Document:

Net 1 UEPS Technologies, Inc.: Exhibit 10.67 - Filed by newsfilecorp.com

Exhibit 10.67

	 	 	 
	 	FRAMEWORK AGREEMENT 	 
	 	 	 

dated 

23 JUNE 2017 

among 

NET 1 APPLIED TECHNOLOGIES SOUTH AFRICA PROPRIETARY LIMITED

and 

PETER KENNEDY GAIN 

and 

AJD HOLDINGS PROPRIETARY LIMITED 

and 

RICHMARK HOLDINGS PROPRIETARY LIMITED 

and 

DNI - 4PL CONTRACTS PROPRIETARY LIMITED

Baker & McKenzie 
1 Commerce Square

39 Rivonia Road 
Sandhurst, Sandton 
Johannesburg

South Africa 
www.bakermckenzie.com 

Table of contents 

	1.
      	INTERPRETATION
      	3
      
	 	 	 
	2.
      	IMPLEMENTATION
      STEPS 	6
      
	 	 	 
	3.
      	TRANSACTION
      AGREEMENTS 	8
      
	 	 	 
	4.
      	CONDITIONS
      PRECEDENT 	8
      
	 	 	 
	5.
      	UNDERTAKING
      	10
      
	 	 	 
	6.
      	WAIVER
      OF PRE-EMPTIVE RIGHTS 	10
      
	 	 	 
	7.
      	GENERAL
      WARRANTIES 	11
      
	 	 	 
	8.
      	COOPERATION
      	11
      
	 	 	 
	9.
      	CONFIDENTIALITY
      	12
      
	 	 	 
	10.
      	CONFLICT
      	12
      
	 	 	 
	11.
      	DOMICILIUM
      AND NOTICES 	12
      
	 	 	 
	12.
      	BREACH
      	14
      
	 	 	 
	13.
      	ARBITRATION
      	15
      
	 	 	 
	14.
      	GENERAL
      	15
      
	 	 	 
	15.
      	COSTS
      	15
      
	 	 	 
	16.
      	SIGNATURE
      	16
      

2 

FRAMEWORK AGREEMENT 

This Agreement is dated 23
  June 2017

 among 

NET 1 APPLIED TECHNOLOGIES SOUTH AFRICA PROPRIETARY LIMITED;

PETER KENNEDY GAIN; 

AJD HOLDINGS PROPRIETARY LIMITED;

RICHMARK HOLDINGS PROPRIETARY LIMITED; and 

DNI - 4PL CONTRACTS
  PROPRIETARY LIMITED. 

INTERPRETATION 

In this Agreement clause headings are
inserted for convenience only and shall not be used in its interpretation and,
unless the context clearly indicates a contrary intention, 

	1.1 	
      an expression which denotes -

	 	(a) 	
      any gender includes the other gender;

	 	 	 
	 	(b) 	
      a natural person includes a juristic person and vice
      versa; and

	 	 	 
	 	(c) 	
      the singular includes the plural and vice
  versa;

	1.2 	
      the following expressions shall bear the meanings
      assigned to them below and cognate expressions bear corresponding meanings
      –

	 	(a) 	
      Additional Subscription Agreement - the
      subscription agreement headed "Additional Subscription Agreement"
      to be entered into between AJD Holdings, Richmark, the Company and Net 1,
      contemporaneously with this Agreement;

	 	 	 
	 	(b) 	
      Additional Subscription Share - 1 class "A"
      ordinary share, to be issued by the Company to Net 1 in terms of the
      Additional Subscription Agreement;

	 	 	 
	 	(c) 	
      Agreement - this framework agreement together with
      its annexures;

	 	 	 
	 	(d) 	
      AJD Holdings - AJD Holdings Proprietary Limited, a
      private limited liability company duly incorporated in accordance with the
      laws of RSA with registration number 1975/004328/07;

	 	 	 
	 	(e) 	
      BLT - Blue Label Telecoms Limited, a public
      limited liability company duly incorporated in accordance with the laws of
      RSA with registration number 2006/022679/06;

	 	 	 
	 	(f) 	
      BLT Subscription Agreement – the agreement headed
      "Subscription Agreement" entered into between AJD Holdings, Gain,
      Richmark and BLT on or about 31 May 2017, in terms of with each of AJD
      Holdings, Gain and Richmark subscribes for shares in BLT;

	 	 	 
	 	(g) 	
      Business Day - any day other than a Saturday,
      Sunday or official public holiday in the RSA;

	 	 	 
	 	(h) 	
      CDH – Cliffe Dekker Hofmeyr Inc. of 1 Protea
      Place, Sandton;

	 	 	 
	 	(i) 	
      Companies Act - the Companies Act, 71 of 2008, as
      amended from time to time;

3 

	 	(j) 	
      Company - DNI - 4PL Contracts Proprietary Limited,
      a limited liability private company duly incorporated in accordance with
      the laws of RSA with registration number 2005/040937/07;

	 	 	 
	 	(k) 	
      Conditions Precedent - the conditions precedent in
      4 below;

	 	 	 
	 	(l) 	
      Due Diligence Investigation - the legal, financial
      and commercial due diligence investigation conducted by Net 1 in relation
      to the Company prior to the Signature Date;

	 	 	 
	 	(m) 	
      DVD – a memory storage disk containing the written
      materials, documents and other content disclosed to Net 1 during the Due
      Diligence Investigation and which will be initialled by the duly
      authorised representatives of Net 1 and the Company for the purpose of
      identification prior to the Effective Date;

	 	 	 
	 	(n) 	
      Effective Date - the effective date of the
      Transaction Agreements, being the later of: (i) the day of the fulfilment
      or waiver (as the case may be) of the last of the Conditions Precedent; or
      (ii) the effective date of the BLT Subscription Agreement;

	 	 	 
	 	(o) 	
      Gain - Peter Kennedy Gain, identity number
    xxx;

	 	 	 
	 	(p) 	
      Gain Sale of Shares Agreement - the agreement
      headed "Sale of Shares Agreement" to be entered into between Gain,
      AJD Holdings and Richmark, contemporaneously with this Agreement, in terms
      of which Gain will sell 25 of the issued ordinary shares in the Company
      held by him, to AJD Holdings and Richmark, as
follows:

AJD Holdings - 7 ordinary shares,
constituting 5.6% of the issued ordinary shares in the Company; 

Richmark - 18 ordinary shares,
constituting 14.4% of the issued ordinary shares in the Company; 

	 	(q) 	
      Gain Sale Shares – 25 ordinary shares in the
      Company held by Gain;

	 	 	 
	 	(r) 	
      Issue Date – the later to occur of the following
      dates:

	 	(i) 	
      the Effective Date; and

	 	 	 
	 	(ii) 	
      the 1st (first) Business Day after the date on
      which the New MOI has been filed at the Companies and Intellectual
      Property Commission in the manner and form prescribed in the Companies
      Act;

	 	(s) 	
      Measurement Period - the period commencing on 1
      July 2017 and ending 30 June 2019;

	 	 	 
	 	(t) 	
      Net 1 - Net 1 Applied Technologies South Africa
      Proprietary Limited, a private limited liability company duly incorporated
      in accordance with the laws of RSA with registration number
      2002/031446/07;

	 	 	 
	 	(u) 	
      New MOI - shall bear the meaning ascribed thereto
      in 4.1(a)(v);

	 	 	 
	 	(v) 	
      Participation Percentage – expressed as
      percentage, each of the Shareholders:

voting rights in the Company; 

right to participate in distributions
made by the Company; and 

right to receive the net assets of the
Company upon its liquidation; 

4 

	 	(w) 	
      Parties - collectively, the Company, AJD Holdings,
      Gain, Richmark and Net 1, and where the context so indicates or requires,
      includes the Company, and "Party" shall mean any one of the Parties
      as the context may indicate;

	 	 	 
	 	(x) 	
      Proposed Transaction - shall bear the meaning
      ascribed thereto in 2.2;

	 	 	 
	 	(y) 	
      Richmark - Richmark Holdings Proprietary Limited,
      a limited liability private company duly incorporated in accordance with
      the laws of RSA with registration number 2000/013818/07;

	 	 	 
	 	(z) 	
      RSA – the Republic of South Africa;

	 	 	 
	 	(aa) 	
      Shareholders – the shareholders of the Company, as
      at the Effective Date, being AJD Holdings, Richmark and Net 1;

	 	 	 
	 	(bb) 	
      Shareholders' Agreement - the agreement headed
      "Shareholders Agreement" to be entered into between Net 1, AJD
      Holdings and Richmark, in relation to and including as a party, the
      Company, contemporaneously with this Agreement;

	 	 	 
	 	(cc) 	
      Signature Date - the date of signature of this
      Agreement by the last signing Party;

	 	 	 
	 	(dd) 	
      Subscription Agreement - the subscription
      agreement headed "Subscription Agreement" to be entered into
      between Net 1, AJD Holdings, Richmark and the Company, contemporaneously
      with this Agreement;

	 	 	 
	 	(ee) 	
      Subscription Price - means ZAR 944,999,979 being
      the subscription price payable by Net 1 to the Company for the Net 1
      Subscription Shares;

	 	 	 
	 	(ff) 	
      Subscription Shares - 44,999,999 class "A"
      ordinary shares, to be issued by the Company to Net 1 in terms of the
      Subscription Agreement;

	 	 	 
	 	(gg) 	
      Transaction Agreements - as defined in clause 0
      below; and

	 	 	 
	 	(hh) 	
      ZAR – South African Rand, being the legal currency
      of the RSA;

	1.3 	
      any reference to any legislation is to such legislation
      as at the Signature Date and as amended or re-enacted from time to
      time;

	 	 
	1.4 	
      if any provision in a definition is a substantive
      provision conferring any right or imposing any obligation on any Party,
      then notwithstanding that it is only in the interpretation clause effect
      shall be given to it as if it were a substantive provision in this
      Agreement;

	 	 
	1.5 	
      when any number of days is prescribed such number shall
      exclude the first and include the last day unless the last day falls on a
      day which is not a Business Day, in which case the last day shall be the
      next succeeding day which is a Business Day;

	 	 
	1.6 	
      unless any annexure provides otherwise, any annexure to
      this Agreement shall be deemed to be incorporated in and form part of this
      Agreement;

	 	 
	1.7 	
      any reference to days (other than a reference to Business
      Days) months or years shall be a reference to calendar days, months or
      years, as the case may be;

	 	 
	1.8 	
      the use of the words "including",
      "includes" and "include" followed by a specific example/s
      shall not be construed as limiting the meaning of the general wording
      preceding it and the rule of interpretation to the contrary shall not be
      applied in the interpretation of such general wording or such specific
      example/s;

	 	 
	1.9 	
      where any term is defined within the context of any
      particular clause in this Agreement, the terms so defined, unless it is
      clear from the clause in question that the term has
  limited application to the relevant clause, shall bear the meaning
ascribed to it for all purposes in terms of this Agreement, notwithstanding that
that term has not been defined in this interpretation clause; 

5 

	1.10 	
      the terms of this Agreement having been negotiated, the
      rule of interpretation to the effect that the Agreement shall be
      interpreted against the party responsible for its drafting shall not be
      applied in the interpretation of this Agreement; and

	 	 
	1.11 	
      the expiration or termination of this Agreement shall not
      affect such of the provisions of this Agreement as expressly provide that
      they shall operate after such expiration or termination or which of
      necessity must continue to have effect after such expiration or
      termination, notwithstanding that the clauses themselves do not expressly
      provide for this.

IMPLEMENTATION STEPS

	2.1 	
      As at the Signature Date, the issued shares in the
      Company are held as follows:

	 	(a) 	
      AJD Holdings - 25 ordinary shares, which entitles AJD
      Holdings to a Participation Percentage of 20% in the Company;

	 	 	 
	 	(b) 	
      Gain - 25 ordinary shares, which entitles Gain to a
      Participation Percentage of 20% of the issued shares in the Company;
      and

	 	 	 
	 	(c) 	
      Richmark - 75 ordinary shares, which entitles Richmark to
      a Participation Percentage of 60% in the Company,

(herein after collectively referred to
as the Existing Shareholders). 

	2.2 	
      The Parties wish to implement the following transaction
      as one indivisible transaction in the following sequence, on the Effective
      Date (save for Step 4, which will not be implemented on the Effective
      Date), provided that if the New MOI is not filed at the Companies and
      Intellectual Property Commission in the manner and form prescribed in the
      Companies Act by the Effective Date, then Net 1 shall subscribe for the
      Subscription Shares on the Effective Date and the Company shall issue the
      Subscription Shares to Net 1 on the Issue
Date:

	 	(a) 	
      Step 1: Gain Sale of Shares
  Agreement

	 	(i) 	
      Gain will sell the Gain Sale Shares to AJD Holdings and
      Richmark in accordance with the Gain Sale of Shares Agreement.

	 	 	 
	 	(ii) 	
      The sale of the Gain Sale Shares will have been
      implemented upon –

	 	(A) 	
      the creation of a loan account, in favour of Gain, in
      each of the books of account of AJD Holdings and Richmark, for amounts
      equal to their respective portions of the applicable purchase price under
      the Gain Sale of Shares Agreement; and

	 	 	 
	 	(B) 	
      Gain having delivered to each of AJD Holdings and
      Richmark, in the applicable proportions:

	 	(1) 	
      the original share certificates in respect of the Gain
      Sale Shares; and

	 	 	 
	 	(2) 	
      a copy of the securities register of the Company
      reflecting AJD Holdings and Richmark as the holders of the Gain Sale
      Shares, in the applicable proportions.

6 

	 	(iii) 	
      Immediately following the implementation of the Gain Sale
      of Shares Agreement, the issued ordinary shares in the Company will be
      held as follows:

	 	(A) 	
      AJD Holdings - 32 ordinary shares, which will entitle AJD
      Holdings to a Participation Percentage of 25.6% in the Company;
  and

	 	 	 
	 	(B) 	
      Richmark - 93 shares, which will entitle Richmark to a
      Participation Percentage of 74.4% in the
Company.

	 	(b) 	
      Step 2: Net 1 subscribes for the Subscription
      Shares:

	 	(i) 	
      Immediately following the implementation of the Gain Sale
      of Shares Agreement, Net 1 will subscribe for the Subscription Shares at
      the Subscription Price on the Effective Date in accordance with the
      Subscription Agreement.

	 	 	 
	 	(ii) 	
      The subscription by Net 1 for the Subscription Shares
      will have been implemented upon –

	 	(A) 	
      Net 1 having delivered proof of payment of the
      Subscription Price to the Company on the Effective Date; and

	 	 	 
	 	(B) 	
      the Company having delivered the following to Net 1 on
      the Issue Date -

	 	(1) 	
      the original share certificates in respect of the
      Subscription Shares; and

	 	 	 
	 	(2) 	
      a copy of the securities register of the Company
      reflecting Net 1 as the holder of the Subscription
  Shares.

	 	(c) 	
      Step 3: The distribution of the Subscription Price to
      AJD Holdings and Richmark:

	 	(i) 	
      Immediately following the payment of the Subscription
      Price as contemplated in step 2 above, the Company shall distribute ZAR
      944,999,979 to AJD Holdings and Richmark as
follows:

	 	(A) 	
      ZAR 241,919,994.62 to AJD Holdings; and

	 	 	 
	 	(B) 	
      ZAR 703,079,984.37 to
Richmark.

