LESAKA TECHNOLOGIES INC (0001041514) (Filer)
SEC · EDGAR 财务披露 · October 2, 2026 at 4:05 PM ET
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
SCHEDULE
14A
Proxy Statement
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Exchange
Act of 1934(AmendmentNo. )
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Soliciting MaterialPursuantto §240.14A-12
LESAKA TECHNOLOGIES, INC.
(Name
of Registrantas Specifiedin Its Charter)
______________________________________________________
(Name
of Person(s)Filing ProxyStatement,if other thanthe Registrant)
Payment
of Filing Fee (Check theappropriatebox):
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LESAKA TECHNOLOGIES,
INC.
NOTICE
OF ANNUALMEETINGOF SHAREHOLDERS
to be held
on November18, 2026
To the
Shareholdersof LesakaTechnologies,Inc.:
NOTICE IS HEREBY
GIVEN thatthe 2026Annual Meeting of Shareholdersof LesakaTechnologies,Inc. will be held at our principal
executive
officeslocatedat7 ParksBoulevard,Oxford Parks,Dunkeld,Johannesburg,2196,SouthAfricaonNovember18,2026at
16:00
local time (9:00amEasternTime), for thefollowing purposes:
1.
To
elect elevendirectors toserve untilthenextAnnualMeetingof Shareholdersanduntil theirsuccessorsareduly
elected and
qualified.
2.
To ratify
the selectionof KPMG,Inc. as ourindependentregistered publicaccountingfirmfor the fiscalyear ending
June 30,
2027.
3.
To hold
anadvisoryvoteto approveexecutivecompensation.
4.
To
transactsuchotherbusinessandactuponanysuchothermatterswhichmayproperlycomebeforetheannual
meeting or
anyadjournmentor postponementof themeeting.
Our Board
of Directorshas fixedthe closeof businesson September25, 2026,as the recorddate fordetermining shareholdersentitled
to notice
of,and tovote,atthe meeting.A list of the shareholdersas of therecord datewill be availablefor inspectionby shareholders
at
our principal executiveofficesduring businesshours fora periodof tendaysprior to the meeting.
Sincerely,
Kuben Pillay
Director
and LeadIndependentDirector
Ali Mazanderani
Executive Chairman
Johannesburg,
SouthAfrica
October 2,
2026
IMPORTANT
NOTICEREGARDINGTHEAVAILABILITYOFPROXYMATERIALSFORTHEMEETINGOF
SHAREHOLDERS
TO BEHELD ONNOVEMBER18, 2026.A completeset of proxymaterials relatingto ourannualmeeting is
available
on the internet.These materials,consistingof the Noticeof AnnualMeetingof Shareholdersand ProxyStatement,including
proxy
card, andannualreport, maybe viewed anddownloadedathttps://materials.proxyvote.com/64107N.
You
arecordiallyinvitedto attendthemeetingin person.Whetheror notyouexpecttoattendthemeeting,pleasecomplete,
date, sign
and returntheproxy accompanyingthisnotice as promptlyas possiblein orderto ensureyour representationat th
e
meeting.
Areturnenvelope(whichis postageprepaidif mailedin theUnited States)is enclosedfor yourconvenience.Evenif
you
have votedby proxy,youmaystillvote inpersonif youattendthemeeting.Please note,however,thatif yoursharesare
held of record
by a broker,bank or other agentand you wishto vote at the meeting,you must requestand obtain aproxy issued
in your name from that record holder.
Youmay also submit your proxy via the internet as specified in the accompanyinginternet
voting instructions.
Shareholders registeredon our South AfricanBranch Register (“SouthAfrican Shareholders”)are referred
to the
special instructionscontainedon page4 of this proxystatement.
1
TABLE
OF CONTENTS
Page
PROXY STATEMENT
EXECUTIVESUMMARY..................................................................
VOTING RIGHTS
AND PROCEDURES ....................................................................................
PROPOSALS TO
BE VOTEDON ATTHEANNUAL MEETING......................................
PROPOSAL NO. 1:
ELECTIONOF DIRECTORS ............................................................
PROPOSAL
NO. 2: RATIFICATIONOF SELECTIONOF INDEPENDENT
REGISTERED PUBLIC
ACCOUNTINGFIRM.................................................................
PROPOSAL
NO. 3: ADVISORYVOTE TOAPPROVEEXECUTIVE
COMPENSATION ....................................................................................................................
BOARD OF
DIRECTORSAND CORPORATEGOVERNANCE.........................................
MEETINGS OF THE
BOARDAND DIRECTORINDEPENDENCE...........................
COMMITTEES OF
THE BOARD.........................................................................................
BOARD LEADERSHIP
STRUCTUREAND BOARDOVERSIGHTOF RISK.........
REMUNERATION
COMMITTEEINTERLOCKSAND INSIDER
PARTICIPATION
......................................................................................................................
NOMINATIONS
PROCESSAND DIRECTORQUALIFICATIONS...........................
SHAREHOLDER
COMMUNICATIONSWITH THE BOARD.....................................
CORPORATE
GOVERNANCEGUIDELINES..................................................................
CODE OF ETHICS....................................................................................................................
SHARE OWNERSHIP
GUIDELINES ..................................................................................
COMPENSATION
OF DIRECTORS ....................................................................................
EQUITY COMPENSATION
PLAN INFORMATION..............................................................
EXECUTIVE COMPENSATION
..................................................................................................
ANALYSIS
OF RISK IN OURCOMPENSATIONSTRUCTURE ................................
COMPENSATION
DISCUSSIONANDANALYSIS ...............................................................
EXECUTIVE
SUMMARY......................................................................................................
COMPENSATION
PROGRAMOVERVIEWFOR FISCAL2026 ................................
ELEMENTS
OF 2026 COMPENSATION...........................................................................
OTHER CONSIDERATIONS
.................................................................................................
REMUNERATION
COMMITTEEREPORT ......................................................................
EXECUTIVE COMPENSATION
TABLES.........................................................................
SUMMARY COMPENSATION
TABLE .............................................................................
PAY
RATIODISCLOSURE................................................................
ACTUAL 2026
COMPENSATIONMIX..............................................................................
GRANTS OF
PLAN-BASEDAWARDS..............................................................................
OUTSTANDING
EQUITYAWARDSAT 2026FISCAL YEAR-
END
........................
OPTION EXERCISES
AND STOCKVESTED..................................................................
PAY
VERSUS PERFORMANCEDISCLOSURES...........................................................
POTENTIAL PAYMENTS
UPON TERMINATIONOR CHANGE-
IN
-CONTROL .
CERTAIN
RELATIONSHIPSAND RELATEDPERSONSTRANSACTIONS.................
DELINQUENT
SECTION 16(A)REPORTS..............................................................................
AUDIT AND
NON-AUDITFEES.................................................................................................
AUDIT AND RISK
COMMITTEEREPORT.............................................................................
SECURITY
OWNERSHIPOF CERTAINBENEFICIALOWNERSAND
MANAGEMENT
...............................................................................................................................
ADDITIONAL INFORMATION
...................................................................................................
2
LESAKA TECHNOLOGIES,
INC.
PROXY
STATEMENTEXECUTIVESUMMARY
ANNUAL MEETING
OF SHAREHOLDERS
Time and
Date
16:00
local time (9:00amEasternTime) onNovember18, 2026
Place
7 Parks Boulevard,
Oxford Parks,Dunkeld, Johannesburg,2196,SouthAfrica
Record Date
September
25, 2026
PROPOSALS
TO BEVOTEDON AND BOARDVOTING RECOMMENDATIONS
The following
is asummary of proposalsto be voted on at the annualmeeting and the recommendationof our Board of Directors(our
“Board”)
withrespect to eachsuch proposal.Thisis only a summary,and it maynot containall of the informationthat is important
to
you.For morecompleteinformation,pleasereviewtheproxystatementaswell asourAnnualReportonForm 10-K (“Annual
Report”).
Proposal
1
Election of
Directors
The
Boardhasnominatedelevenofourcurrentdirectors
for
electionattheannualmeeting,ofwhomnineare
standing
forre-electionandtwo,CarolinaLacerdaand
James Oates,
are standingfor electionby our shareholders
for the
first timeat the annualmeeting tohold officeuntil
the
2027annualmeeting.Moreinformationaboutthis
proposal
canbe foundon pages5 to 8.
Recommendation:
OurBoardrecommendsa vote
FOR
each
of thedirector nominees.
Proposal
2
Ratification
of IndependentRegisteredPublic Accounting
Firm
The
Boardrequestsshareholderstoratifytheselectionof
KPMG,
Inc.asourindependentregisteredpublicaccounting
firm for the fiscal year ending June 30, 202
7. More information
about
this proposalcanbe foundon page8.
Recommendation:
OurBoardrecommendsavote
FOR
the
ratification
of theselectionof KPMG,Inc.as ourindependent
registered
public accountingfirm.
Proposal
3
Advisory Vote
to ApproveExecutiveCompensation
The Board
is providing shareholderswith theopportunity
to vote
to approve,on anadvisorybasis, the
compensation
of ourexecutiveofficers namedin the
Summary
CompensationTableunder “Executive
Compensation”.
More informationaboutthis proposal
can
be foundon page9.
Recommendation:
OurBoardrecommendsa vote
FOR
the approval
of executivecompensation.
We
aremakinguseoftheSecuritiesandExchangeCommissionrulesthatallowcompaniestofurnishproxymaterialstotheir
shareholders over
the internet. On or aboutOctober 6, 2026, we mailed to shareholders of record on the record datea Notice of Internet
Availability
of ProxyMaterials(the“Notice”) containinginstructionson howto accessthis proxystatementand ourAnnualReport
for the
fiscal year endedJune 30,2026,online. If youreceived aNotice by mail,you willnot automaticallyreceive a printedcopy of
our
proxymaterialsinthe mail.Youmayrequest apapercopyof ourproxymaterialsbymailor anelectroniccopybye-mailby
following the
instructions listedon theNotice.
3
CORPORATE
GOVERNANCE
Our Board is committed to excellence in corporate
governance. We believe thatprincipled andethical governancebenefits you,our
shareholders,
as well asour customers,employeesand communities,and wemaintaina governanceprofilethat alignswith industry-
leading
standards.Webelievethat our governancestructure willhave adirect impacton thestrengthof our business.The following
table presents a brief summary of
our key governance structures.
Board Conduct
and Oversight
Independence
and Participation
Shareholder
Rights
ü
Regular
risk assessment
ü
Standards
of ethicsappliedto all
directors, executive
officers and
employees
ü
Succession
planning andleadership
development
efforts
ü
Evaluations
of theBoardandits
committees
ü
Seven of
the currenteleven
directors are
Nasdaq-
independent
ü
Executive
sessions ofnon-
employee
directors are
regularly held
ü
Audit and
Risk Committee,
Remuneration
Committee,and
Nominating
andCorporate
Governance
Committeeare
each
madeup entirely of
independent
directors
ü
Special
meeting right for
shareholders
holding an
aggregate of
10% ofvoting
stock
ü
All directors
annuallyelected;
no staggered
Board
ü
No “poison
pill”
ü
No supermajority
voting
requirements
to change
organizational
documents
VOTING RIGHTS
AND PROCEDURES
Shareholders
as of theclose ofbusiness onSeptember25, 2026, therecorddate, mayattendand voteat the annualmeeting.
Each
share is entitled toone vote.There were85,794,723shares ofcommonstock outstandingon therecord date.
A majority
of the total numberof outstandingshares of commonstock, presenteither in person or byproxy,willconstitute
a quorum
for thetransactionof businessatthe annualmeeting. Shareholderswhoare presentatthe annualmeeting inpersonor by
proxy and
who abstain,and proxies relatingto shares held by a bankor broker on your behalf(that is, in “street name”),thatare voted
on some proposals
but not others(referred toas “brokernon-votes”) willbe treatedas present forpurposesof determiningwhether a
quorum is
present.In the eventthat thereare notsufficientvotes toapproveany proposalat the annualmeeting,the annualmeeting
may
be adjournedinorder to permitthe further solicitationof proxies. Theinspector of electionappointedfor the annualmeeting will
tabulate
all votes andwillseparatelytabulateaffirmativeandnegativevotes, abstentionsandbroker non-votes.
The following
describeshowyou mayvoteon eachproposalandthe votesrequired for approvalof eachproposal:
-
Proposal
No. 1
— Our
elevendirectornominees willbe electedby apluralityof votes.Youmayvotefor eachdirector nominee
or
withholdyour votefromoneormoreof thenominees.Withholdinga voteas toanydirectornomineeis theequivalentof
abstaining.
In anuncontestedelectionsuch asthis, abstentionsand brokernon-votes haveno effecton theoutcomeof thevote,
since approval
by aspecific percentageof theshares presentor outstandingis not required.
-
Proposal
No. 2
—The ratification
of the selection of KPMG, Inc. (“KPMG”) to act as our independentregisteredpublic accounting
firm
willbe approvedif the votescastin favorof theproposalexceedthe numberof votescastagainstthe proposal.Youmay
vote for or
against the proposalor you mayabstainfrom voting. Abstentionsand brokernon-votes willnot affectthe outcome of
the vote.
-
Proposal
No. 3
—The advisory
vote to approveexecutive compensationwillbe approvedif the votes cast in favorof the proposal
exceed
the numberof votes castagainst theproposal.Youmayvote for oragainst theproposalor you mayabstainfrom voting.
Abstentions
andbroker non-votes will not affectthe outcomeof thevote.
If you
provide yourvoting instructionson yourproxy,your shares willbevoted as youinstruct, and,if a proposalcomes up
for a
voteatthe annualmeeting thatis not on theproxy,accordingto thebest judgmentof thepersons namedin the proxy.
If you
do notindicatea specific choiceon aproxythatyou sign andsubmit, yourshares will be voted:
-
FOR each
of thedirector nominees;
-
FOR the ratification
of theselection ofKPMG as our independentregistered public accountingfirm;and
-
FOR the approval
of executivecompensation.
4
If your shares are
held in “street name,”and you do not instructthe bankor broker how to vote yourshares on Proposals1 or
3, the bank
or broker maynot exercisediscretionto vote foror againstthose proposals.This wouldbe a“broker non-vote” and these
shares will not be counted
as having been votedon the applicable proposal. With respect to Proposal 2, the bank or broker mayexercise
its
discretiontovoteforor againstthatproposalin theabsenceofyourinstruction.
Please
instruct yourbank orbrokerso your
vote can be
counted
.
Revocability
of Proxies
You
mayrevoke your proxyat anytime priorto exerciseof theproxy by deliveringa writtennotice ofrevocationor a duly
executed
proxywithalaterdateby mailtoourcorporatesecretaryatLesakaTechnologies,Inc.,P.O.Box 2424,Parklands2121,
South Africa,
orby attendingthemeetingandvotinginperson.If youholdshares in“streetname”,you mustcontactthatfirm to
revoke
anyprior voting instructions.
Internet Availability
of ProxyMaterials and AnnualReport
A complete
set ofproxy materialsrelatingto our annualmeeting isavailableon theinternet.Thesematerials,consisting of
the Notice
of AnnualMeetingof ShareholdersandProxy Statement,including proxycard, andAnnualReport, maybe viewedand
downloaded
athttps://materials.proxyvote.com/64107N.
Market Information
Our commonstock is listed on The NasdaqGlobal SelectMarket (“Nasdaq”)in the United Statesunder thesymbol“LSAK”
and, via
a secondarylisting,on theJohannesburgStock Exchange(“JSE”), inSouthAfricaunder thesymbol“LSK”.Nasdaqis our
principal
marketfor the tradingof ourcommonstock. Our transferagentin the United Statesis ComputershareShareownerServices
LLC,
480 WashingtonBlvd.,Jersey City,NewJersey 07310.Ourtransferagentin SouthAfricais JSEInvestorServices(Pty) Ltd
(“JSE Investor
Services”),One ExchangeSquare,2 Gwen Lane,Sandown,Sandton,2196,SouthAfrica.
Special Instructions
to SouthAfrican Shareholders
We
are requiredto complywithcertain SouthAfricanregulationsrelatedto thecirculation andtabulationof proxiesissued
to
ourshareholderswhichholdtheirsharesontheSouthAfricanBranchRegister(“SAShareholders”).Theproxyformmarked
“Lesaka
Technologies,Inc. Proxyfor ShareholdersRegisteredon South AfricanBranch Register”must be usedby SA Shareholders.
The
SouthAfricanproxymustbelodged,postedorfaxedtoJSEInvestorServicessoastoreachthemby16:00,localtime,on
November 13, 202
6. SA Shareholders that havealready dematerializedtheir shares through a Central Securities DepositoryParticipant
(“CSDP”) or broker, other than
withown-nameregistration, should not completethe South African proxy.Instead,they should provide
their
CSDP orbrokerwiththeirvotinginstructionsor, alternatively,theyshouldinformtheir CSDPor brokerof theirintentionto
attend
the annualmeeting inorder fortheir CSDPor brokerto be ableto issuethem withthe necessaryauthorizationto enable them
to
attendsuch meeting.SA Shareholdersthathold theirshares incertificatedformor dematerializedown-nameregistrationshould
complete
the SouthAfrican proxyandreturn it to JSE InvestorServices.
Solicitation
The Boardis solicitingyour proxyto vote yourshares atthe annualmeeting. Wewill bear theentire costof the solicitation,
including
thepreparation,assembly,printingandmailingofthisproxystatement,includingtheproxycardandanyadditiona
l
solicitation
materials furnishedto our shareholders.Copies of solicitationmaterials willbe furnishedto brokeragehouses, fiduciaries
and custodians
holding sharesin their namesthat are beneficiallyowned byothers sothat theymayforward this solicitationmaterial
to
suchbeneficialowners.Wemayreimbursethesepersonsfortheirreasonableexpensesinforwardingsolicitationmaterialsto
beneficial
owners. Theoriginal solicitationof proxiesby mailmaybe supplementedby a solicitationby personalcontacts,telephone,
facsimile,
electronicmail or anyother meansby our directors,officers oremployees.No additionalcompensationwill be paid toour
directors, officers
or employees forperforming these services.Except as describedabove,we do not presentlyintend tosolicit proxies
other than
by mail.
5
PROPOSALS
TO BEVOTEDON ATTHE ANNUALMEETING
PROPOSAL
NO. 1: ELECTIONOF DIRECTORS
The
terms ofofficeof eachof ourcurrentdirectorswill expireatthe annualmeeting. TheBoardhasnominatednine of ourcurrent
directors
for re-electionandtwo directorsforelection(see “InformationRegarding theNominees” forinformationonall directors),
each
for aone-yearterm. Mr. Sparrowresigned from theBoardeffectiveSeptember25, 2026.
The
personsnamedin theenclosedproxyintendto voteproperlyexecutedandreturnedproxies
FOR
the electionof allnominees
proposed
by theBoard unlessauthorityto vote iswithheld. Ifany nomineeis unableor unwillingto serve,the personsnamedin the
proxy
willvoteforsuchsubstitutenomineeornomineesas they,intheirdiscretion,shalldetermine.TheBoardhasnoreasonto
believe that
anynomineenamedherein willbe unableor unwillingto serve.
The Board
recommends thatyou vote FORthe electionof eachof the directornominees.
