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 Officers
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Appointment of Mr. I Greenstreet as an Independent Non-Executive Director
On March 18, 2020, the board of directors (the \”Board\”) of Net 1 UEPS Technologies, Inc. (the \”Company\”) increased the size of the Board from eight to nine members and appointed Ian Greenstreet to the Board, effective May 1, 2020, for a term that will expire at the Company\’s next annual meeting of shareholders. Mr. Greenstreet was also appointed to the nominating and corporate governance, audit and remuneration committees, effective May 1, 2020.
The Board determined that Mr. Greenstreet is independent under the rules of The Nasdaq Stock Market as well as the applicable rules and regulations adopted by the U.S. Securities and Exchange Commission (the \”SEC\”).
Mr. Ian Greenstreet has served on public and private corporate boards to which he brings diverse localized management and board experience in banking, finance, risk, managerial and financial technology. He sits on the advisory committee of the London Stock Exchange, a board member of Assupol Holdings and Assupol Life Ltd and is Chairman and Founder of Infinity Capital Partners Ltd in the UK. He previously served on the board of Diamond Bank in Nigeria, was a representative of the FMO (the Dutch Development Bank) on the board of Bank of Africa and Alios Capital, both those organizations being based across Africa. He also served as regional Head of Risk for ABN AMRO Bank and a board member and head of Henderson Fund Management in Luxembourg.
Ian has attended a program at Harvard Business School on driving Digital and Social Strategy and is a fellow of the Institute of Chartered Accountants in England and Wales (FCA). He is recognized as one of the 100 most influential black people in the UK for the last four consecutive years as well as in the UK\’s top 50 of Black Asian Minorities (BAME) in 2016.
Mr. Greenstreet will receive compensation for his Board and committee service in accordance with the Company\’s standard compensation arrangements for non-employee directors, which are described in the Company\’s definitive proxy statement on Schedule 14A filed with the SEC on October 25, 2019.
In connection with Mr. Greenstreet\’s appointment to the Board, the Company entered into (i) an independent director agreement (the \”Independent Director Agreement\”), providing for, among other things, the terms of Mr. Greenstreet\’s service, compensation and liability, and (ii) an indemnification agreement (the \”Indemnification Agreement\”), providing Mr. Greenstreet with customary indemnification, the terms of which are identical in all material respects to the agreements that the Company previously entered into with its directors, and were filed with the Securities and Exchange Commission as Exhibit10.5 to the Company\’s Annual Report on Form 10-K, dated as of August 24, 2017, and Exhibit 10.32. to the Company\’s Annual Report on Form 10-K, dated as of August 25, 2016.
Mr. Greenstreet has no reportable transactions under Item 404(a) of Regulation S-K.
Item 7.01. Regulation FD Disclosure.
On March 19, 2020, the Company issued a press release announcing the appointment of Mr. Greenstreet as described in Item 5.02 above. A copy of the Company\’s press release is attached as Exhibit 99.1.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
The information furnished herewith to Item 7.01 of this current report shall not be deemed to be \”filed\” for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended (the \”Exchange Act\”), or otherwise subject to the liabilities of that section, and shall not be incorporated by reference into any registration statement or other document filed by the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
NET 1 UEPS TECHNOLOGIES INC Exhibit
EX-99.1 2 exhibit99-1.htm EXHIBIT 99.1 Net 1 UEPS Technologies,…
To view the full exhibit click here
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.