	 	(ii) 	
      AJD Holdings and Richmark shall use the proceeds received
      in terms of the distribution in 2.2(c)(i) above to pay to Gain ZAR
      265,000,000, as an upfront payment, in terms of clause 5.1(a) of the Gain
      Sale of Shares Agreement.

	 	(d) 	
      Step 4: Additional
Subscription

On the termination of the Measurement
Period (or such earlier date as may be provided for in the Shareholders’
Agreement) Net 1 will subscribe for the Additional Subscription Share, in
accordance with the Additional Subscription Agreement. 

	2.3 	
      On the Issue Date after and upon the implementation of
      Step 1 to Step 3, the issued shares in the Company will be held as
      follows:

	 	(a) 	
      AJD Holdings - 32 ordinary shares, which will entitle AJD
      Holdings to a Participation Percentage of 14.08%;

7 

	 	(b) 	
      Richmark - 93 ordinary shares, which will entitle
      Richmark to a Participation Percentage of 40.92%; and

	 	 	 
	 	(c) 	
      Net 1 – 44,999,999 class "A" ordinary shares, which will
      entitle Net 1 to a Participation Percentage of
45%.

	2.4 	
      The implementation of Steps 1 to 3 above and the
      conclusion of the Shareholders' Agreement, shall herein after be referred
      to as the as the Initial Transaction.

	 	 
	2.5 	
      The implementation of Steps 1 to 4 above and the
      conclusion of the Shareholders' Agreement, shall herein after be referred
      to as the as the Proposed Transaction.

	 	 
	2.6 	
      Accordingly, in implementing the Proposed Transaction,
      the Parties agree as set out herein.

TRANSACTION AGREEMENTS 

To give effect to the Proposed
Transaction in the steps provided for above, the following transaction
agreements shall be entered into by the Parties: 

	3.1 	
      Step 1 - the Gain Sale of Shares Agreement;

	 	 
	3.2 	
      Step 2 - the Subscription Agreement;

	 	 
	3.3 	
      Step 3 - the Additional Subscription Agreement;

	 	 
	3.4 	
      the Shareholders' Agreement,

(collectively referred to as the
Transaction Agreements). 

	4. 	
      CONDITIONS PRECEDENT

	 	 
	4.1 	
      This Agreement is subject to the fulfilment of the
      following conditions precedent, that on or
before:

	 	(a) 	
      the Signature Date:

	 	 	 	 
	 		(i) 	
      the Subscription Agreement has been entered into and such
      agreement has become unconditional in accordance with its terms (other
      than in respect of any condition which requires this Agreement to become
      unconditional);

	 	 	 	 
	 		(ii) 	
      the Additional Subscription Agreement has been entered
      into and such agreement has become unconditional in accordance with its
      terms (other than in respect of any condition which requires this
      Agreement to become unconditional);

	 	 	 	 
	 		(iii) 	
      the Shareholders Agreement has been entered into and such
      agreement has become unconditional in accordance with its terms (other
      than in respect of any condition which requires this Agreement to become
      unconditional);

	 	 	 	 
	 		(iv) 	
      the Gain Sale of Shares Agreement has been entered into
      and such agreement has become unconditional in accordance with its terms
      (other than in respect of any condition which requires this Agreement to
      become unconditional);

	 	 	 	 
	 		(v) 	
      a memorandum of incorporation in respect of the Company
      is in agreed form, as between the Parties, and has been initialled by the
      duly authorised representatives of the Parties for identification purposes
      ("New MOI");

8 

	 	(b) 	
      5 Business Days following the Signature
  Date

	 	(i) 	
      the board of directors of the Company shall have
      delivered to Net 1, certified copies of written resolutions by its board
      of directors approving the Proposed Transaction, such resolutions having
      been approved prior to adoption, in substance and in form, by Net 1 in
      writing and acting reasonably, specifically
to:

	 	(A) 	
      approve the issue of the Subscription Shares, including
      determining that the Subscription Price constitutes adequate consideration
      to the Company as contemplated in section 40 of the Companies Act, as
      required for fulfilment of step 2 above;

	 	 	 
	 	(B) 	
      authorise the Company to distribute ZAR 944,999,979 to
      AJD Holdings and Richmark pursuant to clause 2.2(c) above in terms of
      section 46 of the Companies Act, as required for fulfilment of step 3
      above; and

	 	 	 
	 	(C) 	
      acknowledge that the board of the Company has applied the
      solvency and liquidity test, as set out in section 4 of the Companies Act,
      and reasonably concluded that the Company will satisfy the solvency and
      liquidity test immediately after completing the distribution of ZAR
      944,999,979 to AJD Holdings and Richmark, as required for fulfilment of
      step 4 above.

	 	(ii) 	
      the board of directors of Net 1 shall have delivered to
      the Company, a certified copy of a written resolution by its board of
      directors approving the Proposed Transaction;

	 	 	 
	 	(iii) 	
      the Company shall have delivered to Net 1 such
      resolutions by the Existing Shareholders as may be legally necessary to
      authorise the Proposed Transaction, such resolutions having been approved
      prior to adoption, in substance and in form, by Net 1 in writing and
      acting reasonably, and specifically to approve the issue of the
      Subscription Shares in terms of section 41(3) of the Companies Act by way
      of a special resolution, as required for fulfilment of step 2
  above;

	 	 	 
	 	(iv) 	
      the Company shall have delivered to Net 1 such
      resolutions by the Existing Shareholders as may be legally necessary to
      approve the adoption of the New MOI, such resolutions having been approved
      prior to adoption, in substance and in form, by Net 1 in writing and
      acting reasonably;

	 	 	 
	 	(v) 	
      the Company has signed and delivered to CDH all documents
      necessary to enable CDH to file the New MOI on behalf of the Company, in
      the prescribed manner and form, with the Companies and Intellectual
      Property Commission;

	 	 	 
	 	(vi) 	
      Net 1 has confirmed in writing to the Company that it is
      satisfied that the DVD does not contain any written material, document or
      other content which was not disclosed to Net 1 during the Due Diligence
      Investigation;

	 	 	 
	 	(vii) 	
      the duly authorised representatives of Net 1 and the
      Company have initialled the DVD for identification
  purposes;

9 

	 	(c) 	
      20 July 2017

to the extent necessary and
applicable, Gain obtains the permission of the Financial Surveillance Department
of the South African Reserve Bank, for the Parties to enter into and give effect
to the Gain Sale of Shares Agreement; 

	 	(d) 	
      30 September 2017

the BLT Subscription Agreement becomes
effective and unconditional in accordance with its terms (save for any condition
relating to this Agreement becoming unconditional in accordance with its terms)

	4.2 	
      The Parties shall, to the extent that it is within their
      control, use their respective commercial endeavours and shall cooperate in
      good faith to procure fulfilment of the conditions precedent as soon as is
      reasonably possible after the Signature Date.

	 	 
	4.3 	
      The Conditions Precedent in 4.1(b)(i), 4.1(b)(ii),
      4.1(b)(iii) and 4.1(c) are required by law and are therefore not capable
      of being waived.

	 	 
	4.4 	
      The Conditions Precedent in 4.1(a)(i), 4.1(a)(ii),
      4.1(a)(iii) 4.1(a)(iv), 4.1(a)(v), 4.1(b)(vi) and 4.1(b)(vii) 4.1(b)(iv),
      and 4.1(d) are expressed to be for the benefit of all Parties, who may, by
      giving written notice to that effect to the other Parties on or before the
      date of fulfilment thereof, waive such Condition Precedent or postpone the
      date for fulfilment thereof.

	 	 
	4.5 	
      The Parties shall be entitled by written agreement to
      extend the date for fulfilment of the Conditions Precedent.

	 	 
	4.6 	
      If the Conditions Precedent are not fulfilled on or
      before the date prescribed for fulfilment thereof in 4.1(a), 4.1(b),
      4.1(c) or 4.1(d) then:

	 	(a) 	
      the Transaction Agreements shall be of no force or
      effect;

	 	 	 
	 	(b) 	
      the Parties shall be restored as near as possible to the
      positions in which they would have been had this Agreement not been
      entered into; and

	 	 	 
	 	(c) 	
      no Party shall have any claim against the others in terms
      of the Transaction Agreements.

	5. 	
      UNDERTAKING

	 	 
	5.1 	
      The Parties shall do all such things, sign all such
      documents and take all such steps to procure that the New MOI has been
      filed at the Companies and Intellectual Property Commission in the manner
      and form prescribed in the Companies Act.

	 	 
	5.2 	
      If any Party fails to act in accordance with clause 5.1,
      or in any manner exhibits any intention to not so act in accordance with
      clause 5.1 ("Recalcitrant Party"), then each of the other Parties
      is hereby irrevocably authorised by the Recalcitrant Party to, acting
      alone in each instance, do all such things, sign all such documents and
      take all such steps to procure that the New MOI has been filed at the
      Companies and Intellectual Property Commission in the manner and form
      prescribed in the Companies Act, in the Recalcitrant Party's place and
      stead.

	 	 
	6. 	
      WAIVER OF PRE-EMPTIVE RIGHTS

	 	 
		
      Insofar as may be necessary, the Existing Shareholders
      hereby irrevocably and unconditionally waive:

	 	 
	6.1 	
      any pre-emptive rights which they may have in terms of
      any shareholders agreement in force in respect of the Company as well as
      the memorandum of incorporation of the Company,
the Companies Act or otherwise, to the sale of shares by Gain, in
terms of the Gain Sale of Shares Agreement; and 

10 

	6.2 	
      any statutory pre-emptive rights they may have in terms
      of section 39 of the Companies Act or otherwise in terms of the memorandum
      of incorporation of the Company, any shareholders agreement in force in
      respect of the Company or otherwise, insofar as the subscription for, and
      allotment and issue of, the Subscription Shares and the Additional
      Subscription Share, as contemplated in the Subscription Agreement and
      Additional Subscription Agreement, respectively, are
  concerned.

GENERAL WARRANTIES 

	7.1 	
      Each of the Parties hereby warrants to and in favour of
      the others that:

	 	(a) 	
      it has the legal capacity and has taken all necessary
      corporate action required to empower and authorise it to enter into this
      Agreement and, to the extent applicable, the Transaction
  Agreements;

	 	 	 	 
	 	(b) 	
      it has the legal, operational and financial capacity to
      fulfil its obligations in terms of this Agreement and, ultimately, the
      Transaction Agreements;

	 	 	 	 
	 	(c) 	
      this Agreement and the Transaction Agreements constitute
      agreements valid and binding on it and enforceable against it in
      accordance with its terms; and

	 	 	 	 
	 	(d) 	
      the execution of this Agreement and the Transaction
      Agreements and the performance of its obligations in terms thereof does
      not and shall not –

	 	 	 	 
	 		(i) 	
      contravene any law or regulation to which that Party is
      subject;

	 	 	 	 
	 		(ii) 	
      contravene any provision of that Party's constitutional
      documents; or

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

	7.2 	
      Each of the representations and warranties given by the
      Parties in terms of clause 7.1, shall –

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

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

	 	 	 
	 	(c) 	
      prime facie be deemed to be material and to be a
      material representation inducing the other Party to enter into this
      Agreement and the Transaction Agreements.

COOPERATION 

The Parties undertake, to the extent
that it is within their control, at all times to do all such things, perform all
such actions and take all such steps and to procure the doing of all such
things, the performance of all such actions and the taking of all such steps as
may be available to them and necessary for or incidental to the putting into
effect or maintenance of the terms, objectives and/or import of this Agreement
and the Transaction Agreements. 

11 

CONFIDENTIALITY 

Notwithstanding the cancellation or
termination of this Agreement or any of the Transaction Agreements, no Party
(Receiving Party) shall, at any time after the conclusion of this
Agreement and the Transaction Agreements, disclose to any person or use in any
manner whatever any information which may be proprietary and/or confidential
information belonging to any of the other Parties (Confidential
Information), or the existence and contents of this Agreement or the
Transaction Agreements; provided that: 

	9.1 	
      any Party may disclose the existence and contents of this
      Agreement and the Transaction Agreements to the extent required by any
      rules of any stock exchange by which that Party is bound; provided further
      that no such disclosure shall be made unless the other Party has first
      given its written approval for the form thereof, which approval may not be
      withheld unreasonably;

	 	 
	9.2 	
      the Receiving Party may disclose another Party's
      Confidential Information and the existence and contents of this Agreement
      or the Transaction Agreements:

	 	(a) 	
      to the extent required by law (other than in terms of a
      contractual obligation of the Receiving Party);

	 	 	 
	 	(b) 	
      to, and permit the use thereof by, its employees,
      representatives and professional advisers to the extent strictly necessary
      for the purpose of implementing or enforcing this Agreement or the
      Transaction Agreements or obtaining professional advice or conducting its
      business, it being specifically agreed that any disclosure or use by any
      such employee, representative or adviser of such confidential or other
      information for any other purpose shall constitute a breach of this 0 by
      the Receiving Party; and

	9.3 	
      the provisions of this 0 shall cease to apply to any
      Confidential Information of a Party which:

	 	(a) 	
      is or becomes generally available to the public other
      than as a result of a breach by the Receiving Party of its obligations in
      terms of this 0;

	 	 	 
	 	(b) 	
      is also received by the Receiving Party from a Third
      Party who did not acquire such Confidential Information subject to any
      duty of confidentiality in favour of another Party; or

	 	 	 
	 	(c) 	
      was known to the Receiving Party prior to receiving it
      from another Party.

CONFLICT 

To the extent that the provisions of
this Agreement are inconsistent with the provisions of any of the Transaction
Agreements, this Agreement shall, to the extent of any such inconsistency take
precedence over the Transaction Agreements. If however, the provisions of the
Transaction Agreements merely supplement, but are not inconsistent with this
Agreement, then those supplementary provisions of the Transaction Agreements
shall be given effect to by the Parties.

DOMICILIUM AND NOTICES

	11.1 	
      The Parties choose domicilium citandi et executandi
      (Domicilium) for all purposes relating to this Agreement and
      the Transaction Agreements, including the giving of any notice or the
      serving of any process, as follows:

	 	(a) 	
      Net 1

	 	Physical: 	6th Floor President Place
  

12 

	 	  	Corner of Jan Smuts Avenue & Bolton Road
  
	 	 	 
	 	  	Rosebank 
	 	 	 
	 	 	2121  
	 	 	 
	 	E-mail: 	hermank@net1.com 
	 	 	 
	 	Marked for the attention of: 	Chief Executive Officer

	 	(b) 	
      the Company:

	 	Physical: 	  
	 	 	 
	 	  	23/25 Commerce Crescent, 
	 	 	 
	 	  	Kramerville, 2031 
	 	  	  
	 	 	 
	 	E-mail: 	 andrew@richmark.co.za 
	 	 	 
	 	Marked for the attention of: 	Andrew Dunn 

	 	(c) 	
      Gain:

	 	Physical: 	22 Ilchester Place 
	 	 	 
	 	  	London, W14 8AA 
	 	 	 
	 	  	United Kingdom 
	 	 	 
	 	E-mail: 	petergain@me.com 
	 	 	 
	 	Marked for the attention of: 	Peter Gain 

	 	(d) 	
      AJD Holdings

	 	Physical: 	5th Floor, Capital Hill 
	 	 	 
	 	  	6 Benmore Road, 
	 	 	 
	 	  	Sandton, 2196. 
	 	 	 