Information
Regarding theNominees
Antony
Ball
67 years
old
Director
since 2020
Mr. Ball
is co-founder and chairmanof Value Capital PartnersProprietary Limited,a South African based
investment
firm(“VCP”).PriortoVCP,Mr.Ballco-foundedBraitin1990,aleadingSouthAfrican
private
equityfirm,regardedasapioneerofprivateequityintheregion,andheldvariousleadership
positions,
includingdeputychairmanand CEO,between1998 and2011.Mr. Ballled Brait'sinvestment
in
Lesakain 2004,andserved asa non-executivedirector ofBraituntil 2012.Mr. Ballhasa BComm
(Hons) from UCT,
is a CharteredAccountant(SA),and completedan M Philin ManagementStudies from
Oxford University,
where hestudied asa RhodesScholar.
The
BoardbelievesthatMr. Ball’sexpertiseinprivateequity,publicmarkets,finance,accountingand
corporate
governance,andhisbroadexperienceasanofficeranddirectorofseveralpublicly-traded
companies
covering a broadrange ofindustries makehim avaluablememberof ourBoard.
Nonkululeko
Gobodo
65 years
old
Director
since 2021
Ms. Gobodo
was thefirst blackfemaleto qualifyas acharteredaccountantin South Africaandbrings a
wealth of
accountingand auditingexperiencespanningover 35years. Shealso has extensiveexperience
as a non-executive
director,having served onmanyboardsincluding Clicks Group Limited, PPC Limited
and Shoprite
Holdings Limited (all JSElisted), Mercedes Benz, Imperial,and the SA MaritimeAuthority.
She has also
served onthe SouthAfrica RevenueService’s auditcommittee.She is a pioneer in herfield,
having
established herown successfulaccountingand auditfirm during the apartheidera. The firmgrew
to become
SizweNtsalubaGobodo(“SNG”),the largestblackaccountingfirmin SouthAfrica.In 2018,
SNG
acquiredtheGrantThorntonSouthAfricalicense.In2016,Ms.GobodofoundedNkululeko
Leadership
Consulting,aboutique,black-ownedandmanagedleadershipconsultingfirmbasedin
Sandton
andserved asits CEO forfiveyears. InMay2021,she startedAwakenedGlobal, amovement
that
iscontributingtoendracialandgenderinequality.Sheisarecipientofmanybusinessand
professional
awards.She was appointedas theChancellorof theWalterSisulu University in April 2023.
The
BoardbelievesthatMs.Gobodo’sexperienceinfinanceandauditandknowledgeoftheSouth
African
marketplaceprovidesnecessaryanddesiredskills,experienceandSouthAfrican-centric
perspective
to our Board.
Steven Heilbron
61 years
old
Director
since 2022
Mr.
Heilbronhasbeentheheadofbusinessdevelopmentandmergers&acquisitionsatLesakasince
January
1, 2023.Mr.Heilbronhasoverthree decadesof financialservicesexperience,havingspent19
years working for
Investecin South Africa andthe UK, where he served as global headof private banking
and joint
chiefexecutive officerof InvestecBankplc. He leda privateconsortium whichacquired Cash
Connect
ManagementSolutionsProprietaryLimitedin2013,whereheservedasCEOuntiljoining
Lesaka.
Mr. Heilbronhaspresidedovera numberofkey acquisitionsundertakenby theLesakagroup,
including
the acquisitionof Adumo,Touchsides,Rechargerand,most recently,the intendedacquisition
of Bank
Zero. He is a
Chartered
Accountant(SA)
.
The
Boardbelieves thatMr. Heilbron’sstrongleadership skills,his deepknowledgeandmanyyears of
experience
withinthe banking,paymentsand paymenttechnologies spacemakehim well-suited to serve
as a
director.
6
Carolina
Lacerda
54 years
old
Director
since
September
2026
Ms. Lacerda
has extensive experienceserving as independentboard member of listed companies in Brazil,
the UK,
Chinaandthe US,spanningfinancialservices,digitalbanking,energy,infrastructure,pharma,
telecom,
logisticsandconsumersectors.She istheformerHeadof InvestmentBanking BrazilatUBS,
with
astrongtrackrecordadvisingcompanies,boards,CEOsandshareholdersongovernance,capital
allocation,
M&Aandriskoversight.Ms.Lacerdaisrecognizedforleadershipinauditcommittees,
financial
expertiseandnavigatingcomplexstakeholderenvironments,includingcompanieswith
international
shareholdersandcross-border operation.
Ms. Lacerda
is currently the Head of SouthAmerica for Conquer AI, where she leads AI advisorystrategy
supporting
executivesandboardsin adoptingAI-drivendecision-makingandAI Natives.She currently
serves as independent
director,chairof the audit& risk committeeand memberof thepeople committee
of Vivara
Participações(B3: VIVA3);independentdirector andmember of therelatedparties committee
of
BBSeguridade(B3:BBSE3);independentdirectorandfinancialexperttotheauditcommitteeof
PagBank
PagSeguro(NYSE:PAGS);independentdirector andchair ofthe audit,risks &relatedparties
committee
of ChinaThreeGorgesBrasil;andindependentdirector andmemberof thehealth,safety&
environment
committeeof IHSTowers (NYSE: IHS).
Ms.
Lacerdaholds aBAin EconomicsfromtheUniversityof SãoPauloandanMBA(Finance)from
Columbia
Business School. She hasan InternationalDirectors Certificate from INSEAD,and a Corporate
Director Certificate
from HarvardExecutive Education.In addition, she holds qualifications in Generative
AI from
the LondonSchoolof Economicsand inDigitalTransformationfrom MIT. Ms.Lacerdais also
a Certified
BoardMemberof theIBGC.
The
BoardbelievesthatMs. Lacerda’sfinancial,risk andM&A expertise,aswell as herexperiencein
global business,
provide necessaryanddesired skills, experience andperspectiveto our Board
.
Lincoln Mali
58 years
old
Director
since 2021
Mr.
Malihasbeen ourChiefExecutiveOfficer:SouthernAfricasince May1,2021,andis afinancial
services
executivewithover25yearsofexperience.Underhisleadership,Lesakahasdelivereda
multiyear turnaround,
moving from loss-making to consistent profitabilityand sustainedEBITDA growth,
recognized
in 2025whenhe wasnamedAll AfricaBusinessLeaderof theYearat the AABLAawards.
Until April 2021, he was head
of group card and paymentsat Standard Bank Group, where he held various
roles since
2001. He chairedthe boardof Diners ClubSouth Africauntil April 2021and served onVisa's
Central
and EasternEurope,Middle Eastand AfricaBusinessCouncil.He isalso foundingPresidentof
the Association
of SouthAfrican PaymentProviders (ASAPP).
Mr.
Mali holdsBA andLLB degreesfromRhodesUniversityandanMBA fromHenley Management
College, and
completedHarvard Business School's AdvancedManagementProgram. In 2026, he received
an
honorarydegree fromUrban College ofBoston.
The Board
believes Mr. Mali's industryrelationships,turnaroundtrack record and motivationalleadership
style make
him well-suited to serveas adirector.
Ali Mazanderani
44 years
old
Director
since 2020
Mr.
Mazanderanihasbeen ourexecutivechairmansince February1, 2024.Heis afintechinvestorand
entrepreneur.
He isthe co-founderand chairmanof Teya,a pan-Europeanfintech. He is a non-executive
director
onthe boardofThunes(Singapore-basedcrossborderpaymentscompany)andKushki (Latin
American
paymentscompany)andisthevicepresidentofTheEuropeanDigitalPaymentsIndustry
Alliance (EDPIA). He
was previouslyon the board of several other leading paymentscompanies globally,
including
StoneCo (Nasdaq:STNE) in Brazilfrom 2016 to 2022and Network InternationalHoldings Plc
(LSE: NETW)
in the Middle East from2020 to 2021. Hewas formerly a partnerat Actis, a London-based
emerging
marketprivate equityfirm, where heled multiple landmarkfintech investmentsglobally.Prior
to his
career atActis, Mr.Mazanderaniadvisedprivateequity andcorporateclients for OC&C Strategy
Consultants
inLondonandservedasleadstrategyconsultantforFirstNationalBankbasedin
Johannesburg.
Mr. Mazanderani
is a FinanceLeadersFellowat the AspenInstituteand a memberof theAspenGlobal
Leadership Network. He
holds postgraduatedegrees inEconomics fromthe University of Pretoria, Oxford
University and
the London Schoolof Economics,an MBA fromINSEAD anda Masters in Business Law
from
the Universityof St Gallen.
The
BoardbelievesthatMr. Mazanderani’sinternationalexperienceinstrategy,payments,technology,
and
privateequity providenecessaryanddesired skills,experienceandperspectiveto our Board.
7
Venessa
Naidoo
62 years
old
Director
since 2023
Ms. Naidoo is an experienced
non-executivedirector and currently chairs the board of OUTsuranceGroup
Limited
(JSE:OUT),aleadingSouthAfricaninsurancecompanywithoperationsinSouthAfrica,
Australia and
Ireland, andserves on theboard ofFortress Real EstateInvestmentsLimited (JSE: FFB), a
property investment
companywithinvestmentsinSouth Africa, Central andEastern Europe. She resigned
from
the board ofRFGHoldings Limited(JSE:RFG), aconveniencemealssolutions companyin South
Africa, effective
March31, 2026.
She brings
a wealthof experiencein finance,launchingnew technologies,managingrapid international
growth,
restructures,operatingin emergingmarketeconomiesandcurrencies, anddelivering successin
highly
competitiveenvironments.SheholdsaBachelorofAccountingandPostgraduateDiplomain
Accountancy
fromtheUniversityofDurban-WestvilleandisaCharteredAccountant(SA). Shealso
completed
theHarvardBusinessSchoolandUniversityoftheWitwatersrandSeniorExecutive
Programme.
The
BoardbelievesthatMs.Naidoo’sinternationalexperienceinfinanceandaudit,andher
entrepreneurial
trackrecord areessential qualitiesrequiredby our Board.
James Oates
53 years
old
Director
since
September
2026
Mr. Oates
is a seasonedleader and governance,audit, risk, andregulatory complianceexpert. Hehas vast
international
experienceinFortuneGlobal500financialservicescompanies,focusedonoverall
organizational
health andthe keyrisks of cyber,technology,data,financial crimeand conduct.Hehas a
record of
transformingorganizationsto achieveoptimaleffectiveness.
Since 2002,
Mr.Oates servedin variousleadershippositionsatUBS, oneof thelargest globalfinancial
institutions
andtheworld’slargestwealthmanager.HeservedasChiefAuditExecutive,Chief
Compliance
OfficerandGlobalHeadofCompliance&OperationalRiskControl.Mr.Oatesledor
participated
ininvestigating,crisismanaging,andremediatingthemajoreventsaffectingthefinancial
industry globally,
including thesubprimecrisis, marketmanipulation,unauthorized tradingand financial
crime matters.
Mr. Oatesserves onthe boardsof AisonTechnologiesAG,IonaPreparatorySchool and
Raisin
SE,whereheisalsoChairoftheAudit&RiskCommittee.HeisPrincipalofEventumRisk
Advisors
LLC andStrategic Advisorto GrantThorntonLLP andNextWave.
Mr. Oates received a Bachelor
of Business AdministrationHonors degreein Finance from IonaUniversity
and was Series 7 and 63 registered with FINRA. He is ‘Directorship Certified’
by the National Association
of Corporate
Directors (“NACD”) andcertified in Cyber Risk Oversight by the NACD & Carnegie Mellon
University.
The Board
believes thatMr.Oates’ leadership,complianceandrisk expertise, as well as his experiencein
global business,
provide necessaryanddesired skills, experience andperspectiveto our Board.
Kuben Pillay
65 years
old
Director
since 2020
Mr.
PillayhasbeenourleadindependentdirectorsinceFebruary1,2024,andwaspreviouslyour
independent
non-executivechairmanfrom June 2020 until January2024. He serves on a number of South
African
publiccorporateboards,includingasindependentnon-executivechairmanof SabvestLimited
(JSE:
SBP).Hehasretiredfromhispositionas leadindependentdirector ofOUTsurance(JSE:OUT),
effective
November2026. He wasthe non-executive chairmanof the Primedia Group from2014 to 2017
and
served asits groupCEOfrom2009to2014.Mr.Pillaywas amanagingfinancialpartneratpublic
interest
lawfirm,CheadleThompsonandHaysom,from1993to1995beforejoiningMineworkers
Investment
Companyin 1996asafoundingexecutivedirector,andlaterservingas thenon-executive
chairman
from2007to 2014.
Mr.
Pillayhasalsoservedas theindependentnon-executivechairmanof CellC LimitedfromAugust
2017 to
October 2019,and alsoserved as an independentnon-executivedirector ofNutun Limited,(JSE:
NTU),
formerlyTransactionCapitalLimited,untilMarch7,2024.Mr.PillayhasaBALLB fromthe
University
oftheWitwatersrand,Johannesburg,andaMastersinComparativeJurisprudencefrom
Howard
University,WashingtonDC.
The Board
believes thatMr. Pillay’s expertisein legal andcorporategovernance,andmediaand
consumer
affairsandbroadexperienceas adirector of severalpublicly-tradedcompaniescovering a
broad
range ofindustries over manyyears makehim avaluablememberof ourBoard.
8
Ekta Singh
-Bushell
54 years
old
Director
since 2018
Ms.
Singh-Bushellserves onglobaltechnologypublic andprivatecorporateboards.She servesonthe
board
ofSunbeltRentalsInc.(NYSE:SUNB,LSE:SUNB),andChargePoint,Inc.(NYSE:CHPT), a
leading
global EVchargingasa servicecompany,where sheisa memberof theauditcommittee.She
offers
a rarecombinationof auditcommitteefinancialandtechnologyexpertise,complementedby C-
suite experience.
Formerly
sheservedontheboard,aschairoftheauditcommitteeandCOOofDragosInc.,aglobal
cybersecurity
firmfocusedon industrialcontrolsystems. Shehasservedonmultipleglobaltechnology
boards in the past:
Cisco (NASDAQ: CSCO), anindustry-leading portfolioof technology innovationsthat
securely
connectsindustriesandcommunitiesthroughnetworking,security,collaboration,cloud
management,
andotherservices,HuronConsultingGroup(NASDAQ: HURN),aglobalconsulting
company
offering servicesto healthcare,highereducation,and commercialindustries,whereshe served
as
chairofthecompensationcommitteeandmemberofthenominatingandgovernance,financeand
capital allocation
and technologycommittees,TTEC Holdings Inc. (NASDAQ: TTEC)a global customer
experiences
company,DesignerBrandsInc.(NYSE:DBI)andDatatecLimited(JSE:DTC),an
international
ICT solutions andservices group, where she served as the lead independentdirector. She has
chaired
multiple audit,remuneration,nominationandtechnologyandinformationsecurity committees.
From 2016 to 2017,
Ms. Singh-Bushellserved asdeputyto the first vice president, chiefoperating officer
executive
office,at the FederalReserveBank of NewYork.Prior to2016,Ms. Singh-Bushellworked at
Ernst & Young,
serving in various leadership roles includingglobal IT effectivenessleader, US innovation
& digital strategy
leader;and global chief informationsecurity officer.Ms. Singh-Bushell is a memberof
the board of Women’s
Health Access Matters,a non-profit thatsupports increasedawarenessin women’s
health research, and
between 2004 and2014 she served invarious leadership roles for the Asian American
Federation.
Ms.Singh-BushellisaCertifiedPublicAccountantandholdsadvancedinternational
certifications
in governance,sustainability, informationsystemssecurity, audit,andcontrol.
Ms.
Singh-Bushell’sexperienceinfinance,audit,technology,andcybersecurity,aswellasher
international
experiencebring relevant andnecessaryskills,experience,andperspectiveto our Board.
Dan Smith
54 years
old
Director
since 2024
Mr. Smith has
been our Group Chief FinancialOfficersince October 1, 2024.Prior to joining Lesaka,Mr.
Smith
wasa partneranddirector inVCP,wherehewasactivelyinvolvedinthe executionofLesaka’s
acquisition and
funding strategy,as well as other of VCP’s investments.Mr. Smith hasheld various senior
roles in the financial
services sectorsin both SouthAfrica andthe United Kingdom,including leadingthe
mergers and
acquisitions teamat StandardBank South Africa, the non-bankingfinancialinstitutions team
at Nomura
InternationalPLC, PWC CorporateFinanceandSG HambrosSouthAfrica. Mr. Smithis also
a director of
ADvTECHLimited (JSE: ADH),a pan-African educationandresourcing group.
He
holdsaBachelorofCommerce,a Bachelorof Accountinganda HigherDiplomain TaxationLaw
from the University of Witwatersrand
and is a CharteredAccountant(SA).He is a Graduateof the Oxford
Fintech
ProgrammefromtheSaïdBusinessSchool.Mr.Smithalsoholdsvariouscertificationsin
valuation
techniquesandstrategic client management.
The
Boardbelieves thatMr. Smith’sstrong leadershipskills, hisfinancialandaccountingexpertise and
global
experiencewithcorporatetransactionsandcapitalmarketsmakehimwell-suitedtoserveas a
director.
PROPOSAL
NO. 2: RATIFICATIONOF SELECTIONOF INDEPENDENTREGISTEREDPUBLIC ACCOUNTING
FIRM
The
Audit andRisk Committeeof ourBoardhasselected KPMGtoserve asour independentregisteredpublic accounting
firm
forthefiscalyearendingJune30,2027.ArepresentativeofKPMGisexpectedtobepresentattheannualmeeting.Such
representative
willhave anopportunityto make a statementif he or she desires todo so andis expectedto be availabletorespond to
appropriate
questionsfromshareholders.
The
Boardrequests ourshareholdersto ratifythe selectionof KPMGas ourindependentregistered publicaccountingfirm
for the
fiscal yearendingJune30, 2027. Althoughratificationis not requiredby our AmendedandRestatedBy-Laws orotherwise,
the Board
is submitting theselection ofKPMG to our shareholdersfor ratificationas a matterof good corporatepractice. In theevent
our
shareholdersfail toratifythe appointment,the Audit andRiskCommitteemayreconsiderthis selection.Even ifthe selectionis
ratified, the
Audit and Risk Committeein its discretionmayselect a differentregisteredpublic accountingfirm at anytime during the
year
if it determinesthatsuch achangewould be in our bestinterests andthe bestinterests ofour shareholders.
The Board
recommends avote FORthe ratificationof the selectionof KPMG.
9
PROPOSAL
NO. 3: ADVISORYVOTE TOAPPROVEEXECUTIVECOMPENSATION
We
areprovidingyouwiththeopportunitytovotetoapprove,onanadvisorybasis,thecompensationof ourexecutive
officers
namedin the SummaryCompensationTableunder “ExecutiveCompensation,”to whomwe referas our“namedexecutive
officers”
or “NEOs”. Thisproposal,which is commonlyreferred to as “say onpay,”is required by Section14A of the U.S.Securities
Exchange
Act of 1934,as amended(the “ExchangeAct”).
The philosophy
of ourexecutive compensationprogram is tolink compensationto the achievementof our key strategicand
financial
goals.Therefore,werewardourexecutivesfortheircontributionstoourannualandlong-termperformancebytying a
significant
portion of their totalcompensationto key driversof increasedshareholder value.At the sametime, we believe our program
does not
encourageexcessiverisk-taking bymanagement.The “ExecutiveCompensation”section of thisproxystatementbeginning
on page 19,
including the“CompensationDiscussion andAnalysis,” describesin detailour executivecompensationprogram andthe
decisions
madeby theRemunerationCommitteewith respect to ourfiscal yearendedJune 30,2026.
