Document:

Net 1 UEPS Technologies, Inc.: Exhibit 10.15 - Filed by newsfilecorp.com

Exhibit 10.15 

NET 1 UEPS TECHNOLOGIES, INC. 

  RESTRICTED STOCK AGREEMENT 

          Net
1 UEPS Technologies, Inc. (the “Company”) has granted to the
Employee named below (“you” or “your”), effective as
of the Grant Date specified below, restricted shares (each, an “Award
Share,” and collectively, the “Award Shares”) of common
stock, par value $0.001 per share, of the Company (the “Common
Stock”) upon the terms and conditions set forth in this Restricted Stock
Agreement (the “Agreement”) and the Amended and Restated Stock
Incentive Plan of Net 1 UEPS Technologies, Inc. (the “Plan”), the
provisions of which are incorporated into this Agreement. Except as otherwise
provided in Section 7 of this Agreement with respect to applicable tax and
social insurance withholding, you are not required to pay any amount to the
Company for the receipt of these Award Shares. By signing this Agreement, you:
(a) acknowledge that you have read this Agreement; (b) accept the Award Shares
subject to all of the terms and conditions of this Agreement; and (c) agree to
accept as binding, conclusive, and final all decisions or interpretations of the
Company upon any questions arising under this Agreement. For purposes of this
Agreement, actions and determinations to be made by the Company may be made by
the Board of Directors of the Company or by such committee or delegate as may be
appointed by the Board of Directors from time to time. 

	Name of Employee: 	 
	 	 
	Grant Date: 	 
	 	 
	Number of Award Shares: 	 

          1.      DEFINITIONS
AND CONSTRUCTION. 

          Unless
otherwise defined in this Agreement, capitalized terms have the meanings
ascribed to them in the Plan. The captions and titles contained in this
Agreement are for convenience only and do not affect the meaning or
interpretation of any provision of this Agreement. 

          2.      VESTING;
TERMINATION OF EMPLOYMENT OR
SERVICE.

          (a)      All
of the Award Shares are nonvested and forfeitable as of the Grant Date. For
clarity, as used in this Agreement, the term “vest” means the lapse of
restrictions on the Award Shares in accordance with the terms of this Agreement.

          (b)      The
Award Shares shall become vested and nonforfeitable, if at all, in accordance
with the rules set forth below, provided that your employment or
other service with the Company or its affiliate (such employment or other
service with the Company or its affiliate referred to hereafter as
“Service”) is continuous from the Grant Date through the
applicable vesting date and the conditions for vesting have been satisfied. No
Award Shares shall vest or become nonforfeitable after the date your Service
terminates for any reason. If your Service with the Company ceases for any
reason, all Award Shares that are not then vested and nonforfeitable will be
immediately forfeited by you and transferred to the Company upon such cessation
for no consideration. Any accrued dividends attributable to such
forfeited Award Shares shall also be forfeited if and when the Award Shares are
forfeited. 

          (c)      Vesting
of the Award Shares is conditioned upon your continuous Service through the
applicable vesting date and the achievement of the following performance
targets: [Insert applicable performance criteria]. 

          (d)     
You acknowledge and agree that upon the forfeiture of any unvested Award Shares
in accordance with this Section 2, (i) your right to vote and to receive cash
dividends on, and all other rights, title or interest in, to or with respect to,
the forfeited Award Shares shall automatically, without further act, terminate
and (ii) the forfeited Award Shares shall be returned to the Company. You hereby
irrevocably appoint (which appointment is coupled with an interest) the Company
as your agent and attorney-in-fact to take any necessary or appropriate action
to cause the forfeited Award Shares to be returned to the Company, including
without limitation executing and delivering stock powers and instruments of
transfer, making endorsements and/or making, initiating or issuing instructions
or entitlement orders, all in your name and on your behalf. You hereby ratify
and approve all acts done by the Company as such attorney-in-fact. Without
limiting the foregoing, you expressly acknowledge and agree that any transfer
agent for the Common Stock of the Company is fully authorized and protected in
relying on, and shall incur no liability in acting on, any documents,
instruments, endorsements, instructions, orders or communications from the
Company in connection with the forfeited Award Shares or the transfer thereof,
and that any such transfer agent is a third party beneficiary of this Agreement.

          3.     
RESTRICTIONS ON
TRANSFER.

                    (a)      Until
an Award Share becomes vested and nonforfeitable, it may not be sold, assigned,
transferred, pledged, hypothecated, exchanged, or disposed of in any way
(whether by operation of law or otherwise), except by will or the laws of
descent and distribution and shall not be subject to execution, attachment,
anticipation, alienation, encumbrance, garnishment by your creditors or
beneficiaries, or similar process. 

                    (b)     
Any attempt to dispose of any such Award Shares in contravention of the
restrictions set forth in Section 3(a) shall be null and void and without
effect. The Company shall not be required to (i) transfer on its books any Award
Shares that have been sold or transferred in contravention of this Agreement or
(ii) treat as the owner of Award Shares, or otherwise accord voting, dividend,
or liquidation rights to, any transferee to whom Award Shares have been
transferred in contravention of this Agreement. 

2

          4.      COMPANY-ASSISTED
SALES OF
SHARES;
GRANT OF POWER OF
ATTORNEY FOR SALE OF
SHARES. 

          You
acknowledge that you have been advised that it may be impracticable for you on
your own to sell, or to arrange for a sale through a broker or otherwise, vested
Award Shares. Therefore, the Company expects to assist you in this regard by
facilitating the sale of vested Award Shares, with the method and timing of such
sales to be determined by the Executive Committee of the Company, although the
Company has no obligation to do so. However, in the event that the Company does
attempt to facilitate any such sale of vested Award Shares, the Company does not
represent to you that such sale will be completed, or if it is completed, that vested Award Shares will be sold at any particular price or require any particular level of brokerage commissions. You hereby irrevocably
constitute and appoint Dr. Serge C.P. Belamant, the Company’s chief executive
officer or his successor, and Mr. Herman Gideon Kotze, the Company’s chief
financial officer or his successor, each with full power and authority to act
together or alone in any matter hereunder and with full power of substitution,
your true and lawful attorneys-in-fact (individually an
“Attorney,” and collectively, the “Attorneys”), with
full power and authority in your name, for and on your behalf, with respect to
all matters arising in connection with the sale of vested Award Shares,
including, but not limited to, the power and authority on your behalf to take
any and all of the following actions: (i) to sell such vested Award Shares
through a broker, including a transaction in which the broker will act as a
principal, at a purchase price per share as determined by negotiation between
the Company, the Attorneys, and the broker and to complete, execute, and deliver
a stock power in relation to the sale of vested Award Shares; (ii) on your
behalf, to make representations and warranties and enter into appropriate
agreements to effect the sale of such vested Award Shares; (iv) to instruct the
Company’s transfer agent as the Attorneys shall determine on all matters
pertaining to the delivery and custody of certificates for such vested Award
Shares; (v) to incur or authorize the incurrence of any necessary or appropriate
expense in connection with the sale of such vested Award Shares; (vi) if
necessary, to endorse (in blank or otherwise) on your behalf the certificate(s)
representing such vested Award Shares and a stock power or powers attached to
such certificate(s); and (vii) to sign such other certificates, documents, and
agreements and take any and all other actions as the Attorneys may deem
necessary or desirable in connection with the consummation of the transactions
contemplated by the power of attorney granted under this Section 4. Each
Attorney may act alone in exercising the rights and powers conferred on the
Attorneys. Each Attorney is hereby empowered to determine in his sole discretion
the time or times when, the purpose for and the manner in which any power herein
conferred upon him shall be exercised, and the conditions, provisions, or
covenants of any instrument or document which may be executed by him pursuant
hereto. The power of attorney granted under this Section 4 is an agency coupled
with an interest and all authority conferred hereby shall be irrevocable, and
shall not be terminated by any act of yours or by operation of law, whether by
your death, disability, or incapacity or by the occurrence of any other event or
events. It is understood that the Attorneys assume no responsibility or
liability for any aspect of offering or selling any vested Award Shares and
shall not be liable for any error of judgment or for any act done or omitted or
for any mistake of fact or law except for the Attorneys’ own gross negligence,
willful misconduct, or bad faith. It is understood that the Attorneys, in acting
pursuant to this power of attorney, are not acting in a fiduciary capacity on
your behalf and are not required to, nor will they necessarily, obtain the best
available price or the lowest possible fee or commission when negotiating or
otherwise facilitating any sale of Award Shares pursuant to this power of
attorney. The power of attorney granted under this Section 4 shall be binding
upon you and your heirs, legal representatives, distributees, successors, and
assigns. 

3

          5.      CERTIFICATE
REGISTRATION. 

          Physical
possession or custody of such stock certificates shall be retained by the
Company until such time as the Award Shares are transferable without restriction
and, thereafter, the Company shall either issue and deliver to you one or more
certificates in your name for the applicable number of vested Award Shares or
provide for uncertificated, book entry issuance of those Award Shares. Any cash
dividends that become payable with respect to an unvested Award Share will be
accrued and held by the Company or an escrow agent appointed by the Committee until the Award Share becomes vested and will be paid
to you within fifteen days after the date on which the related Award Share
becomes vested. 

