Document:

EX-10.1

 Exhibit 10.1 

ASSURANT, INC. 2017 

LONG TERM EQUITY INCENTIVE PLAN, AS AMENDED 

SECTION 1. Purpose; Definitions. 
 1.1. Purpose.
The purpose of this Assurant, Inc. 2017 Long Term Equity Incentive Plan is to give the Company a competitive advantage in attracting, retaining, and motivating officers, employees, directors, and consultants, and to provide the Company and its
Subsidiaries and Affiliates with a long term incentive plan providing incentives directly linked to stockholder value. 
 1.2. Definitions.
Certain terms used herein have definitions given to them in the first place in which they are used. In addition, for purposes of this Plan, the following terms are defined as set forth below: 

(a) “Act” means the Securities Exchange Act of 1934, as amended from time to time, any regulations promulgated thereunder, and
any successor thereto. 
 (b) “Administrator” has the meaning set forth in Section 2.2. 

(c) “Affiliate” means any Subsidiary and any other corporation or other entity controlled by, controlling, or under common
control with, the Company, as determined by the Committee. 
 (d) “Amendment Date” means May 7, 2019. 

(e) “Applicable Exchange” means the New York Stock Exchange or such other securities exchange as may at the applicable time be
the principal market for the Common Stock. 
 (f) “Award” means an Option, Stock Appreciation Right, Restricted Stock,
Unrestricted Stock, Restricted Stock Unit, Performance Share, or Performance Unit granted pursuant to the terms of this Plan. 
 (g)
“Award Certificate” means a written document, in such form as the Committee prescribes from time to time, setting forth the terms and conditions of an Award. Award Certificates may be in the form of individual award agreements or
certificates or a program document describing the terms and provisions of an Award or series of Awards under the Plan. The Committee may provide for the use of electronic, internet or other non-paper Award
Certificates, and the use of electronic, internet or other non-paper means for the acceptance thereof and actions thereunder by a Participant. 

(h) “Beneficial Owner” has the meaning given in Rule 13d-3, promulgated pursuant to
the Act. 
 (i) “Board” means the Board of Directors of the Company. 

(j) “Cause” means, unless otherwise provided in an Award Certificate, (i) “Cause” as defined in any Individual
Agreement to which the applicable Participant is a party and which is operative at the time of the Participant’s termination of employment, or (ii) if there is no such Individual Agreement, or if such Individual Award Agreement does not
define “Cause,” the Committee’s good faith determination that any of the following have occurred: (A) Participant’s commission of, indictment for, conviction of, pleading guilty to, confessing to, or entering of a plea of nolo
contendere to any felony or any crime involving fraud, dishonesty, theft, embezzlement, moral turpitude, or a breach of trust, (B) failure on the part of the Participant to perform substantially such Participant’s employment duties in
any material respect, (C) Participant’s prolonged absence from duty, unless pursuant to Company policy and/or applicable law regarding employee leaves of absence, or otherwise with the consent of the Company, (D) breach by the
Participant of any duty or contractual obligation owed by Participant to the Company, (E) material violation by Participant of any policy or procedure of the Company, (F) Participant’s negligent or willful misconduct or malfeasance of
duty which is reasonably determined to be detrimental to the Company, or (G) to the extent not covered by another subsection of this definition, Participant intentionally engaging in any activity that is reasonably determined by the Committee
to be in conflict with or adverse to the business or other interests of the Company. 
 (k) “Change of Control” has the
meaning set forth in Section 9.2. 
 (l) “Code” means the Internal Revenue Code of 1986, as amended from time to time,
and any successor thereto, regulations promulgated thereunder, and other relevant interpretive guidance issued by the Internal Revenue Service or the Treasury Department. Reference to any specific section of the Code shall be deemed to include such
regulations and guidance, as well as any successor provision of the Code. 

 (m) “Commission” means the Securities and Exchange Commission or any
successor agency. 
 (n) “Committee” means the Compensation Committee of the Board (or a subcommittee thereof or a successor
thereto), unless and until otherwise designated by the Board. 
 (o) “Common Stock” means common stock, par value $0.01 per
share, of the Company, and such other securities of the Company as may be substituted for Common Stock pursuant to Section 3.6. 
 (p)
“Company” means Assurant, Inc., a Delaware corporation, or any successor thereto. 
 (q) “Continuous
Service” means the absence of any interruption or termination of service as an employee, officer, consultant or director of the Company or any Affiliate, as applicable; provided, however, that for purposes of an Incentive
Stock Option “Continuous Service” means the absence of any interruption or termination of service as an employee of the Company or any Subsidiary, as applicable, pursuant to applicable tax regulations. Continuous Service shall not be
considered interrupted in the following cases: (i) a Participant transfers employment between the Company and an Affiliate or between Affiliates, (ii) in the discretion of the Committee as specified at or prior to such occurrence, in the
case of a spin-off, sale or disposition of the Participant’s employer from the Company or any Affiliate, (iii) a Participant transfers from being an employee of the Company or an Affiliate to being a
director of the Company or of an Affiliate, or vice versa, (iv) in the discretion of the Committee as specified at or prior to such occurrence, a Participant transfers from being an employee of the Company or an Affiliate to being a consultant
to the Company or of an Affiliate, or vice versa, or (v) any leave of absence authorized in writing by the Company prior to its commencement; provided, however, that for purposes of Incentive Stock Options, no such leave may
exceed 90 days, unless reemployment upon expiration of such leave is guaranteed by statute or contract. If reemployment upon expiration of a leave of absence approved by the Company is not so guaranteed, on the 91st day of such leave any Incentive
Stock Option held by the Participant shall cease to be treated as an Incentive Stock Option and shall be treated for tax purposes as a Nonqualified Option. Whether military, government or other service or other leave of absence shall constitute a
termination of Continuous Service shall be determined in each case by the Committee at its discretion, and any determination by the Committee shall be final and conclusive; provided, however, that for purposes of any Award that is
subject to Code Section 409A, the determination of a leave of absence must comply with the requirements of a “bona fide leave of absence” as provided in Treas. Reg. Section 1.409A-1 (h).

 (r) “Disability” means (i) “Disability” as defined in the long term disability plan or policy maintained or
most recently maintained by the Company or, if applicable, an Affiliate or Subsidiary, for any Participant, whether or not such Participant actually receives disability benefits under such plan or policy, or (ii) if there is no such long term
disability plan, “Disability” as defined by any Individual Agreement to which the Participant is a party and which is operative at the time in question, or (iii) if there is no such long term disability plan or Individual Agreement or
if the applicable long term disability plan and Individual Agreement do not define “Disability,” the Participant (i) is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental
impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, or (ii) is, by reason of any medically determinable physical or mental impairment which can be expected to result
in death or can be expected to last for a continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than three months under an accident and health plan covering employees of the Participant’s
employer. In the event of a dispute, the determination whether a Participant has a Disability will be made by the Committee and may be supported by such medical or other evidence as the Committee deems necessary to judge the nature of the
Participant’s condition. Notwithstanding the foregoing: (1) if the determination of Disability relates to an Incentive Stock Option, Disability shall mean “permanent and total disability” as defined in Section 22(e)(3) of
the Code, and (2) if the determination of Disability relates to any Award subject to Section 409A of the Code, Disability shall mean “disability” as defined within the meaning of Section 409A of the Code and any regulations
promulgated thereunder. 

  
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 (s) “Disaffiliation`” means a Subsidiary’s or Affiliate’s ceasing
to be a Subsidiary or Affiliate for any reason (including, without limitation, as a result of a public offering, or a spinoff or sale by the Company, of the stock of the Subsidiary or Affiliate) or a sale of a division of the Company or any
Subsidiary or Affiliate. 
 (t) “Dividend Equivalent” has the meaning set forth in Section 8. 

(u) “Effective Date” has the meaning assigned such term in Section 11.1. 

(v) “Eligible Individuals” means directors, officers, employees, and consultants of the Company or any Subsidiary or
Affiliate. 
 (w) “Fair Market Value” means the closing price of a share of Common Stock on the Applicable Exchange on the
date of measurement or, if Shares were not traded on the Applicable Exchange on such measurement date, on the next preceding date on which Shares were traded, all as reported by such source as the Committee may select. If the Common Stock is not
listed on a national securities exchange, Fair Market Value shall be determined by the Committee in its good faith discretion, taking into account, to the extent appropriate, the requirements of Section 409A of the Code. 

(x) “Full-Value Award” means an Award other than in the form of an Option or SAR, and which is settled by the issuance of
Common Stock (or at the discretion of the Committee, settled in cash valued by reference to Common Stock value). 
 (y) “Grant
Date” means (i) the date on which the Committee by resolution selects an Eligible Individual to receive a grant of an Award and determines the number of Shares to be subject to such Award, or (ii) such later date as the Committee
shall provide in such resolution. Notice of the grant shall be provided to the grantee within a reasonable time after the Grant Date. 
 (z)
“Good Reason” (or a similar term denoting constructive termination) has the meaning, if any, assigned such term in the employment, consulting, severance or similar agreement, if any, between a Participant and the Company or an
Affiliate; provided, however, that if there is no such employment, consulting, severance or similar agreement in which such term is defined, “Good Reason” shall have the meaning, if any, given such term in the applicable Award Certificate.
If not defined in either such document, the term “Good Reason” as used herein shall not apply to a particular Award. 
 (aa)
“Incentive Stock Option” means any Option that is designated in the applicable Award Certificate as an “incentive stock option” within the meaning of Section 422 of the Code or any successor provision thereto, and
that in fact so qualifies. 
 (bb) “Individual Agreement” means an employment, consulting, severance, change of control
severance, or similar agreement between a Participant and the Company or between the Participant and any of the Company’s Subsidiaries or Affiliates. For purposes of this Plan, an Individual Agreement shall be considered “operative”
during its term; provided, that an Individual Agreement under which severance or other substantive protections, compensation and/or benefits are provided only following a change of control or termination of employment in anticipation of a
change of control shall not be considered “operative” until the occurrence of a change of control or termination of employment in anticipation of a change of control, as applicable. 

(cc) “ISO Eligible Employee” means an employee of the Company, any subsidiary corporation (within the meaning of
Section 424(f) of the Code), or parent corporation (within the meaning of Section 424(e) of the Code). 
 (dd) “Non-Employee Director” means a director of the Company who is not a common law employee of the Company or an Affiliate. 

(ee) “Nonqualified Option” means any Option that either (i) is not designated as an Incentive Stock Option or (ii) is so
designated but fails to qualify as such. 
 (ff) “Option” means an Award granted under Section 5.1 of the Plan to
purchase Common Stock at a specified price during specified time periods. An Option may be either an Incentive Stock Option or a Nonqualified Option. 

  
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 (gg) “Participant” means an Eligible Individual to whom an Award is or has
been granted; provided that in the case of the death of a Participant, the term “Participant” refers to a beneficiary designated pursuant to Section 13.7 or the legal guardian or other legal representative acting in a fiduciary
capacity on behalf of the Participant under applicable state law and court supervision. 
 (hh) “Performance Goals” means
the performance goals established by the Committee in connection with the grant of an Award. In the case of Performance-Based Awards, such goals shall be based on the attainment of specified levels of one or more of the following or other measures:
overall or selected sales growth, expense efficiency ratios (ratio of expenses to income), market share, customer service measures or indices, underwriting efficiency and/or quality, persistency factors, return on net assets, economic value added,
stockholder value added, embedded value added, combined ratio, expense ratio, loss ratio, premiums, risk based capital, revenues, revenue growth, earnings (including earnings before taxes; earnings before interest and taxes; and earnings before
interest, taxes, depreciation and amortization), earnings per share, book value per share, net operating earnings per share, operating income (including non-pension operating income), pre- or after-tax income, net income, cash flow (before or after dividends), cash flow per share (before or after dividends), gross margin, return on equity, return on capital
(including return on total capital or return on invested capital), cash flow return on investment, return on assets or operating assets, economic value added (or an equivalent metric), stock price appreciation, total stockholder return (measured in
terms of stock price appreciation and dividend-related returns), cost control, gross profit, net operating income, cash generation, unit volume, stock price, market share, sales, asset quality, cost saving levels, marketing-spending efficiency, core
non-interest income, or change in working capital with respect to the Company or any one or more Subsidiaries, Affiliates, divisions, business units, or business segments of the Company, either in absolute
terms or relative to the performance of one or more other companies or an index covering multiple companies. 
 (ii) “Performance
Period” means that period established by the Committee at the time any Award is granted or at any time thereafter during which any Performance Goal specified by the Committee with respect to such Award is to be measured. 

(jj) “Performance Shares” shall have the meaning given in Section 6.1. 

(kk) “Performance Units” shall have the meaning given in Section 7.1. 

(ll) “Plan” means this Assurant, Inc. 2017 Long Term Equity Incentive Plan, as set forth herein and as hereafter amended from
time to time. 
 (mm) “Prior Plan” means the Amended and Restated Assurant, Inc. Long Term Equity Incentive Plan, as amended
from time to time. 
 (nn) “Restricted Stock” means an Award granted under Section 6. 

(oo) “Restricted Stock Units” means an Award granted under Section 7. 

(pp) “Recoupment Policy” means the Assurant, Inc. Executive Compensation Recoupment Policy adopted by the Committee, effective
as of January 1, 2012, as the same may be amended from time to time. 
 (qq) “Retirement” shall have the meaning given to
that term in the Assurant Pension Plan (as restated effective January 1, 2013), as amended from time to time. 
 (rr)
“Share” means a share of Common Stock. If there has been an adjustment or substitution with respect to the Shares (whether or not pursuant to Article 3.4), the term “Shares” shall also include any shares of stock or other
securities that are substituted for Shares or into which Shares are adjusted. 
 (ss) “Stock Appreciation Right” or
“SAR ” has the meaning set forth in Section 5.3. 
 (tt) “Subsidiary” means any corporation,
partnership, joint venture, limited liability company, or other entity during any period in which at least a 50% voting or profits interest is owned, directly or indirectly, by the Company or any successor to the Company. 

  
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 (uu) “Ten Percent Stockholder” means a person owning stock possessing more
than 10% of the total combined voting power of all classes of stock of the Company, any subsidiary corporation (within the meaning of Section 424(f) of the Code), or parent corporation (within the meaning of Section 424(e) of the Code).

 (vv) “Term” means the maximum period during which an Option or Stock Appreciation Right may remain outstanding, subject
to earlier termination as specified in the applicable Award Certificate. 
 (ww) “Unrestricted Stock” shall have the meaning
given in Section 6.1. 
 SECTION 2. Administration. 

2.1. Committee. The Plan shall be administered by the Committee or a duly designated Administrator, as defined herein. The Committee shall,
subject to Section 10, have plenary authority to grant Awards to Eligible Individuals pursuant to the terms of the Plan. Among other things, the Committee shall have the authority, subject to the terms and conditions of the Plan: 

(a) To select the Eligible Individuals to whom Awards may be granted; 

(b) To determine whether and to what extent Awards are to be granted hereunder; 

(c) To determine the number of Shares to be covered by each Award granted under the Plan; 

(d) To determine the terms and conditions of each Award granted hereunder, based on such factors as the Committee shall determine; 

(e) To adopt, alter, or repeal such administrative rules, guidelines, and practices governing the Plan as the Committee shall from time to time
deem advisable; 
 (f) To interpret the terms and provisions of the Plan and any Award issued under the Plan (and any agreement relating
thereto); 
 (g) Subject to Section 11, to accelerate the vesting or lapse of restrictions of any outstanding Award upon the termination
of service of a Participant or in connection with a Change of Control, based in each case on such considerations as the Committee in its sole discretion may determine; 

(h) To correct any defect, supply any omission or reconcile any inconsistency in the Plan or in any Award in the manner and to the extent it
deems necessary to carry out the intent of the Plan; 
 (i) To decide all other matters that must be determined in connection with an Award;

 (j) To determine whether, to what extent, and under what circumstances cash, Shares, and other property and other amounts payable with
respect to an Award under this Plan shall be deferred either automatically or at the election of the Participant; and 
 (k) To otherwise
administer the Plan. 
 Notwithstanding any of the foregoing, grants of Awards to Non-Employee Directors under the
Plan shall be made only in accordance with the terms, conditions and parameters of a plan, program or policy for the compensation of Non-Employee Directors that is approved and administered by a committee of
the Board consisting solely of Independent Directors. 
 2.2. Committee Procedures; Board Authority. The Committee shall exercise its authority
under the Plan as follows: 
 (a) The Committee may act only with the assent of a majority of its members then in office, except that the
Committee may, except to the extent prohibited by applicable law or the listing standards of the Applicable Exchange, allocate all or any portion of its responsibilities and powers to any one or more of its members and may delegate all or any part
of its responsibilities and powers to any person or persons selected by it (the “Administrator”). Notwithstanding the foregoing, the Committee may not so delegate any responsibility or power to the extent that such delegation would
make any Award hereunder subject to (and not exempt from) the short-swing recovery rules of Section 16(b) of the Act. Without limiting the generality of the foregoing, the Committee may not delegate its responsibilities and powers to grant and
establish the terms and conditions of Awards to Participants who are subject to Section 16(b) of the Act. 

  
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 (b) Any authority granted to the Committee may also be exercised by the full Board. To the
extent that any permitted action taken by the Board conflicts with action taken by the Committee, the Board action shall control. To the extent the Board has reserved any authority and responsibility or during any time that the Board is acting as
administrator of the Plan, it shall have all the powers and protections of the Committee hereunder, and any reference herein to the Committee (other than in this Section 2.2(b)) shall include the Board. 

2.3. Discretion of Committee. Any determination made by the Committee or by the Administrator under the provisions of the Plan with respect to
any Award shall be made in the sole discretion of the Committee or the Administrator at the time of the grant of the Award or, unless in contravention of any express term of the Plan, at any time thereafter. All decisions made by the Committee or
the Administrator shall be final and binding on all persons, including the Company, Participants, and Eligible Individuals. Each member of the Committee is entitled to, in good faith, rely or act upon any report or other information furnished to
that member by any officer or other employee of the Company or any Affiliate, the Company’s or an Affiliate’s independent certified public accountants, Company counsel or any executive compensation consultant or other professional retained
by the Company or the Committee to assist in the administration of the Plan. No member of the Committee will be liable for any good faith determination, act or omission in connection with the Plan or any Award. 

2.4. Award Certificates. The terms and conditions of each Award, as determined by the Committee, shall be set forth in a written Award
Certificate, which shall be delivered to the Participant receiving such Award upon, or as promptly as is reasonably practicable following, the grant of such Award. Award Certificates may be amended only in accordance with Section 11 hereof.

 SECTION 3. Common Stock Subject to Plan; Limitations on Awards; Adjustment Provisions. 

3.1. Number of Shares. Subject to adjustment as provided in Section 3.6, the aggregate number of Shares reserved and available for issuance
pursuant to Awards granted under the Plan shall be 1,588,797, plus a number of additional Shares underlying awards outstanding as of the Amendment Date that thereafter terminate or expire unexercised, or are cancelled, forfeited or lapse for any
reason. The maximum number of Shares that may be issued upon exercise of Incentive Stock Options granted under the Plan shall be 1,588,797. From and after the Effective Date, no further awards shall be granted under the Prior Plan and the Prior Plan
shall remain in effect only so long as awards granted thereunder shall remain outstanding. 
 3.2. Share Counting. Shares covered by an Award
shall be subtracted from the Plan share reserve as of the Grant Date, but shall be added back to the Plan share reserve or otherwise treated in accordance with this Section 3.2. 

(a) The full number of Shares subject to the Option shall count against the number of Shares remaining available for issuance pursuant to
Awards granted under the Plan, even if the exercise price of an Option is satisfied through net-settlement or by delivering Shares to the Company (by either actual delivery or attestation). 

(b) Upon exercise of Stock Appreciation Rights that are settled in Shares, the full number of Stock Appreciation Rights (rather than any lesser
number based on the net number of Shares actually delivered upon exercise) shall count against the number of Shares remaining available for issuance pursuant to Awards granted under the Plan. 

(c) Shares withheld from an Option or SAR to satisfy tax withholding requirements shall count against the number of Shares remaining available
for issuance pursuant to Awards granted under the Plan, and Shares delivered by a participant to satisfy tax withholding requirements with respect to an Option or SAR shall not be added to the Plan share reserve. 

(d) Shares withheld from a Full-Value Award to satisfy tax withholding requirements shall not count against the number of Shares remaining
available for issuance pursuant to Awards granted under the Plan, and Shares delivered by a participant to satisfy tax withholding requirements with respect to a Full-Value Award shall be added to the Plan share reserve. 

  
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 (e) To the extent that an Award is canceled, terminates, expires, is forfeited or lapses for
any reason, any unissued or forfeited Shares subject to the Award will be added back to the Plan share reserve and again be available for issuance pursuant to Awards granted under the Plan. 

(f) Shares subject to Awards settled in cash will be added back to the Plan share reserve and again be available for issuance pursuant to
Awards granted under the Plan. 
 (g) To the extent that the full number of Shares subject to a Full Value Award is not issued for any
reason, including by reason of failure to achieve maximum performance goals, the unissued Shares originally subject to the Award will be added back to the Plan share reserve and again be available for issuance pursuant to Awards granted under the
Plan. 
 (h) Subject to applicable Exchange requirements, shares available under a stockholder-approved plan of a company acquired by the
Company (as appropriately adjusted to Shares to reflect the transaction) may be issued under the Plan pursuant to Awards granted to individuals who were not employees of the Company or its Affiliates immediately before such transaction and will not
count against the maximum share limitation specified in Section 3.1. 
 3.3. Stock Distributed. Any Stock distributed pursuant to an Award
may consist, in whole or in part, of authorized and unissued Stock, treasury Stock or Stock purchased on the open market. 
 3.4. Limitation on
Awards. Notwithstanding any provision in the Plan to the contrary (but subject to adjustment as provided in Section 3.6): 
 (a)
Options. The maximum number of Options granted under the Plan in any calendar year to any one Participant shall be for 300,000 Shares. 

(b) SARs. The maximum number of Stock Appreciation Rights granted under the Plan in any calendar year to any one Participant shall be
with respect to 300,000 Shares. 
 (c) Performance Awards. With respect to any calendar year (i) the maximum amount that may be
paid to any one Participant for performance-based Awards payable in cash or property other than Shares shall be $7,500,000, and (ii) the maximum number of Shares that may be paid to any one Participant for performance-based Awards shall be
300,000 Shares. For purposes of applying these limits in the case of multi-year performance periods, the amount of cash or property or number of Shares deemed paid with respect to any calendar year is the total amount payable or Shares earned for
the performance period divided by the number of calendar years in the performance period. 
 (d) Awards to
Non-Employee Directors. The maximum number of Shares subject to Non-Employee Director Awards that may be granted to any
Non-Employee Director in any calendar year shall be limited to a number that, combined with any cash fees or other compensation paid to such Non-Employee Director, shall
not exceed $600,000 in total value (calculating the value of any such Non-Employee Director Awards based on the grant date fair value of such Awards for financial reporting purposes); provided, that the Board
may make exceptions to this limit for individual Non-Employee Directors in extraordinary circumstances as the Board may determine in its sole discretion, so long as (i) the aggregate limit does not exceed
$800,000 in total value during a fiscal year and (ii) the Non-Employee Director receiving such additional compensation does not participate in the decision to award such compensation or in other
contemporaneous compensation decisions involving Non- Employee Directors. 
 3.5. Minimum Vesting
Requirements. Subject to the following sentence, Full Value Awards, Options and SARs granted under the Plan shall be subject to a minimum vesting period of three years (which may include graduated vesting within such three-year period; provided,
however, that no portion of any Award subject to graduated vesting shall vest earlier than one year after grant), or one year if the vesting is based on performance criteria other than continued service. Notwithstanding the foregoing, (i) the
Committee may permit and authorize acceleration of vesting of such Full Value Awards, Options or SARs in the event of the Participant’s termination of service, or the occurrence of a Change in Control, and (ii) the Committee may grant Full
Value Awards, Options and SARs without respect to the above-described minimum vesting requirements with respect to Awards covering 5% or fewer of the total number of Shares authorized under the Plan. 