	 	  	  
	 	E-mail: 	andrew@richmark.co.za 
	 	 	 
	 	Marked for the attention of: 	Andrew Dunn 

	 	(e) 	
      Richmark

	 	Physical: 	5th Floor, Capital Hill 
	 	 	 
	 	  	6 Benmore Road, 

13 

	 	  	Sandton, 2196. 
	 	 	 
	 	E-mail: 	andrew@richmark.co.za 
	 	 	 
	 	Marked for the attention of: 	Andrew Dunn 

	11.2 	
      Any Party shall be entitled from time to time, by giving
      written notice to the others, to vary its physical Domicilium to any other
      physical address within the RSA.

	 	 
	11.3 	
      Any notice given or payment made by a Party to another
      (Addressee) which is delivered by hand between the hours of 09:00
      and 17:00 on any Business Day to the Addressee's physical Domicilium for
      the time being shall be deemed to have been received by the Addressee(s)
      at the time of delivery.

	 	 
	11.4 	
      Any notice given by any Party to the others which is
      successfully transmitted by e-mail to the Addressee's e-mail Domicilium
      for the time being shall be deemed (unless the contrary is proved by the
      Addressee) to have been received by the Addressee on the day immediately
      succeeding the date of successful transmission thereof.

	 	 
	11.5 	
      This 0 shall not operate so as to invalidate the giving
      or receipt of any written notice, which is actually received by the
      Addressees other than by a method referred to in 11.1.

	 	 
	11.6 	
      Any notice in terms of or in connection with this
      Agreement or the Transaction Agreements shall be valid and effective only
      if in writing and if received or deemed to be received by the
      Addressee(s).

	 	 
		
      BREACH

	 	 
	12.1 	
      Should any Party (the Defaulting Party) breach any
      of its obligations in terms hereof (other than those which contain their
      own remedies or limit the remedies in the event of a breach thereof) or in
      terms of the Transaction Agreements, and fail to remedy such breach within
      21 (twenty one) days of receipt of written notice requiring it to do so,
      then any other Party (the Aggrieved Party) shall be entitled
      without notice, in addition to any other remedy available to it at law,
      under this Agreement or the Transaction Agreements, including obtaining an
      interdict, to cancel this Agreement or the Transaction Agreements or to
      claim specific performance of any obligation then due, in either event
      without prejudice to the Aggrieved Party's right to claim damages,
      provided that notwithstanding anything to the contrary contained in this
      Agreement or the Transaction Agreements and subject to 12.2 below, no
      Party shall be entitled to cancel or terminate this Agreement or the
      Transaction Agreements unless the breach is a breach of a material term of
      this Agreement or the Transaction Agreements.

	 	 
	12.2 	
      Notwithstanding the aforegoing, after implementation of
      the Initial Transaction on the Effective Date (save for the issue of the
      Subscription Shares which will be implemented on the Issue Date) and in
      accordance with the terms of this Agreement and the Transaction Agreements
      (save for the Additional Subscription Agreement, which will not be
      implemented on the Effective Date), no Party will have the right to cancel
      this Agreement or the Transaction Agreements as a result of breach
      thereof, save for Net 1's right to terminate the Subscription Agreement in
      accordance with clause 10 thereof, and a Party's recourse shall be limited
      to specific performance and/or a claim for damages.

	 	 
	12.3 	
      All costs, charges and expenses of whatsoever nature
      which may be incurred by any Party in enforcing its rights in terms hereof
      including, without limitation, legal costs on the scale as between
      attorney and own client and collection commission, irrespective of whether
      any action has been instituted shall be recoverable from the Party against
      which such rights are successfully enforced.

14 

ARBITRATION 

	13.1 	
      Any disputes arising from or in connection with this
      Agreement or the Transaction Agreements shall, if so required by any Party
      by giving written notice to that effect to the other parties, finally be
      resolved in accordance with the rules of the Arbitration Foundation of
      Southern Africa (AFSA) by an arbitrator or arbitrators appointed by
      AFSA, which arbitrator's findings shall, save for manifest error, be final
      and binding on the parties and may be made an order of court. There shall
      be a right of appeal as provided for in article 22 of the aforesaid
      rules.

	 	 
	13.2 	
      Each Party -

	 	(a) 	
      expressly consents to any arbitration in terms of the
      aforesaid rules being conducted as a matter of urgency; and

	 	 	 
	 	(b) 	
      irrevocably authorises the other parties to apply, on
      behalf of the Parties to such dispute, in writing, to the secretariat of
      AFSA in terms of article 23(1) of the aforesaid rules for any such
      arbitration to be conducted on an urgent
basis.

	13.3 	
      Notwithstanding clauses 13.1 and 13.2 any Party shall be
      entitled to approach a competent court for urgent interim relief, subject
      to any final orders, determinations and/or awards being made by the
      arbitrator as provided for in this clause 0.

	 	 
	13.4 	
      Any costs orders made by the arbitrator or the court
      shall be permitted to be made on an attorney and client
  scale.

GENERAL 

	14.1 	
      This Agreement, its annexures, and the Transaction
      Agreements attached hereto constitute the sole record of the agreement
      between the Parties in relation to the Proposed Transaction.

	 	 
	14.2 	
      No Party shall be bound by any representation, warranty,
      promise or the like not recorded in this Agreement or the Transaction
      Agreements.

	 	 
	14.3 	
      No addition to, variation, or agreed cancellation of this
      Agreement or any of the Transaction Agreements shall be of any force or
      effect unless in writing and signed by or on behalf of the
  Parties.

	 	 
	14.4 	
      This Agreement and the Transaction Agreements shall be
      interpreted and governed in all respects by the laws of the RSA.

	 	 
	14.5 	
      The signature by any Party of a counterpart of this
      Agreement or the Transaction Agreements shall be as effective as if that
      Party had signed the same document as all of the other Parties.

	 	 
	14.6 	
      No Party shall be entitled to cede any of its rights or
      delegate any of its obligations in terms of any of this Agreement or the
      Transaction Agreements without the prior written consent of the other
      Parties.

COSTS 

Each Party shall bear its own costs of
and incidental to the negotiation, preparation and drawing of this Agreement and
the Transaction Agreements contemplated herein as well as all legal and
secretarial work pertaining to the implementation of this Agreement and the
Transaction Agreements and the fulfilment of the conditions precedent contained
in this Agreement and the Transaction Agreements. 

15 

SIGNATURE 

	16.1 	
      This Agreement is signed by the Parties on the dates and
      at the places indicated below.

	 	 
	16.2 	
      This Agreement may be executed in counterparts, each of
      which shall be deemed an original, and all of which together shall
      constitute one and the same Agreement as at the date of signature of the
      Party last signing one of the counterparts.

16 

Signed at Rosebank on 23 June 2017

		Net 1 Applied Technologies South Africa
    
	  	Proprietary Limited 
	  	  
	  	  
	  	/s/ Herman Kotzé 
	  	  
	  	  
	  	who warrants that he is duly 
	  	authorised hereto 
	  	  
	  	Name: Herman Kotzé 
	  	Capacity: Director 

17 

Signed at Sandton on 23 June 2017

	 	DNI - 4PL Contracts Proprietary Limited
    
	 	  
	 	 
	 	/s/ A.J. Dunn 
	 	 
	 	who warrants that he is duly 
	 	authorised hereto 
	 	 
	 	Name: A.J. Dunn 
	 	Capacity: CEO 

18 

Signed at London on 23 June 2017

	 	Peter Kennedy Gain 
	 	 
	 	 
	 	/s/
      Peter Kennedy Gain 

19 

Signed at Sandton on 23 June 2017

	 	AJD Holdings Proprietary Limited 
	 	  
	 	  
	 	  
	 	/s/
      A.J. Dunn 
	 	who warrants that he is duly 
	 	authorised hereto 
	 	  
	 	Name: A.J. Dunn 
	 	Capacity: Director 

20 

Signed at Sandton on 23 June 2017

	 	Richmark Holdings Proprietary Limited
  
	 	  
	 	  
	 	  
	 	/s/
      A.J. Dunn 
	 	who warrants that he is duly 
	 	authorised hereto 
	 	  
	 	Name: A.J. Dunn 
	 	Capacity: CEO 

21Net 1 UEPS Technologies, Inc.: Exhibit 10.68 - Filed by newsfilecorp.com

Exhibit 10.68

	 	 	 
	 	SHAREHOLDERS' AGREEMENT 	 
	 	 	 

dated 

23 JUNE 2017 

among 

NET 1 APPLIED TECHNOLOGIES SOUTH AFRICA PROPRIETARY LIMITED

and 

AJD HOLDINGS PROPRIETARY LIMITED 

and 

RICHMARK HOLDINGS PROPRIETARY LIMITED 

in relation to, and including as a party 

DNI - 4PL CONTRACTS PROPRIETARY LIMITED 

 

Baker & McKenzie 
1 Commerce Square

39 Rivonia Road 
Sandhurst, Sandton 
Johannesburg

South Africa 
www.bakermckenzie.com 

Table of contents 

	1.
      	INTERPRETATION
      	2
      
	 	 	 
	2.
      	INTRODUCTION
      	6
      
	 	 	 
	3.
      	CONDITION
      PRECEDENT 	6
      
	 	 	 
	4.
      	BUSINESS
      OF THE COMPANY 	7
      
	 	 	 
	5.
      	MEMORANDUM
      OF INCORPORATION 	7
      
	 	 	 
	6.
      	FUNDING
      	7
      
	 	 	 
	7.
      	SURETYSHIPS
      AND GUARANTEES 	9
      
	 	 	 
	8.
      	DIRECTORS
      AND MEETINGS OF DIRECTORS AND SHAREHOLDERS 	9
      
	 	 	 
	9.
      	RESERVED
      MATTERS 	12
      
	 	 	 
	10.
      	DIVIDEND
      POLICY 	13
      
	 	 	 
	11.
      	MANAGEMENT
      	14
      
	 	 	 
	12.
      	RESTRICTIONS
      ON TRANSFERS AND ENCUMBRANCE OF SHARES 	15
      
	 	 	 
	13.
      	PRE-EMPTIVE
      RIGHTS 	16
      
	 	 	 
	14.
      	DEEMED
      OFFER 	17
      
	 	 	 
	15.
      	INITIAL
      NET 1 OPTION TO SUBSCRIBE FOR ORDINARY "A" SHARE 	19
      
	 	 	 
	16.
      	SUBSEQUENT
      NET 1 OPTION TO SUBSCRIBE FOR ORDINARY "A" SHARES 	20
      
	 	 	 
	17.
      	AJD
      HOLDINGS AND RICHMARK PUT OPTION 	21
      
	 	 	 
	18.
      	NET
      1 CALL OPTION 	22
      
	 	 	 
	19.
      	REGULATORY
      APPROVALS 	23
      
	 	 	 
	20.
      	MAJORITY
      TAG ALONG 	23
      
	 	 	 
	21.
      	AJD
      TAG ALONG 	23
      
	 	 	 
	22.
      	COME
      ALONG 	23
      
	 	 	 
	23.
      	FAIR
      VALUE 	23
      
	 	 	 
	24.
      	RELATIONSHIPS
      BETWEEN THE COMPANY AND ITS SHAREHOLDERS 	24
      
	 	 	 
	25.
      	CONFIDENTIALITY
      	24
      
	 	 	 
	26.
      	DOMICILIUM
      AND NOTICES 	25
      
	 	 	 
	27.
      	BREACH
      	26
      
	 	 	 
	28.
      	ARBITRATION
      	27
      
	 	 	 
	29.
      	GENERAL
      	27
      
	 	 	 
	30.
      	COSTS
      	28
      

i 

SHAREHOLDERS' AGREEMENT 

This Agreement is dated 23 June 2017 

Among 

NET 1 APPLIED TECHNOLOGIES SOUTH AFRICA PROPRIETARY
LIMITED; 

AJD HOLDINGS PROPRIETARY LIMITED; and 

RICHMARK HOLDINGS PROPRIETARY LIMITED, 

in relation to, and including as a party 

DNI - 4PL CONTRACTS PROPRIETARY LIMITED. 

INTERPRETATION 

In this Agreement clause headings are
inserted for convenience only and shall not be used in its interpretation and,
unless the context clearly indicates a contrary intention, 

	1.1 	
      an expression which denotes -

	 	 	 
		(a) 	
      any gender includes the other gender;

	 	 	 
		(b) 	
      a natural person includes a juristic person and vice
      versa;

	 	 	 
		(c) 	
      the singular includes the plural and vice
versa;

	 	 	 
	1.2 	
      the following expressions shall bear the meanings
      assigned to them below and cognate expressions bear corresponding meanings
      –

	 	 	 
		(a) 	
      Agreement – this shareholders' agreement together
      with its annexures;

	 	 	 
		(b) 	
      AJD Holdings - AJD Holdings Proprietary Limited, a
      limited liability private company duly incorporated in accordance with the
      laws of RSA with registration number 1975/004328/07;

	 	 	 
		(c) 	
      Blue Label - Blue Label Telecoms Limited, a
      limited liability public company duly incorporated in accordance with the
      laws of the RSA with registration number 2006/002679/06;

	 	 	 
		(d) 	
      Board - the board of Directors of the Company,
      from time to time;

	 	 	 
		(e) 	
      Budget and Business Plan - means the budget and
      business plan of the Company approved by the Board prior to the Effective
      Date, for the period 1 March 2017 to 28 February 2022, and as disclosed on
      the DVD;

	 	 	 
		(f) 	
      Business Day – any day other than a Saturday,
      Sunday or official public holiday in the RSA;

	 	 	 
		(g) 	
      Companies Act – the Companies Act, 71 of 2008, as
      amended from time to time;

	 	 	 
		(h) 	
      Company – DNI - 4PL Contracts Proprietary Limited,
      a limited liability private company duly incorporated in accordance with
      the laws of RSA with registration number 2005/040937/07;

	 	 	 
		(i) 	
      Control - means, in relation to a juristic Person,
      the ability of another Person, directly or indirectly, to ensure that the
      activities and business of that juristic Person are conducted in
      accordance with the wishes of the latter Person, and the latter
    Person shall be deemed to so control the juristic Person if the latter
Person owns, directly or indirectly, the majority of the issued share capital,
members' interest or equivalent equity and/or holds, directly or indirectly, the
majority of the voting rights in the juristic Person and "Controlling"
and "Controlled" shall be construed accordingly; 

2 

	 	(j) 	
      Directors – the directors of the Company from time
      to time;

	 	 	 
	 	(k) 	
      Dispose – to sell, transfer, make over, give,
      donate, exchange, dispose of, unbundle, distribute or otherwise alienate
      and "Disposal" has a corresponding meaning;

	 	 	 
	 	(l) 	
      Effective Date – shall bear the meaning ascribed
      thereto in the Framework Agreement;

	 	 	 
	 	(m) 	
      Encumber – to mortgage, pledge, cede, assign,
      confer security, hypothecate, create a lien or security interest,
      preferential right or trust arrangement or other agreement or arrangement,
      the effect of which is to create any security or encumbrance and
      "Encumbrance" has a corresponding meaning;

