LESAKA TECHNOLOGIES INC - Amendment to Existing Employment Agreement and New South African Employment Agreement for Mr. Mazanderani

Amendment to Existing Employment Agreement and New South African Employment Agreement for Mr. Mazanderani

Lesaka Technologies, Inc.
Registered in the state of Florida, USA
(IRS Employer Identification No. 98-0171860)
Nasdaq share code: LSAK
JSE share code: LSK
LEI: 529900J4IZMWV4RDEB07
ISIN: US64107N2062
("Lesaka," or the "Company")

LESAKA TECHNOLOGIES, INC. – Amendment to Existing Employment Agreement and New South African
Employment Agreement for Mr. Mazanderani

On May 19, 2026, the Company announced that its Board of Directors approved amendments to the employment and
compensatory arrangements of its Executive Chairman, Mr. Ali Mazanderani. This announcement provides an update thereto
following the agreement and signing of the employment contracts, details of which are contained in this announcement and
as set out in the Current Report on Form 8-K filed by the Company with the U.S. Securities and Exchange Commission
("SEC") on July 30, 2026, which is available on the SEC's website.

Lesaka Technologies, Inc. amended and restated employment agreement

On December 4, 2023, Mr. Mazanderani and the Company entered into an employment agreement for his services as
Executive Chairman, which became effective on February 1, 2024. On July 30, 2026, Mr. Mazanderani and the Company
amended and restated his employment agreement to extend the expiration date to June 30, 2029, with all other terms
remaining unchanged. The Company and Mr. Mazanderani acknowledged that Mr. Mazanderani's commitment shall only
be for fifty percent (50%) of full-time equivalence, as reasonably determined by the Board and that he is subject to certain
restrictive covenants and compliance with Company policies. Mr. Mazanderani receives an annual base salary of $600,000.

Mr. 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. The employment agreement does not provide for any severance
benefits. Either party must provide the other party three months advance notice prior to terminating the employment
agreement prior to June 30, 2029 in the absence of cause or a material breach.

Lesaka Technologies Proprietary Limited employment agreement

On July 30, 2026, Mr. Mazanderani and the Company's wholly owned subsidiary, Lesaka Technologies Proprietary Limited
("Lesaka SA"), entered into an employment agreement ("SA Employment Contract") under which Mr. Mazanderani will accept
certain duties, responsibilities, functions and authority in respect of the business conducted by each of the Company's
Consumer, Merchant and Enterprise divisions. The SA Employment Contract is effective from July 1, 2026, and will terminate
on June 30, 2028. Under the terms of the SA Employment Contract, Mr. Mazanderani and the Company may agree in writing
to extend the termination date to June 30, 2029. Mr. Mazanderani will receive an annual base salary of ZAR 5,000,000 per
annum, and Lesaka SA will be responsible for the costs of travel undertaken by Mr. Mazanderani for business purposes, up
to a maximum amount of ZAR 4,000,000 per financial year. The SA Employment Contract includes other customary terms
and conditions for arrangements of this nature. Mr. 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.

About Lesaka Technologies, Inc. (www.lesakatech.com)

Lesaka operates a South African fintech company driven by a purpose to provide financial services, software and other
business services to Southern Africa's underserviced consumers and merchants. We offer an integrated and holistic
multiproduct platform that provides transactional accounts, lending, insurance, merchant acquiring, cash management,
software and Alternative Digital Products ("ADP"). We provide targeted solutions and integrations to facilitate payments
between consumers, merchants, and enterprises. By providing a full-service fintech platform in our connected ecosystem,
we facilitate the digitization of commerce in our markets.

Lesaka has a primary listing on NASDAQ (NASDAQ:LSAK) and a secondary listing on the Johannesburg Stock Exchange
(JSE: LSK). Visit www.lesakatech.com for additional information about Lesaka.

Investor Relations and Media Relations Contacts:
Idris Dungarwalla
Email: idris.dungarwalla@lesakatech.com
Mobile: +44 786 225 4852

Akash Dowra
Email: akash.dowra@lesakatech.com
Mobile: +27 83 235 9750

Media Relations Contact:
Ian Harrison
Email: Ian@thenielsennetwork.com

Johannesburg
July 31, 2026
Sponsor:
Rand Merchant Bank, a division of FirstRand Bank Limited

Date: 31-07-2026 07:05:00
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