Document:

Document

Exhibit 10.21

PERFORMANCE AWARD AGREEMENT
UNDER THE
TEXAS CAPITAL BANCSHARES, INC.
2015 LONG-TERM INCENTIVE PLAN

1.Award of Performance Units. Pursuant to the Texas Capital Bancshares, Inc. 2015 Long-Term Incentive Plan (the “Plan”) of Texas Capital Bancshares, Inc., a Delaware corporation (the “Company”) and its Subsidiaries,
______________________
(the “Participant”)
as an employee of the Company, has been granted an Award under the Plan for _______________________________ (__________) Restricted Stock Units (the “Time-Based Units”) and ________________________________________ (__________) Performance Units (the “Performance Units”, collectively, with the Time-Based Units, the “Awarded Units”), which may be converted into the number of whole shares of Common Stock (as determined under Section 4 below) equal to the number of vested Awarded Units (determined in accordance with Section 3 below), subject to the terms and conditions of the Plan and this Performance Award Agreement (this “Agreement”).  The Date of Grant of this Award is June 29, 2020.  The maximum number of shares of Common Stock that could be issued with respect to the Awarded Units is ______________________________________  (________).  Each Awarded Unit shall be a notional share of Common Stock, with the value of each Awarded Unit being equal to the Fair Market Value of a share of Common Stock at any time.
2.Subject to Plan.  This Agreement is subject to the terms and conditions of the Plan, and the terms of the Plan shall control to the extent inconsistent with the provisions of this Agreement.  The capitalized terms used herein that are defined in the Plan shall have the same meanings assigned to them in the Plan, except as otherwise expressly provided herein.  This Agreement is subject to any rules promulgated pursuant to the Plan by the Board or the Committee and communicated to the Participant in writing.  
3.Vesting; Forfeiture.  Awarded Units which have become vested pursuant to the terms of this Section 3 are collectively referred to herein as “Vested Units.” All other Awarded Units are collectively referred to herein as “Unvested Units.”  The Participant shall be eligible to receive shares of Common Stock with respect to the Vested Units in accordance with Section 4 below.
a.Subject to the provisions of Section 5 and Section 30 below and except as otherwise provided in this Section 3, 
(i)One hundred percent (100%) of the Time-Based Units will become vested on February 11, 2023, provided that the Participant is employed by (or if the Participant is a Contractor, Consultant or Outside Director, is providing services to) the Company or its Subsidiaries on such date.  
(ii)The Performance Units will vest on the date the Committee determines whether the vesting conditions set forth on Exhibit A hereto have been achieved (which date shall be after the end of the Performance Period (as defined in Exhibit A) and no later than March 15, 2023).

b.Except as otherwise provided by Section 3.c., Section 3.d. and Section 3.h. hereof, immediately upon the Participant’s Termination of Service for any reason whatsoever, the Participant shall be deemed to have forfeited all of the Participant’s Unvested Units.
c.Notwithstanding the foregoing and except as otherwise provided in Section 5 below and regardless of whether the performance criteria set forth in Exhibit A have been achieved, in the event that a Change in Control occurs and on or after the date of the Change in Control, the Participant incurs a Termination of Service by the Company (or by its successor following the Change in Control) without Cause (as defined in Section 3.e. below) or by the Participant for Good Reason (as defined in Section 3.g. below), then 100% of the Unvested Units shall immediately become Vested Units upon such termination.
d.Notwithstanding the foregoing, if the Participant’s employment with the Company or any of its Subsidiaries terminates by reason of the Participant’s death or Total and Permanent Disability, all Unvested Units shall immediately become Vested Units upon such termination (with Performance Units vesting at the target (100%) performance level).
e.For purposes hereof, “Cause” shall have the meaning set forth in the Participant’s employment agreement with the Company.
f.For purposes hereof, “Change in Control” shall have the meaning set forth in the Plan, provided that such event is a “change in control” within the meaning of Section 409A of the Code, and the regulations and other applicable guidance issued thereunder.
g.For purposes hereof, “Good Reason” shall have the meaning set forth in the Participant’s employment agreement with the Company.
h.Notwithstanding anything to the contrary contained herein and subject to Section 5, if at any time after the date the Participant reaches age 60 plus 10 years of service with the Company the Participant, the Participant, after providing the Company with three months written notice of his or her intent to retire, incurs a Termination of Service with the Board’s consent (other than a Termination of Service for Cause or without Good Reason), then, provided that the Company determines that the Participant continued to perform his or her duties during the three month notice period in accordance with the terms and conditions of the retirement transition plan provided to the Participant by the Company on or after the date the Participant provided notice of his or her intent to retire, the Unvested Units shall not be forfeited upon the Participant’s Termination of Service and instead, such Unvested Units shall continue to be subject to the vesting provisions set forth in Section 3.a. as if the Participant had remained employed by the Company (with shares of Common Stock being delivered pursuant to Section 4 on the original Vesting Dates).  The Participant acknowledges and agrees that once the Participant provides written notice to the Company of his or her intent to retire, the Participant shall no longer be eligible to receive any additional grants under the Plan. 
4.Delivery of Common Stock.  The Vested Units shall be converted into the number of whole shares of Common Stock equal to the number of Vested Units and the Company shall electronically register such shares of Common Stock in the Participant’s name (or in the name of his or her estate or beneficiary) or deliver certificates for the such shares of Common Stock to the Participant in accordance with the following schedule:
a.March 15, 2023; or
2

b.If earlier, the date of the Participant’s Termination of Service without Cause or with Good Reason on or after a Change in Control.  
To the extent an Awarded Unit does not vest in accordance with the provisions of Section 3 hereof by March 15, 2023, such Awarded Unit shall be forfeited and no shares of Common Stock shall be delivered with respect to such forfeited Awarded Unit.  
5.Forfeiture and Disgorgement.
a.Notwithstanding any provisions in this Agreement to the contrary, in the event the Participant violates the provisions of Section 5.b. or the provisions of any agreement between the Company (or any of its Subsidiaries) that contains confidentiality, non-solicitation or other protective or restrictive covenant provisions, then:
(i)the Awarded Units shall immediately cease to vest as of the date of such violation; 
(ii)any shares of Common Stock that had not been registered (or delivered) with respect to Awarded Units shall be immediately forfeited and this Agreement (other than the provisions of this Section 5) will be terminated on the date of such violation; and
(iii)any shares of Common Stock (less any taxes paid by the Participant on such shares of Common Stock) that had been delivered to the Participant (or registered in the Participant’s name) with respect to any Vested Units shall be immediately returned to the Company by the Participant.
The Company must deliver written notice of its intent to enforce the provisions of this Section 5.a. at least 15 days prior to the date it intends to enforce the terms of Sections 5.a.(i) and (ii).  Both the Company and the Participant agree that upon delivery of written notice under this Section 5.a., neither party will enter into any transaction that will affect the other party’s interests in the cash subject to dispute until the expiration of the 15-day notice period.
The provisions of this Section 5 (including, without limitation, the provisions of this Section 5.a. and the provisions of Section 5.b. below) only shall apply to the Awarded Units for the period beginning on the Date of Grant and ending on the earlier of (i) the one year (or, in the event the Awarded Units vest in accordance with Section 3.h. above, the four year) anniversary of the date the Awarded Units become vested in accordance with the provisions of Section 3 above (regardless of whether the Agreement terminates or expires prior to such date), or (ii) if a Change in Control occurs, the date of the Participant’s Termination of Service either by the Company without Cause or by the Participant with Good Reason.
b.By execution of this Agreement, the Participant, either individually or as a principal, partner, stockholder, manager, agent, consultant, contractor, employee, lender, investor, volunteer or as a director or officer of any corporation or association, or in any other manner or capacity whatsoever, agrees to the following:
(i)Confidential Information.  The Participant acknowledges that the Company would not provide the Participant with access to its Confidential Information or grant the Awarded Units but for the Participant’s covenants or promises contained in this Section 5.b.  For purposes of this Agreement, “Confidential Information” shall mean the 
3

