Under the South African contract, Ali Mazanderani will assume responsibilities across the company's Consumer, Merchant and Enterprise divisions.
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Lesaka Technologies has extended the employment agreement of its executive chairman, Ali Mazanderani, until June 2029 while also appointing him under a new South African employment contract that will see him take on expanded operational responsibilities across the group's businesses.
The fintech company announced that its board of directors had approved amendments to Mazanderani's employment and compensation arrangements, following the signing of revised employment contracts. The changes were previously disclosed in a filing with the U.S. Securities and Exchange Commission.
Mazanderani's amended and restated employment agreement with Lesaka Technologies, extends the expiry date of his existing contract from its original term to June 30, 2029. The agreement, which first became effective on February 1, 2024, follows an employment contract signed in December 2023.
Under the revised terms, Mazanderani will continue serving as executive chairman on what the company described as "50% of full-time equivalence, as reasonably determined by the board." His annual base salary remains unchanged at $600,000.
The agreement also states that Mazanderani "will not be eligible for a short-term cash incentive award, or any other bonus program implemented by the company, during the term of his employment agreement."
It further provides no severance benefits, while either party must give three months' notice to terminate the agreement before June 30, 2029, unless there is cause or a material breach.
In addition, Lesaka's wholly owned subsidiary, Lesaka SA, has entered into a separate South African employment agreement with Mazanderani, effective from July 1, 2026, until June 30, 2028, with an option to extend it by mutual written agreement until June 30, 2029.
Under the South African contract, Mazanderani will assume responsibilities across the company's Consumer, Merchant and Enterprise divisions.
He will earn an annual base salary of R5 million, while Lesaka SA will cover business travel expenses of up to R4m per financial year.
The company said the South African employment contract includes "other customary terms and conditions for arrangements of this nature."
As with his U.S. employment agreement, Mazanderani "will not be eligible for a short-term cash incentive award or any other bonus program implemented by the company during the term of the SA employment contract."
Lesaka operates a South African fintech platform providing financial services, software and payment solutions to underserved consumers and merchants across Southern Africa. The company is listed on both the Nasdaq and the JSE.
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