Document:

Net 1 UEPS Technologies, Inc.: Exhibit 10.1 - Filed by newsfilecorp.com

    

    
        Exhibit 10.1

    

    CONTRACT OF EMPLOYMENT

    BETWEEN

    NET1 APPLIED TECHNOLOGIES SOUTH AFRICA (PTY) LTD

    ("the Company")

    AND

    NUNTHAKUMARIN PILLAY

     ("the Executive")

    1. EMPLOYMENT

    1.1 The Company employs the Executive, who accepts employment in accordance with the terms and conditions of this contract.

    1.2 The Company employs the Executive in the position of Managing Director: Southern Africa at our Head Office.

    2. DURATION 

    2.1 Subject to 2.2 and 9, this agreement shall commence on 1 November 2020 and shall be terminable by either party by giving not less than three month's written notice of termination.  The Executive cannot give notice during the first three months of the contract period.

    2.2 The Company may utilise the Executive's services at whatever place and in whatever capacity as may be required during the currency of this agreement.

    3. REMUNERATION

    3.1 The Executive's remuneration will be determined on the basis of the total direct cost to the Company, excluding any statutory deductions, which the Executive and the Company are liable for.

    3.2 Base Salary.  The Company shall pay to the Executive a base salary at the rate of US$340,000 per year (the "Base Salary"), less applicable tax withholding, payable in monthly installments in South African rand. Each instalment of the Base Salary shall be converted from US dollars at an average exchange rate determined quarterly in advance.  Make-whole payments will be made at the end of every quarter, if any, to reflect the actual exchange rate. 

    3.3 Extension of Notice Period. As soon as practicable following the signing of this contract, the Company shall pay the Executive a once-off bonus in the amount of R1,318,750 less applicable tax withholding, in accordance with the Company's customary payroll practices. This is to compensate the Executive for the extension of the notice period from one month under his previous employment contract to three months as reflected under clause 2.1.

    

    3.4 Restrictive Covenants. As soon as practicable following the signing of this contract, the Company shall pay the Executive a once-off bonus in the amount of R1,318,750 less applicable tax withholding, in accordance with the Company's customary payroll practices. This is to compensate the Executive for the three month restrictive covenants as reflected under clause 7 and 8.

    3.5 Incentive Compensation. The Executive shall be eligible to earn a discretionary cash incentive award in respect of each full fiscal year during the Employment Period as determined in the sole discretion of the Remuneration Committee of the Board.  However, in respect of the current fiscal year, should the Executive leave the Company during the year, he shall be entitled to a pro rata portion of any cash incentive award determined by the Remuneration Committee. Any such award (and the terms and conditions of such award) shall be based upon the Executive's performance and such other factors as the Remuneration Committee shall determine in its discretion, which may include the Group's performance during such year.

    3.6 Expenses.  The Company, in accordance with policies and practices established by the Board from time to time, will pay or reimburse Executive for all expenses reasonably incurred by Executive during the Employment Period in connection with the performance of Executive's duties under this Agreement; provided, that Executive shall provide to the Company documentation or evidence of expenses for which Executive seeks reimbursement in accordance with the policies and procedures established by the Company from time to time.

    3.7 Benefit Plans. The Executive shall have the option to join the Group's Medical Aid Scheme with Discovery Medical Health or Bankmed, or other scheme in which the Group participates from time to time.  Participation in any such scheme shall be at the Executive's sole cost and expense. The Executive acknowledges that the Group does not operate a retirement scheme or provide any other benefits not specifically provided for in this Agreement.

    4. LEAVE ENTITLEMENT

    4.1 ANNUAL LEAVE

    The Executive acknowledges that he will qualify for 25 working days leave in respect of each completed 12-month period of service.