          6.     
LEGENDS. 

          Until
the Award Shares become vested and nonforfeitable, the Company may at any time
place legends referencing any restrictions on transfer and any applicable U.S.
federal, state, or foreign securities law restrictions on all certificates
representing Award Shares subject to the provisions of this Agreement. You
shall, at the request of the Company, promptly present to the Company any and
all certificates representing Award Shares in your possession in order to carry
out the provisions of this Section 6. 

          7.      TAX
AND/OR SOCIAL
INSURANCE
WITHHOLDING. 

                    7.1      Generally.
At the time any withholding is required by applicable law, or at any time
thereafter as requested by the Company, you hereby authorize withholding from
payroll and any other amounts payable to you, and otherwise agree to make
adequate provision for any sums required to satisfy the federal, state, local,
and foreign tax and social insurance withholding obligations of the Company or
its affiliate, if any, which arise in connection with the grant or vesting of
the Award Shares. The Company shall have no obligation to deliver shares of
Common Stock or issue any Common Stock certificate until you have satisfied the
tax and social insurance withholding obligations of the Company or its
affiliate. The Company may, in its sole discretion, permit you to satisfy, in
whole or in part, any tax and social insurance withholding obligation which may
arise in connection with the grant or vesting of Award Shares either by electing
to have the Company withhold the issuance or delivery of shares of Common Stock
due to you, or by electing to deliver to the Company already-owned Award Shares,
in either case having a Fair Market Value (as defined below) equal to the amount
necessary to satisfy the statutory minimum withholding amount due. For purposes
of this Agreement, (i) if the shares of Common Stock are registered under
Section 12(b) or 12(g) of the Securities Exchange Act of 1934, as amended, and
listed for trading on a national exchange or market, “Fair Market
Value” means, as applicable, (a) the closing price on the relevant date,
the average of the high and low sale price on the relevant date, or the average
of the closing price over a period of up to 30 consecutive days immediately
prior to or including the relevant date, as determined in the Company’s
discretion, as quoted on the New York Stock Exchange, the American Stock
Exchange, the NASDAQ Global Select Market, or the NASDAQ Global Market; (b) the
last sale price on the relevant date or the average of the last sale price over
a period of up to 30 consecutive days immediately prior to or including the
relevant date, as determined in the Committee’s discretion, as quoted on the
NASDAQ Capital Market; (c) the average of the high bid and low asked prices on
the relevant date quoted on the NASDAQ OTC Bulletin Board Service or by the
National Quotation Bureau, Inc. or a comparable service as determined in the
Company’s discretion; or (d) if the shares of Common Stock are not quoted by any
of the above, the average of the closing bid and asked prices on the relevant
date furnished by a professional market maker for the shares, or by such other
source, selected by the Company; provided, however, that if an
average of prices over a period of days is not applicable and no public trading
of the shares occurs on the relevant date but the shares are so listed, then
Fair Market Value shall be determined as of the earliest preceding date on which
trading of the shares does occur; and (ii) if the shares of Common Stock on the
relevant date are not listed for trading on a national exchange or market, then
Fair Market Value shall be the value established by the Company in good faith.

4

                    7.2     
Section 83(b) Election. If you are a United States taxpayer, you hereby
acknowledge that you have been advised by the Company to seek independent tax
advice from your own advisors regarding the availability and advisability of
making an election under Section 83(b) of the Internal Revenue Code of 1986, as
amended, and that any such election, if made, must be made within 30 days of the
Grant Date. You expressly acknowledge that you are solely responsible for filing
any such Section 83(b) election with the appropriate governmental authorities,
irrespective of the fact that such election is also delivered to the Company.
You may not rely on the Company or any of its officers, directors, or employees
for tax or legal advice regarding this award. You acknowledge that you have
sought tax and legal advice from your own advisors regarding this award or have
voluntarily and knowingly foregone such consultation. 

          8.      ADJUSTMENTS
FOR CORPORATE
TRANSACTIONS AND OTHER
EVENTS. 

                    8.1      Stock
Dividend, Stock Split, and Reverse Stock Split. Upon a stock dividend of, or
stock split or reverse stock split affecting, the Common Stock, the number of
Award Shares and the number of such Award Shares that are nonvested and
forfeitable shall, without further action of the Board of Directors of the
Company, be adjusted to reflect such event. The Company shall make appropriate
adjustments, in its discretion, to address the treatment of fractional shares
with respect to the Award Shares as a result of the stock dividend, stock split,
or reverse stock split; provided, however, that such adjustments
do not result in the issuance of fractional Award Shares. Adjustments under this
Section 8.1 will be made by the Company, whose determination as to what
adjustments, if any, will be made and the extent thereof will be final, binding,
and conclusive. 

                    8.2     
Binding Nature of Agreement. The terms and conditions of this Agreement
shall apply with equal force to any additional and/or substitute securities
received by you in exchange for, or by virtue of your ownership of, the Award
Shares, to the same extent as the Award Shares with respect to which such
additional and/or substitute securities are distributed, whether as a result of
any spin-off, stock split-up, stock dividend, stock distribution, other
reclassification of the Common Stock of the Company, or similar event, except as
otherwise determined by the Company. If the Award Shares are converted into or
exchanged for, or stockholders of the Company receive by reason of any
distribution in total or partial liquidation or pursuant to any merger of the
Company or acquisition of its assets, securities of another entity, or other
property (including cash), then the rights of the Company under this Agreement
shall inure to the benefit of the Company’s successor, and this Agreement shall
apply to the securities or other property (including cash) received upon such
conversion, exchange, or distribution in the same manner and to the same extent
as the Award Shares. 

          9.      RIGHTS
AS A STOCKHOLDER,
DIRECTOR,
EMPLOYEE, OR
CONSULTANT. 

                    9.1     
Rights as a Stockholder. Except as otherwise provided in this Agreement
with respect to restrictions on transfer of any nonvested and forfeitable Award
Shares, you are entitled to all rights of a stockholder of the Company,
including the right to vote the Award Shares and receive dividends and/or other
distributions declared on the Award Shares. 

5

                    9.2      Director,
Employee, or Consultant Status. You understand and acknowledge that, except
as otherwise provided in a separate, written employment agreement between you
and the Company or an affiliate, your employment is “at will” and is for no specified term. Nothing in this Agreement or the Plan shall
confer upon you any right to continue in the Service of the Company or an
affiliate or interfere in any way with any right of the Company or an affiliate
to terminate your Service as a director, an employee, or consultant, as the case
may be, at any time. 

          10.     
MISCELLANEOUS PROVISIONS. 

                    10.1      Further
Instruments. The parties hereto agree to execute such further instruments
and to take such further action as may reasonably be necessary to carry out the
intent of this Agreement. 

                    10.2     
Binding Effect; Parties; Entire Agreement. Subject to the restrictions on
transfer set forth herein, this Agreement shall inure to the benefit of and be
binding upon the parties hereto and their respective heirs, executors,
administrators, successors, and assigns. This Agreement is between you and the
Company. This Agreement shall constitute the entire understanding and agreement
between you and the Company with respect to the subject matter contained in this
Agreement and supersedes any prior agreements, understandings, restrictions,
representations, or warranties among you and the Company with respect to such
subject matter. 

                    10.3     
Amendment. This Agreement may be amended from time to time by the Company
in its discretion; provided, however, that this Agreement may not
be modified in a manner that would have a materially adverse effect on the Award
Shares as determined in the discretion of the Company, except as provided in the
Plan or in a written document signed by each of the parties hereto. 

                    10.4      Delivery
of Documents and Notices. Any notice required or permitted under this
Agreement shall be given in writing and shall be deemed effectively given
(except to the extent that this Agreement provides for effectiveness only upon
actual receipt of such notice) upon personal delivery, upon electronic delivery
at the e-mail address, if any, provided for you by the Company, or, upon deposit
with an internationally recognized overnight courier service with postage and
fees prepaid, addressed to the other party at the address of such party set
forth in this Agreement or at such other address as such party may designate in
writing from time to time to the other party.

                                   (a)      Description
of Electronic Delivery. This Agreement, the Plan, and any reports
of the Company provided generally to the Company’s stockholders may be delivered
to you electronically. Such means of electronic delivery may include but do not
necessarily include the delivery of a link to a Company intranet or the internet
site of a third party involved in administering this Agreement, the delivery of
the document via e-mail or such other means of electronic delivery specified by
the Company. 

6

                                   (b)      Consent
to Electronic Delivery. You consent to the electronic delivery of
this Agreement and any reports of the Company provided generally to the
Company’s stockholders. You acknowledge that you may receive from the Company a
paper copy of any documents delivered electronically at no cost to you by
contacting the Company by telephone or in writing. You further acknowledge that
you will be provided with a paper copy of any documents if the attempted
electronic delivery of such documents fails. Similarly, you understand that you
must provide the Company or any designated third party administrator with a
paper copy of any documents if the attempted electronic delivery of such
documents fails. You may revoke your consent to the electronic delivery of documents
or may change the electronic mail address to which such documents are to be
delivered (if you have provided an electronic mail address) at any time by
notifying the Company of such revoked consent or revised e-mail address by
telephone, postal service, or electronic mail. Finally, you understand that you
are not required to consent to electronic delivery of documents. 