  
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 3.6. Adjustment Provisions. The Committee shall have authority to make adjustments under the
Plan as provided below: 
 (a) In the event of a merger, consolidation, acquisition of property or shares, stock rights offering,
liquidation, separation, spinoff, Disaffiliation, extraordinary dividend of cash or other property, or similar event affecting the Company or any of its Subsidiaries (a “Corporate Transaction”), the Committee, or the Board may in
its discretion make such substitutions or adjustments as it deems appropriate and equitable to (i) the aggregate number and kind of Shares or other securities reserved for issuance and delivery under the Plan, (ii) the various maximum
limitations set forth in Sections 3.1 and 3.4, (iii) the number and kind of Shares or other securities subject to outstanding Awards, and (iv) the exercise price of outstanding Awards. 

(b) In the event of a nonreciprocal transaction between the Company and its stockholders that causes the
per-share value of the Common Stock to change (including, without limitation, a stock dividend, stock split, reverse stock split, share combination, spin-off, rights
offering recapitalization, or similar event affecting the capital structure of the Company), the Committee or the Board shall make such substitutions or adjustments as it deems appropriate and equitable in order to prevent dilution or enlargement of
rights immediately resulting from such transaction. Action by the Committee or Board may include adjustments to (i) the aggregate number and kind of Shares or other securities reserved for issuance and delivery under the Plan, (ii) the
various maximum limitations set forth in Sections 3.1 and 3.4, (iii) the number and kind of Shares or other securities subject to outstanding Awards, and (iv) the exercise price of outstanding Awards. 

(c) In the case of Corporate Transactions, such adjustments may include, without limitation, (i) the cancellation of outstanding Awards in
exchange for payments of cash, property, or a combination thereof having an aggregate value equal to the value of such Awards, as determined by the Committee or the Board in its sole discretion (it being understood that, in the case of a Corporate
Transaction with respect to which stockholders of Common Stock receive consideration other than publicly traded equity securities of the Surviving Entity (as defined below in Section 9.2), any such determination by the Committee that the value
of an Option or Stock Appreciation Right shall for this purpose be deemed to equal the excess, if any, of the value of the consideration being paid for each Share pursuant to such Corporate Transaction over the exercise price of such Option or Stock
Appreciation Right shall conclusively be deemed valid), (ii) the substitution of other property (including, without limitation, cash or other securities of the Company and securities of entities other than the Company) for the Shares subject to
outstanding Awards, and (iii) in connection with any Disaffiliation, arranging for the assumption of Awards, or replacement of Awards with new awards based on other property or other securities (including, without limitation, other securities
of the Company and securities of entities other than the Company), by the affected Subsidiary, Affiliate, or division of the Company or by the entity that controls such Subsidiary, Affiliate, or division of the Company following such Disaffiliation
(as well as any corresponding adjustments to Awards that remain based upon Company securities). 
 (d) The Committee may adjust the
Performance Goals applicable to any Awards to reflect any unusual or non- recurring events and other extraordinary items, including without limitation impact of charges for restructurings, discontinued operations, and the cumulative effects of
accounting or tax changes, each as defined by generally accepted accounting principles or as identified in the Company’s financial statements, notes to the financial statements, management’s discussion and analysis, or other public
filings. 
 3.7. Section 409A of the Code. Notwithstanding the foregoing: (a) any adjustments made pursuant to Section 3.6 to Awards
that are considered “deferred compensation” within the meaning of Section 409A of the Code shall be made in compliance with the requirements of Section 409A of the Code, (b) any adjustments made pursuant to Section 3.6
to Awards that are not considered “deferred compensation” subject to Section 409A of the Code shall be made in such a manner as to ensure that, after such adjustment, the Awards either (i) continue not to be subject to
Section 409A of the Code, or (ii) comply with the requirements of Section 409A of the Code, and (c) in any event, the Board, the Committee, and the Administrator shall not have any authority to make any adjustments pursuant to
Section 3.6 to the extent the existence of such authority would cause an Award that is not intended to be subject to Section 409A of the Code at the Grant Date to be subject thereto as of the Grant Date. 

  
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 SECTION 4. Eligibility. 

4.1. Eligible Individuals; Incentive Stock Options. Awards may be granted under the Plan to Eligible Individuals; provided, however, that
Incentive Stock Options may be granted only to employees of the Company and its Subsidiaries or parent corporation (within the meaning of Section 424(f) of the Code). Eligible Individuals who are service providers to an Affiliate may be granted
Options or SARs under this Plan only if the Affiliate qualifies as an “eligible issuer of service recipient stock” within the meaning of § 1.409A-1(b)(5)(iii)(E) of the final regulations under
Code Section 409A. 
 SECTION 5. Options and Stock Appreciation Rights. 

5.1. Types of Options. Options may be of two types: Incentive Stock Options and Nonqualified Options. The Award Certificate for an Option shall
indicate whether the Option is intended to be an Incentive Stock Option or a Nonqualified Option; provided, that any Option that is designated as an Incentive Stock Option but fails to meet the requirements therefore (as described in
Section 5.2 or otherwise), and any Option that is not expressly designated as intended to be an Incentive Stock Option shall be treated as a Nonqualified Option. 

5.2. Incentive Stock Option Limitations. To the extent that the aggregate Fair Market Value, determined at the time of grant, of the Shares with
respect to which Incentive Stock Options are exercisable for the first time during any calendar year under the Plan or any other stock option plan of the Company, any subsidiary corporation (within the meaning of Section 424(f) of the Code), or
parent corporation (within the meaning of Section 424(e) of the Code) exceeds $100,000, such Options shall be deemed Nonqualified Options. If an ISO Eligible Employee does not remain employed by the Company, any subsidiary corporation (within
the meaning of Section 424(f) of the Code), or parent corporation (within the meaning of Section 424(e) of the Code) at all times from the time an Incentive Stock Option is granted until 3 months prior to the date of exercise thereof (or
such other period as required by applicable law), such Option shall be treated as a Nonqualified Stock Option. Should any provision of the Plan not be necessary in order for any Options to qualify as Incentive Stock Options, or should any additional
provisions be required, the Committee may amend the Plan accordingly, without the necessity of obtaining the approval of the stockholders of the Company. 

5.3. Nature of Stock Appreciation Rights. Upon the exercise of a Stock Appreciation Right, the Participant shall be entitled to receive an amount
in cash, Shares, or both, in value equal to the product of (a) the excess of the Fair Market Value of one Share over the exercise price of the applicable Stock Appreciation Right, multiplied by (b) the number of Shares in respect of which the
Stock Appreciation Right has been exercised. The applicable Award Certificate shall specify whether such payment is to be made in cash or Common Stock or both, or shall reserve to the Committee or the Participant the right to make that determination
prior to or upon the exercise of the Stock Appreciation Right. 
 5.4. Exercise Price. The exercise price per Share subject to an Option or SAR
shall be determined by the Committee and set forth in the applicable Award Certificate, and shall not be less than the Fair Market Value of a share of the Common Stock on the applicable Grant Date; provided, however, that if an Incentive
Stock Option is granted to a Ten Percent Stockholder, the exercise price shall be no less than 110% of the Fair Market Value of the Stock on the applicable Grant Date. 

5.5. Term. The Term of each Option and SAR shall be fixed by the Committee, but shall not exceed 10 years from the Grant Date. 

5.6. Vesting and Exercisability. Subject to Section 3.5, Options and SARs shall be exercisable at such time or times and subject to such
terms and conditions as shall be determined by the Committee. 
 5.7. Method of Exercise. Subject to the provisions of this Section 5,
Options and SARs may be exercised, in whole or in part, at any time during the applicable Term by giving written notice of exercise to the Company specifying the number of Shares as to which the Option or SAR is being exercised; provided,
however, that, unless otherwise permitted by the Committee, any such exercise must be with respect to a portion of the applicable Option or SAR relating to no less than the lesser of the number of Shares then subject to such Option or SAR or 50
Shares. In the case of the exercise of an Option, such notice shall be accompanied by payment in full of the purchase price (which shall equal the product of such number of shares multiplied by the applicable exercise price) by certified or bank
check or such other instrument as the Company may accept. If approved by the Committee, payment, in full or in part, may also be made as follows: 

  
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 (a) Payments may be made in the form of Shares (by delivery of such shares or by
attestation) of the same class as the Common Stock subject to the Option already owned by the Participant (based on the Fair Market Value of the Common Stock on the date the Option is exercised); provided, however, that, in the case of an
Incentive Stock Option, the right to make a payment in the form of already owned Shares of the same class as the Common Stock subject to the Option may be authorized only at the time the Option is granted. 

(b) To the extent permitted by applicable law, payment may be made by delivering a properly executed exercise notice to the Company, together
with a copy of irrevocable instructions to a broker to deliver promptly to the Company the amount of sale or loan proceeds necessary to pay the purchase price, and, if requested, the amount of any federal, state, local, or foreign withholding taxes.
To facilitate the foregoing, the Company may, to the extent permitted by applicable law, enter into agreements for coordinated procedures with one or more brokerage firms. 

(c) Payment may be made by instructing the Company to withhold a number of Shares having a Fair Market Value (based on the Fair Market Value of
the Common Stock on the date the applicable Option is exercised) equal to the product of (i) the exercise price multiplied by (ii) the number of Shares in respect of which the Option shall have been exercised. 

5.8. Delivery; Rights of Stockholders. No Shares shall be delivered pursuant to the exercise of an Option until the exercise price therefor has
been fully paid and applicable taxes have been withheld. The applicable Participant shall have all of the rights of a stockholder of the Company holding the class or series of Common Stock that is subject to the Option or Stock Appreciation Right
(including, if applicable, the right to vote the applicable Shares and the right to receive dividends), when (a) the Company has received a written notice from the Participant of exercise that complies with all procedures established under this
Plan for effective exercise, including, without limitation, completion and delivery of all required forms, (b) the Participant has, if requested, given the representation described in Section 13.1, and (c) in the case of an Option,
the Participant has paid in full for such Shares. 
 5.9. Nontransferability of Options and Stock Appreciation Rights. No Option or SAR shall
be transferable by a Participant other than, for no value or consideration, (a) by will or by the laws of descent and distribution, or (b) in the case of a Nonqualified Option or SAR, as otherwise expressly permitted by the Committee
including, if so permitted, pursuant to a transfer to the Participant’s family members, whether directly or indirectly or by means of a trust or partnership or otherwise. For purposes of this Plan, unless otherwise determined by the Committee,
“family member” shall have the meaning given to such term in General Instructions A.1(a)(5) to Form S-8 under the Securities Act of 1933, as amended, and any successor thereto. Any Option or Stock
Appreciation Right shall be exercisable, subject to the terms of this Plan, only by the applicable Participant, the guardian or legal representative of such Participant, or any person to whom such Option or Stock Appreciation Right is permissibly
transferred pursuant to this Section 5.9, it being understood that the term “Participant” includes such guardian, legal representative and other transferee; provided, however, that the term “Continuous Service” shall
continue to refer to the original Participant’s service as an employee, officer, consultant or director of the Company or any Affiliate, as applicable. 

5.10. No Deferral Feature. No Option or SAR shall provide for any feature for the deferral of compensation other than the deferral of recognition
of income until the exercise or disposition of the Option or SAR. 
 5.11. No Dividend Equivalents. No Option or SAR shall provide for Dividend
Equivalents. 
 5.12. No Repricing. Except for adjustments made pursuant to Section 3.6 of the Plan, the exercise price of any outstanding
Option or Stock Appreciation Right granted under the Plan may not be decreased, directly or indirectly, after the date of grant nor may any outstanding Option or Stock Appreciation Right with an exercise price in excess of Fair Market Value be
surrendered to the Company as consideration for cash, the grant of a new Option or Stock Appreciation Right with a lower exercise price, or the grant of another Award without the approval of the Company’s stockholders. 

SECTION 6. Restricted Stock (Including Performance Shares) and Unrestricted Stock. 

6.1. Nature of Award; Certificates. Shares of Restricted Stock and Unrestricted Stock are actual Shares issued to a Participant, and shall be
evidenced in such manner as the Committee may deem appropriate, including book- entry registration or issuance of one or more stock certificates. Shares of “Restricted Stock” are Shares that are subject to such restrictions on
transferability and other restrictions as the Committee may impose (including, for 

  
 10 

 
example, limitations on the right to vote Restricted Stock or the right to receive dividends on the Restricted Stock). These restrictions may lapse separately or in combination at such times,
under such circumstances, in such installments, upon the satisfaction of performance goals or otherwise, as the Committee determines at the time of the grant of the Award or thereafter. Shares of “Unrestricted Stock,” the grant of
which are subject to Section 3.5, are Shares not otherwise subject to conditions on grant, vesting, or transferability. “Performance Shares ” are Shares of Restricted Stock, the vesting of which is subject to the attainment of
Performance Goals. Any certificate issued in respect of Shares of Restricted Stock or Unrestricted Stock shall be registered in the name of the applicable Participant and, in the case of Restricted Stock, shall bear an appropriate legend referring
to the terms, conditions, and restrictions applicable to such Award, substantially in the following form: 
 “The transferability of
this certificate and the shares of stock represented hereby are subject to the terms and conditions (including forfeiture) of the Assurant, Inc. 2017 Long Term Equity Incentive Plan and an Award Certificate. Copies of such Plan and Certificate are
on file at the offices of Assurant, Inc., 28 Liberty Street, 41st Floor, New York, New York 10005.” 
 The Committee may require that the certificates
evidencing such shares be held in custody by the Company until the restrictions thereon shall have lapsed and that, as a condition of any Award of Restricted Stock, the applicable Participant shall have delivered a stock power, endorsed in blank,
relating to the Common Stock covered by such Award. 
 6.2. Terms and Conditions. Shares of Restricted Stock shall be subject to the following terms
and conditions: 
 (a) The Committee shall, prior to or at the time of grant, condition (i) the vesting or transferability of an Award
of Restricted Stock upon the continued service of the applicable Participant or (ii) the grant, vesting, or transferability of an Award of Restricted Stock upon the attainment of Performance Goals, or the attainment of Performance Goals and the
continued service of the applicable Participant. In the event that the Committee conditions the grant or vesting of an Award of Restricted Stock upon the attainment of Performance Goals and the continued service of the applicable Participant, the
Committee may, prior to or at the time of grant, designate such an Award as a Performance-Based Award. The conditions for grant, vesting, or transferability and the other provisions of Restricted Stock Awards (including without limitation any
Performance Goals applicable to Performance Shares) need not be the same with respect to each Participant. 
 (b) Subject to the provisions
of the Plan and the applicable Award Certificate, during the period, if any, set by the Committee, commencing with the date of such Restricted Stock Award for which such vesting restrictions apply and until the expiration of such vesting
restrictions (the “Restriction Period”), the Participant shall not be permitted to sell, assign, transfer, pledge, or otherwise encumber Shares of Restricted Stock. 

(c) If any applicable Performance Goals are satisfied and the Restriction Period expires without a prior forfeiture of the Shares of Restricted
Stock for which legended certificates have been issued, either (i) unlegended certificates for such Shares shall be delivered to the Participant upon surrender of the legended certificates, or (ii) such Shares shall be evidenced in such
manner as the Committee may deem appropriate, including book-entry registration. 
 6.3. Rights of Stockholders. Except as provided in the
applicable Award Certificate, the applicable Participant shall have, with respect to Shares of Restricted Stock and Unrestricted Stock, all of the rights of a stockholder of the Company holding the class or series of Common Stock that is the subject
of the Restricted Stock or Unrestricted Stock, including, if applicable, the right to vote the Shares and the right to receive any dividends and other distributions. 

SECTION 7. Restricted Stock Units (Including Performance Units). 

7.1. Nature of Award. Restricted Stock Units are Awards denominated in Shares that will be settled, subject to the terms and conditions of the
Restricted Stock Units, (a) in cash, based upon the Fair Market Value of a specified number of Shares, (b) in Shares, or (c) a combination thereof. “Performance Units” are Restricted Stock Units, the vesting of which
is subject to the attainment of Performance Goals. 

  
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 7.2. Terms and Conditions. Restricted Stock Units shall be subject to the following terms and
conditions: 
 (a) The Committee may, prior to or at the time of grant, condition (i) the grant, vesting, or transferability of
Restricted Stock Units upon the continued service of the applicable Participant or (ii) the grant, vesting, or transferability of Restricted Stock Units upon the attainment of Performance Goals, or the attainment of Performance Goals and the
continued service of the applicable Participant. In the event that the Committee grants Performance Units or conditions the grant or vesting of Restricted Stock Units upon the attainment of Performance Goals and the continued service of the
applicable Participant, the Committee may, prior to or at the time of grant, designate such Performance Units or Restricted Stock Units as Performance-Based Awards. The conditions for grant, vesting or transferability and the other provisions of
Restricted Stock Units (including without limitation any Performance Goals applicable to Performance Units) need not be the same with respect to each Participant. An Award of Restricted Stock Units shall be settled as and when the Restricted Stock
Units vest or at a later time specified by the Committee or in accordance with an election of the Participant, if the Committee so permits. 

(b) Subject to the provisions of the Plan and the applicable Award Certificate, during the period, if any, set by the Committee, commencing
with the date of such Restricted Stock Units for which such vesting restrictions apply and until the expiration of such vesting restrictions (the “Restriction Period”), the Participant shall not be permitted to sell, assign,
transfer, pledge, or otherwise encumber Restricted Stock Units. 
 (c) The Award Certificate for Restricted Stock Units may specify whether,
to what extent, and on what terms and conditions the applicable Participant shall be entitled to receive current or deferred payments of cash, Shares, or other property corresponding to the dividends payable on the Company’s Stock (subject to
Section 13.5 below). 
 SECTION 8. Dividend Equivalents. 

8.1. Nature of Award. The Committee is authorized to grant Dividend Equivalents with respect to Full-Value Awards granted hereunder, subject to
such terms and conditions as the may be selected by the Committee. Dividend Equivalents shall entitle the Participant to receive payments having a value equal to the dividends that would be payable with respect to all or a portion of the number of
Shares subject to a Full-Value Award, as determined by the Committee. 
 8.2. Terms and Conditions. Dividend Equivalents shall be subject to
such terms and conditions as may be determined by the Committee. Without limiting the generality of the foregoing, Dividend Equivalents may be made subject to vesting conditions that are the same as, or different from the vesting conditions of the
other Award to which they relate; may be payable in cash, Shares or other property or any combination thereof; and may be payable at the same time as the related actual dividends are paid to stockholders, or deemed to have been reinvested in
additional Shares or otherwise deferred (subject to compliance with the requirements of Section 409A of the Code). 
 SECTION 9. Change of Control
Provisions. 
 9.1. Impact of Event. Unless otherwise provided in the applicable Award Certificate, notwithstanding any other provision of
this Plan to the contrary, upon a Change of Control (as defined below): 
 (a) Awards Assumed or Substituted by Surviving Entity. With
respect to Awards assumed by the surviving entity or otherwise equitably converted or substituted in connection with a Change in Control: if within two years after the effective date of the Change in Control, a Participant’s employment is
terminated without Cause or the Participant resigns for Good Reason, then (i) all of that Participant’s outstanding Options, SARs and other Awards in the nature of rights that may be exercised shall become fully exercisable, (ii) all
time-based vesting restrictions on his or her outstanding Awards shall lapse, and (iii) the payout level under all of that Participant’s performance-based Awards that were outstanding immediately prior to effective time of the Change in
Control shall be determined and deemed to have been earned as of the date of termination based upon the greater of: (A) an assumed achievement of all relevant performance goals at the “target” level
pro-rated based upon the length of time within the performance period that has elapsed prior to the termination of employment date, or (B) the actual level of achievement of all relevant performance goals
(measured as of the latest date immediately preceding the date of termination for which performance can, as a practical matter, be determined), and, in either such case, there shall be a payout to such Participant within sixty (60) days
following the termination of employment date (unless a later date is required by Section 13.23 hereof). With regard to each Award, a Participant shall not be considered to have resigned for Good Reason unless either (i) the Award
Certificate includes such provision or (ii) the Participant is party to an employment, severance or similar agreement with the Company or an Affiliate that includes provisions in which the Participant is permitted to

  
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resign for Good Reason. Any Awards shall thereafter continue or lapse in accordance with the other provisions of the Plan and the Award Certificate. To the extent that this provision causes
Incentive Stock Options to exceed the dollar limitation set forth in Code Section 422(d), the excess Options shall be deemed to be Nonqualified Options. 

(b) Awards not Assumed or Substituted by Surviving Entity. Upon the occurrence of a Change in Control, and except with respect to any
Awards assumed by the surviving entity or otherwise equitably converted or substituted in connection with the Change in Control in a manner approved by the Committee or the Board: (i) outstanding Options, SARs, and other Awards in the nature of
rights that may be exercised shall become fully exercisable, (ii) time-based vesting restrictions on outstanding Awards shall lapse, and (iii) the target payout opportunities attainable under outstanding performance-based Awards shall be
deemed to have been fully earned as of the effective date of the Change in Control based upon the greater of: (A) an assumed achievement of all relevant performance goals at the “target” level
pro-rated based upon the length of time within the performance period that has elapsed prior to the Change in Control, or (B) the actual level of achievement of all relevant performance goals (measured as
of the latest date immediately preceding the Change in Control for which performance can, as a practical matter, be determined), and, in either such case, there shall be a payout to Participants within sixty (60) days following the Change in
Control (unless a later date is required by Section 13.23 hereof). Any Awards shall thereafter continue or lapse in accordance with the other provisions of the Plan and the Award Certificate. To the extent that this provision causes Incentive
Stock Options to exceed the dollar limitation set forth in Code Section 422(d), the excess Options shall be deemed to be Nonqualified Stock Options. 