    5.  POSITION AND RESPONSIBILITIES

    5.1 During the Employment Period, the Executive shall have the duties, responsibilities, functions and authority, including administrative, financial, executive and managerial as are customary to the position of Managing Director: Southern Africa.  The Executive shall serve as a member of the board of directors (or similar governing body) of the Company or any other member of the Group as may be requested by the Company.

    6.  COMPLIANCE WITH COMPANY POLICIES/QUALIFICATIONS

    

    6.1 The Executive shall comply with all written Company policies, standards, rules and regulations (a "Company Policy" or collectively, the "Company Policies") and all applicable government laws, rules and regulations that are now or hereafter in effect. The Executive acknowledges receipt of copies of all written Company Policies that are in effect as of the date of this Agreement.

    6.2 The Executive shall hold and maintain all required governmental licenses, certifications and authorizations necessary to perform the Executive's obligations under this Agreement.

    7. NON-COMPETITION  

    During your Employment or Service and for three (3) months thereafter, you will not, directly or indirectly, with or without compensation, own, manage, operate, join, control, advise or participate in, as a shareholder (other than as a shareholder with less than 5% of the outstanding shares of a public company), director, officer, manager, principal partner, employee, consultant, independent contractor, technical or business advisor or otherwise (or any foreign equivalents of the foregoing), any person or entity that is in the Business or similar business of the Company (or any division of the Company) in any business that directly or indirectly competes with the Company within the Republic of South Africa and those territories outside of South Africa in which the Company carries on the Business as of the last date of your Employment or Service (a "Competing Business"). For purposes of this Section 7, "Business" shall mean the business conducted by the Company from time to time, being the business of developing, marketing and distributing payment systems which facilitate commercial transactions in an electronic environment using specialized smart card technologies.

    8. NON-SOLICITATION  

    During your Employment or Service and for three (3) months thereafter, you will not, directly or indirectly, on your own behalf or on behalf of others, either:

    	solicit, recruit or attempt to persuade any person to terminate such person's employment or service with us, whether or not such person is a full-time employee or service provider and whether or not such employment or service is pursuant to a written agreement or is at-will; or
	solicit, contact or attempt to persuade any current or prospective customer of the Company to alter such customer's or prospective customer's relationship with us or to engage any Competing Business to perform services that we can perform in the ordinary course of business.  You understand that "prospective customer" means any prospective customer of the Company with whom you had contact at any time during the six (6) months preceding the termination of your Employment or Service.

    9. COPYRIGHT

    

    9.1 The Executive acknowledges that the Company shall, by operation of law, become the owner of the copyright in any work, which is eligible for copyright and which is created or executed by the Executive, whether alone or with others, in the course and scope of employment.

    9.2 Insofar as it may be necessary, the Executive cedes and assigns to the Company the copyright of any work created or executed by the Executive, whether alone or with others, in the course and scope of employment.

    9.3 The Executive undertakes not to exercise any residuary rights in respect of any work created or executed by the Executive, whether alone or with others, in the course and scope of employment with the Company.

    9.4 All work created or executed by the Executive and for which copyright exists shall, unless the Executive establishes the contrary, be deemed to have been created or executed in the course and scope of employment with the Company.

    10. TERMINATION FOR MISCONDUCT OR ILLNESS

    10.1 Subject to fair procedures being adhered to, this agreement may be terminated by the Company summarily at any time and without any payment in lieu of notice if, at any time, the Executive is guilty of any serious misconduct or commits a breach of a material obligation under this agreement, or is guilty of any act which at common law would entitle the Company summarily to terminate this agreement.

    10.2 If the Executive is absent for an unreasonable long time due to illness, the Company is entitled to terminate the contract after a fair procedure and investigation into the health position of the worker.

    10.3 The Company reserves the right to request the Executive to undergo a medical examination at any time at the Company's expense to assist in determining the Executive's fitness to continue Employment.

    10.4 The Executive guarantees that at the time of signing this contract, he is free of any notifiable, contagious illness. If the Executive should discover any such illness after employment, he will immediately inform the Company.