                    10.5      Applicable
Law. This Agreement shall be governed by the laws of the State of
Florida as such laws are applied to agreements between Florida residents entered
into and to be performed entirely within the State of Florida. 

                    10.6      Counterparts.
This Agreement may be executed in counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and the same
instrument. 

                    10.7      No
Future Entitlement. By execution of this Agreement, you acknowledge and
agree that: (i) the grant of Award Shares is a one-time benefit which does not
create any contractual or other right to receive future grants of Award Shares,
or compensation in lieu of Award Shares; (ii) all determinations with respect to
any such future grants, including, but not limited to, the times when Award
Shares shall be granted and the maximum number of Award Shares granted, will be
at the sole discretion of the Company; (iii) the value of the Award Shares is
outside the scope of the your employment contract; (iv) the value of the Award
Shares is not part of normal or expected compensation for purposes of
calculating any severance, resignation, redundancy, end of service payments,
bonuses, long-service awards, pension or retirement benefits, or similar
payments; (v) the vesting of the Award Shares ceases upon termination of Service
with the Company or transfer of employment from the Company, or other cessation
of eligibility for any reason, except as may otherwise be explicitly provided in
this Agreement; and (vi) no claim or entitlement to compensation or damages
arises if the Award Shares do not increase in value and you irrevocably release
the Company from any such claim that does arise. Neither this Agreement nor any
provision hereunder shall be construed so as to grant you any right to remain in
the Service of the Company. 

7

                    10.8      Personal
Data. For the exclusive purpose of implementing, administering, and managing
the Award Shares, you, by execution of this Agreement, consent to the
collection, receipt, use, retention, and transfer, in electronic or other form,
of your personal data by and among the Company and its third party vendors. You
understand that personal data (including but not limited to, name, home address,
telephone number, employee number, employment status, social security number,
tax identification number, job, and payroll location, data for tax withholding
purposes, and Award Shares granted, forfeited, vested, and unvested) may be
transferred to third parties assisting in the implementation, administration,
and management of the Award Shares and you expressly authorize such transfer as
well as the retention, use, and the subsequent transfer of the data by the
recipient(s). You understand that these recipients may be located in your
country or elsewhere, and that the recipient’s country may have different data
privacy laws and protections than your country. You understand that data will be
held only as long as is necessary to implement, administer, and manage the Award
Shares. You understand that you may, at any time, request a list with the names
and addresses of any potential recipients of the personal data, view data,
request additional information about the storage and processing of data, require
any necessary amendments to data or refuse or withdraw the consents herein, in
any case without cost, by contacting in writing the Company’s legal department representative. You understand, however, that
refusing or withdrawing your consent may affect your ability to accept an Award
Share. 

                    10.9      The
Company’s Rights. The existence of the Award Shares shall not affect in
any way the right or power of the Company or its stockholders to make or
authorize any or all adjustments, recapitalizations, reorganizations or other
changes in the Company’s capital structure or its business, or any merger or
consolidation of the Company, or any issue of bonds, debentures, preferred or
other stocks with preference ahead of or convertible into, or otherwise
affecting the Common Stock or the rights thereof, or the dissolution or
liquidation of the Company, or any sale or transfer of all or any part of the
Company’s assets or business, or any other corporate act or proceeding, whether
of a similar character or otherwise. 

                    10.10      Conformity
with Plan. This Agreement is intended to conform in all respects with, and
is subject to all applicable provisions of, the Plan. Inconsistencies between
this Agreement and the Plan shall be resolved in accordance with the terms of
the Plan. In the event of any ambiguity in this Agreement or any matters as to
which this Agreement is silent, the Plan shall govern. A copy of the Plan
is available upon request to the Company. 

	NET 1 UEPS TECHNOLOGIES, INC.	 	EMPLOYEE 
	  	  	 	  
	By: 	  	 	  
	  	  	 	Signature 
	Its: 	  	 	  
	  	  	 	Date 
	Address:            
      President Place 	 	  
	                              
      4th Floor 	 	Address 
	                              
      Johannesburg 2196 	 	  
	                              
      South Africa 	 	  

8Net 1 UEPS Technologies, Inc.: Exhibit 10.19 - Filed by newsfilecorp.com

Exhibit 10.19 

EMPLOYMENT AGREEMENT 

This Employment Agreement (this “Agreement”) is entered
into as of this 17th day of September, 2010 (and shall be effective
as of the Effective Date (as defined in Section 8(a) herein)) by and between:

	I. 	
      KSNET, INC., a corporation organized and existing under
      the laws of the Republic of Korea (“Korea”), with its registered
      office at SeongBo Building, 2nd Floor, 169-10 Samsung-Dong,
      Gangnam-Gu, Seoul, 135-090 Korea (the “Company”): and

	 	 
	II. 	
  PHIL-HYUN OH, a natural person residing at XXX whose personal identification number is xxxxxx-xxxxxxx (the “Executive”).

WITNESSETH: 

WHEREAS, the Company wishes to appoint the Executive as the
representative director of the Company and the Executive wishes to accept such
appointment on the terms and conditions set forth hereinafter; and 

WHEREAS, the Company and the Executive desire to enter into
this Agreement to set forth their understanding with respect to the terms and
conditions of the appointment of the Executive. 

NOW, THEREFORE, in consideration of the mutual promises,
undertakings and covenants set forth hereinafter, the parties hereto mutually
agree as follows: 

	1. 	
      Appointment. The Company hereby agrees to
      appoint the Executive as the representative director of the Company and
      the Executive hereby agrees to accept such appointment to perform the
      functions and carry out the duties and responsibilities set forth
      hereinafter as the representative director of the Company on the terms and
      conditions set forth in this Agreement.

	 	 	 
	2. 	
      Duties and Responsibilities.

	 	 	 
		(a) 	
      As the representative director, the Executive shall have
      the power, authority and responsibility delegated to the Executive by the
      board of directors of the Company (the “Board of Directors”) and as
      provided for in the articles of incorporation of the Company (the
      “Articles of Incorporation”) and the Korean Commercial Code
      (collectively, the “General Services”). In this regard, it is
      hereby acknowledged and agreed that the Executive shall be entitled to
      communicate with and shall rely upon the advice, direction and
      instructions of the Board of Directors in order to initiate, coordinate
      and implement the General Services as contemplated herein, subject, at all
      times, to the final direction and supervision of the Board of
      Directors.

	 	 	 
		(b) 	
      Without limiting in any manner the generality of the
      General Services, the Executive shall perform the General Services
      faithfully, diligently, to the best of the Executive’s ability, and in the
      best interest of the Company, consistent with the Executive’s position as the representative director
      of Company, and will devote and prioritize his full working time and use
his best efforts for the Company in that regard.

- 1 - 

	 	(c) 	
      The Executive hereby acknowledges and agrees to abide by
      the rules, regulations, instructions, personnel practices, policies and
      procedures of each of the Company and Net 1 UEPS Technologies, Inc.
      (“Net l”), and any changes thereto which may be adopted from time
      to time as such rules, regulations, instructions, personnel practices,
      policies and procedures may be applied to the Executive as the
      representative director of the Company.

	3. 	
      Direction. The Executive shall at all times
      be subject to and act in accordance with the Articles of Incorporation and
      the rules, regulations and instructions issued or approved from time to
      time by the Board of Directors, as well as the Korean Commercial
    Code.

	 	 	 	 
	4. 	
      Compensation. As the representative
      director of the Company, the Executive shall receive compensation,
      benefits and allowances for services rendered to the Company as set forth
      below. No other compensation, other than those specifically mentioned in
      this Agreement, shall be paid to the Executive in relation to his position
      as the representative director of the Company. The Company shall pay to
      the Executive all of the compensation described herein in compliance with
      the Korean Commercial Code and the Articles of Incorporation, subject to
      regular and customary deductions and tax withholdings as required by
      applicable laws and regulations.

	 	 	 	 
		(a) 	
      Base Salary. The Executive shall be compensated at
      the rate of KRW 375 million per year (the “Base Salary”), in twelve
      (12) equal monthly installments to be paid in arrears on the same day of
      each month on which the other executives of the Company receive their
      compensation.

	 	 	 	 
		(b) 	
      Bonus. For each of the fiscal years of the Company
      ending June 30, 2011, June 30, 2012, June 30, 2013 and June 30, 2014, the
      Company shall grant to the Executive an annual bonus (the “Bonus”)
      composed of the Conditional Guaranteed Bonus and the Conditional
      Incremental Bonus. With respect to the 2010 fiscal year only (ending on
      December 31, 2010), the Executive shall be granted a bonus in accordance
      with the provisions set forth in Exhibit 1 attached hereto.
      With respect to the fiscal year ending June 30, 2011, the Executive shall
      be entitled to a Bonus calculated in accordance with this Section 4(b),
      which calculation shall be made as if the Executive was fully employed
      with the Company during the entirety of such fiscal year (which
      calculation shall include a reasonable extrapolation of the Operating
      Profit and Operating Profit Growth Multiple applicable to such fiscal
      year), then pro-rated based on the period of time actually served by the
      Executive at the Company during such fiscal year. Notwithstanding anything
      contained herein to the contrary, no annual Bonus paid hereunder shall
      exceed 125% of the Executive’s Base Salary.

