach of a material obligation under this agreement which is incompatible with a continued employment relationship, or if you are found guilty of any act which would, at common law or in terms of any
applicable statute, entitle the company to terminate your employment. You shall be bound by the company’s Disciplinary Code and Procedure as outlined in the Matrix Vehicle Tracking Employee Handbook or, where unwritten, an accepted principle,
or any written directives from time to time. 

  

	10.	RESTRAINT OF TRADE - Your existing agreement with the Company in this regard will remain in full force and effect. 

 

	11.	PATENTS, INVENTIONS AND IMPROVEMENTS - You must disclose to the Company all inventions and improvements which you make during your employment by the Company or
within six months after the termination of such employment, that may fall within the existing or contemplated scope of the Company’s business or that of its subsidiaries and associates. You cede all rights relating to such inventions and
improvements including patents in the Republic of South Africa and any other countries. Employees also agree to execute any papers necessary to give effect to the above. 

 

	12.	MISCELLANEOUS 

  

	12.1	Notices and Domicilia 

  

	12.1.1	All notices to be given in terms of this agreement shall be in writing and shall be delivered by hand to the Employer and/or you at the work place applicable at the
time of such delivery and by hand or by registered prepaid post (which includes telegraphic service), where the parties are not in attendance at the work place, to: 

You at: 
 3335 NW
53rd Circle 
 Boca Raton, Florida 33496 
 United States of America 
 The Company at: 

Marked for the attention of “The Chairman” 
 Matrix Corner 
 Howick Close, Waterfall Park 

Bekker Road, Midrand 
 Vorna Valley 
 South Africa 

which physical addresses the parties select as their domicilium citandi et executandi. 

 

	12.1.2	Either party shall be entitled at any time to change its domicilium to any other physical address within the Republic of South Africa or elsewhere, provided that such
change shall take effect upon delivery or deemed delivery of notice thereof to the other party. 

  
 Page 4 of 5

 

 
  

	12.1.3	Any notice shall, if delivered by hand during normal business hours to the person apparently in charge of the premises selected by the addressee for the delivery of the
notice, be deemed to have been received on the date of delivery (including telegraphic notices) and if sent by prepaid registered post, be deemed to have been received 14 consecutive days after posting. 

 

	12.1.4	Notwithstanding the above notice actually received by the party to whom it is addressed shall be adequate notice to it. 

 

	12.2	Entire Contract - This agreement contains all the express provisions agreed on by the parties with regard to the subject matter of the agreement and the parties
renounce the right to rely on any alleged express provision not contained in the agreement or incorporated by reference. 

  

	12.3	Indulgences - No indulgence granted by a party shall constitute a renouncement or abandonment of any of that party’s rights under this agreement; accordingly, that
party shall not be precluded, as a consequence of having granted such indulgence, from exercising any rights against the other party, which may have arisen in the past or may arise in the future. 

 

	13.	VARIATION - It is agreed that the Company reserves the right to vary any and/or all of the terms and conditions of employment, rules and regulations, codes and
procedures from time to time, after due consultation with the affected parties as required from time to time. 

  

	
	Sincerely
	
	TELIMATRIX
	
	

	R. Bruyns
	Chairman of the Board

 I, Stefan Brian Joselowitz, acknowledge that I know and understand the contents of this agreement and that I have made
myself aware of all the policies and procedures that apply by reference to this agreement and I hold myself bound to the terms, conditions, policies and procedures applicable. 

 

											
	SIGNATURE	 	

	  	PLACE	 	Sandton	  	DATE	  	11/20/2008

  
 Page 5 of 5

 Appendix A 

RESTRAINT OF TRADE 
  

	1.1	The following words shall have the meanings ascribed to them and cognate expressions shall have a similar meaning – 

 

							
	1.1.1	  	“the restrainee”	  	-	  	as defined in annexure B;
				
	1.1.2	  	“the Company”	  	-	  	MiX Telematics Limited (Reg.No.1995/ 013858/06);
				
	1.1.3	  	“the prescribed areas”	  	-	  	the area of each province of the Republic of South Africa and any country in which a business defined in 1.1.4 below is conducted at a time when the applicable restrainee leaves the
employ of a proprietor as defined in 1.1.5 below;
				
	1.1.4	  	“business”	  	-	  	each and every business conducted by the Company and each and every business conducted by each and every subsidiary of the Company as at the date when the applicable restrainee
ceases to be an employee of the Company;
				
	1.1.5	  	“proprietor”	  	-	  	The Company or any subsidiary of the Company, as the case may be;

  

	1.2	It is recorded that in the course of the restrainee’s involvement with the business prior to his ceasing to be employed by a proprietor, he-

  

	 	1.2.1	will have acquired considerable know-how in and learnt of proprietary techniques relating to such business; 

 

	 	1.2.2	will have had access to the names of partners, customers, suppliers and consultants with whom each proprietor did business whether embodied in written form or
otherwise; 

  

	 	1.2.3	generally will have had the opportunity of learning and acquiring the trade secrets, business connections and other confidential information appertaining to each such
business. 