9.2. Definition of Change of Control. For purposes of the Plan, a “Change of Control” shall mean any of the following events:

 (a) Individuals who, on the Effective Date, constitute the Board (the “Incumbent Directors”) cease for any reason to
constitute at least a majority of the Board; provided that any person becoming a director and whose election or nomination for election is approved by a vote of at least a majority of the Incumbent Directors then on the Board shall be an
Incumbent Director; provided, however, that no individual initially elected or nominated as a director of the Company as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual
or threatened solicitation of proxies or consents by or on behalf of any person as defined in Section 3(a)(9) of the Act (a “Person”), other than the Board, including by reason of any agreement, shall be deemed an Incumbent
Director; 
 (b) Any person is or becomes a Beneficial Owner, directly or indirectly, of either (i) 30% or more of the then-outstanding
shares of common stock of the Company or (ii) securities representing 30% or more of the combined voting power of the Company’s then-outstanding securities eligible to vote for the election of directors (“Company Voting
Securities”); provided, however, that for purposes of this subsection (b), the following acquisitions shall not constitute a Change of Control: (1) an acquisition directly from the Company or any Subsidiary; (2) an
acquisition by the Company or a Subsidiary; (3) an acquisition by a Person who is on the Effective Date the Beneficial Owner, directly or indirectly, of 50% or more of the outstanding shares of common stock of the Company or 50% or more of the
combined voting power of the Company’s outstanding securities eligible to vote for the election of directors; (4) an acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any Subsidiary; or
(5) an acquisition pursuant to a transaction that complies with Sections 9.2(c)(i), 9.2(c)(ii), and 9.2(c)(iii) below; 
 (c) The
consummation of a reorganization, merger, consolidation, statutory share exchange or similar corporate transaction involving the Company or a Subsidiary, the sale or other disposition of all or substantially all of the Company’s assets, or the
acquisition of assets or stock of another corporation (a “Transaction”), unless immediately following the Transaction: (i) all or substantially all of the individuals who were Beneficial Owners, respectively, of the outstanding
shares of common stock of the Company and outstanding securities eligible to vote for the election of directors immediately prior to the Transaction beneficially own, directly or indirectly, more than 60% of, respectively, the outstanding shares of
common stock and the combined voting power of the outstanding securities entitled to vote in the election of directors of the corporation resulting from the Transaction (the “Surviving Entity”), in substantially the same proportions
as their ownership, immediately prior to the Transaction, of the outstanding common stock of the Company and the outstanding securities eligible to vote in the election of directors of the Company; (ii) no Person (other than the Company, a
Subsidiary, the Surviving Entity, or any employee benefit plan or related trust sponsored or maintained by the foregoing) is or 

  
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becomes a Beneficial Owner, directly or indirectly, of 30% or more of the outstanding common stock or 30% or more of the total voting power of the outstanding securities eligible to vote for the
election of directors of the Surviving Entity; and (iii) at least a majority of the members of the board of the Surviving Entity were Incumbent Directors at the time of the Board’s approval of the execution of the initial agreement
providing for the Transaction; or 
 (d) Approval by the stockholders of the Company of a complete liquidation or dissolution of the Company.

 SECTION 10. Performance-Based Awards. 
 10.1.
Performance-Based Awards. When granting any Award other than an Option or Stock Appreciation Right, the Committee may designate such Award as a Performance-Based Award by conditioning the right of a Participant to have it settled, and the
timing thereof, upon the achievement or satisfaction of such Performance Goals within a Performance Period, each as may be specified by the Committee. The Committee may establish different Performance Periods for different Participants, and the
Committee may establish concurrent or overlapping Performance Periods. Performance Periods established by the Committee for any Performance-Based Award may be as short as 12 months and may be any longer period. 

10.2. Performance Goals and Other Conditions. Each Performance-Based Award (other than an Option or Stock Appreciation Right) shall be earned,
vested, and/or payable (as applicable) only upon the achievement of one or more Performance Goals, together with the satisfaction of any other conditions, such as continued employment, as the Committee may determine to be appropriate. The Committee
may use such business criteria and other performance measures as it may deem appropriate in establishing any objective Performance Goals for Performance-Based Awards. 

10.3. Inclusions and Exclusions from Performance Goals. The Committee may provide in any Performance-Based Award, at the time the Performance
Goals are established, that any evaluation of performance shall exclude or otherwise objectively adjust for any specified circumstance or event that occurs during a performance period, including by way of example but without limitation the
following: (a) asset write-downs or impairment charges; (b) litigation or claim judgments or settlements; (c) the effect of changes in tax laws, accounting principles or other laws or provisions affecting reported results;
(d) accruals for reorganization and restructuring programs; (e) extraordinary nonrecurring items as described in then-current accounting principles; (f) extraordinary nonrecurring items as described in management’s discussion and
analysis of financial condition and results of operations appearing in the Company’s annual report to stockholders for the applicable year; (g) acquisitions or divestitures; and (h) foreign exchange gains and losses. 

10.4. Award Limits. Section 3.4 sets forth (i) the maximum number of Shares that may be granted in any one-year period to a Participant
in designated forms of stock-based Awards, and (ii) the maximum aggregate dollar amount that may be paid with respect to cash-based Awards under the Plan to any one Participant in any fiscal year of the Company. 

SECTION 11. Term, Amendment, and Termination. 

11.1. Effectiveness. The Plan is effective as of May 11, 2017 (the “Effective Date”), which is the date the Plan was approved by
the Company’s stockholders. 
 11.2. Termination. Unless earlier terminated as provided herein, the Plan will terminate on the 10th
anniversary of the Effective Date or, if the stockholders approve an amendment to the Plan that increases the number of Shares subject to the Plan, the tenth anniversary of the date of such approval. Awards outstanding as of such date hall not be
affected or impaired by the termination of the Plan. 
 11.3. Amendment of Plan. The Board or the Committee may amend, alter, or discontinue
the Plan, but no amendment, alteration, or discontinuation shall be made which would materially impair the rights of any Participant with respect to a previously granted Award without such Participant’s consent, except such an amendment made to
comply with applicable law, including, without limitation, Section 409A of the Code, stock exchange rules, or accounting rules. In addition, no such amendment shall be made without the approval of the Company’s stockholders (a) to the
extent that such approval is required (i) by applicable law or by the listing standards of the Applicable Exchange as in effect as of the Effective Date or (ii) by applicable law or under the listing standards of the Applicable Exchange as
may be required after the Effective Date, (b) to the extent that such amendment would materially increase the benefits accruing to Participants under the Plan, (c) to the extent that such amendment would materially increase the number of
securities which may be issued under the Plan, or (d) to the extent that such amendment would materially modify the requirements for participation in the Plan. 

  
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 11.4. Amendment of Awards. Subject to Section 5.12, the Committee may unilaterally amend
the terms of any Award theretofore granted, but no such amendment shall without the Participant’s consent, materially impair the rights of any Participant with respect to an Award, except such an amendment made to cause the Plan or Award to
comply with applicable law, stock exchange rules, or accounting rules. 
 SECTION 12. Unfunded Status of Plan. 

12.1. Unfunded Status; Committee Authority. It is presently intended that the Plan will constitute an “unfunded” plan for incentive and
deferred compensation. The Committee may authorize the creation of trusts or other arrangements to meet the obligations created under the Plan to deliver Shares or make payments; provided, however, that unless the Committee otherwise
determines, the existence of such trusts or other arrangements is consistent with the “unfunded” status of the Plan. 
 SECTION 13. General
Provisions. 
 13.1. Conditions for Issuance. The Committee may require each person purchasing or receiving Shares pursuant to an Award to
represent to and agree with the Company in writing that such person is acquiring the Shares without a view to the distribution thereof. The certificates for such Shares may include any legend which the Committee deems appropriate to reflect any
restrictions on transfer. Notwithstanding any other provision of the Plan or agreements made pursuant thereto, the Company shall not be required to issue or deliver any certificate or certificates for Shares under the Plan prior to fulfillment of
all of the following conditions: (i) listing or approval for listing upon notice of issuance of such Shares on the Applicable Exchange, (ii) any registration or other qualification of such Shares of the Company under any state or federal
law or regulation, or the maintaining in effect of any such registration or other qualification which the Committee shall, in its absolute discretion upon the advice of counsel, deem necessary or advisable, and (iii) obtaining any other
consent, approval, or permit from any state or federal governmental agency which the Committee shall, in its absolute discretion after receiving the advice of counsel, determine to be necessary or advisable. 

13.2. Additional Compensation Arrangements. Nothing contained in the Plan shall prevent the Company or any Subsidiary or Affiliate from adopting
other or additional compensation arrangements for its employees. 
 13.3. No Contract of Employment. The Plan shall not constitute a contract
of employment, and adoption of the Plan shall not confer upon any employee any right to continued employment, nor shall it interfere in any way with the right of the Company or any Subsidiary or Affiliate to terminate the employment of any employee
at any time. 
 13.4. Required Taxes. No later than the date as of which an amount first becomes includible in the gross income of a
Participant for federal, state, local, or foreign income or employment or other tax purposes with respect to any Award under the Plan, such Participant shall pay to the Company, or make arrangements satisfactory to the Company regarding the payment
of, any federal, state, local, or foreign taxes of any kind required by law to be withheld with respect to such amount. Unless otherwise determined by the Company, withholding obligations may be settled with Shares, including Shares that are part of
the Award that gives rise to the withholding requirement, having a Fair Market Value on the date of withholding equal to the amount required to be withheld for tax purposes, all in accordance with such procedures as the Committee establishes. The
obligations of the Company under the Plan shall be conditioned on such payment or arrangements, and the Company and its Affiliates shall, to the extent permitted by law, have the right to deduct any such taxes from any payment otherwise due to such
Participant. The Committee may establish such procedures as it deems appropriate, including making irrevocable elections, for the settlement of withholding obligations with Common Stock. 

13.5. Limit on Dividend Reinvestment and Dividend Equivalents. Reinvestment of dividends in additional Restricted Stock Units to be settled in
Shares, and the payment of Shares with respect to dividends to Participants holding Awards of Restricted Stock Units, shall only be permissible if sufficient Shares are available under Section 3 for such reinvestment or payment (taking into
account then outstanding Awards). In the event that sufficient Shares are not available for such reinvestment or payment, such reinvestment or payment shall be made in the form of a grant of Restricted Stock Units equal in number to the Restricted
Stock Units or Shares that would have been obtained by such payment or reinvestment, the terms of which Restricted Stock Units shall provide for settlement in cash and for dividend equivalent reinvestment in further Restricted Stock Units on the
terms contemplated by this Section 13.5. 

  
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 13.6. Written Materials; Electronic Documents. Electronic documents may be substituted for any
written materials required by the terms of the Plan, including, without limitation, Award Certificates. 
 13.7. Designation of Death Beneficiary.
The Committee shall establish such procedures as it deems appropriate for a Participant to designate a beneficiary to whom any amounts payable in the event of such Participant’s death are to be paid or by whom any rights of such Participant
after such Participant’s death may be exercised. If no beneficiary designation is in effect for a Participant at the time or his or her death, any such amounts shall be paid to, and any such rights may be exercised by, the estate of the
Participant. 
 13.8. Subsidiary Employees. In the case of a grant of an Award to any employee of a Subsidiary of the Company, the Company may,
if the Committee so directs, issue or transfer the Shares, if any, covered by the Award to the Subsidiary, for such lawful consideration as the Committee may specify, upon the condition or understanding that the Subsidiary will transfer the Shares
to the employee in accordance with the terms of the Award specified by the Committee pursuant to the provisions of the Plan. All Shares underlying Awards that are forfeited or canceled shall revert to the Company. 

13.9. Governing Law. The Plan and all Awards made and actions taken thereunder shall be governed by and construed in accordance with the laws of
the State of Delaware, without reference to principles of conflict of laws. 
 13.10. Non-Transferability.
Except as otherwise provided in Section 5.9 or by the Committee, Awards under the Plan are not transferable except by will or by laws of descent and distribution. 

13.11. Foreign Employees and Foreign Law Considerations. The Committee may grant Awards to Eligible Individuals who are foreign nationals, who
are located outside the United States, or who are not compensated from a payroll maintained in the United States, or who are otherwise subject to (or could cause the Company to be subject to) legal or regulatory provisions of countries or
jurisdictions outside the United States, on such terms and conditions different from those specified in the Plan as may, in the judgment of the Committee, be necessary or desirable to foster and promote achievement of the purposes of the Plan, and,
in furtherance of such purposes, the Committee may make such modifications, amendments, procedures, or subplans as may be necessary or advisable to comply with such legal or regulatory provisions. 

13.12. No Rights to Awards; Non-Uniform Determinations. No Participant or Eligible Individual shall have
any claim to be granted any Award under the Plan. The Company, its Affiliates, or the Committee shall not be obligated to treat Participants or Eligible Individuals uniformly, and determinations made under the Plan may be made by the Committee
selectively among Participants and/or Eligible Individuals, whether or not such Participants and Eligible Individuals are similarly situated. 

13.13. Indemnification. To the extent allowable under applicable law, each member of the Committee shall be indemnified and held harmless by the
Company from any loss, cost, liability, or expense (including, but not limited to, attorneys’ fees) that may be imposed upon or reasonably incurred by such member in connection with or resulting from any claim, action, suit, or proceeding to
which such member may be a party or in which he or she may be involved by reason of any action or failure to act under the Plan and against and from any and all amounts paid by such member in satisfaction of judgment in such action, suit, or
proceeding against him or her, provided he or she gives the Company an opportunity, at its own expense, to handle and defend the same before he or she undertakes to handle and defend it on his or her own behalf. The foregoing right of
indemnification shall not be exclusive of any other rights of indemnification to which such persons may be entitled under the Company’s Certificate of Incorporation or Bylaws, as a matter of law, or otherwise, or any power that the Company may
have to indemnify them or hold them harmless. 
 13.14. Relationship to Other Benefits. No payment under the Plan shall be taken into account
in determining any benefits under any pension, retirement, savings, profit sharing, group insurance, welfare, or benefit plan of the Company or any Affiliate unless provided otherwise in such plan. 

  
 16 

 13.15. Expenses. The expenses of administering the Plan shall be borne by the Company and its
Subsidiaries or Affiliates. 
 13.16. Titles and Headings. The titles and headings of the Sections in the Plan are for convenience of reference
only, and in the event of any conflict, the text of the Plan, rather than such titles or headings, shall control. 
 13.17. Fractional Shares.
No fractional Shares shall be issued, and the Committee shall determine, in its sole discretion, whether cash shall be given in lieu of fractional Shares or, subject to Section 3, whether such fractional Shares shall be eliminated by
rounding up or down. 
 13.18. Government and Other Regulations. Notwithstanding any other provision of the Plan: 

(a) No Participant who acquires Shares pursuant to the Plan may, during any period of time that such Participant is an affiliate of the Company
(within the meaning of regulations promulgated pursuant to the Securities Act of 1933 (the “1933 Act”)), offer or sell such Shares, unless such offer and sale are made (i) pursuant to an effective registration statement under
the 1933 Act, which is current and includes the Shares to be sold, or (ii) pursuant to an appropriate exemption from the registration requirements of the 1933 Act, such as that set forth in Rule 144 promulgated under the 1933 Act. 

(b) If at any time the Committee shall determine that the registration, listing, or qualification of the Shares covered by an Award upon the
Applicable Exchange or under any foreign, federal, state, or local law or practice, or the consent or approval of any governmental regulatory body, is necessary or desirable as a condition of, or in connection with, the granting of such Award or the
purchase or receipt of Shares thereunder, no Shares may be purchased, delivered, or received pursuant to such Award unless and until such registration, listing, qualification, consent, or approval shall have been effected or obtained free of any
condition not acceptable to the Committee. Any Participant receiving or purchasing Shares pursuant to an Award shall make such representations and agreements and furnish such information as the Committee may request to assure compliance with the
foregoing or any other applicable legal requirements. The Company shall not be required to issue or deliver any certificate or certificates for Shares under the Plan prior to the Committee’s determination that all related requirements have been
fulfilled. The Company shall in no event be obligated to register any securities pursuant to the 1933 Act or applicable state or foreign law, or to take any other action in order to cause the issuance and delivery of such certificates to comply with
any such law, regulation, or requirement. 
 13.19. Additional Provisions. Each Award Certificate may contain such other terms and conditions
as the Committee may determine; provided, that such other terms and conditions are not inconsistent with the provisions of the Plan. 
 13.20.
No Limitations on Rights of the Company. The grant of any Award shall not in any way affect the right or power of the Company to make adjustments, reclassifications, or changes in its capital or business structure or to merge, consolidate,
dissolve, liquidate, sell, or transfer all or any part of its business or assets. The Plan shall not restrict the authority of the Company, for proper corporate purposes, to draft, grant, or assume Awards, other than under the Plan, with respect to
any person. 
 13.21. Blackout Periods. Notwithstanding any other provision of this Plan or any Award to the contrary, the Company shall have
the authority to establish any “blackout” period that the Company deems necessary or advisable with respect to any or all Awards. 
 13.22.
Recoupment Policy. The Company has established a Recoupment Policy with respect to excess incentive- based compensation provided to current and former “executive officers” (as defined in the Recoupment Policy) of the Company. All
performance-based Awards granted under this Plan on or after January 1, 2012 and held by any such person are subject to the terms and conditions of the Recoupment Policy, and, as a condition of participation in this Plan, each such person is deemed
to have agreed to the terms of the Recoupment Policy. The terms of the Recoupment Policy are incorporated into this Plan by reference. 
 13.23. Special
Provisions Relating to Section 409A of the Code. 
 (a) General. It is intended that the payments and benefits provided under the Plan and
any Award shall either be exempt from the application of, or comply with, the requirements of Section 409A of the Code. The Plan and all Award Certificates shall be construed in a manner that effects such intent. Nevertheless, the tax treatment
of the 

  
 17 

 
benefits provided under the Plan or any Award is not warranted or guaranteed. Neither the Company, its Affiliates nor their respective directors, officers, employees or advisers (other than in
his or her capacity as a Participant) shall be held liable for any taxes, interest, penalties or other monetary amounts owed by any Participant or other taxpayer as a result of the Plan or any Award. 

(b) Definitional Restrictions. Notwithstanding anything in the Plan or in any Award Certificate to the contrary, to the extent that any amount or
benefit that would constitute non-exempt “deferred compensation” for purposes of Section 409A of the Code (“Non-Exempt Deferred Compensation”)
would otherwise be payable or distributable, or a different form of payment (e.g., lump sum or installment) of such Non-Exempt Deferred Compensation would be effected, under the Plan or any Award Certificate
by reason of the occurrence of a Change in Control, or the Participant’s Disability or separation from service, such Non-Exempt Deferred Compensation will not be payable or distributable to the
Participant, and/or such different form of payment will not be effected, by reason of such circumstance unless the circumstances giving rise to such Change in Control, Disability or separation from service meet any description or definition of
“change in control event”, “disability” or “separation from service”, as the case may be, in Section 409A of the Code and applicable regulations (without giving effect to any elective provisions that may be
available under such definition). This provision does not affect the dollar amount or prohibit the vesting of any Award upon a Change in Control, Disability or separation from service, however defined. If this provision prevents the payment
or distribution of any amount or benefit, or the application of a different form of payment of any amount or benefit, such payment or distribution shall be made at the time and in the form that would have applied absent the non-409A- conforming event. 
 (c) Allocation among Possible Exemptions. If any one or more Awards granted under the
Plan to a Participant could qualify for any separation pay exemption described in Treas. Reg. Section 1.409A-1(b)(9), but such Awards in the aggregate exceed the dollar limit permitted for the separation
pay exemptions, the Company shall determine which Awards or portions thereof will be subject to such exemptions. 
 (d)
Six-Month Delay in Certain Circumstances. Notwithstanding anything in the Plan or in any Award Certificate to the contrary, if any amount or benefit that would constitute
Non-Exempt Deferred Compensation would otherwise be payable or distributable under this Plan or any Award Certificate by reason of a Participant’s separation from service during a period in which the
Participant is a Specified Employee (as defined below), then, subject to any permissible acceleration of payment by the Committee under Treas. Reg. Section 1.409A-3(j)(4)(ii) (domestic relations order),
(j)(4)(iii) (conflicts of interest), or (j)(4)(vi) (payment of employment taxes): 
 (i) the amount of such
Non-Exempt Deferred Compensation that would otherwise be payable during the six- month period immediately following the Participant’s separation from service will
be accumulated through and paid or provided on the first day of the seventh month following the Participant’s separation from service (or, if the Participant dies during such period, within 30 days after the Participant’s death) (in either
case, the “Required Delay Period”); and 
 (ii) the normal payment or distribution schedule for any remaining payments or
distributions will resume at the end of the Required Delay Period. 
 For purposes of this Plan, the term “Specified Employee” has the meaning
given such term in Code Section 409A and the final regulations thereunder; provided, however, that, as permitted in such final regulations, the Company’s Specified Employees and its application of the six-month delay rule of Code Section 409A(a)(2)(B)(i) shall be determined in accordance with rules adopted by the Board or any committee of the Board, which shall be applied consistently with respect to all
nonqualified deferred compensation arrangements of the Company, including this Plan. 
 (e) Installment Payments. If, pursuant to an Award, a
Participant is entitled to a series of installment payments, such Participant’s right to the series of installment payments shall be treated as a right to a series of separate payments and not to a single payment. For purposes of the preceding
sentence, the term “series of installment payments” has the meaning provided in Treas. Reg. Section 1.409A-2(b)(2)(iii) (or any successor thereto). 

(f) Timing of Release of Claims. Whenever an Award conditions a payment or benefit on the Participant’s execution and non-revocation of a release of claims, such release must be executed and all revocation periods shall have expired within 60 days after the date of termination of the Participant’s employment; failing which
such payment or benefit shall be forfeited. If such payment or benefit is exempt from Section 409A of the Code, the Company may elect to make or commence payment at any time during such 60-day period. If
such payment or benefit 

  
 18 

 
constitutes Non-Exempt Deferred Compensation, then, subject to subsection (d) above, (i) if such 60-day period
begins and ends in a single calendar year, the Company may make or commence payment at any time during such period at its discretion, and (ii) if such 60-day period begins in one calendar year and ends in
the next calendar year, the payment shall be made or commence during the second such calendar year (or any later date specified for such payment under the applicable Award), even if such signing and
non-revocation of the release occur during the first such calendar year included within such 60-day period. In other words, a Participant is not permitted to influence
the calendar year of payment based on the timing of signing the release. 
 (g) Permitted Acceleration. The Company shall have the sole authority to
make any accelerated distribution permissible under Treas. Reg. Section 1.409A-3(j)(4) to Participants of deferred amounts, provided that such distribution(s) meets the requirements of Treas. Reg. Section 1.409A-3(j)(4). 

  
 19 

 The foregoing is hereby acknowledged as being the Assurant, Inc. 2017 Long Term Equity Incentive Plan as
adopted by the Board on March 10, 2017, by the stockholders on May 11, 2017 and amended by the Compensation Committee on March 7, 2019 and approved by stockholders on May 7, 2019. 

 

			
	ASSURANT, INC.