- 2 - 

	 	i. 	
      “Conditional Guaranteed Bonus” shall mean, with
      respect to any fiscal year, that certain bonus amount equal to KRW 200
      million, which amount shall be paid to the Executive if and only if the
      Operating Profit for such fiscal year is equal to or greater than the
      Operating Profit of the immediately preceding fiscal year. For the
      avoidance of doubt, if the Operating Profit for a given fiscal year is
      less than the Operating Profit of the immediately preceding fiscal year,
      the Executive will not receive a Conditional Guaranteed Bonus for such
      fiscal year. When referring to the fiscal year ended June 30, 2011,
      “fiscal year” as used in this paragraph (i) shall refer to the six (6)
      month period from January 1, 2011 to June 30, 2011, and “immediately
      preceding fiscal year” shall refer to the six (6) month period from
  January 1, 2010 to June 30, 2010.

	 	 	 
	 	ii. 	
      “Conditional Incremental Bonus” shall mean, with
      respect to any fiscal year, an additional bonus amount equal to 2.72% of
      the Executive’s Base Salary multiplied by the Operating Profit Growth
      Multiple,

	 	 	 
	 	iii. 	
      “Operating Profit Growth Multiple” shall mean,
      with respect to any fiscal year, the amount (expressed in percentage
      terms), if any, beyond which the Operating Profit in such fiscal year
      exceeded the Operating Profit of the immediately preceding fiscal year by
      15%. The Operating Profit Growth Multiple shall only be calculated in
      whole percentages, with any fraction of a percent rounded down for
      purposes of calculating the Operating Profit Growth Multiple. When
      referring to the fiscal year ended June 30, 2011, “fiscal year” as used in
      this paragraph (iii) shall refer to the six (6) month period from January
      1, 2011 to June 30, 2011, and “immediately preceding fiscal year” shall
      refer to the six (6) month period from January 1, 2010 to June 30,
      2010.

	 	 	 
	 	iv. 	
      “Operating Profit” shall mean, with respect to the
      Company, net income before interest, taxation and the
  Bonus.

	 	(c) 	
      Stock Grant. The Company shall cause Net 1 UEPS
      Technologies, Inc. (“Net I”) to grant to the Executive, effective
      as of the Effective Date, 60,000 restricted shares of common stock, par
      value $0.001 per share of Net 1 UEPS Technologies, Inc. (the “Grant
      Shares”) upon the terms and conditions set forth in the Net 1 UEPS
      Technologies, Inc. Restricted Stock Agreement for Non-U.S. Employees and
      the Amended and Restated 2004 Stock Incentive Plan of Net 1 UEPS
      Technologies, Inc. attached hereto as Exhibit 2 (collectively, the “Plan”). For the purposes of this
      Agreement and the Plan, the vesting date for the Grant Shares will be June
      30, 2014, unless the Executive fails to receives a Conditional Incremental
      Bonus pursuant to the terms of this Agreement for each of the fiscal years
      ending June 30, 2011, June 30, 2012, June 30, 2013 and June 30, 2014, in
      which event the Grant Shares shall not vest.

	 	 	 
	 	(d) 	
      Additional Benefits. To the extent permitted by
      applicable law, the Executive (and where applicable, his plan-eligible
      dependents) will be eligible to participate in the following benefits
      maintained by the Company for the benefit of its executive officers, subject in any
event to the eligibility requirements and other terms and conditions to those
plans and programs:

- 3 - 

	 	i. 	
      Health Insurance - The Executive shall be entitled
      to participate in the national health insurance in accordance with the
      applicable laws, rules and regulations, and shall be reimbursed for annual
      physical examinations for the Executive and his spouse.

	 	 	 
	 	ii. 	
      National Pension - The Executive shall be entitled
      to participate in the national pension plan in accordance with the
      applicable laws, rules and regulations

	 	 	 
	 	iii. 	
      Car Use - The Executive shall be entitled to the
      use of a Company car and driver for business and reasonable personal use
      in accordance with the Company’s policy.

	 	 	 
	 	iv. 	
      Mobile Phone - The Executive will receive a mobile
      phone and reimbursement of expenses associated with the use of the phone
      for business and reasonable personal use in accordance with the Company’s
      policy.

	 	(e) 	
      Vacation. The Executive shall be entitled to take
      twenty-one (21) days of paid vacation during each twelve (12) months of
      the Executive’s service term hereunder, and which vacation may be taken on
      dates to be selected by mutual agreement of the Board of Directors and the
      Executive, consistent with the requirements of his services. Such vacation
      days are not cumulative and as a result, the unused vacation days in a
      given year will not be carried over to subsequent years nor will they be
      compensated for by the Company to the Executive.

	 	 	 
	 	(f) 	
      Reimbursement of Business Expenses. The Company
      agrees to reimburse the Executive for reasonable business-related expenses
      incurred in the performance of the General Services in accordance with the
      Company’s rules and regulations.

	5. 	
      Severance Payment. Upon the termination of
      this Agreement, the Executive shall be entitled to receive a severance
      payment in accordance with the Company’s rules and regulations.

	 	 
	6. 	
      Working Hours. The Executive is required to
      work during the Company’s normal working hours. In addition, the Executive
      may work additional hours, including hours on weekends and/or during
      public holidays, whenever it is necessary to carry out the General
      Services. The Executive, however, will not be entitled to overtime
      compensation or allowance.

	 	 
	7. 	
      Place of Work. The Executive’s normal place
      of work will be in the offices of the Company located in Seoul, Korea;
      provided however, that the Executive may be required to travel temporarily
      to other locations in connection with the Company’s
  business.

- 4 - 

		
      Furthermore, the Executive understands and agrees that
      his place of work may be changed by the Company from time to time
      according to the Company’s business needs.

	 	 
	8. 	
      Term of Agreement;
  Termination.

	 	(a) 	
      This Agreement shall be effective (the “Effective Date”)
      as of the date of closing under that certain Share Purchase Agreement
      dated as of September 14, 2010 by and among Payment Services Asia LLC and
      H&Q NPA VAN Investment, Ltd, as sellers, and Net 1, as purchaser, and
      continue in full force and effect until June 30, 2014, which shall be the
      Executive’s term of office as the representative director of the
      Company.

	 	 	 	 
	 	(b) 	
      The Company may remove the Executive from his position as
      the representative director of the Company with or without “justifiable
      cause” at a meeting of the board of directors or shareholders, as
      applicable, of the Company prior to the expiration of his then current
      term of office as provided for under the Korean Commercial Code, in which
      case this Agreement shall terminate immediately upon written notice
      thereof. For purposes of this Article 8, the term “justifiable cause”
      shall include any of the following circumstances, as well as any other
      circumstances permitted under applicable law:

	 	 	 	 
	 		i. 	
      The Executive has breached the provisions on
      non-competition or confidentiality of this Agreement;

	 	 	 	 
	 		ii. 	
      The Executive has taken actions that are likely to result
      in a material loss of or harm to the business, reputation or goodwill of
      the Company;

	 	 	 	 
	 		iii. 	
      The Executive has misappropriated funds or assets of the
      Company;

	 	 	 	 
	 		iv. 	
      The Executive has concealed from or falsely disclosed to
      the Company his name, age, education, experience, or other personal
      information;

	 	 	 	 
	 		v. 	
      The Executive has failed to show performance results or
      job capacity;

	 	 	 	 
	 		vi. 	
      The Executive has committed a crime or offense which will
      adversely affect the interest or reputation of the Company; or

	 	 	 	 
	 		vii. 	
      The Executive has committed gross negligence, willful
      misconduct or any violation of laws in performance of his
duties.

	 	 	 	 
	 	(c) 	
      In the event the Executive is removed from office as a
      director of the Company without justifiable cause by a special resolution
      of the shareholders of the Company and this Agreement is terminated as a
      result thereof, the Executive shall be entitled to receive the amounts of
      Base Salary and the Bonus (if any) that would have been due and payable to
      the Executive if the Executive was fully employed with the Company with
      respect to the remainder of the then-current fiscal year in which the
      Executive was removed. The Executive shall also be entitled to a pro-rated
      portion of the Grant Shares, which portion shall
be

- 5 - 

	 		
      calculated by multiplying (i) 60,000 and (ii) the
      fraction obtained by dividing the total amount of the Executive’s time of
      employment with the Company (which time of employment shall be calculated
      as if the Executive was fully employed with the Company from the Effective
      Date until the end of the remainder of the then-current fiscal year in
      which the Executive was removed) by the intended term of this Agreement as
      set forth in Section 8(a) above, provided that the Executive had been
      successfully meeting the requirements for award of the Grant Shares
      pursuant to the terms of this Agreement up to and including the date of
      termination.