	 	 	 
	 	(n) 	
      Extraordinary Items - material items possessing a
      high degree of abnormality which arise from events or transactions that
      fall outside the ordinary activities of the Company or any of its
      subsidiaries, being non-recurring and non-trading items, including (for
      the avoidance of doubt) income, expenditure items accounted for during the
      financial year under review in respect of any prior financial year and
      which shall further include any profit or loss made on the disposal or
      acquisition of any fixed assets, or operations or business or investments
      and any operations and/or business which have been discontinued or
      sold;

	 	 	 
	 	(o) 	
      Fair Value – the fair value as between a willing
      buyer and a willing seller, which fair value shall, in the absence of a
      written agreement between the relevant Parties, be determined by an
      Independent Expert as contemplated in 0;

	 	 	 
	 	(p) 	
      Framework Agreement - the framework agreement
      entered into among Net 1, Peter Kennedy Gain, AJD Holdings, Richmark and
      the Company on the Signature Date;

	 	 	 
	 	(q) 	
      Group - the Company and its subsidiaries, and
      "Group Company" shall mean any of them;

	 	 	 
	 	(r) 	
      Guarantee – any guarantee, suretyship, indemnity
      or other similar form of security;

	 	 	 
	 	(s) 	
      Independent Expert – shall have the meaning
      ascribed thereto in 0;

	 	 	 
	 	(t) 	
      Loan Account – any claim by a Shareholder in
      respect of amounts lent by that Shareholder to the Company, including any
      claim for the payment of interest thereon;

	 	 	 
	 	(u) 	
      Measurement Period - the period commencing on 1
      July 2017 and ending 30 June 2019

	 	 	 
	 	(v) 	
      MOI – a Memorandum of Incorporation of the Company
      as defined in the Companies Act;

	 	 	 
	 	(w) 	
      Net 1 - Net 1 Applied Technologies South Africa
      Proprietary Limited, a limited liability private company duly incorporated
      in accordance with the laws of RSA with registration number
      2002/031446/07;

	 	 	 
	 	(x) 	
      Ordinary "A" Shares - means an "A" ordinary no par
      value Share in the share capital of the Company, having the rights and
      privileges set out in the MOI of the Company;

3 

	 	(y) 	
      Participation Interest – the rights which a
      Shareholder has to generally participate in distributions made by the
      Company (on account of the shares held by a Shareholder in the Company
      from time to time and having regard to all shares in the Company then in
      issue) expressed as a percentage;

	 	 	 
	 	(z) 	
      Parties – collectively, Net 1, AJD Holdings and
      Richmark and where the context so indicates or requires, includes the
      Company, and "Party" shall mean any one of the Parties as the
      context may indicate;

	 	 	 
	 	(aa) 	
      PAT - the attributable profit after tax of the
      Company in respect of the applicable period, calculated in accordance with
      IFRS, and otherwise in accordance with past practice and
    methodology;

	 	 	 
	 	(bb) 	
      Person - shall bear the meaning ascribed thereto
      in section 1 of the Companies Act;

	 	 	 
	 	(cc) 	
      PBT – means the attributable profit before tax of
      the Company, as determined in accordance with IFRS, and otherwise in
      accordance with past practice and methodology, provided that for purposes
      of determining such PBT:

	 	(i) 	
      the PBT shall be normalised to exclude:

	 	 	 	 
	 		(A) 	
      any Extraordinary Items, before any tax
affects;

	 	 	 	 
	 		(B) 	
      the Company's share of profits and losses from its
      shareholding in International Tower Corporation Proprietary Limited;
      and

	 	 	 	 
	 	(ii) 	
      the PBT shall be normalised to include:

	 	 	 	 
	 		(A) 	
      up to 50% of the profits or losses, as the case may be,
      generated by Evercomm Proprietary Limited shall be included in the
      calculation;

	 	 	 	 
	 		(B) 	
      100% of the profit before tax of The Starterpack Company
      Proprietary Limited,

as determined by the Independent
Expert, acting as experts and not as arbitrators, in the event of a dispute;

	 	(dd) 	
      Prime Rate - the publicly quoted basic rate of
      interest (percent per annum, calculated daily, compounded monthly in
      arrear and calculated on a 365 day year) from time to time published by
      Investec Bank Limited as its prime overdraft lending rate, as certified by
      any manager of such bank, or his delegee, whose appointment and
      designation need not be provided, which shall in the absence of manifest
      or clerical error be prima facie proof thereof;

	 	 	 
	 	(ee) 	
      Richmark - Richmark Holdings Proprietary Limited,
      a limited liability private company duly incorporated in accordance with
      the laws of RSA with registration number 2000/013818/07;

	 	 	 
	 	(ff) 	
      Regulatory Approvals - means any applicable
      approvals required to be given by any Regulatory Authority in terms of any
      legislation and/or any regulations having the force of law in the RSA from
      time to time;

	 	 	 
	 	(gg) 	
      Regulatory Authorities - means any one or more
      relevant regulatory authority in the RSA, as the circumstances may
      require;

	 	 	 
	 	(hh) 	
      RSA – the Republic of South
  Africa;

4 

	 	(ii) 	
      Second Additional Subscription - shall bear the
      meaning ascribed thereto in clause 15.8;

	 	 	 	 
	 	(jj) 	
      Share – an ordinary share in the Company and
      "Shares" shall have a corresponding meaning;

	 	 	 	 
	 	(kk) 	
      Shareholders – the holders of Shares or Ordinary
      "A" Shares from time to time;

	 	 	 	 
	 	(ll) 	
      Signature Date – the date of signature of this
      Agreement by the last of its signatories;

	 	 	 	 
	 	(mm) 	
      Subscription Agreement - the subscription
      agreement, entered into between Net 1, the Company, Richmark and AJD
      Holdings in terms of which Net 1 will acquire an approximate 45%
      Participation Interest;

	 	 	 	 
	 	(nn) 	
      ZAR – South African Rand, being the legal currency
      of the RSA;

	 	 	 	 
	 	(oo) 	
      2018 Audit Date – the date on which the complete,
      signed (by the Board and auditors) 2018 Financial Statements are delivered
      to Shareholders;

	 	 	 	 
	 	(pp) 	
      2018 Financial Statements – the consolidated
      annual financial statements of the Company in respect of the financial
      year commencing on 1 July 2017 and ending on 30 June 2018;

	 	 	 	 
	 	(qq) 	
      2019 Audit Date – the date on which the complete,
      signed (by the Board and auditors) 2019 Financial Statements are delivered
      to Shareholders;

	 	 	 	 
	 	(rr) 	
      2019 PBT – PBT determined with reference to the
      2019 Financial Statements;

	 	 	 	 
	 	(ss) 	
      2019 Financial Statements – the consolidated
      annual financial statements of the Company in respect of the financial
      year commencing on 1 July 2018 and ending on 30 June 2019;

	 	 	 	 

	1.3 	
      any reference to any legislation is to such legislation
      as at the Signature Date and as amended or re-enacted from time to
      time;

	 	 
	1.4 	
      if any provision in a definition is a substantive
      provision conferring any right or imposing any obligation on any Party,
      then notwithstanding that it is only in the interpretation clause, effect
      shall be given to it as if it were a substantive provision in this
      Agreement;

	 	 
	1.5 	
      when any number of days is prescribed such number shall
      exclude the first and include the last day unless the last day falls on a
      day which is not a Business Day, in which case the last day shall be the
      next succeeding day which is a Business Day;

	 	 
	1.6 	
      unless any annexure provides otherwise, any annexure to
      this Agreement shall be deemed to be incorporated in and form part of this
      Agreement;

	 	 
	1.7 	
      any reference to days (other than a reference to Business
      Days) months or years shall be a reference to calendar days, months or
      years, as the case may be;

	 	 
	1.8 	
      the use of the words "including",
      "includes" and "include" followed by a specific example/s
      shall not be construed as limiting the meaning of the general wording
      preceding it and the rule of interpretation to the contrary shall not be
      applied in the interpretation of such general wording or such specific
      example/s;

	 	 
	1.9 	
      where any term is defined within the context of any
      particular clause in this Agreement, the terms so defined, unless it is
      clear from the clause in question that the term has limited application to
      the relevant clause, shall bear the meaning ascribed to it for all
      purposes in terms of this Agreement, notwithstanding that that term has not
been defined in this interpretation clause; 

5 

	1.10 	
      where figures are referred to in numerals and words, if
      there is any conflict between the two, the words shall prevail;

	 	 
	1.11 	
      the terms of this Agreement having been negotiated, the
      rule of interpretation to the effect that the Agreement shall be
      interpreted against the party responsible for its drafting shall not be
      applied in the interpretation of this Agreement; and

	 	 
	1.12 	
      the expiration or termination of this Agreement shall not
      affect any such provisions of this Agreement that expressly provide that
      they shall operate after such expiration or termination or which of
      necessity must continue to have effect after such expiration or
      termination, notwithstanding that the clauses themselves do not expressly
      provide for this.

INTRODUCTION 

	2.1 	
      As at the Signature Date, the issued shares of the
      Company are held as follows:

	 	 	 
		(a) 	
      AJD Holdings - 25 shares, constituting 20% of the issued
      shares in the Company;

	 	 	 
		(b) 	
      Gain - 25 shares, constituting 20% of the issued shares
      in the Company; and

	 	 	 
		(c) 	
      Richmark - 75 shares, constituting 60% of the issued
      shares in the Company.

	 	 	 
	2.2 	
      As at the date on which the Ordinary "A" Shares are
      issued to Net 1, the issued shares of the Company shall be held as
      follows:

	 	 	 
		(a) 	
      Net 1 – 44,999,999 Ordinary "A" Shares, constituting a
      45% Participation Interest;

	 	 	 
		(b) 	
      AJD Holdings - 32 ordinary shares, constituting a 14.08%
      Participation Interest;

	 	 	 
		(c) 	
      Richmark - 93 ordinary shares, constituting a 40.92%
      Participation Interest,

	 	 	 
	2.3 	
      This Agreement supersedes and replaces all prior
      agreements, whether oral or written, concluded between the Parties with
      regards to the subject matter hereof.

	 	 	 
	3. 	
      CONDITION PRECEDENT

	 	 	 
	3.1 	
      This Agreement (other than the provisions of clause 0,
      this clause 3 and clauses 0 to 0, by which the Parties shall be bound and
      remain bound from the Signature Date) is subject to the fulfilment of the
      condition precedent, that on or before 30 September 2017, the Framework
      Agreement has been entered into and become unconditional in accordance
      with its terms (other than in respect of any condition which requires this
      Agreement to become unconditional).

	 	 	 
	3.2 	
      If the Condition Precedent is not fulfilled on or before
      the date prescribed for fulfilment thereof in 3.1 (or such later date or
      dates as may be agreed in writing between the Parties) then:

	 	 	 
		(a) 	
      this whole Agreement (other than the provisions of clause
      0, this clause 3 and clauses 0 to 0, by which the Parties shall remain
      bound) shall be of no force or effect;

	 	 	 
		(b) 	
      the Parties shall be restored as near as possible to the
      positions in which they would have been had this Agreement not been
      entered into; and

	 	 	 
		(c) 	
      no Party shall have any claim against the others in terms
      of this Agreement.

6 

BUSINESS OF THE COMPANY

The main purpose and object of the
Company is to conduct the Business for the benefit of the Shareholders. 

MEMORANDUM OF INCORPORATION

	5.1 	
      To the extent that the provisions of the MOI of the
      Company are inconsistent with the provisions of this Agreement, the MOI of
      the Company shall, to the extent of any such inconsistency and to the
      extent required by the Companies Act, take precedence over this Agreement
      until the MOI of the Company is amended in accordance with 5.2. If
      however, the provisions of this Agreement merely supplement, but are not
      inconsistent with the MOI of the Company, then those supplementary
      provisions of this Agreement shall be given effect to by the
    Parties.

	 	 	 
	5.2 	
      Any Shareholder shall be entitled, by giving written
      notice to that effect to the Company and the other Shareholders, to
      require the MOI of the Company to be amended, to the extent permissible in
      terms of the Companies Act, so as to be consistent with this Agreement or
      to record the supplementary provisions of this Agreement. Upon receipt of
      that notice:

	 	 	 
		(a) 	
      the Company shall procure that a general meeting of the
      Shareholders of the Company is called as soon as practically possible;
      and

	 	 	 
		(b) 	
      the Shareholders shall exercise all votes which they may
      have to vote in favour of or procure the adoption of all resolutions of
      the Company necessary to amend the MOI of the Company in terms of this
      5.2.

FUNDING 

	6.1 	
      Any funding required by the Company in order to finance
      its capital expenditure and/or working capital, shall first be provided
      from the Company's own resources.

	 	 	 
	6.2 	
      Should the Company fail to meet the funding requirements
      from its own resources as provided for in 6.1, the Company shall endeavour
      to obtain funding from third party financiers based on its own
      creditworthiness.

	 	 	 
	6.3 	
      Should the Company fail to procure funding as provided
      for in 6.1 and 6.2 above, the Shareholders shall lend such required funds
      to the Company on Loan Account, pro rata to its Participation Interest,
      subject to 6.4.

	 	 	 
	6.4 	
      The following terms are applicable to Shareholders' Loan
      Account:

	 	 	 
		(a) 	
      The Board shall determine the Company's working capital
      and other funding requirements from time to time and shall, upon
      determining the Company's funding requirements, give written notice to
      each Shareholder of (i) the amount of funding required, (ii) the purpose
      for which the funding is required and (iii) the date by which the
      Shareholders are required to contribute their respective funding
      contributions pro rata to their Participation Interest (a Cash
      Call), provided that such decision by the Board to make a Cash Call
      shall be unanimous.

	 	 	 
		(b) 	
      Each Shareholder shall, by no later than the date
      specified in the Cash Call (which date shall not be less than 6 months
      from the date of the Cash Call) make payment of its Participation Interest
      of the total funding requirements set out in the Cash Call, in cash,
      without deduction or set-off, into the Company's bank
  account.

7 

	 	(c) 	
      All amounts advanced by the Shareholders to the Company
      pursuant to Cash Calls shall constitute a loan on Loan Account which loan
      shall (i) be subordinate to any bank indebtedness if so required by the
      applicable bank, and (ii) bear simple interest at the rate equal to the
      Prime Rate.

	 	 	 
	 	(d) 	
      Each Shareholder loan shall be in proportion to the
      Shareholders' respective Participation Interest at the time or in such
      other proportions as agreed in writing between the Shareholders
      (Proportionate Claims), and such Proportionate Claims will, unless
      otherwise agreed in writing be:

	 	(i) 	
      unsecured;

	 	 	 
	 	(ii) 	
      advanced simultaneously to the Company;

	 	 	 
	 	(iii) 	
      repayable to the Shareholders simultaneously and
      proportionately;

	 	 	 
	 	(iv) 	
      repaid prior to the declaration of any dividends or other
      distributions to the Shareholders, but after repayment to the Shareholders
      of any Disproportionate Claims (as defined in 6.4(f)); and

	 	 	 
	 	(v) 	
      be repaid by no later than 10 years after the date on
      which such funding was advanced or on such earlier date as determined by
      the Board, provided that the Proportionate Claims will immediately become
      due and payable in the event that:

	 	(A) 	
      the Company is placed in liquidation, whether provisional
      or final and/ or under business rescue; or

	 	 	 
	 	(B) 	
      the Company enters into a compromise or other similar
      arrangement with its creditors generally.