 
			
		
	By:	 	/s/ Robyn Price Stonehill
		 	  

	Name:	 	Robyn Price Stonehill
	Title:	 	Executive Vice President and Chief Human Resources Officer

  
 20Net 1 UEPS Technologies Inc. - Exhibit 10.99 - Filed by newsfilecorp.com

Exhibit 10.99

 

 

SALE OF SHARES AGREEMENT 

 

between

 

FIRSTRAND BANK LIMITED (ACTING THROUGH ITS RAND MERCHANT BANK
DIVISION) 

 

and

 

NET1 APPLIED TECHNOLOGIES SOUTH AFRICA PROPRIETARY
LIMITED

 

and

 

DNI-4PL CONTRACTS PROPRIETARY LIMITED 

 

Sale of Shares Agr Execution Version 

3 May 2019

TABLE OF CONTENTS 

	1
      	PARTIES
      	1
      
	 	 	 
	2
      	INTERPRETATION
      	1
      
	 	 	 
	3
      	INTRODUCTION
      	12
      
	 	 	 
	4
      	CONDITIONS
      PRECEDENT 	12
      
	 	 	 
	5
      	SALE
      	14
      
	 	 	 
	6
      	OWNERSHIP,
      RISK AND BENEFIT 	14
      
	 	 	 
	7
      	PURCHASE
      CONSIDERATION 	14
      
	 	 	 
	8
      	SETTLEMENT
      	14
      
	 	 	 
	9
      	CLOSING
      	15
      
	 	 	 
	10
      	DISTRIBUTIONS
      	16
      
	 	 	 
	11
      	GENERAL
      WARRANTIES 	16
      
	 	 	 
	12
      	WARRANTIES
      BY THE SELLER 	17
      
	 	 	 
	13
      	INDEMNITIES
      BY THE SELLER 	18
      
	 	 	 
	14
      	LIMITATION
      OF LIABILITY 	19
      
	 	 	 
	15
      	PROTECTION
      OF RIGHTS 	24
      
	 	 	 
	16
      	CONFIDENTIALITY
      	25
      
	 	 	 
	17
      	PUBLICITY
      	26
      
	 	 	 
	18
      	SUPPORT
      	26
      
	 	 	 
	19
      	BREACH
      	27
      
	 	 	 
	20
      	DISPUTE
      RESOLUTION 	28
      
	 	 	 
	21
      	NOTICES
      AND DOMICILIA 	29
      
	 	 	 
	22
      	BENEFIT
      OF THE AGREEMENT 	30
      
	 	 	 
	23
      	APPLICABLE
      LAW AND JURISDICTION 	31
      
	 	 	 
	24
      	INDEPENDENT
      ADVICE 	31
      
	 	 	 
	25
      	GENERAL
      	31
      
	 	 	 
	26
      	COSTS
      	33
      
	 	 	 
	27
      	SIGNATURE
      	33
      

ANNEXURES

	Annexure
      A 	Audited
      Accounts 
	 	 
	Annexure
      B 	Signature
      Date Accounts 
	 	 
	Annexure
      C 	Warranties
      by the Seller 
	 	 
	Annexure
      D 	Disclosure
      Schedule 

	 
	

1

	1 	
      PARTIES

	1.1 	
      The Parties to this Agreement are
–

	1.1.1 	
      FirstRand Bank Limited (acting through its Rand Merchant
      Bank division);

	 	 
	1.1.2 	
      Net1 Applied Technologies South Africa Proprietary
      Limited; and

	 	 
	1.1.3 	
      DNI-4PL Contracts Proprietary
Limited.

	1.2 	
      The Parties agree as set out
below.

	2 	
      INTERPRETATION

	2.1 	
      In this Agreement, unless the context indicates a
      contrary intention, the following words and expressions bear the meanings
      assigned to them and cognate expressions bear corresponding meanings
    –

	2.1.1 	
      "AFSA" means the Arbitration Foundation of
      Southern Africa;

	 	 
	2.1.2 	
      "Adverse Consequences" means all adverse
      consequences of whatever description including, but not limited to, all
      actions, applications, suits, proceedings, damages, penalties, fines,
      costs, reasonable amounts paid in settlement, liabilities, obligations,
      tax, liens, losses, compensation (including compensation paid or payable
      to any employee), expenses and fees, including reasonable fees and
      expenses of attorneys, counsel, accountants, consultants and
    experts;

	 	 
	2.1.3 	
      "Agreement" means the agreement contained in this
      document;

	 	 
	2.1.4 	
      "Anti-Corruption Laws" means any anti-corruption
      or bribery laws or regulations of any applicable jurisdiction, as amended
      from time to time, including –

	2.1.4.1 	
      the Prevention and Combating of Corrupt Activities Act,
      No 12 of 2004;

	 	 
	2.1.4.2 	
      the UK Bribery Act 2010;

	 	 
	2.1.4.3 	
      the U.S. Foreign Corrupt Practices Act
  1977;

	 
	

2

	2.1.4.4 	
      any law, rule, or regulation promulgated to implement the
      OECD Convention on Combating Bribery of Foreign Public Officials in
      International Business Transactions, signed on 17 December 1997;
  and

	 	 
	2.1.4.5 	
      any other law of similar purpose and scope in any
      jurisdiction;

	2.1.5 	
      "Audited Accounts" means the consolidated audited
      annual financial statements of the Group as at and in respect of the
      financial year ended 30 June 2018, a copy of which is annexed hereto
      marked Annexure A;

	 	 
	2.1.6 	
      "Aware" means, in relation to the Seller, the
      actual knowledge of those directors of the Company nominated by the
      Seller, provided that the expression will be deemed to include an
      additional statement that such directors have made due enquiry of the
      executive directors of the Company;

	 	 
	2.1.7 	
      "Business" means the business carried on by the
      Group as at the Signature Date, including the business of operating as a
      distributor of mobile cellular products in the formal and informal markets
      of South Africa;

	 	 
	2.1.8 	
      "Capacity and Authority Warranties" means those
      warranties given by the Seller as set out in clause 11;

	 	 
	2.1.9 	
      "Claim" means any claim by the Purchaser against
      the Seller of any nature whatsoever and howsoever arising out of or in
      connection with a breach of any Warranties and/or any indemnities given
      under this Agreement;

	 	 
	2.1.10 	
      "Closing Date" means the date upon which the last
      of the Conditions Precedent is fulfilled or waived, as the case may
    be;

	 	 
	2.1.11 	
      "Common Terms Agreement" means the written
      agreement headed "Common Terms Agreement" dated 21 July 2017
      entered into between, amongst others, the Seller (as borrower), the
      Purchaser and Nedbank Limited (acting through its Corporate and Investment
      Banking division) (collectively, the "Original Senior Lenders") and
      the Purchaser (as the facility agent), in terms of which the Senior
      Facilities were made available to the Seller, as amended by
  -

	2.1.11.1 	
      a written agreement titled "First Amendment and
      Restatement Agreement" dated 9 March 2018;
and

	 
	

3

	2.1.11.2 	
      a written agreement titled "Second Amendment and
      Restatement Agreement" dated 26 September
2018;

	2.1.12 	
      "Companies Act" means the Companies Act, No 71 of
      2008;

	 	 
	2.1.13 	
      "Company" means DNI-4PL Contracts Proprietary
      Limited, registration number 2005/040937/07, a limited liability private
      company duly incorporated in accordance with the laws of South
    Africa;

	 	 
	2.1.14 	
      "Conditions Precedent" means the conditions set
      out in clause 4.1;

	 	 
	2.1.15 	
      "Disclosure Schedule" means the disclosure
      schedule attached hereto as Annexure D;

	 	 
	2.1.16 	
      "Designated Period" means the period commencing on
      1 August 2017 and terminating on the Closing Date;

	 	 
	2.1.17 	
      "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 direct or indirect shareholder of the Company (in
      its capacity as such), and the term Distribution shall include a
      distribution, as such term is defined in the Companies Act, but
      specifically excluding any and all repayments made (whether in respect of
      capital or interest) in terms of the Loan Agreement;

	 	 
	2.1.18 	
      "EBITDA" means, in respect of the Group, the
      consolidated net profits of the Group, together with the net profits
      attributable to the Group's profit share in Evercomm, determined in
      accordance with IFRS –

	2.1.18.1 	
      before income tax as per the income statement;

	 	 
	2.1.18.2 	
      before interest received or receivable and interest paid
      or payable;

	 	 
	2.1.18.3 	
      adding book depreciation and amortisation;
  and

	 
	

4

	2.1.18.4 	
      before deducting any extraordinary or abnormal costs or
      including any extraordinary or abnormal
income;

	2.1.19 	
      "Encumbrance" means any pledge, charge,
      hypothecation, lien, subordination, mortgage, option over, right of
      retention or any other encumbrance whatsoever, or any form of hedging or
      similar derivative instrument of any nature whatsoever;

	 	 
	2.1.20 	
      "Environment" means the surroundings within which
      humans exist and that are made up of the land, water and atmosphere of the
      earth, all forms of life, ecological systems; and the physical, chemical,
      aesthetic and cultural properties and conditions of the foregoing that
      influence human health and well-being;

	 	 
	2.1.21 	
      "Environmental Law" means laws that are concerned
      with the protection or rehabilitation of the Environment, the use of
      natural resources (including land), and the maintenance of an Environment
      conducive to human health and well- being, and any licence, permit,
      approval, consent, authorisation, order, licence application, and licence
      amendment application of or to a Governmental Body issued under any such
      laws;

	 	 
	2.1.22 	
      "Evercomm" means Evercomm Proprietary Limited,
      registration number 2011/123401/07, a limited liability private company
      duly incorporated in accordance with the laws of South Africa;

	 	 
	2.1.23 	
      "Fairly Disclosed" means disclosed in such a
      manner and in such detail as would enable a prospective purchaser, acting
      reasonably and in good faith, to make an informed assessment of the matter
      concerned and to establish what the consequences thereof would
  be;

	 	 
	2.1.24 	
      "Governmental Body" means any country, any
      national body, any state, province, municipality, or subdivision of any of
      the foregoing, any Governmental department, or any agency, court, entity,
      commission, board, ministry, bureau, department, locality or authority of
      any of the foregoing, or other political subdivision of any government,
      entity or organisation described in the foregoing provisions, or any
      quasi-Governmental or private body exercising any regulatory, taxing,
      importing, exporting, or other Governmental or quasi-Governmental function, or any company, business,
      enterprise, or other entity owned, in whole or in part, or controlled by
      any government, entity, organisation, or other person described in the
  foregoing provisions of this definition, or any political party;

	 
	

5

	2.1.25 	
      "Group" means the Company and its subsidiaries
      from time to time, and "Group Company" shall mean any of
    them;

	 	 
	2.1.26 	
      "IFRS" means International Financial Reporting
      Standards as issued by the Board of the International Accounting Standards
      Committee from time to time;

	 	 
	2.1.27 	
      "Intellectual Property Rights" means in relation
      to a person, all intellectual property right of any nature whatsoever,
      including (i) any registered or unregistered trademarks, logos, trade
      names and corporate names (including all domain names, internet and
      intranet names, addresses, icons and other designations), and all
      applications, registrations, and renewals in connection therewith; (ii)
      any inventions (whether patentable or unpatentable) and all improvements
      thereto; (iii) any patents, patent applications and patent disclosures,
      together with all revisions, extensions and re-examinations thereof; (iv)
      any design or copyright and all applications, registrations and renewals
      in connection therewith; (v) any computer software (including data and
      related documentation); and (vi) any rights in any trade secrets, know-how
      or confidential information; used by that person in the conduct of its
      business;

	 	 
	2.1.28 	
      "JAA" means JAA Holdings Proprietary Limited,
      registration number 2018/223075/07, a limited liability private company
      duly incorporated in accordance with the laws of South Africa;

	 	 
	2.1.29 	
      "Loan Agreement" means the agreement headed
      "Loan Agreement" to be entered into between the shareholders of the
      Company and the Company which, among other things, records the advancing
      of a loan in the amount of R60,000,000 by the Seller to the Company and
      the terms of such loan;

	 	 
	2.1.30 	
      "MOI" means the memorandum of incorporation of the
      Company, as amended from time to time;

	 
	

6

	2.1.31 	
      "Net Debt" means, in respect of the Group, the
      consolidated net debt of the Group, being the aggregate of
  –

	2.1.31.1 	
      all drawn debt under the Revolving Credit Facility;
      and

	 	 
	2.1.31.2 	
      provision for the purchase price payable by any Group
      Company to the Purchaser pursuant to the exercise of the Option Agreement
      and the resultant purchase of the Sale Shares by any Group Company in
      terms of the Option Agreement; and

	 	 
	2.1.31.3 	
      all indebtedness of any Group Company to any third party
      funder,

but excluding - 

	2.1.31.4 	
      an amount of R60,000,000 plus all accrued interest
      thereon which is owed by the Company to the Seller;

	 	 
	2.1.31.5 	
      an amount of R50,000,000 plus all accrued interest
      thereon which is owed by the Company to Graeme Bryson; and

	 	 
	2.1.31.6 	
      for purposes of clarity, any financial indebtedness of
      Evercomm, less any unrestricted and accessible cash and cash equivalents
      held within the Group;

	2.1.32 	
      "Option Agreement" means the written agreement
      titled "Put and Call Option Agreement" entered into or to be
      entered into between DNI Retail Proprietary Limited ("DNI Retail"),
      The Starterpack Company Proprietary Limited ("TSPC"), the Company,
      the Shareholders and the Purchaser contemporaneously with this Agreement,
      in terms of which -

	2.1.32.1 	
      DNI-Retail will grant to the Purchaser an option to
      require DNI-Retail to purchase all of the Sale Shares; and

	 	 
	2.1.32.2 	
      the Purchaser confers on JAA and PK Gain an option to
      acquire all of the Sale Shares in the proportions determined by
    them,

from the Purchaser on the further
terms and conditions as set out therein; 

	 
	

7

	2.1.33 	
      "Ordinary Course of Business" means the usual and
      ordinary course of the Business as carried out in accordance with policies
      and practices applied in the 12 months immediately preceding the Signature
      Date;

	 	 
	2.1.34 	
      "Parties" means the parties to this
    Agreement;

	 	 
	2.1.35 	
      "PK Gain" means PK Gain Investment Holdings
      Proprietary Limited, registration number 2006/005036/07, a limited
      liability private company duly incorporated in accordance with the laws of
      South Africa;

	 	 
	2.1.36 	
      "Purchase Consideration" means the amount payable
      by the Purchaser to the Seller for the Sale Shares in terms of this
      Agreement, as set out in clause 7;

	 	 
	2.1.37 	
      "Purchaser" means FirstRand Bank Limited, acting
      through its Rand Merchant Bank division, registration number
      1929/001225/06, a limited liability public company duly incorporated in
      accordance with the laws of South Africa;

	 	 
	2.1.38 	
      "Purchaser's Representatives" means Chris
      Welthagen, Ziyaad Manie and Kayleigh Spurway;

	 	 
	2.1.39 	
      "Revolving Credit Facility" means the written
      agreement titled "Revolving Credit Facility" dated 28 June 2018,
      entered into between the Company (as borrower), the Purchaser (as lender)
      and K2018318388 (South Africa) (RF) Proprietary Limited (as debt
      guarantor), in terms of which the funding facilities were made available
      to the Company, as amended or reinstated from time to time;

	 	 
	2.1.40 	
      "Sale" means the sale by the Seller to the
      Purchaser of the Sale Shares in terms of this Agreement;

	 	 
	2.1.41 	
      "Sale Shares" means 7,605,235 ordinary "A" shares
      issued by the Company, conferring a 7.605,235% voting and participation
      interest in the Company on the holder thereof as at the Signature Date and
      the Closing Date;

	 	 
	2.1.42 	
      "Seller" means Net1 Applied Technologies South
      Africa Proprietary Limited, registration number 2002/031446/07, a limited
      liability private company duly incorporated in accordance with the laws of
      South Africa;

	 
	

8

	2.1.43 	
      "Sanctions Laws" means any anti-corruption or
      bribery laws or regulations of any applicable jurisdiction, as amended
      from time to time, including –

	2.1.43.1 	
      any of the Trading With the Enemy Act, the International
      Emergency Economic Powers Act, the United Nations Participation Act, or
      the Syria Accountability and Lebanese Sovereignty Act, all as amended, or
      regulations of the US Treasury Department Office of Foreign Assets
      Controls ("OFAC"), or any export control law or regulation
      applicable to US-origin goods, or any enabling legislation or executive
      order relating to any of the above, as collectively interpreted and
      applied by the US Government at the prevailing point in time;

	 	 
	2.1.43.2 	
      any U.S. sanctions related to or administered by the
      Department of State; and

	 	 
	2.1.43.3 	
      any sanctions measures or embargos imposed by the United
      Nations Security Council, Her Majesty's Treasury, the European Union or
      other relevant sanctions authority (including the government of the
      Republic of France, the government of Switzerland and the Commonwealth of
      Australia) (each a "Sanctions
Authority");

	2.1.44 	
      "Sanctions Target" means (i) any country or
      territory that is the subject of country-wide or territory-wide Sanctions,
      including, but not limited to, as the date of this Agreement, Iran, Cuba,
      Syria, Sudan and North Korea; (ii) a person or entity that is on the list
      of Specially Designated Nationals and Blocked Persons published by OFAC or
      any equivalent list of sanctioned persons issued by the U.S. Department of
      State; or (iii) a person or entity that is located in or organised under
      the laws of a country or territory that is identified as the subject of
      country-wide or territory-wide Sanctions Law;

	 	 
	2.1.45 	
      "Senior Facilities" means the amortising term loan
      facilities provided by the Original Senior Lenders to the Seller (as
      borrower) in terms of the Common Terms Agreement and the Senior Facility
      Agreements (as defined in the Common Terms Agreement), and in respect of
      which an aggregate amount of R230,000,000 remains owing to the Purchaser
      (in its capacity as one of the Original Senior Lenders) as at the
Signature Date and the Closing Date, as set out below –

	 
	

9

	2.1.45.1 	
      in respect of Senior Facility A, an amount of
      R75,000,000;

	 	 
	2.1.45.2 	
      in respect of Senior Facility B, an amount of
      R50,000,000; and

	 	 
	2.1.45.3 	
      in respect of Senior Facility D, an amount of
      R105,000,000;

	2.1.46 	
      "Shareholders" means the shareholders of the
      Company (other than the Purchaser);

	 	 
	2.1.47 	
      "Shareholders Agreement" means the written
      shareholders agreement entered into between the Seller, JAA, PK Gain and
      the Company dated 29 October 2018, governing the relationships between the
      Shareholders inter se, and between the Shareholders and the
      Company;

	 	 
	2.1.48 	
      "Signature Date" means the date of signature of
      this Agreement by the Party last signing;

	 	 
	2.1.49 	
      "Signature Date Accounts" means the unaudited,
      consolidated and internally prepared management accounts of the Group for
      the period between 1 July 2018 and 28 February 2019, attached hereto as
      Annexure B;

	 	 
	2.1.50 	
      "South Africa" means the Republic of South Africa,
      as constituted from time to time;

	 	 
	2.1.51 	
      "Tax" means all income tax, capital gains tax,
      secondary tax on companies (or any similar tax replacing or substituting
      it), dividend tax, value-added tax, stamp duty, securities transfer tax,
      uncertificated securities tax, PAYE, levies, assessments, imposts,
      deductions, charges and withholdings whatsoever in terms of any tax
      legislation, and includes all penalties and interest payable as a
      consequence of any failure or delay in paying any taxes;

	 	 
	2.1.52 	
      "Tax Warranties" means those warranties pertaining
      to tax as set out in clause 8 of Annexure C;

	 	 
	2.1.53 	
      "Title Warranties" means those warranties
      pertaining to the Sale Shares as set out in clause 2 of Annexure
  C;

	 
	

10

	2.1.54 	
      "Warranted Accounts" means the Audited Accounts
      and the Signature Date Accounts; and

	 	 
	2.1.55 	
      "Warranties" means the warranties given by the
      Seller to the Purchaser in respect of the Group in Annexure C and
      otherwise expressly given in terms of this
Agreement.

	2.2 	
      In this Agreement –

	2.2.1 	
      clause headings and the heading of the Agreement are for
      convenience only and are not to be used in its interpretation;

	 	 
	2.2.2 	
      an expression which denotes –

	2.2.2.1 	
      any gender includes the other genders;

	 	 
	2.2.2.2 	
      a natural person includes a juristic person and vice
      versa;

	 	 
	2.2.2.3 	
      the singular includes the plural and vice versa;
      and

	 	 
	2.2.2.4 	
      a Party includes a reference to that Party's successors
      in title and assigns allowed at law;

	2.2.3 	
      a reference to a consecutive series of two or more
      clauses is deemed to be inclusive of both the first and last mentioned
      clauses.

	2.3 	
      Any reference in this Agreement to
–

	2.3.1 	
      "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 South African Standard Time;

	 	 
	2.3.2 	
      "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 public holiday
      as gazetted by the government of South Africa from time to time;

	 	 
	2.3.3 	
      "related" person shall have the meaning ascribed
      thereto in section 2 of the Companies Act or an "inter-related"
      persons as such terms is defined in the Companies
Act;

	 
	

11

	2.3.4 	
      "subsidiary" or "holding company" shall
      have the meaning ascribed thereto in section 2 of the Companies Act;
      and

	 	 
	2.3.5 	
      "laws" means all constitutions; statutes;
      regulations; by-laws; codes; ordinances; decrees; rules; judicial,
      arbitral, administrative, ministerial, departmental or regulatory
      judgments, orders, decisions, rulings, or awards; policies; voluntary
      restraints; guidelines; directives; compliance notices; abatement notices;
      agreements with, requirements of, or instructions by any Governmental Body
      in each case to the extent the aforegoing has the force of law; and the
      common law, and "law" shall have a similar meaning;

	 	 
	2.3.6 	
      "person" means any natural person, company, close
      corporation, trust, partnership, joint venture, association,
      unincorporated association, Governmental Body, or other entity whether or
      not having separate legal personality.

	2.4 	
      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.

	 	 
	2.5 	
      Any substantive provision, conferring rights or imposing
      obligations on a Party and appearing in any of the definitions in this
      clause 2 or elsewhere in this Agreement, shall be given effect to as if it
      were a substantive provision in the body of the Agreement.

	 	 
	2.6 	
      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.

	 	 
	2.7 	
      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.

	 	 
	2.8 	
      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 next succeeding business day.

	 
	

12

	2.9 	
      If the due date for the performance of any obligation in
      terms of this Agreement is a day which is not a business day then (unless
      otherwise stipulated) the due date for performance of the relevant
      obligation shall be the immediately preceding business day.

	 	 
	2.10 	
      The rule of construction that this Agreement shall be
      interpreted against the Party responsible for the drafting of this
      Agreement, shall not apply.

	 	 
	2.11 	
      No provision of this Agreement shall (unless otherwise
      stipulated) constitute a stipulation for the benefit of any person
      (stipulatio alteri) who is not a Party to this Agreement.

	 	 
	2.12 	
      Any reference in this Agreement to "this
      Agreement" or any other agreement or document shall be construed as a
      reference to this Agreement or, as the case may be, such other agreement
      or document, as amended, varied, novated or supplemented from time to
      time.

	 	 
	2.13 	
      In this Agreement the words "clause" or
      "clauses" refer to clauses of this
Agreement.

	3 	
      INTRODUCTION

	3.1 	
      The Sale Shares are beneficially owned by and registered
      in the name of the Seller.

	 	 
	3.2 	
      The Purchaser wishes to purchase the Sale Shares from the
      Seller and the Seller has agreed to sell the Sale Shares to the Purchaser,
      on the terms and subject to the conditions herein contained.