Company’s (for purposes of this Section 5.b., the “Company” shall include both the Company and Texas Capital Bank, N.A.’s (“TCB”)) unique concepts, lending practices, sales presentations, marketing programs, marketing strategies, business practices, methods of operation, pricing information, cost information, trademarks, licenses, technical information, proprietary information, computer software programs, computer tapes and disks concerning its operations systems, customer lists, customer leads, customer loan and financial information, documents identifying past, present and future customers, customer profiles and preference data, hiring and training methods, investment policies, financial and other confidential, proprietary and/or trade secret information concerning the Company’s operations and expansion plans.  The Confidential Information includes, without limitation, information about the Company’s business, proprietary, and technical information that is not known to others and could have economic value to others if improperly disclosed.  Confidential Information also means any information the Company discloses to the Participant, either directly or indirectly, in writing, orally or by inspection of tangible objects, including, without limitation, information and technical data contained in the Company’s manuals, booklets, publications and materials, equipment of every kind and character, as well as documents, prototypes, samples, prospects, inventions, product ideas, know how, processes, plans (including, without limitation, marketing plans and strategies), specifications, designs, techniques, technology, formulas, software, improvements, forecasts, and research.  Confidential Information does not include any information that is available to the public or, upon reasonable investigation, is ascertainable in the public domain or information generally known outside of the Company.  The Participant’s obligations under this Section 5 regarding specific Confidential Information shall cease when that specific portion of the Confidential Information becomes publicly known, in its entirety and without combining portions of such information obtained separately.
(ii)Access to and Agreement Not To Disclose Confidential Information.  During Participant’s Company employment, the Company agrees to provide the Participant with some or all of the Company’s Confidential Information to which the Participant has not had previous access or knowledge. By executing this Agreement, the Participant agrees that the Confidential Information constitutes valuable, special and unique assets of the Company, developed at the Company’s great expense, the unauthorized use or disclosure of which would cause irreparable harm to the Company.  The Participant understands and acknowledges that the Company is engaged in a specialized and competitive industry; that the Company relies heavily on information, data, programs, and processes it has developed and acquired; and that competitors can reap potential or real economic benefits from the possession of the Confidential Information that is otherwise not available to its competitors.  The Participant understands and acknowledges, therefore, that the protection of the Company’s Confidential Information constitutes the Company’s legitimate business interest.  The Participant acknowledges that the Confidential Information is the Company’s exclusive property, and the Participant will hold the Confidential Information in trust and solely for the Company’s benefit.  The Participant further acknowledges that the Confidential Information includes “trade secrets” under Texas law and, in addition to the other protections provided in this Agreement, all trade secrets will be accorded the protection and benefits under Texas law and any other applicable law.  The Participant waives any requirement that the Company submit proof of any trade secret’s economic value or post a bond or other security should the need arise. 
4

In exchange for the Company’s promise to provide the Participant with some or all of the Company’s Confidential Information to which the Participant has not previously had access or knowledge, the Participant agrees that he or she will not, either during the period of the Participant’s employment with the Company or at any time thereafter, use or rely upon for the Participant’s benefit or the benefit of another, or disclose, disseminate, or distribute to anyone, including, without limitation, any individual, person, firm, corporation, or other entity, or publish, or use for any purpose, any of the Confidential Information (whether acquired, learned, obtained, or developed by the Participant alone or in conjunction with others), except (A) as properly required in the ordinary course of the Company’s business or as the Company directs and authorizes; (B) as required by applicable law (if, to the extent reasonable and practicable, reasonable prior notice of such disclosure is given to the Company); or (C) to the extent such information is available to or known by the public (other than as a result of disclosure in violation of this Agreement).  The Participant agrees that he or she will take all reasonable measures to protect the secrecy of and avoid unauthorized disclosure and unauthorized use of the Confidential Information.  The Participant also agrees to notify the Company immediately in the event of any unauthorized use, reliance upon or disclosure of the Company’s Confidential Information of which the Participant is aware.
(iii)Use of Confidential Information During Employment.  The Participant further agrees that in the course of his or her employment by the Company, the Participant will not remove from any office of the Company any documents, electronically stored information, or related items that contain Confidential Information, including, without limitation, computer discs, recordings, or other storage or archival systems or devices, including copies, except as may be required in the performance of the Participant’s duties as an employee of the Company.  The Participant also agrees that he or she will not place or save any Confidential Information on any computer or electronic storage system that is not the Company’s property, except to perform work for the Company.  All Confidential Information, and all memoranda, notes, records, drawings, documents, or other writings whatsoever made, compiled, acquired, or received by the Participant at any time during his or her employment, including during the term of this Agreement, arising out of, in connection with, or related to any activity or business of the Company, including, without limitation, the customers, vendors, third parties, or others with whom the Company has a business relationship, the arrangements of the Company with such parties, and the pricing and expansion policies and strategy of the Company, are, and shall continue to be, the Company’s sole and exclusive property.
(iv)Protective Covenants.  The Participant agrees that to protect the Company’s Confidential Information, and in consideration for the equity compensation in this Agreement, it is necessary to enter into the following protective covenants, which are ancillary to the enforceable promises between the Company and the Participant in the other Agreement Sections.  During the Participant’s employment with the Company, and for a one-year period (or, in the event the Awarded Units vest in accordance with Section 3.h. above, the four-year period) after the date the Participant’s employment is terminated by the Company for any reason, or if the Participant resigns for any reason, the Participant shall not, without the Company’s prior written consent, directly or indirectly: (A) compete for or solicit business for or on behalf of any person or business entity operating a state or national bank or company providing similar services with a place of business in the State of Texas, and any other state in which the Company does business 
5

and for which Participant had responsibility or performed services or about which Participant received Confidential Information; (B) own, operate, participate in, undertake any employment with, or have any interest in any entity with a place of business in the State of Texas related to the operation of a state or national bank or company providing similar services, except that the Participant may own publicly traded stock for investment purposes only in any company in which the Participant owns less than 5% of the voting equity; or (C) use or rely upon in any competition, solicitation, or marketing effort any Confidential Information.
The Participant also acknowledges that the geographic boundaries, scope of prohibited activities, and the duration of the provisions in the Protective Covenants are reasonable and are no broader than are necessary to protect the Company’s legitimate business interests.  The Protective Covenants shall survive the termination of the Participant’s employment and can be revoked or modified only by a writing signed by the parties that specifically states an intent to revoke or modify this provision.  The Participant acknowledges that the Company would not provide him or her with access to its Confidential Information but for his or her covenants or promises contained in this Section 5.b.  The Participant further agrees that during the protective covenant term, he or she shall immediately notify the Company in writing of any employment, work, or business he or she undertakes with or on behalf of any person (including himself or herself) or entity.
(v)No Solicitation of Employees/Customers.  The Participant agrees that the no-employee solicitation covenant in this Section 5.b.(v) constitutes a reasonable and appropriate means, consistent with the best interests of both the Participant and the Company, to protect the Company’s interests in providing valuable equity compensation to the Participant and in preventing the loss or disclosure of the Company’s Confidential Information.  As an inducement for the Company’s agreement to provide the Participant the equity compensation in this Agreement, and to provide the Participant with the Company’s Confidential Information, the Participant agrees that during the Participant’s employment, and for a period of one (1) year following the termination or resignation of the Participant’s employment, for whatever reason, the Participant will not, alone or in combination with any individual, partner(s), company, corporation, or other entity or business with which he is in any way affiliated, including, without limitation, any partner, limited partner, member, director, officer, shareholder, employee, or agent of any such entity, recruit, solicit, request, induce or attempt to influence, directly or indirectly, any employee of the Company to resign or terminate employment with the Company.  The Participant agrees that for a period of one year (or, in the event the Awarded Units vest in accordance with Section 3.h. above, four years) following the termination or resignation of his employment, for whatever reason, whether involuntary or voluntary, he shall not, directly or indirectly, as an owner, stockholder, director, employee, partner, agent, broker, consultant or other participant solicit a customer or prospective customer, or accept any business from a customer or prospective customer with whom he or she has done business or with whom he or she has had contact during the last 12 months of the Participant’s employment with the Company. 
(vi)Definition Related to No-Solicitation of Employee Provision.  In Section 5.b.(v), “Employee” means any employee on the Company’s payroll during the Protective Covenant time period specified in Section 5.b.(v). 
6