	 	(e) 	
      Each Shareholder shall use its corporate structures to
      procure the funding of its Shareholder loans, and shall not be entitled to
      use the assets of the Company as collateral in respect thereof.

	 	 	 	 
	 	(f) 	
      Should any Shareholder fail to provide its pro rata
      portion of any funding to the Company (Recalcitrant Shareholder)
      and the remaining Shareholder(s) (Non- Recalcitrant Shareholder(s))
      elect to fund such pro rata portion, the disproportionate portion of the
      claims (Disproportionate Claims) will be subject to the same terms
      and conditions as the Proportionate Claims, save that:

	 	 	 	 
	 		(i) 	
      they will attract simple interest at a rate equal to the
      Prime Rate plus 5%, which interest shall be paid on a quarterly basis in
      arrear;

	 	 	 	 
	 		(ii) 	
      they will rank ahead of the Proportionate Claims in
      respect of the repayment and will be repaid prior to the repayment of the
      Proportionate Claims and the Company's other payment obligations, subject
      to the approval of third party financiers;

	 	 	 	 
	 		(iii) 	
      amounts owed by the Company in respect of the
      Disproportionate Claims shall be assigned to, assumed and settled by the
      Recalcitrant Shareholder for and on behalf of the Company, as soon as the
      funding becomes available;

	 	 	 	 
	 		(iv) 	
      the Non-Recalcitrant Shareholder(s) shall be entitled to
      recover any costs of raising additional funding, over and above the
      recovery of interest, in respect of the Disproportionate Claim from the
      Recalcitrant Shareholder;

8 

	 	(v) 	
      the Recalcitrant Shareholder shall be required to provide
      the Non-Recalcitrant Shareholder(s) with a monthly report on the last day
      of each month, outlining the progress made as to the sourcing of funding;
      and

	 	 	 
	 	(vi) 	
      the Disproportionate Claim and any interest thereon shall
      be repaid as soon as the Recalcitrant Shareholder obtains the necessary
      funding.

	6.5 	
      The Parties hereby record and agree that there shall be
      no capitalisation of any Disproportionate Claim into shares by the
      Non-Recalcitrant Shareholder.

	 	 	 
		
      SURETYSHIPS AND GUARANTEES

	 	 	 
	7.1 	
      No Shareholder will be required or obliged to issue any
      guarantee, suretyship or indemnity to third parties for the obligations of
      the Company and/or its subsidiaries unless previously agreed by all of the
      Shareholders in writing, including the Shareholder who is required to give
      such guarantee, suretyship or indemnity.

	 	 	 
	7.2 	
      Should any of the Shareholders issue any guarantees,
      suretyships or indemnities in accordance with the written approval of all
      of the Shareholders as aforesaid, all the Shareholders shall bear any loss
      or damage arising out of any such guarantee, suretyship or indemnity
      strictly pro rata to their respective shareholdings in the Company at the
      time the guarantee, suretyship or indemnity was given, and the
      Shareholders hereby indemnify each other accordingly.

	 	 	 
		
      DIRECTORS AND MEETINGS OF DIRECTORS AND
      SHAREHOLDERS

	 	 	 
	8.1 	
      Appointment and removal of Directors

	 	 	 
		(a) 	
      Each Shareholder undertakes to co-operate to procure the
      election and/or removal, as the case may be, of any person nominated by
      any other Shareholder, in compliance with this 8.1, and, for this purpose,
      shall vote in favour of or sign any resolution of Shareholders which is
      required to effect such election in terms of section 68 of the Companies
      Act, or removal, in terms of section 71 of the Companies Act.

	 	 	 
		(b) 	
      It is agreed that -

	 	(i) 	
      the Company shall have a minimum of 3
Directors.

	 	 	 
	 	(ii) 	
      each Shareholder shall be entitled, by giving written
      notice to that effect to the Company from time to time,
  to:

	 	(A) 	
      nominate one Director to the candidate pool for election
      as Directors. It is recorded that the Director nominated by AJD Holdings
      is Andrew Dunn and that he is the designated chief executive officer of
      the Company.

	 	 	 
	 	(B) 	
      nominate for election one or more alternate(s) to the
      Directors nominated by it; and

	 	 	 
	 	(C) 	
      request that the Company call a shareholders' meeting to
      elect the persons nominated by it or to remove any Director (or alternate)
      nominated by it and elected to serve on the Board, in terms of section 71
      of the Companies Act;

	 	(iii) 	
      no Shareholder shall nominate any person to the candidate
      pool for election as a Director:

	 	 	 	 
	 		(A) 	
      unless pursuant to consultation with the other
      Shareholders; or

9 

	 	(B) 	
      if that person's directorship will contravene this
      Agreement or the Companies Act.

	 	(c) 	
      Each person appointed as a Director or alternate shall,
      prior to his appointment becoming effective, but save to the extent
      otherwise agreed in writing by the Company, execute a written
      acknowledgement in which he:

	 	 	 	 
	 		(i) 	
      acknowledges and agrees that he will not have any claims
      against the Company for remuneration or compensation for services rendered
      to the Company or for reimbursement of expenses incurred in the business
      of the Board other than such remuneration or reimbursement, if any, as may
      be approved by the Board; and

	 	 	 	 
	 		(ii) 	
      furnishes the Company with a postal address and e-mail
      address at which notice of meetings shall be given to him.

	 	 	 	 
	 	(d) 	
      Any Shareholder which has nominated a Director to the
      candidate pool for election in terms of 8.1(b)(ii) shall:

	 	 	 	 
	 		(i) 	
      procure the resignation of that Director as soon as
    –

	 	(A) 	
      that Shareholder ceases to be entitled to nominate that
      Director in terms of 8.1(b), whether as a result of that Shareholder
      ceasing to be a Shareholder or otherwise; or

	 	 	 
	 	(B) 	
      the continued directorship of that Director would
      contravene this Agreement or the Companies Act;
and

	 	(ii) 	
      indemnify the Company against any loss, liability,
      damage, cost or expense which may be suffered or incurred by the Company
      as a result of any removal or resignation of such Director from the
      Board.

	8.2 	
      Voting at meetings

	 	(a) 	
      Board meetings:

	 	 	 	 
	 		(i) 	
      Subject to 8.7(a), resolutions of the Board shall be
      passed by a majority of the votes of the Directors cast at quorate
      meetings on the basis that each Director at quorate meetings of the Board
      shall have that percentage of the total votes of all Directors which
      corresponds with the Participation Interest in the Company held by the
      Shareholder which nominated such Director, divided by the number of
      Directors nominated by such Shareholder, who are present and voting at
      such meeting. Each Director who was not nominated by a particular
      Shareholder for election to the Board shall have 1 vote on a resolution of
      the Board.

	 	 	 	 
	 		(ii) 	
      Any Director who is absent from any meeting may nominate
      any other Director to act as his alternate and to attend, speak and vote
      in his place at the meeting. Such vote of the Director so nominated as an
      alternate to the absent Director shall be in addition to any vote he may
      have as a Director himself.

	 	 	 	 
	 	(b) 	
      Shareholder meetings:

	 	 	 	 
	 		(i) 	
      At meetings of Shareholders, each Shareholder shall have
      a proportion of the votes corresponding to that Shareholder's
      Participation Interest.

10 

	 	(ii) 	
      Subject to the Companies Act and any other provision of
      this Agreement, all resolutions of Shareholders at general meetings of
      Shareholders shall be passed by majority vote at a quorate meeting of
      Shareholders.

	 	 	 
	 	(iii) 	
      Each Shareholder undertakes in favour of the other
      Shareholders to exercise all voting rights attaching to any Shares held by
      it to implement and observe the provisions of this
  Agreement.

	8.3 	
      Quorate meetings

	 	(a) 	
      Subject to 8.3(b), a quorum for the meeting of:

	 	 	 	 
	 		(i) 	
      the Board, shall be one Board representative of each
      Shareholder; and

	 	 	 	 
	 		(ii) 	
      Shareholders, shall be one representative of each
      Shareholder.

	 	 	 	 
	 	(b) 	
      Notwithstanding 8.3(a), if no quorum is present at any
      duly convened meeting of the Board or Shareholders within 30 minutes after
      the scheduled time for commencement of that meeting, the meeting shall be
      adjourned to be resumed at the same time and venue on the seventh day
      thereafter, or if that day is not a Business Day to the next succeeding
      Business Day. If at such adjourned meeting a quorum is not present within
      30 minutes after the scheduled time for commencement of that meeting, the
      Directors or Shareholders, as the case may be, present shall, constitute a
      quorum. Written notice of each adjournment specifying the business to be
      dealt with at the adjourned meeting shall be given by the Company to each
      of the Directors or Shareholders, as the case may be, forthwith after such
      adjournment. No business shall be transacted at the resumption of any
      adjourned meeting other than the business left unfinished at the meeting
      from which the adjournment took place.

	8.4 	
      Chairman

	 	(a) 	
      AJD Holdings and Richmark shall (for so long as they
      between them hold the majority of the Participation Interest) jointly
      elect a chairman from among the Board who shall-

	 	 	 	 
	 		(i) 	
      chair and determine the procedures to be followed at all
      meetings of the Board and Shareholders; and

	 	 	 	 
	 		(ii) 	
      not have a deliberative or casting vote, in the event of
      a deadlock.

	 	 	 	 
	 	(b) 	
      In the event that the chairman is absent from any given
      board meeting, the chairman shall appoint a proxy to vote in his/her stead
      at the relevant board meeting.

	8.5 	
      Convening of Board meetings

	 	 
		
      Any Director, or the company secretary (if one is
      appointed) may convene a meeting of Directors at any time by giving not
      less than seven days (or such lesser period as may be reasonable in the
      circumstances) written notice of such meeting to the other Directors and
      the Company.

	 	 
	8.6 	
      Meetings may be held with the aid of communications
      equipment

	 	 
		
      Without limiting the discretion of the Directors or
      Shareholders to regulate their meetings, Directors or Shareholders of the
      Company, as the case may be, may participate in and act at any meeting of
      –

	 	(a) 	
      Directors, as provided for in section 73(3) of the
      Companies Act; or

11 

	 	(b) 	
      Shareholders as provided for in section 63(2) of the
      Companies Act.

	8.7 	
      Written resolution

	 	(a) 	
      Subject to the Companies Act, a written resolution of
      Shareholders or Directors of the Company which has been signed by the
      majority of the Shareholders or Directors (or their alternates), as the
      case may be, and upon which the requisite majority of Shareholders or
      Directors indicate their approval of the resolution, shall be as valid and
      effective as if it had been adopted by a duly convened meeting of
      Shareholders or Directors, as the case may be.

	 	 	 
	 	(b) 	
      Unless the contrary is stated therein, any such
      resolution shall be deemed to have been passed on the date on which it was
      signed by or on behalf of the Shareholder or Director, as the case may be,
      who signed it last. The resolution may consist of one or more documents
      each signed by one or more Shareholders or Directors (or their
      alternates), as the case may be.

	 	 	 
	 	(c) 	
      A scanned copy of the resolution shall be sufficient
      evidence that such resolution has been signed by the Shareholder or
      Director whose signature appears thereon.

RESERVED MATTERS 

	9.1 	
      The approval of the Shareholders holding at least 75% of
      the Participation Interest shall be required for those matters, as set out
      in section 65(11) of the Companies Act and the undermentioned matters (and
      notwithstanding anything to the contrary contained in this Agreement, the
      powers of the Board shall accordingly be limited in regard to the matters
      set out below until the Shareholders have voted on and approved a
      particular matter:

	 	 	 
		(a) 	
      the disposal or transfer (whether directly or through a
      subsidiary or other vehicle) of any business, share, asset or other
      investment (in the case of an asset otherwise than in the ordinary course
      of business of the Company);

	 	 	 
		(b) 	
      the establishment, acquisition or purchase of any
      business, share, asset or other investment (in the case of an asset
      otherwise than in the ordinary course of business of the
  Company);

	 	 	 
		(c) 	
      the Encumbering of any assets of the Company in any
      manner whatsoever;

	 	 	 
		(d) 	
      any change in the basis of accounting or accounting
      policies from those used during the immediately preceding financial year
      otherwise than in accordance with IFRS;

	 	 	 
		(e) 	
      any agreement between the Company and any Shareholder or
      any holding company or subsidiary of any Shareholder or any person holding
      at least 5% of the total Participation Interest of any
  Shareholder;

	 	 	 
		(f) 	
      the revaluation of any material asset;

	 	 	 
		(g) 	
      any decision to cover or not to cover forward any amounts
      receivable or payable in a currency other than ZAR;

	 	 	 
		(h) 	
      any decision not to insure (or to insure for a lesser
      amount) against such risks as may be recommended by the Company's
      insurance brokers;

	 	 	 
		(i) 	
      any termination of or amendment to the Company's
      retirement or medical aid funding;

	 	 	 
		(j) 	
      any amendment to the Company's
MOI;

12 

	 	(k) 	
      any increase in, alteration or reduction or conversion of
      the Company's authorised or issued share capital;

	 	 	 
	 	(l) 	
      any variation of any of the rights attaching to any
      Shares or class of Shares in the Company;

	 	 	 
	 	(m) 	
      the issue or allotment by the Company of any shares of
      whatsoever class, bonus Shares, share options, share warrants or
      debentures, in each case other than as expressly provided for in this
      Agreement;

	 	 	 
	 	(n) 	
      the repurchase of any of the Company's issued
    Shares;

	 	 	 
	 	(o) 	
      the liquidation or winding-up or the discontinuance of
      the business activities of the Company;

	 	 	 
	 	(p) 	
      any matter relating to the financing or capital or
      borrowings of the Company which would have the effect of directly or
      indirectly reducing the proportionate shareholding of any
    Shareholder;

	 	 	 
	 	(q) 	
      any re-structuring of the Company, merger of the Company
      and any other entity and any joint venture agreements;

	 	 	 
	 	(r) 	
      any material change in the nature of the business of the
      Company;

	 	 	 
	 	(s) 	
      any appointment and removal of auditors to the
      Company;

	 	 	 
	 	(t) 	
      the listing of any Shares or share options on any
      recognised stock exchange;

	 	 	 
	 	(u) 	
      the incurring of any direct indebtedness (other than
      trade debt in the ordinary course of business) other than as contemplated
      in the Budget and Business Plan;

	 	 	 
	 	(v) 	
      the issue of guarantees, suretyships, letters of comfort
      or other similar undertakings (other than to secure trade debt in the
      ordinary course of business) other than as contemplated in the Budget and
      Business Plan;

	 	 	 
	 	(w) 	
      the incurring of any direct indebtedness (other than
      trade debt in the ordinary course of business) plus guarantees,
      suretyships, letters of comfort or other similar undertakings (other than
      to secure trade debt in the ordinary course of business) other than as
      contemplated in the Budget and Business Plan;

	 	 	 
	 	(x) 	
      the authorisation of foreign exchange commitments, unless
      such commitments are contemplated in the Budget and Business
  Plan;

	 	 	 
	 	(y) 	
      the instituting of any material litigation or settlement
      of any material claim or any such claim or settlement which is strategic
      in nature and falls outside of the ordinary course of business (regardless
      of materiality), but specifically excluding the institution of any legal
      proceedings against any Shareholder or Director; and

	 	 	 
	 	(z) 	
      and the aforegoing shall apply, mutatis mutandis,
      in relation to any Group Company.