The Board
requests shareholdersto casta non-binding advisoryvoteon thefollowing resolution:
“Resolved,
thatthecompensationpaidtotheCompany’snamedexecutiveofficers,asdisclosedpursuanttothe
disclosure
rulesof theU.S.SecuritiesandExchangeCommission(the“SEC”),includingtheCompensationDiscussionand
Analysis,
compensationtables and narrativediscussions,is approvedon an advisorybasis”.
Because
your voteis advisory,it willnot bebinding uponthe Boardor theRemunerationCommittee.However,the Board
and the
RemunerationCommitteevalue theopinionsexpressedby ourshareholdersand willconsiderthe outcomeof the votewhen
considering
futureexecutivecompensationdecisions.
The Board
recommends avote FORthe approvalof the compensationof our namedexecutiveofficers.
BOARD
OF DIRECTORSAND CORPORATEGOVERNANCE
MEETINGS
OF THEBOARD ANDDIRECTORINDEPENDENCE
Our Board
typically holds a regularmeeting once everyquarter andholds special meetings whennecessary.During the fiscal
year
endedJune30,2026,ourBoardheldatotaloffivemeetings.Eachofourdirectorsattendedall ofthetotalnumberof such
meetings and
the totalnumber of meetingsheld by all committeesof the Boardon which eachsuch director served,during theperiod
for which
each suchdirector served.Weencourageeach memberof the Boardto attendthe annual meetingof shareholders,but have
not adopted
a formal policy with respectto such attendance.Eightout of oureleven directors attendedlast year’s annualmeeting.Mr.
Mazanderani
did not attendthe annualmeeting last year,and neitherdid Ms.Lacerdaand Mr. Oatesbecausethey werenot members
of the
boardatthattime.
The non-employee
directors meet regularly withoutany managementdirectors oremployees present. Thesemeetings are held
on the
day of,or theday preceding,other Boardor committeemeetings.TheBoard annuallyexaminesthe relationshipsbetweenus
and each
of our directors. Afterthis examination,the Board has concludedthatseven of our eleven directorsqualify as “independent”
as defined under
NasdaqRule 5605(a)(2)as that term relates tomembershipon the Board,who are Messrs.Ball, Oates andPillay and
Mses. Gobodo,
Lacerda,NaidooandSingh-Bushell.
10
COMMITTEES
OF THE BOARD
The
BoardhasestablishedanAuditandRiskCommittee,aRemunerationCommittee,aNominatingandCorporate
Governance
Committee,a Social andEthics Committeeand a CapitalAllocation Committee(collectively,the “BoardCommittees”).
The current
membersof ourBoardCommitteesare presentedin the tablebelow:
Director
Audit and
Risk
Committee
Remuneration
Committee
Nominating
and
Corporate
Governance
Committee
Social
and
Ethics
Committee
Capital
Allocation
Committee
Antony
Ball..................................
X*
X
X*
Nonkululeko
Gobodo .................
X
X*
Carolina
Lacerda .........................
X
X
Lincoln Mali
(#) ..........................
X
Ali Mazanderani
(#*) .................
X
Venessa
Naidoo...........................
X
X
James Oates ..................................
X
Kuben Pillay
(^) ..........................
X
X*
X
Ekta Singh-Bushell .....................
X*
X
X
# Executive
* Chairperson
^ Lead
IndependentDirector
Audit and
Risk Committee
The
AuditandRiskCommitteeconsistsofMses.Singh-Bushell,Gobodo,LacerdaandNaidoo,andMr.Oates,withMs.
Singh-Bushell acting
as the Chairperson.The compositionof the Auditand Risk Committeemeets the requirementsfor independence
under current
Nasdaqlisting standardsand SEC rulesand regulations.The Boardhasdetermined thatMses. Singh-Bushell,Gobodo,
Lacerda
,andNaidoo,andMr. Oatesare eachan“auditcommitteefinancial expert”as thatterm is definedin applicableSEC rules,
and that
all members meet Nasdaq’sfinancial literacy criteria.The Audit andRisk Committeeheld 12 meetings duringthe 2026fiscal
year.
See “AuditandRisk CommitteeReport”on page41.
The Audit
and Risk Committeewas establishedby the Boardfor the primarypurposeof overseeingor assisting theBoard in
overseeing
the following:
Audit
●
The
qualificationsandindependenceof ourregistered public
accounting
firm
●
The
organizationandperformanceofourinternalaudit
function
Compliance
Processes
●
Compliance
withSECandotherlegalandregulatory
requirements
●
Compliance
with ethical standardswe haveadopted
●
Review of
our relatedpartytransactions
Financial
Reporting
●
The integrity
of ourfinancialstatements
●
The
accountingandfinancialreportingprocessesandthe
audits
of ourfinancialstatements
●
Our
systemsofdisclosurecontrolsandproceduresand
internal control
over financialreporting
Risk Management
●
Review
ofourriskassessmentandenterpriserisk
management
process
A copy
of ourAudit andRisk Committeecharteris availablefree ofchargeon our website,
www.lesaka.tech
.
11
Remuneration
Committee
The Remuneration
Committeeconsists ofMessrs. Balland Pillayand Ms. Naidoo,withMr. Ballacting as theChairperson.
The composition
of theRemunerationCommitteemeets the requirementsfor independenceunder Nasdaqlisting standardsand SEC
rules and
regulations. TheRemunerationCommitteeheld fourmeetings during the 2026fiscal year.
The Remuneration
Committeehasthe following principal responsibilities,authorityandduties:
Compensation
Structure& Strategy
●
Review
andapproveperformancegoals andobjectives relevantto thecompensationof all our
executive officers,
evaluatethe performanceof each executive officer in light of those goals and
objectives, and
set each executive officer'scompensation,including incentive-based andequity-
based
compensation,basedon suchevaluation
●
Make recommendations
to the Board with respectto incentive-and equity-based compensation
plans
●
Review
andmakerecommendationstotheBoardregardingcompensation-relatedmatters
outside
theordinarycourse,including,butnotlimitedto,employmentcontracts,change-in-
control provisions
andseverancearrangements
●
Administer our
stock option,stock incentive, andother stock compensationplans, including the
function
of making andapproving all grants of options and other awardsto allexecutive officers
and
directors, andall other eligible individuals,under suchplans
●
Administer our
compensationclawbackpolicy
●
Review annually
andmakerecommendationsto theBoardregarding director compensation
●
Assist
managementin developingand,whenappropriate,recommendingtotheBoard,the
design of
compensationpolicies and plans
●
Review
anddiscusswithmanagementthe disclosuresinour“CompensationDiscussionand
Analysis”
andanyotherdisclosuresregardingexecutivecompensationto beincludedinour
public filings
or shareholderreports
●
Recommend
totheBoardwhethertheCompensationDiscussionandAnalysisshouldbe
included
inourproxystatement,AnnualReport, orinformationstatement,as applicable,and
prepare
the relatedreport required bythe rules of theSEC
Human Resources
&
Workforce
Management
●
Generally
overseeour
human
resourcesand
workforce
management
programs
A copy
of ourRemunerationCommitteecharteris availablefree ofchargeon our website,
www.lesaka.tech
.
Nominating
and CorporateGovernanceCommittee
The
NominatingandCorporateGovernanceCommitteeconsistsofMessrs.Pillay,BallandMs.Singh-Bushell,withMr.
Pillay
acting asthe Chairperson.Thecompositionof theNominatingand CorporateGovernanceCommitteemeetsthe requirements
for
independenceunderNasdaqlistingstandardsandSECrulesandregulations.TheNominatingandCorporateGovernance
Committee
held two meetingsduring the2026fiscal year.
The principal
duties andresponsibilities ofthe NominatingandCorporateGovernanceCommitteeare asfollows:
Corporate
Governance
●
Review
ourCorporateGovernance
Guidelines
annuallyandrecommend
changes,
asappropriate,forreviewand
approval
by theBoard
●
Make
recommendationsregarding
proposals
submittedby our shareholders
●
Establish and
monitor proceduresby which
the
Boardwillconduct,atleastannually,
evaluations
of its performance
Board Composition
●
Monitor the
composition,size andindependenceof theBoard
●
Establish criteria
for Board andcommitteemembershipand recommend
to
ourBoardproposednomineesforelectiontotheBoardandfor
membership
on eachcommitteeof theBoard
●
Monitor
ourproceduresforthereceiptandconsiderationofdirector
nominations
byshareholdersandotherpersonsandforthereceiptof
shareholder
communicationsdirected toour Board
●
Make recommendations
to the Board regardingmanagementsuccession
planning and
corporategovernancebest practices
A
copyofourNominatingandCorporateGovernanceCommitteecharterisavailablefreeofchargeonourwebsite,
www.lesaka.tech
.
12
Social
and Ethics Committee
The Social and Ethics Committee
consists of Mses. Gobodo andSingh-Bushell and Messrs. Mali and Pillay, with Ms. Gobodo
acting as
the Chairperson.The Social andEthics Committeeheld three meetingsduring the 2026fiscal year.
The Social
and EthicsCommitteewasestablishedto provideoversightof socialand ethicalmattersrelatedto ourcompany
and
to ensurethatwe are andremaina committedsocially responsible corporatecitizen.
A copy
of ourSocial andEthics Committeecharteris availablefree ofchargeon our website,
www.lesaka.tech
.
Capital
AllocationCommittee
The
CapitalAllocation Committeeconsistsof Messrs.BallandMazanderaniandMs. Lacerda,with Mr.Ball actingas the
Chairperson.
The CapitalAllocation Committeeheld fourmeetings during the2026fiscal year.
The principal
duties andresponsibilities ofthe CapitalAllocation Committeeare asfollows:
Capital
Allocation
●
Review
andmakerecommendationstotheBoard
regarding
majorinvestmentproposalsandcapital
allocations
●
Monitor the execution
of approvedacquisitions and review
the performance
of completedacquisitions
Investment
Management
●
Establish,
overseeandperiodicallyreviewthe
performance
of ourinvestments
●
Ensure
appropriateindependentadviceissoughtin
relation to
majorinvestments
A copy
of ourCapitalAllocation Committeecharteris availablefree ofchargeon our website,
www.lesaka.tech
.
BOARD
LEADERSHIPSTRUCTUREAND BOARDOVERSIGHTOF RISK
Board Leadership
Our
BoardisledbyMr.Mazanderani,whoservesasourExecutiveChairman.Mr.PillayservesastheBoard’sLead
Independent
Director.OurBoardbelievesthisleadershipstructureeffectivelyallocatesauthority,responsibility,andoversight
between
managementandthe independentmembersofourBoard.Itgivesprimaryresponsibilityforouroperationalleadership,
shareholder
engagementandstrategicdirectiontoourExecutiveChairman,whileMr.PillayfacilitatesourBoard’sindependent
oversight
ofmanagement,promotescommunicationbetweenseniormanagementandour Boardaboutissues suchasmanagement
development
and succession planning,executivecompensation,and our performance,engages with other keystakeholders,and leads
our Board’s
considerationof keygovernancematters.
The Board’s
Role inRisk Oversight
Managing risk is
an ongoingprocess inherent inall decisions madeby management.The Board discusses risk throughoutthe
year, particularly
at Boardmeetings when specific actions are considered for approval.The Board has ultimate responsibility to oversee
our enterprise
risk managementprogram. This oversight is conductedprimarily through variouscommitteesof the Board as described
below.
The
AuditandRisk Committeehasdirect oversightof andactivelyassiststhemanagementteam’sprocessin identifying,
assessing, prioritizing
anddeveloping actionplans tomitigate thematerialbusiness, operationalandstrategic risks affecting us.
Furthermore,
theAudit andRiskCommitteeprovides directoversightof risksrelatingto theintegrityof ourconsolidated
financial statements,
internal controloverfinancial reportingand the internalaudit function.TheRemunerationCommitteeoversees
the
managementof risksrelatedtoourexecutivecompensationprogram.TheNominatingandCorporateGovernanceCommittee
oversees the
managementof risks relatedto managementsuccession planning.
REMUNERATION
COMMITTEEINTERLOCKSAND INSIDERPARTICIPATION
None of
the membersof ourRemunerationCommitteehas at anytime been one of our officersor employees.None of our
executive officers
serves or inthe pasthas served as a memberof the Boardor RemunerationCommitteeof any entity thathas one or
more of
its executiveofficers servingon our Boardor our RemunerationCommittee.
13
NOMINATIONS
PROCESSAND DIRECTORQUALIFICATIONS
The
NominatingandCorporateGovernanceCommitteeemploysa rigorousandmultifacetedapproachfor identifying and
evaluating
candidatesfornominationtotheBoardofDirectors.ThisprocessinvolvescontinuousassessmentoftheBoard’s
composition, size,
and independence,and careful considerationof any potential vacancies resulting from employmentchanges or other
circumstances.
Whenvacanciesareanticipatedor occur,theCommitteeactivelyconsidersadiversepoolofprospectivedirector
candidates.
Evaluation
ofcandidatesisconductedduringbothscheduledandspecialmeetingsoftheNominatingandCorporate
Governance
Committee,withconsiderationpossibleatanytimethroughouttheyear.ShareholderrecommendationsforBoard
candidates
are welcomedandsubjectedtothe samethoroughevaluationprocessas nomineesfromother sources.TheCommittee
applies
thequalificationstandardsreferencedaboveto allcandidatesandendeavorstoachieveanoptimalbalanceofknowledge,
experience, and
capabilitywithin the Board.
Additionally,
theCommitteereviewsthesuitabilityof currentBoardmembersforre-election,takingintoaccountfactors
such as
the numberof termsserved,eachdirector’s capacityto devotesufficienttime andattentionto their Boarddutiesinlight of
other
professionalcommitments,andthe evolvingneedsof theBoard.Thereis noprescribedlimiton thenumberof termsthatan
individual may
serve as adirector.
In
collaborationwiththeBoard,theNominatingandCorporateGovernanceCommitteeevaluatestherequisite skills and
attributes
for Boardservice. Pursuantto theCorporateGovernanceGuidelines, the Committeeconsidersa candidate’sindependence,
the
currentneedsoftheBoard,andthecandidate’sbackground,skillset,businessacumen,andanticipatedcontributions.Ata
minimum,
directorsarerequiredtodemonstratethe higheststandardsof professionalethics,integrity,andvalues,coupledwith a
commitment
to representing the long-term interestsof shareholders. Directorsare also expected to possessan inquisitiveand objective
mindset
,practicaljudgment,andmaturewisdom.
We believe the Board
collectively exhibits a balancedportfolio of competencies and capabilities, as illustrated in the following
table.
TheCommitteealsoevaluateseachnon-employeedirector’suniqueskillsetfortheappropriateconstitutionofBoard
committees. Comprehensive
informationregarding each director’s experience, qualifications,and skills is containedintheir respective
biographies
under ProposalNo. 1.
The
NominatingandCorporateGovernanceCommitteemayfurtherconsidertheadvantagesofdiversityincandidates’
perspectives,
backgroundsandexperiences,aswellasthebenefitsarisingfromconstructiveworkingrelationshipsamongBoard
members.
OtherthanprovisionsarticulatedintheCorporateGovernanceGuidelines,theCommitteedoesnotmaintainaformal
diversity policy.
The Nominatingand CorporateGovernanceCommitteeidentified Ms. Lacerdaand Mr. Oateswith theassistanceof
a third-party search
firm, which weengagedand paidto identify andevaluatedirector candidates.Neither Ms. Lacerdanor Mr.Oates
was recommended
by a security holderof ourcompanyand neither director'sappointmentwas made pursuantto any arrangementor
understanding
betweenthe director andanyother person.
3
7
7
6
6
4
7
5
6
7
7
2
4
4
4
4
1
4
4
4
4
4
Sales, brand
and marketing (5)
Mergers
and acquisitions(11)
Risk management
oversight(11)
Accounting
/ finance (10)
Corporate
governance / law(10)
Environment
and climate(5)
People
and culture(11)
Financial
technology(9)
Global
business (10)
Senior executive
leadership (11)
Public company
board (11)
Our director
nominees’ corecompetenciesand capabilities–outof 11nominee directors
Non-executive
Executive
Total directors
14
SHAREHOLDER
COMMUNICATIONSWITH THEBOARD
Any shareholder
who wishesto communicatedirectly with the Boardmaydo so viamail or e-mail,addressedas follows:
Lesaka
Technologies,Inc.
Board
of Directors
P.O.
Box 2424
Parklands,
2121,
South
Africa
E-mail:
investorrelations@lesakatech.com
and
Shareholders
engagingwith usare requiredto includetheir nameand addressin anysuchwritten ore-mailcommunication
and
also indicatewhetherthe senderis ashareholderof ourcompany.The corporatesecretaryshall transmitanycommunicationto
the Board, or individual
director(s), as applicable,as soon as practicableupon receipt. Absent safetyor security concerns, thecorporate
secretary
shall relay allcommunications,without anyother screening forcontent.
CORPORATE
GOVERNANCEGUIDELINES
The
Boardhasadopteda set ofCorporateGovernanceGuidelines. Wewillcontinueto monitorour CorporateGovernance
Guidelines
andadoptchangesas necessarytocomplywithrulesadoptedby theSEC andNasdaqandto conformto bestindustry
practice.
Thismonitoringwillincludecomparingourexistingpoliciesandpracticestopoliciesandpracticessuggestedbyvarious
groups or authorities
active in corporategovernanceand the practices of other public companies.A copy of our Corporate Governance
Guidelines
is availableon our website at
www.lesaka.tech
.
CODE OF
ETHICS
The
Boardhasadoptedawritten codeofethics, asdefinedin theregulationsoftheSEC. Werequire allofourdirectors,
officers,
employees,contractors,consultantsandtemporarystaff,including Messrs.Mazanderani,Smith,Heilbron,KolaandMali,
and other
senior personnelperformingsimilar functions,to adhereto thiscode in addressingthe legaland ethicalissuesencountered
in
conductingtheirwork.Ourcodeofethicsrequiresavoidanceof conflictsofinterest,compliancewithalllawsandotherlegal
requirements,
conductof businessin anhonestandethical manner,integrity andactionsin our bestinterest. Directors,officersand
employees
are required toreport anyconductthattheybelieve in good faithto be anactualor apparent violationof thecode.
The
Sarbanes-Oxley Actof 2002requirescompaniesto haveprocedurestoreceive,retainandtreatcomplaintsreceived
regarding accounting,
internal accountingcontrols or auditingmattersand to allow for the confidentialand anonymoussubmission by
employees of
concerns regardingquestionableaccountingor auditing matters.Wecurrently havesuch proceduresin place. A copyof
our code
of ethicsis availableon our website at
www.lesaka.tech
.
SHARE OWNERSHIP
GUIDELINES
Our
shareownershipguidelinesapplytoourExecutiveChairmanandcertainotherexecutiveofficers.OurExecutive
Chairman
is expectedto ownshares inour companythat havea valueof fourtimes hisannualbasesalaryand ourother executive
officers
areexpectedtoownsharesthathavea valueoftwo timestheirannualbasesalary.Sharesmaybeowneddirectlyby the
individual, owned
jointly with or separatelyby the individual’s spouse, or heldin trust for the benefit of the individual,the individual’s
spouse
or children.Unvestedtime-basedequity awardsacquired throughourstock incentiveplan are includedin the computationof
share ownership.
Shares underlyingstock optionsor stock orstock unitsthat are subjectto futureperformanceconditions(other than
solely continued
employment)do not countas ownershipfor purposesof assessingcompliancewith theshare ownershipguidelines
.