	 	 	 
	 	(d) 	
      The Executive agrees that in the event of the termination
      of his services with the Company, the Executive will assist the Company
      with any procedures in connection with such termination, including,
      without limitation, the transition of services. The Executive agrees that
      he will return all properties of the Company, including laptops, mobile
      phone, personal digital assistant (PDA), or other data device provided by
      the Company, as well as all Company information whether original copies or
      duplicates in or on whatever media, in his control, custody or possession
      to the Company immediately upon termination of his services or upon
      request by the Company at any time.

	9. 	
      Non-Competition. In consideration of the
      Base Salary, the Bonus, the Grant Shares and other compensation to be paid
      to the Executive by the Company as set forth in this Agreement, the
      Executive agrees that during the term of this Agreement and for a period
      of three (3) years after the termination or expiration hereof, the
      Executive shall not, without the Company’s prior written consent, directly
      or indirectly, lend his credit, advice or assistance, or engage in any
      activity or act in any manner, including but not limited to, as an
      individual, owner, sole proprietor, founder, associate, promoter, partner,
      joint venturer, shareholder (other than as a less than one percent (1%)
      shareholder of a publicly traded corporation), officer, director, trustee,
      manager, employer, employee, licensor, licensee, principal, agent,
      salesman, broker, representative, consultant, advisor, investor or
      otherwise, for the purpose of establishing, operating or managing any
      business or entity that is engaged in activities competitive with the
      business that the Company has conducted or proposed to conduct during the
      Executive’s service term in any geographic area in which the Company has
      conducted or proposed to conduct that business.

	 	 	 
	10. 	
      Non-Solicitation.

	 	 	 
		(a) 	
      In consideration of the Base Salary, the Bonus, the Grant
      Shares and other compensation to be paid to the Executive by the Company
      as set forth in this Agreement, the Executive agrees that during the term
      of this Agreement and for a period of three (3) years after the
      termination or expiration hereof, the Executive shall not, whether for his
      own account or for the account of any other Person (as hereinafter
      defined), directly or indirectly interfere with the Company’s relationship
      with or endeavor to divert or entice away from the Company any Person who
      or which at any time during the Executive’s service term is or was an
      agent, officer, employee, customer, distributor or consultant of the
      Company.

- 6 - 

	 	(b) 	
      As used in this Agreement, the term “Person” means
      any individual, corporation joint venture, general or limited partnership,
      association or other entity.

	11. 	
      Confidentiality.

	 	 	 
		(a) 	
      The Executive understands and agrees that the business of
      the Company is unique and specialized and that, in connection with his
      service with the Company, he will receive or have access to Confidential
      Information (as hereinafter defined). In consideration of the Base Salary,
      the Bonus, the Grant Shares and other compensation to be paid to the
      Executive by the Company as set forth in this Agreement, the Executive
      agrees that at all times from and after the Effective Date, he shall keep
      secret all such Confidential Information and will not, except as required
      by law, directly or indirectly, or individually or collectively, “Use” (as
      hereinafter defined) or “Disclose” (as hereinafter defined) the same to
      any Person without first obtaining the written consent of the Company. At
      any time the Company may so request, the Executive shall turn over to the
      Company all books, notes, memoranda, manuals, notebooks, tables, drawings,
      calculations, records and other documents made, compiled by or delivered
      to him containing or concerning any Confidential Information, including
      copies thereof, in his possession, it being agreed that the same and all
      information contained therein are at all times the exclusive property of
      the Company.

	 	 	 
		(b) 	
      As used in this Section, the term “Confidential
      Information” means any information or compilation of information not
      generally known to the public or the industry relating to procedures,
      techniques, methods, concepts, ideas, affairs, products, processes and
      services related to the Company’s business, including but not limited to,
      information relating to marketing, merchandising, selling, research,
      development, purchasing, costs, customers, plans, pricing, billing, needs
      of customers and services used by customers of the Company. Confidential
      Information for purposes of this Agreement shall also include all lists of
      customers, addresses, prospects, sales calls, products, services, prices
      and the like as well as any specification, formulas, plans, drawings,
      accounts or sales records, sales brochures, books, code books, records,
      manuals, trade secrets, knowledge, know-how, pricing strategies, operating
      costs, sales margins, methods of operation and the like. All information
      disclosed to the Executive during the term of his service with the Company
      which he has a reasonable basis to believe to be Confidential Information,
      which was previously or currently is treated by the Company as
      Confidential Information, shall be presumed to be Confidential
      Information.

	 	 	 
		(c) 	
      As used in this Section, the term “Disclose” means
      to reveal, deliver, divulge, disclose, publish, copy, communicate, show or
      otherwise make known or available to any other Person, or in any way to
      copy, any of the Confidential Information.

	 	 	 
		(d) 	
      As used in this Section, the term “Use” means to
      appropriate any of Confidential Information for the benefit of any Person
      other than the Company.

- 7 - 

	 	(e) 	
      In addition, the Executive acknowledges and agrees to
      comply with the Company’s policy on the use of e-mail, fax, intranet and
      the Internet and the use of computer software as amended from time to time
      and accept that the Company will monitor his work practices and the use of
      office network as and when appropriate.

	12. 	
      Intellectual Property Rights.

	 	 	 
		(a) 	
      To the maximum extent allowed by law, all Intellectual
      Property (as hereinafter defined) created or developed by the Executive
      (whether alone or jointly with others) in the course of his services or
      outside the course of his duties but relating to the business of the
      Company shall belong to the Company absolutely. In consideration of the
      Base Salary, the Bonus, the Grant Shares and other compensation to be paid
      to the Executive by the Company as set forth in this Agreement, the
      Executive hereby assigns to the Company all his right, title and interest
      in such Intellectual Property (whether now existing or brought into being
      in the future) to the maximum extent allowed by law, undertakes to do
      everything necessary to vest all right, title and interest in such
      Intellectual Property in the Company or its nominee, and irrevocably and
      unconditionally waive any moral rights or similar rights that he may have,
      so far as permitted by law, in exchange for reasonable compensation to be
      paid by the Company in accordance with the Company’s relevant rules and
      regulations (if any) or the applicable laws of Korea.

	 	 	 
		(b) 	
      As used in this Section, the term “Intellectual
      Property” means trademarks, service marks, trade names, domain names,
      logos, get-up, patents, inventions, registered and unregistered design
      rights, copyright works, database rights and all other similar rights and
      works in any part of the world (including know-how), including where such
      rights are obtained or enhanced by registration, any registration of such
      rights and applications and rights to apply for such
  registrations.

	 	 	 
	13. 	
      Reasonableness of Covenants. The Executive
      acknowledges and agrees that the terms and conditions, geographic scope
      and period of duration of the restrictive covenants contained in Sections
      9, 10, 11 and 12 above are both fair and reasonable and that the interests
      sought to be protected by the Company are legitimate business interests
      entitled to be protected.

	 	 	 
	14. 	
      Breach of this Agreement. If the Executive
      commits a breach or threatens to commit a breach of any of the provisions
      of Section 9, 10, 11 or 12 of this Agreement, the Company shall have the
      right and remedy to have those provisions specifically enforced by any
      court having equity jurisdiction, it being acknowledged and agreed by the
      Executive that the rights and privileges of the Company granted in Section
      9, 10, 11 or 12 are of a special, unique and extraordinary character and
      any such breach or threatened breach will cause great and irreparable
      injury to the Company and that money damages will not provide an adequate
      remedy to the Company.

- 8 - 

	15. 	
      Tax Returns. Filing annual income tax
      returns with the relevant tax authorities is the responsibility of the
      Executive. The Company shall have the right to deduct and withhold from
      the compensation payable to the Executive hereunder any amounts required
      to be deducted and withheld under the provisions of any applicable
      laws.

	 	 
	16. 	
      Entire Agreement. This Agreement contains
      the entire agreement between the parties relating to the subject matter
      hereof. No modification, alteration or amendment of this Agreement and no
      waiver of any provision hereof may be made unless such modification,
      alteration, amendment, or waiver is set forth in writing signed by the
      parties hereto.

	 	 
	17. 	
      Governing Law and Severability. This
      Agreement shall be construed in accordance with and governed by the laws
      of Korea. With respect to the disputes arising from this Agreement, the
      Seoul Central District Court shall have the exclusive jurisdiction. If any
      provision of this Agreement shall be held by the court of competent
      jurisdiction to be illegal, invalid or unenforceable, the remaining
      provisions shall remain in full force and effect, legal and enforceable,
      as if the above illegal, invalid or unenforceable provision had never
      existed herein.

	 	 
	18. 	
      Assignment. Neither party shall assign this
      Agreement or any of its rights hereunder without the prior written consent
      of the other party, provided that the Company may assign this Agreement to
      any of its affiliates.

	 	 
	19. 	
      Prevailing Language. This Agreement may be
      executed in two counterparts in the English language, each of which shall
      be deemed an original but which, taken together, shall constitute one and
      the same instrument. Should any conflict arise between the English
      language version of this Agreement and any translation hereof, the English
      language version shall be controlling.

	 	 
	20. 	
      Survival. Sections 8, 9, 10, 11, 17, and 20
      shall survive any termination of this Agreement or the end of its
    term.

