SEC Contract Filing

Filing Date: 2017-06-22

Document Content:
<DOCUMENT>
<TYPE>EX-10.65
<SEQUENCE>3
<FILENAME>exhibit10-65.htm
<DESCRIPTION>EXHIBIT 10.65
<TEXT>
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<p align="right"><b>Exhibit 10.65</b></p>
<P align=center><B>INDEPENDENT DIRECTOR AGREEMENT </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Independent Director
Agreement is made effective as of June 21, 2017 (the &#147;Agreement&#148;), between Net 1
UEPS Technologies, Inc., a Florida corporation (the &#147;Company&#148;), and Alasdair J.
K. Pein (&#147;Director&#148;). </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, it is essential to the
Company to retain and attract as directors the most capable persons available to
serve on the board of directors of the Company (the &#147;Board&#148;); and </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Company believes
that Director possesses the necessary qualifications and abilities to serve as a
director of the Company and to perform the functions and meet the Company&#146;s
needs related to its Board, </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW, THEREFORE, in consideration
of the mutual promises contained herein, the benefits to be derived by each
party hereunder and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties agree as follows: </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <U>Service as Director</U>.
Director will serve as a director of the Company and perform all duties as a
director of the Company, including without limitation (a) attending meetings of
the Board, (b) serving on one or more committees of the Board (each a
&#147;Committee&#148;) and attending meetings of each Committee of which Director is a
member, and (c) using reasonable efforts to promote the business of the Company.
The Company currently intends to hold at least one regular meeting of the Board
and each Committee each quarter, together with additional meetings of the Board
and Committees as may be required by the business and affairs of the Company. In
fulfilling his responsibilities as a director of the Company, Director agrees
that he will act in good faith, with the care an ordinarily prudent person in a
like position would exercise under similar circumstances, and in a manner he
reasonably believes to be in the best interests of the Company. Director agrees
to abide by the policies and procedures of the Company, including the Company&#146;s
insider trading policy. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <U>Compensation and
Expenses</U>. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
<U>Board Compensation</U>. For the services provided to the Company as a
director, the Director will be entitled to compensation as determined by the
Board from time to time. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
<U>Expenses</U>. The Company will reimburse Director in accordance with the
non-employee director expense policy attached hereto as Exhibit A. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)
<U>Other Benefits</U>. The Board (or its designated Committee) may from time to
time authorize additional compensation and benefits for Director, including
additional compensation for service as chairman of a Committee and awards under
any stock incentive, stock option, stock compensation or long-term incentive
plan of the Company, including, without limitation, the Company&#146;s Amended and
Restated 2015 Stock Incentive Plan or any other plan that may later be
established by the Company. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <U>Director and Officer
Liability Insurance</U>. The Company shall maintain an insurance policy or
policies providing directors&#146; and officers&#146; liability insurance, and Director
shall be covered by such policy or policies, in accordance with
its or their terms, to the maximum extent of the coverage available for any of
the Company&#146;s directors or officers. At a minimum, such coverage shall consist
of an aggregate of at least $35,000,000, comprised of $20,000,000 in traditional
A/B/C coverage and $15,000,000 in Side-A excess difference-in-conditions
coverage with a retention of $350,000. The Company shall maintain such insurance
coverage for Director for at least six years after such time that Director
ceases to be a member of the Board.</P>
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<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <U>Limitation of Liability;
Right to Indemnification</U>. Director shall be entitled to indemnification by
the Company under the terms of an indemnification agreement, attached hereto as
<U>Exhibit B</U> (the &#147;Indemnification Agreement&#148;). </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <U>Amendments and Waiver</U>.
No supplement, modification or amendment of this Agreement will be binding
unless executed in writing by both parties. No waiver of any provision of this
Agreement on a particular occasion will be deemed or will constitute a waiver of
that provision on a subsequent occasion or a waiver of any other provision of
this Agreement. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <U>Binding Effect</U>. This
Agreement will be binding upon and inure to the benefit of and be enforceable by
the parties and their respective successors and assigns. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <U>Severability</U>. The
provisions of this Agreement are severable, and any provision of this Agreement
that is held by a court of competent jurisdiction to be invalid, void, or
otherwise unenforceable i