    11. MISCELLANEOUS MATTERS

    11.1 Notwithstanding the terms contained in this contract, the Executive accepts that all the rules and procedures of the Company, wheresoever contained are applicable to his Employment and that, in the event of any conflict between such rules and procedures and this contact, this contract will be regarded as being binding.  The Executive undertakes not to injure the reputation or business of the Company and its customers and to observe the utmost secrecy and good faith in all dealings concerning the Company or its customers.

    11.2 The Executive acknowledges that the Company's Disciplinary Code and Procedure, and Grievance Policy and Procedure, are applicable to the employment relationship and agrees to be bound thereby.

    

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

    11.4 The Executive agrees that he will retire at the age of 65.

    11.5 The Executive declares that he has never been convicted of a criminal offence. The Executive agrees that should this statement be proved to be false or should the Executive fail to declare a future criminal offence, the Company reserves the right to summarily terminate the Executive's service.

    11.6 The Executive shall, within a reasonable period, notify the Company of any change in his status, such as address, dependants, marital, telephone number, qualifications or any other relevant changes.

    11.7 Both parties acknowledge that by signing this contract, they have received a copy of this contract, and they have read and understood the contents thereof. Both parties undertake to hold themselves bound by this contract and agree to observe the provisions contained therein.

    12. INDULGENCES

     No indulgence granted by a party shall constitute a waiver of any of that party's rights under this agreement.

    13 DOCUMENTS APPLICABLE

    13.1 The following documents form part of the Executive's contract of employment with the Company:

    (a) Articles of Agreement

    (b) Staff Manual

    (c) Restrictive Covenants Agreement (Attached)

    (d) Any other documents of which the Executive may be advised during his employment with the Company

    Signed at                       Rosebank                     on , November 12, 2020

    AS WITNESSES:

    	 	 	/s/ A.M.R. Smith
	 	 	For and on behalf of Net1 Applied 
Technologies South Africa (Pty) Ltd 
4th Floor, President Place Cnr. Jan Smuts
Ave & Bolton Rd Rosebank, Private Bag 2424
Parklands, 2121
	 	 

     

    

    
Signed at Rosebank on , November 12, 2020

    AS WITNESSES:

    	 	 	/s/ Nunthakumarin Pillay
	 	 	The ExecutiveExhibit
10.1

 

Stock
Purchase Agreement

 

THIS
STOCK PURCHASE AGREEMENT (this “Agreement”) is entered into on the 2nd day of October
2020 (the “Effective Date”), by and between Jacob Cohen, an individual, or his assigns (the “Purchaser”)
and Luis Alan Hernandez, an individual (the “Seller”), each sometimes referred to herein as a “Party”
and collectively the “Parties.”

 

	 	A.	Seller
    owns 6,000,000 shares of restricted common stock of American International Holdings Corp., a Nevada corporation (the “Company”
    and the “Seller Shares”); 
	 	 	 
	 	B.	Seller
    owns one (1) share of Series A Preferred Stock of the Company (the “Preferred Share”);
	 	 	 
	 	C.	Seller
    is the Chief Marketing Officer of the Company, and a member of the Board of Directors of the Company;
	 	 	 
	 	D.	Purchaser
    is the Chief Executive Officer of the Company, and a member of the Board of Directors of the Company;
	 	 	 
	 	E.	Seller
    is willing to sell 4,000,000 of the Seller Shares (the “Shares”) to the Purchaser pursuant to the
    terms of this Agreement; and
	 	 	 
	 	F.	The
    Purchaser desires to purchase the Shares from the Seller, and undertake the other terms and conditions set forth in this Agreement
    below.