(vii)Return of Documents.  In the event of the Participant’s termination or resignation of his or her employment with the Company for any reason, the Participant will deliver to the Company all non-personal documents and data of any nature, and in whatever medium, concerning the Participant’s employment with the Company or any of its Subsidiaries.  The Participant agrees that he or she will not take with him or her any of the Company’s property, documents, or data of any description or any reproduction thereof, including summaries or notes regarding same, or any documents containing or relating to any of the Company’s Confidential Information.
(viii)Injunctive Relief.  The Participant acknowledges and agrees that the Participant’s obligations, covenants, and agreements in Sections 5.b.(i)-(vii) concern special, unique and extraordinary matters and that a violation of any of the terms of these agreements, covenants or obligations will cause the Company irreparable injury for which adequate remedies at law are not available.  Therefore, the Participant agrees that the Company, in addition to any amounts that the Company is entitled to pursuant to Section 5.a. above, will be entitled to an injunction, restraining order, or all other equitable relief as a court of competent jurisdiction may deem necessary or appropriate to restrain the Participant from committing any violation of the agreements, covenants or obligations referred to in Sections 5.b.(i)-(vii).
(ix)Disclosures to Courts, Governmental Agencies or Administrative or Legislative Bodies. Notwithstanding the foregoing or any other agreement regarding confidentiality with the Company, the Participant may disclose Confidential Information when required to do so by a court of competent jurisdiction, by any governmental agency having authority over the Participant or the business of the Company or by any administrative body or legislative body (including a committee thereof) with jurisdiction to order the Participant to divulge, disclose or make accessible such information.  Nothing in this Agreement is intended to interfere with the Participant’s right to (i) report possible violations of state or federal law or regulation to any governmental agency or entity, (ii) make other disclosures that are protected under the whistleblower provisions of state or federal law or regulation, (iii) file a claim or charge with any government agency or entity, or (iv) testify, assist, or participate in an investigation, hearing, or proceeding conducted by any government or law enforcement agency, entity or court.
(x)Defend Trade Secrets Act of 2016.  The Participant is hereby notified in accordance with the Defend Trade Secrets Act of 2016 that the Participant will not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that (a) is made (i) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (b) is made in a complaint or other document that is filed under seal in a lawsuit or other proceeding.  The Participant is further notified that if the Participant files a lawsuit for retaliation against the Company for reporting a suspected violation of law, the Participant may disclose the Company’s trade secrets to the Participant’s attorney and use the trade secret information in the court proceeding if the Participant: (x) files any document containing the trade secret under seal; and (y) does not disclose the trade secret, except pursuant to court order.  
7

6.Who May Receive Common Stock with Respect to Vested Units.  During the lifetime of the Participant, the Common Stock received upon conversion of the Vested Units may only be received by the Participant or his or her legal representative.  If the Participant dies prior to the date his or her Awarded Units are converted into shares of Common Stock as described in Section 4 above, the Common Stock relating to such converted Awarded Units may be received by any individual who is entitled to receive the property of the Participant pursuant to the applicable laws of descent and distribution.
7.Common Stock Subject Ownership Guidelines.  The Participant acknowledges, understands and agrees that any Common Stock delivered to the Participant (or registered in the Participant’s name) pursuant to this Agreement shall be subject to the Common Stock ownership guidelines as adopted by the Committee and in effect from time to time, and that the Participant may be required to hold such Common Stock until the Participant has met the requirements of such ownership guidelines.  The Participant further acknowledges, understands and agrees that the Committee retains the right to modify the Company’s Common Stock ownership guidelines at any time. 
8.Rights as Stockholder.  The Participant will have no rights as a stockholder with respect to the Awarded Units until the issuance of a certificate or certificates to the Participant or the registration of such shares of Common Stock in the Participant’s name.  The Awarded Units shall be subject to the terms and conditions of this Agreement.
9.No Fractional Shares.  Awarded Units may be converted only with respect to full shares, and no fractional share of Common Stock shall be issued.
10.Non-Assignability.  The Awarded Units are not assignable or transferable by the Participant except by will or by the laws of descent and distribution.
11.The Participant’s Acknowledgments.  The Participant acknowledges receipt of a copy of the Plan, which is annexed hereto, and represents that he or she is familiar with the terms and provisions thereof, and hereby accepts the Awarded Units subject to all the terms and provisions thereof. The Participant hereby agrees to accept as binding, conclusive, and final all decisions or interpretations of the Committee or the Board, as appropriate, upon any questions arising under the Plan or this Agreement.
12.Adjustment of Number of Awarded Units and Related Matters.  The number of shares of Common Stock covered by the Awarded Units shall be subject to adjustment in accordance with Articles 11-13 of the Plan.
13.Execution of Documents.  The Participant, by his or her electronic execution of this Agreement, hereby agrees to execute any documents requested by the Company in connection with the payment of any amount in connection with the Awarded Units pursuant to this Agreement.
14.Remedies.  Except as otherwise provided in Section 5 in this Agreement, each of the parties to this Agreement will be entitled to enforce its rights under this Agreement specifically, to recover damages and costs (including reasonable attorneys’ fees) caused by any breach of any provision of this Agreement, and to exercise all other rights existing in the party’s favor.  The parties hereto agree and acknowledge that money damages may not be an adequate remedy for any breach of the provisions of this Agreement and that any party in its, his or her sole discretion may apply to any court of law or equity of competent jurisdiction (without posting any bond or deposit) for specific performance and/or other injunctive relief in order to enforce or prevent any violations of the provisions of this Agreement. No waiver of any breach of this Agreement shall be construed to be a waiver as to succeeding breaches and no waiver of any provisions of this Agreement shall constitute a waiver of any other provision of this 
8

Agreement.  The remedies for any violation of Section 5 above are limited to the forfeiture, disgorgement, and injunction remedies specified in Sections 5.a. and b.(viii). and are subject to the time-limitations set forth in Section 5.a. above.  The remedies described in this Section 14 do not apply to Section 5.
15.The Participant’s Representations.  Notwithstanding any of the provisions hereof, the Participant hereby agrees that the Company will not be obligated to register any shares of Common Stock in the Participant’s name or issue any shares of Common Stock to the Participant hereunder, if the issuance of such shares shall constitute a violation by the Participant or the Company of any provision of any law or regulation of any governmental authority.  Any determination by the Company under this Section 15 shall be final, binding, and conclusive.  The obligations of the Company and the rights of the Participant are subject to all applicable laws, rules and regulations.
16.Investment Representation.  Unless the shares of Common Stock are issued to the Participant in a transaction registered under applicable federal and state securities laws, by his execution hereof, the Participant represents and warrants to the Company that all Common Stock which may be acquired hereunder will be acquired by the Participant for investment purposes for his own account and not with any intent for resale or distribution in violation of federal or states securities laws, all certificates issued with respect to the Common Stock shall bear an appropriate restrictive investment legend and shall be held indefinitely, unless they are subsequently registered under the applicable federal and state securities laws or the Participant obtains an opinion of counsel, in form and substance satisfactory to the Company and its counsel, that such registration is not required.
17.Law Governing.  This Agreement shall be governed by, construed, and enforced in accordance with the laws of the State of Delaware (excluding any conflict of laws rule or principle of Delaware law that might refer the governance, construction, or interpretation of this agreement to the laws of another state).  The Participant’s sole remedy for any Claim shall be against the Company and no Participant shall have any claim or right of any nature against any Subsidiary of the Company or any stockholder or existing or former director, officer, or Employee of the Company or any Subsidiary of the Company.
18.No Right to Continue Service or Employment.  Nothing herein shall be construed to confer upon the Participant the right to continue in the employ or to provide services to the Company or any Subsidiary, whether as an Employee, Contractor, consultant or Outside Director, or interfere with or restrict in any way the right of the Company or any Subsidiary to discharge the Participant as an Employee, Contractor, consultant or Outside Director at any time.
19.Legal Construction.  In the event that any one or more of the terms, provisions, or agreements that are contained in this Agreement shall be held by a court of competent jurisdiction to be invalid, illegal, or unenforceable in any respect for any reason, the invalid, illegal, or unenforceable term, provision, or agreement shall not affect any other term, provision, or agreement that is contained in this Agreement and this Agreement shall be construed in all respects as if the invalid, illegal, or unenforceable term, provision, or agreement had never been contained herein.
20.Covenants and Agreements as Independent Agreements.  Each of the covenants and agreements set forth in this Agreement shall be construed as a covenant and agreement independent of any other provision of this Agreement.  The existence of any claim or cause of action of the Participant against the Company, whether predicated on this Agreement or otherwise, shall not constitute a defense to the enforcement by the Company of the covenants and agreements that are set forth in this Agreement.
9

