Pay for Performance

The Remuneration Committee considered the absolute and relative alignment of executive compensation when it considered the appropriateness of the level and form of compensation and found executive compensation and our performance to be aligned.

Results of Shareholder Say-on-Pay Votes

We provide our shareholders with the opportunity to cast an annual, nonbinding advisory vote to approve executive compensation (a “say-on-pay proposal”"say-on-pay proposal"). At our annual meeting of shareholders held on November 8, 2016,14, 2018, approximately 82%79% of the votes cast on the say-on-pay proposal at that meeting were voted in favor of the proposal. The Remuneration Committee considered the outcome of that advisory vote to be an endorsement of the Remuneration Committee’sCommittee's compensation philosophy and implementation. The Remuneration Committee will continue to consider the outcome of say-on-pay votes when making future compensation decisions for our named executive officers.

Highlighted Compensation Policies and Practices

Our executive compensation and corporate governance policies are structured to closely link executive compensation to our performance and increase long-term shareholder value.

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To achieve our objectives, we have incorporated the following policies and practices:

Our named executive officers for fiscal 20172019 are set forth in the following table:

(1) Mr. Soma resigned on June 30, 2019. Mr. Soma forfeited his 2019 cash incentive award.

Fiscal 2019 Compensation Summary

Base Salary.Messrs. Kotzé, Soma, S.C.P. BelamantMeyer, Pillay and P. M. BelamantSoma received base salary increases during fiscal 2017. Mr. Oh did not receive a base2019.

Base Salary: Agreements with Messrs. Smith and Oh. Messrs. Smith and Oh's salaries were determined pursuant to their respective employment agreements and received no salary increase.increases during fiscal 2019.

Performance-Based Annual Cash Incentive.Messrs. S.C.P. BelamantKotzé, Meyer, Pillay and Kotzé did not receive anySmith received payments of $200,569, $92,536, $120,000 and $120,000, respectively, under the qualitative component of our cash incentive award plan because noneplan. These executives did not achieve any of the performance measures were achieved.quantitative metrics, as appropriate, of our cash incentive award plan. Mr. Oh received 99%126% and 56%73%, respectively, of the potential quantitative and qualitative portions of his cash incentive award for fiscal 2017.

Discretionary Bonus.Mr. Kotzé received a bonus of $195,000 for fiscal 2017 in recognition of his assumption of additional responsibilities during our leadership change as well as the successful transition of the duties of Mr. S.C.P. Belamant. Mr. Soma received a bonus of $90,000.

Special Bonus.Mr. Soma received a special bonus of ZAR 1.5 million as compensation for the additional internal management, workload and other pressures arising from the separation of S.C.P. Belamant from our company.2019.

Long-Term Equity Based Incentives.In August 2016,September 2018, we made an annual award of restricted stock to Mr. S.C.P. BelamantMessrs. Kotzé, Pillay, Smith and Mr. KotzéSoma with vesting based on our growth in earnings per share overprice performance based on 30-day volume-weighted average price ("VWAP") targets for a threemeasurement period from when we file our Annual Report on Form 10-K for the fiscal year period with targets achieved at compounded growth at 10%, 12%ended 2021 and 15%. Theending on December 31, 2021. Following the loss of 2m of our EPE accounts to the South African Post Office, the Remuneration Committee considers these growth ratesVWAP targets to be challenging. 100%In September 2018, we also made an award of stock options to Messrs. Kotzé, Oh, Pillay, Smith and Soma, at a strike price of $6.20 with time-based vesting. 75%, 67%, and 67% of FY 20172019 long-term equity awards to Messrs Kotzé, Pillay, and Smith, respectively, were performance based.

DEVELOPMENTS DURING AND POST FISCAL 2017

As a result of Mr. S.C.P. Belamant’s retirement effective May 31, 2017, Mr. Kotzé assumed the role of both Chief Executive Officer and Chief Financial Officer (along with his other roles). In addition, during August 2017, Mr. P. M. Belamant’s employment was terminated.

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We retained the services of an independent compensation consultant, Pay Governance, in June 2017.

COMPENSATION PROGRAM OVERVIEW FOR FISCAL 20172019

The goal of our executive compensation program is the same as our goal for operating our Company—toCompany-to create long-term value for our shareholders. To achieve this goal, we seek to reward our named executive officers for sustained financial and operating performance and leadership excellence, to align their interests with those of our shareholders and to encourage them to remain with us for long and rewarding careers.