	9.2 	
      This entire clause 0 shall automatically fall away and be
      of no further force and effect on the earlier to occur of the
      implementation of the option contained in clause 0 or 0.

	 	 
		
      DIVIDEND POLICY

	 	 
	10.1 	
      The dividend policy of the Company shall be determined by
      the Board from time to time having regard to the needs, expenditure and
      requirements (including working capital requirements) of the Company, and
      subject to the provision set out below.

13 

	10.2 	
      Without limiting the generality of 10.1, it as agreed
      that the dividends to be declared and paid by the Company to its
      shareholders shall be determined by the Board having regard to
  -

	 	(a) 	
      the solvency and liquidity requirements as set out in
      section 46(1) of the Company as envisaged in the Companies Act;

	 	 	 
	 	(b) 	
      the requirements of the Company to meet its capital
      expenditure, debt servicing and normal working capital requirements,
      including as contained/provided for in the Company's applicable budget
      approved by the Board from time to time.

	10.3 	
      In the event that the Board elects to declare dividends,
      subject to 10.2, the distributable profits of the Company shall be paid to
      the Shareholders as a dividend as soon as reasonably possible, pro rata
      to their Participation Interest for the time being, unless the
      Shareholders unanimously resolve to establish other reserves or carry
      forward or retain all or a portion of the profits into the next fiscal
      year.

	 	 
	10.4 	
      The Company shall pay any dividend referred to in this 0
      as soon as practically possible after they have been declared.

	 	 
	10.5 	
      Notwithstanding the aforegoing, and save as provided for
      in 10.6 no dividend shall be paid:

	 	(a) 	
      until all the Disproportionate Claims (if any) and Loan
      Accounts (if any), and any interest which accrued thereon, have been
      repaid in full, save that any loan arising pursuant to the provisions of
      clause 11.2 of the Subscription Agreement in respect of funding the
      purchase of The Starter Pack Company shall not be repayable in priority to
      any dividend payment; and

	 	 	 
	 	(b) 	
      out of the proceeds of any
borrowing.

	10.6 	
      Notwithstanding the provisions of clause 10.5 and subject
      to any Regulatory Approvals, the holders of the Ordinary Shares shall be
      entitled to any dividends declared in accordance with clauses 0, clause 0,
      the Subscription Agreement, the Additional Subscription Agreement and the
      Second Additional Subscription Agreement in priority to the repayment of
      any Disproportionate Claims and Loan Accounts.

	 	 
		
      MANAGEMENT

	 	 
	11.1 	
      Control of and responsibility for the management,
      administration and operations of the business of the Company shall vest in
      the Board.

	 	 
	11.2 	
      The Board shall conduct the Business in the ordinary
      course and in a manner that is consistent with past practice and in
      accordance with the Budget and Business Plan of the Company, it being
      agreed that the day to day management of the Company shall be delegated to
      the CEO.

	 	 
	11.3 	
      In the event that: (i) the majority of the voting rights
      exercisable by the Board vests in Net 1, and (ii) that Board takes any
      decision which requires the CEO to conduct the Business in a manner which
      would require a material deviation from the Budget and Business Plan at
      any time during the Measurement Period ("Deviation Event"), then,
      subject to compliance in full with the remaining provisions of this clause
      0, the CEO (on behalf of the Company) shall be entitled (bot not obliged)
      to give written notice ("Acceleration Notice") to Net 1 to
      accelerate its subscription under the Additional Subscription Agreement,
      and the Second Additional Subscription. On receipt of a valid Acceleration
      Notice, Net 1's obligation to subscribe for (and the Company's
      corresponding obligation to allot and issue):

	 	(a) 	
      the additional Ordinary A Share on the Subscription Date
      (as defined in the Additional Subscription Agreement); and

	 	 	 
	 	(b) 	
      the additional Ordinary A Share in terms of the Second
      Additional Subscription, shall be deemed to be the date 5 Business Days following the
date of the Acceleration Notice and the provisions relating to payment in the
Additional Subscription Agreement and the Second Additional Subscription shall
apply in relation thereto, mutatis mutandis save that the (i)
subscription price shall be ZAR 360,000,000 for each Ordinary A Share and capped
at ZAR 720,000,000, being the maximum subscription price payable for both the
Additional Subscription Agreement and the Second Additional Subscription
(subject to the remaining provisions of this clause 0).

14 

	11.4 	
      In the event that the CEO wishes to deliver an
      Acceleration Notice to Net 1, the CEO shall first be required to refer the
      Deviation Event to the "Panel of Experts" (as constituted below) in
      order for the Panel of Experts to confirm, that the events complained of
      by the CEO in fact constitutes a Deviation Event which should therefore
      entitle the CEO to trigger an Acceleration Notice. Net 1 and the CEO shall
      be afforded a reasonable opportunity to make representations to the Panel
      of Experts in person. The Panel of Experts decision shall be final and
      binding (in the absence of manifest error).

	 	 
	11.5 	
      The Panel of Experts shall be comprised of 1
      non-executive director of Net 1 and one non- executive director of Blue
      Label. The representatives, on consultation with the CEO, shall appoint a
      reputable, independent, appropriately qualified third person to the panel.
      Notwithstanding the aforegoing, the appointment of the third qualified
      person to the panel shall be the sole discretion of the representatives.
      The decision of the Panel of Experts shall be made by way of a majority
      vote.

	 	 
		
      RESTRICTIONS ON TRANSFERS AND ENCUMBRANCE OF
      SHARES

	 	 
	12.1 	
      Subject to 12.2, any Shareholder (solely after the
      Measurement Period) may only Dispose of or Encumber any Shares held by it
      in the Company in terms of this 0, 0 and any other provision of this
      Agreement specifically providing for Disposal and/or
Encumbrance.

	 	 
	12.2 	
      Notwithstanding anything to the contrary contained herein
      or in the Company's MOI, unless otherwise agreed by the Shareholders in
      writing:

	 	(a) 	
      for the duration of the Measurement Period, no Party
      shall be entitled to sell or in any other way Dispose of its Shares in the
      Company to a third party, unless the other Parties have waived, in
      writing, their pre-emptive rights to be offered such Shares in terms of
      0;

	 	 	 
	 	(b) 	
      after the expiry of the Measurement Period, no Party
      shall be entitled to sell or in any other way Dispose of its Shares in the
      Company to a third party, other than as expressly permitted in terms of
      this Agreement; and

	 	 	 
	 	(c) 	
      no Shareholder (other than (i) Net 1, which shall be
      entitled to Encumber its shares in favour of Rand Merchant Bank, and (ii)
      AJD Holdings and Richmark, each of which shall be entitled to Encumber
      their shares in favour of Peter Gain to facilitate the implementation of
      the transactions contemplated in the Framework Agreement) shall be
      entitled to Encumber its Shares without the prior written consent of the
      other Shareholders.

	12.3 	
      Subject to 12.1, 12.2 and 0, notwithstanding anything to
      the contrary in the MOI for the time being, but save as specifically
      otherwise agreed to in writing by all of the Shareholders or specifically
      permitted by this Agreement, a Shareholder may only Dispose of any of its
      Shares in the Company if, in one and the same transaction it also Disposes
      of that portion of its Loan Account (if any) (Corresponding Loan
      Account) which bears the same proportion to its entire Loan Account
      (if any) as the number of Shares so Disposed of bear to the Participation
      Interest held by that Shareholder.

15 

PRE-EMPTIVE RIGHTS 

	13.1 	
      Subject to 0, if, following the expiry of the Measurement
      Period, any Shareholder (Offeror), wishes to Dispose or receives an
      offer for the purchase of any of its Shares in the Company, as the case
      may be, it shall first offer those Shares and its claims in respect of the
      Corresponding Loan Account to the remaining Shareholders
      (Offeree).

	 	 
	13.2 	
      Such offer contemplated in 13.1 (Offer)
    shall:

	 	(a) 	
      be in writing;

	 	 	 
	 	(b) 	
      be irrevocable and open for acceptance by the Offeree/s
      for a period of 30 days following the date of receipt of the Offer by the
      Offeree/s (First Period);

	 	 	 
	 	(c) 	
      stipulate a cash price (which shall be expressed and
      payable in ZAR) at which the Offeror is prepared to Dispose of its Shares
      and claims in respect of the Corresponding Loan Account or at which the
      Offeror has received an offer for the purchase of the Shares concerned and
      its claims in respect of the Corresponding Loan Account. Such purchase
      price shall be –

	 	(i) 	
      payable free of deduction or set-off at the Company's
      registered office against delivery of the Shares in negotiable form and
      cession of the claims in respect of the Corresponding Loan Account to the
      Offerees;

	 	 	 
	 	(ii) 	
      be capable of acceptance in whole or in part;
  and

	 	 	 
	 	(iii) 	
      not be subject to any other term or
  condition.

	13.3 	
      If any of the Offeree/s do not accept the Offer or accept
      the Offer in part for the Shares and claims in respect of the
      Corresponding Loan Account offered to it (Declining Offeree), the
      Offeree/s who have accepted the Offer (Accepting Offerees) shall be
      entitled, within seven days after either the Declining Offeree has stated
      in writing that it does not accept the Offer (whether in whole or in part)
      or the expiry of the First Period, whichever is the earlier, to accept the
      Offer in respect of the Shares and claims in respect of the Corresponding
      Loan Account offered to the Declining Offeree and not accepted by it
      (Declined Offer) at the price and on the same terms and conditions,
      mutatis mutandis, stated in the Offer rateably in proportion to
      their respective Participation Interests having regard to the total
      Participation Interest held between them (or in such other proportions as
      may be agreed upon between them) and this procedure shall be repeated as
      often as is necessary until the Shares and claims in respect of the
      Corresponding Loan Account offered have been acquired or until no
      Accepting Offeree remains who is willing to accept the Declined Offer in
      whole or in part.

	 	 
	13.4 	
      If the procedure in 13.2 and 13.3 is completed and no
      Accepting Offeree remains who is willing to accept the Declined Offer in
      whole or in part, then the Offeror shall be entitled within 30 days after
      such non-acceptance, to offer in writing (Outside Offer) to Dispose
      of and transfer all of its Shares and claims in respect of the
      Corresponding Loan Account which formed the subject matter of the Offer
      and in respect of which the Offer was not accepted to any bona fide person
      (Third Party) at a price not lower and on terms and conditions not
      more favourable to the Third Party than those at which the Offeree/s were
      entitled to purchase those Shares and claims in respect of the
      Corresponding Loan Account in terms of the Offer; provided that the whole
      (and not part) of the Outside Offer shall be accepted by the Third
      Party.

	 	 
	13.5 	
      Transfer of the Offeror's Shares to the Third Party shall
      thereafter be registered as soon as possible, provided that
  -

16 

	 	(a) 	
      the identity of the Third Party will have been approved
      by the Board by way of resolution, which approval may not be unreasonably
      withheld;

	 	 	 
	 	(b) 	
      the Third Party will have agreed in writing to be bound,
      mutatis mutandis, in place of the Offeror to this Agreement and any
      other agreement for the time being subsisting between the Parties to the
      extent to which such agreement regulates their relationship inter se
      as Shareholders.

DEEMED OFFER 

	14.1 	
      Trigger events

	 	(a) 	
      A "Trigger Event" shall occur in relation to any
      Shareholder (Deemed Offeror) if -

	 	 	 	 
	 		(i) 	
      the Deemed Offeror becomes (whether voluntarily or
      otherwise) makes application for or otherwise becomes subject to any
      provisional or final order for its liquidation, sequestration, winding up,
      judicial management or is made subject to any similar disability
      (including the commencement of business rescue proceedings) or is
      deregistered; or

	 	 	 	 
	 		(ii) 	
      such Shareholder (Controlled Entity) undergoes a
      change of control, such that the Controlling member or Controlling
      shareholder (Controlling Party) of the Controlled Entity transfers
      its shares or other interest in the Controlled Entity to any third party
      (other than between or among shareholders or members of the Controlled
      Entity) and such transfer results in the Controlled Entity ceasing to be
      ultimately Controlled, directly or indirectly, by all or some of the
      Controlling Parties of the Controlled Entity, provided that in respect of
      Net 1 it shall not include any change of Control in Net 1 UEPS
      Technologies, Inc.;

	 	 	 	 
	 		(iii) 	
      the Deemed Offeror compromises or offers to compromise
      with its creditors generally.

	 	 	 	 
	 	(b) 	
      The Company (or any Director) shall give written notice
      to each Shareholder as soon as it becomes aware that any Trigger Event has
      occurred and each Shareholder which becomes aware that any Trigger Event
      has occurred shall, if the Company has not already given such a notice in
      respect of that Trigger Event, give the Company written notice of such
      Trigger Event.

	14.2 	
      Deemed Offers:

	 	(a) 	
      If a Trigger Event has occurred, then the Deemed Offeror
      shall be deemed, on the day (Offer Date) prior to the occurrence of
      such Trigger Event, to have offered (Deemed Offer) to sell all of
      its Shares and Corresponding Loan Account (if any) in the Company
      (Offered Interest), to the remaining Shareholders (Deemed
      Offeree(s)).

	 	 	 	 
	 	(b) 	
      The Deemed Offer shall be on the following terms and
      conditions:

	 	 	 	 
	 		(i) 	
      the Deemed Offer shall be deemed to have been made to all
      the Deemed Offeree(s) pro rata to their holdings of Participation Interest
      as at the Offer Date inter se;

	 	 	 	 
	 		(ii) 	
      the Deemed Offeree(s) shall each be entitled (but not
      obliged), by giving the Deemed Offeror and the Company written notice to
      that effect (Sale Notice), within the Deemed Offer Period to
      purchase from the Deemed Offeror, any portion of the Offered Interest that
      has been deemed to be offered to them (the Offered Interest so purchased
      is herein referred to as Sale Interest). In addition, the Deemed Offeree(s) may in the Sale Notice accept
the Deemed Offer of the Offered Interest to any other Deemed Offeree. The date
of receipt by the Company of the Sale Notice is referred to as the "Sale
Date". The "Deemed Offer Period" for each Deemed Offeree shall mean
the period expiring twenty one days after the later of: 

17 

	 	(A) 	
      the date on which he receives the Sale Notice referred to
      in 14.2(b); or

	 	 	 
	 	(B) 	
      the date on which the Sale Price is determined as
      referred to in 14.2(b)(iv).

	 	(iii) 	
      if:

	 	(A) 	
      a Deemed Offeree (Further Offeree) accepts the
      entire Deemed Offer to it and in such acceptance also accepts to any
      extent (Further Acceptance) the Deemed Offer of the Offered
      Interest to any other Deemed Offeree; and

	 	 	 
	 	(B) 	
      any other Deemed Offeree does not accept the Deemed Offer
      to him in respect of certain of the Offered Interest (Available
      Interest),

then the Available Interest shall be
deemed on the expiry of the Deemed Offer Period to have been offered to the
Further Offeree(s) pro rata to their respective holdings of shares inter se at
the time of the Deemed Offer and shall, to the extent of their Further
Acceptances, be deemed to have been accepted by the Further Offeree(s). The
Available Interest so purchased will form part of the Sale Interest. If, after
that Deemed Offer and acceptance, there remains any Available Interest in
respect of which the Deemed Offer has not been deemed to be accepted, then the
Deemed Offer and acceptance provided for in this 0 shall be repeated as many
times as is necessary to ensure that either there is no Available Interest in
respect of which the Deemed Offer has not been accepted or there is no remaining
Further Acceptance which could (in terms of this 0) result in an Available
Interest being sold to a Further Offeree, whichever occurs sooner. The Company
shall give written notice of the circumstances referred to in 14.2(b)(ii) to all
the Deemed Offeree(s); 

	 	(iv) 	
      the price for all the Sale Interest (Sale Price)
      shall be the:

	 	(A) 	
      Fair Value of the Shares forming the subject of the
      Deemed Offer; plus;

	 	 	 
	 	(B) 	
      face value (unless the Fair Value thereof would be lower,
      in which case the Fair Value shall apply) of the Corresponding Loan
      Account,

as at the date of the Deemed Offer.