21.Entire Agreement.  This Agreement, together with the Plan, supersede any and all other prior understandings and agreements, either oral or in writing, between the parties with respect to the subject matter in this Agreement and constitute the only agreements between the parties with respect to the subject matter in this Agreement.  Except for the Employment Agreement between the Participant and the Company (if any), all prior negotiations and agreements between the parties with respect to the subject matter in this Agreement are merged into this Agreement.  Each party to this Agreement acknowledges that no representations, inducements, promises, or agreements, orally or otherwise, have been made by any party or by anyone acting on behalf of any party, which are not embodied in this Agreement or the Plan and that any agreement, statement or promise that is not contained in this Agreement or the Plan shall not be valid or binding or of any force or effect.  Except for the specific representations expressly made by the Company in this Agreement, the Participant specifically disclaims that the Participant is relying upon or has relied upon any communications, promises, statements, inducements, or representation(s) that may have been made, oral or written, regarding the subject matter of this Agreement.  The parties represent that they are relying solely and only on their own judgment in entering into this Agreement. 
22.Counterparts.  This Agreement may be executed in separate counterparts, each of which shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.
23.Parties Bound.  The terms, provisions, and agreements that are contained in this Agreement shall apply to, be binding upon, and inure to the benefit of the parties and their respective heirs, executors, administrators, legal representatives, and permitted successors and assigns, subject to the limitation on assignment expressly set forth herein. 
24.Modification.  No change or modification of this Agreement shall be valid or binding upon the parties unless the change or modification is in writing and signed by the parties (electronically or otherwise); provided, however, that the Company may change or modify this Agreement without the Participant’s consent or signature if the Company determines, in its sole discretion, that such change or modification is necessary for purposes of compliance with or exemption from the requirements of Section 409A of the Code or any regulations or other guidance issued thereunder.  
25.Headings.  The headings that are used in this Agreement are used for reference and convenience purposes only and do not constitute substantive matters to be considered in construing the terms and provisions of this Agreement.
26.Gender and Number.  Words of any gender used in this Agreement shall be held and construed to include any other gender, and words in the singular number shall be held to include the plural, and vice versa, unless the context requires otherwise.
27.Notice.  Any notice required or permitted to be delivered hereunder shall be deemed to be delivered only when actually received by the Company or by the Participant, as the case may be, at the addresses set forth below, or at such other addresses as they have theretofore specified by written notice delivered in accordance herewith:
a.Notice to the Company shall be addressed and delivered as follows:
10

Texas Capital Bancshares, Inc.
2000 McKinney Avenue, Suite 700
Dallas, Texas 75201 
Attn:  Human Resources
Email: HR@texascapitalbank.com

b.Notice to the Participant shall be addressed and delivered to the most recent address in the Company’s records.
28.Clawback.  The Participant acknowledges, understands and agrees, with respect to any shares of Common Stock delivered to the Participant (or registered in the Participant’s name) pursuant to this Agreement, that such shares of Common Stock shall be subject to recovery by the Company, and the Participant shall be required to repay such compensation or shares of Common Stock, in accordance with the Company’s Claw-Back Policy, as in effect from time to time.  The Participant further acknowledges, understands, and agrees that the Board retains the right to modify the Company’s Claw-Back Policy at any time.
29.Tax Requirements.  The Participant is hereby advised to consult immediately with his or her own tax advisor regarding the tax consequences of this Agreement, including, without limitation, any possible tax consequences of this Agreement in connection with Section 409A of the Code.  The Company, or if applicable, any Subsidiary (for purposes of this Section 29, the term “Company” shall be deemed to include any applicable Subsidiary) has the authority and the right to deduct or withhold, or require the Participant to remit to the employer, an amount sufficient to satisfy federal, state, and local taxes (including the Participant’s FICA obligation) required by law to be withheld with respect to any taxable event arising as a result of the vesting or conversion of the RSUs.  Unless otherwise determined by the Committee at the time the Award is granted or thereafter, the Company shall satisfy any such withholding requirement by withholding the number of Awarded Shares having a Fair Market Value on the date of withholding equal to the amount required to be withheld for tax purposes.
30.Section 409A.
a.To the extent (i) any shares of Common Stock to which the Participant becomes entitled under this Agreement, or any agreement or plan referenced herein, in connection with the Participant's termination of employment with the Company constitutes deferred compensation subject to Section 409A of the Code; (ii) the Participant is deemed at the time of his separation from service to be a “specified employee” under Section 409A of the Code; and (iii) at the time of the Participant’s separation from service the Company is publicly traded (as defined in Section 409A of the Code), then such shares of Common Stock (other than any delivery of Common Stock permitted by Section 409A of the Code to be paid or delivered within six months of the Participant’s separation from service) shall not be made until the earlier of (x) the first day of the seventh month following the Participant’s separation from service or (y) the date of the Participant’s death following such separation from service.  Upon the expiration of the applicable deferral period, any shares of Common Stock which would have otherwise been made during that period (whether in a single sum or in installments) in the absence of this Section 30 (together with, as applicable, accrued interest thereon) shall be delivered to the Participant or the Participant's beneficiary in one lump sum.
b.A termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of any amounts or benefits upon or 
11

following a termination of employment unless such termination is also a “separation from service” (within the meaning of Section 409A of the Code).
c.It is intended that this Agreement comply with the provisions of Section 409A of the Code so as to not subject the Participant to the payment of additional interest and taxes under Section 409A of the Code, and in furtherance of this intent, this Agreement shall be interpreted, operated and administered in a manner consistent with these intentions.

12

EXHIBIT A

The Performance Units (50% of all Awarded Units) shall vest in accordance with the following schedule (50% based on Cumulative EPS and 50% based on Key Metrics Performance vs Peer Group, as outlined below):

1.For purposes of this Exhibit A and the Agreement, unless the context requires otherwise, the following terms shall have the meanings indicated:

a.“Cumulative EPS” shall mean the sum of the Company’s earnings per share for each year during the Performance Period.

b.“Key Metrics” shall mean the following key metrics:  efficiency, provision to average total assets, liquidity, return on equity, and PPNR/total assets, in each case as established and determined by the Committee in its sole discretion. 

c.“Performance Period” shall mean the period commencing on and including January 1, 2020 and ending on December 31, 2022.

d.“Peer Group” shall be comprised of the following companies: 

									
		BOK Financial Corporation	Signature Bank
		SVB Financial Group	Associated Banc Corp
		F.N.B. Corporation	Wintrust Financial Corporation
		Bank United, Inc.	PacWest Bancorp
		Prosperity Bancshares, Inc.	Pinnacle Financial Partners, Inc.
		First Midwest Bancorp, Inc.	Western Alliance Bancorporation
		Cullen Frost Bankers, Inc.	
			

Notwithstanding the foregoing, the Peer Group shall be subject to the following adjustments:

(i)If during the Performance Period two component companies of the  Peer Group merge or otherwise combine into a single entity, the surviving entity shall remain a component company of the Peer Group and the non-surviving entity shall be removed from the Peer Group, provided that the surviving entity continues to meet the criteria for inclusion in the Peer Group; if the surviving entity no longer meets the criteria for inclusion in the Peer Group, the surviving entity will be removed from the Peer Group for all periods after such merger or combination.

(ii)If during the applicable Performance Period a component company of the Peer Group merges into or otherwise combines with an entity that is not a component company of the Peer Group, such component company shall be removed from the Peer Group for all periods after such merger or combination.