 

NOW,
THEREFORE, in consideration of the mutual agreements contained herein and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:

 

ARTICLE
I

Purchase
and Sale of the Shares

 

Section
1.01. Purchase and Sale. On the Effective Date (the “Closing”) and upon the terms and subject
to the conditions set forth herein, the Seller shall be deemed to have delivered and sold the Shares of the Company to the Purchaser
free and clear of all liens and encumbrances (other than restrictions due to the fact that the Shares are ‘restricted securities’
as such term is defined in Rule 144 of the Securities Act of 1933, as amended (the “Securities Act”)),
and the Purchaser shall be deemed to have purchased the Shares from the Seller for $1,000.00 in cash (the “Purchase
Price”), payable on the Closing.

 

Section
1.02. Delivery of the Shares; Payment of Purchase Price. Concurrently with the Parties entry into this Agreement
(a) the Seller has delivered to the Purchaser, the certificate(s) or a statement of book entry evidencing the Shares and
a stock power with medallion signature guaranty; and (b) the Purchaser has delivered the Purchase Price to the Seller.

 

    	Page 1 of 6
 Stock Purchase Agreement

    	 

    

 

ARTICLE
II

Representations
and Warranties of the Seller

 

Subject
to all of the terms, conditions and provisions of this Agreement, the Seller represents and warrants to the Purchaser as follows:

 

Section
2.01. Authority. The Seller has all requisite power and authority to execute and deliver this Agreement and to consummate
the transactions contemplated hereby and thereby. The Seller has duly and validly executed and delivered this Agreement and will,
on or after the Closing, execute, such other documents as may be required hereunder and, assuming the due authorization, execution
and delivery of this Agreement by the Parties hereto and thereto. Seller is authorized to affect the transactions contemplated
herein. This Agreement constitutes the legal, valid and binding obligation of Seller in accordance with its terms, except as such
enforcement may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’
rights generally and general equitable principles.

 

Section
2.02. No Conflict. The execution and delivery by the Seller of this Agreement and the consummation of the transactions
contemplated hereby, do not and will not, by the lapse of time, the giving of notice or otherwise: (a) constitute a violation
of any law; or (b) result in or require the creation of any lien upon the Shares.

 

Section
2.03. Title to Shares. The Seller is the sole record and beneficial owner of the Shares and has good and marketable title
to all of the Shares, free and clear of any liens, claims, charges, options, rights of tenants or other encumbrances. Seller has
sole managerial and dispositive authority with respect to the Shares and has not granted any person a proxy or option to buy the
Shares that has not expired or been validly withdrawn. The sale and delivery of the Shares to the Purchaser pursuant to this Agreement
will vest in the Purchaser the legal and valid title to the Shares acquired by the Purchaser hereunder, free and clear of all
liens, security interests, adverse claims or other encumbrances of any character whatsoever, except for those associated with
the restricted nature of the securities (“Encumbrances”).

 

Section
2.04. Reason for Sale. The Seller agrees that one of the reasons for selling the Shares to the Purchaser hereunder for
a value which is below market, is because (a) Seller and Purchaser (together with Mr. Esteban Alexander), were all appointed as
officers and directors of the Company at the same time in April 2019, with the intention that such persons would provide a relatively
equal amount of services to the Company in the roles as officers and directors thereof; (b) since such appointment date the Purchaser
has been required to provide a disproportionate amount of services to the Company; and (c) the Seller desires to affect the sale
of the Shares from the Seller to the Purchaser to partially provide additional consideration to the Purchaser for such disproportionate
level of services, which Seller benefited from, as a shareholder of the Company.

 

    	Page 2 of 6
 Stock Purchase Agreement

    	 

    

 

ARTICLE
III

Representations
and Warranties of Purchaser

 

Subject
to all of the terms, conditions and provisions of this Agreement the Purchaser hereby represents and warrants to the Seller as
follows:

 

Section
3.01. Authority. Purchaser has all requisite power and authority to execute and deliver this Agreement and to consummate
the transactions contemplated hereby and thereby. Purchaser has duly and validly executed and delivered this Agreement and, assuming
the due authorization, execution and delivery of this Agreement by the other Parties hereto and thereto, this Agreement constitutes
the legal, valid and binding obligation of Purchaser, enforceable against Purchaser in accordance with its terms, except as such
enforcement may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’
rights generally and general equitable principles.