	 	 
	3.3 	
      The Parties wish to record in writing their agreement in
      respect of the above and matters ancillary
thereto.

	4 	
      CONDITIONS PRECEDENT

	4.1 	
      Save for clauses 1 to 4 and clauses 16 to 27, all of
      which will become effective immediately, this Agreement is subject to the
      fulfilment of the Conditions Precedent that by no later than 3 May 2019
      –

	 
	

13

	4.1.1 	
      a principal amount of R17,183,424.66 inclusive of all
      accrued interest, as at the Closing Date, has been received by the
      Purchaser from the Seller in settlement of a portion of the Senior
      Facilities;

	 	 
	4.1.2 	
      the board of directors of the Seller has approved and/or
      ratified the entering into and implementation of this Agreement;

	 	 
	4.1.3 	
      the board of directors of the Company has approved the
      transfer of the Sale Shares pursuant to this Agreement;

	 	 
	4.1.4 	
      all the Shareholders have waived in writing any
      pre-emptive rights which they may have in respect of the Sale Shares,
      whether under the MOI, the Shareholders Agreement or otherwise;

	 	 
	4.1.5 	
      the Option Agreement has been entered into by the parties
      thereto and has become unconditional in accordance with its terms, save
      for (i) any condition requiring that this Agreement becomes unconditional;
      and (ii) any condition precedent required for the lawful implementation of
      any resultant sale arising from the exercise of the put option or call
      option provided for therein;

	 	 
	4.1.6 	
      the Purchaser has entered into a deed of adherence
      binding itself to the provisions of the Shareholders Agreement;

	 	 
	4.1.7 	
      to the extent required, the Common Terms Agreement and
      relevant Senior Facility Agreement has been amended in order to allow for
      the payment arrangements contemplated in 8.1, and such amendment agreement
      is of full force and effect; and

	 	 
	4.1.8 	
      any and all consents and approvals required under the
      Common Terms Agreement and Senior Facilities for the unencumbered transfer
      of the Sale Shares in terms of this Agreement, have been
  obtained.

	4.2 	
      Each of the Parties will, to the extent within its
      control, use reasonable endeavours to procure the fulfilment of the
      Conditions Precedent.

	 	 
	4.3 	
      The Conditions Precedent may only be waived by agreement
      in writing between the Seller and the Purchaser, save for the Condition
      Precedent in clause 4.1.5 which may be waived by notice in writing from the
  Purchaser to the remaining Parties.

	 
	

14

	4.4 	
      Unless all of 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 Seller and the Purchaser) the provisions of
      this Agreement, save for clauses 1 to 4 and clauses 16 to 27, 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, save for
      any claim arising from the failure of a Party to comply with its
      obligations in terms of clause 4.2.

	5 	
      SALE

	 	 
		
      The Seller hereby sells to the Purchaser the Sale Shares
      with effect from the Closing Date.

	 	 
	6 	
      OWNERSHIP, RISK AND
BENEFIT

	6.1 	
      All risk in and all benefit attaching to the Sale Shares
      will pass to the Purchaser on the Closing Date.

	 	 
	6.2 	
      Possession and effective control of the Sale Shares
      acquired by the Purchaser will be given to the Purchaser on the Closing
      Date. The Seller will accordingly retain all rights attaching to the Sale
      Shares, including the right to exercise all voting rights attaching to the
      Sale Shares, until the Closing Date.

	7 	
      PURCHASE CONSIDERATION

	 	 
		
      The Purchase Consideration payable by the Purchaser to
      the Seller is an aggregate amount of R215,000,000.

	 	 
	8 	
      SETTLEMENT

	8.1 	
      Payment of the Purchase Consideration shall be discharged
      by way of set off and accordingly, the obligation of the Purchaser to pay
      the Seller the Purchase Consideration in terms of this Agreement shall be
      set off against the obligation of the Seller to pay the Purchaser (in its
      capacity as Original Senior Lender) a corresponding amount in terms of the Senior Facilities as
  contemplated in clauses 2.1.45.1, 2.1.45.2 and 2.1.45.3.

	 
	

15

	8.2 	
      Settlement of the Purchase Consideration in terms of
      clause 8.1 shall constitute full discharge of all amounts (whether in
      respect of interest, principal or otherwise and whether contingent or
      otherwise) owing by the Seller to the Purchaser under the Senior
      Facilities.

	9 	
      CLOSING

	9.1 	
      It is recorded that the share certificate(s) representing
      the Seller's entire shareholding in the Company, including the Sale
      Shares, is in the possession or under the control of the Purchaser as a
      result of the such shares being Encumbered under the Common Terms
      Agreement and relevant Senior Facilities Agreement, and that the Sale
      Shares shall be released from any and all such encumbrances pursuant to
      clause 4.1.8, with effect from the Closing Date.

	 	 
	9.2 	
      On the Closing Date –

	9.2.1 	
      the Seller will deliver to the Purchaser a currently
      dated share transfer form in respect of the Sale Shares duly completed by
      the Seller as the registered holder thereof, in favour of the Purchaser
      (as the transferee);

	 	 
	9.2.2 	
      the Purchaser will deliver a share certificate reflecting
      at least the Sale Shares ("Original Share Certificate") to the
      Company; and

	 	 
	9.2.3 	
      the Company will -

	9.2.3.1 	
      cancel the Original Share Certificate and issue share
      certificates in the name of the –

	9.2.3.1.1 	
      Purchaser representing the Sale Shares; and

	 	 
	9.2.3.1.2 	
      Seller representing the balance of the shares reflected
      on the Original Share Certificate,

and forthwith deliver the new share
certificates to the Purchaser. While the Original Share Certificate is held by
the Company and until delivery by the Company of the new share certificates to
the Purchaser, the Company shall hold the Original Share Certificate and the new share
certificates as agent for and on behalf of the Purchaser; and

	 
	

16

	9.2.3.2 	
      deliver to the Purchaser a copy of the securities
      register of the Company reflecting the Purchaser as the holder of the Sale
      Shares.

	10 	
      DISTRIBUTIONS

	10.1 	
      It is recorded that the Company will declare the monthly
      dividend for the month of April 2019 in the ordinary course in an amount
      not exceeding R18,000,000, and that the Seller will continue to be
      entitled to receive payment of such dividend notwithstanding that such
      payment may take place after the Closing Date.

	 	 
	10.2 	
      Any Distribution declared in respect of the Sale Shares
      after the Closing Date will accrue for the benefit of and be paid to the
      Purchaser.

	 	 
	10.3 	
      The Company shall not, and the Seller, to the extent
      within its control (which shall include voting accordingly in respect of
      any applicable resolution), shall procure that the Company shall not, for
      so long as the Purchaser remains a shareholder of the Company, make any
      special Distribution (being a Distribution other than the monthly dividend
      declared and paid by the Company in accordance with past practice) without
      the prior written consent of the Purchaser.

	11 	
      GENERAL WARRANTIES

	11.1 	
      Each of the Parties hereby warrants to and in favour of
      the other that –

	11.1.1 	
      it has the legal capacity and has taken all necessary
      corporate action required to empower and authorise it to enter into this
      Agreement;

	 	 
	11.1.2 	
      this Agreement constitutes an agreement valid and binding
      on it and enforceable against it in accordance with its terms;

	 	 
	11.1.3 	
      the execution of this Agreement and the performance of
      its obligations hereunder does not and shall not
–

	11.1.3.1 	
      contravene any law or regulation to which that Party is
      subject;

	 	 
	11.1.3.2 	
      contravene any provision of that Party's constitutional
      documents; or

	 
	

17

	11.1.3.3 	
      conflict with or constitute a breach of any of the
      provisions of any other agreement, obligation, restriction or undertaking
      which is binding on it; and

	11.1.4 	
      to the best of its knowledge and belief, it is not aware
      of the existence of any fact or circumstance that may impair its ability
      to comply with all of its obligations in terms of this
Agreement;

	 	 
	11.1.5 	
      it is entering into this Agreement as principal (and not
      as agent or in any other capacity);

	 	 
	11.1.6 	
      the natural person who signs and executes this Agreement
      on its behalf is validly and duly authorised to do so;

	 	 
	11.1.7 	
      no other party is acting as a fiduciary for
  it.

	11.2 	
      Each of the representations and warranties given by the
      Parties in terms of clause 11.1 shall –

	11.2.1 	
      be a separate warranty and will in no way be limited or
      restricted by inference from the terms of any other warranty or by any
      other words in this Agreement;

	 	 
	11.2.2 	
      continue and remain in force notwithstanding the
      completion of any or all the transactions contemplated in this Agreement;
      and

	 	 
	11.2.3 	
      prima facie be deemed to be material and to be a
      material representation inducing the other Party/ies to enter into this
      Agreement.

	12 	
      WARRANTIES BY THE SELLER

	 	 
		
      The Seller hereby gives to and in favour of the Purchaser
      the Warranties more fully set out in this Agreement and in Annexure C, on
      the basis that each Warranty –

	12.1 	
      is, insofar as it is promissory or relates to a future
      event, deemed to have been given as at the date of fulfilment of the
      promise or future happening of the event, as the case may be;

	 	 
	12.2 	
      save where any Warranty is expressly limited to a
      particular date, is given as at the Signature Date and the Closing Date
      and the period between those dates;

	 
	

18

	12.3 	
      is deemed to be material and to be a material
      representation inducing the Purchaser to enter into this
  Agreement;

	 	 
	12.4 	
      is a separate Warranty and will in no way be limited or
      restricted by reference to or inference from the terms of any other
      Warranty; and

	 	 
	12.5 	
      shall remain in force notwithstanding the completion of
      the Sale.

	13 	
      INDEMNITIES BY THE
SELLER

	13.1 	
      Without prejudice to any rights of the Purchaser arising
      from any other provision of this Agreement and to the extent that such
      liability is not fully provided for or reflected as a liability in the
      Warranted Accounts, the Seller hereby agrees to indemnify and hold the
      Purchaser harmless from and against the entirety of any Adverse
      Consequences which the Purchaser may suffer (whether directly or
      indirectly) resulting from, arising out of, or relating to
  –

	13.1.1 	
      a failure of any of the Warranties or any undertakings
      contained in this Agreement to be true and correct; and/or

	 	 
	13.1.2 	
      any liability for Tax not fully provided for in the
      Warranted Accounts in respect of the Designated
Period.

	13.2 	
      The indemnification provisions in this clause 13 are in
      addition to, and do not in any way derogate from, any statutory or common
      law remedy the Purchaser may have for breach of this Agreement including
      breach of any representation or Warranty.

	 	 
	13.3 	
      The indemnities provided for in clause 13.1 shall be
      limited as provided for in clause 14, mutatis mutandis.

	 	 
	13.4 	
      Upon a third party threatening or bringing a Claim in
      respect of which the Seller has given an indemnity pursuant to this clause
      13 –

	13.4.1 	
      the Purchaser will notify the Seller as soon as
      reasonably possible upon becoming aware of the Claim provided, however,
      that no delay on the part of the Purchaser in so notifying the Seller
      shall relieve the Seller from any obligation hereunder unless (and then
      solely to the extent that) the Seller is thereby prejudiced;
  and

	 
	

19

	13.4.2 	
      the Seller will elect whether or not to defend the Claim,
      in accordance with clause 13.5.

	13.5 	
      The Seller may elect, by giving written notice, within 15
      business days following receipt of the notice provided for in clause
      13.4.2 or, if earlier, 5 business days prior to the first date when a
      response to the Claim is due, to assume control of the defence and
      settlement of the Claim, in which case –

	13.5.1 	
      the Seller will, at its own expense, defend the Claim and
      have control of the conduct of the defence and settlement of the Claim,
      provided however that the Purchaser will have the right to
  –

	13.5.1.1 	
      participate in any defence and settlement, such
      participation to be at its own cost where it is not pursuant to a request
      for participation from the Seller; and

	 	 
	13.5.1.2 	
      join the Seller as a defendant in legal proceedings
      arising out of the Claim;

	13.5.2 	
      the Purchaser will –

	13.5.2.1 	
      not make admissions (except under compulsion of law),
      agree to any settlement or otherwise compromise the defence or settlement
      of the Claim without prior written approval of the Seller, which will not
      be unreasonably withheld;

	 	 
	13.5.2.2 	
      give, at the Seller's request and cost, all reasonable
      assistance in connection with the defence and settlement of the
    Claim.

	14 	
      LIMITATION OF
LIABILITY

	14.1 	
      The Warranties are limited and qualified by (and as a
      result no liability shall attach to the Seller to the extent that)
      anything that is –

	14.1.1 	
      Fairly Disclosed in the Disclosure Schedule or in any
      written material or document provided to any of the Purchaser's
      Representatives prior to the Signature Date; or

	 	 
	14.1.2 	
      as at the Signature Date, within the actual knowledge of
      the Purchaser. For this purpose, the Purchaser shall only be deemed to be
      aware of or have knowledge of anything of which the Purchaser's
Representatives are actually aware and no other fact, matter or circumstance of
which the Purchaser may otherwise be deemed to have actual knowledge, or of
which the Purchaser may have or be deemed to have constructive or imputed
knowledge shall prejudice any claim made by the Purchaser under the Warranties
or indemnities provided under this Agreement or operate to reduce the amount
recoverable.

	 
	

20

	14.2 	
      No warranties or representations (whether made
      negligently or innocently), express or implied or tacit whether by law,
      contract or otherwise and whether they induced the contract or not, which
      are not set forth in this Agreement shall be binding on the Seller, but
      excluding, for the avoidance of doubt, any fraudulent or intentional
      misrepresentation.

	 	 
	14.3 	
      For the avoidance of doubt and notwithstanding anything
      to the contrary contained in this Agreement –

	14.3.1 	
      the Seller shall not be liable for any forward-looking
      statements and/or representations, regarding the future financial
      position, performance or business strategy of the Group. Accordingly, the
      actual performance of the Company or any Group Company may accordingly
      differ from forward- looking statements and/or representations made by the
      Seller; and

	 	 
	14.3.2 	
      the Purchaser shall not be entitled to make any Claim (as
      described below) against the Seller in respect of and/or in connection
      with any breach of the Warranties or any other provision of this
      Agreement, if that Claim would result in the Purchaser being compensated
      more than once for the same damage or loss. Accordingly, a Claim by the
      Purchaser arising out of a breach of any one or more Warranties and/or
      other relevant provision of this Agreement, shall not entitle the
      Purchaser to make a Claim against the Seller in respect of more than one
      Warranty or other claim arising from or which is attributable to the same
      cause of action.

	14.4 	
      Notwithstanding the Warranties, representations and
      indemnifications given by the Seller in this Agreement, no liability shall
      attach to the Seller in relation to Claims –

	 
	

21

	14.4.1 	
      to the extent that the underlying applicable facts,
      matters and/or circumstances which result in any representation and/or any
      Warranty being incorrect, or which would otherwise have resulted in any
      indemnifications being triggered, did not arise during the Designated
      Period, provided that the aforegoing restriction shall not apply to any
      Claims relating to the Capacity and Authority Warranties and the Title
      Warranties;

	 	 
	14.4.2 	
      to the extent to which the Purchaser receives payment in
      full of the put option price or the call option price pursuant to an
      exercise of the put option or call option provided for in the Option
      Agreement, and then only if the relevant purchaser under the Option
      Agreement (being either DNI Retail, JAA, PK Gain, Sabvest Finance and
      Guarantee Corporation Proprietary Limited or Sabvest Investments
      Proprietary Limited) does not have a claim against the Purchaser in terms
      of the Option Agreement which it would not otherwise have had but for a
      breach of the Warranties given by the Seller in this Agreement;

	 	 
	14.4.3 	
      which are less than R4,700,000 in aggregate, provided
      that: (i) when such aggregate or individual claims or loss exceed the said
      amount, the Seller shall, subject to clause 14.4.4 and clause 14.4.5, be
      liable for the full amount of such claim/s and/or loss and/or liabilities
      and not only for the amount in excess of the said amount; and (ii) regard
      shall only be had to individual claims and/or losses which exceed R215,000
      per individual claim and/or loss in determining whether the aforementioned
      R4,700,000 threshold has been reached; (iii) the aforegoing restrictions
      shall not apply to any Claims relating to the Capacity and Authority
      Warranties and the Title Warranties;

	 	 
	14.4.4 	
      if the Purchaser has not made a demand for arbitration
      for recovery of such Claims, within 30 months of the Closing Date,
      provided that the aforegoing restriction shall not apply to any Claims
      relating to the Tax Warranties (in which case demand for arbitration must
      be made within 3 years of the most recent date of assessment (occurring
      after the Closing Date) of the applicable Group Company to which the Claim
      relates); or

	 	 
	14.4.5 	
      which in aggregate exceed an amount equal to the Purchase
      Consideration on the basis that the aggregate amount recoverable from the
      Seller, exclusive of interest and costs, from whatever
cause arising, shall be limited to the Purchase Consideration. 

	 
	

22

	14.5 	
      The aggregate damages that the Purchaser suffers as a
      result of a Claim shall be reduced (at a maximum, to R0) by the aggregate
      of –

	14.5.1 	
      an amount equal to 7.605,235% of any assessed Tax benefit
      (including without limitation any reduction in the Taxes due,
      deductibility of the damages suffered by the Group or the incurral of a
      capital loss that may be used to reduce capital gains in the future) as
      and when such Tax benefit accrues to the Group as a direct result
      thereof;

	 	 
	14.5.2 	
      7.605,235% of any amount actually recovered by the Group
      from any third party in respect thereof (including, but not limited to any
      insurer); and

	 	 
	14.5.3 	
      any amount by which the subject matter of the Claims has
      been or is made good or otherwise compensated for, less any cost thereof
      to the Seller and/or the Group,

		
      and any amount refunded to the Seller by the Purchaser or
      any reduction in damages in terms of this clause 14.5 shall be regarded as
      never having been claimed from the Seller for purposes of clause
    14.4.

	 	 
	14.6 	
      Notwithstanding anything to the contrary contained in
      this Agreement, no liability shall attach to the Seller in respect of any
      Claim to the extent that –

	14.6.1 	
      the Claim is for any indirect, special or consequential
      damages (including loss of profit) of whatsoever nature suffered by any
      Group Company and/or the Seller;

	 	 
	14.6.2 	
      the Claim or the events giving rise to the Claim would
      not have arisen but for an act, omission or transaction of any of the
      Purchaser's Representatives;

	 	 
	14.6.3 	
      the Claim is based upon a liability which is contingent
      only, unless and until such contingent liability becomes an actual
      liability or until the same is finally adjudicated;

	 	 
	14.6.4 	
      allowance, provision or reserve in respect of the matter
      giving rise to the Claim shall have been made in the Warranted
      Accounts;

	 
	

23

	14.6.5 	
      the Claim occurs wholly or partly out of or the amount
      thereof is increased as a result of any change in law, regulation,
      guideline, codes of conduct, and the like or in their interpretation or
      administration by the South African courts, or by any other fiscal,
      monetary or regulatory authority, whether or not having the force of law,
      after the Closing Date; and/or

	 	 
	14.6.6 	
      any amount by which the subject matter of the claim has
      been made good or otherwise compensated for without cost to the Purchaser
      or the Company.

	14.7 	
      Notwithstanding anything to the contrary contained in
      this Agreement, no liability will arise and no Claim may be made if the
      matter giving rise to such Claim is remediable, to the reasonable
      satisfaction of the Purchaser, within the period of 30 days of receipt by
      the Seller of written notice from the Purchaser requiring the Seller to
      remedy the matter giving rise to such Claim (or if it is not reasonably
      possible to remedy the matter giving rise to such Claim within 30 days,
      within such further period as may be reasonable in the circumstances
      provided that the Seller furnishes evidence within the period of 30 days,
      reasonably satisfactory to the Purchaser, that it has taken whatever steps
      are available to it, to commence remedying the matter giving rise to such
      Claim).

	 	 
	14.8 	
      Unless it is restricted by law from doing so and/or the
      Seller is the counterparty of the Purchaser in any such Claim, the
      Purchaser shall –

	14.8.1 	
      within 10 business days inform the Seller in writing of
      any fact, matter, event or circumstance which comes to its notice whereby
      it appears that the Seller is or may be liable to make any payment in
      respect of any Claim;

	 	 
	14.8.2 	
      thereafter keep the Seller informed of all developments
      in relation thereto;

	 	 
	14.8.3 	
      provide access to the Purchaser's Representatives and
      give all such information and documentation (no matter how it is recorded
      or stored) as the Seller shall reasonably request in connection therewith,
      subject to any such disclosure not breaching any duty of confidentiality
      on the Purchaser or any Group Company under or in terms of any other
      agreement or arrangement.

	14.9 	
      Nothing in this Agreement shall or shall be deemed to
      relieve the Purchaser of any common law or other duty to mitigate any loss
      or damage incurred by it.

	 
	

24

	14.10 	
      Notwithstanding anything to the contrary contained in
      this Agreement, the Capacity and Authority Warranties and the Title
      Warranties shall not be limited or qualified in any respect whatsoever,
      and no disclosure (regardless of whether a fact or circumstance is Fairly
      Disclosed) shall be regarded as amending or supplementing the Disclosure
      Schedule or shall prevent or cure any misrepresentation or breach of a the
      Capacity and Authority Warranties and the Title Warranties, as the case
      may be.

	15 	
      PROTECTION OF RIGHTS

	15.1 	
      This Agreement in no way restricts any rights or remedies
      which the Purchaser may have against the Seller or any Group Company in
      terms of any other agreements or arrangements concluded between them in
      relation to any other subject matter, nor does this Agreement purport, in
      any way, to limit the liability of the Seller and any Group Company to the
      Purchaser in terms of the aforesaid agreements or arrangements,
      generally.

	 	 
	15.2 	
      If the Seller fails to comply with any obligation imposed
      on it by this Agreement, the Purchaser shall be entitled to effect or
      attempt to effect such compliance at the expense of the Seller and to
      recover the costs and expenses of doing so from the Seller on
    demand.

	 	 
	15.3 	
      The Seller shall not have any claim against the Purchaser
      arising out of any act or omission on the part of the Purchaser connected
      with effecting or attempting to effect such compliance or, even if the
      Purchaser has undertaken to effect such compliance, failing to do so
      properly or at all.

	 	 
	15.4 	
      The Purchaser's rights in terms of this clause 15 are
      without prejudice to any other rights it may have and in particular no
      exercise, attempted exercise or undertaking to exercise the rights in
      terms of this clause by the Purchaser shall relieve the Seller of any
      liability or obligation arising out of a failure to comply with the
      obligation referred to in clause 15.1.

	 
	

25

	16 	
      CONFIDENTIALITY

	16.1 	
      The Parties undertake that during the operation of, and
      for a period of 2 years after the earlier of the lapsing, expiration,
      termination or cancellation of, this Agreement or the Closing Date for any
      reason, they will keep confidential –

	16.1.1 	
      any information which any Party ("Disclosing
      Party") communicates to any other Party ("Recipient") and which
      is stated to be or by its nature is intended to be confidential;

	 	 
	16.1.2 	
      all other information of the same confidential nature
      concerning the business of a Disclosing Party which comes to the knowledge
      of any Recipient whilst it is engaged in negotiating the terms of this
      Agreement or after its conclusion; and

	 	 
	16.1.3 	
      the terms and conditions of this
  Agreement.