Exhibit A to 2015 LTIP Performance Award Agreement    Page 1 of 4

(iii)If during the applicable Performance Period a component company of the Peer Group ceases to be a public company by becoming a private company through the “going dark” process, such component company shall be removed from the Peer Group for all periods after the component company ceases to be a public company.

(iv)If during the applicable Performance Period a component company of the Peer Group files a petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code or liquidation under Chapter 7 of the U.S. Bankruptcy Code, such component company shall be removed from the Peer Group for all periods after such filing.

2.Subject to paragraph 4 below, upon the achievement of Cumulative EPS for the Performance Period, as determined by the Committee, the percentage of 50% of the Performance Units that shall vest shall be as follows:

																		
		Actual Performance
		          Payout %
		Performance of EPS Target

		$[•]		25%		92%
		$[•]		50%		95%
		$[•]		75%		98%
		$[•]		100%		100%
		$[•]		125%		105%
		$[•]		150%		110%

3.Subject to paragraph 4 below, upon the achievement of the Key Metrics Performance by the Company versus Peer Group during the Performance Period, as determined by the Committee, in its sole discretion, 50% of the Performance Units that shall vest based upon the Company’s ranking within its Peer Group shall be as follows:

												
		Rank within Peer Group 
Based on Key Metrics Performance
		

% Vested and Payout

		[•]		150%
		[•]		125%
		[•]		100%
		[•]		60%
		[•]		0%

4.    Achievement of the performance goals set forth in paragraphs 2 and 3 of this Exhibit A shall be determined by the Committee, in its sole discretion, and shall be subject to the following terms and conditions:

a.Payouts between performance levels shall be linear.
Exhibit A to 2015 LTIP Performance Award Agreement    Page 2 of 4

b.All performance metrics assume that no capital raises occur during the Performance Period.  If a capital raise occurs during the Performance Period, performance shall be adjusted to exclude the effects of the capital raise.
c.The Committee will review potential adjustments to achievement of the performance metrics based on Federal Funds Rate changes or any other material changes and/or impacts, as determined by the Committee in its sole discretion.
d.Performance goals only shall be considered achieved if the Committee determines, in its sole discretion, that the following four goals have been met, in addition to the performance goals set forth in paragraphs 2 and 3 of this Exhibit A:
(i)Asset quality:  The Company’s asset quality and credit controls are at a level of comparable high performing banks’ asset quality and credit controls;
(ii)Tangible Capital Ratio:  The Company’s tangible capital ratio is at a level that the Committee determines, in its sole discretion, is at a level for solidly capitalized banks;
(iii)Efficiency Ratio:  The Company’s guidepost efficiency ratio is at 60% or better (excluding from the calculation of the efficiency ratio, the expense reflected in non-interest expense related to valuation of foreclosed real estate, provided that such expenses are included as credit-related costs in determination of ROE above); and  
(iv)Deposit Growth:  At least 100% of the traditional loans held by the Company for investment are supported by core deposits.

    

Exhibit A to 2015 LTIP Performance Award Agreement    Page 3 of 4Net 1 UEPS Technologies, Inc.: Exhibit 10.1 - Filed by newsfilecorp.com

    

    Exhibit 10.1

    SHARE PURCHASE AGREEMENT

    between

     

    Net1 Holdings LI AG,

    Registration Number: FL-0002.626.627-6,

    Landstrasse 14, 9496 Balzers 
("the Seller")

    and

    Kuno Frick Familienstiftung

    Registration Number: FL - 0001.118.013-4

    ("the Purchaser")

    and

    as object of sale

    Bank Frick & Co. AG

    Landstrasse 14, 9496 Balzers, Liechtenstein

    Registration Number: FL-0001.548.501-4

    ("the Company")

    all together being the "Parties" or separately the "Party".

    

    TABLE OF CONTENTS

    	1 PARTIES AND INTERPRETATION	1
	 	 
	2 INTRODUCTION	3
	 	 
	3 CONDITIONS PRECEDENT	3
	 	 
	4 SALE AND PURCHASE	4
	 	 
	5 PRICE AND PAYMENT	4
	 	 
	6 FMA NOTIFICATION	5
	 	 
	7 TERMINATION OF SHAREHOLDERS AGREEMENT	6
	 	 
	8 ANTI EMBARRASSMENT UNDERTAKING	6
	 	 
	9 WARRANTIES	8
	 	 
	10 PUBLICITY	9
	 	 
	11 BREACH	9
	 	 
	12 NOTICES AND DOMICILIA	10
	 	 
	13 GOVERNING LAW AND JURISDICTION	11
	 	 
	14 MISCELLANEOUS	11

    ANNEXURES

    	Annexure A  Transfer Instruction	 

    

    

    
        1

    

    1 PARTIES AND INTERPRETATION

    1.1 The parties to this agreement are -

    1.1.1 Kuno Frick Familienstiftung, a Liechtenstein Foundation registered in the commercial register of Liechtenstein under number FL - 0001.118.013-4, Landstrasse 14, Post Box 43, FL-9496 Balzers, Liechtenstein ("Purchaser");

    1.1.2 Net1 Holdings LI AG, a Liechtenstein Corporation (Aktiengesellschaft: public limited company) registered in the commercial register of Liechtenstein under number FL-0002.626.627-6, Landstrasse 14, 9496 Balzers, Liechtenstein ("Seller"); and

    1.1.3 Bank Frick & Co. AG, registered in the commercial register of Liechtenstein under FL-0001.548.501-4, a company with limited liability whose principal place of business is at Landstrasse 14, Post Box 43, FL-9496 Balzers, Liechtenstein ("Company").

    1.2 For the purposes of this Agreement, the following words and expressions will bear the meanings ascribed to them below and cognate expressions will bear corresponding meanings, unless the contrary appears from the context -

    1.2.1 "Agreement" means the agreement contained in this document;

    1.2.2 "Completion Date" the 1st business day after the day on which the last outstanding Condition Precedent is fulfilled or waived, as the case may be;

    1.2.3 "Conditions Precedent" means the conditions precedent set out in clause 3;

    1.2.4 "Purchase Price" shall have the meaning given to it in clause 5.1;

    1.2.5 "Release and Indemnity" means the agreement headed "Release and Indemnity" entered into between, among others, the Seller, the Purchaser and the Company contemporaneously with the entering into of this Agreement in terms of which, among other things, the Seller (and its related parties and their respective employees and officers) is fully and finally released from any and all undertakings and security arrangements of any nature whatsoever provided by it (or them) to the Company and its related parties;

    1.2.6 "Security Pledge and Cession" means the agreement headed "Security Pledge and Cession" entered into between, among others, the Seller and the Purchaser contemporaneously with the entering into of this Agreement in terms of which, among other things, the Purchaser pledges and cedes in security the Sale Shares to the Seller in order to secure all payment obligations by it in favour of the Seller under this Agreement;

    

    
        2

    

    1.2.7 "SHA" means the agreement headed "Amended and Restated Shareholders Agreement" dated 9th of April 2020; and

    1.2.8 "Sale Shares" means the following shares in the issued share capital of the Company:

    1.2.8.1 14,000 (fourteen thousand) voting shares; and

    1.2.8.2 3,500 (three thousand five hundred) non-voting shares.

    1.3 In this Agreement -

    1.3.1 clause headings and the heading of the Agreement are for convenience only and are not to be used in its interpretation;

    1.3.2 an expression which denotes -

    1.3.2.1 any gender includes the other genders;

    1.3.2.2 a natural person includes a juristic person and vice versa;

    1.3.2.3 the singular includes the plural and vice versa;

    1.3.2.4 a Party includes a reference to that Party's successors in title and assigns allowed at law; and

    1.3.2.5 a reference to a consecutive series of two or more clauses is deemed to be inclusive of both the first and last mentioned clauses.

    1.4 Any reference in this Agreement to -

    1.4.1 "business hours" shall be construed as being the hours between 08h30 and 17h00 on any business day.  Any reference to time shall be based upon Central European Standard Time;

    1.4.2 "days" shall be construed as calendar days unless qualified by the word "business", in which instance a "business day" will be any day other than a Saturday, Sunday or legally proclaimed public holiday (being such in the Republic of South Africa and/or Liechtenstein from time to time).