 

Section
3.02. No Conflict. The execution and delivery by Purchaser of this Agreement and the consummation of the transactions contemplated
hereby and thereby do not and shall not, by the lapse of time, the giving of notice or otherwise: (a) constitute a violation of
any law; or (b) constitute a breach of any provision contained in, or a default under, any governmental approval, any writ, injunction,
order, judgment or decree of any governmental authority or any contract to which Purchaser is a party or by which Purchaser is
bound or affected.

 

ARTICLE
IV

Covenants;
Additional Requirements; Right of Repurchase

 

Section
4.01. Further Assurances. Seller and Purchaser agree that, from time to time, whether before, at or after the Closing,
each of them will take such other action and to execute, acknowledge and deliver such contracts, deeds, or other documents (a)
as may be reasonably requested and necessary or appropriate to carry out the purposes and intent of this Agreement; or (b) to
effect or evidence the transfer to the Purchaser of the Shares held by or in the name of the Seller.

 

Section
4.02. Survival of Representations. All representations, warranties, and agreements made by any Party in this Agreement
or pursuant hereto shall survive the execution and delivery hereof and any investigation at any time made by or on behalf of any
Party.

 

Section
4.03. Resignation as Director. The Seller hereby agrees to provide the Company official written notice (which may be via
email) of his resignation as a member of the Board of Directors of the Company at any time from the Effective Date and by no later
than January 15, 2021.

 

Section
4.04. Cancellation of Preferred Share. Promptly following the Closing, the Seller shall take such actions necessary and
which may be requested from time to time by the Purchaser, to affect the cancellation of the Preferred Share, for no consideration
(including, but not limited to, without the required payment by the Company of the $1 redemption price described in the designation
of such Series A Preferred Stock).

 

    	Page 3 of 6
 Stock Purchase Agreement

    	 

    

 

ARTICLE
V

Miscellaneous

 

Section
5.01. Benefit and Burden. This Agreement shall inure to the benefit of, and shall be binding upon, the Parties hereto and
their successors and permitted assigns.

 

Section
5.02. No Third -Party Rights. Nothing in this Agreement shall be deemed to create any right in any creditor or other person
not a Party hereto and this Agreement shall not be construed in any respect to be a contract in whole or in part for the benefit
of any third party; provided that the Company shall be able to rely on the representations and warranties of the Seller and Purchaser
made in Articles II and III above for any and all purposes.

 

Section
5.03. Amendments and Waiver. No amendment, modification, restatement or supplement of this Agreement shall be valid unless
the same is in writing and signed by the Parties hereto. No waiver of any provision of this Agreement shall be valid unless in
writing and signed by the Party against whom that waiver is sought to be enforced.

 

Section
5.04. Severability. Should any clause, sentence, paragraph, subsection, Section or Article of this Agreement be judicially
declared to be invalid, unenforceable or void, such decision will not have the effect of invalidating or voiding the remainder
of this Agreement, and the Parties agree that the part or parts of this Agreement so held to be invalid, unenforceable or void
will be deemed to have been stricken herefrom by the Parties, and the remainder will have the same force and effectiveness as
if such stricken part or parts had never been included herein.

 

Section
5.05. Remedies. The Parties agree that the covenants and obligations contained in this Agreement relate to special, unique
and extraordinary matters and that a violation of any of the terms hereof or thereof would cause irreparable injury in an amount
which would be impossible to estimate or determine and for which any remedy at law would be inadequate. As such, the Parties agree
that if either Party fails or refuses to fulfill any of its obligations under this Agreement or to make any payment or deliver
any instrument required hereunder or thereunder, then the other Party shall have the remedy of specific performance, which remedy
shall be cumulative and nonexclusive and shall be in addition to any other rights and remedies otherwise available under any other
contract or at law or in equity and to which such Party might be entitled.