Each element of our executive compensation program is designed to fulfill one or more of our performance, alignment and retention objectives. These elements consist of salary, bonus and both equity and non-equity incentive compensation. Each named executive officer receives one or more, but not necessarily all, of these elements.

Compensation Components

In determining the type and amount of compensation for each executive officer, we focus on both current pay and the opportunity for future compensation and seek to combine compensation elements so as to optimize his contribution to us.

Pay Mix

We consider the mix of our compensation components from year to year based on our overall performance, an executive’sexecutive's individual contributions, and compensation practices of other U.S.-based and UK-basedSA-based public companies including companies in our “peer group”"peer group" described below. We do not have an exact formula for allocating between cash and non-cash compensation. We do, nonetheless, provide for a balanced mix of compensation components that are designed to encourage and reward behavior that promotes shareholder value in both the short and long term.

Our executive compensation program is designed to attract, motivate and retain key executive talent and promote strong, sustainable long-term performance. The three components of total direct compensation delivered in our program are 1) base salary; 2) performance-based cash annual incentive and/or annual bonus; and 3) performance-based long-term equity-based incentives. We place an emphasis on variable performance-based pay, with approximately 74%45% percent of total target compensation for fiscal 20172019 established for Mr. S.C.P. BelamantKotzé based on achievement of performance objectives. Each component promotes value creation and aligns our management team’steam's compensation with our long-term strategic objectives.

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The chart below illustrates the mix of the elements of the fiscal 20172019 compensation program we established for our named executive officers using target levels for the cash incentive component “Bonus” of 100% of base salary and “Other” representing"Other" represents amounts paid to Mr. Meyer as a housing allowance, for the use of motor vehicles, for medical benefits, and for club memberships; and amounts paid to Mr. Oh related to participation in national health insurance and group life payments paid on behalfthe national pension plan provided under the laws of certain named executive officers:South Korea, reimbursement for annual physical examinations for him and his spouse, and the use of a Company-provided car and driver for business and reasonable personal use:

Compensation Objectives

Performance. We seek to motivate our named executive officers through a combination of cash bonuses, incentive payments and grants of restricted stock that vest based on the achievement of pre-defined levels of financial and operating goals and increases in our share price and/or satisfaction of other financial and strategic performance goals. Base salary, bonus and non-equity incentive compensation are designed to reward annual achievements and be commensurate with each executive officer’sofficer's scope of responsibility, demonstrated ingenuity, dedication, leadership and management effectiveness.

Alignment. We seek to align the interests of our named executive officers with our shareholders by evaluating them on the basis of financial and non-financial measurements that we believe ultimately drive long-term shareholder value. The elements of our compensation package that we believe align these interests most closely are a combination of annual quantitative and qualitative cash compensation awards and restricted stock awards which vest over time and become vested upon the satisfaction of specified performance goals.

Retention. The long tenure of our management team, in particular, Messrs. Kotzé and Soma,Pillay, has made them especially knowledgeable about our business and industry and thus particularly valuable to us. Retention is a key objective of our executive compensation program. We attempt to retain our named executive officers by seeking to provide a competitive pay package and using continued service as a condition to receipt of full compensation. The time-based vesting terms of equity awards have the effect of tying this element of compensation to continued service with us.

Implementing our Objectives

Organization of the Remuneration Committee

The Remuneration Committee typically holds four regularly scheduled meetings each year, with additional meetings scheduled when required. There are currently four directors on the committee. Each member of the committee is required to be:

• An independent director under independence standards established by the NASDAQ.
• A non-employee director under Rule 16b-3 of the Securities Exchange Act of 1934, as amended.
• An outside director under Section 162(m) of the Internal Revenue Code to the extent applicable or otherwise necessary.

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Process and General Industry Benchmarking

The Remuneration Committee analyzes compensation data of companies that it selects as a peer group to better understand how our pay package compares with those companies. The peer group selected by the Remuneration Committee comprises a broad spectrum of companies, which range significantly in size from a revenue, profitability and enterprise value perspective. The peer group consists of payment processing companies generally considered comparable to us in terms of their businesses (such as being a payment systems provider) as well as other companies within other parts of the information technology sector and those operating in or providing services in emerging markets. In the early part of each fiscal year, the Remuneration Committee establishes base salaries and sets the short-term cash incentive award plan remuneration targets and payment criteria. Following the end of each fiscal year, the Remuneration Committee determines the annual incentive cash payments and bonuses, if any, to be made to each executive officer based on their and our performance during the fiscal year.