    1.5 The words "include" and "including" mean "include without limitation" and "including without limitation".  The use of the words "include" and "including" followed by a specific example or examples shall not be construed as limiting the meaning of the general wording preceding it.

    1.6 Words and expressions defined in any clause shall, unless the application of any such word or expression is specifically limited to that clause, bear the meaning assigned to such word or expression throughout this Agreement.

    

    
        3

    

    1.7 Unless otherwise provided, defined terms appearing in this Agreement in title case shall be given their meaning as defined, while the same terms appearing in lower case shall be interpreted in accordance with their plain English meaning.

    1.8 Unless specifically otherwise provided, any number of days prescribed shall be determined by excluding the first and including the last day or, where the last day falls on a day that is not a business day, the immediately preceding business day.

    2 INTRODUCTION 

    2.1 The share capital of the company is CHF 20,000,000 (twenty million Swiss francs) and is divided into 40,000 (forty thousand) registered shares with a par value of CHF 500 (five hundred Swiss francs) each.

    2.2 In addition, CHF 5,000,000 (five million Swiss francs) were issued in 10,000 (ten thousand) registered PCs (Participation Certificates, non-voting shares, Partizipationsscheine) with a par value of CHF 500 (five hundred Swiss francs) each.

    2.3 The parties agreed that the Purchaser will buy the Sale Shares from Net1 on the terms and subject to the conditions set out in this Agreement.

    3 CONDITIONS PRECEDENT 

    3.1 Save for clauses 1 to 3 and clauses 9 to 14, all of which will become effective immediately, this agreement is subject to the fulfilment of the Conditions Precedent that by not later than 23h59 on 3 February 2021 -

    3.1.1 the board of directors of the Company has approved the transfer of the Sale Shares in terms of this Agreement;

    3.1.2 the Parties have signed the Security Pledge and Cession and the Security Pledge and Cession has become unconditional in accordance with its terms, other than in respect of any condition which requires this Agreement to become unconditional in accordance with its terms; and

    3.1.3 the relevant Parties have entered into the Release and Indemnity and the Release and Indemnity has become unconditional in accordance with its terms, other than in respect of any condition which requires this Agreement to become unconditional in accordance with its terms.

    3.2 All Parties shall use their reasonable endeavours and the Parties will co-operate in good faith to procure the fulfilment of the Conditions Precedent as soon as reasonably possible after the Signature Date.

    

    
        4

    

    3.3 Unless all the Conditions Precedent have been fulfilled or waived by not later than the relevant dates for fulfilment thereof set out in clause 4.1 (or such later date or dates as may be agreed in writing between the Parties before the aforesaid date or dates) the provisions of this agreement, save for clauses 1 to 3 and clauses 9 to 14, which will remain of full force and effect, will never become of any force or effect and the status quo ante will be restored as near as may be possible and none of the Parties will have any claim against the others in terms hereof or arising from the failure of the Conditions Precedent.

    4 SALE AND PURCHASE 

    4.1 Against payment in full of the first instalment contemplated in clause 5.1.1, the Seller hereby sells and transfers and the Purchaser hereby acquires the Sale Shares on the Completion Date.

    4.2 The Seller undertakes to complete and deliver to the Company the transfer form attached to this Agreement as Annexure A and, on receipt thereof, the Purchaser shall immediately procure the completion and delivery of the necessary transfer form/s back to the Seller pursuant to the provisions of the Security Pledge and Cession.

    5 PRICE AND PAYMENT

    5.1 The Parties agree that the total aggregate purchase price payable by the Purchaser to the Seller for the Sale Shares will be an amount of USD30,000,000 (thirty million United States Dollars) ("Purchase Price"), payable in instalments as follows -

    5.1.1 the first instalment of USD18,610,500 (eighteen million six hundred and ten thousand five hundred United States Dollars) will become due and payable on 4 February 2021, provided that the Purchaser shall be entitled (and required) to set-off any payment obligation by the Seller under the Release and Indemnity against the Purchaser's obligation to pay under this clause 5.1.1;

    5.1.2 the second instalment of USD7,500,000 (seven million five hundred thousand United States Dollars) will become due and payable on 30 October 2021;  and

    5.1.3 the third and final instalment of USD3,889,500 (three million eight hundred and eighty nine thousand five hundred United States Dollars) will become due and payable on 15 July 2022.

    5.2 Subject to the provisions of clause 5.6.2.2, no interest shall accrue on the Purchase Price.

    5.3 The Purchaser may at any time prepay the whole or any part of the outstanding balance of the Purchase Price. Upon payment in full of the entire Purchase Price the security held by the Seller under the Security Pledge and Cession will fall away in accordance with its terms.

    

    
        5

    

    5.4 All payments by the Purchaser will be made by electronic funds transfer of freely available funds without set-off or deductions of any nature whatsoever (save as expressly permitted in the Release and Indemnity) into the following account held by Net1 with the Company -

    Account 0103407/001.000.840

    IBAN: LI38 0881 1010 3407 K000 U

    5.5 The Purchaser's payment in full of all instalments of the Purchase Price shall constitute full and final discharge of the Purchaser's payment obligations in terms of this clause 5.

    5.6 In the event that -

    5.6.1 the Purchaser fails to make any payment due under clause 5.1; or

    5.6.2 the Company and/or the Purchaser becoming the subject of any formal proceedings in terms of which an administrator is appointed to assume part or all of the functions of the board of directors of the Company or the Purchaser, as the case may be, or the Company and/or the Purchaser enters into a general compromise with its/their creditors (excluding any compromises entered into in the normal and ordinary course of business),

    then -

    5.6.2.1 the balance of all payments under the Agreement will automatically accelerate and immediately become due and payable without the need for any further written notice;  and

    5.6.2.2 the outstanding balance of payments will automatically attract interest at a fixed rate of 5% (five percent) per annum compounded monthly in arrears without the need for any further written notice.

    5.6.3 The Seller shall be entitled to cede all or any of its rights to receive payment under this Agreement, to its ultimate controlling shareholder or to any company directly or indirectly controlled by such ultimate controlling shareholder.

    6 FMA NOTIFICATION

    6.1 The Parties acknowledge that every proposed direct or indirect acquisition and every proposed direct or indirect disposal of a qualifying holding in a bank or investment firm must be notified in writing to the FMA by the person or persons interested in the acquisition and the disposal. Every proposed direct or indirect increase or every proposed direct or indirect reduction of a qualifying holding must also be notified if, as a consequence of the increase or reduction, the thresholds of 20%, 30%, or 50% of the capital or voting rights of the bank or investment firm were to be reached or crossed in either direction, or the bank or investment firm were to become a subsidiary of an acquirer, or the bank or investment firm were to no longer be a subsidiary of the person disposing of the qualifying holding.

    

    
        6

    

    6.2 It is recorded for the sake of good order that the Purchaser notified the FMA on 1 February 2021 about the intended transfer of the Sale Shares pursuant to this Agreement.

    7 TERMINATION OF SHAREHOLDERS AGREEMENT

    The SHA is hereby terminated on the Completion Date and against payment in full of the first instalment contemplated in clause 5.1.1 (but without prejudice to any claims which a Party may have under the SHA the cause of action of which arose prior to the Completion Date).

    8 ANTI EMBARRASSMENT UNDERTAKING

    8.1 In the event that a Disposing Party: (i) Disposes (whether in one or more transactions) of all or any part of the Relevant Sale Equity (or any rights therein) to a third party; or (ii) receives a Special Distribution, at any time prior to the first anniversary of the Completion Date, the Purchaser shall pay to Net1 an amount equal to 75% of the difference between: (i) the Disposal Price; or (ii) the Special Distribution, as applicable, on the one hand and the purchase price payable by the Purchaser to the Seller under clause 5.1, on the other hand ("Net1 Disposal Profit").