 

Section
5.06. Applicable Law. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF TEXAS, WITHOUT GIVING EFFECT TO THE CONFLICT OF LAW PRINCIPLES THEREOF.

 

    	Page 4 of 6
 Stock Purchase Agreement

    	 

    

 

Section
5.07. Submission to Jurisdiction. Each of the Parties hereby: (a) irrevocably submits to the non-exclusive personal jurisdiction
of any Texas court, over any claim arising out of or relating to this Agreement and irrevocably agrees that all such claims may
be heard and determined in such Texas court; and (b) irrevocably waives, to the fullest extent permitted by applicable law, any
objection it may now or hereafter have to the laying of venue in any proceeding brought in a Texas court.

 

Section
5.08. Entire Agreement. This Agreement sets forth all of the promises, agreements, conditions, understandings, warranties
and representations among the Parties with respect to the transactions contemplated hereby and thereby, and supersedes all prior
agreements, arrangements and understandings between the Parties, whether written, oral or otherwise.

 

Section
5.09. No Presumption from Drafting. This Agreement has been negotiated at arm’s-length between persons knowledgeable
in the matters set forth within this Agreement. Accordingly, given that all Parties have had the opportunity to draft, review
and/or edit the language of this Agreement, no presumption for or against any Party arising out of drafting all or any part of
this Agreement will be applied in any action relating to, connected with or involving this Agreement. In particular, any rule
of law, legal decisions, or common law principles of similar effect that would require interpretation of any ambiguities in this
Agreement against the Party that has drafted it, is of no application and is hereby expressly waived. The provisions of this Agreement
shall be interpreted in a reasonable manner to affect the intentions of the Parties.

 

Section
5.10. Review and Construction of Documents. The Seller represents to the Purchaser and the Purchaser represents to the
Seller, that (a) before executing this Agreement, said Party has fully informed itself of the terms, contents, conditions and
effects of this Agreement; (b) said Party has relied solely and completely upon its own judgment in executing this Agreement;
(c) said Party has had the opportunity to seek and has obtained the advice of its own legal, tax and business advisors before
executing this Agreement; (d) said Party has acted voluntarily and of its own free will in executing this Agreement; and (e) this
Agreement is the result of arm’s length negotiations conducted by and among the Parties and their respective counsel.

 

Section
5.11. Counterparts and Signatures. This Agreement and any signed agreement or instrument entered into in connection with
this Agreement, and any amendments hereto or thereto, may be executed in one or more counterparts, all of which shall constitute
one and the same instrument. Any such counterpart, to the extent delivered by means of a facsimile machine or by .pdf, .tif, .gif,
..jpeg or similar attachment to electronic mail (any such delivery, an “Electronic Delivery”) shall be
treated in all manner and respects as an original executed counterpart and shall be considered to have the same binding legal
effect as if it were the original signed version thereof delivered in person. At the request of any Party, each other Party shall
re-execute the original form of this Agreement and deliver such form to all other Parties. No Party shall raise the use of Electronic
Delivery to deliver a signature or the fact that any signature or agreement or instrument was transmitted or communicated through
the use of Electronic Delivery as a defense to the formation of a contract, and each such Party forever waives any such defense,
except to the extent such defense relates to lack of authenticity.

 

[Remainder
of page left intentionally blank. Signature pages follow.]

 

    	Page 5 of 6
 Stock Purchase Agreement

    	 

    

 

IN
WITNESS WHEREOF, the Parties have duly executed this Agreement as of the day and year first above written.

 

	 	“PURCHASER”
	 	 
	 	
	 	Jacob
    D. Cohen 

 

	“SELLER”	 
	 	 
		 
	Luis
    Alan Hernandez	 

 

    	Page 6 of 6
 Stock Purchase Agreement

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