The Remuneration Committee’sCommittee's process for determining compensation includes an analysis of all elements of compensation. The Remuneration Committee compares these compensation components separately and in total to compensation at the peer group companies, taking into account, among other things, our relative market capitalization against the members of the peer group. For fiscal 2017, the Remuneration Committee set the compensation of Mr. Kotzé based on the total compensation package of Mr. S.C.P. Belamant. Since the role played by Mr. Kotzé was significantly broader than that of a typical Chief Financial Officer, the Remuneration Committee’s goal was to set this package at approximately 45% to 65% of Mr. S.C.P. Belamant’s total compensation package. The compensation of other named executive officers was determined based on specific performance criteria established by the Mr. S.C.P. BelamantMr Kotzé and approved by the Remuneration Committee.

Our peer group, which includes both U.S. and UKSouth African listed companies, consists of the following companies: Heartland PaymentACI Worldwide, Inc.; Blue Label Telecoms Limited; Bottom Line Technologies, Inc.; Cass Information Systems, Inc., Global Payments; CSG Systems International, Inc., WEX; Everi Holdings, Inc., Euronet Worldwide,; Evertec, Inc., Total System Services,; ExlService Holdings, Inc., Verifone Systems, Inc., Jack Henry & Associates, Inc., Sage Group plc and; Green Dot Corporation.Corporation; Model N, Inc.; PRGX Global, Inc.; Synchronoss Technologies, Inc.; and Transaction Capital Limited.

Because the Remuneration Committee considered international comparables in its compensation analysis for both Messrs. S.C.P. Belamant andMr. Kotzé, theirhis total compensation packages were denominated in U.S. dollars (“USD”("USD"). Because Mr. Soma’sSoma's compensation package was derived from the amount of compensation we paid to Mr. Kotzé, his compensation package was also denominated in USD. Our other executive officers based in South Africa may elect to be paid in a currency other than USD, in which case the U.S. dollar amount is converted into South African Rand (“ZAR”("ZAR") at the exchange rate in effect at the time of payment.

Compensation for fiscal 2019 for Messrs. Smith and Oh was determined in accordance with their respective compensation agreements. Mr. Smith's compensation was denominated in USD and converted into South African Rand ("ZAR") at the exchange rate in effect at the time of payment

Compensation for fiscal 2017 for Mr. Oh was determined in accordance with his service agreements. Mr. Oh’s compensation was denominated and paid in Korean won (KRW) in accordance with the terms of his negotiated serviceagreement. Mr. Oh's compensation was denominated and paid in South Korean won ("KRW") in accordance with the terms of their negotiated agreements. Compensation for the other executives (except Mr. Kotzé) was based on recommendations and input from Mr. S.C.P. BelamantKotzé with final approval by the Remuneration Committee.

Employment Agreements

From time to time, we enter into employment agreements with senior executives of companies that we acquire in connection with the acquisition. Compensation under such employment agreements would not ordinarily be determined by reference to peer group comparisons. In June 2014,March 2018, we entered into an employment agreement and a contract of employment agreement with Mr. Smith in connection with his roles with Net1 and Net1 Applied Technologies South Africa Proprietary Limited, respectively. In November 2017, we entered into two service agreements, effective July 1, 2017, with Mr. Oh in connection with his roles at Net1 Korea and KSNET. These agreements expire on June 30, 2020. For more information about Mr. Oh’sMessrs. Smith and Oh's service agreements, see “Performance-Based"Performance-Based Annual Bonuses—Mr. Oh”Bonuses-Mr. Oh" below.

Equity Grant Practices

We believe that our long-term performance is achieved through a culture that encourages long-term performance by our executive officers through the use of stock and stock-based awards. Accordingly, awards of restricted stock are a fundamental element in our executive compensation program because they emphasize long-term performance, and help align the interests of our shareholders and employees.