    8.2 The Net1 Disposal Profit shall be payable to Net1 within 10 business days of receipt of the Disposal Price or Special Dividend, as the case may be, by the Disposing Party into any bank account nominated by the Seller in writing, in the case of a cash payment, or, in the case of shares or other non-cash consideration ("Non Cash Consideration"), deliverable to the Seller by whatever form of delivery that might be appropriate, including any form of constructive delivery. If the Non-Cash Consideration is subject to any restrictions which preclude the delivery of such consideration to the Seller, then the Disposing Party will hold the Non-Cash Consideration as the Seller's nominee until such time as the restrictions have been lifted, and ownership and all risk and benefit in and to the Non-Cash Consideration will be deemed to have passed to the Seller on the date on which the Disposing Party receives the Non-Cash Consideration.

    8.3 The Parties agree that once all or part of the Relevant Sale Equity is Disposed of ("Disposed Sale Equity") and the Purchaser has procured the payment by the Disposing Party as set out in this clause 8, then notwithstanding the fact that a Disposing Party may subsequently trigger a further Disposal in respect of the same Disposed Sale Equity, the Seller shall have no further claim against the Disposing Party in respect of such subsequent Disposal.

    8.4 For purposes of this clause 8 -

    8.4.1 "Dispose" means -

    

    
        7

    

    8.4.1.1 to sell, exchange, assign, cede, donate, transfer or otherwise alienate any Shares; and/or

    8.4.1.2 to procure that the Company and/or its subsidiaries sell, exchange, assign, cede, donate, transfer or otherwise alienate all or any material part of their businesses and assets to a third party; and/or

    8.4.1.3 to enter into any transaction or arrangement of any nature whatsoever which is designed to have the same/similar economic effect as an event contemplated in clauses 8.4.1.1 and/or 8.4.1.2; and/or

    8.4.1.4 any initial public offering of the Relevant Sale Equity, in which event the Disposal Price will be the listing price,

    and "Disposed" and "Disposal" shall have a corresponding meaning;

    8.4.2 "Disposing Party" means: (i) the Company, in respect of any Disposal in terms of clauses 8.4.1.2 (and/or 8.4.1.3 to the extent applicable); or (ii) KFS in all other instances (including the receipt by it of a Special Dividend);

    8.4.3 "Disposal Price" means the price at which the Relevant Sale Equity is Disposed of pursuant to the Disposal, net of any bona fide arm's length expenses incurred by the Disposing Party in procuring the Disposal, provided that for purposes of determining the Disposal Price the following shall be included in the calculation of the Disposal Price -

    8.4.3.1 any special or extraordinary dividends (or other distributions) declared by the Company (whether in cash or in kind) subsequent to the implementation of the transaction contemplated in this Agreement;

    8.4.3.2 the amount of any other direct or indirect consideration payable on account of the Disposal, irrespective of its nature, including without limitation, any restraint of trade payment or pre sale dividend declaration or dividend entitlement excluded from the Disposal,

    and where the Disposal Price is paid by way of Non-Cash Consideration, the Disposal Price will be determined by valuing the Non-Cash Consideration at its fair market value as at the date of its receipt by the Disposing Party;

    8.4.4 "Distribution" means, in relation to the Company, any payment (whether in cash or in specie and whether by way of set-off, counterclaim or otherwise) by way of interest or principal (whether in respect of an inter-company loan or otherwise), dividend, redemption, fee, royalty or other distribution or payment (including by way of the repurchase of any shares) by or on behalf of the Company to or for the account of any Shareholder;

    

    
        8

    

    8.4.5 "Ordinary Distribution" means any Distribution which the Company pays to the ordinary Shareholders from profits of the Company generated in the ordinary course of business;

    8.4.6 "Relevant Sale Equity" means -

    8.4.6.1 the Shares held by KFS, or any portion thereof, as well as any corresponding loan claims ("Sale Equity"), or any portion thereof; and/or

    8.4.6.2 any instrument into which any of the Sale Equity may have been converted, or for which it may have been exchanged after the Completion Date; and/or

    8.4.6.3 in respect of a disposal in terms of 8.4.1.2, all or any material part of the businesses and assets of the Company and/or its subsidiaries, as the case may be; and

    8.4.7 "Special Distribution" means any Distribution which the Company pays to the Shareholders, excluding any Ordinary Distribution, but including a distribution out of the proceeds of: (i) a Disposal in terms of clause 8.4.1.2; and (ii) a capital raise by the Company by way of the issue of Shares (and/or any instrument convertible into Shares) and/or conferring any right which would allow the holder thereof to directly or indirectly participate in the profits of the Company.

    9 WARRANTIES 

    9.1 Each of the Parties hereby warrants to and in favour of the others that -

    9.1.1 it has the legal capacity and has taken all necessary corporate action required to empower and authorise it to enter into this agreement;

    9.1.2 this agreement constitutes an agreement valid and binding on it and enforceable against it in accordance with its terms;

    9.1.3 the execution of this agreement and the performance of its obligations hereunder does not and shall not -

    9.1.3.1 contravene any law or regulation to which that Party is subject;

    9.1.3.2 contravene any provision of that Party's constitutional documents; or

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

    9.2 It is recorded that the Purchaser is intimately involved in the business and affairs of the Company.  As such, the Seller hereby only warrants that it has the ability to give unencumbered transfer of the Sale Shares to the Purchaser but, save for such warranties and representations expressly given or made in this Agreement, no warranties or representations are given or made by the Seller, in respect of the Sale Shares, the Company or its business, or any other matter whatsoever.

    

    
        9

    

    10 PUBLICITY

    10.1 Subject to clause 10.3, each Party undertakes to keep confidential and not to disclose to any third party, save as may be required in law (including by the rules of any recognised securities exchange, where applicable) or permitted in terms of this Agreement, the nature, content or existence of this Agreement and any and all information given by one Party to the other pursuant to this Agreement.

    10.2 No announcements of any nature whatsoever will be made by or on behalf of a Party relating to this Agreement without the prior written consent of the other Party, save for any announcement or other statement required to be made in terms of the provisions of any law or by the rules of any recognised securities exchange, in which event the Party obliged to make such statement will first consult with the other Party in order to enable the Parties in good faith to attempt to agree the content of such announcement, which (unless agreed) must go no further than is required in terms of such law or rules.  This will not apply to a Party wishing to respond to the other Party which has made an announcement of some nature in breach of this clause 10.

    10.3 This clause 10 shall not apply to any disclosure made by a Party to its professional advisors or consultants, provided that they have agreed to the same confidentiality undertakings, or to any judicial or arbitral tribunal or officer, in connection with any matter relating to this Agreement or arising out of it.

    10.4 The press release regarding the transactions contemplated in this Agreement shall be agreed by the Parties prior to such release.

    11 BREACH

    11.1 In the event of any of the Parties ("Defaulting Party") committing a breach of any of the terms of this Agreement and failing to remedy such breach within a period of 5 days after receipt of a written notice from another Party ("Aggrieved Party") calling upon the Defaulting Party so to remedy, then the Aggrieved Party shall be entitled, at its sole discretion and without prejudice to any of its other rights in law, either to claim specific performance of the terms of this Agreement or to cancel this Agreement forthwith and without further notice, and in either case to claim and recover damages from the Defaulting Party.

    11.2 The Parties agree that any costs awarded will be recoverable on an attorney-and-own-client scale unless the Court specifically determines that such scale shall not apply, in which event the costs will be recoverable in accordance with the High Court tariff, determined on an attorney-and-client scale.