Our non
-employee directorsare not requiredto own sharesin our companyunder our share ownershipguidelines policy.Webelieve
that
this aligns with shareholdingpracticesapplicableto non-employeedirectors in South Africa.
15
COMPENSATION
OF DIRECTORS
Directors
whoare alsoexecutiveofficersdo not receiveseparatecompensationfor their servicesas directors.Duringfiscal
2026,
our non-employeedirectors thenserving on the boardreceived compensationas describedbelow.
Name
Fiscal 2026
Total
Fee
Arrangement
($)
(1)
Fees Earned
or Paid in
Cash
($)
Stock Awards
($)
Stock
Options
($)
Other
($)
(2)
Total
($)
Antony
Ball
136,000
136,000
-
-
20,400
156,400
Nonkululeko
Gobodo
150,500
150,500
-
-
21,439
171,939
Venessa
Naidoo
130,000
130,000
-
-
19,500
149,500
Kuben Pillay
228,000
228,000
-
-
34,159
262,159
Ekta
Singh-Bushell
192,500
192,500
-
-
-
192,500
Dean Sparrow
105,000
105,000
-
-
-
105,000
(1)
Columnrepresents totalfiscal 2026fees forthe full year.
(2)
RepresentsvalueaddedtaxeswhicharestatutoryindirecttaxeschargedinZARonMessrs.BallandPillay’sandMses.
Gobodo
andNaidoo’scompensationandreimbursed tothem.
Directors
receiveabasefeeformembershipontheBoard.DirectorswhoserveonBoardcommitteesand/orserveas
Chairperson
of Board committeesreceive additionalcompensationin recognition of theadditionaltime they arerequired to spendon
committee
matters. In fiscal 2024, we performeda benchmarkinganalysis againstthe annual compensationof non-employee directors
of U.S., UK,
and SouthAfrican comparablecompanies
with a range of
marketequity capitalizationsabove,below and comparableto
ours. The peer group
comprised: AltronLimited,Blue LabelTelecomsLimited,Cantaloupe,Inc.,Capital AppreciationLimited,Cass
Information
Systems, Inc.,CSG Systems International,Inc.,Dave Inc.,EVERTEC, Inc.,Everi Holdings Inc.,Green Dot Corporation,
IDT Corporation
,Medallion Financial Corp.,Model N, Inc.,MoneyLionInc.,PayPoint plc, Repay Holdings Corporation,Synchronoss
Technologies,
Inc.,andTransactionCapitalLimited.
EQUITY
COMPENSATIONPLAN INFORMATION
The following
table sets forth informationregarding our compensationplans under which our equity securities areauthorized
for issuance
as ofJune 30,2026:
Plan Category
Number
of
securities
to be
issued upon
exercise
of outstanding
options, warrants
and rights
(a)
Weighted
average
exercise price of
outstanding
options,
warrants and
rights
(b)
Number
of
securities
remaining
available
for future
issuance
under
equity compensation
plans (excluding
securities
reflected
in column
(a))
(c)
Equity compensation
plans approvedby security
holders
Stock incentive
plan................................................................
1,845,708
$6.52
3,821,116
Awarded
to Mr.Mazanderaniin June 2024
4,000,000
$9.75
N/A
EXECUTIVE
COMPENSATION
ANALYSIS
OF RISKIN OUR COMPENSATIONSTRUCTURE
As
partofitsresponsibilitiestoannuallyreviewallincentivecompensationandequity-basedplans,aswellasevaluate
whether
thecompensationarrangementsofouremployeesincentivizeunnecessaryandexcessiverisk-taking,theRemuneration
Committee
evaluatedthe risk profile ofourcompensationpolicies and practicesforfiscal 2026. In itsevaluation,the Remuneration
Committee
reviewedouremployeecompensationstructures,andnotednumerousdesignelementsthatmanageandmitigaterisk
without diminishing
the incentivizingnatureof thecompensation,including:
●
A balanced
mix betweencashandequity,andannualandlonger-term incentives;
●
Caps
on incentiveawardsatreasonablelevels;
●
Linear payouts
betweentargetlevels with respect to annualcashincentive awards;
●
Discretion
on individualawards,particularlyin special circumstances;and
●
Long-term incentives.
16
The
RemunerationCommitteealsoreviewedourcompensationprogramsforcertaindesignfeaturesthatmayhavethe
potential
toencourageexcessiverisk-taking,including:over-weightingtowardsannualincentives,highlyleveragedpayoutcurves,
unreasonable
thresholds, andsteep payoutcliffs atcertainperformancelevels thatmayencourageshort-termbusinessdecisionsto
meet
payoutthresholds. TheRemunerationCommitteeconcludedthatour compensationprogramsdo notinclude suchelements.
In addition, the Remuneration
Committee analyzedour overallenterprise risks and how compensationprograms may impact individual
behavior
inamannerthatcouldexacerbatethese enterpriserisks.Forthispurpose,theRemunerationCommitteeconsideredour
growth and
return performance,volatility andleverage. Inlight of theseanalyses,the RemunerationCommitteeconcluded thatithas
a balanced
payand performanceprogramthatdoes notencourageexcessive risk-takingthatis reasonablylikely tohavea material
adverse effect
on us.Webelieve ourcompensationprograms encourageand rewardprudentbusiness judgmentand appropriaterisk-
taking over
the long term.
COMPENSATION
DISCUSSIONAND ANALYSIS
EXECUTIVE
SUMMARY In this CompensationDiscussion andAnalysis, we:
●
Outline our compensation
philosophyanddiscuss how theRemunerationCommitteedeterminesexecutivepay.
●
Describe
each elementof executivepay,including base salaries,short-term andlong-term incentivesand executivebenefits. Webelieve thatour compensationprograms andrewardshave beendesignedto motivateour executivesanddrive business
value
thatis ultimately reflectedin our underlying enterprisevaluefor boththe short-andlong-term.
Pay for Performance
The RemunerationCommitteeconsidered the absoluteand relativealignment ofexecutive compensationwhen it considered
the appropriateness
of thelevel andformof compensationandfoundexecutivecompensationandour performanceto be aligned.
Results of
ShareholderSay-on-PayVotes
We
provideourshareholderswiththeopportunitytocastanannual,non-bindingadvisoryvotetoapproveexecutive
compensation
(a “say-on-pay”). At our annualmeeting of shareholdersheld on December8, 2025, 99.8% of thevotes cast on the say-
on-pay
proposalatthatmeetingwerevotedinfavorof theproposal.TheRemunerationCommitteewillcontinuetoconsiderthe
outcome
of say-on-payvotes whenmakingfuturecompensationdecisions for ournamedexecutiveofficers.
Highlighted
CompensationPractices Our executivecompensationand corporategovernancepractices are structured to closely link executivecompensationto our
performance
andincrease long-term shareholdervalue.
To achieve
our objectives,we haveincorporatedthe following practices:
WHAT
WE DO:
WHAT
WE DON’TDO:
●
utilize performance
-basedprograms,including annual
and
long-term incentivesto link executive
compensation
to our performanceandincrease long-
term shareholder
value
●
offer
change-in-control severancegross-up payments
●
structure total
direct compensationfor our named
executive
officers suchthata significantportion is at
risk
●
offer
routine or excessiveperquisitesfor our named
executive
officers
●
utilize mostly
objectiveperformancemetrics in
incentive plans
thatdrive shareholdervaluecreation
●
backdate
or reprice stock options
●
adopt
and enforcea clawbackpolicy thatapplies toour
incentive programs
●
utilize excessive
incentive payments;incentive payments
are capped
to discourageinappropriaterisk taking
●
issue time
-basedawardsto retainkey employees
●
conduct
annualsay-on-payadvisoryvotes
●
establish stock
ownership guidelinesfor certainof our
executive
officers
●
award
severanceonly atthe discretionof the
Remuneration
Committeegiven that there are noformal
severance
arrangements
17
Our named
executiveofficers forfiscal 2026are set forthin the following table:
Name of
ExecutiveOfficer
Title
Ali Mazanderani
Executive
ChairmanandDirector
Dan Smith
Group Chief
FinancialOfficerandDirector
Naeem
Kola
Group Chief
OperatingOfficer
Steven
Heilbron
Head
of CorporateDevelopmentandMergers & Acquisitions andDirector
Lincoln Mali
Chief Executive
Officer: SouthernAfrica andDirector
Fiscal 2026
Compensation Summary
Base Salary.
To
ensure competitiveremunerationand paritythe annualbase salariesofcertainof ourexecutiveswere adjusted.
Effective
September1,2025,Mr.Smith’sannualbasesalarywasincreasedby12.50%fromZAR6,000,000toZAR
6,750,000.
EffectivefromFebruary1, 2026, Mr.Mali’sannualbase salarywas increasedby 6.67%fromZAR 7,500,000to
ZAR 8,000,000
.Messrs. Heilbronand Kola’s annualbase salarywere kept at$400,000,and Mr. Mazanderani’sannual base
salary
was keptat$600,000.
One-off bonus.
On February
25, 2026,the RemunerationCommitteeawarded Mr. Mali aone-offbonusof ZAR 3,500,000.
Performance-Based
AnnualCashIncentive.
Messrs.
Smith,Heilbron,KolaandMalireceivedpaymentsof ZAR3,300,000
($195,181);
$120,000;$160,000and ZAR 3,000,000($177,437), respectively,under the quantitativecomponentof our cash
incentive
awardplan,andrepresenting83%;83%;67%and83%ofthemaximumexpectedperformancerangeforthe
quantitative
componentoftheaward.Messrs.Smith,Heilbron,KolaandMalireceivedpaymentsofZAR2,700,000
($159,694);
$280,000;$140,000and ZAR3,000,000($177,437),respectively,under thequalitativecomponentof our cash
incentive
awardplan,andrepresenting67%;83%;58%and56%ofthemaximumexpectedperformancerangeforthe
qualitative
componentof the award. Messrs.Smith and Mali amountsconverted to U.S.dollars at the averagerate of exchange
for fiscal 2026.
Long-Term
Equity BasedIncentives.
On February
25, 2026, our Board awarded150,000shares of restricted stockto Mr. Mali.
The shares
willvest inthree equaltranchesover athree-yearperiod commencingFebruary 25,2027, and aresubject toMr.
Mali’s
continuousemploymentthrough eachvesting date.
COMPENSATION
PROGRAM OVERVIEWFOR FISCAL2026
The
goalof ourexecutivecompensationprogramis the sameas ourgoalforoperatingourcompany—to createlong-term
value for our
shareholders.To achievethis goal, we seek toreward our namedexecutive officers for sustainedfinancial andoperating
performance
and leadership excellence, toalign their interestswith those of our shareholdersand to encouragethem to remainwith us
for long and
rewarding careers.
Each element
of ourexecutive compensationprogram is designed tofulfill performance,alignment andretention objectives.
These elements consist of salary,
bonus andboth equity and non-equity incentive compensation.Each named executive officer receives
one or more,
but notnecessarily all, ofthese elements.
Compensation
Components
In
determiningthetypeandamountofcompensationforeachexecutiveofficer,wefocusonbothcurrentpayandthe
opportunity
for futurecompensationandseek to combinecompensationelementsso as tooptimize his or her contributionto us.
Pay Mix
We
considerthemix ofourcompensationcomponentsfromyearto yearbased onour overall performance,anexecutive’s
individual
contributions,andcompensationpracticesofotherU.S.-basedandSouthAfrica-basedpubliccompanies,including
companies
inour“peergroup”describedbelow.Wedonothaveanexactformulaforallocatingbetweencashandnon-cash
compensation.
We do, nonetheless, provide for a balancedmix of compensation componentsthat are designed toencourageand reward
behavior
thatpromotesshareholdervaluein both theshort-andlong-term forthe natureof theexecutiverole.
.
18
Our
executivecompensationprogramis designedtoattract,motivateandretain keyexecutivetalentandpromotestrong,
sustainable
long-term performance.The three componentsof total direct compensationdelivered in our program are 1) basesalary; 2)
performance
-based cash annual incentive and/or annual bonus;and 3) performance-based long-term equity-basedincentives. We place
an
emphasisonvariableperformance-based pay.Eachcomponentpromotesvaluecreationandalignsourmanagementteam’s
compensati
on with our long-termstrategic objectives.
Fixed/ Variable
Component
Form
Key Characteristics
Fixed
Base
Salary
Cash
Base
Salaryincreases are
determined
basedon market
considerations
anddo not
necessarily
occur eachyear
Variable
Compensation
Bonus
Cash
Bonus
is discretionaryand
dependent
uponindividual
performance
Performance
-BasedCash
Annual
Incentive
Cash
Awards
are basedon
qualitative
andquantitative
factors
Performance
-BasedLong-
Term
Equity-BasedIncentives
Equity
Equity grants
are subjectto
continued
service and/or
defined
performance
indicators
Other benefits
Cash
Benefits
basedon territory-
specific employment
benefits
available
to peer company
executives
in similar position,
as negotiated
Pay Mix for Named Executive Officers
The
chartbelow illustratesthe mixof theelementsof thefiscal2026compensationprogramwe establishedfor our named
executive
officersusingthemaximumexpectedperformancerangeforthecashincentivecomponent,where“Other”represents
amounts
paidto Mr.Kolaformedicalbenefits.No equityawardswereincludedinthe fiscal2026compensationprogram,andthe
grant of
restricted stockto Mr. Maliin February2026w
as
an
adhoc retentionaward.
100%
45%
45%
45%
46%
55%
55%
54%
54%
1%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Ali Mazanderani
($600,000)
Dan Smith
($871,861)
Steven Heilbron
($880,000)
Naeem Kola
($892,000)
Lincoln Mali
($989,238)
Named Executive
Officers -Mixof Elementsfor 2026 CompensationProgram
Salary
Cash Incentive
Award
Other
19
Compensation
Objectives
Performance
. We seek to motivate
and drive accountabilitywith our namedexecutive officers througha combinationof cash
bonuses,
incentivepayments,grantsofrestrictedstockwithtime-basedvestingconditions,andgrantsofrestrictedstockthatvest
based on
the achievementof predefined levelsof financialand operatinggoals andincreases inourshare priceand/orsatisfactionof
other
financialandstrategicperformancegoals. Basesalary,bonusandnon-equityincentivecompensationare designedtoreward
annual
achievementsand be commensuratewith each executiveofficer’s scopeof responsibility,demonstratedingenuity, dedication,
leadership and
managementeffectiveness.
Alignment
. We seek
to alignthe interestsof ournamedexecutiveofficers withourshareholdersby evaluatingthemon the
basis of
financial andnon-financialmeasurementsthatwe believe ultimatelydrive long-termshareholder value.Theelements ofour
compensation
package thatwebelieve alignthese interestsmost closelyare a combinationof annual quantitativeand qualitativecash
compensation
awardsandrestrictedstockawardswhichvestovertimeandbecomevesteduponthesatisfactionofspecified
performance
goals.
Retention
. Retention
is a keyobjectiveof ourexecutivecompensationprogram.We attemptto retainour namedexecutive
officers by
seekingto providea competitivepay packageand using continuedservice asa conditiontoreceipt of fullcompensation.
The time-bas
ed vesting termsof equityawardshavethe effectof tying this elementof compensationto continuedservice with us.
Implementing
our Objectives
Organization
of the RemunerationCommittee
The Remuneration
Committeetypically holds four regularlyscheduled meetingseach year,with additionalmeetings scheduledwhen
required. There
are currentlythree directorson thecommittee.Eachmemberof thecommitteeis required to be:
●
An independent
director underindependencestandardsestablishedby theNasdaq.
●
A non-employee
director underRule 16b-3 ofthe Securities ExchangeAct of 1934,as amended.
Process
and General IndustryBenchmarking
The Remuneration
Committeeperiodically analyzescompensationdataof companies thatit selects as apeer groupto better
understand
how our pay package compareswiththose companies.The peer group selected by the RemunerationCommitteecomprises
a broad
spectrum ofcompanies,whichrange significantlyin size froma revenue,profitabilityand enterprisevalue perspective.The
peer group consists
of companiesgenerally consideredcomparableto us interms of their businesses(such as beinga paymentsystems
provider)
aswellasothercompanieswithinotherpartsoftheinformationtechnologysectorandthoseoperatinginorproviding
services in emerging
markets.During fiscal 2024 the RemunerationCommitteeengaged Pay Governanceto assist it with a peer group
analysis.
The peer groupincludesU.S. andSouth Africanlisted companies,and consistsof the followingcompanies:Altron Limited,
Blue
LabelTelecomsLimited,Cantaloupe,Inc.,CapitalAppreciationLimited,CassInformationSystems,Inc.,CSGSystems
International,
Inc.,DaveInc.,EVERTEC,Inc.,EveriHoldingsInc.,Green DotCorporation,IDTCorporation,Medallion Financial
Corp.,
Model N, Inc.,MoneyLionInc.,PayPointplc, RepayHoldings Corporation,Synchronoss Technologies,Inc.,and Transaction
Capital
Limited.No benchmarkingwasdonein thisfiscalyearandwe willembarkon arefreshedpeerreviewprocessfor thenew
financial
year.
In
theearlypartofeachfiscalyear,theRemunerationCommitteeestablishesbasesalariesandsetstheshort-termcash
incentive award
plan remunerationtargets andpaymentcriteria. Followingthe end ofeach fiscalyear,the RemunerationCommittee
determines
theannualincentivecashpaymentsandbonuses,ifany,tobemadetoeachexecutiveofficerbasedontheirandour
performance
during the fiscal year.The RemunerationCommittee’sprocess fordeterminingcompensationincludes an analysis ofall
elements
ofcompensation.TheRemunerationCommitteecomparesthesecompensationcomponentsseparatelyandintotalto
compensation
atthe peergroupcompanies,takingintoaccount,amongother things,ourrelativemarketcapitalizationagainstthe
members of the peer group. The compensation
of other named executive officers isgenerally determinedbased on specific performance
criteria established
by theExecutiveChairmanandapprovedby theRemunerationCommittee.
Employment
and Other Agreements
We
have enteredinto employmentagreementsand restrictive covenantagreementswitheach of Messrs.Mazanderani,Kola,
Smith and
Heilbron in connectionwith theirroles as our ExecutiveChairman,Group Chief OperatingOfficer,Group ChiefFinancial
Officer
andHeadofCorporateDevelopmentandMergers&Acquisitions,respectively.Inaddition,eachofMessrs.Kola,Mali
,
Mazanderani
andSmith,respectively,andourwhollyownedsubsidiary,LesakaTechnologiesProprietaryLimited,enteredinto
contracts
of employment(“SA EmploymentContract”)which becameeffectiveon July1, 2021,March1, 2022,July1,2026and
October
1,2024,respectively.Allfiveexecutiveshavealsoenteredintoarestrictivecovenantagreementwithus.Eachofthese
executive
officersis entitledtoreceiveanannualbasesalaryand,exceptfor Mr.Mazanderani,anannualcashincentiveaward(as
discussed
above).TheemploymentagreementsprovidethateachofMessrs.Mazanderani,Smith,Kola,HeilbronandMali’s
employment
is at-will andallourcurrentnamedofficer’sSAEmploymentContractsprovidethateitherpartymayterminatethe
agreement
with threemonths’notice. FromJune 2024,Mr. Kola’sSA EmploymentContractwas terminatedand heis remunerated
solely
under hisemploymentagreementwith LesakaTechnologies,Inc., whichwasamendedto caterfor allofhisbasesalaryand
medical
benefit.