	 	 
	21. 	
      Non-Employee. The Executive acknowledges
      that he is not an employee of the Company under the applicable laws and
      regulations of Korea and, as such, shall not be entitled to any benefits
      given to employees under such laws and regulations (except with respect to
      those benefits which the Executive had previously been regularly receiving
      from the Company prior to the Effective Date), unless such is specifically
      provided for under the terms and conditions of this Agreement.

	 	 
	22. 	
      Indemnification. The parties hereto hereby
      each agree to indemnify and save harmless the other party hereto and
      including, where applicable, their respective subsidiaries and affiliates
      and each of their respective directors, officers, employees, consultants,
      associates, counsel and agents (each such party being an “Indemnified
      Party”) harmless from and against any and all losses, claims, actions,
      suits, proceedings, damages, liabilities or expenses of whatever nature or
      kind and including, without limitation, any investigation expenses
      incurred by any Indemnified Party, (collectively “Loss”) to which
      an Indemnified Party may become subject as a result of any breach of, or
      failure by, the other party to perform any of its covenants, agreements or
      other obligations contained in this Agreement so long as the Loss is not caused by the
  willful misconduct or gross negligence of the Indemnified Party.

- 9 - 

	23. 	
      Access to Email. Any email account issued
      to the Executive by the Company is deemed the exclusive property of the
      Company and is to be used by the Executive solely for the purpose of
      performing the General Services under this Agreement. Furthermore, by
      accepting the terms of this Agreement, the Executive agrees and consents
      to the Company accessing the issued email account and disclosing any
      information obtained therein to any third party whenever the Company finds
      it necessary to protect its interests in connection with: (i) preventing
      acts of libel through email; (ii) protecting Confidential Information and
      other business secrets; (iii) preventing infringement of intellectual
      property rights; (iv) preventing the illegal use of emails; (v) the use of
      emails as evidence in legal proceedings; and (vi) any other reason that
      the Company deems necessary to protect its
interests.

[Signature Page to Follow] 

- 10 - 

IN WITNESS WHEREOF, the parties hereto and/or their duly
authorized representatives have executed this Agreement as of the Effective
Date. 

COMPANY: 

KSNET, INC. 

By:   /s/ Herman Gideon
Kotzé                                         
        
Name: Herman Gideon Kotzé 

EXECUTIVE: 

/s/ Phil-Hyun
Oh                                                             
 
PHIL-HYUN OH 
Address:    XXX

Personal Identification No:

Exhibit 1 

Bonus Calculation for Fiscal Year Ending on December 31,
2010 

With respect to the Executive’s annual bonus for the 2010
fiscal year ending on December 31, 2010, Net 1 shall use its reasonable best
efforts to reach agreement with H&Q NPS Van Investment, Ltd. and Payment
Services Asia LLC (collectively, the “Sellers”) in the post closing
adjustment process under that certain Share Purchase Agreement dated as of
September 14, 2010, by and among Sellers and Net 1 (the “SPA”) to have up
to KRW 180 million accrued for the Executive’s bonus for the period up to the
Closing Date in the Closing Date Balance Sheet or the Final Closing Date Balance
Sheet (as such terms are defined in the SPA), as applicable, and pay to the
Executive as a bonus for the fiscal year ending on December 31, 2010 an amount
equal to the sum of (i) the amount actually accrued for the Executive’s annual
bonus in the Closing Date Balance Sheet or the Final Closing Date Balance, as
applicable, and (ii) the amount that Net 1 reasonably extrapolates would have
accrued with respect to the period commencing after the Closing Date and ending
on December 31, 2010, based on the numbers and methodologies used to calculate
the amount set forth in subparagraph (i) above. 

Exhibit 2 

Net 1 UEPS Technologies. Inc. Restricted Stock Agreement
for Non-U.S. Employees and the Amended and Restated 2004
Stock Incentive Plan of Net 1 UEPS Technologies. Inc. 

POWER OF ATTORNEY 

KNOW ALL MEN BY THESE PRESENTS THAT KSNET, Inc., a corporation organized and existing under the laws of Korea (the “Company”) with its registered offices at 3rd Floor, Cheil Bldg., 168-26 Samsung-Dong, Gangnam-Gu, Seoul, Korea, hereby appoints Net 1 UEPS Technologies, Inc., a company incorporated in Florida with its registered offices at President Place, 4th Floor, Cnr. Jan Smuts Ave & Bolton Rd, Rosebank, Gauteng, South Africa acting, as its true and lawful attorney-at-law, empowered and fully authorized to undertake or perform on behalf of and in the name of the Company any and all acts to enter into employment agreement (the “Employment Agreement”) with Phil-Hyun Oh, a natural person at XXX, whose resident registration number is xxxxxx-xxxxxxx (the “Executive”).  The powers given to the attorney-at-law include, but are not limited to, the following:

	1. 	
      To represent the Company or otherwise to act on its
      behalf with respect to the Employment Agreement with the
  Executive;

	 	 
	2. 	
      To prepare, and execute any and all documents related to
      the Employment Agreement with the Executive; and

	 	 
	3. 	
      To do any other acts as may be appropriate or necessary
      in connection with any of the above.

IN WITNESS WHEREOF, the Company has executed this power of
attorney in its corporate name by its duly authorized officer whose name and
title are indicated below his signature this ___ day of ________2010. 

	 	By: 	/s/ Phil-Hyun Oh 
	 	 	 
	 	 	Name: Phil-Hyun Oh
    
	 	 	 
	 	  	Title: Representative Director
  

NET 1 UEPS TECHNOLOGIES, INC. 
RESTRICTED STOCK
AGREEMENT 
FOR NON-U.S. EMPLOYEES 

          Net
1 UEPS Technologies, Inc. (the “Company”) has granted to the
Employee named below (“you” or “your”), effective as
of the Grant Date specified below, restricted shares (each, an “Award Share” and
collectively, the “Award Shares”) of common stock, par value
$0.001 per share, of the Company (the “Common Stock”) upon the
terms and conditions set forth in this Restricted Stock Agreement (the
“Agreement”) and the Amended and Restated 2004 Stock Incentive Plan of Net 1
UEPS Technologies, Inc. (the “Plan”), the provisions of which are
incorporated into this Agreement. Except as otherwise provided in Section 7 of
this Agreement with respect to applicable tax and social insurance withholding,
you are not required to pay any amount to the Company for the receipt of these
Award Shares. By signing this Agreement, you: (a) acknowledge that you have read
this Agreement; (b) accept the Award Shares subject to all of the terms and
conditions of this Agreement; and (c) agree to accept as binding, conclusive,
and final all decisions or interpretations of the Company upon any questions
arising under this Agreement. For purposes of this Agreement, actions and
determinations to be made by the Company may be made by the Board of Directors
of the Company or by such committee or delegate as may be appointed by the Board
of Directors from time to time. 

	Name of Employee: 	Phil-Hyun Oh 
	 	 
	Grant Date: 	September 17, 2010 
	 	 
	Number of Award Shares: 	60,000
    

1.      DEFINITIONS
AND
CONSTRUCTION. 

          Unless
otherwise defined in this Agreement, capitalized terms have the meanings
ascribed to them in the Plan. The captions and titles contained in this
Agreement are for convenience only and do not affect the meaning or
interpretation of any provision of this Agreement. 

2.      VESTING:
TERMINATION OF
EMPLOYMENT OR
SERVICE. 

                         (a)      All
of the Award Shares are nonvested and forfeitable as of the Grant Date. For
clarity, as used in this Agreement, the term “vest” means the lapse of
restrictions on the Award Shares in accordance with the terms of this Agreement.

- 1 - 

                        (b)      The
Award Shares shall become vested and nonforfeitable, if at all, in accordance
with the rules set forth below, provided that your employment or
other service with the Company or its affiliate (such employment or other
service with the Company or its affiliate referred to hereafter as
“Service”) is continuous from the Grant Date through the
applicable vesting date and the conditions for vesting have been satisfied. No
Award Shares shall vest or become nonforfeitable after the date your Service
terminates for any reason. If your Service with the Company ceases for any
reason, all Award Shares that are not then vested and nonforfeitable will be immediately forfeited by you and transferred to the
Company upon such cessation for no consideration. 

                         (c)      Vesting
  of the Award Shares is conditioned upon your continuous Service through the
applicable vesting date. [Insert any applicable performance criteria] 

3.     
RESTRICTIONS ON
TRANSFER. 

                         (a)      Until
an Award Share becomes vested and nonforfeitable, it may not be sold, assigned,
transferred, pledged, hypothecated, exchanged, or disposed of in any way
(whether by operation of law or otherwise), except by will or the laws of
descent and distribution and shall not be subject to execution, attachment,
anticipation, alienation, encumbrance, garnishment by your creditors or
beneficiaries, or similar process. 

                         (b)      Any
attempt to dispose of any such Award Shares in contravention of the restrictions
set forth in Section 3(a) shall be null and void and without effect. The Company
shall not be required to (i) transfer on its books any Award Shares that have
been sold or transferred in contravention of this Agreement or (ii) treat as the
owner of Award Shares, or otherwise accord voting, dividend, or liquidation
rights to, any transferee to whom Award Shares have been transferred in
contravention of this Agreement. 