	 	(v) 	
      The sale of the Sale Interest shall be subject to the
      suspensive condition that all regulatory approvals (if any) which are
      necessary for the implementation of that sale, are granted unconditionally
      (or subject to such conditions as may be approved in writing by the
      Parties affected thereby) as soon as reasonably possible after acceptance
      of the Deemed Offer; provided that the Deemed Offeror and that Deemed
      Offeree(s) shall be obliged to use all reasonable endeavours to procure
      that all such regulatory approvals are obtained as expeditiously as
      possible;

18 

	 	(vi) 	
      the Deemed Offeree(s) who accepts the Deemed Offer shall
      pay the Sale Price to the Deemed Offeror on the seventh day after the Sale
      Date or, if applicable, the date on which the Independent Experts advises
      the Parties in writing of its determination of the Sale Price in terms of
      14.2(b)(iv) (Delivery Date), against delivery of the share
      certificates in respect of the Shares included in the Sale Interest
      together with duly signed transfer forms (left blank as to the transferee)
      in respect thereof and a written cession of the Loan Account (if any)
      included in the Sale Interest. Those Deemed Offeree(s) shall also pay any
      securities transfer taxes payable in respect of such sale;

	 	 	 
	 	(vii) 	
      the Deemed Offeror shall be deemed to warrant to each
      Deemed Offeree who accepts the Deemed Offer that as at the Delivery
      Date:

	 	(A) 	
      the Deemed Offeror will be the sole beneficial owner of
      the Sale Interest;

	 	 	 
	 	(B) 	
      the Deemed Offeror will be entitled and able to give free
      and unencumbered title to the Sale Interest to the accepting
    Offerees;

	 	 	 
	 	(C) 	
      save as provided for in this Agreement, no person will
      have any existing or future right (including an option or right of first
      refusal) to acquire any of the Sale Interest;
and

	 	(viii) 	
      all rights and obligations of the Deemed Offeree(s) who
      accept the Deemed Offer shall be several (and not joint and not joint and
      several).

INITIAL NET 1 OPTION TO SUBSCRIBE
FOR ORDINARY "A" SHARE 

	15.1 	
      In the event that the Company has not already allotted
      and issued all of the remaining Ordinary "A" Shares in the Company (other
      than the 1 Ordinary "A" Share being subject to the Additional Subscription
      Agreement and the 1 Ordinary "A" Share being subject to the Second
      Additional Subscription) to Blue Label after the Effective Date but prior
      to the first anniversary of the Effective Date, Net 1 shall have the
      irrevocable right and option to subscribe for, and be allotted and issued,
      all of the authorised but unissued Ordinary "A" Shares (other than the 1
      Ordinary "A" Share being subject to the Additional Subscription Agreement
      and the 1 Ordinary "A" Share being subject to the Second Additional
      Subscription ) in terms of the provisions of this clause 0, subject to any
      Regulatory Approval that may be required, as contemplated in 0.

	 	 
	15.2 	
      Net 1 shall be entitled, at any time within a period of
      20 Business Days after the 2018 Audit Date, to exercise its option
      contained in this clause 0 by giving written notice thereof to the
      Company.

	 	 
	15.3 	
      The subscription price at which the Ordinary "A" Shares
      will be issued shall be the same as the subscription price paid per
      Ordinary "A" Share under the Subscription Agreement (plus an amount equal
      to 45% of the PAT of the Company determined with reference to the 2018
      Financial Statements less 45% of all distributions received by holders of
      ordinary shares in the Company during the same financial year)
      (Subscription Price).

	 	 
	15.4 	
      The Shareholders agree to do all things necessary,
      including signing any document and passing the required ordinary
      resolution in terms of section 41(3) of the Companies Act, to give effect
      to the issue of the Ordinary "A" Shares, as envisaged in terms of 15.1.
      Should a Shareholder fail to so do anything to give effect to the issue of
      the Ordinary "A" Shares, that Shareholder hereby appoints the any Director
      nominated by Net 1 as its attorney and agent in rem suam, in its
      name, place and stead to do all such things and sign all such documents on
      its behalf.

19 

	15.5 	
      The Company shall, as soon as reasonably possible,
      confirm that: (i) any and all Regulatory Approvals have been obtained, and
      (ii) any and all required board and shareholder resolutions have been
      passed, and the Company shall together with such confirmations provide to
      Net 1 pro forma copies of those documents which, upon the issuance of the
      Ordinary "A" Shares, will evidence Net 1 as the lawful and beneficial
      holder thereof (comprising a pro forma unsigned copy of a share of the
      share certificate and an excerpt of the securities register reflecting all
      changes to be made). Against compliance in full by the Company with the
      aforegoing, Net 1 shall pay the full subscription price in cash into an
      account nominated by the Company in writing and the Company shall
      immediately against receipt of the full subscription price deliver the
      duly signed share certificates and copy of the updated securities register
      evidencing Net 1 as the holder of the Ordinary "A" Shares.

	 	 
	15.6 	
      The company warrants to and in favour of Net 1 that the
      Ordinary "A" Shares which are subject to the option contained in this
      clause 0 will be validly issued and held by Net 1 and will confer on Net 1
      as the holder thereof not less than a 45% Participation
Interest.

	 	 
	15.7 	
      An amount equal to the Subscription Price (less any taxes
      and/or withholding taxes, to the extent applicable) shall be distributed
      by the Company to AJD Holdings and Richmark, as holders of the ordinary
      Shares, in accordance with their terms, subject to compliance with
      Applicable Law.

	 	 
	15.8 	
      In the event that Net 1 exercises its option in terms of
      this 0, the Parties agree that Net 1 shall subscribe for a further
      Ordinary "A" Share in the Company, on the same terms and conditions as
      contained in the Additional Subscription Agreement mutatis mutandis
      (Second Additional Subscription).

	 	 
		
      SUBSEQUENT NET 1 OPTION TO SUBSCRIBE FOR ORDINARY "A"
      SHARES

	 	 
	16.1 	
      To the extent that Net 1 has not exercised the option
      contained in clause 0, Net 1 shall have the irrevocable right and option
      (Net 1 Option), to subscribe for, and be allotted and issued, all
      of the Ordinary "A" Shares (other than the 1 Ordinary "A" Share being
      subject to the Additional Subscription Agreement) in terms of the
      provisions of this clause 16, subject to any Regulatory Approval that may
      be required, as contemplated in 0.

	 	 
	16.2 	
      Net 1 shall be entitled, at any time within a period of
      20 Business Days after the 2019 Audit Date, to exercise its option
      contained in this clause 0 by giving written notice thereof to the
      Company.

	 	 
	16.3 	
      The subscription price at which the Ordinary "A" Shares
      will be issued shall be determined by solving for "A" in the following
      formula:

A = B x C x D + E 

where: 

B     means the
2019 PBT; 

C     means 6.93

D     means 0.45

E     means an
amount equal to 45% of the PAT of the Company determined in terms of the 2019
Financial Statements less 45% of all distributions made to Shareholders in the
Company during the same financial year. 

	16.4 	
      The Shareholders agree to do all things necessary,
      including signing any document and passing the required ordinary
      resolution in terms of section 41(3) of the Companies Act, to give effect
      to the issue of the Ordinary "A" Shares, as envisaged in terms of 16.1.
      Should a Shareholder fail to so do anything to give effect to the issue
of the Ordinary "A" Shares, that Shareholder hereby appoints the any Director
nominated by Net 1 as its attorney and agent in rem suam, in its name,
place and stead to do all such things and sign all such documents on its behalf. 

20 

	16.5 	
      The Company shall, as soon as reasonably possible,
      confirm that: (i) any and all Regulatory Approvals have been obtained, and
      (ii) any and all required board and shareholder resolutions have been
      passed, and the Company shall together with such confirmations provide to
      Net 1 pro forma copies of those documents which, upon the issuance of the
      Ordinary "A" Shares, will evidence Net 1 as the lawful and beneficial
      holder thereof (comprising a pro forma unsigned copy of a share of the
      share certificate and an excerpt of the securities register reflecting all
      changes to be made). Against compliance in full by the Company with the
      aforegoing, Net 1 shall pay the full subscription price in cash into an
      account nominated by the Company in writing and the Company shall
      immediately against receipt of the full subscription price deliver the
      duly signed share certificates and copy of the updated securities register
      evidencing Net 1 as the holder of the Ordinary "A" Shares.

	 	 	 
	16.6 	
      The company warrants to and in favour of Net 1 that the
      Ordinary "A" Shares which are subject to the option contained in this
      clause 0 will be validly issued and held by Net 1 and will confer on Net 1
      as the holder thereof not less than a 45% Participation
Interest.

	 	 	 
	16.7 	
      An amount equal to the Subscription Price (less any taxes
      and/or withholding taxes, to the extent applicable) shall be distributed
      by the Company to AJD Holdings and Richmark, as holders of the ordinary
      Shares, in accordance with their terms, subject to compliance with
      applicable law.

	 	 	 
		
      AJD HOLDINGS AND RICHMARK PUT OPTION

	 	 	 
	17.1 	
      Net 1 hereby grants in favour of AJD Holdings and
      Richmark (Existing Shareholders), the irrevocable right and option
      (Put Option), to put the entire shareholding in the Company held by
      the Existing Shareholders (Put Shares) and all Corresponding Loan
      Accounts to Net 1, within 20 Business Days following the period provided
      for in 16.2 in the event of:

	 	 	 
		(a) 	
      Blue Label Technologies Limited subscribing for a 45%
      Participation Interest in the Company within one year from the Effective
      Date; or

	 	 	 
		(b) 	
      Net 1 exercising its option in terms of 0 and 0
    above.

	 	 	 
	17.2 	
      The Existing Shareholders shall be entitled, but not
      obliged, to exercise the Put Option, by giving Net 1 written notice
      (Put Notice) of their intention to exercise the Put Option, within
      in the time period provided for in 17.1.

	 	 	 
	17.3 	
      With effect from the date of the receipt by Net 1 of the
      Put Notice (Put Sale Date), the Existing Shareholders, who having
      exercised the Put Option, shall sell to Net 1, the Put Shares and the
      Corresponding Loan Accounts.

	 	 	 
	17.4 	
      The purchase price payable by Net 1 to the Existing
      Shareholders for the Put Shares and Corresponding Loan Account in terms of
      the above shall be the sum of:

	 	(a) 	
      the 2019 PBT x 6.93 x 0.10 + (0.10 x PAT determined with
      reference to the 2019 Financial Statements less 10% of all distributions
      received by holders of ordinary share in the Company during the same
      financial year); and

	 	 	 
	 	(b) 	
      the face value of the Corresponding Loan Account (minus
      the amount provided by the Existing Shareholders to the Company on Loan
      account pursuant to clause 11.2 of the Subscription Agreement for the
      purchase of The Starter Pack Company)

21 

(Put Price). 

	17.5 	
      The Parties shall use their reasonable commercial
      endevours to ensure that all Regulatory Approvals have been obtained. Net
      1 shall pay the Put Price as a once off lump sum payment within 21
      Business Days of the later to occur of the date upon which (i) the Put
      Price has been determined, and (ii) the date upon which any and all
      Regulatory Approvals are obtained on terms reasonably acceptable to Net 1,
      AJD Holdings and Richmark (Payment Date).

	 	 
	17.6 	
      The Existing Shareholders shall, on the Payment Date
      deliver the share certificate(s) for the Put Shares, together with a
      signed share transfer form recording Net 1 as the transferee and a written
      cession of the Corresponding Loan Account.

	 	 
	17.7 	
      The exercise and/or implementation of the Put Option, as
      the case may be, shall be subject to the Existing Shareholders procuring
      the resignation of their appointed Directors from the Board on receipt of
      the Put Price.

	 	 
		
      NET 1 CALL OPTION

	 	 
	18.1 	
      Following the second anniversary of the Effective Date,
      in the event that:

	 	(a) 	
      Blue Label Technologies Limited subscribes for a 45%
      Participation Interest in the Company within one year from the Effective
      Date; or

	 	 	 
	 	(b) 	
      Net 1 exercises its option in terms of 0 and 0
    above,

Net 1 shall have the irrevocable right
and option (Net 1 Option), to acquire the all of the shares and
Corresponding Loan Accounts in the issued share capital of the Company held by
the Existing Shareholders (Net 1 Option Shares) within 20 Business Days
following the period provided for in 16.2 (Net 1 Option Period),
unless mutually agreed between the Parties. 

	18.2 	
      Subject any Regulatory Approvals as provided for in 0,
      the Net 1 Option shall be exercisable by delivering a written notice of
      such exercise to the Existing Shareholders (Net 1 Option Call
      Notice), within the time period provided for in 18.1 (Net 1 Option
      Call Date).

	 	 
	18.3 	
      Upon receipt of the Net 1 Call Notice, the Existing
      Shareholders shall be obliged to sell the Net 1 Option Shares and any
      Corresponding Loan Account to Net 1.

	 	 
	18.4 	
      The purchase price payable by Net 1 to the Existing
      Shareholders for the Net 1 Option Shares and Corresponding Loan Account in
      terms of the above shall be the sum of:

	 	(a) 	
      the 2019 PBT x 6.93 x 0.10 + (0.10 x PAT determined with
      reference to the 2019 Financial Statements less 10% of all distributions
      received by holders of ordinary share in the Company during the same
      financial year); and

	 	 	 
	 	(b) 	
      the face value of the Corresponding Loan Account (minus
      the amount provided by the Existing Shareholders to the Company on Loan
      account pursuant to clause 11.2 of the Subscription Agreement for the
      purchase of The Starter Pack Company)

(Call Price). 

	18.5 	
      The Parties shall use their reasonable commercial
      endevours to ensure that all Regulatory Approvals have been obtained. Net
      1 shall pay the Call Price as a once off lump sum payment within 21
      Business Days of the later to occur of the date upon which (i) the Call
      Price has been determined, and (ii) the date upon which any and all
      Regulatory Approvals are obtained on terms reasonably acceptable to Net 1,
      AJD Holdings and Richmark (Payment Date).

22 

	18.6 	
      Net 1 shall pay the Call Price to the Existing
      Shareholders timeously by way of electronic bank transfer into a bank
      account nominated by the Existing Shareholders in writing.

	 	 
	18.7 	
      The Existing Shareholders shall procure the resignation
      of its appointed Directors from the Board upon payment of the Call
      Price.