We have granted equity awards through our stock incentive plan which was adopted by our Board and approved by our shareholders. In determining the size of an equity award to an executive officer, the Remuneration Committee considers the executive’sexecutive's then current cash total compensation package (which includes salary, potential bonus and cash incentive award plan compensation), any previously received equity awards, the value of the grant at the time of award and the number of shares available for grants pursuant to our stock incentive plan. When awarding equity compensation, management and the Remuneration Committee seek to weigh the cost of these grants with their potential benefits as a compensation tool.

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ELEMENTS OF 20172019 COMPENSATION

Base Salaries

Our executive compensation programs emphasize performance-based pay. This includes annual bonuses and equity –based-based long term incentive awards. However, base salaries remain a necessary and typical part of compensation for attracting and retaining outstanding employees at all levels.

Adjustments to Base Salary

Salaries for fiscal 20172019 for all named executive officers except Mr.Messrs. Smith and Oh were determined in the first quarter of fiscal 20172019 after a review of our peer group companies described above. Messrs. Kotzé, P.M. Belamant, and Soma and S.C.P. Belamanteach received a base salary increasesincrease of 22%3%, 4%, 11% andMr. Meyer received a base salary increase of 10%, respectivelyand Mr. Pillay received a base salary increase of 6% during fiscal 2017. Mr. Oh did not receive base salary adjustments for fiscal 2017 under the terms of his service agreements.2019. No other adjustments were made.

Base Salary Determined Under Employment Agreements

Base salary for Mr. Smith was determined based on his employment agreement effective March 1, 2018, and Mr. Oh's base salary was based on his service agreements that became effective July 1, 2017.

Performance-Based Annual Bonuses

Messrs. S.C.P. BelamantKotzé, Pillay, Smith and KotzéSoma

For fiscal 2017,2019, the Remuneration Committee established a cash incentive award plan for Messrs. S.C.P. BelamantKotzé, Pillay, Smith and KotzéSoma pursuant to which each of them would be eligible to earn a cash incentive award based on our fiscal 20172019 financial performance and each individual’sindividual's contribution toward the achievement of certain corporate objectives. The 2017Remuneration Committee also established a cash incentive award plan for Mr. Meyer pursuant to which he would be eligible to earn a cash incentive award based on his individual contribution toward the achievement of certain objectives during fiscal 2019.

Mr. Kotzé

The cash incentive award plan provided for a target-leveltarget level cash incentive award of 100% of the executive’sMr. Kotzé's annual base salary for fiscal 2017, 60% of which2019. Under the plan, 70% was to be based on a quantitative metric (achievementfactors, as more fully described below, including and allocated equally to (i) the achievement of specified levels of profitability before tax (“PBT”)certain fundamental diluted earnings per share ("Fundamental EPS") and 40%(ii) the achievement of whichcertain fundamental earnings before interest, tax and depreciation and amortization ("Fundamental EBITDA"); and 30% was based on qualitative factors. The quantitative portion of the award could have increased to bea maximum of 150% of Mr. Kotzé base salary multiplied by 0.70, based on the level of achievement of the maximum target. The Fundamental EPS and Fundamental EBITDA components of the cash incentive award operated independently. It was possible for Mr. Kotzé to earn all or a portion of certain quantitative components of the award while earning none of the other quantitative components, or a combination of components.

The qualitative portion of the award was limited to 30% of Mr. Kotzé's annual base salary and was based on certain predetermined performance criteria.

Mr. Meyer

The cash incentive award plan provided for a target level cash incentive award of 60% of Mr. Meyer's annual base salary for fiscal 2019 and was based on certain predetermined performance criteria.

Mr. Pillay

The cash incentive award plan provided for a target level cash incentive award of 60% of Mr. Pillay's annual base salary for fiscal 2019. Under the plan, 60% was based on quantitative factors, as more fully described below.below, including (A) group wide performance measures of (i) Fundamental EPS and (ii) Fundamental EBITDA; and (B) a divisional EBITDA performance component ("Divisional Measure"); and 40% was based on qualitative factors. The quantitative portion of the award could have increased to a maximum of 78% of Mr. Pillay's base salary multiplied by 0.60, based on the achievement of the maximum target. The Fundamental EPS and Fundamental EBITDA and Divisional Measure components of the cash incentive award operated independently and were weighted 15%, 15% and 70%, respectively, relative to the quantitative component of the award. It was possible for Mr. Pillay to earn all or a portion of certain quantitative components of the award while earning none of the other quantitative components, or a combination of components.