	16.2 	
      If a Recipient is uncertain about whether any information
      is to be treated as confidential in terms of this clause 16, it shall be
      obliged to treat it as such until written clearance is obtained from the
      Disclosing Party.

	 	 
	16.3 	
      Notwithstanding the provisions of clause 16.1, a
      Recipient shall be entitled to disclose any information to be kept
      confidential to its auditors, bankers, insurers, professional and other
      advisors and to any other person if and to the extent only that the
      disclosure is necessary for the purposes of carrying out its obligations
      or implementing of enforcing any of its rights in terms of this
      Agreement.

	 	 
	16.4 	
      The obligation of confidentiality placed on the Parties
      in terms of this clause 16 shall cease to apply to a Recipient in respect
      of any information which –

	16.4.1 	
      has been independently developed by the
  Recipient;

	 	 
	16.4.2 	
      is or becomes generally available to the public other
      than by the negligence or default of the Recipient or by the breach of
      this Agreement by the Recipient;

	 	 
	16.4.3 	
      the Disclosing Party confirms in writing is disclosed on
      a non-confidential basis;

	 
	

26

	16.4.4 	
      has lawfully become known by or come into the possession
      of the Recipient on a non-confidential basis from a source other than the
      Disclosing Party having the legal right to disclose same; or

	 	 
	16.4.5 	
      is disclosed pursuant to a requirement or request by
      operation of law, regulation or court order or any regulatory or
      supervisory body or any applicable securities exchange, to the extent of
      compliance with such requirement or request only and not for any other
      purpose,

		
      provided that the onus shall at all times rest on the
      Recipient to establish that information falls within the exclusions set
      out in clauses 16.4.1 to 16.4.5.

	 	 
	16.5 	
      In the event that the Recipient is required to disclose
      confidential information of the Disclosing Party as contemplated in clause
      16.4.5, the Recipient will notify the Disclosing Party of the recipient
      of, and the form and extent of, any such disclosure or announcement as
      soon as reasonably possible after it is made to the extent possible and
      permitted by any applicable law.

	17 	
      PUBLICITY

	 	 
		
      No public announcements of any nature whatsoever will be
      made by or on behalf of a Party relating to this Agreement and the terms
      and contents thereof without the prior written consent of the other
      Parties, 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 Parties 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 any other Party which has made an announcement of some nature
      in breach of this clause 17.

	 	 
	18 	
      SUPPORT

	 	 
		
      Each of the Parties undertakes, and shall procure that
      its representatives, at all times to do all such things, perform all such
      actions and take all such steps and to procure the doing of all such
      things, the performance of all such actions and the taking of
  all such steps as may be open to them and necessary for or
      incidental to the putting into effect or maintenance of the terms,
  conditions and/or import of this Agreement.

	 
	

27

	19 	
      BREACH

	19.1 	
      If a Party ("Defaulting Party") commits any breach
      of this Agreement and fails to remedy such breach within 10 business days
      ("Notice Period") of written notice requiring the breach to be
      remedied, then the Party giving the notice ("Aggrieved Party") will
      be entitled, at its option –

	19.1.1 	
      to claim immediate specific performance of any of the
      Defaulting Party's obligations under this Agreement, with or without
      claiming damages, whether or not such obligation has fallen due for
      performance, and to require the Defaulting Party to provide security to
      the satisfaction of the Aggrieved Party for the Defaulting Party's
      obligations; or

	 	 
	19.1.2 	
      to cancel this Agreement, with or without claiming
      damages, in which case written notice of the cancellation shall be given
      to the Defaulting Party, and the cancellation shall take effect on the
      giving of the notice. Notwithstanding the aforesaid, none of the Parties
      shall be entitled to cancel this Agreement unless the breach is a material
      breach going to the root of the Agreement.

	19.2 	
      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.

	 	 
	19.3 	
      The Aggrieved Party's remedies in terms of this clause 19
      are without prejudice to any other remedies to which the Aggrieved Party
      may be entitled in law.

	 	 
	19.4 	
      Notwithstanding the aforegoing, after the acquisition of
      all of the Sale Shares and payment of the Purchase Consideration in full
      in accordance with this Agreement, none of the Parties will have the right
      to cancel this Agreement as a result of a breach thereof, and the Parties'
      only remedies thereafter will be to claim specific performance of all the
      Defaulting Party's obligations, together with damages, if
  any.

	 
	

28

	20 	
      DISPUTE RESOLUTION

	20.1 	
      In the event of there being any dispute or difference
      between all or some of the Parties arising out of this Agreement, the said
      dispute or difference shall on written demand by any Party be submitted to
      arbitration in Johannesburg in accordance with the AFSA rules, which
      arbitration shall be administered by AFSA.

	 	 
	20.2 	
      Should AFSA, as an institution, not be operating at that
      time or not be accepting requests for arbitration for any reason, then the
      arbitration shall be conducted in accordance with the AFSA rules for
      commercial arbitration (as last applied by AFSA) before an arbitrator
      appointed by agreement between the parties to the dispute or failing
      agreement within 10 business days of the demand for arbitration, then any
      party to the dispute shall be entitled to forthwith call upon the
      chairperson of the Johannesburg Bar Council to nominate the arbitrator,
      provided that the person so nominated shall be an advocate of not less
      than 10 years standing as such. The person so nominated shall be the duly
      appointed arbitrator in respect of the dispute. In the event of the
      attorneys of the parties to the dispute failing to agree on any matter
      relating to the administration of the arbitration, such matter shall be
      referred to and decided by the arbitrator whose decision shall be final
      and binding on the parties to the dispute.

	 	 
	20.3 	
      Any party to the arbitration may appeal the decision of
      the arbitrator or arbitrators in terms of the AFSA rules for commercial
      arbitration.

	 	 
	20.4 	
      Nothing herein contained shall be deemed to prevent or
      prohibit a party to the arbitration from applying to the appropriate court
      for urgent relief or for judgment in relation to a liquidated
  claim.

	 	 
	20.5 	
      Any arbitration in terms of this clause 20 (including any
      appeal proceedings) shall be conducted in camera and the Parties
      shall treat as confidential details of the dispute submitted to
      arbitration, the conduct of the arbitration proceedings and the outcome of
      the arbitration.

	 	 
	20.6 	
      This clause 20 will continue to be binding on the Parties
      notwithstanding any termination or cancellation of the
  Agreement.

	 
	

29

	20.7 	
      The Parties agree that the written demand by a party to
      the dispute in terms of clause 20.1, that the dispute or difference be
      submitted to arbitration, is to be deemed to be a legal process for the
      purpose of interrupting extinctive prescription in terms of the
      Prescription Act, 1969.

	21 	
      NOTICES AND DOMICILIA

	21.1 	
      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 following physical and email addresses
  –

	 	Name 	Physical Address 	Email 
	 	Purchaser 	1 Merchant Place 	xxx 
	 	  	14th Floor 	xxx 
	 	  	Cnr Fredman Drive & 	xxx 
	 	  	Rivonia Road 	xxx 
	 	  	Sandton 	xxx 
	 	  	Johannesburg 	  

Marked for the attention of: Head of
Transaction Management 

	 	Name 	Physical Address 	Email 
	 	Seller 	6th Floor 	xxx 
	 	  	President Place 	  
	 	  	Cnr Jan Smuts Ave and Bolton
      Road 	  
	 	  	Rosebank 	  
	 	  	Johannesburg 	 

Marked for the attention of: Chief
Financial Officer 

	 	Name 	Physical Address 	Email 
	 	Company 	23/25 Commerce 	xxx

	 
	

30

	 	 	Crescent 	 
	 	 	Kramerville 	 
	 	 	Johannesburg 	 

		
      Marked for the attention of: Andrew Dunn

	 	 
		
      provided that a Party may change its domicilium to
      any other physical address in South Africa, or its address for the
      purposes of notices to any other physical or email address, by written
      notice to the other Parties to that effect. Such change of address will be
      effective 5 business days after receipt of the notice of the
  change.

	 	 
	21.2 	
      All notices to be given in terms of this Agreement will
      be given in writing and will –

	21.2.1 	
      be delivered by hand or sent by email;

	 	 
	21.2.2 	
      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

	 	 
	21.2.3 	
      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.

	21.3 	
      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
  21.

	22 	
      BENEFIT OF THE AGREEMENT

	 	 
		
      This Agreement will also be for the benefit of and be
      binding upon the successors in title and permitted assigns of the Parties
      or any of them.

	 
	

31

	23 	
      APPLICABLE LAW AND
JURISDICTION

	23.1 	
      This Agreement will in all respects be governed by and
      construed under the laws of South Africa.

	 	 
	23.2 	
      Subject to clause 20, the Parties hereby consent and
      submit to the non-exclusive jurisdiction of the High Court of South
      Africa, Gauteng Local Division (Johannesburg), in any dispute arising from
      or in connection with this Agreement.

	24 	
      INDEPENDENT ADVICE

	 	 
		
      Each of the Parties hereby acknowledges and agrees that
      —

	24.1 	
      it has been free to secure independent legal and other
      professional advice (including financial and taxation advice) as to the
      nature and effect of all of the provisions of this Agreement and that it
      has either taken such independent advice or has dispensed with the
      necessity of doing so; and

	 	 
	24.2 	
      all of the provisions of this Agreement and the
      restrictions herein contained are fair and reasonable in all the
      circumstances and are in accordance with the Party's
  intentions.

	25 	
      GENERAL

	25.1 	
      Whole Agreement

	 	 
		
      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 any of the
    Parties.

	 	 
	25.2 	
      Variations to be in Writing

	 	 
		
      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.

	 
	

32

	25.3 	
      No Indulgences

	 	 
		
      No latitude, extension of time or other indulgence which
      may be given or allowed by any 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 any Party arising from this Agreement and
      no single or partial exercise of any right by any 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 estop or preclude it from enforcing at any time and without
      notice, strict and punctual compliance with each and every provision or
      term hereof. Failure or delay on the part of any Party in exercising any
      right, power or privilege under this Agreement will not constitute or be
      deemed to be a waiver thereof, nor will any single or partial exercise of
      any right, power or privilege preclude any other or further exercise
      thereof or the exercise of any other right, power or privilege.

	 	 
	25.4 	
      No Waiver or Suspension of Rights

	 	 
		
      No waiver, suspension or postponement by any 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. Any such
      waiver, suspension or postponement will be effective only in the specific
      instance and for the purpose given.

	 	 
	25.5 	
      Continuing Effectiveness of Certain
    Provisions

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

	 	 
	25.6 	
      No Assignment

	 	 
		
      Neither this Agreement nor any part, share or interest
      herein nor any rights or obligations hereunder may be ceded, delegated or
      assigned by any Party without the prior signed written consent of the
      others.

	 
	

33

	26 	
      COSTS

	26.1 	
      Subject to clause 26.2, the Seller will bear and pay all
      the legal costs and expenses of and incidental to the negotiation,
      drafting, preparation and implementation of this Agreement, including the
      legal costs and expenses of the Purchaser in connection with the
      negotiation, drafting, preparation and implementation of this
      Agreement.

	 	 
	26.2 	
      The Company shall pay securities transfer tax on the
      transfer of the Sale Shares in terms of the Securities Transfer Tax Act,
      No. 25 of 2007, which amount shall be recoverable from the Seller (and the
      Seller hereby agrees and undertakes to pay such amount within 5 business
      days after written demand therefor).

	27 	
      SIGNATURE

	27.1 	
      This Agreement is signed by the Parties on the dates and
      at the places indicated below.

	 	 
	27.2 	
      This Agreement may be executed in counterparts, each of
      which shall be deemed an original, and all of which together shall
      constitute one and the same Agreement as at the date of signature of the
      Party last signing one of the counterparts.

	 	 
	27.3 	
      The persons signing this Agreement in a representative
      capacity warrant their authority to do so.

	 	 
	27.4 	
      The Parties record that it is not required for this
      Agreement to be valid and enforceable that a Party shall initial the pages
      of this Agreement and/or have its signature of this Agreement verified by
      a witness.

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

	 
	

34

SIGNED at
..................................................................................................
on
............................................................................................
2019

	 	For and on behalf of 
	 	FIRSTRAND BANK LIMITED 
	 	(ACTING THROUGH ITS RAND 
	 	MERCHANT BANK DIVISION) 
	 	  
	 	/s/ C Welthagen 
	 	Signature 
	 	  
	 	C Welthagen 
	 	Name of Signatory 
	 	  
	 	Authorised 
	 	Designation of Signatory 
	 	  
	 	  
	 	  
	 	/s/ Z Manie 
	 	Signature 
	 	  
	 	Z Manie 
	 	Name of Signatory 
	 	  
	 	Authorised 
	 	Designation of Signatory 

SIGNED at Rosebank on 3 May 2019

	 	For and on behalf of 
	 	NET1 APPLIED TECHNOLOGIES 
	 	SOUTH AFRICA PROPRIETARY 
	 	LIMITED 
	 	  
	 	/s/ A.M.R. Smith 
	 	Signature 
	 	  
	 	A.M.R. Smith 
	 	Name of Signatory 
	 	  
	 	Director 
	 	Designation of Signatory

	 
	

35

SIGNED at Sandton on 3 May 2019

	 	For and on behalf of 
	 	DNI-4PL CONTRACTS 
	 	PROPRIETARY LIMITED 
	 	  
	 	/s/ Andrew Dunn 
	 	Signature 
	 	  
	 	Andrew Dunn 
	 	Name of Signatory 
	 	  
	 	Director 
	 	Designation of Signatory

	 
	

36

Annexure A

Audited Accounts

	 
	

37

Annexure B

Signature Date Accounts

	 
	

38

Annexure C

Warranties by the Seller

	1 	
      INTRODUCTION

	1.1 	
      Expressions defined in the sale of shares agreement to
      which this document is attached as Annexure C ("Agreement") shall
      bear the same meaning in this Annexure C as that assigned to them in the
      Agreement.

	 	 
	1.2 	
      To the extent that the Warranties are given on a date
      which results in the use of any tense being inappropriate, the Warranties
      set out below shall be read in the appropriate tense.

	 	 
	1.3 	
      The Warranties set out below are given by the Seller on
      the basis set out in clause 12 of the Agreement.

	 	 
	1.4 	
      All the Warranties given by the Seller in this annexure
      are given subject to the limitations and qualifications set out in clause
      14 of the Agreement (or any other relevant provision of the
    Agreement).

	2 	
      INCORPORATION AND
EXISTENCE

	2.1 	
      The Company is a company duly incorporated and registered
      under South African law and has been in continuous existence since
      incorporation.

	 	 
	2.2 	
      Each Group Company is a private company duly incorporated
      and registered under South African law and has been in continuous
      existence since incorporation.

	 	 
	2.3 	
      As far as the Seller is Aware, no steps have been taken
      in respect of the deregistration of any Group Company in terms of section
      82(3) of the Companies Act.

	 	 
	2.4 	
      As at the Signature Date and the Closing Date the Company
      has an authorised share capital of 1,000 ordinary shares with a par value
      of R1 each, all ranking pari passu in all respects, and 90,000,000
      class A ordinary shares of no par value, all ranking pari passu in
      all respects.

	 
	

39

	2.5 	
      As at the Signature Date and the Closing Date, all the
      Group Companies will be wholly owned subsidiaries, save for the following
      Group Companies where the issued shares will be held as follows
  –

	2.5.1 	
      the Company holds 55% of all of the shares in Switch
      Mobile Proprietary Limited (registration number 2000/030913/07);

	 	 
	2.5.2 	
      the Company holds 55% of all of the shares in Mobile Mart
      Proprietary Limited (registration number 2014/030933/07);

	 	 
	2.5.3 	
      the Company holds 50% of all of the shares in Speckpack
      Field Services Proprietary Limited (registration number
      2014/164903/07);

	 	 
	2.5.4 	
      the Company holds 51.2% of all of the shares in M4Jam
      Proprietary Limited (registration number 2003/011766/07) , which in turn
      holds 100% of all of the shares in M4Jam South Africa Proprietary Limited
      (registration number 2004/013252/07), which in turn holds 100% of all of
      the shares in M4You Proprietary Limited (registration number
      2013/026161/07) and 40% of all of the shares in Fanaka Holdings
      Proprietary Limited (registration number
2011/110167/07).

	2.6 	
      As at the Closing Date the Group Companies have no shares
      in issue other than ordinary shares.

	 	 
	2.7 	
      All of the issued shares in the Company, as at the
      Signature Date, are held as follows –

	2.7.1 	
      the Seller holds 38,000,000 ordinary "A" shares in the
      Company, conferring a 38% voting and participation interest in the
      Company;

	 	 
	2.7.2 	
      PK Gain holds 5,920,000 ordinary "A" shares and 28
      ordinary shares in the Company, conferring a 16% voting and participation
      interest in the Company; and

	 	 
	2.7.3 	
      JAA holds 11,080,000 ordinary "A" shares and 97 ordinary
      shares in the Company, conferring a 46% voting and participation interest
      in the Company.

	2.8 	
      All of the issued shares in the Company, as at the
      Closing Date, will be held as follows –

	 
	

40

	2.8.1 	
      the Purchaser will hold 7,605,235 ordinary "A" shares in
      the Company, conferring a 7.605,235% voting and participation interest in
      the Company;

	 	 
	2.8.2 	
      Net1 will hold 30,394,765 ordinary "A" shares in the
      Company, conferring a 30.394,765% voting and participation interest in the
      Company;

	 	 
	2.8.3 	
      PK Gain will hold 5,920,000 ordinary "A" shares and 28
      ordinary shares in the Company, conferring a 16% voting and participation
      interest in the Company; and

	 	 
	2.8.4 	
      JAA will hold 11,080,000 ordinary "A" shares and 97
      ordinary shares in the Company, conferring a 46% voting and participation
      interest in the Company.

	2.9 	
      Save as provided for above, the Company has no other
      direct or indirect shareholding in another company.

	 	 
	2.10 	
      The Company has the right, power and authority to conduct
      its business.

	 	 
	2.11 	
      Each Group Company has the right, power and authority to
      conduct the businesses conducted by them.

	 	 
	2.12 	
      The entry into this Agreement by the Seller, and the
      performance by it of its obligations under this Agreement, does not, and
      will not –

	2.12.1 	
      as at the Closing Date, result in any present or future
      material indebtedness of the Seller becoming due or capable of being
      declared due and payable prior to its stated maturity; or

	 	 
	2.12.2 	
      contravene, conflict with, or result in a breach or
      default of, the terms of, or give any person the right to declare a
      default or exercise any remedy under, or to accelerate the maturity or
      performance of, or to cancel, terminate or modify, any agreement,
      indenture, mortgage or other instrument of any kind to which it/he is a
      party, that has not been waived or consented to in writing by that person
      prior to the Signature Date.

	3 	
      SHARES

	3.1 	
      The Shares

	 
	

41

	3.1.1 	
      The Seller is the sole beneficial holder of the Sale
      Shares and is reflected as the sole registered holder thereof in the
      securities register of the Company, and no person has any right to obtain
      an order for the rectification of such register.

	 	 
	3.1.2 	
      The Sale Shares will, following the Closing Date, confer
      on the Purchaser: (i) 7.605235% of the total voting rights exercisable in
      the Company (ii) 7.605235% of the rights to any and all distributions by
      the Company; and (iii) upon the Company's liquidation, 7.605235% of the
      net assets of the Company.

	 	 
	3.1.3 	
      There is no Encumbrance, and there is no agreement,
      arrangement or obligation to create or give an Encumbrance, in relation to
      any shares in the Company (including the Sale Shares). As far as the
      Seller is Aware, no person has claimed to be entitled to an Encumbrance in
      relation to any of the shares in the Company.

	 	 
	3.1.4 	
      As at the Closing Date, save as contemplated in the
      agreement headed "Share Sale and Subscription Agreement" entered
      into between the Company, PK Gain Investment Holdings Proprietary Limited,
      JAA Holdings Proprietary Limited, the Seller, AJD Holdings Proprietary
      Limited and Richmark Holdings Proprietary Limited on or about 30 January
      2019 ("Share Sale and Subscription Agreement"), the agreement
      headed "Call Option Agreement" entered into or to be entered into
      between, amongst others, the Seller and the Company contemporaneously with
      this Agreement ("Call Option"), the Option Agreement, the
      Shareholders Agreement or the MOI, there is no agreement, arrangement or
      obligation requiring the creation, allotment, issue, transfer, redemption
      or repayment of, or the grant to a person of the right (conditional or
      not) to require the allotment, issue, transfer, redemption or repayment
      of, a share in the capital of the Company or any Group Company (including,
      without limitation, an option or right of pre-emption or conversion), in
      terms of which such creation, allotment, issue, transfer, redemption or
      repayment must still occur.

	 	 
	3.1.5 	
      As at the Closing Date, save as contemplated in the
      Option Agreement, neither the Company nor any Group Company is and will
      not be under any obligation (whether contingently upon the exercise of any
      right or otherwise), and no resolution shall have been passed, requiring
      the Company or any Group Company to increase or to reduce its authorised or issued
      shares, or to vary any of the rights attaching to any of its shares, or to
      buyback any of its shares, or to make any payment(s) to its
  shareholder.

	 
	

42

	3.1.6 	
      As at the Closing Date, no person (other than the
      Purchaser in terms of the Option Agreement, JAA and PK Gain in terms of
      the Share Sale and Subscription Agreement and the Shareholders in terms of
      the Shareholders Agreement and the MOI) has any right, actual or
      contingent, (including, inter alia, any option or right of first
      refusal) to subscribe for any shares or any other Securities in the
      authorised shares of any Group Company.

	 	 
	3.1.7 	
      No person is entitled to participate in, or to a
      commission on the dividends or profits of, any Group Company, except as a
      shareholder.

	 	 
	3.1.8 	
      As at the Closing Date, no Group Company is obliged to
      cancel any of the shares in its capital or to create or issue any
      debentures or any derivatives.

	 	 
	3.1.9 	
      The Sale Shares have been validly and lawfully authorised
      and issued.

	3.2 	
      Securities Register

	3.2.1 	
      The securities register of the Company contains true and
      accurate records of the holders of securities from time to time issued by
      the Company and the Company does not know of any facts or circumstances
      which may give rise to a rectification of the securities register of the
      Company.

	 	 
	3.2.2 	
      No person has any right to obtain an order for the
      rectification of the securities register of any Group
  Company.

	4 	
      NET DEBT / EBITDA

	 	 
		
      The Group's Net Debt is less than the EBITDA of the Group
      for the 12 month period ended 28 February 2019, based on the Signature
      Date Accounts.

	 	 
	5 	
      RECEIVABLES

	 	 
		
      As at the Closing Date –

	5.1 	
      the receivables book will be in the name of the Company
      or relevant Group Company;

	 
	

43

	5.2 	
      security relating to the receivables book will be
      documented to reflect the terms of the security and all such documents are
      in the possession, or under the control of the Company;

	 	 
	5.3 	
      the provision by the Company for bad or doubtful debt of
      the Group is adequate;

	 	 
	5.4 	
      the contracts with customers forming part of the
      receivables book and all documents ancillary thereto will be in the
      possession, and under the control, of the Company;

	 	 
	5.5 	
      the receivables book has accurately recorded the
      principle and material terms of these contracts (including the sum
      outstanding and the payment/repayment dates); and

	 	 
	5.6 	
      all accounts receivable of each Group Company will be
      fully recovered save to the extent specifically provided against in the
      Warranted Accounts.

