SEC Contract Filing

Filing Date: 2017-05-30

Document Content:
<DOCUMENT>
<TYPE>EX-10.61
<SEQUENCE>3
<FILENAME>exhibit10-61.htm
<DESCRIPTION>EXHIBIT 10.61
<TEXT>
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<P align=right><B>Exhibit 10.61 </B></P>
<P align=right><B>EXECUTION COPY </B></P>
<P align=center><B>SEPARATION AND RELEASE OF CLAIMS AGREEMENT </B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Separation and Release of Claims Agreement (&#147;<B><I>Agreement</I></B>&#148;) is
entered into by and between Net 1 UEPS Technologies, Inc., a Florida corporation
(&#147;<B><I>Company</I></B>&#148;), and Serge C.P. Belamant (&#147;<B><I>Executive</I></B>&#148;),
effective as May 24, 2017 (the &#147;<B><I>Effective Date</I></B>&#148;), with respect to
Executive&#146;s separation from the Company. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
Executive is currently employed by the Company as Chief Executive Officer and is
a member of the Company&#146;s Board of Directors (the &#147;<B><I>Board</I></B>&#148;); </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
the Company and Executive agree that Executive&#146;s last day of employment with the
Company will be May 31, 2017, subject to the terms of this Agreement;</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
the parties wish to resolve any and all disputes, claims, complaints, and
actions that Executive may have against the Company, including, but not limited
to, any and all claims arising out of or in any way related to Executive&#146;s
employment with the Company or separation therefrom; and </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
the parties wish to resolve any and all disputes, claims, complaints, and
actions that the Company may have against Executive with respect to certain
projects in which Executive was involved during his employment with the Company.
</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW,
THEREFORE, is agreed by and between the undersigned as follows: </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Separation from Employment; Resignation from Board</U>. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Executive&#146;s employment with the Company will end on May 31, 2017 unless earlier
terminated by the Company for Cause (as defined herein) (the &#147;<B><I>Separation
Date</I></B>&#148;). The Company shall pay Executive his salary earned through the
Separation Date, which salary shall not be reduced during the period between the
Effective Date and the Separation Date. In addition, the Company shall pay
Executive the amount to which Executive is entitled under the Company&#146;s cash
incentive award plan for fiscal 2017, which is described in the Company&#146;s Form
8-K dated August 29, 2016 (the &#147;<B><I>2017 Cash Incentive Award Plan</I></B>&#148;),
at the same time the Company pays any award under the 2017 Cash Incentive Award
Plan for any other senior executive of the Company. The amount shall be
determined pursuant to and in accordance with 2017 Cash Incentive Award Plan,
including, without limitation, that 60% of Executive&#146;s award shall be calculated
based on the Company&#146;s fiscal 2017 financial performance (and not subject to the
discretion of the Company&#146;s Remuneration Committee) and 40% of Executive&#146;s award
shall be based on qualitative factors (and subject to the discretion of the
Company&#146;s Remuneration Committee based on its assessment of Executive&#146;s progress
against the objectives set forth in the 2017 Cash Incentive Award Plan), all as
further provided in the 2017 Cash Incentive Award Plan. For purposes of this
Agreement, Cause is defined as: (A) any act of fraud, embezzlement, theft or
misappropriation of the funds of the Company by Executive, or Executive&#146;s plea
of guilty or nolo contendere or conviction of a felony or any crime involving
moral turpitude, fraud, embezzlement, or theft; or (B) Executive&#146;s engagement in
illegal conduct or misconduct that is materially and demonstrably injurious to
the Company. </P>
<P align=center>1 </P>
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<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Executive hereby resigns from the Company&#146;s Board of Directors and from all
officer positions of the Company and all of its subsidiaries, effective as of
the Separation Date, with no further action required by either Executive or the
Board to make such resignation effective. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Severance Payment</U>. In consideration of, and conditional upon, Executive
signing this Agreement and agreeing to comply with the terms and conditions
herein, providing a completed and signed independent adviser&#146;s certificate as
required by Section 5 below and complying with its terms, the Company agrees to
pay Executive the following amounts, and provided that Executive has not been
terminated for Cause prior to the Separation Date: </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the Company will pay (or will cause anoth