The qualitative portion of the award was limited to 24% of Mr. Pillay's annual base salary and was based on certain predetermined performance criteria.

Mr. Smith

The cash incentive award plan provided for a target level cash incentive award of 75% of Mr. Smith's annual base salary for fiscal 2019. Under the plan, 60% was based on quantitative factors, as more fully described below, including and allocated equally to (i) Fundamental EPS and (ii) Fundamental EBITDA. The quantitative portion of the award could increase to a maximum of 97.50% of Mr. Smith's base salary multiplied by 0.60, based on the achievement of the maximum target; and 40% was based on qualitative factors. The Fundamental EPS and Fundamental EBITDA components of the cash incentive award operated independently. It was possible for Mr. Smith to earn all or a portion of certain quantitative components of the award while earning none of the other quantitative components, or a combination of components.

The qualitative portion of the award was limited to 30% of Mr. Smith's annual base salary and was based on certain predetermined performance criteria.

Quantitative Portion of the Cash Incentive Award Plan

TheMr. Kotzé, Mr. Smith, Mr. Soma and Mr. Pillay were each entitled to receive an amount equal to 70%, 45%, 18% and 36%, respectively, of their individual annual base salary (the "Target Quantitative Award") if (1) Fundamental EPS equaled $1.58 for fiscal 2019 and (2) Fundamental EBITDA equaled $145,206,000 for fiscal 2019, and for Mr. Pillay's Divisional Measure, if EBITDA of ZAR 1,633,564,000 was achieved in the division for which he was responsible. At other levels of quantitative portiontargets, each executive would have received the following percentage of the award provided for threshold, target and maximum amounts of 0%, 100% and 200% for Mr. S.C.P. Belamant, and 0%, 100% and 150% for Mr. Kotzé, respectively.

The quantitative portion of the cash incentive award plan wasTarget Quantitative Award based on the achievement of specified levels of PBTfollowing two components, and the Divisional Measure for fiscal 2017. The following levels of PBT would entitle the executive to receive the following percentages of this portion of the award:Mr. Pillay:

The achievement percentage was subject to interpolationFundamental EPS Thresholds

• Below $1.50 (threshold)-0%
• At $1.58 (target)-100%
• At or above $1.82 (maximum)- 130% for all, except Mr. Kotzé-150%
• Fundamental EPS at or above $1.50 and below $1.82 interpolated relative to the $140 million targetnext threshold on a linear basis.

Fundamental EPS was measured in U.S. dollars as our earnings per share determined in accordance with U.S. generally accepted accounting principles, as adjusted to exclude the effects related to (i) amortization of intangible assets (net of deferred taxes) and acquisition-related costs; (ii) stock-based compensation charges and (iii) other items that the Remuneration Committee determined in its discretion to be appropriate (for example, accounting changes and one-time or unusual items).

18Fundamental EBITDA Thresholds

• Below $137,946,000 (threshold)-0%
• At $145,206,000 (target)-100%
• At or above $166,987,000 (maximum)-130% for all, except Mr. Kotzé-150%
• Fundamental EBITDA at or above $137,946,000 and below $166,987,000 interpolated relative to the next threshold on a linear basis.

Fundamental EBITDA was measured in U.S. dollars as operating income determined in accordance with U.S. generally accepted accounting principles plus depreciation and amortization, as adjusted to exclude the effects of items that the Remuneration Committee determined in its discretion to be appropriate (for example, accounting changes and one-time or unusual items).

Divisional Measure Threshold for Mr. Pillay

• Below ZAR 1,551,886,000 (threshold)-0%
• At ZAR 1,633,564,000  (target)-100%
• At or above ZAR 1,878,599,000 (maximum)-130%
• Divisional Measure at or above ZAR 1,551,886,000 and below ZAR 1,878,599,000 will be interpolated relative to the next threshold on a linear basis.

The Divisional Measure was measured in ZAR as operating income determined in accordance with U.S. generally accepted accounting principles plus depreciation and amortization for business units that are managed by Mr. Pillay, as adjusted to exclude the effects of items that the Remuneration Committee may determine in its discretion to be appropriate (for example, accounting changes and one-time or unusual items).