	6 	
      RECORDS

	 	 
		
      Each Group Company complies in all material respects with
      all record keeping requirements imposed by applicable laws and all such
      records (including the books, registers, accounts, ledgers and accounting
      records) of that Group Company –

	6.1 	
      are up-to-date in all material respects;

	 	 
	6.2 	
      are in its possession or under its control;

	 	 
	6.3 	
      give and reflect a true and fair view of that Group
      Company concerned and are not misleading in any material way;
and

	 	 
	6.4 	
      are properly completed on a basis consistent with the
      accounting records of the 3 most recent financial years of the Group
      Company concerned (unless otherwise stated therein) and in accordance with
      the Companies Act, IFRS (to the extent applicable) and the law of, and
      applicable standards, principles and practices generally accepted in South
      Africa.

	7 	
      FINANCIAL STATEMENTS

	7.1 	
      No Undisclosed
Liabilities

	 
	

44

	7.1.1 	
      The Group has no liabilities, which would be regarded as
      material by an auditor, of any kind (including, for the avoidance of
      doubt, off statement of financial position liabilities) that would have
      been required to be reflected in, reserved against or otherwise described
      on the Warranted Accounts or in the notes thereto in accordance with IFRS
      and were not so reflected, reserved against or described, other than (i)
      liabilities incurred in the Ordinary Course of Business after 1 March
      2019, and (ii) liabilities incurred in connection with the transactions
      contemplated in the Agreement, other than as reflected and Fairly
      Disclosed in the Warranted Accounts.

	 	 
	7.1.2 	
      No Shareholder or any related person to any such person
      has any claims against any Group Company whether on loan account, current
      account or otherwise.

	 	 
	7.1.3 	
      The Group has paid its creditors which would be regarded
      as material creditors by an auditor, within the time limits agreed with
      such creditors save where a creditor's claim is disputed or as may be
      otherwise indicated and Fairly Disclosed in the Warranted
  Accounts.

	 	 
	7.1.4 	
      No report has been furnished to any Group Company by its
      auditor concerning a material irregularity as contemplated in the Auditing
      Professions Act No. 26 of 2005 (as amended), or any similar predecessor
      section, or any analogous legislation in a relevant
jurisdiction.

	 	 
	7.1.5 	
      Between the Signature Date and the Closing Date, the
      Group's Business will be operated in the usual way so as to maintain it as
      a going concern.

	 	 
	7.1.6 	
      The Audited Accounts –

	7.1.6.1 	
      comply with the requirements of the Companies
  Act;

	 	 
	7.1.6.2 	
      have been prepared in accordance with IFRS;

	 	 
	7.1.6.3 	
      fairly present the financial position, operations and
      results of the Group as at the close of business at the end of the
      financial period to which they relate;

	 	 
	7.1.6.4 	
      save as noted therein, reflect no change in any of the
      bases of accounting or accounting principles used in respect of any
      material item;

	 
	

45

	7.1.6.5 	
      reflect or disclose all liabilities, actual or
      contingent, at their full amount;

	 	 
	7.1.6.6 	
      adequately provide for bad and doubtful debts as well as
      for any and all accrued liabilities including accrued leave pay, accrued
      holiday pay, pensions, bonuses or other similar payments or liabilities to
      employees;

	 	 
	7.1.6.7 	
      have been reported on by the auditors of the Group
      without any qualification other than in respect of post-balance sheet
      events; and

	 	 
	7.1.6.8 	
      have been approved and signed by the directors of the
      Company.

	7.1.7 	
      All provisions contained or brought to account are
      adequate and sufficient in respect of the matters to which they relate,
      including but not limited to foreign exchange commitments.

	 	 
	7.1.8 	
      As at the Signature Date, the financial year end of the
      Company is June.

	 	 
	7.1.9 	
      The Signature Date Accounts –

	7.1.9.1 	
      fairly present the financial position, operations and
      results of the Group as at the close of business at the end of the
      financial period to which they relate;

	 	 
	7.1.9.2 	
      save as noted therein, reflect no change in any of the
      bases of accounting or accounting principles used in the preparation of
      the Audited Accounts and have been prepared consistent with past
      practice;

	 	 
	7.1.9.3 	
      reflect or disclose all liabilities, actual or
      contingent, at their full amount; and

	 	 
	7.1.9.4 	
      adequately provide for bad and doubtful debts as well as
      for any and all accrued liabilities including accrued leave pay, accrued
      holiday pay, pensions, bonuses or other similar payments or liabilities to
      employees.

	7.2 	
      Minute Books

	 	 
		
      As at the Signature Date and the Closing Date, the minute
      book of each Group Company contain all material resolutions passed by the
      directors and shareholders thereof, save for resolutions required to give
      effect to the provisions of this Agreement.

	 
	

46

	7.3 	
      Specific

	7.3.1 	
      Since 1 July 2018 –

	7.3.1.1 	
      no Group Company has, other than in the Ordinary Course
      of its Business –

	7.3.1.1.1 	
      acquired or disposed of, or agreed to acquire or dispose
      of, an asset which an auditor would regard as material; or

	 	 
	7.3.1.1.2 	
      assumed or incurred, or agreed to assume or incur, a
      liability, obligation or expense (actual or contingent) that an auditor
      would regard as material;

	 	 
	7.3.1.2 	
      the Group's business has not been materially and
      adversely affected by the termination of, or a change in the terms of, any
      licence, an agreement or by the loss of a customer or supplier or by an
      abnormal factor not affecting similar businesses;

	 	 
	7.3.1.3 	
      the Company has not declared, paid or made a dividend or
      distribution (including, without limitation, a distribution within the
      meaning of the Income Tax Act), except as provided for in the Warranted
      Accounts; and

	 	 
	7.3.1.4 	
      no Group Company has changed its financial year end
      (other than the change from 28 February to 30 June) or its
  auditors.

	8 	
      TAX

	8.1 	
      Each Group Company shall at all times have complied in
      all material respects with the provisions of the Income Tax Act, the
      Value-added Tax Act, No. 89 of 1991 ("VAT Act") and all Tax returns
      (including without limitation employees' tax returns and specifically
      including all returns and information that relate to reportable
      arrangements as contemplated in Part B of Chapter 4 (sections 34 to 39 of
      the Tax Administration Act, No. 28 of 2011 or sections 80M to 80T of the
      Income Tax Act) and declarations required to be returned shall have been
      made by it in respect of the 4 financial years immediately preceding the
      Closing Date and shall have accurately disclosed all information properly
      required to be disclosed to the Commissioner or other appropriate
      authorities, and all provisional and other Taxes shall have been paid as at the due date thereof in
  material compliance with the provisions of the Income Tax Act.

	 
	

47

	8.2 	
      Each Group Company has paid and discharged when due, all
      Taxes payable by it from the date of its incorporation to the Closing
      Date, including any Tax in respect of –

	8.2.1 	
      its assets, income or profits;

	 	 
	8.2.2 	
      any transactions concluded by the Group Company
      concerned;

	 	 
	8.2.3 	
      the declaration and payment of dividends and/or deemed
      dividends by the Group Company concerned.

	8.3 	
      All assessments for Tax raised in respect of the Group
      where the due date for payment of the Tax arises on or before the Closing
      Date or which relate to the period prior to the Closing Date or as
      otherwise provided in the Signature Date Accounts shall have been paid in
      full by the Closing Date, unless disputed by the Company in good
    faith.

	 	 
	8.4 	
      In respect of any Tax of the Group which is due for
      payment after the Closing Date, adequate provision therefor shall have
      been made in the financial statements of the relevant Group
  Company.

	 	 
	8.5 	
      Final assessments have been issued for all Tax periods in
      respect of which the Group Company has submitted Tax returns and the
      Seller is not Aware of any intention by the Commissioner to re-open any
      such assessment.

	 	 
	8.6 	
      As far as the Seller is Aware, no Group Company is liable
      to pay any penalty, late payment penalty, administrative non-compliance
      penalty, understatement penalty, fine or interest in connection with any
      Tax.

	 	 
	8.7 	
      As far as the Seller is Aware, no Group Company is party
      to any transactions in respect of which the Tax authority may lawfully
      substitute, for purposes of Tax, a different consideration for the actual
      consideration given or received by the Group.

	 
	

48

	8.8 	
      The wear and tear, depreciation or capital allowances
      applied in the past to the Group's fixed or other assets for Tax purposes
      shall conform in all material respects to, and shall not exceed, those
      permitted in terms of the Income Tax Act.

	 	 
	8.9 	
      All financing costs incurred to date (including any
      interest or similar expenses) in relation to any financing entered into by
      the Group before Closing have been and will be deductible on an accruals
      basis.

	 	 
	8.10 	
      As far as the Seller is Aware, no facts or circumstances
      exist which could cause a revenue authority to disallow any existing
      assessable/accumulated tax losses or the carrying forward of such
      losses.

	 	 
	8.11 	
      The current and deferred Tax provisions and/or assets
      that will be included in the Audited Accounts have been properly provided
      for in accordance with the IFRS.

	 	 
	8.12 	
      Where required, a Group Company has duly registered as a
      VAT vendor in terms of the VAT Act, has complied in all material respects
      with all statutory provisions and regulations relating to VAT and has duly
      paid or provided for all amounts of VAT which have become due and payable
      or for which that Group Company is liable; and is not operating any
      special arrangement or scheme relating to VAT nor has it agreed any
      special method of accounting for VAT.

	 	 
	8.13 	
      Except as otherwise Fairly Disclosed in the Disclosure
      Schedule, no Group Company has, at any time since the date of its
      incorporation –

	8.13.1 	
      entered into any transaction as contemplated in sections
      41 to 47 of the Income Tax Act;

	 	 
	8.13.2 	
      issued any "hybrid equity instrument", as contemplated in
      section 8E of the Income Tax Act, or any "third-party backed share", as
      contemplated in section 8EA of the Income Tax Act;

	 	 
	8.13.3 	
      issued any "hybrid debt instrument" as contemplated in
      section 8F of the Income Tax Act;

	 	 
	8.13.4 	
      incurred "hybrid interest" as contemplated in section 8FA
      of the Income Tax Act.

	8.14 	
      Each Group Company is –

	 
	

49

	8.14.1 	
      a resident for South African Tax purposes and has not
      ceased such residence since the date of its incorporation; and

	 	 
	8.14.2 	
      is not treated as resident or liable to Tax in any other
      jurisdiction for any Tax purpose (including for the purposes of any double
      taxation agreement); and

	 	 
	8.14.3 	
      not subject to the interest-limitation provisions
      contained in sections 23M or 23N of the Income Tax
Act.

		
      formation transaction', 'share-for-share transaction',
      'amalgamation transaction', 'intra-group transaction', 'unbundling
      transaction' or 'liquidation, winding-up or deregistration transaction'
      all as contemplated in Part III of the Income Tax Act, or any other
      transaction which might be so classified.

	 	 
	8.16 	
      As at the Signature Date, there are no material queries,
      notices, suits, proceedings, investigations or inspections pending against
      any Group Company by the Commissioner or any Tax authority relating to any
      claim for any additional Tax or assessment, or any material matters under
      discussion with the Commissioner or any Tax authority relating to any
      claim for any Tax or assessment, nor is there any pending Tax objection or
      appeal by any Group Company.

	 	 
	8.17 	
      As far as the Seller is Aware, the Tax files and records
      of the Group contain complete, full and accurate details in all material
      respects of all communications with the Commissioner and Tax advisors,
      respectively, for the 3 year period prior to the Closing Date.

	 	 
	8.18 	
      As far as the Seller is Aware, to the extent that any
      Group Company claimed Tax allowances or deductions prior to the Closing
      Date (including, without limitation, in respect of leasehold improvements)
      it was, insofar as it was Aware, entitled to do so in accordance with the
      provisions of the Income Tax Act.

	9 	
      BUSINESS OF THE
COMPANY

	9.1 	
      The sole business of the Company is the Business which
      the Company conducts as a going concern solely in South
  Africa.

	 
	

50

	9.2 	
      No Group Company is bound by any restraint of trade
      agreement and no Group Company has committed (whether actually or
      contingently) to entering into any restraint of trade agreement by which
      it may be so bound.

	 	 
	9.3 	
      The Seller is not Aware of anything which will prevent
      the Company from carrying on the Business nor any Group Company carrying
      on its business.

	 	 
	9.4 	
      As far as the Seller is Aware, the Company has not given
      any express, tacit or implied warranties in respect of products sold by it
      or services rendered by it other than those given in the normal and
      ordinary course of conduct of the Business.

	 	 
	9.5 	
      As far as the Seller is Aware, the Group has utilised all
      import permits issued to it only in respect of the Business and has not
      used any such import permit for the importation of goods on behalf of
      anyone else.

	10 	
      ASSETS

	10.1 	
      Title and Condition

	10.1.1 	
      Each asset included in the Signature Date Accounts or
      acquired by the Group since the Signature Date Accounts (other than stock
      disposed of in the Ordinary Course of Business or leased assets) is
    –

	10.1.1.1 	
      legally and beneficially owned solely by the Group;
      and

	 	 
	10.1.1.2 	
      where capable of possession, in the possession or under
      the control of the Group.

	10.1.2 	
      Unless otherwise Fairly Disclosed in the Disclosure
      Schedule, all the material assets of the Group included in the Signature
      Date Accounts or acquired by the Group since the Audited Accounts, whether
      movable, immovable, fixed or of whatever nature or description will be
      owned by the Group in full, free and unEncumbered ownership, and none of
      them will be subject to –

	10.1.2.1 	
      any credit agreement, credit transaction, instalment sale
      transaction or leasing transaction;

	 
	

51

	10.1.2.2 	
      any other credit agreement, instalment sale agreement,
      hire-purchase or suspensive sale agreement, lease or any like agreement
      whatever its form, save for motor vehicle leases in the Ordinary Course of
      Business;

	 	 
	10.1.2.3 	
      any pledge, mortgage bond, lien or notarial
  bond;

	 	 
	10.1.2.4 	
      any other right in favour of any third person;
  or

	 	 
	10.1.2.5 	
      any arrangement for the payment of a premium or like
      consideration to or by the Group for the use of the asset
  concerned.

	10.1.3 	
      As far as the Seller is Aware, no person has or will have
      any right (including any option or right of first refusal) to acquire or
      claim delivery, ownership or transfer or the use, occupation, possession
      or enjoyment of, any of the assets of any Group Company, other than in the
      Ordinary Course of its Business.

	 	 
	10.1.4 	
      There has been no exercise, purported exercise or claim
      for any Encumbrance over any of the assets of any Group Company, and there
      is no dispute directly or indirectly relating to any such
assets.

	 	 
	10.1.5 	
      Each Group Company has the legal capacity and power to
      own its assets and carry on its business as it is presently being
      conducted.

	 	 
	10.1.6 	
      No Group Company has stopped or suspended payment of a
      material portion of its debts, or otherwise become unable to pay its debts
      or otherwise become insolvent in any relevant jurisdiction.

	 	 
	10.1.7 	
      As far as the Seller is Aware, none of the assets of the
      Group have been revalued during the immediately past 2 financial
    years.

	11 	
      INTELLECTUAL PROPERTY

	11.1 	
      Each of the Intellectual Property Rights owned or
      licensed by the Group and material to the conduct of the Business is
    –

	11.1.1 	
      valid and enforceable and nothing has been done or
      omitted to be done by any Group Company by which it may cease to be valid
      and enforceable;

	 	 
	11.1.2 	
      legally and beneficially owned by the Group alone, or
      legally licensed by the Group; and

	 
	

52

	11.1.3 	
      as far as the Seller is Aware, not the subject of a claim
      or opposition from a person (including, without limitation, an employee of
      the Group) as to title, validity, enforceability, entitlement or
      otherwise.

	11.2 	
      As far as the Seller is Aware, no Group Company has
      infringed any third party's Intellectual Property Rights or rendered any
      Group Company liable to an action in respect of the infringement of any
      Intellectual Property Rights belonging to a third party, provided that the
      aforesaid Warranty does not apply to instances where any infringement
      occurs or may have occurred as a result of any Intellectual Property
      Rights not having been licensed to the Company validly by a licensor
      purporting to do so. There is and during the 2 years prior to the
      Signature Date has been, no civil, criminal, arbitration, administrative
      or other proceeding or dispute in any jurisdiction by or against any Group
      Company concerning any of the Intellectual Property Rights. The Seller is
      not Aware of any civil, criminal, arbitration, administrative or other
      proceeding or dispute concerning any of the Intellectual Property Rights
      being pending or threatened against it or any Group Company.

	 	 
	11.3 	
      The Group is entitled to use the Intellectual Property
      Rights and there is nothing prohibiting its use of any Intellectual
      Property Rights and computer systems or other similar property licensed to
      the Group and used by the Company at present in connection with or for the
      Business operations of the Group.

	 	 
	11.4 	
      As far as the Seller is Aware, no person is entitled to
      an order requiring any Group Company to change the trading style or
      trading name of any aspect of the Business.

	 	 
	11.5 	
      As far as the Seller is Aware, the Group owns or has the
      exclusive right to use, modify or copy pursuant to licence, sub-licence,
      agreement, or permission, all Intellectual Property, free of any
      Encumbrance, licence, or other restriction except as set out in the
      Disclosure Schedule, necessary or desirable for the operation of the
      Business or used by the Group in the Business as conducted on the Closing
      Date and as proposed to be conducted.

	 	 
	11.6 	
      As far as the Seller is Aware, except as set out in the
      Disclosure Schedule, no royalties or other considerations are owed in
      relation to the Business as conducted in the 12-month period preceding the
      Closing Date and no additional royalties or other considerations are anticipated
according to any known business plan or anticipated activity of the Business,
including the services it provides.

	 
	

53

	12 	
      INSURANCE

	12.1 	
      Status of the Policies

	12.1.1 	
      As far as the Seller is Aware, each of the current
      insurance and indemnity policies in respect of which the Group has an
      interest (including any active historic policies which provide cover on a
      losses occurring basis) ("Policies") is valid and
    enforceable.

	 	 
	12.1.2 	
      As far as the Seller is Aware, no Group Company has done
      or omitted to do anything which –

	12.1.2.1 	
      makes any of the Policies unenforceable; or

	 	 
	12.1.2.2 	
      prejudices the ability to effect insurance on the same or
      better terms in the future.

	12.1.3 	
      No insurer under any of the Policies has disputed, or
      given any indication that they intend to dispute, the validity of any of
      the Policies on any grounds.

	12.2 	
      Insurance of Assets

	12.2.1 	
      All Policies are and remain in full force and
    effect.

	 	 
	12.2.2 	
      All Policies are adequate in respect of the assets to
      which such Policies relate.

	12.3 	
      Claims

	 	 
		
      As far as the Seller is Aware
–

	12.3.1 	
      no material claims have been made under any Policy (other
      than claims made in the Ordinary Course of Business);

	 	 
	12.3.2 	
      no claim is outstanding;

	 	 
	12.3.3 	
      there exists no fact or circumstance which will give rise
      to a material claim under any of the Policies;

	 
	

54

	12.3.4 	
      no event, act or omission has occurred which requires
      notification under any of the Policies the failure of which would have a
      material adverse effect on the Business of the Company;

	 	 
	12.3.5 	
      no insurer under any of the Policies has refused, or
      given any indication to the Company that it intends to refuse, indemnity
      in whole or in part in the Ordinary Course of Business in respect of any
      material claims under the Policies; and

	 	 
	12.3.6 	
      nothing has been done or omitted to be done by the Group,
      which will entitle the insurers under any of the Policies to refuse
      indemnity in whole or in part in respect of any material claims under the
      Policies.

	12.4 	
      Premiums

	12.4.1 	
      All premiums which are due under the Policies have been
      paid.

	 	 
	12.4.2 	
      The Seller is not Aware that any Group Company has done
      anything or omitted to do anything (other than to submit claims in the
      Ordinary Course of Business of the Company) which will result in a
      material increase in the premium payable under any of the Policies
      (excluding annual increases of premiums in the ordinary
  course).

	13 	
      PROPERTY

	13.1 	
      Immovable Property

	 	 
		
      The Group owns no immovable property.

	 	 
	13.2 	
      Leasehold Property used by the
  Group

	13.2.1 	
      The warranties in this clause 13.2 are given only to the
      extent that a breach thereof would have a material adverse financial
      effect on the Group as a whole.

	 	 
	13.2.2 	
      No person (including, without limitation, the landlord)
      may bring the term of any lease agreement to which any Group Company is a
      party as a lessee to an end before the expiry of the term of the relevant
      lease agreement by effluxion of time (except by forfeiture).

	 	 
	13.2.3 	
      As far as the Seller is Aware, there is no fact or
      circumstance which will restrict or terminate the Group's continued and
      uninterrupted possession or occupation of any of its premises, where such restriction
      or termination will have a material adverse effect on the
  Business.

	 
	

55

	13.2.4 	
      The Group has the right to conduct the Business from the
      premises from which it trades in the ordinary course thereof.

	 	 
	13.2.5 	
      No Group Company has any obligation to alter, renovate or
      improve the premises from which it trades, save as otherwise provided in
      any lease agreement and in such an event such obligation will not have a
      material adverse effect on the Business.

	 	 
	13.2.6 	
      Rent payable in respect of the Group's premises is not
      being reviewed and cannot be reviewed before the Closing Date, save for
      reviews in the ordinary course as provided for in the relevant lease
      agreements.

	 	 
	13.2.7 	
      No Group Company is in breach of any lease agreement to
      which it is a party.

	14 	
      AGREEMENTS

	14.1 	
      Validity of Agreements

	14.1.1 	
      As at the Closing Date, the Seller is not Aware of the
      existence of any fact or circumstance which will invalidate or give rise
      to a ground for termination, avoidance or repudiation of an agreement or
      arrangement to which any Group Company is a party which would have a
      material adverse effect on the Business. As far as the Seller is Aware, no
      party with whom any Group Company has entered into a material agreement or
      arrangement has given notice of its intention to terminate, or has sought
      to repudiate or disclaim, the agreement or arrangement.

	 	 
	14.1.2 	
      No Group Company is in breach of any agreement,
      arrangement or obligation entered into by any Group Company and which is
      material to the business of the Group.

	 	 
	14.1.3 	
      As far as the Seller is Aware
–

	14.1.3.1 	
      no party with whom any Group Company has entered into an
      agreement, arrangement or obligations which is material to the business of
      the Group is in breach of the agreement, arrangement or
  obligation;

	 
	

56

	14.1.3.2 	
      there exists no fact or circumstance which will give rise
      to a breach of this type which would have a material adverse effect on the
      Business; and

	 	 
	14.1.3.3 	
      no fact or circumstance exists which will or is likely to
      result in any loss being suffered by the Company in respect of any
      contract or which will or is likely to form the basis of a claim to
      rectification at the instance of any other
person.

	14.1.4 	
      No Group Company is party to any agreement of a material
      nature which has not been entered into (i) on an arms'-length basis; and
      (ii) on terms which are normal having regard to the nature of its
      business.

