NET 1 UEPS TECHNOLOGIES, INC. (NASDAQ:UEPS) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
As previously disclosed, Net 1 UEPS Technologies, Inc. (“Net 1”), through its wholly owned subsidiary, KSNET, Inc., entered into a three-year service agreement with Mr. Phil-Hyun Oh, President of KSNET, on October 27, 2017. Under that agreement, Mr. Oh is entitled to receive an annual bonus of up to KRW 564 million, comprising a quantitative and qualitative portion. On December 5, 2018, the targets for fiscal 2019 related to the qualitative portion of Mr. Oh’s 2019 annual bonus were established. The targets for the quantitative portion remain unchanged.
The qualitative portion of the 2019 annual bonus is capped at KRW 200 million and is based on the achievement of the following targets during fiscal 2019:
| (1) |
Cooperation with Net 1 and its advisors to: |
(A) redefine the KSNET business strategy; (B) plan the implementation of the redefined business strategy; and (C) advance the implementation of the redefined business strategy in accordance with the agreed roadmap.
Assessment will be measured against an agreed dashboard up until the last practical date prior to assessment of key performance indicators in August 2019.
and
| (2) |
Documentation of a succession plan (emergency and long-term) for the KSNET executive team. |
About NET 1 UEPS TECHNOLOGIES, INC. (NASDAQ:UEPS)
Net 1 UEPS Technologies, Inc. is a provider of payment solutions, transaction processing services and financial technology across multiple industries. The Company develops and markets a transaction processing solution that encompasses its smart card-based alternative payment system for the unbanked and under-banked populations of developing economies and for mobile transaction channels. The Company operates through three segments: South African transaction processing, International transaction processing, and Financial inclusion and applied technologies. The Company also provides secure transaction technology solutions and services, by offering transaction processing, financial and clinical risk management solutions to various industries. It offers secure online transaction processing, cryptography, mobile telephony, integrated circuit card (chip/smart card) technologies, and the design and provision of financial and value-added services to its cardholder base.