- 2 - 

4.     
COMPANY-ASSISTED
SALES OF
SHARES;
GRANT OF
POWER OF
ATTORNEY FOR
SALE OF
SHARES. 

          You
acknowledge that you have been advised that it may be impracticable for you on
your own to sell, or to arrange for a sale through a broker or otherwise, vested
Award Shares. Therefore, the Company expects to assist you in this regard by
facilitating the sale of vested Award Shares, with the method and timing of such
sales to be determined by the Executive Committee of the Company, although the
Company has no obligation to do so. However, in the event that the Company does
attempt to facilitate any such sale of vested Award Shares, the Company does not
represent to you that such sale will be completed, or if it is completed, that
vested Award Shares will be sold at any particular price or require any
particular level of brokerage commissions. You hereby irrevocably constitute and
appoint Dr. Serge C.P. Belamant and Mr. Herman Gideon Kotze, each with full
power and authority to act together or alone in any matter hereunder and with
full power of substitution, your true and lawful attorneys-in-fact (individually
an “Attorney,” and collectively, the “Attorneys”),
with full power and authority in your name, for and on your behalf, with respect
to all matters arising in connection with the sale of vested Award Shares,
including, but not limited to, the power and authority on your behalf to take
any and all of the following actions: (i) to sell such vested Award Shares
through a broker, including a transaction in which the broker will act as a
principal, at a purchase price per share as determined by negotiation between
the Company, the Attorneys, and the broker and to complete, execute, and deliver
a stock power in relation to the sale of vested Award Shares; (ii) on your
behalf, to make representations and warranties and enter into appropriate
agreements to effect the sale of such vested Award Shares; (iv) to instruct the
Company’s transfer agent as the Attorneys shall determine on all matters
pertaining to the delivery and custody of certificates for such vested Award
Shares; (v) to incur or authorize the incurrence of any necessary or appropriate
expense in connection with the sale of such vested Award Shares; (vi) if
necessary, to endorse (in blank or otherwise) on your behalf the certificate(s)
representing such vested Award Shares and a stock power or powers attached to
such certificate(s); and (vii) to sign such other certificates, documents, and
agreements and take any and all other actions as the Attorneys may deem
necessary or desirable in connection with the consummation of the transactions
contemplated by the power of attorney granted under this Section 4. Each
Attorney may act alone in exercising the rights and powers conferred on the
Attorneys. Each Attorney is hereby empowered to determine in his sole discretion
the time or times when, the purpose for and the manner in which any power herein
conferred upon him shall be exercised, and the conditions, provisions, or
covenants of any instrument or document which may be executed by him pursuant
hereto. The power of attorney granted under this Section 4 is an agency coupled
with an interest and all authority conferred hereby shall be irrevocable, and
shall not be terminated by any act of yours or by operation of law, whether by
your death, disability, or incapacity or by the occurrence of any other event or
events. It is understood that the Attorneys assume no responsibility or
liability for any aspect of offering or selling any vested Award Shares and
shall not be liable for any error of judgment or for any act done or omitted or
for any mistake of fact or law except for the Attorneys’ own gross negligence,
willful misconduct, or bad faith. It is understood that the Attorneys, in acting
pursuant to this power of attorney, are not acting in a fiduciary capacity on
your behalf and are not required to, nor will they necessarily, obtain the best
available price or the lowest possible fee or commission when negotiating or
otherwise facilitating any sale of Award Shares pursuant to this power of
attorney. The power of attorney granted under this Section 4 shall be binding
upon you and your heirs, legal representatives, distributees, successors, and
assigns. 

5.      CERTIFICATE
REGISTRATION. 

          Physical
possession or custody of such stock certificates shall be retained by the
Company until such time as the Award Shares are transferable without restriction
and, thereafter, the Company shall either issue and deliver to you one or more
certificates in your name for the applicable number of vested Award Shares or
provide for uncertificated, book entry issuance of those Award Shares. Upon the
request of the Company, you shall deliver to the Company a stock power, endorsed
in blank, with respect to any Award Shares that have been forfeited pursuant to
this Agreement. All regular cash dividends on the Award Shares held by the
Company will be paid directly to you on the dividend payment date. 

6.      LEGENDS.

          Until
the Award Shares become vested and nonforfeitable, the Company may at any time
place legends referencing any restrictions on transfer and any applicable U.S.
federal, state, or foreign securities law restrictions on all certificates
representing Award Shares subject to the provisions of this Agreement. You
shall, at the request of the Company, promptly present to the Company any and
all certificates representing Award Shares in your possession in order to carry
out the provisions of this Section 6. 

- 3 - 

7.      TAX
AND/OR
SOCIAL INSURANCE
WITHHOLDING. 

          7.1      Generally.
At the time any withholding is required by applicable law, or at any time
thereafter as requested by the Company, you hereby authorize withholding from
payroll and any other amounts payable to you, and otherwise agree to make
adequate provision for any sums required to satisfy the federal, state, local,
and foreign tax and social insurance withholding obligations of the Company or
its affiliate, if any, which arise in connection with the grant or vesting of
the Award Shares. The Company shall have no obligation to deliver shares of
Common Stock or issue any Common Stock certificate until you have satisfied the
tax and social insurance withholding obligations of the Company or its
affiliate. The Company may, in its sole discretion, permit you to satisfy, in
whole or in part, any tax and social insurance withholding obligation which may
arise in connection with the grant or vesting of Award Shares either by electing
to have the Company withhold the issuance or delivery of shares of Common Stock
due to you, or by electing to deliver to the Company already-owned Award Shares,
in either case having a Fair Market Value (as defined below) equal to the amount
necessary to satisfy the statutory minimum withholding amount due. For purposes
of this Agreement, (i) if the shares of Common Stock are registered under
Section 12(b) or 12(g) of the Securities Exchange Act of 1934, as amended, and
listed for trading on a national exchange or market, “Fair Market
Value” means, as applicable, (a) the closing price on the relevant date,
the average of the high and low sale price on the relevant date, or the average
of the closing price over a period of up to 30 consecutive days immediately
prior to or including the relevant date, as determined in the Company’s
discretion, as quoted on the New York Stock Exchange, the American Stock
Exchange, the NASDAQ Global Select Market, or the NASDAQ Global Market; (b) the
last sale price on the relevant date or the average of the last sale price over
a period of up to 30 consecutive days immediately prior to or including the
relevant date, as determined in the Committee’s discretion, as quoted on the
NASDAQ Capital Market; (c) the average of the high bid and low asked prices on
the relevant date quoted on the NASDAQ OTC Bulletin Board Service or by the
National Quotation Bureau, Inc. or a comparable service as determined in the
Company’s discretion; or (d) if the shares of Common Stock are not quoted by any
of the above, the average of the closing bid and asked prices on the relevant
date furnished by a professional market maker for the shares, or by such other
source, selected by the Company; provided, however, that if an
average of prices over a period of days is not applicable and no public trading
of the shares occurs on the relevant date but the shares are so listed, then
Fair Market Value shall be determined as of the earliest preceding date on which
trading of the shares does occur; and (ii) if the shares of Common Stock on the
relevant date are not listed for trading on a national exchange or market, then
Fair Market Value shall be the value established by the Company in good faith.

          7.2      Section
83(b) Election. If you are a United States taxpayer, you hereby acknowledge
that you have been advised by the Company to seek independent tax advice from
your own advisors regarding the availability and advisability of making an
election under Section 83(b) of the Internal Revenue Code of 1986, as amended,
and that any such election, if made, must be made within 30 days of the Grant
Date. You expressly acknowledge that you are solely responsible for filing any
such Section 83(b) election with the appropriate governmental authorities,
irrespective of the fact that such election is also delivered to the Company.
You may not rely on the Company or any of its officers, directors, or employees
for tax or legal advice regarding this award. You acknowledge that you have
sought tax and legal advice from your own advisors regarding this award or have
voluntarily and knowingly foregone such consultation. 

- 4 - 

8.      ADJUSTMENTS
FOR CORPORATE
TRANSACTIONS AND
OTHER EVENTS.

          8.1      Stock
Dividend, Stock Split, and Reverse Stock Split. Upon a stock dividend of, or
stock split or reverse stock split affecting, the Common Stock, the number of
Award Shares and the number of such Award Shares that are nonvested and
forfeitable shall, without further action of the Board of Directors of the
Company, be adjusted to reflect such event. The Company shall make appropriate
adjustments, in its discretion, to address the treatment of fractional shares
with respect to the Award Shares as a result of the stock dividend, stock split,
or reverse stock split; provided, however, that such adjustments
do not result in the issuance of fractional Award Shares. Adjustments under this
Section 8.1 will be made by the Company, whose determination as to what
adjustments, if any, will be made and the extent thereof will be final, binding,
and conclusive. 

          8.2      Binding
Nature of Agreement. The terms and conditions of this Agreement shall apply
with equal force to any additional and/or substitute securities received by you
in exchange for, or by virtue of your ownership of, the Award Shares, to the
same extent as the Award Shares with respect to which such additional and/or
substitute securities are distributed, whether as a result of any spin-off,
stock split-up, stock dividend, stock distribution, other reclassification of
the Common Stock of the Company, or similar event, except as otherwise
determined by the Company. If the Award Shares are converted into or exchanged
for, or stockholders of the Company receive by reason of any distribution in
total or partial liquidation or pursuant to any merger of the Company or
acquisition of its assets, securities of another entity, or other property
(including cash), then the rights of the Company under this Agreement shall
inure to the benefit of the Company’s successor, and this Agreement shall apply
to the securities or other property (including cash) received upon such
conversion, exchange, or distribution in the same manner and to the same extent
as the Award Shares. 