REGULATORY APPROVALS 

If any Regulatory Approvals of any
relevant Regulatory Authority are required for any transaction contemplated in
this Agreement, the Parties shall co-operate with each other in order to present
the necessary application or filing to the relevant Regulatory Authorities as
soon as reasonably possible and to the extent that any time periods have been
imposed in this Agreement for the completion of the particular transaction,
which are inappropriate having regard to the time period permitted to the
relevant Regulatory Authorities to consider the matter, the time periods in
question in this Agreement shall be extended sufficiently so as to enable the
requisite application or filing to be made with the relevant Regulatory
Authorities and for the relevant Regulatory Authorities to respond. 

MAJORITY TAG ALONG 

Following the expiration of the
Measurement Period, if a bona fide third party offers to purchase Shares
held by a Shareholder(s) consisting at least 40% of the issued Shares, then
notwithstanding that such Shareholder(s) has complied with the provisions of 0
and 0, such Shareholder(s) shall not be entitled to sell such Shares to such
third party if any of the remaining Shareholders indicate in writing in response
to the offer in terms of clause 0 that it wishes to dispose of the same pro rata
portion of its Shares, unless the same pro rata offer to acquire such portion of
the Shares of the remaining Shareholder(s) is made by such third party also to
the remaining Shareholders concerned. 

AJD TAG ALONG 

Following the expiration of the
Measurement Period, if a bona fide third party offers to purchase Shares
held by AJD Holdings, then notwithstanding that such Shareholder(s) has complied
with the provisions of 0 and 0, AJD Holdings shall not be entitled to sell such
Shares to such third party if any of the remaining Shareholders indicate in
writing in response to the offer in terms of clause 0 that it wishes to dispose
of the same pro rata portion of its Shares, unless the same pro rata offer to
acquire such portion of the Shares of the remaining Shareholder(s) is made by
such third party also to the remaining Shareholders concerned. 

COME ALONG 

Following the expiration of the
Measurement Period, if a bona fide third party offers to purchase all of
the Shares of the Shareholders and all of the claims of the Shareholders on loan
account against the Company on identical terms, then provided that Shareholders
holding at least 40% of the issued shares accept such offer in respect of their
Shares and claims on loan account (after first having complied with the
provision of 0 and 0 and the remaining Shareholders having refused the offer
made to them), then the remaining Shareholders shall be obliged to and shall be
deemed to have accepted the offer of the third party in respect of all of their
Shares in and claims on loan account. Each of the Shareholders irrevocable and
in rem suam hereby appoints any of the Shareholders at the time as it
attorney and agent to do all such things as may be necessary to comply with the
provisions of this 0. 

FAIR VALUE

	23.1 	
      Should:

23 

	 	(a) 	
      the Deemed Offeree(s) who accept the Deemed Offer and the
      Deemed Offeror be unable to agree the Fair Value of the Shares comprising
      the Sale Interest within a period of ten days of the Sale Date for the
      purposes of 0; or

	 	 	 
	 	(b) 	
      the Parties are unable to agree the Fair Value of the
      Corresponding Loan Account within a period of ten days of the relevant
      option date for the purposes of 17 or 0,

then any Party concerned (Relevant
Party) shall be entitled, by written notice to the other(s) (Fair Value
Notice), to require that the determination of the Fair Value be referred for
determination to an independent investment bank or one of the "big four" audit
firms agreed upon between the Relevant Parties within ten days of expiry of the
aforementioned ten day period, failing such agreement, to be nominated by the
chairperson or like officeholder for the time being of the South African
Institute of Chartered Accountants, or its successor-in-title or, failing that
body, by the Arbitration Foundation of South Africa. 

	23.2 	
      The expert shall act as an expert and not as an
      arbitrator (Independent Expert), shall endeavour to determine the
      Fair Value within a period of 30 days of the matter having been referred
      to it for determination and its decision shall, save for manifest error,
      be final and binding. The Independent Expert shall, in determining the
      Fair Value:

	 	(a) 	
      be obliged to call upon the Relevant Parties to furnish
      it with their respective written suggestions as to what the proper method
      should be followed in valuing the Shares, which written suggestions must
      be delivered to the Independent Expert within seven days after it has
      requested such suggestions, where after the Independent Expert shall
      decide upon the method to be applied; and

	 	 	 
	 	(b) 	
      value all ordinary Shares equally and without reference
      to whether the Shares in question constitute a majority holding or a
      minority holding in the Company.

	23.3 	
      All Relevant Parties shall forthwith be informed of the
      valuation of the Shares valued by the Independent Expert, which valuation
      shall be final and binding on the Relevant Parties, and the Independent
      Expert shall be obliged to specify in writing to the Relevant Parties the
      basis of the valuation and the reasons therefor.

	 	 
	23.4 	
      The costs of the Independent Expert shall be borne by the
      Relevant Parties pro rata to their shareholding in the Company for
      the time being.

	 	 
		
      RELATIONSHIPS BETWEEN THE COMPANY AND ITS
      SHAREHOLDERS

	 	 
	24.1 	
      None of the Parties shall be entitled or empowered to
      represent or hold out to any third party that the relationship between the
      Parties is that of a partnership, joint venture or the like.

	 	 
	24.2 	
      Except to the extent required by applicable laws, the
      only obligations and duties between the Parties are as set out in this
      Agreement.

	 	 
		
      CONFIDENTIALITY

	 	 
	25.1 	
      Notwithstanding the cancellation or termination of this
      Agreement, no Party (Receiving Party) shall, at any time after the
      conclusion of this Agreement, disclose to any person or use in any manner,
      whatever any information which may be proprietary and/or confidential
      information belonging to either of the other Parties (Confidential
      Information), or the existence and contents of this Agreement;
      provided that:

	 	(a) 	
      any Party may disclose the existence and contents of this
      Agreement to the extent required by any rules of any stock exchange by
      which that Party is bound; provided further that no such disclosure shall
      be made unless the other Party has first given its written approval for the form thereof, which approval may not
be withheld unreasonably; 

24 

	 	(b) 	
      the Receiving Party may disclose another Party's
      Confidential Information and the existence and contents of this Agreement
      -

	 	(i) 	
      to the extent required by law (other than in terms of a
      contractual obligation of the Receiving Party);

	 	 	 
	 	(ii) 	
      to, and permit the use thereof by, its employees,
      representatives and professional advisers to the extent strictly necessary
      for the purpose of implementing or enforcing this Agreement or obtaining
      professional advice or conducting its business, it being specifically
      agreed that any disclosure or use by any such employee, representative or
      adviser of such confidential or other information for any other purpose
      shall constitute a breach of this 0 by the Receiving Party;
  and

	 	(c) 	
      the provisions of this 0 shall cease to apply to any
      Confidential Information of a Party which:

	 	(i) 	
      is or becomes generally available to the public other
      than as a result of a breach by the Receiving Party of its obligations in
      terms of this 0;

	 	 	 
	 	(ii) 	
      is also received by the Receiving Party from a third
      party who did not acquire such Confidential Information subject to any
      duty of confidentiality in favour of another Party; or

	 	 	 
	 	(iii) 	
      was known to the Receiving Party prior to receiving it
      from another Party.

DOMICILIUM AND NOTICES 

	26.1 	
      The Parties choose domicilium citandi et executandi
      (Domicilium) for all purposes relating to this Agreement,
      including the giving of any notice or the serving of any process, as
      follows:

	 	(a) 	
      Company

	 	Physical: 	 23/25 Commerce Crescent, 
	 	 	 
	 	  	Kramerville, 2031 
	 	  	  
	 	 	 
	 	E-mail: 	 andrew@richmark.co.za 
	 	 	 
	 	Marked for attention 	 Andrew Dunn 

	 	(b) 	
      Net 1

	 	Physical: 	6th Floor President Place 
	 	 	 
	 	  	Corner of Jan Smuts Avenue & Bolton Road
  
	 	 	 
	 	  	Rosebank, 2121 
	 	  	  
	 	 	 
	 	email: 	hermank@net1.com 
	 	 	 
	 	Marked for the attention of 	Chief Executive Officer 

25 

	 	(c) 	
      AJD Holdings

	 	Physical: 	5th Floor, 
	 	 	 
	 	  	6 Benmore Road 
	 	 	 
	 	  	Sandton, 2196 
	 	 	 
	 	  	  
	 	email: 	andrew@richmark.co.za 
	 	 	 
	 	Marked for the attention of 	Andrew Dunn Richmark 
	 	 	 
	 	Physical: 	5th Floor 
	 	 	 
	 	  	6 Benmore Road 
	 	 	 
	 	  	Sandton, 2196 
	 	  	  
	 	 	 
	 	email: 	andrew@richmark.co.za 
	 	 	 
	 	Marked for the attention of 	Andrew Dunn 

	26.2 	
      Either Party shall be entitled from time to time, by
      giving written notice to the others, to vary its physical Domicilium to
      any other physical address (not being a post office box or poste restante)
      within the RSA, and to vary its email Domicilium to any other email
      address.

	 	 
	26.3 	
      Any notice given or payment made by a Party to the other
      (Addressee) which is delivered by hand between the hours of 09:00
      and 17:00 on any Business Day to the Addressee's physical Domicilium for
      the time being shall be deemed to have been received by the Addressees at
      the time of delivery.

	 	 
	26.4 	
      Any notice given by any Party to the others which is
      successfully transmitted by e-mail to the Addressees' e-mail Domicilium
      for the time being shall be deemed (unless the contrary is proved by the
      Addressee) to have been received by the Addressee on the day immediately
      succeeding the date of successful transmission thereof. This 0 shall not
      operate so as to invalidate the giving or receipt of any written notice,
      which is actually received by the Addressee other than by a method
      referred to in 26.1.

	 	 
	26.5 	
      This 0 shall not operate so as to invalidate the giving
      or receipt of any written notice, which is actually received by the
      Addressees other than by a method referred to in 26.1.

	 	 
		
      BREACH

	 	 
	27.1 	
      Should any Party (the Defaulting Party) breach any
      of its obligations in terms hereof (other than those which contain their
      own remedies or limit the remedies in the event of a breach thereof) and
      fail to remedy such breach within 21 days of receipt of written notice
      requiring it to do so, then any other Party (the Aggrieved Party)
      shall be entitled without notice, in addition to any other remedy
      available to it at law or under this Agreement, including obtaining an
      interdict, to cancel this Agreement or to claim specific performance of
      any obligation then due, in either event without prejudice to the
      Aggrieved Party's right to claim damages, provided that notwithstanding
      anything to the contrary contained in this Agreement and subject to clause
      27.2 below, no Party shall be entitled to cancel or terminate this
      Agreement unless the breach is a breach of a material term of this
      Agreement.

26 

	27.2 	
      Notwithstanding the aforegoing, following the Effective
      Date, no Party will have the right to cancel this Agreement as a result of
      breach thereof.

	 	 
	27.3 	
      All costs, charges and expenses of whatsoever nature
      which may be incurred by any Party in enforcing its rights in terms hereof
      including, without limitation, legal costs on the scale as between
      attorney and own client and collection commission, irrespective of whether
      any action has been instituted shall be recoverable from the Party against
      which such rights are successfully enforced.

	 	 
		
      ARBITRATION

	 	 
	28.1 	
      Any disputes arising from or in connection with this
      Agreement shall, if so required by any Party by giving written notice to
      that effect to the other, finally be resolved in accordance with the rules
      of the Arbitration Foundation of Southern Africa (AFSA) by an
      arbitrator or arbitrators appointed by AFSA, which arbitrator's findings
      shall, save for manifest error, be final and binding on the Parties and
      may be made an order of court. There shall be a right of appeal as
      provided for in article 22 of the aforesaid rules.

	 	 
	28.2 	
      Each Party -

	 	(a) 	
      expressly consents to any arbitration in terms of the
      aforesaid rules being conducted as a matter of urgency; and

	 	 	 
	 	(b) 	
      irrevocably authorises the other to apply, on behalf of
      both Parties to such dispute, in writing, to the secretariat of AFSA in
      terms of article 23(1) of the aforesaid rules for any such arbitration to
      be conducted on an urgent basis.

	28.3 	
      Notwithstanding 28.1 and 28.2 any Party shall be entitled
      to approach a competent court for urgent interim, subject to any final
      orders, determinations and/or awards being made by the arbitrator as
      provided for in this 0.

	 	 
		
      GENERAL

	 	 
	29.1 	
      This Agreement and its annexures constitute the sole
      record of the agreement between the Parties in relation to the subject
      matter hereof.

	 	 
	29.2 	
      No Party shall be bound by any representation, warranty,
      promise or the like not recorded in this Agreement.

	 	 
	29.3 	
      No addition to, variation, or agreed cancellation of this
      Agreement shall be of any force or effect unless in writing and signed by
      or on behalf of the Parties.

	 	 
	29.4 	
      This Agreement shall be interpreted in accordance with
      and governed in all respects by the laws of the RSA.

	 	 
	29.5 	
      Each provision of this Agreement is, notwithstanding the
      grammatical relationship between that provision and the other provisions
      of this Agreement, severable from the other provisions of this Agreement.
      Any provision of this Agreement which is or becomes invalid, unenforceable
      or unlawful in any jurisdiction shall, in such jurisdiction only, be
      treated as pro non scripto to the extent that it is so invalid,
      unenforceable or unlawful, without invalidating or affecting the other
      provisions of this Agreement which shall remain of full force and effect.
      The Parties declare that it is their intention that this Agreement would
      be executed without such invalid, unenforceable or unlawful provision if
      they were aware of such invalidity, unenforceability or unlawfulness at
      the time of execution of this Agreement.

	 	 
	29.6 	
      The signature by any Party of a counterpart of this
      Agreement shall be as effective as if that Party had signed the same
      document as the other Party.

27 

	29.7 	
      No Party shall be entitled to cede any of its rights or
      delegate any of its obligations without the prior written consent of the
      other Party.

	 	 
		
      COSTS

	 	 
		
      Each Party shall bear its own costs of and incidental to
      the negotiation, preparation and drawing of this Agreement and all
      agreements contemplated herein as well as all legal and secretarial work
      pertaining to the implementation of this
Agreement.

28 

Signed at Rosebank on 23 June 2017

		Net 1 Applied Technologies South Africa
    
	  	Proprietary Limited 
	  	  
	  	/s/ H.G. Kotzé 
	  	  
	  	  
	  	who warrants that he is duly 
	  	authorised hereto 
	  	  
	  	Name: H.G. Kotzé 
	  	Capacity: Director 

29 

Signed at Sandton on 23 June 2017

		AJD Holdings Proprietary Limited 
	  	  
	 	 
	  	/s/ A.J Dunn 
	 	 
	  	who warrants that he is duly 
	  	authorised hereto 
	 	 
	  	Name: A.J. Dunn 
	  	Capacity: Director 

30 

Signed at Sandton on 23 June 2017

		Richmark Holdings Proprietary Limited
  
	  	  
	 	 
	  	/s/ A.J. Dunn 
	 	 
	  	who warrants that he is duly 
	  	authorised hereto 
	 	 
	  	Name: A.J. Dunn 
	  	Capacity: CEO 

31 

Signed at Sandton on 23 June 2017

		DNI - 4PL Contracts Proprietary Limited
    
	  	  
	 	 
	  	/s/ A.J. Dunn 
	 	 
	  	who warrants that he is duly 
	  	authorised hereto 
	 	 
	  	Name: A.J. Dunn 
	  	Capacity: CEO 

32

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