    

    
        10

    

    12 NOTICES AND DOMICILIA

    12.1 The Parties select as their respective domicilia citandi et executandi the following physical addresses, and for the purposes of giving or sending any notice provided for or required under this Agreement, the said physical addresses as well as the following email addresses -

    
        	
                    Name

                	
                    Physical Address

                	
                    Email Address

                
	
                    The Seller

                	
                    Landstrasse 14

                	
                    alex.smith@net1.com

                
	
                     

                	
                    FL - 9496 Balzers

                	
                     

                
	
                     

                	
                     

                	
                     

                
	
                     

                	
                    and to:

                	
                     

                
	
                     

                	
                     

                	
                     

                
	
                     

                	
                    6th Floor, President Place

                	
                     

                
	
                     

                	
                    Cnr Jan Smuts Ave and Bolton Road

                	
                     

                
	
                     

                	
                    Rosebank

                	
                     

                
	
                     

                	
                    Johannesburg

                	
                     

                
	
                     

                	
                    2121

                	
                     

                
	
                    \

                	
                    South Africa

                	
                     

                
	
                     

                	
                     

                	
                     

                
	
                    Marked for the attention of: Alex Smith

                
	
                     

                	
                     

                	
                     

                
	
                    Name

                	
                    Physical Address

                	
                    Email Address

                
	
                    The Purchaser

                	
                    Landstrasse 14

                	
                    Mario.Frick@sfplex.li

                
	
                     

                	
                    FL - 9496 Balzers

                	
                    Roland.Frick@bankfrick.li

                
	
                     

                	
                     

                	
                     

                
	
                    Marked for the attention of: Dr. Mario Frick and Roland Frick

                
	
                     

                	
                     

                	
                     

                
	
                    Name

                	
                    Physical Address

                	
                    Email Address

                
	
                    The Company

                	
                    Landstrasse 14

                	
                    Edi.woegerer@ bankfrick.li

                
	
                     

                	
                    FL - 9496 Balzers 

                	
                    Kimsey.jordan@ bankfrick.li 

                
	
                     

                	
                     

                	
                     

                
	
                    Marked for the attention of: Geschäftsleitung

                
	
                     

                	
                     

                	
                     

                

    

    provided that a Party may change its domicilium to another physical address (provided that such physical address is not a post office box or poste restante), or may change its address for the purposes of notices to any other physical address or email address by written notice to the other Party to that effect.  Such change of address will be effective 5 business days after receipt of the notice of the change.

    12.2 All notices to be given in terms of this Agreement will be given in writing and will -

    12.2.1 be delivered by hand or sent by email;

    12.2.2 if delivered by hand during business hours, be presumed to have been received on the date of delivery.  Any notice delivered after business hours or on a day which is not a business day will be presumed to have been received on the following business day; and

    12.2.3 if sent by email during business hours, be presumed to have been received on the date of successful transmission of the email.  Any email sent after business hours or on a day which is not a business day will be presumed to have been received on the following business day.

    

    
        11

    

    12.3 Notwithstanding the above, any notice given in writing, and actually received by the Party to whom the notice is addressed, will be deemed to have been properly given and received, notwithstanding that such notice has not been given in accordance with this clause 12.

    13 GOVERNING LAW AND JURISDICTION

    13.1 This Agreement and any claim arising out of or in connection therewith shall be governed by, and construed in accordance with, the substantive laws of Liechtenstein, excluding its rules on conflict of laws and excluding international treaties (in particular the Vienna Convention on the International Sale of Goods dated 11 April 1980; CISG).

    13.2 Any dispute, controversy or claim arising out of or in relation to this contract, including the validity, invalidity, breach or termination thereof as well as non-contractual claims, shall be resolved by arbitration in accordance with the Rules of Arbitration of the Liechtenstein Chamber of Commerce and Industry to the exclusion of the judicial authorities. The following specific rules are agreed on -

    13.2.1 the number of arbitrators shall be one.

    13.2.2 the seat of the arbitral tribunal shall be Balzers.

    13.2.3 the arbitral proceedings shall be conducted in English.

    13.3 The amount in dispute for the calculation of fees and costs is uncapped.

    14 MISCELLANEOUS

    14.1 This Agreement supersedes and replaces all and any agreements between the Parties (or any of them, as may be applicable) and undertakings given to or on behalf of the Parties (or any of them, as may be applicable) in relation to the subject matter of this Agreement.

    14.2 This Agreement constitutes the whole of the agreement between the Parties relating to the matters dealt with herein and, save to the extent otherwise provided herein, no undertaking, representation, term or condition relating to the subject matter of this Agreement not incorporated in this Agreement shall be binding on either of the Parties.

    14.3 No addition to or variation, deletion, or agreed cancellation of all or any clauses or provisions of this Agreement will be of any force or effect unless in writing and signed by the Parties. No waiver, suspension or postponement by either Party of any right arising out of or in connection with this Agreement shall be of any force or effect unless in writing and signed by that Party.

    

    
        12

    

    14.4 No latitude, extension of time or other indulgence which may be given or allowed by either Party to the other in respect of the performance of any obligation hereunder, and no delay or forbearance in the enforcement of any right of either Party arising from this Agreement and no single or partial exercise of any right by either Party under this Agreement, shall in any circumstances be construed to be an implied consent or election by that Party or operate as a waiver or a novation of or otherwise affect any of its rights in terms of or arising from this Agreement or preclude it from enforcing at any time and without notice, strict and punctual compliance with each and every provision or term hereof. 

    14.5 Except as specifically provided otherwise in this Agreement, no Party may assign this Agreement nor any right or obligation hereunder without the prior written consent of the other Party.

    14.6 If any provision, or portion of provision, contained in the Agreement is invalid or unenforceable, the remaining provisions, or the remaining portion of such provision, shall remain in full force and effect. Instead of the invalid provision, a rule shall apply that achieves as closely as possible the intention of the Parties in drafting the invalid provision

    14.7 Each Party undertakes to keep, and shall procure that its affiliates, their employees, representatives and advisors keep, in strict confidence the information which they received on the banking aspects (including in respect of matters relating to clients and internal procedures). This confidentiality obligation shall continue to be in effect after termination of this Agreement.

    14.8 Each Party will bear and pay its own legal costs and expenses of and incidental to the negotiation, drafting, preparation and implementation of this Agreement.

    [The remainder of this page has been intentionally left blank.]

    

    
        Share Purchase Agreement – Signature Page

    

    SIGNED at Balzers on 3 February 2021

    For and on behalf of

    KUNO FRICK FAMILIENSTIFTUNG

    /s/ Dr Mario K. Frick

    Name of Signatory : Dr. Mario K. Frick

    Designation of Signatory: Director / Board member

    

    
        Share Purchase Agreement – Signature Page

    

    SIGNED at Balzers on 3 February 2021

    For and on behalf of

    NET1 HOLDINGS LI AG

    /s/ Dr. Mario K. Frick

    Name of Signatory : Dr. Mario K. Frick

    Designation of Signatory: Director

    /s/ A.M.R. Smith

    Name of Signatory: A.M.R. Smith

    Designation of Signatory: Director

    

    
        Share Purchase Agreement – Signature Page

    

    SIGNED at Balzers on 3 February 2021

    For and on behalf of

    BANK FRICK & CO AG

    /s/ Melanie Mündle

    Name of Signatory : Melanie Mündle

    /s/ Edi Wögerer

    Name of Signatory : Edi Wögerer

    

    Annexure A 

    Transfer Instruction 

    ASSIGNMENT AND TRANSFER OF Registered Shares and Participation Certificates

    

    This Assignment and Transfer of Stock Certificate (the "Assignment") is made and effective on .......... February 2021,

    BETWEEN:

    Net1 Holdings LI AG,

    Registration Number: FL-0002.626.627-6,

    Landstrasse 14, 9496 Balzers ("Net1" or "the Seller")

    AND:

    Kuno Frick Familienstiftung

    Registration Number: FL - 0001.118.013-4

    (being "the Shareholder" of Bank Frick)

    ("KFS"  or "the Purchaser")

    FOR VALUE RECEIVED, and according to the Share Purchase Agreement of .........., after payment of the first installment of USD 15,000,000 the undersigned hereby sells, assigns and transfers to the Purchaser

    a. 35% of the 40,000 (forty thousand) registered: 14'000 shares.

    b. 35% of the original 10,000 (then thousand) PCs: 3,500 PCs.

    of the stock of

    Bank Frick & Co. AG

    Landstrasse 14, 9496 Balzers, Liechtenstein

    Registration Number: FL-0001.548.501-4

    ("Bank Frick" or "the Bank" or "the Company")

    These shares and Participation Certificates (PC) are registered in the SELLER's bank deposit with  Bank Frick & Co AG: 602.440

    The undersigned SELLER hereby and irrevocably constitutes and appoints Bank Frick & Co AG,  to transfer the said stock to the deposit of the Purchaser (subject to the terms of the agreement headed " Security Pledge and Cession" entered into on or about 3 February 2021).

    	
                Name of Director

            	
                Signature

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00320-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00320-of-00352.parquet"}]]