20
Except for Mr.
Mazanderani,each of namedexecutive officers are subjectto certainrestrictive covenants,as follows: During
their employment,
and for aperiodof 24 monthsthereafter,they maynot solicitemployees toterminateemploymentwith Lesakaor
solicit customers
toaltertheirrelationshipwithLesakaortoengageinanycompetingbusiness.Furthermore,eachsuchnamed
executive officer
is subject to a non-compete(to the effect thatthey may not be interested or involvedin any business whichcompetes
with,
or is similarto, the businessof Lesaka),which enduresduringhis employmentand for aperiodof 24monthsthereafter,in the
case of Mr.
Mali; aperiod of12 monthsthereafter,in the case ofMessrs.Smith andKola; anda period of3 monthsthereafter,in the
case of Mr.
Heilbron. Mr.Mazanderani’srestrictive covenantagreementdoes not containa non-solicitation ora non-competeclause.
Equity
Grant Practices
We
believethatourlong-termperformanceis achievedthroughaculturethatencourageslong-termperformanceby our
executive officers
through the use of stock andstock-basedawards. Accordingly, awardsof restricted stockare a fundamentalelement
in
ourexecutivecompensationprogrambecausetheyemphasizelong-termperformance,andhelpaligntheinterestsofour
shareholders
andemployees.
We
have grantedequity awards throughour stockincentive planwhich wasadoptedby our Board andapprovedby our shareholders.
In determining
the sizeof anequity awardto anexecutiveofficer,the RemunerationCommitteeconsiders theexecutive’scurrent
cash
totalcompensationpackage(which includes salary,potentialbonusandcashincentive awardplancompensation);any
previously
received equityawards;the valueof thegrant atthe timeof theaward;andthe numberof sharesavailablefor grants
pursuant
to our stockincentive plan.When awardingequity compensation,managementandthe RemunerationCommitteeseek to
weigh the
cost ofthese grantswith their potentialbenefitsas acompensationtool.
ELEMENTS
OF 2026COMPENSATION
Base Salaries
Our
executivecompensationprogramsemphasizeperformance-based pay.This includes annualbonusesandequity–based
long-term
incentiveawards.However,base salariesremaina necessaryand typicalpart ofcompensationfor attracting andretaining
outstandi
ng employeesatall levels.
Factors Considered
in DeterminingBase Salaries
ü
Individual
contributionsandperformance
ü
Internal
equity
ü
Retention
needs
ü
Experience
ü
Complexity
of roles andresponsibilities
ü
Succession
planning
Adjustments
to BaseSalary
To ensure
competitiveremunerationand paritythe annualbase salariesof certain ofour executives wereadjusted.
Effective
September 1,
2025, Mr.Smith’s annualbase salarywas increased by 12.50%from ZAR 6,000,000to ZAR 6,750,000.Effectivefrom
February
1, 2026,Mr.Mali’sannualbase salarywasincreasedby 6.67%from ZAR7,500,000to ZAR8,000,000.Messrs. Heilbron
and Kola’s
annualbase salaries were kept at$400,000,and Mr.Mazanderani’sannual basesalary waskept at $600,000.In addition,
with
effectfromJuly1,2026,Mr.MazanderanireceivedanannualbasesalaryofZAR5,000,000fromLesakaTechnologies
Proprietary Limited
as aconsequenceof his employmentwith this entity.
Performance-Based
Pay
Messrs. Smith,
Heilbron, Kolaand Mali
For fiscal 202
6, the RemunerationCommitteeestablished a cashincentive award planfor Messrs. Smith,Heilbron, Kolaand
Mali pursuant
to whicheach of themwould beeligibleto earn acash incentiveaward basedon a numberof quantitativefactorsthat
directly
impactedourfiscal2026financialperformanceandeachindividual’scontributiontowardtheachievementofcertain
objectives
.
21
Mr.
Smith
The cash
incentive awardplanprovidedfor an expectedperformancerange cashincentive awardof between0%and 120%
of Mr. Smith’s
annualbase salaryof ZAR 6,750,000($399,233 translatedat the average rate of exchangefor the year) for fiscal 2026.
Under the plan, a 50% weighting was based on quantitative
factors and 50% was based on qualitativefactors. The award could increase
to a
maximumof 120% of Mr.Smith’sbase salarybased onthe assessmentof performanceagainst bothquantitativeand qualitative
targets.
Mr.
Heilbron
The cash
incentive awardplanprovidedfor an expectedperformancerange cashincentive awardof between0%and 120%
of Mr.
Heilbron’sannualbase salaryof $400,000for fiscal 2026. Under the plan,a 30% weightingwas basedon quantitativefactors
and 70%
was basedon qualitativefactors. Theaward couldincrease toa maximumof 120% of Mr.Heilbron’sbase salary,basedon
the assessment
of performanceagainstbothquantitativeandqualitativetargets.
Mr.
Kola
The cash
incentive awardplanprovidedfor an expectedperformancerange cashincentive awardof between0%and 120%
of Mr.
Kola’sannual basesalary of $400,000for fiscal 2026. Under the plan,a 50% weightingwas basedon quantitativefactors and
50%
wasbasedonqualitativefactors.Theawardcouldincreasetoamaximumof 120%ofMr.Kola’sbasesalarybasedonthe
assessment
of performanceagainstbothquantitativeandqualitativetargets.
Mr.
Mali
The cash
incentive awardplanprovidedfor an expectedperformancerange cashincentive awardof between0%and 120%
of Mr. Mali’s
annualbase salaryof ZAR 7,500,000($443,593 translatedat the averagerate of exchangefor the year)for fiscal 2026.
Under the plan, a 40% weighting was based
on quantitativefactors and 60% was based on qualitativefactors. The award could increase
to a
maximumof 120%of Mr.Mali’sbase salary,based onthe assessmentof performanceagainst bothquantitativeand qualitative
targets.
Quantitative Portion of the Cash Incentive
Award Plan
Each of
Messrs. Smithand Kolawas eligibleto receivean amountequal to 0% to60% of hisindividualannualbase salary;
Mr.
Heilbron,0%to 36%;andMr.Mali,0% to48%, ifspecifiedquantitativetargets areachieved.The quantitativetargets were as
follows:
Allocation
of quantitativeportion toquantitativetargets
Quantitative
targets:
Smith
Heilbron
Kola
Mali
Group Net
Revenue(A)
10%
10%
10%
10%
Group Adjusted
EBITDA (B)
10%
10%
10%
10%
Net Debt:
EBITDA (C)
10%
-
-
-
Free Cash
Flow Conversion(D)
10%
-
-
-
Positive Earnings
10%
10%
10%
10%
Consumer
Segment AdjustedEBITDA (E)
-
-
-
10%
Synergies
(F)
-
-
20%
-
Total
quantitativeportionof cash incentiveawards
50%
30%
50%
40%
(A) Group Net
Revenuetargetof ZAR 6.0billion.
(B) Group
AdjustedEBITDA targetof ZAR 1.288billion.
(C) Net
Debt to EBITDAtargetof less than1.9 times.
(D) Free
CashFlow conversiontargetof morethan51% ofGroup AdjustedEBITDA
(E) Consumer
Segment AdjustedEBITDA targetof ZAR 0.610billion.
(F) Unlock
synergiesin MerchantandEnterprise.
22
Qualitative Portion of the Cash Incentive
Award Plan
Each of
Messrs. Smithand Kolawas eligibleto receivean amountequal to 0% to60% of hisindividualannualbase salary;
Mr.
Heilbron,0%to84%;andMr.Mali,0%to72%,ifspecifiedqualitativetargetsareachieved.Thequalitativetargetswereas
follows:
Mr. Smith was
eligible to receivean amountup to 60% of his annual basesalary based on his contribution towards enhancing
shareholder value
through performancecriteria, which include (withagreed weightingas a percentof total qualitativeaward(50%) in
parentheses):
●
Executing various
financefunctionimprovementplans in fiscal2026(30%);
●
Demonstrable
strengthening of Sarbanes-Oxley(“SOX”)–compliantinternal controls,including improveddocumentation,review
rigor,
andremediationof identifiedcontrol weaknesses(10%);
●
Developing
andmanagingvarioustreasuryandfunding processesin fiscal 2026(5%); and
●
Evolving to
a performanceculture with collaborativeandcohesive culturein the financefunctionacross theorganization(5%).
Mr.
Heilbronwaseligibletoreceiveanamountup to84%ofhisannualbasesalarybasedonhiscontributiontowards
enhancing shareholder
value through performancecriteria, whichinclude (with agreedweighting as a percent of totalqualitativeaward
(70%) in parentheses
):
●
Delivering on
anypotentialM&A objectivesin fiscal 2026(45%);
●
Closing and
integrating the BankZero acquisition(15%); and
●
Embedding
Lesaka’shigh-performancecorporateculture acrossthe organization(10%).
Mr. Kola
was eligible toreceive anamountup to 60% of his annualbase salarybased on his contributiontowardsenhancing
shareholder value
through performancecriteria, which include (withagreed weightingas a percentof total qualitativeaward(50%) in
parentheses)
:
●
Delivering the
integrationof LesakaUtilities (formerly known asRecharger) intoour company(30%);
●
Driving
a single regionalofficefootprintin South Africa(10%); and
●
Supporting
the integration
of
the individual
Merchantbusinesses intoa unifiedMerchantoperation(10%).
Mr. Mali
was eligibleto receive anamountup to 72% of his annualbase salarybased on hiscontribution towardsenhancing
shareholder value
through performancecriteria, which include (withagreed weightingas a percentof total qualitativeaward(60%) in
parentheses):
●
Driving communication,
public relations, brandmanagementandkey stakeholderrelationships (25%);
●
Leading
changeinLesaka’svalue’ssystem,whicharecaringandinclusive,drivingahigh-performancecorporateculture
throughout
the organizationandpromotinga customercentric mindsetacross theorganization(20%);
●
Participating in
policy reformsin the regulatoryenvironmentsin which Lesakaoperates(10%); and
●
Demonstrable
strengtheningofSOX–compliantinternalcontrols,includingimproveddocumentation,reviewrigor,and
remediation
of identifiedcontrol weaknesses(5%).
23
Potential and Actual Payments
The
tablebelow presentsourpotentialpaymentsto Messrs.Smith,Heilbron,KolaandMali relatedto thequantitativeand
qualitative
portions ofour cashincentive awardplanfor fiscal 2026, as well as totalpayments:
2026
Quantitative andQualitativeportionsof cash incentiveawardplan
(1)
Expected
PerformanceRange
Quantitative
Qualitative
Threshold
From
To
From
To
Total
(2)
Dan Smith
Potential
payment
%
-
0%
60%
0%
60%
120%
$
-
-
239,540
-
239,540
479,080
Actual payment
(3)
%
89%
$
354,875
Steven Heilbron
Potential
payment
%
-
0%
36%
0%
84%
120%
$
-
-
144,000
-
336,000
480,000
Actual payment
%
100%
$
400,000
Naeem
Kola
Potential
payment
%
-
0%
60%
0%
60%
120%
$
-
-
240,000
-
240,000
480,000
Actual payment
%
75%
$
300,000
Lincoln Mali
Potential
payment
%
-
0%
48%
0%
72%
120%
$
-
-
212,924
-
319,387
532,311
Actual payment
(3)
%
80%
$
354,874
(1)
All percentages
are derivedfromannualbasesalarywhen cashincentive awardwas approved.
(2)
Total percentage
and USD amountfor potential paymentpresented at the maximumamount of the cash incentive award.
Percentage
actualpaymentrepresents cash incentive awardachieveddivided by base salaryfor theexecutive whencash
incentive was
approved.
(3)
Amounts
translatedto USD from ZAR atthe averagerate ofexchangefor fiscal 2026.
24
In September
2026, theRemunerationCommitteemet and determinedeach elementof ourfinancial performancedescribed
above
and eachexecutive’s contributiontowardthe qualitativeobjectives.The RemunerationCommittee,after consultationwith Mr.
Mazanderani,
determinedthattheexecutiveshadachievedthefollowingquantitativetargetsanddeterminedtoawardtheUSD
amounts
presentedin the tablebelow in respect ofthe quantitativecomponentof thefiscal 2026cashincentive awardplan:
Quantitative
targetand achieved percentagesand USDamounts awarded
Smith
Heilbron
Kola
Mali
Quantitative
targets:
Target
Achieved
Target
Achieved
Target
Achieved
Target
Achieved
Group Net
Revenue
10%
10%
10%
10%
10%
10%
10%
10%
Group Adjusted
EBITDA
10%
10%
10%
10%
10%
10%
10%
10%
Net Debt:
EBITDA
10%
10%
-
-
-
-
-
-
Free Cash
Flow Conversion
10%
10%
-
-
-
-
-
-
Positive Earnings
10%
10%
10%
10%
10%
10%
10%
10%
Consumer
Segment Adjusted
EBITDA
-
-
-
-
-
-
10%
10%
Synergies
-
-
-
-
20%
10%
-
-
Total
(%)
50%
50%
30%
30%
50%
40%
40%
40%
Amount awarded
($)
(1)
$195,181
$120,000
$160,000
$177,437
(1)
Amount
for Messrs. SmithandMali translatedto USD from ZAR atthe averagerate ofexchangefor fiscal 2026.
In September 202
6, the RemunerationCommitteeconsidered whether to makepaymentsinrespect of the qualitativeportion of the
cash
incentiveawardplan.TheRemunerationCommitteedeterminedtoawardMessrs.Smith,Heilbron,KolaandMali,ZAR
2,700,000
($159,694);$280,000;$140,000;andZAR3,000,000($177,437),respectively,ofthequalitativeportionofthecash
incentive award.
Messrs. SmithandMali amountsconvertedto U.S. dollars at theaveragerate ofexchangefor fiscal 2026.
In reaching
its conclusionsregardingMessrs.Smith,Heilbron,KolaandMali, the RemunerationCommitteeconsultedwith Mr.
Mazanderani
regarding each executive’sachievementof their respective qualitativetargets. Takingcognizance ofMr. Mazanderani’s
feedback
ontheperformanceofeachnamedexecutiveagainsttheirindividualqualitativetargets,theRemunerationCommittee
determined
to awardMessrs.Smith,Heilbron, KolaandMali 67%,83%,58% and56%, respectively,of theirmaximumqualitative
target.
Equity grants
Time-based
EquityIncentive Awards
On February
25, 2026, our Boardawarded150,000shares ofrestricted stockto Mr. Mali. Theshares will vest in three equal
tranches
over a three-year periodcommencingFebruary 25,2027, and are subjectto Mr. Mali’scontinuousemploymentthrough each
vesting date.
Performance-based
EquityIncentive AwardsWedid not awardanyperformance-basedequity incentiveawardsto our executivesduring fiscal 2026.
Stock options
awarded
We
did not awardstock optionsto our executivesduring fiscal 2026.
OTHER
CONSIDERATIONS
The Remuneration
Committee’sAdvisors
In February
2024, theRemunerationCommitteeretainedPay Governance,anindependentadvisor,to assist with:(i)a peer
benchmarking
analysisforournon-employeedirector compensation,(ii) a peerbenchmarkinganalysisforourexecutiveofficer’s
compensation
,and(iii) toperformasummaryreviewfroma riskperspectiveofourexecutivecompensation.TheRemuneration
Committee
hasthesoleauthoritytoselect,compensateandterminateitsexternaladvisors.TheRemunerationCommitteehas
determined,
basedonitsanalysisofNASDAQrequirements,thattheworkofPayGovernanceandtheindividualcompensation
advisors
employedby PayGovernanceas compensationconsultantsto us hasnot createdanyconflict ofinterest.
Policies
and Practices Regardingthe Timingof Option Grants
The Remuneration
Committeegenerally approves annualequity awards for officers atitsregularly scheduled meetings, which
are
setinadvance.TheCommitteedoesnottimethegrantingofawardsincoordinationwiththereleaseofmaterialnon-public
information
(“MNPI”).TheCommitteemaygrant equityawardsto newhiresor forretentionpurposesoutsideof theannualgrant
25
cycle, but
such grantsare nottimed totakeadvantageof MNPI.
The Committee
does not take MNPI into accountwhen determining the timing or termsof equity awards,and we do not time
the disclosure
of MNPI forthe purposeof affectingthe valueof executivecompensation.
During
fiscal year2026, wedid notgrant anystock optionsor stockappreciationrights tonamedexecutive officerswithin
the
periodbeginningfourbusinessdaysbeforeandendingonebusinessdayafterthefiling ofaperiodicreportorthefilingor
furnishing of
a Form8-K thatdiscloses MNPI. Therefore,no tabulardisclosure is requiredunder Item402(x)(2) ofRegulationS-K.
Insider Trading
Policy
We
maintain an Insider Trading Policy
governing thepurchase,sale andother dispositionsof oursecuritiesby ourofficers,
directors,
employeesandconsultants.WebelieveourInsiderTradingPolicyisreasonablydesignedtopromotecompliancewith
insider trading laws, rules
and regulations, as well as the Nasdaqlisting standardsapplicable to us. OurInsider TradingPolicy prohibits
trading while
in possessionof materialnonpublic informationand duringblackoutperiods, and providesforpreclearanceprocedures
for our officers,
directors andother employees,as well as other relatedpolicies andprocedures,including as describedbelow.
The Insider Trading
Policy is attachedas an exhibit to our AnnualReporton Form 10-K filed with the SEC on September9,
2026.
Clawback Policy
The Remuneration
Committeeadopted a compensation clawbackpolicy inNovember 2023which applies to namedexecutive
officers
whoreceive“incentivecompensation”.ForpurposesoftheClawbackPolicy“incentivecompensation”meansany
compensation
that is granted,earned,or vestedbasedwholly orinpartuponthe attainmentof afinancial reportingmeasure,which
are measures that
are determined and presented in accordancewiththe accounting principles used in preparing our financialstatements,
and any
measuresthat arederivedwhollyor inpartfrom suchmeasures,and includesstock priceand totalshareholderreturn(each
such
measure,a “FinancialReportingMeasure”).Incentive-basedcompensationshall be deemedtohavebeenreceivedduring the
fiscal period
in whichthe FinancialReporting Measurespecified inthe incentive-based compensationaward is attained,even if such
incentive-based
compensationis paidorgrantedaftertheendofsuchfiscalperiod.Fortheavoidanceof doubt,incentive-based
compensation
doesnotincludeannualsalary,compensationawardedbasedoncompletionofaspecifiedperiodofservice,or
compensation
awardedbasedon subjectivestandards,strategic measures or operationalmeasures.
The policy
appliesto all incentive-basedcompensationreceived by thecoveredexecutives:(i) afterbeginningserviceas an
executive
officer,(ii)whoservedasanexecutiveofficeratanytimeduringtheperformanceperiodforsuchincentive-based
compensation,
and(iii)during thethree completedfiscal yearsimmediatelypreceding aRestatementDate (asdefinedbelow).