Qualitative Portion of the Cash Incentive Award Plan

Mr. Kotzé was entitled to receive up to 30% of his annual base salary based on his contribution towards enhancing shareholder value through performance criteria which included:

• Progress with certain business relationships;
• Regular interaction with investors;
• Achievement and increases in incremental revenue lines;
• Development of applications;
• Progress with initiatives, expansion, succession and strategic plans; and
• Personnel and management goals.

Mr. Meyer was entitled to receive up to 60% of his annual base salary based on his contribution towards enhancing shareholder value through performance criteria which included:

• Integration of certain identified business units into a cohesive unit, namely International Payments Group;
• Overseeing the day-to-day management of IPG, including facilitation of international expansion, revenue growth and profit generation; and
• Ensuring that budgets are met, costs controlled and the necessary infrastructure and people are deployed to support current and future operations.

Mr. Pillay was entitled to receive up to 24% of his annual base salary based on his contribution towards enhancing shareholder value through performance criteria which included:

• Successful management  of the phase-out of the SASSA contract;
• Progress with initiatives and expansion of the Company's South African businesses;
• Progress with succession and strategic plans; and
• Personnel and management goals.

Mr. Smith was entitled to receive up to 30% of his annual base salary based on his contribution towards enhancing shareholder value through performance criteria which included:

• Accurate and timely reporting of group and divisional financial performance;
• Support and collaboration with other departments to achieve their objectives;
• Production of concise and condensed management information;
• Regular interaction with investors;
• Progress with initiatives, expansion, succession and strategic plans; and
• Personnel and management goals.

Mr. Soma was entitled to receive up to 42% of his annual base salary based on his contribution towards enhancing shareholder value through performance criteria which included:

• Progress with research, development and innovation activities;
• Support and collaboration with other departments to achieve their objectives;
• Maintenance of a secure and efficient information technology environment;
• Progress with initiatives, expansion, succession and strategic plans; and
• Personnel and management goals.

Potential and Actual Payments

The table below presents our potential and actual payments to Messrs. S.C.P. BelamantKotzé, Pillay, Smith and KotzéSoma related to the quantitative portion of our cash incentive award plan for fiscal 2017:2019:

(1) Mr. Soma resigned effective June 30, 2019, and forfeited his cash incentive award.

In August 2017,2019, the Remuneration Committee met and determined each element of our financial performance described above. The Remuneration Committee concluded that no payment would be made because our income before income taxes for fiscal 2017 of $114.5 million was below the threshold PBT target of $130 million.

Qualitative Portion of the Cash Incentive Award Plan

Each of Messrs. S.C.P. Belamantabove and Kotzé was entitled to receive up to 40% of his annual base salary based on his individualeach executive's contribution toward the achievementqualitative objectives. Based on Fundamental loss per share of ($3.05) per share and negative Fundamental EBITDA of ($749,000), the Remuneration Committee determined to make no award to each of Messrs. Kotzé, Pillay and Smith related to the Fundamental EPS and Fundamental EBITDA components of the following performance criteria:quantitative component of the fiscal 2019 cash incentive award plan. Further, based on the negative EBITDA generated by business units managed by Mr. Pillay, the Remuneration Committee determined to make no award to Mr Pillay related to the divisional component of his quantitative component of the fiscal 2019 cash incentive award plan.

In August 2017,2019, the Remuneration Committee considered whether to make payments in respect of the qualitative portion of the cash incentive award plan. The Remuneration Committee concluded that no payment would be made because nonedetermined to award Messrs. Kotzé, Meyer, Pillay and Smith, 93%, 78%, 160%, and 107%, or $200,569, $92,356, ZAR 1,829,735,000 and $120,000, respectively, of the performance criteria has been achieved for fiscal 2017 by Messrs. S.C.P. Belamant or Kotzé, respectively.qualitative portion of the cash incentive award.

In reaching its conclusion the Remuneration Committee determined after a careful review of each factor that either the performance criteria had not been met or was still in progress.