9.      RIGHTS
AS A
STOCKHOLDER,
DIRECTOR,
EMPLOYEE,
OR CONSULTANT.

          9.1      Rights
as a Stockholder. Except as otherwise provided in this Agreement with
respect to restrictions on transfer of any nonvested and forfeitable Award
Shares, you are entitled to all rights of a stockholder of the Company,
including the right to vote the Award Shares and receive dividends and/or other
distributions declared on the Award Shares. 

          9.2      Director,
Employee, or Consultant Status. You understand and acknowledge that, except
as otherwise provided in a separate, written employment agreement between you
and the Company or an affiliate, your employment is “at will” and is for no
specified term. Nothing in this Agreement or the Plan shall confer upon you any
right to continue in the Service of the Company or an affiliate or interfere in
any way with any right of the Company or an affiliate to terminate your Service
as a director, an employee, or consultant, as the case may be, at any time. 

10.     
MISCELLANEOUS
PROVISIONS. 

          10.1      Further
Instruments. The parties hereto agree to execute such further instruments
and to take such further action as may reasonably be necessary to carry out the
intent of this Agreement. 

- 5 - 

          10.2      Binding
Effect; Parties; Entire Agreement. Subject to the restrictions on transfer
set forth herein, this Agreement shall inure to the benefit of and be binding
upon the parties hereto and their respective heirs, executors, administrators,
successors, and assigns. This Agreement is between you and the Company. This
Agreement shall constitute the entire understanding and agreement between you
and the Company with respect to the subject matter contained in this Agreement
and supersedes any prior agreements, understandings, restrictions,
representations, or warranties among you and the Company with respect to such
subject matter. 

         10.3      Amendment.
This Agreement may be amended from time to time by the Company in its
discretion; provided, however, that this Agreement may not be modified in a
manner mat would have a materially adverse effect on the Award Shares as
determined in the discretion of the Company, except as provided in the Plan or
in a written document signed by each of the parties hereto. 

          10.4      Delivery
of Documents and Notices. Any notice required or permitted under this
Agreement shall be given in writing and shall be deemed effectively given
(except to the extent that this Agreement provides for effectiveness only upon
actual receipt of such notice) upon personal delivery, upon electronic delivery
at the e-mail address, if any, provided for you by the Company, or, upon deposit
with an internationally recognized overnight courier service with postage and
fees prepaid, addressed to the other party at the address of such party set
forth in this Agreement or at such other address as such party may designate in
writing from time to time to the other party. 

                         (a)      Description
of Electronic Delivery. This Agreement, the Plan, and any reports of the
Company provided generally to the Company’s stockholders may be delivered to you
electronically. Such means of electronic delivery may include but do not
necessarily include the delivery of a link to a Company intranet or the internet
site of a third party involved in administering this Agreement, the delivery of
the document via e-mail or such other means of electronic delivery specified by
the Company. 

                         (b)      Consent
to Electronic Delivery. You consent to the electronic delivery of this
Agreement and any reports of the Company provided generally to the Company’s
stockholders. You acknowledge that you may receive from the Company a paper copy
of any documents delivered electronically at no cost to you by contacting the
Company by telephone or in writing. You further acknowledge that you will be
provided with a paper copy of any documents if the attempted electronic delivery
of such documents fails. Similarly, you understand that you must provide the
Company or any designated third party administrator with a paper copy of any
documents if the attempted electronic delivery of such documents fails. You may
revoke your consent to the electronic delivery of documents or may change the
electronic mail address to which such documents are to be delivered (if you have
provided an electronic mail address) at any time by notifying the Company of
such revoked consent or revised e-mail address by telephone, postal service, or
electronic mail. Finally, you understand that you are not required to consent to
electronic delivery of documents. 

          10.5     
Applicable Law. This Agreement shall be governed by the laws of the State
of Florida as such laws are applied to agreements between Florida residents
entered into and to be performed entirely within the State of Florida. 

- 6 - 

          10.6     
Counterparts. This Agreement may be executed in counterparts, each of
which shall be deemed an original, but all of which together shall constitute
one and the same instrument. 

          10.7      No
Future Entitlement. By execution of this Agreement, you acknowledge and
agree that: (i) the grant of Award Shares is a one-time benefit which does not
create any contractual or other right to receive future grants of Award Shares,
or compensation in lieu of Award Shares; (ii) all determinations with respect to
any such future grants, including, but not limited to, the times when Award
Shares shall be granted and the maximum number of Award Shares granted, will be
at the sole discretion of the Company; (iii) the value of the Award Shares is
outside the scope of the your employment contract; (iv) the value of the Award
Shares is not part of normal or expected compensation for purposes of
calculating any severance, resignation, redundancy, end of service payments,
bonuses, long-service awards, pension or retirement benefits, or similar
payments; (v) the vesting of the Award Shares ceases upon termination of Service
with the Company or transfer of employment from the Company, or other cessation
of eligibility for any reason, except as may otherwise be explicitly provided in
this Agreement; and (vi) no claim or entitlement to compensation or damages
arises if the Award Shares do not increase in value and you irrevocably release
the Company from any such claim that does arise. Neither this Agreement nor any
provision hereunder shall be construed so as to grant you any right to remain in
the Service of the Company. 

          10.8      Personal
Data. For the exclusive purpose of implementing, administering, and
managing the Award Shares, you, by execution of this Agreement, consent to the
collection, receipt, use, retention, and transfer, in electronic or other form,
of your personal data by and among the Company and its third party vendors. You
understand that personal data (including but not limited to, name, home address,
telephone number, employee number, employment status, social security number,
tax identification number, job, and payroll location, data for tax withholding
purposes, and Award Shares granted, forfeited, vested, and unvested) may be
transferred to third parties assisting in the implementation, administration,
and management of the Award Shares and you expressly authorize such transfer as
well as the retention, use, and the subsequent transfer of the data by the
recipient(s). You understand that these recipients may be located in your
country or elsewhere, and that the recipient’s country may have different data
privacy laws and protections than your country. You understand that data will be
held only as long as is necessary to implement, administer, and manage the Award
Shares. You understand that you may, at any time, request a list with the names
and addresses of any potential recipients of the personal data, view data,
request additional information about the storage and processing of data, require
any necessary amendments to data or refuse or withdraw the consents herein, in
any case without cost, by contacting in writing the Company’s legal department
representative. You understand, however, that refusing or withdrawing your
consent may affect your ability to accept an Award Share. 

- 7 - 

          10.9      The
Company’s Rights. The existence of the Award Shares shall not affect in any
way the right or power of the Company or its stockholders to make or authorize
any or all adjustments, recapitalizations, reorganizations or other changes in
the Company’s capital structure or its business, or any merger or consolidation
of the Company, or any issue of bonds, debentures, preferred or other stocks
with preference ahead of or convertible into, or otherwise affecting the Common
Stock or the rights thereof, or the dissolution or liquidation of the Company, or any sale or transfer of all or any part of the
Company’s assets or business, or any other corporate act or proceeding, whether
of a similar character or otherwise. 

          10.10      Conformity
with Plan. This Agreement is intended to conform in all respects with, and
is subject to all applicable provisions of, the Plan. Inconsistencies between
this Agreement and the Plan shall be resolved in accordance with the terms of
the Plan. In the event of any ambiguity in this Agreement or any matters as to
which this Agreement is silent, the Plan shall govern. A copy of the Plan is
available upon request to the Company. 

	NET 1 UEPS TECHNOLOGIES, INC.
    	 	EMPLOYEE 
	  	  	 	  
	  	  	 	  
	By: 	Herman Gideon Kotzé
    	 	  
	  	  	 	Signature 
	Its: 	Chief Financial Officer
    	 	  
	  	  	 	Date 
	Address:       President
      Place 	 	  
	  	       4th Floor 	 	Address 
	  	       Johannesburg 2196
    	 	  
	  	       South Africa 	 	  

- 8 - 

{This Stock Power should be signed in blank and
deposited with the Company 
if share certificates are issued
and/or delivered to the Grantee 

  for Award Shares that are nonvested and forfeitable.} 

STOCK POWER 

          FOR
VALUE RECEIVED, the undersigned, _____________________, hereby sells, assigns
and transfers unto Net 1 UEPS Technologies, Inc., a Florida corporation (the
“Company”), or its successor, ________ shares of common stock, par
value $0.001 per share, of the Company standing in my name on the books of the
Company, represented by Certificate No. ________, or an appropriate book entry
notation, and hereby irrevocably constitutes and appoints ______________________
as my attorney-in-fact to transfer the said stock on the books of the Company
with full power of substitution in the premises. 

	WITNESS:	 	 
	 	 	 
	 	 	 
	 	 	Dated:
      _______________________________________________________

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