In the event
of a restatement,which forpurposes ofthe Clawbackpolicy refersto an accountingrestatementdue to material
noncompliance
by us withanyfinancialreporting requirementunderthefederalsecurities laws,includinganyrequiredaccounting
restatement
to correct anerrorin previouslyissued financialstatementsthat is materialto thepreviouslyissued financialstatements,
or that would
result in a materialmisstatementif the error were corrected in thecurrent periodor left uncorrectedin thecurrent period
(a
“Restatement”),we arerequired,as promptlyas reasonablypossible,torecoveranyerroneouslyawardedcompensation,which
refers to,
with respectto eachcoveredexecutive inconnectionwitha Restatement,the amountof incentive-basedcompensationthat
exceeds the
amountof incentive-basedCompensationthat would have been receivedby the covered executivehad it been determined
based on the
restated amounts,without regard to any taxespaid by the coveredexecutive(any such amountbeing hereinafter referred
to as “Erroneously
AwardedCompensation”)received by an executive duringthe three completedfiscal years immediatelypreceding
the
RestatementDate, whichisconsideredtobetheearlierof(i)thedateourBoard,acommitteeof ourBoard,or officer(s)are
authorized
to take such actionif Board actionis not required,concludes,or reasonablyshould have concluded,that we are required to
prepare a Restatement
,or (ii) thedate a court, regulator,or other legallyauthorizedbody directs us to preparea Restatement(any such
date
being hereinafterreferred to asthe “RestatementDate”).
For
incentive-basedcompensationbasedon stockprice ortotalshareholderreturn,ourBoardis requiredtodeterminethe
amount
of Erroneously AwardedCompensationbased on a reasonableestimateof the effectof theRestatementon the stockprice or
total shareholder
return uponwhich the incentive-based compensationwas received and we are requiredto documentsuch reasonable
estimate
andprovidesuchdocumentationtotheNasdaq.Subsequentchangesinanexecutive’semploymentstatus,including
retirement
or terminationof employment,does notaffectour rightsto recoverincentive-basedcompensationunder thepolicy.Our
Board
isrequiredtodetermine,initssolediscretion,themethodof recoveringanyincentive-basedcompensationpursuantto the
policy. Such
methodsmay include, but are not limited to: (i)direct recovery by reimbursement,(ii) set-off againstfuture compensation,
(iii)
forfeitureofequityawards,(iv)set-offorcancelationagainstplannedfutureawards,(v)forfeitureofdeferredcompensation
(subject to compliance
with the Internal RevenueCode and relatedregulations),and/or(vi) any other recovery action approvedby our
Board
andpermittedunder applicablelaw.
26
We
arenotpermittedtoindemnifyanycurrentorformerexecutiveofficeragainstthelossofErroneouslyAwarded
Compensation,
andwill notpay,or reimburseanyexecutiveofficer(s),for anyinsurancepolicytofundsuch executive’spotential
recovery ob
ligations.
The Clawback
Policy is attachedas an exhibit to our Annual Report on Form 10-Kfiled with theSEC on September9, 2026.
Anti-Hedging
Policy
We maintain
an insider trading policy that addresseshedging and pledging of our securities. Thepolicy prohibits employees
and
directors fromtrading in puts,calls, optionsor other futurerights to purchaseor sell shares ofour commonstock.
Directors,
officersandother employeesare permittedtopledgesharesheldinourcompany,providedthatthe principal
amount
of the loan securedmaynot exceed40% ofthe valueof thepledgedshares atthe timethe pledgeis given.For thispurpose,
the value
of the shares is thevolume-weighted average priceper shareover the 30 tradingdays endingon the daybeforethe pledge is
given, on
the JSE for shares heldon the SouthAfrican Branch Registeror on Nasdaqfor all other shares, in eachcase as derived from
the Bloomberg
database.
REMUNERATION
COMMITTEEREPORT
For the Year
Ended June30, 2026
The information
containedin this reportshallnot bedeemed tobe “solicitingmaterial”or “filed”with the SECor subject
to the liabilities
of Section18 of the ExchangeAct, except to the extentthat Lesaka Technologies,Inc. specifically incorporatesit by
reference into a document filed under
the Exchange Act.
The Remuneration
Committee, which consists of three independentdirectors, has reviewedand discussed the “Compensation
Discussion
and Analysis”section ofthis proxystatementwith management.Based onthis reviewand discussion,the Remuneration
Committee
recommendedto our Board that the“CompensationDiscussion andAnalysis” sectionbe includedin this proxystatement
and
incorporatedby referenceinto our AnnualReporton Form 10-K.
Remuneration
Committee
Antony
Ball, Chairman
Venessa
Naidoo
Kuben Pillay
EXECUTIVE
COMPENSATIONTABLES
The
following narrative,tablesandfootnotesdescribe the “totalcompensation”earned during fiscalyears2026,2025,and
2024,
as applicable,by our namedexecutive officers.The totalcompensationpresented below inthe SummaryCompensationTable
does not reflect
the actualcompensationreceived by our namedexecutive officersor the target compensationof our namedexecutive
officers in
fiscal 2026, andthereforethe actualcompensationearned.
Target
annualincentive awardsfor fiscal 2026are presentedin the Grantsof Plan-BasedAwardstableon page29.
27
SUMMARY
COMPENSATIONTABLE
(1)
The following table sets
forth the compensationearned by our namedexecutive officers for services rendered duringfiscal years 2026,
2025,
and2024.
Name and Principal Position
Year
Salary
(2)
($)
Bonus
(3)
($)
Stock
Awards
(4)
($)
Option
(5)
($)
Non-Equity
Incentive Plan
Compensation
(6)
($)
All Other
Compensation
($)
Total
($)
Ali Mazanderani,
Executive
Chairman and Director
2026
600,000
-
-
-
-
-
600,000
2025
541,667
-
-
-
-
67,682
(7)
609,349
2024
208,333
-
-
5,480,000
-
20,892
(7)
5,709,225
Dan Smith, Group Chief Financial
Officer and Director
2026
392,781
-
-
-
354,875
-
747,656
2025
246,886
-
911,200
-
251,397
-
1,409,483
Steven Heilbron, Head of
Corporate Development and
Mergers & Acquisitions and
Director
2026
400,000
-
-
-
400,000
-
800,000
2025
391,667
-
-
842,000
240,000
-
1,473,667
2024
350,000
72,366
983,250
-
327,634
-
1,733,250
Naeem Kola, Group Chief
Operating Officer
2026
400,000
-
-
-
300,000
12,000
(8)
712,000
2025
412,500
-
526,500
-
80,000
12,000
(8)
1,031,000
2024
450,000
-
259,031
-
377,551
10,886
(8)
1,097,468
Lincoln Mali,
Chief Executive
Officer: Southern Africa and
Director
2026
456,927
220,140
697,500
-
354,874
-
1,729,441
2025
410,709
-
526,500
-
230,447
-
1,167,656
2024
385,120
-
253,702
-
427,027
-
1,065,849
(1)
Includesonly those columnsrelating tocompensationawardedto, earned by, or paid tothe namedexecutive officers inany of
fiscal 2026, 2025,
and 2024.All other columns havebeen omitted. Mr.Mazanderaniwas appointedas our Executive Chairman
on February
1, 2024.Mr. Smith wasappointedas ourGroup ChiefFinancialOfficer effectiveOctober 1, 2024.
(2)
Messrs.Smith and Mali’s salarywasdenominatedand paid in ZAR, andhas beenconvertedinto USDat the averagemonthly
exchange
rates fortheapplicableperiod.
(3)
Infiscal2026,theRemunerationCommitteeawardedandpaidMr.Malia one-offdiscretionarybonusofZAR3,500,000
($220,140). In
fiscal 2024, theRemunerationCommitteeawarded Mr. Heilbrona discretionarybonus of $72,366related to the
additional
effortexpendedby Mr.HeilbronrelatedtotheAdumotransaction.The applicableamountforMr. Heilbronwas
denominated
andpaidin USD.
(4)
RepresentsFASBASCTopic718 grant datefair valueof restrictedstock grantedunder ourstock incentiveplan. Seenote17
to the consolidated
financial statementsincluded in our AnnualReporton Form 10-K forthe year endedJune 30, 2026, for the
relevant
assumptionsusedincalculatinggrantdatefairvalueunderFASBASCTopic718andfordetailregardingany
conditions
attachedto theawards.
(5)
Represents FASBASC Topic 718 grant datefair value of 500,000 stock options granted under the 2022 Plan to Mr.Mazanderani
as
wellas4,000,000stockoptionsgrantedtoMr.Mazanderanifollowingapprovalobtainedfromourshareholders.Also
includes
1,000,000stockoptionsgrantedunderthe2022plantoMr.Heilbron.Seenote17totheconsolidatedfinancial
statements
included in our Annual Reporton Form 10-K forthe year ended June30, 2026, for the relevantassumptionsused in
calculating
grant datefair valueunder FASBASC Topic 718.
(6)
Non-equityincentive plancompensationrepresents amountsearnedby Messrs. Smith,Heilbron,KolaandMali forthe fiscal
years ended
June 30,2026, 2025,and 2024.The amountsfor Messrs. Smithand Mali weredenominatedand paidinZARand
converted
into USDat the averageexchangerate for theyearin whichthe amountwas earned. Theamountsfor Messrs. Kola
and
Heilbron (for 2026,2025and2024)were denominatedandpaidin USD.
(7)
Represents reimbursementof certain business travelexpenses incurred by Mr.Mazanderaniduring the seven months to January
2025
andthe fivemonthsto June30,2024,andwhichis cappedatanamountof $100,000during a 12-monthperiodfrom
February
1, 2024 toJanuary31, 2025.
(8)
Representspaymentsmadeby usforMr.Kola’shealthcareplancontributionswhich,untilMay2024,werepaidinZAR
converted
into USD at the applicablemonthlyaverage exchangerates for the periods when paid, and from June 2024,were paid
in USD.
28
PAY
RATIODISCLOSURE
Mr. Mazanderani
had total compensationfor fiscal year 2026of $600,000,as reflected inthe SummaryCompensationTable
above.
Wehave selectedJune 30,2026, asthe dateto identifyour medianemployee.As of June30, 2026, we had3,861employees
and we
have used these3,861employeesas ourpayratio disclosure population.All of our employeesincluded inthis populationare
based
in jurisdictionsoutside ofthe UnitedStatesandthe vastmajority,approximately99%, ofthese employees,areemployedin
South
Africa.
We have
used the annualized functionalcurrency base salaryof our employees included in our pay ratio disclosure population
as of June 30, 202
6, and calculatedthe United States dollar equivalentof these salariesby converting thefunctionalcurrency amounts
to United States
dollarsusing exchangerates as of June 30,2026. Wehave sorted thislist fromlowest to highestand we estimatethat
our
medianemployeehadaUnitedStatesdollarequivalentsalaryof$9,568asofJune30,2026.Mr.Mazanderani’sgrossed-up
annualized
fiscal year2026basesalarywas approximately63 timesthatof ourmedianemployee.
The pay
ratio identifiedaboveis a reasonableestimatecalculatedin a mannerconsistentwith SEC rules. Payratios thatare
reported by our
peers maynot be directly comparableto ours because of differencesin the compositionof each company’sworkforce,
as well as
the assumptionsandmethodologiesused in calculatingthe payratio, aspermittedby SEC rules.
ACTUAL
2026COMPENSATIONMIX
The
chartbelow illustratesthemixof theactualelementsof thecompensationprogrampaidin fiscal 2026for ournamed
executive
officers:
100%
53%
50%
56%
26%
40%
47%
50%
42%
21%
13%
2%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Ali Mazanderani
($600,000)
Dan Smith
($747,656)
Steven Heilbron
($800,000)
Naeem Kola
($712,000)
Lincoln Mali
($1,729,441)
Actual 2026
compensationmix
Salary ($)
Stock Awards ($)
Cash Incentive Award ($)
Bonus ($)
Other ($)
29
GRANTS
OF PLAN-BASEDAWARDS
(1)
The following
table providesinformationconcerning non-equity andequity incentive plan awardsgranted duringfiscal 2026
to each
of ournamedexecutiveofficers.
Estimated Future Payouts Under Non-Equity
Incentive Plan Awards
(2)
All Other
Stock
Awards:
Number of
Shares of
Stock or
Units
Grant Date
Fair Value
of Stock and
Option
Awards
Name
Grant Date
Date of
Committee
Action
Type of
Award
Threshold
($)
Target
(%)
(3)
Maximum
($)
(#)
($)
Dan Smith
-
25/02/2026
AC
-
0% - 120%
479,080
-
-
Steven Heilbron
-
25/02/2026
AC
-
0% - 120%
480,000
-
-
Naeem Kola
-
25/02/2026
AC
-
0% - 120%
480,000
-
-
Lincoln Mali
-
25/02/2026
AC
-
0% - 120%
532,311
-
-
25/02/2026
25/02/2026
RS
-
-
-
150,000
697,500
(1)SO(stockoption);AC(annualcashincentiveaward);RS(restrictedstock).Includesonlythosecolumnsrelatingtogrants
awarded
to thenamedexecutiveofficers in fiscal2026.Allother columnshavebeen omitted.
(2)
OnFebruary25,2026,theRemunerationCommitteeapprovedafiscal2026cashincentiveawardplanforMessrs. Smith,
Heilbron,
KolaandMali. Theplanandthe actualpaymentsmadethereunder aredescribed indetail under“—Compensation
Discussion
andAnalysis—Elementsof2026Compensation—Performance-Based Pay—Messrs. Smith,Heilbron,Kolaand
Mali—Potential
and Actual Payments”.There was no threshold for the qualitativeportion of the award plan. Messrs.Smith and
Mali’s
amounttranslatedfromZAR to USD using the averagerate of exchangefor theyearendedJune 30,2026.
(3)
Targetrepresentstheexpectedperformancerange(referto“—CompensationDiscussionandAnalysis—Elementsof2026
Compensation
—Performance-BasedPay”).
30
OUTSTANDING
EQUITYAWARDSAT2026FISCAL YEAR-END
The following
tableshows all outstandingequity awards heldby our namedexecutive officersat the endof fiscal2026. The
market
valueof unvestedshares reflectedin thistableis calculatedby multiplyingthenumberof unvestedshares bythe pershare
closing price
of $ 4.97of ourcommonstock onJune 30,2026,the lasttrading dayof thefiscal year.
Option Awards
Stock Awards
Number of
Securities
Underlying
Unexer-
cised
Options
(#) Exer-
cisable
Number of
Securities
Underlying
Unexer-
cised
Options
(#) Unexer-
cisable
Option
Exercise
Price
($)
Option
Expiration
Date
Number of
Shares or
Units of
Stock That
Have Not
Vested
(#)
Market
Value of
Shares or
Units of
Stock That
Have Not
Vested
($)
Equity
Incentive
Plan
Awards:
Number of
Unearned
Shares,
Units or
Other
Rights That
Have Not
Vested
(#)
Equity
Incentive
Plan
Awards:
Market or
Payout Value
of Unearned
Shares, Units
or Other
Rights That
Have Not
Vested
($)
Ali Mazanderani
500,000
-
3.50
1/31/2029
-
-
-
-
-
1,000,000
6.00
1/31/2029
-
-
-
-
-
1,000,000
8.00
1/31/2029
-
-
-
-
-
1,000,000
11.00
1/31/2029
-
-
-
-
-
1,000,000
14.00
1/31/2029
-
-
-
-
Dan Smith
-
-
-
-
66,667
(1)
331,335
-
-
-
-
-
-
-
-
120,000
(2)
596,400
Steven Heilbron
-
350,000
6.00
1/31/2029
-
-
-
-
-
250,000
8.00
1/31/2029
-
-
-
-
-
100,000
8.00
1/31/2029
-
-
-
-
-
150,000
11.00
1/31/2029
-
-
-
-
-
150,000
14.00
1/31/2029
-
-
-
-
Naeem Kola
-
-
-
-
56,250
(3)
279,563
-
-
-
-
-
-
-
-
150,000
(2)
745,500
Lincoln Mali
-
-
-
-
55,093
(3)
273,812
-
-
-
-
-
-
-
-
150,000
(2)
745,500
-
-
-
-
150,000
(4)
745,500
-
-
(1)
These shares ofrestricted stock were awarded in October2024, and one third of theseshares are scheduledto vest on eachof October 1, 2025,
2026 and 2027, with vesting conditioned upon continuous service through the applicable vesting date.
(2)
These shares of restricted stock were awardedin November 2024 and will vest infull subject to the satisfaction of the followingconditions:
(1) the price of our
common stock is equal to or exceeds certain stockprice levels during specific measurement periodsfrom September 30,
2024 to September 30, 2027, and (2) the recipient is employed by us on a full-time basis when the condition in (1) is met.
(3)
These shares of restricted stock were awarded in October 2023 and will vest in full subject to the satisfactionof the followingconditions: (1)
the price of our common
stock is equal to or exceedscertain stock price levels during specificmeasurement periods from September 20, 2024
to November 17, 2026, and (2) the recipient is employed by us on a full-time basis when the condition in (1) is met.
(4)
These shares of restricted stockwere awarded in February 2026, andone third of these sharesare scheduled to vest on each of February25,
2027, 2028 and 2029, with vesting conditioned upon continuous service through the applicable vesting date.
31
OPTION
EXERCISESAND STOCKVESTED
There
werenostockoptionsexercisedbyournamedexecutiveofficers.Thefollowingtableshowsallstockawardsthat
vested
during fiscal2026:
Stock Awards
Name
Number of shares
acquired on vesting
(#)
Value Realized
on Vesting
($)
(1)
Dan Smith
33,333
139,332
(1)
Thevaluerealizedonvestingis calculatedastheclosingpriceofourcommonstock onthevestingdatemultipliedbythe
number
of commonshares ofrestricted stockthatvested
.
32
PAY
VERSUS PERFORMANCEDISCLOSURES
As required by Section
953(a) of the Dodd-Frank WallStreet Reform andConsumer ProtectionAct, andItem 402(v) of Regulation S-Kpromulgatedunder the ExchangeAct, we are providing
the
followinginformationaboutthe relationshipbetweenexecutivecompensationactuallypaid andcertainfinancialperformanceof ourcompany.Referto theCompensationDiscussionand
Analysis section
for furtherinformationconcerning our variablepay-for-performancephilosophyandhow it aligns executive compensationwith our performance.
Year
Summary
compensation
table total for
first PEO
Summary
compensation
table total for
second PEO
Compensation
actually paid to
first PEO
Compensation
actually paid to
second PEO
Average
summary
compensation
table total for
non-PEO NEOs
Average
compensation
actually paid to
non-PEO NEOs
Value of initial fixed $100
investment based on:
Net income
(loss)
$ ‘000
Group Adjusted
EBITDA
ZAR ‘000
Total
shareholder
return
Peer Group
Total
shareholder
return
(1)(4)
(2)(4)
(1)(5)
(2)(5)
(3)(6)
(3)(7)
(8)
(9)
(10)
2026
$600,000
N/A
($220,000)
N/A
$997,274
$757,762
$106
$116
$2,758
ZAR 1,274,588
2025
$609,349
N/A
($1,018,451)
N/A
$1,270,452
$943,940
$95
$110
($90,957)
ZAR 906,573
2024
$5,709,225
$1,244,097
$6,371,525
$1,386,802
$1,298,856
$1,347,237
$99
$91
($18,515)
ZAR 675,332
2023
N/A
$1,432,860
N/A
$833,154
$1,283,723
$925,470
$81
$83
($35,935)
ZAR 432,078
2022
N/A
$3,978,441
N/A
$3,996,918
$873,407
$773,282
$109
$71
($44,697)
(ZAR 339,390)
(1)
First Principal
ExecutiveOfficer(“PEO”) is our currentExecutiveChairman,
Mr. Mazanderani
.
(2)
Second
PEO was
Chris Meyer
. Mr.