  

	1.3	It is acknowledged that by virtue of the restrainee’s position in the business the only effective and reasonable manner in which the relevant proprietor’s
rights in respect can be protected is the restraint imposed upon the restrainee in terms of this agreement. In exchange for the imposition of this restraint the company undertakes to include the restrainee as a participant in the Company’s
share incentive scheme. 

  

	1.4	 The restrainee does hereby undertake to the Company that he shall not, for the period set-out in the attached annexure B after leaving the employ of a
proprietor without taking up employment with another proprietor, whether as owner, partner, director, shareholder, member, employee, consultant, contractor, financier, agent, representative, assistant, trustee or beneficiary or a trust or otherwise
and whether for reward or not, directly or 

  
 Page 1 of 4

	 	
indirectly, carry on or be interested or engaged in or concerned with or employed by any juristic person, firm, undertaking or concern carried on in the prescribed areas which was competing with
a business or tendering for work in direct competition with a business or was party to any contract with the proprietor of any business any subsidiary or associate thereof or was in the habit of doing business with the proprietor of any business or
any subsidiary or associate thereof as at the date of his so ceasing to be employed, provided that the restrainee shall not be deemed to have breached this undertaking by reason of his holding shares in any juristic person which are listed on a
recognised stock exchange if the shares owned by - 

  

	 	1.4.1	him; 

  

	 	1.4.2	his ascendants and descendants; 

  

	 	1.4.3	his spouse; 

  

	 	1.4.4	any person related to him or his spouse within the third degree of consanguinity; 

 

	 	1.4.5	any trust created primarily for the benefit of one or more of the persons referred to in 1.4.1 to 1.4.3 above; 

and 
  

	 	1.4.6	any juristic person effectively controlled by one or more of the persons and trusts referred to in 1.4.1 to 1.4.5; 

do not in the aggregate constitute more than 5% of any class of the issued share capital of such juristic person. 

 

	1.5	The restrainee hereby separately undertakes that neither he nor any juristic person, firm, undertaking or concern in or by which he is directly or indirectly interested
or employed will, within the period set out in annexure A, after he ceases to be employed by a proprietor, and without being employed by another proprietor, and whether for reward or not, directly or indirectly - 

 

	 	1.5.1	encourage or entice or persuade or induce any employee of the Company or any subsidiary or associate thereof engaged in a business to terminate his employment; or

  

	 	1.5.2	furnish any information or advice to any employee employed by the Company or any subsidiary or associate thereof engaged in a business or to any prospective employer of
such employee or use any other means which are directly or indirectly intended or likely to persuade such person to be in any way interested in or associated with any company, close corporation, firm, undertaking or concern other than the Company or
any subsidiary or associate thereof; or 

  

	 	1.5.3	 furnish any information or advice (whether oral or written) to any person with whom the Company or any subsidiary or associate thereof does business
that the restrainee intends to or will (whether as proprietor, partner, director, shareholder, member, employee, consultant, contractor, financier, agent, representative or otherwise) directly or indirectly, be interested or engaged in or concerned
with or employed by any company, close corporation, firm, undertaking or concern carried on in the prescribed 

  
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areas which competes with a business at the closing date or will compete with a business during the 365 days succeeding the date he ceases to be an employee of a proprietor without his becoming
the employee of another proprietor; or 

  

	 	1.5.4	furnish any information or advice (whether oral or written) to any person doing business with the Company or any subsidiary or associate thereof or use any other means
or take any other action which is directly or indirectly designed, or in the ordinary course of events calculated, to result in any such person terminating his association with the Company or any subsidiary or associate thereof concerning a business
and/or transferring his business concerning a business to any person other than the Company or any subsidiary or associate thereof concerning a business, or attempt to do so. 

 

	1.6	Each of the undertakings set out in this agreement are severable inter alia as to - 

 

	 	1.6.1	nature of interest, act or activity; 

  

	 	1.6.2	the area and period of the restraint; 

 and are acknowledged to be reasonably required for the protection of the Company and its subsidiaries and to be generally fair and reasonable. 
 Signed at Cape Town on this 10th day of Nov 2011. 
  

	
	

	  

	Restrainee

 Signed at STELLENBOSCH on this 10 day of NOVEMBER 2011 

 

	
	

	  

	For and on behalf of the Company

  
 Page 3 of 4

 Annexure B 

 

			
	Restrainee: S. B. Joselowitz	  	(Id No: 5903235005089)

 Restraint Period: 24 (Twenty Four) Months 

  
 Page 4 of 4

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