i. ksnet, inc., a corporation organized and existing under the laws of the republic of korea ( “ korea ” ), with its registered office at seong bo building, 5th floor, 169 - 10 samsung - dong, gangnam - gu, seoul, 135 - 090 korea ( the “ company ” ) ; and ii. phil - hyun oh, a natural person residing at xxx, ( the “ executive ” ). ( a ) as the representative director, the executive shall have the power, authority and responsibility delegated to the executive by the board of directors of the company ( the “ board of directors ” ) and as provided for in the articles of incorporation of the company ( the “ articles of incorporation ” ) and the korean commercial code ( collectively, the “ general services ” ). in this regard, it is hereby acknowledged and agreed that the executive shall be entitled to communicate with and shall rely upon the advice, direction and instructions of the board of directors in order to initiate, coordinate and implement the general services as contemplated herein, subject, at all times, to the final direction and supervision of the board of directors. ( b ) without limiting in any manner the generality of the general services, the executive shall perform the general services faithfully, diligently, to the best of the executive ’ s ability, and in the best interests of the company, consistent with the executive ’ s position as the representative director of company, and will devote and prioritize his full working time and use his best efforts for the company in that regard. ( c ) the executive hereby acknowledges and agrees to abide by the rules, regulations, instructions, personnel practices, policies and procedures of each of the company and net 1 ueps technologies, inc. ( “ net l ” ), and any changes thereto which may be adopted from time to time as such rules, regulations, instructions, personnel practices, policies and procedures may be applied to the executive as the representative director of the company. ( a ) base salary : the executive shall be compensated at the rate of krw 448. 2 million per year ( the “ base salary ” ), in twelve ( 12 ) equal monthly installments to be paid in arrears on the same day of each month on which the other executives of the company receive their compensation. ( b ) bonus : the company shall also pay annual bonus compensation up to a maximum of krw 56