Meyer’semploymentterminatedon February29, 2024.
(3)
2026
and2025comprise fourNEOs:
Messrs. Smith, Heilbron, Kola and Mali
;
2024
comprise threeNEOs:
Messrs. Heilbron, Kola and Mali
; and
2023
and2022comprise fourNEOs:
Messrs. Heilbron, Kola, Mali, and Alex M.R. Smith
(terminatedemploymentMarch1, 2023).
(4)
Represents the
amountof total compensation reported for eachPEO foreach correspondingfiscal year in the “Total”column of the SummaryCompensationTable for eachapplicable
fiscal year.
33
(5)
Represents
the amountof “compensationactually paid” to the firstand secondPEOs respectively,as computedinaccordancewithItem 402(v) of Regulation S-K. Thedollar amounts
do not
necessarilyreflect the actualamountof compensationearnedby or paidto therespective PEO duringthe applicablefiscalyear.In accordancewith the requirementsof Item
402(v)
ofRegulationS-K,thefollowingadjustmentsweremadetotherespectivePEO’stotalSummaryCompensationTablecompensationforeachyeartodeterminethe
compensation
actuallypaid
:
First PEO
Second PEO
Year
Summary
compensation
table total
Reported
value of
equity awards
Equity award
adjustments
Compensation
actually
paid
Summary
compensation
table total
Reported
value of
equity awards
Equity award
adjustments
Compensation
actually
paid
(a)
(b)
(a)
(b)
2026
$600,000
$0
($820,000)
($220,000)
N/A
N/A
N/A
N/A
2025
$609,349
$0
($1,627,800)
($1,018,451)
N/A
N/A
N/A
N/A
2024
$5,709,225
($5,480,000)
$6,142,300
$6,371,525
$1,244,097
($441,779)
$584,484
$1,386,802
2023
N/A
N/A
N/A
N/A
$1,432,860
($257,985)
($341,721)
$833,154
2022
N/A
N/A
N/A
N/A
$3,978,441
($2,548,441)
$2,566,918
$3,996,918
(a)
The grant
date fairvalue ofequity awardsrepresentsthe totalof theamountsreported in the “StockAwards”and “OptionAwards”columns in theSummaryCompensationTable
for the
applicablefiscal year.
34
(b)
The
equity awardadjustmentsfor eachapplicable fiscalyear includetheaddition(or subtraction,as applicable)of thefollowing:(i) theyear-end fair valueof anyequity awards
granted in the
applicable fiscalyear thatare outstandingand unvestedas of the endof the fiscal year;(ii) the amountof change as of the endof the applicablefiscal year (fromthe
end of the
prior fiscalyear) in fair valueof anyawards grantedin prior fiscalyears thatare outstandingand unvestedas of the end ofthe applicablefiscal year;(iii) for awardsthat
are granted
and vest in same applicablefiscal year,the fair value as ofthe vesting date;(iv) for awards grantedin prior yearsthat vest in the applicablefiscal year,the amountequal
to the change as of the vesting date
(from the end of the prior fiscal year) in fair value; and(v)for awardsgranted in prior fiscal years thatare determined to fail to meet the applicable
vesting conditions
during the applicablefiscal year,a deduction forthe amountequal to the fair valueat the end of theprior fiscal year;and (vi) the dollar valueof anydividends or
other earnings
paid on stockor option awardsin the applicablefiscalyear prior to thevesting date thatare not otherwisereflected in thefair value of suchaward or includedin any
other component
of total compensationfor the applicable fiscal year(therewere no adjustmentsrelated to item (vi)). The valuationassumptions used to calculatefair values did not
materially differ from
those disclosedat the time of grant. The amountsdeducted or added in calculating the equity award adjustmentsare as follows(only applicableyears presented
for each
respective PEO).
Year
(i)
Year
EndFair Valueof
Unvested
Covered Year
Equity Awards
(ii)
Year
over YearChange
in Fair Value
of
Outstanding
and
Unvested
Prior Year
Equity Awards
(iii)
Fair Value
as ofVesting
Date of
Equity Awards
Granted
and Vestedin
the Year
(iv)
Year
over YearChange
in Fair Value
of Equity
Awards
Granted inPrior
Years
that Vestedin the
Year
(v)
Awards
Granted inPrior
Fiscal Years
that are
Determined
to Fail to
Meet the Applicable
Vesting
Conditions
During the Applicable
Fiscal Year
Equity award
adjustments
First PEO
2026
$0
$0
$0
($820,000)
$0
($820,000)
2025
$0
($1,803,000)
$0
$175,200
$0
($1,627,800)
2024
$6,142,300
$0
$0
$0
$0
$6,142,300
Second PEO
2024
$469,121
$183,382
$0
$155,445
($223,464)
$584,484
2023
$203,927
($550,377)
$0
$4,729
$0
($341,721)
2022
$2,267,323
$0
$299,595
$0
$0
$2,566,918
(6)
Representsthe averageof theamountsreported forour non-PEO NEOsas agroup in the “Total”columnof theSummaryCompensationTablein eachapplicablefiscal year.
35
(7)
Represents
the averageamountof “compensationactually paid” tothe non-PEO NEOs asa group, ascomputedin accordancewithItem402(v) ofRegulationS-K. Thedollaramounts
do
notnecessarilyreflecttheactualaverageamountof compensationearnedbyor paidtothenon-PEO NEOsasa groupduringtheapplicablefiscalyear.Inaccordancewith the
requirements
of Item402(v) ofRegulationS-K,the followingadjustmentswere made toaverage totalSummaryCompensationTable compensationfor thenon-PEO NEOs as a group
for each
year todeterminethe compensationactuallypaid
:
Year
Average
Reported Summary
Compensation
TableTotalfor
Non-PEO
NEOs
Average
Reported Value
of Equity Awards
Average
Equity Award
Adjustments
Average
Compensation
Actually
Paid to Non-PEO
NEOs
(a)
(b)
2026
$997,274
($174,375)
($65,137)
$757,762
2025
$1,270,452
($701,550)
$375,038
$943,940
2024
$1,298,856
($498,661)
$547,042
$1,347,237
2023
$1,283,723
($681,395)
$323,142
$925,470
2022
$873,407
($417,458)
$317,333
$773,282
(a)
The grant
datefair valueof equityawardsrepresents thetotalof theamountsreported in the“Stock Awards”and“Option Awards”columnsin the SummaryCompensation
Table
for theapplicablefiscal year.
36
(b)
The equity
awardadjustmentsfor eachapplicablefiscal yearinclude the addition(or subtraction,as applicable)are asdiscussed abovein footnote(5)(b), and therewere no
adjustments
related toitem (vi) in footnote(5)(b). The amountsdeductedor addedin calculating theequity awardadjustmentsfor our non-PEONEOs are as follows:
Year
(i)
Average
YearEnd Fair
Value
of Unvested Covered
Year
Equity Awards
(ii)
Year over Year Average
Change in
Fair Valueof
Outstanding
and Unvested
Prior Year
Equity Awards
(iii)
Average Fair Value as of
Vesting
Date ofEquity
Awards
Granted and
Vested
in the Year
(iv)
Year over Year Average
Change in
Fair Valueof
Equity Awards
Granted in
Prior Years
that Vestedin
the Year
(v)
Average
AwardsGranted
in Prior Fiscal
Yearsthat
are Determined
to Fail to
Meet the Applicable
Vesting
ConditionsDuring
the Applicable
Fiscal Year
Average
equity
award
adjustments
2026
$186,375
($88,933)
$0
$1,334
($163,913)
($65,137)
2025
$394,525
($12,225)
$0
($7,262)
$0
$375,038
2024
$532,489
$60,656
$0
$69,660
($115,763)
$547,042
2023
$280,876
($159,394)
$341,250
($36,790)
($102,800)
$323,142
2022
$267,099
$16,754
$23,036
$14,944
($4,500)
$317,333
(8)
Cumulative
total shareholderreturn (“TSR”)is calculatedby dividingthe sum of the cumulativeamount of dividends for the measurementperiod, assuming dividend reinvestment,
and
the differencebetween ourshare price atthe endandthe beginning of themeasurementperiod by theCompany’sshare price atthe beginning of themeasurementperiod.
(9)
Peer Group
Total ShareholderReturn(“PGTSR”) representsthe cumulativeTSR of theindustry indexselected,namelythe NasdaqIndustrial Index.PGTSR is calculatedbased
on a fixed
investmentof $100at the beginningof themeasurementperiod and assumesthe reinvestmentof dividends.The indexis weightedbased on themarketcapitalization
of its constituent
companiesin accordancewith the index provider’s methodology.
(10)
Group
AdjustedEBITDAis themostsignificantperformancemeasure usedto link ourcompany’sperformanceto compensationpaidto ourPEO andnon-PEO NEOs. Group
Adjusted
EBITDAisa non-GAAP measureandis calculatedas earnings(netincomeattributableto Lesaka)beforeinterest, tax,depreciationandamortization(“EBITDA”),
adjusted
for non-operationaltransactions(including loss ondisposal ofequity-accountedinvestments, gain relatedto fair valueadjustmentsto currencyoptions), (earnings) loss
from
equity-accountedinvestments,stock-basedcompensationchargesandonce-offitems. Once-offitemsrepresentsnon-recurring expenseitems, includingcostsrelatedto
acquisitions
andtransactionsconsummatedor ultimatelynot pursued
.
37
Tabular
list of financialperformancemeasures
We
haveadopteda cashincentive awardplanfor thecurrent fiscalyearwhich includes anumberof financialandnon-
financial
performancemeasures.We considerthe following to be alist of our mostimportantfinancialperformancemeasuresused
to link co
mpensationactuallypaidto our namedexecutiveofficers forour fiscal 2026companyperformance,as requiredby Item
402(v) of
RegulationS-K, the followingis a list offinancialperformancemeasures:
Smith
Heilbron
Kola
Mali
Group Adjusted EBITDA
Group Adjusted EBITDA
Group Adjusted EBITDA
Group Adjusted EBITDA
Group Net Revenue
Group Net Revenue
Group Net Revenue
Group Net Revenue
Positive Earnings
Positive Earnings
Positive Earnings
Positive Earnings
Description
of RelationshipsBetweenCertain InformationPresented
Item
402(v) ofRegulationS-K requiresthatwe providethe relationshipbetweencompensationactually paid toourPEO
and
ourNon-PEONEOsandournetincomeandthecompany-selected measure,namelyGroupAdjustedEBITDA.Fiscal2026
represented
animportantmilestone inLesaka’s transformationinto a leadingintegratedfintech platform.Followingthe acquisitions
of Adumo and
Utilities in fiscal 2025 andthe continuedintegration of those businesses during fiscal2026, Lesakafurther strengthened
its
Merchant,ConsumerandEnterpriseoperatingsegments,bringingtogethermultiplebusinesseswithinMerchantandcreating a
more
diversifiedplatformwithmultipledriversofsustainablegrowth.Throughoutfiscal2026,managementremainedfocused on
operational
execution, realizing integrationbenefits,scaling higher-marginactivities andimproving profitabilityacrossour company.
Our reported net
income attributableto us improved significantlyover the periodspresented. Net loss attributableto us was
$18.5
million in fiscal2024 and$91.0 millionin fiscal2025. Infiscal 2026,Lesakareturned to profitabilityand reportednet income
attributable
tous ofapproximately$2.8 million.Thesubstantiallyhigherlossreportedinfiscal2025waslargelydrivenbynon-
operational
and non-recurring items,includingtheloss recognizedonthe disposalofourinvestmentin MobiKwikand impairment-
related
charges associatedwith acquired businesses.In contrast,fiscal 2026reflected thebenefits of improvedoperating performance
across our
companyandthe absenceof similar losses of thesamenatureandmagnituderecognized in fiscal 2025.
While
netincomeis animportantmeasureofoverallfinancialperformance,managementbelieves thatGroupAdjusted
EBITDA
providesa moremeaningfulmeasureof theunderlyingoperatingperformanceofour business becauseit excludescertain
non-operational,
non-cashandnon-recurringitemsthatmaysignificantlyimpactreportednetincomeinagivenperiod.Group
Adjusted
EBITDAthereforebetter reflectsmanagement'sabilitytoexecuteouroperatingstrategy,integrateacquisitions,generate
earnings
from core operationsand createlong-termshareholder value.Consistentwith thisview, GroupAdjustedEBITDAfor fiscal
2024
wasZAR675.3million,ZAR906.6millioninfiscal2025andZAR1.3billioninfiscal2026,representinggrowthof
approximately
41% fromfiscal2025tofiscal2026.During thesameperiod,we achievedstrong growthinnetrevenue,operating
income
andadjustedearnings while delivering positive net incomeattributableto us.
Certain
ofourequitygrantsarelinkedtoourfuturesharepriceperformance.Compensationactuallypaidincludesthe
impact
of changesin thefair valueof equitygrantswithperformancemeasureslinked toshare priceperformance.We believethat
changes
inoursharepricearenotonlyimpactedby ourfinancialandoperatingperformance,but alsoimpactedby macrosocio-
economic
events.Compensationactually paidfor fiscal2026wasgenerallyadverselyimpactedby fairvalueadjustmentsfor these
equity awards
because,while our shareprice has increasedfrom$4.49 to $4.97from theend of fiscal2025to the endof fiscal2026,
the fiscal 2026 price
is still lower thanall of our share targets related to theequity grants.Our fiscal 2024 andfiscal 2025 equity grants
linked
tofuturesharepriceperformancedid notachievethespecificsharepricetargetsduringfiscal2026.As wehaverecorded
significant losses
over the past three fiscalyears to June2025, webelieve thatour company-selected measure to monitor performance
incentivizes
our executiveofficersto returnourbusiness to profitability,and webelieve thatthe companyis on the correcttrajectory
to achieve
this basedon our fiscal2026reportedresults.
Accordingly,
our RemunerationCommitteebelieves thatthe compensationactuallypaidto our executiveofficers ismore
closely aligned
with Group AdjustedEBITDA thanwith reported net income, particularlyin periods wherenet income is significantly
affected
by non-operationalitems, acquisition-related chargesor otherone-time events.Thestrong improvementin GroupAdjusted
EBITDA
andthe returnto profitabilityin fiscal2026demonstratethe operatingprogress achievedby managementandsupport the
relationship
betweenexecutivecompensationoutcomesandour performance.
38
..
..
..
..
39
..
..
POTENTIAL
PAYMENTSUPON TERMINATIONOR CHANGE-IN-CONTROL
Under the
termsof theiremploymentagreements,our namedexecutivesare entitledtothreemonthswritten noticebefore
any
terminationwould takeeffect.
Our Stock Incentive
Plan includes change-in-control provisions related to equityawards granted.If the parties to any change-
in-control
transactionsdo notpermit theassumption,continuationor substitutionof awardsunder theStock IncentivePlan thenthe
Stock Incentive
Planand anyawardsgrantedunder it shall terminate.In suchcase,exceptas maybe otherwise providedin relevant
stock award agreements,
all options andstock appreciationrights with time-based vestingconditionsor restrictions thatare not vested
and/or
exercisable immediatelyprior to the effectivetime of the change-in-control shallbecome fullyvested andexercisable as of the
effective
time of thechange-in-control. All otherawards withtime-basedvesting, conditionsor restrictionsshall becomefully vested
and
nonforfeitableas oftheeffectivetimeofthechange-in-control, andall awardswith conditionsandrestrictions relatingto the
attainment
of performancegoals maybecome vestedand nonforfeitablein connectionwith achange-in-control in theRemuneration
Committee’s
discretion orto theextentspecified in therelevantawardagreement(s). In theeventof suchtermination:
●
We
shallhavetheoption(inoursolediscretion)tomakeorprovideforapayment,incashorinkind,tothe
participants
holding optionsand stock appreciationrights, in exchange for thecancellationthereof, in an amountequal to the
difference between
(A) the sale price multiplied by the numberof shares subject to outstandingoptions andstock appreciation
rights (to
the extentthen exercisableat prices not inexcess ofthe saleprice) and(B) the aggregateexercise priceof allsuch
outstanding
options andstock appreciationrights(provided that,out of the money stockoptions andstock appreciationrights
shall be
cancelledfor noconsideration);or
●
Each grantee shall be permitted,
within a specified period of time prior to the consummationof the change-in-control
as determined by the Remuneration
Committee,to exercise alloutstandingoptions andstock appreciationrights(to the extent
then
exercisable) held by suchparticipant.
We
also have the option(in our sole discretion)to makeor provide for a payment,incashor in kind, to thegranteesholding
other
awardsinanamountequalto thesalepricemultipliedbythe numberof vestedshares undersuchawards.Thetreatmentof
awards
uponachange-in-controlmayvaryamongtheawardtypesandparticipantsinthesolediscretionoftheRemuneration
Committee.
Unless otherwisedeterminedby our Board (onthe samebasis or on differentbases asthe RemunerationCommitteeshall
specify), any
repurchaserights or other rights of ourcompanythat relate to an award shall continue to apply to consideration,including
cash,
thathasbeen substituted,assumedor amendedfor anaward.
The 4,000,000
stock options awardedto Mr. Mazanderanihave change-in-control provisions thatare substantivelythe same
as those
included in our StockIncentivePlan.
On the
assumptionthatall restricted stockawardsand500,000stock optionsvestedin a change-in-control transactionor
our
RemunerationCommitteewaivedallvestingconditions(includingperformanceconditions)regardingachange-in-control
40
transaction
closing, ineithercase, onJune30,2026,usingourJune 30,2026,closingpriceof $4.97 andunvestedrestrictedstock
awards
of748,010sharesand500,000stock options,wewouldmakea potentialpaymentof $4.4million toournamedexecutive
officers,
comprising$1.0million,$1.8million,$0.7million,and$0.9milliontoMessrs.Kola,Mali,MazanderaniandSmith,
respectively.
CERTAIN
RELATIONSHIPSAND RELATEDPERSONSTRANSACTIONS
Familial
Relationships
There are no
familial relationshipsamonganyof ourdirectors or executiveofficers.
Policy
Agreement withIFC Investors
Pursuant
tothePolicyAgreement,datedApril11,2016(the“PolicyAgreement”),betweenInternationalFinance
Corporation,
IFCAfrican,LatinAmericanandCaribbeanFund,LP,IFCFinancialInstitutionsGrowthFund,LP,andAfrica
Capitalization
Fund, Ltd.(collectively,the“IFCInvestors”)andus, theIFCInvestorsare entitledto designateone nomineetoour
Board.
TheIFCInvestorsadvisedus thatthe IFCInvestorsregardedMr.Hamidas theindependentdirector nominatedby theIFC
Investors under
the termsof thePolicyAgreement,andhave notnominatedanindependentdirector to replaceMr. Hamidfollowing
his resignation.
In addition,pursuantto thePolicy Agreement,the IFCInvestors havebeen grantedcertainrights, includingthe right
to require
us to repurchaseany shares wehavesold to themuponthe occurrenceof specifiedtriggeringevents, whichwe refer to as a
“put
right”.