	 	 
	14.1.5 	
      Save as Fairly Disclosed in the Disclosure Schedule, the
      Group is not bound by any –

	14.1.5.1 	
      any contract with the Seller, any company within the
      Seller's group, any of the Seller's shareholders or any director or
      officer of the Seller or any person that is related to any of them or that
      is an inter-related person in regard to any of them (as such terms are
      defined in the Companies Act);

	 	 
	14.1.5.2 	
      contract in restraint of trade or any management contract
      in terms of which a party provides management services to the Group, as
      far as the Seller is Aware; or

	 	 
	14.1.5.3 	
      agreement (or group of related agreements) under which
      the Company has created, incurred, assumed, or guaranteed any indebtedness
      for borrowed money, or any capitalised lease obligation or under which the
      Company has imposed a security interest on any of the assets of the
      Company, as far as the Seller is Aware.

	14.2 	
      Effect of Transaction

	14.2.1 	
      As far as the Seller is Aware the execution or the
      performance of this Agreement will not result in any Group Company losing
      the benefit of a material asset, grant, subsidy, right or privilege which
      it enjoys at the Signature Date which would have a material adverse effect
      on the Business.

	 
	

57

	14.2.2 	
      Neither the execution nor the performance of this
      Agreement will conflict with, result in a breach of, give rise to an event
      of default under, require the consent of a person under, enable a person
      to terminate, or relieve a person from an obligation under any material
      agreement or arrangement to which any Group Company is a party which would
      have a material adverse effect on the Business of the
  Company.

	15 	
      EMPLOYEES

	15.1 	
      General

	15.1.1 	
      Save as Fairly Disclosed in the Disclosure Schedule, the
      Group owes no amount to a present or former director, other officer or
      employee of the Group (or his dependant) other than for accrued
      remuneration or reimbursement of business expenses in the Ordinary Course
      of Business.

	 	 
	15.1.2 	
      There is no agreement or arrangement between any Group
      Company and an employee or former employee with respect to his employment,
      his ceasing to be employed or his retirement which is not included in the
      written terms of his employment or previous employment. The Group has not
      provided, nor agreed to provide, a gratuitous payment or benefit to a
      director, officer or employee or to any of their dependants.

	 	 
	15.1.3 	
      The Group has maintained in all material respects
      up-to-date, full and accurate records regarding the employment of each of
      its employees (including, without limitation, details of terms of
      employment, payments of statutory sick pay and statutory maternity pay,
      income tax and social security contributions, disciplinary and health and
      safety matters) and termination of employment.

	 	 
	15.1.4 	
      No executive employee of any Group Company, being an
      employee of the Group and with annual cost to company in excess of
      R1,000,000 ("Employee"), is entitled to any exceptional benefits in
      relation to leave privileges, accumulated leave in excess of 30 days,
      pension or the like, other than provided for by the documented policies of
      the Group as at the Signature Date (copies of which have been provided, in
      writing, to the Purchaser prior to the Signature
Date).

	 
	

58

	15.1.5 	
      Save for market-related annual wage and salary increases
      and salary increases attributable to Employee promotions in the Ordinary
      Course of Business, between the Signature Date and the Closing Date, no
      Group Company has in any way improved or undertaken to improve the terms
      of service of any of the Employees from those which prevailed at the
      Signature Date.

	15.2 	
      Payments to employees and consultants/independent
      contractors As far as the Seller is Aware
–

	15.2.1 	
      no material liability has been incurred by the Group, or
      may be incurred between the Signature Date and the Closing Date
  –

	15.2.1.1 	
      for breach of any contract of employment with any of its
      employees, or termination of an employment contract with any of its
      employees, including, without limitation, a severance (whether voluntary
      or otherwise) payment, protective award and/or compensation for wrongful,
      unlawful dismissal, unfair dismissal, unfair labour practice, unfair
      discrimination or any other form of compensation for sex, race or
      disability discrimination, reinstatement or re-employment and/or failure
      to comply with an order for the reinstatement or re-employment of an
      employee or former employee; or

	 	 
	15.2.1.2 	
      whether arising in contract, statute, delict or
      otherwise, for breach or termination of a consultancy agreement;
  or

	15.2.2 	
      the Group has not made or agreed to make a material
      payment or provided or agreed to provide a material benefit to a present
      or former director, other officer or employee of the Group or to any of
      their dependants in connection with the actual or proposed termination or
      suspension of employment or variation of an employment
  contract.

	15.3 	
      Compliance with Law and
Disputes

	15.3.1 	
      As far as the Seller is Aware, there are no material
      claims or threatened material claims and/or investigations against the
      Group relating to –

	15.3.1.1 	
      the refusal by the Group to employ any
  person;

	 
	

59

	15.3.1.2 	
      the employment by the Group of any person the terms and
      conditions of the employment relationship between them and/or the
      termination of such employment; or

	 	 
	15.3.1.3 	
      any workplace related accident, injury, disease or
      illness suffered by any employee or former employee of the
  Group.

	15.3.2 	
      Save in respect of those disputes Fairly Disclosed in the
      Disclosure Schedule, no Group Company is a party to any dispute (with a
      maximum claim against it exceeding R1,000,000) with any employee before
      any court or tribunal, whether under the Labour Relations Act, the Basic
      Conditions of Employment Act No. 75 of 1997 (as amended), the Employment
      Equity Act 55 of 1998, the Occupational Health and Safety Act 85 of 1983,
      the Compensation for Occupational Injuries and Diseases Act 130 of 1993,
      the Skills Development Act 97 of 1998, the Skills Development Levies Act 9
      of 1999, the common law or otherwise, and the Seller is not Aware of any
      facts or circumstances that may afford grounds or give rise to any such
      dispute.

	 	 
	15.3.3 	
      The Seller warrants that all statutory levies and
      contributions due in respect of any employee of the Group has been paid in
      all material respects and that it has no material undischarged liability
      to any government, regulatory authority or similar authority or any other
      person in respect of employees engaged in the
Business.

	15.4 	
      Trade Unions

	 	 
		
      The Group is not involved in, and the Seller is not Aware
      of a fact or circumstance, or demand from any employee, trade union or
      association of employees for any alterations to the terms of their
      employment including demands for increased remuneration which will give
      rise to, a dispute of any nature whatsoever with a trade union, works
      council, workplace forum, employee or staff association or other body
      representing any of its employees.

	16 	
      LICENCES AND PERMITS

	16.1 	
      Each Group Company is in possession of all Licences as
      are prescribed by applicable law for the lawful conduct of the business/es
      carried on by it, and, as far as the Seller is Aware, all such Licences are valid
      and subsisting and will not terminate or be terminable at the election of
      any person by virtue of the execution or implementation of this
  Agreement.

	 
	

60

	16.2 	
      No Group Company is in breach of any of the terms or
      conditions of any such Licences which may lead to the suspension,
      withdrawal or termination of any Licences issued to a Group
  Company.

	 	 
	16.3 	
      As far as the Seller is Aware
–

	16.3.1 	
      there are no circumstances, facts or matters that may
      give rise to all of the above Licences being cancelled or not being
      renewed in the future or only being renewed subject to the imposition of
      onerous terms;

	 	 
	16.3.2 	
      there are no outstanding requirements of any relevant
      authorities with which the Group is required to comply or has been called
      upon to comply before it may lawfully carry on or continue its Business
      generally, and the Seller is not Aware of any contravention or breach by
      the Group of any such material requirements;
and

	16.3.3 	
      there exists no fact or circumstance which will or may
      prejudice the renewal of any Licence required by the Group to conduct its
      Business generally.

	16.4 	
      Each action required by the Group for the renewal or
      extension of each Licence to be issued by relevant authorities in order to
      enable the Group lawfully to carry on or continue its Business generally,
      has, as far as the Seller is Aware, been
taken.

	17 	
      INSOLVENCY AND WINDING UP

	 	 
		
      No Group Company has taken any action, nor have any
      proceedings been served on or notified to any Group Company to commence
      business rescue proceedings in respect of any Group Company or for its
      winding up or dissolution or for the appointment of a liquidator, business
      rescue practitioner, curator or similar officer. As far as the Seller is
      Aware no execution or other similar process which has been commenced or
      undertaken or threatened in respect of the assets of the Group or in
      respect of any Group Company, nor is the Seller Aware of any unfulfilled
      or unsatisfied judgment or court order which is outstanding against the
      Company. No Group Company shall enter into any
arrangement or composition for the benefit of creditors generally.

	 
	

61

	17.1 	
      Payment of Debts and Acts of Insolvency

	 	 
	17.2 	
      The Group is not unable to pay its debts as they fall
      due, nor has the Group commenced negotiations with one or more of its
      creditors with a view to rescheduling or restructuring any of its
      indebtedness. No Group Company has committed an act of insolvency as
      defined in the Insolvency Act, which will have an impact on the Company's
      or Group's ability to continue its business as a going concern.

	 	 
	17.3 	
      As far as the Seller is Aware, the directors of each
      Group Company have not, pursuant to section 129(7) of the Companies Act,
      issued any written notice to the effect that there are reasonable grounds
      to believe that any Group Company is financially distressed.

	 	 
	17.4 	
      Removal from Register

	 	 
		
      As far as the Seller is Aware, no steps are pending or
      threatened against any Group Company for its deregistration in terms of
      section 82 of the Companies Act.

	18 	
      LITIGATION AND COMPLIANCE WITH
  LAW

	18.1 	
      Litigation

	18.1.1 	
      Except as otherwise Fairly Disclosed in the Disclosure
      Schedule –

	18.1.1.1 	
      the Group is not involved, as at the Signature Date and
      as far as the Seller is Aware, will not be involved as at the Closing
      Date, in a civil, criminal, arbitration, administrative or other
      proceeding, which has, or will have, a material adverse effect on the
      Business;

	 	 
	18.1.1.2 	
      no civil, criminal, arbitration, administrative or other
      proceeding is pending or threatened by or against the Group or any of its
      directors or officers, which will have a material adverse effect on the
      Business;

	 
	

 62

	18.1.1.3 	
      as far as the Seller is Aware, no person for whose acts
      or defaults the Group may be vicariously liable is involved, or has during
      the 2 years prior to the Signature Date been involved, in a civil,
      criminal, arbitration, administrative or other proceeding;

	 	 
	18.1.1.4 	
      as far as the Seller is Aware, no civil, criminal,
      arbitration, administrative or other proceeding pending or threatened by
      or against a person for whose acts or defaults the Group may be
      vicariously liable.

	18.1.2 	
      As far as the Seller is Aware, there is no material
      outstanding judgment, order, decree, arbitral award or decision of a
      court, tribunal, arbitrator or governmental agency against any Group
      Company and the Seller is not aware of any outstanding judgment, order,
      decree, arbitral award or decision of a court, tribunal, arbitrator or
      governmental agency against a person for whose acts or defaults any Group
      Company may be vicariously liable.

	18.2 	
      Compliance with Law

	 	 
		
      The Group has complied in all material respects with all
      laws and administrative requirements governing its assets and Business
      where the failure to do so would have a material adverse effect on its
      Business, and to the extent that the Group has contravened any such laws,
      administrative requirements or regulations in the past, those
      contraventions have been remedied in full and the Group has paid all
      penalties or fines imposed for those contraventions, or has provided
      therefor in the Warranted Accounts.

	 	 
	18.3 	
      Investigations of a Material Nature

	 	 
		
      All action formally requested by any regulatory authority
      has been taken (save where it has been agreed with any regulatory
      authority that no action need be taken) within any time limit specified
      and any request for action or activities to be discontinued has been
      complied with in a timely manner where failure would have a material
      adverse effect on the Business of the Company.

	 	 
	18.4 	
      Unlawful Payments

	 	 
		
      The Group has not, nor is the Seller Aware, that any
      person for whose acts or defaults the Group may be vicariously liable has
      –

	 
	

63

	18.4.1 	
      induced a person to enter into an agreement or
      arrangement with the Group by means of an unlawful payment, contribution,
      gift or other inducement;

	 	 
	18.4.2 	
      offered or made an unlawful payment, contribution, gift
      or other inducement to a government official or employee; or

	 	 
	18.4.3 	
      made an unlawful contribution to a political
    activity.

	19 	
      THE ENVIRONMENT

	19.1 	
      Each Group Company is aware of all Environmental Laws
      that apply to it, its assets and the Business in each jurisdiction in
      which it owns immovable property or in which the Business is conducted,
      has identified the actual and potential impacts on the Environment of the
      Business or arising from land that it owns, controls or has the right to
      use, and monitors those impacts that may cause significant harm to human
      health or the Environment.

	 	 
	19.2 	
      Any person that performed any task that had the potential
      to harm human health or the Environment either for, or on behalf of, the
      Company or the Group, was adequately trained and competent to recognise
      the risks of that harm occurring, and to take appropriate measures to
      avoid and minimise such harm and to comply with applicable Environmental
      Laws.

	 	 
	19.3 	
      The Group is in compliance with any contractual
      obligations that it has assumed or contractual undertakings that it has
      given to monitor or remedy its impacts on the Environment.

	 	 
	19.4 	
      The Group has made adequate financial provisions for the
      remediation of any damage to the Environment and the immovable property
      utilised in the conduct of the Business or arising from the conduct of the
      Business.

	 	 
	19.5 	
      No Group Company has received any
–

	19.5.1 	
      complaint regarding alleged nuisances arising from the
      immovable property utilised in the conduct of the Business (including any
      leased premises) or the conduct of the Business, including complaints
      about odours, noise, dust, smoke or fumes;

	 
	

64

	19.5.2 	
      notice from any enforcement authority, or other person,
      concerning any alleged breach of an Environmental Law or requiring
      measures to be taken to protect the health and well-being of any person,
      to stop pollution of the Environment, to remedy ecological degradation, or
      to pay any costs incurred by a public body in doing so; or

	 	 
	19.5.3 	
      notification or threat of legal proceedings (including
      civil, criminal and administrative proceeding) in respect of, or resulting
      from, any breach of any Environmental Law and no such proceedings are
      under way, or are pending against it.

	20 	
      CONSTITUTION, REGISTERS AND
  RETURNS

	20.1 	
      Constitution

	 	 
		
      The Group is operating and has always operated its
      business in all material respects in accordance with its Memoranda of
      Incorporation at the relevant time.

	 	 
	20.2 	
      Returns

	 	 
		
      All material returns, particulars, resolutions and other
      documents required to be delivered by the Group to the Companies and
      Intellectual Property Commission or another governmental or other
      authority or agency have been properly prepared and
  delivered.

	21 	
      MONEY LAUNDERING

	 	 
		
      Each Group Company has in all material respects complied
      with any know your customer and money laundering reporting laws and all
      laws for detecting and identifying money laundering, and detecting,
      identifying and reporting suspicions of money laundering to the
      appropriate regulators, in force in South Africa at the relevant
    time.

	 	 
	22 	
      ANTI-CORRUPTION LAWS

	22.1 	
      For the purposes of the Warranties given hereunder
    –

	22.1.1 	
      "Associate" means, in relation to an organisation,
      a person (including an employee, agent or subsidiary) who performs or has
      performed services (including within the meaning of section 8 of the UK
      Bribery Act 2010) for that organisation or on its behalf and in respect of
      whose actions or inactions the organisation may be liable under
  Anti-Corruption Laws;

	 
	

65

	22.1.2 	
      "Designated Party" means any person or
      organisation –

	22.1.2.1 	
      whose name is specified in any list issued pursuant to
      any resolution or legislation of the United Nations, South Africa, the
      United Kingdom or the United States relating to the designation of a
      person or organisation as a terrorist or terrorist organisation or
      blocking any assets of such person or organisation; or

	 	 
	22.1.2.2 	
      in respect of whom a Party has received notice that all
      financial transactions involving the assets of such person have been, or
      are to be, blocked under legal authority; or

	 	 
	22.1.2.3 	
      who is or was convicted, found guilty or against whom a
      judgment or order was entered in a court of competent jurisdiction in any
      proceedings for violating bribery, money laundering or terrorist financing
      laws;

	22.1.3 	
      "Government Authority" means any government (or
      any subdivision thereof, whether federal, central, regional or local) of
      any country or jurisdiction or any agency, authority, board, bureau,
      commission, department, judicial or administrative body, regulatory
      authority, public enterprise or similar body or any court or tribunal or
      public international organisation; and

	 	 
	22.1.4 	
      "Government Official" means
–

	22.1.4.1 	
      any official, officer, employee, director, principal,
      consultant, agent or representative of any government, ministry, body,
      department, agency, instrumentality or part thereof, or of any public
      international organisation (including the United Nations, the
      International Monetary Fund, the International Finance Corporation and the
      World Bank), any state-owned or state-controlled entity, agency or
      enterprise, or of any political party;

	 	 
	22.1.4.2 	
      any person acting in an official capacity or exercising a
      public function for and on behalf of any of the
  foregoing;

	 
	

66

	22.1.4.3 	
      any political party or party official or any candidate
      for political office;

	 	 
	22.1.4.4 	
      a Politically Exposed Person as defined by the Financial
      Action Task Force or Groupe d'action Financière sur le Blanchiment de
      Capitaux; and

	 	 
	22.1.4.5 	
      where the UK Bribery Act 2010 applies, includes foreign
      public officials as defined in sections 6(5) and 6(6) of the UK Bribery
      Act 2010.

	22.2 	
      The Seller acknowledges that failure by the Seller or the
      Group to comply with applicable Anti-Corruption Laws could cause the
      Purchaser and its affiliates to be in violation of such Anti-Corruption
      Laws.

	 	 
	22.3 	
      No Group Company nor any of its/their or its/their
      Associates' directors, officers, employees, agents or representatives
      have, in each case in connection with the business of the Group
  –

	22.3.1 	
      breached or contravened any Anti-Corruption Laws or any
      applicable anti- money laundering law, rule or regulation; or

	 	 
	22.3.2 	
      been the subject of any investigation, inquiry, claim or
      enforcement proceedings by any Government Authority or any other
      regulatory authority or enforcement agency or any customer regarding any
      offence or alleged offence under any applicable Anti-Corruption Laws, and
      no such investigation, inquiry or proceedings have been threatened or are
      pending in connection with the business of the Company and there are no
      matters, facts or circumstances likely to give rise to any such
      investigation, inquiry or proceedings.

	22.4 	
      No bribe or other corrupt payment has ever been made by
      any Group Company or any of its or its Associates' directors, officers,
      employees, agents or representatives to any Government Official or any
      other person during the course of the conduct of the business of each
      Group Company.

	 	 
	22.5 	
      Books and records were made and kept which accurately and
      fairly reflect the transactions and dispositions of the assets of the
      Group.

	 	 
	22.6 	
      Internal accounting controls have been established,
      maintained and followed by the Group that are and were sufficient to
      provide reasonable assurance that transactions were executed in accordance
      with management's general or specific authorisation and were recorded in accordance with
  generally accepted accounting practice.

	 
	

67

	22.7 	
      The Group has, in respect of any Anti-Corruption Laws,
      put in place adequate procedures designed to prevent persons associated
      with the Group (including its or its Associates' directors, officers,
      employees, agents or representatives) from undertaking offences relating
      directly or indirectly to bribery.

	 	 
	22.8 	
      There exists no relationship and there are no agreements
      or arrangements between, on the one hand, the shareholders of any Group
      Company or any of its/their Associates, and any Government Official or an
      Associate of any Government Official on the other, where such
      relationship, agreement or arrangement may or may reasonably be considered
      to have an influence on the Company's performance of its obligations
      thereunder or the performance by the Government Official of his
    duties.

	 	 
	22.9 	
      No Group Company nor any of its/their or its Associates'
      directors, officers, employees, agents or representatives is an Associate
      of a Government Official or of an Associate of any Government
    Official.

	 	 
	22.10 	
      No Government Official or Designated Party has any
      indirect ownership or other economic interest in either the Group, the
      contractual relationship established by this Agreement or the proceeds of
      this Agreement.

	 	 
	22.11 	
      No Group has, in connection with
–

	22.11.1 	
      this Agreement or any consideration payable in connection
      with this Agreement; or

	 	 
	22.11.2 	
      the transactions contemplated by this Agreement;
  or

	 	 
	22.11.3 	
      any transactions or activities after closing of the
      transactions contemplated in this Agreement, whether by itself or by
      instructing or encouraging anyone else, made, promised to make or offered
      any payment or transfer of value or given, promised to give or offered any
      bribe, gift, loan, fee, consideration, reward or advantage of any kind,
      directly or indirectly, to –

	 
	

68

	22.11.4 	
      any Government Official, Government Authority or
      political party;

	 	 
	22.11.5 	
      any officer, director, employee, agent or representative
      of any customer of the Company; or

	 	 
	22.11.6 	
      to any other person or entity,

in each case if such payment or
transfer would violate any law. 

	23 	
      SANCTIONS

	23.1 	
      As far as the Seller is Aware, no officer, director or
      employee of any Group Company is a Sanctions Target or is located,
      organised or resident in a country or territory that is a Sanctions
      Target.

	 	 
	23.2 	
      As far as the Seller is Aware, at any time during the 5
      years immediately prior to the Signature Date, no Group Company nor any
      director, officer, agent or employee of any Group Company (in their
      capacity as such), or any other person acting for or on behalf of the
      foregoing (individually and collectively), has violated applicable
      Sanctions Laws.

	 	 
	23.3 	
      As far as the Seller is Aware, at any time during the
      period of 5 years immediately prior to the Signature Date, no Group
      Company nor any director, officer, agent or employee of any Group Company
      (in their capacity as such), or any other person acting for or on behalf
      of the foregoing (individually and collectively), knowingly engaged in any
      dealings or transactions with any person, or in any country or territory,
      that is a Sanctions Target, nor is any Group Company currently engaged in
      any such activities.

	 	 
	23.4 	
      No Group Company —

	23.4.1 	
      is specified in either the Specially Designated Nationals
      and Blocked Persons List, the Control List, or the List of Sanctions
      Programs and Country Information administered by OFAC of the US Department
      of the Treasury, or a list of politically exposed persons issued by OFAC
      or the US Department of the Treasury, pursuant to, any resolution or
      directive thereof;

	 	 
	23.4.2 	
      is specified in, or a list issued pursuant to, any
      resolution or legislation of the United Nations, South Africa, United
      Kingdom, European Union, United States or any other Sanctions Authority relating to the
      designation of a person as a terrorist or terrorist organisation or
  blocking any assets of such person; or

	 
	

69

	23.4.3 	
      has received notice that all financial transactions
      involving the assets of such Group Company have been, or are to be,
      blocked under legal authority.

	24 	
      DEALING WITH CLIENTS

	 	 
		
      All services and products provided by the Group to
      clients have been provided or organised in all material respects in
      accordance with the agreements governing such services and products and
      the Group has been compensated for such services and products in all
      material respects in accordance with such agreements.

	 	 
	25 	
      GENERAL

	 	 
		
      As far as the Seller is Aware, it has not withheld any
      information which the Seller, acting bona fide, believes is
      material to disclose to the Purchaser in terms of the Agreement or the
      Option Agreement or any of the transactions contemplated
  therein.

	 
	

Annexure D

Disclosure Schedule

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