Discretionary Bonus forregarding Mr. Kotzé

The Remuneration Committee determined to award a bonus of 30% of fiscal 2017 base salary, or $195,000, to Mr. Kotzé. Although Mr. Kotzé had not met the performance measures set out in August 2016, the Remuneration Committee acknowledged Mr. Kotzé’s commitment and resolve through our leadership change. Mr. Kotzé successfully transitioned the duties of Mr. S.C.P. Belamant and ensured as little disruption as possible to our operations. He successfully assumed additional responsibilities and, the Remuneration Committee determined that thisMr. Kotzé had achieved at least 80% of his individual qualitative targets except for achievement and increases in incremental revenue lines and progress with initiatives, expansion, succession and strategic plans, which the Remuneration Committee determined were only partially achieved. In scoring the qualitative award, the Remuneration Committee also awarded additional workload should be recognizedpoints for Mr. Kotzé's leadership in order to continue incentivizingnavigating a very difficult operating environment, particularly in South Africa, during fiscal 2019.

In reaching its conclusions regarding Messrs. Meyer, Pillay and Smith, the Remuneration Committee consulted with Mr. Kotzé., regarding each executive's achievement of their respective qualitative targets. Mr. Kotzé concluded that each of the executives had demonstrated their achievement of each of their individual qualitative targets. In scoring Messrs. Pillay and Smith's qualitative awards, Mr. Kotzé also recommended the award of additional points for the executive's contribution towards navigating a very difficult operating environment, particularly in South Africa, during fiscal 2019. The Remuneration Committee agreed with Mr. Kotzé and additional points were awarded when determining the executives 2019 qualitative awards.

Pay mix for Chief Executive Officer

The chart below illustrates the mix of the elements of the fiscal 20172019 compensation program we established for Mr. Kotzé who was eligible for incentive compensation, using target levels for the cash incentive component.

Mr. OhSmith

For fiscal year 2017,2019, Mr. Oh’sSmith's base salary was determined in accordance with the terms of his March 1, 2018 employment contract agreement. We entered into an employment agreement and a restrictive covenants agreement with Mr. Smith in connection with his role as our Chief Financial Officer. In addition, Mr. Smith and our wholly owned subsidiary, Net1 Applied Technologies South Africa Proprietary Limited, entered into a contract of employment ("SA Employment Contract") and a restrictive covenants agreement, which also became effective on March 1, 2018. Mr. Smith is entitled to receive an annual base salary and an annual bonus/cash incentive award (as discussed above).

Similar to the restraint of trade agreements that we have with our other named executive officers, Mr. Smith's restrictive covenant agreement provides that upon the termination of his services with us, he is restricted, for a period of 24 months, from soliciting business from certain customers, working for or holding interests in our competitors or participating in a competitive activity within the territories where we do business. The employment agreement provides that Mr. Smith is an at-will employee and his SA Employment Contract provides that either party may terminate the agreement with three months' notice.

Mr. Oh

For fiscal year 2019, Mr. Oh's base salary was determined in accordance with the terms of his service agreements. We entered into two such service agreements with Mr. Oh in June 2014,October 2017, in connection with his roles at Net1 Korea and KSNET. We appointed Mr. Oh as a representative director of Net1 Korea and entered into a three-year service agreement with him in conjunction with such appointment. Under these service agreements, Mr. Oh is entitled to receive an annual base salary, an annual bonus (comprising quantitative and qualitative performance measures) and other benefits, including participation in national health insurance and the national pension plan provided under the laws of South Korea, reimbursement for annual physical examinations for him and his spouse, education expenses and the use of a Company-provided car and driver for business and reasonable personal use.

We have aligned KSNET’sKSNET's fiscal year end with ours. However, in order to remain consistent with our South Korean peer competitors, we continue to determine the quantitative portion of Mr. Oh’sOh's annual bonus (and our KSNET staff’sstaff's remuneration) using KSNET’sKSNET's financial results for the twelve month period ending December 31 of each year. Accordingly, we determined Mr. Oh’sOh's cash incentive payment for the twelve month period ended December 31, 2016.2018.

Similar to the restraint of trade agreements that we have with our other named executive officers, Mr. Oh’sOh's service agreement provides that upon the termination of his services with us, he is restricted, for a period of 36 months, from soliciting business from certain customers, working for or holding interests in our competitors or participating in a competitive activity within the territories where we do business. The service agreement also provides for certain payments upon his termination of service by us without just cause, which payments are described below under “Potential"Potential Payments Upon Termination or Change-in-Control”Change-in-Control" on page 28.31.