Events
triggeringtheputright relateto:(1)usbeingthesubjectofa governmentalcomplaintalleging,a courtjudgment
finding or
an indictmentalleging thatwe (a) engagedin specifiedcorrupt,fraudulent,coercive, collusiveor obstructivepractices,(b)
entered
intotransactionswithtargetsofeconomicsanctions,or(c)failedtooperateourbusinessincompliancewithanti-money
laundering or
anti-terrorism laws,or (2) we rejecta bonafide offer toacquireall of our outstandingshares at atime whenwe havein
place or implement
a shareholderrights plan,or adopta shareholder rightsplantriggered bya beneficialownershipthresholdof less
than
twenty percent.Theput priceper sharewill be thehigherof the priceper sharepaid to us bythe IFCInvestorsand the volume-
weighted
averageprice pershare prevailingforthe 60tradingdaysprecedingthe triggeringevent,exceptthatwith respectto aput
right triggered
by rejectionof abonafide offer,the putprice per share will be the highest priceofferedby theofferor.
Independent
DirectorAgreements
We
haveenteredinto(or,inrespectof Ms.LacerdaandMr. Oates,willenterinto)independentdirector agreementswith
each of
our independentdirectors, providingfor, amongother things,the termsof eachdirector’s service,compensationandliability
insurance
coverage.
Indemnification
Agreements
We
have enteredinto (or,in respectof Ms. Lacerdaand Mr. Oates,will enter into)indemnificationagreementswith eachof
our directors. These agreements
require us to indemnify them,to the fullest extent authorizedor permitted by applicable law,including
the Florida
Business CorporationAct, for certainliabilities to whichtheymaybecomesubjectas aresult of their affiliationwith us.
Review,
Approvalor Ratificationof Related PersonTransactions
We
reviewall relationshipsand transactionsin which we andour directorsand namedexecutive officersor theirimmediate
family members
are participantsto determinewhethersuch personshave a director indirectmaterial interest.Mr.Smithis primarily
responsible
forthe developmentandimplementationof processesandcontrolstoobtaininformationfromthe directorsandnamed
executive officers
withrespect to relatedperson transactionsand for then determining,based on thefacts andcircumstances,whether
we or
a relatedpersonhasa director indirectmaterialinterestin thetransaction.As required underSEC rules,transactionsthat are
determined
to be directlyor indirectlymaterial tous or arelatedperson aredisclosedin ourproxystatement.In addition,our Audit
and Risk
Committeereviews andapprovesor ratifiesany relatedperson transactionthat isrequiredto bedisclosed. Inthe courseof
its review
andapprovalor ratificationof adisclosable relatedpartytransaction,our Audit andRisk Committeeconsiders:
●
The nature
of therelatedperson’sinterest in the transaction;
●
The material
terms ofthe transaction,including, without limitation,the amountandtypeof transaction;
●
The importance
of thetransactionto therelatedperson;
●
The importance
of thetransactionto us;
●
Whether the
transactionwould impair thejudgmentof adirector or executiveofficerto actin our best interest;and
●
Any other
mattersthe Audit andRisk Committeedeemsappropriate.
41
Any member
of the Auditand RiskCommitteewho is a relatedperson withrespect to atransactionunder review maynot
participate
in the deliberationsor vote respectingapprovalor ratificationof thetransaction,provided, however,thatsuchdirector
may
be countedin determining thepresence ofa quorumata meetingof theAudit andRisk Committeethatconsiders the
transaction.
DELINQUENT
SECTION 16(A)REPORTS
Section
16(a) oftheExchangeActrequiresourdirectorsandcertainofficers,aswellaspersonswhoownmorethan10
percent of our common
stock, to file with the SEC initial reportsof beneficialownership onForm 3 and reportsof subsequentchanges
in beneficial
ownershipon Form 4or Form5. Basedsolely onour reviewof theseformsfiled withthe SEC,and certificationsfrom
our executive
officers anddirectors thatno otherreports were requiredfor suchpersons, webelieve thatall directors andofficers and
greater than
10 percent shareholderscompliedwith the filing requirementsapplicableto themfor the fiscal yearendedJune 30,2026,
with the
exception of(i) a lateForm 4 filedon February27, 2026, forMr.Mali, inconnectionwith the forfeitureof restrictedshares
on December
1, 2025,which didnot meetthe agreed performanceconditions,and (ii)Mr. Kolawho failedto timely filea Form 4 in
connection
with the forfeitureof restricted shareson December1, 2025,which did not meetthe agreedperformanceconditions.
AUDIT AND
NON-AUDITFEES
The
followingtableshowsthefeesthatwepaidoraccruedfortheauditandotherservicesprovidedbyKPMG,our
independent
registered public accountingfirm, in 2026and2025,for thefiscal yearsendedJune 30,2026and2025.
2026
2025
$ ‘000
$ ‘000
Audit Fees
2,770
2,949
Audit-Related
Fees
-
-
Tax
Fees
-
-
All Other Fees
18
12
Audit
Fees– ThiscategoryincludestheauditofourannualconsolidatedfinancialstatementsonForm10-K, reviewof
financial
statementsincludedinourquarterlyreportsonForm10-Q,therequiredauditofmanagement’sassessmentofthe
effectiveness
ofourinternalcontroloverfinancialreportingandtheauditors’independentauditofinternalcontroloverfinancial
reporting,
andtheservicesthatanindependentauditorwouldcustomarilyprovideinconnectionwithsubsidiaryaudits,statutory
requirements,
regulatoryfilings,andsimilarengagementsforthefiscalyear,suchas comfortletters,attestservices,consents,and
assistance
with review of documentsfiled with the SEC. This categoryalso includes adviceon audit andaccounting mattersthat arose
during, or
as aresult of, theauditor the review of interim financialstatements.
Audit-Related Fees –
This category consists of assuranceand relatedservices bythe independentregisteredpublic accounting
firm that
are reasonablyrelated to the performanceof the audit or review of our financialstatementsand are not reportedaboveunder
“Audit
Fees”.
Tax
Fees – This category consists of professionalservices rendered by KPMG for taxcomplianceand tax advice. The services
for the
fees disclosed underthis categoryinclude taxreturn reviews andtechnicaltaxadvice.
All Other Fees – This category
consists of miscellaneousfees that are not otherwise includedin the previousthree categories.
Pre-Approval
of Audit andNon-AuditServices
Pursuant to our
Audit and Risk Committeecharter, ourAudit and Risk Committeereviews and pre-approvesboth audit and
non-audit
servicestobeprovidedby ourindependentauditors.Theauthoritytograntpre-approvalsof non-auditservicesmaybe
delegated
to oneor moredesignatedmembersof theAudit andRisk Committeewhosedecisionswill bepresentedto thefull Audit
and Risk Committee
at its next regularly scheduled meeting.During fiscalyears 2026and 2025,all of the services provided byKPMG
were pre-approved
by theAudit andRisk Committee.
AUDIT AND
RISK COMMITTEEREPORT
The
Audit andRisk Committeeof theBoardconsistsof atleast threeindependentdirectors, asrequiredbyNasdaqlisting
standards.
The Audit andRisk Committeeoperatesunder a written charteradoptedby the Board, which isavailableon our website at
www.lesaka.tech
. The Audit and
Risk Committeeis responsible for overseeingour financialreporting process onbehalf of the Board.
The members
of theAudit andRisk Committeeare Mses.Singh-Bushell,Gobodo,Lacerdaand Naidooand Mr.Oates. Ms.Lacerda
and Mr.
Oates joinedthe Auditand RiskCommitteein September,2026.They did not participatein thedeterminationof the matters
discussed
below,asthesediscussionsanddeterminationsoccurredpriortothedateoftheirappointment.TheAuditandRisk
Committee
selects, subjectto shareholderratification,our independentregistered public accountingfirm.
Management
is responsible for ourfinancial statementsand the financialreportingprocess,includinginternal controls.The
42
independent
registeredpublicaccountingfirmisresponsibleforperforminganindependentauditofourconsolidatedfinancia
l
statements
in accordancewith auditingstandardsgenerallyacceptedin theUnitedStatesandof ourinternalcontroloverfinancial
reporting and
for issuing areport thereon.The Audit andRisk Committee’s responsibility is tomonitorandoversee theseprocesses.
In
thiscontext,theAuditandRiskCommitteehasmetandhelddiscussionswithmanagementandKPMG. Mr.Smith
represented
to the Auditand RiskCommitteethat the consolidatedfinancial statementswere prepared inaccordancewithaccounting
principles generally accepted
inthe United States, and the Audit and Risk Committeereviewed and discussed the consolidatedfinancial
statements
withMr. Smithand KPMG.The Audit andRisk Committeediscussed withKPMG the mattersrequired to be discussedby
the
PublicCompanyAccounting OversightBoard(the“PCAOB”)andtheSEC.ThesemattersincludedadiscussionofKPMG’s
judgments
aboutthe quality(not justthe acceptability)of ouraccountingprinciples as appliedto our financialreporting.
KPMG also provided
the Audit andRisk Committeewith the written disclosures andletter required by thePCAOB regarding
KPMG’s
communicationswiththe Audit and Risk Committeeconcerning independence,and the Audit and Risk Committeediscussed
with KPMG
the firm’sindependence.
Based upon
the Auditand RiskCommittee’s discussionwith managementand KPMGand the Auditand RiskCommittee’s
review
of therepresentationsof managementand thedisclosuresby KPMGtotheAuditandRiskCommittee,the AuditandRisk
Committee
recommendedto the Boardthat ourauditedconsolidatedfinancial statementsbe includedin our AnnualReporton Form
10-K for
the yearendedJune 30,2026,for filing with the SEC.
Audit and
Risk Committee
Ekta
Singh-Bushell, Chairperson
Nonkululeko
Gobodo
Carolina
Lacerda
Venessa
Naidoo
James
Oates
SECURITY
OWNERSHIPOF CERTAINBENEFICIALOWNERS ANDMANAGEMENT
The following
tablepresents, asof September25, 2026,informationaboutbeneficialownership ofour commonstock by:
●
each person or group of affiliated
persons who orwhich, to our knowledge, owns beneficially more than5% of our outstanding
shares of
commonstock;
●
each
of ourcurrent directors andnamedexecutiveofficers;and
●
all of
our currentdirectors andexecutiveofficers asa group.
Beneficial
ownershipof sharesis determinedin accordancewith SEC rulesand generallyincludesany sharesoverwhich a
person
exercisessoleorsharedvotingorinvestmentpower.Thebeneficialownershippercentagessetforthbelowarebasedon
85,794,723
shares of commonstock outstandingas of September 25, 2026.All sharesof commonstock, including thatcommonstock
underlying
stock optionsthat arepresently exercisableor exercisablewithin 60 daysafterSeptember 25,2026 (whichwe refer toas
being
currentlyexercisable)byeachperson aredeemedto beoutstandingandbeneficiallyowned bythatperson forthepurposeof
computing
the ownershippercentageof thatperson, butare notconsideredoutstandingfor thepurposeofcomputingthe percentage
ownership
of anyother person.Unlessotherwiseindicated,to ourknowledge,eachperson listedinthe tablebelow hassole voting
and investment
power with respect to the shares shownas beneficially ownedby such person, exceptto the extent applicablelaw gives
spouses shared
authority.
43
Except
as otherwisenoted,eachshareholder’saddressis c/oLesakaTechnologies,Inc.,7 ParksBoulevard,OxfordParks,
Dunkeld,
Johannesburg,2196,SouthAfrica.
Shares
of CommonStock BeneficiallyOwned
Name
Number
%
Antony
Ball
-
-
Nonkululeko
Gobodo
-
-
Steven
Heilbron
(1)
750,000
*
Naeem
Kola
(2)
423,769
*
Carolina
Lacerda
-
-
Lincoln Mali
(3)
480,755
*
Ali Mazanderani
(4)
2,991,538
3%
Venessa
Naidoo
-
-
James
Oates
-
-
Kuben Pillay
-
-
Ekta
Singh-Bushell
7,000
*
Dan Smith
(5)
250,500
*
Dean Sparrow
-
-
Value
CapitalPartners (Pty) Ltd
(6)
15,642,598
18%
IFC Investors
andRelatedEntities
(7)
8,430,676
10%
The Goldman
SachsGroup, Inc.
(8)
4,999,960
6%
Morgan
Stanley
(9)
5,211,240
6%
Directors
andExecutiveOfficers as aGroup
(10)
4,903,562
6%
*Less than
one percent
(1)
Comprises 750,000shares ofcommonstock.
(2)
Comprises (i)217,519shares ofcommon stock;and(ii) 206,250shares ofrestricted stock,the vestingof whichissubjectto the
satisfaction
of certaintime-basedvesting conditions.
(3)
Comprises (i)125,662shares ofcommon stock;and(ii) 355,093shares ofrestricted stock,the vestingof whichissubjecttothe
satisfaction
of certaintime-basedvesting conditions.
(4)
Comprises (i)2,491,538 sharesof common stockand (ii) optionsto purchase500,000 shares ofcommon stock, all ofwhich were
exercisable as
of September25, 2026.
(5)
Comprises (i)63,833 sharesof commonstock; and(ii)186,667 shares ofrestrictedstock,the vestingof whichissubject to thesatisfaction
of certain
financialperformanceandcertaintime-basedvesting conditions.
(6)
VCP hassole voting anddispositive power over these securities. VCP’sbusiness addressis 173 Oxford Road, 8thFloor, Rosebank,
2196,
South Africa. Antony Ball isthe non-executive chairman of VCP. Of the shares reported for VCP, 4,638,259shares have been
pledged as
security for aworking capitalfacility with Peresec.
(7)
Basedon information available tous as of the recorddate, includingAmendment No. 5 to Schedule 13D filed on June 17, 2026, and
subsequent Form
4 filings,theIFC Investorsandrelated entities beneficially ownanaggregate of8,430,676 shares.According to
Amendment
No. 4 to Schedule 13D filed by the IFC Investors and related entities withthe SEC on March 17, 2026: (a) International
Finance Corporation (“IFC”)
beneficiallyowns an aggregateof 3,271,862common sharesas to whichithas sole voting and dispositive
power, (b)
IFC African, LatinAmericanandCaribbeanFund,LP(“ALAC”)beneficiallyownsan aggregateof 1,856,263commonshares
as to which
it has shared voting and dispositive power,(c)IFC African, Latin Americanand CaribbeanFund (GP)LLC (“ALACGP”)
beneficially owns an aggregate of 1,856,263
common sharesas to whichit has shared voting and dispositive power,(d)IFC Financial
Institutions Growth Fund,
LP(“FIG”)beneficially owns an aggregateof 3,302,551common sharesas towhich ithas shared votingand
dispositive power, and
(e)IFC FIGFund (GP),LLP(“FIG GP”)beneficially owns anaggregateof 3,302,551commonshares astowhich
it has shared voting and dispositive
power. Each of ALAC,a United Kingdom limitedpartnership,and FIG,a United Kingdom limited
partnership, is
primarily engaged inthe businessof investinginsecurities.ALACGP, a Delaware limitedliabilitycompany, isprimarily
engaged in the business
of servingas the generalpartner of ALAC.FIG GP,a United Kingdom limitedliabilitypartnership,is primarily
engaged in the business of
servingas the generalpartner of FIG.Each of ALACand FIG arefunds managedby IFC AssetManagement
Company LLC, a
wholly-ownedsubsidiary of IFC, that invests third party capital inconjunction with IFC investments. The business
address
of theaforementionedentities is 2121 PennsylvaniaAvenue,Washington,D.C. 20433.
(8)
According toAmendmentNo.3 to Schedule13Gfiled byThe GoldmanSachs Group,Inc.(“GoldmanSachs”)withthe SECon February
6, 2025, Goldman Sachs has shared
votingand dispositive poweroverthese securities.Goldman Sachs’s business addressis200 West
Street, New York, NY 10282.
(9)
According toAmendmentNo.3 to Schedule13Gfiled by MorganStanley withthe SECon February4, 2025,Morgan Stanleyhasshared
voting and
dispositive power over thesesecurities. Morgan Stanley’sbusiness addressis 1585Broadway,New York, NY 10036.
(10) Represents shares
beneficiallyowned by ourdirectorsand executiveofficers as a group.Includes 748,010 sharesof restrictedstock,the
vesting of which
is subject to certain conditionsdiscussedabove and optionsto purchase500,000shares of commonstock, allof which
were exercisable as
of September25, 2026.
44
ADDITIONAL
INFORMATION
Annual
Report on Form10-K
A
copyof ourannualreport onForm10-K(withoutexhibits)forthe fiscalyearendedJune30,2026,is being distributed
along
withthisproxystatement.Wereferyoutosuchreportforfinancialandotherinformationaboutus, butsuchreportisnot
incorporated
in this proxy statementand is not deemed to be a part of the proxy solicitationmaterial.It is also availableon our website
(
www.lesaka.tech
). In
addition,our annualreport (with exhibits) is availableatthe SEC’s website (
www.sec.gov
).
Shareholder
Proposalsand DirectorNominationsfor the 2027Annual Meeting
Qualified
shareholderswho wishto haveproposals presentedat the 2027annualmeeting of shareholdersmustdeliver them
to us by
June 8,2027,in order tobe consideredfor inclusionin next year’sproxystatementand proxypursuantto Rule 14a-8 under
the Exchange
Act. Shareholderswhointend topresent anitem ofbusiness for our2027annualmeeting of shareholders(other than a
proposal presented
for inclusion in next year’s proxy statementand proxy pursuantto Rule 14a-8)must provide notice of such business
to
us byJune8, 2027,as setforthmorefully inSection2.08ofourAmendedandRestatedBy-Laws.Shareholderswhowish to
nominate
one or morepersonsfor electionas directorsmustprovidenotice ofsuch nominationsto usbyJune8, 2027,as setforth
more fully
in Section4.16 ofour Amendedand RestatedBy-Laws. In addition,shareholderswhointend tosolicit proxiesin support
of director nominees
other thanour nomineesmust providenotice tous thatsets forth theinformationrequired by Rule14a-19under
the Exchange
Act no laterthanSeptember 19, 2027.All proposals andnominationsmust be deliveredto us at ourprincipalexecutive
offices
atP.O. Box2424,Parklands2121,SouthAfrica.
Householding
of ProxyMaterials
We
have adopteda procedure approvedby the SEC called “householding”.Under this procedure,multiple shareholderswho
share the same
last nameand addresswill receive onlyone copy ofthe annualproxy materials, unlessthey notify us thattheywish to
continue
receiving multiplecopies. Wehaveundertakenhouseholdingto reduceour printing costs andpostagefees.
If you wish
to opt out of householdingand receive multiplecopies of the proxymaterials atthe same address,you maydo so
at any
time prior to30 daysbefore themailing ofproxymaterials, bynotifying usin writingat: LesakaTechnologies,Inc.,P.O.Box
2424, Parklands
2121, South Africa, Attention: LesakaTechnologies, Inc. Corporate Secretary.You also mayrequest additionalcopies
of the
proxymaterialsby notifyingus in writing at the sameaddress.
If you share
an address withanothershareholder andcurrently are receivingmultiplecopies of the proxymaterials,you may
request householding
by notifyingus atthe above-referencedaddress.
Other Matters
The Board
knows ofno other mattersthat will be presentedfor considerationat the annualmeeting. Return of a validproxy,
however, confers
on the designated proxyholders the discretionaryauthorityto vote the shares in accordancewiththeir best judgment
on such
other business,if any,thatmayproperly comebeforethe meetingor anyadjournmentor postponementthereof.
By Order of
the Boardof Directors,
Kuben Pillay
Lead
IndependentDirector
October 2,
2026
THE BOARD
HOPESTHATYOU WILL ATTENDTHE MEETING.WHETHEROR NOT YOUPLANTO
ATTEND,
PLEASE PROMPTLYCOMPLETE,DATE,SIGN ANDRETURNTHE ENCLOSEDPROXY.
