MEMORANDUM OF AGREEMENT (MoA) FOR BURSARY FUNDING

MEMORANDUM OF AGREEMENT (MoA) FOR BURSARY FUNDING Entered into between INSURANCE SECTOR EDUCATION AND TRAINING AUTHORITY (Hereinafter referred to as THE SETA ) (Herein represented by Ms Dunn in her capacity as Chief Executive Officer, duly authorised thereto) and UNIVERSITY (Hereinafter referred to as THE UNIVERSITY ) (Herein represented by in his/her capacity as, duly authorised thereto) To be completed by THE SETA Value Approved: R Project Number: 1

BIOGRAPHICAL INFORMATION The parties hereby choose their domicilium citandi et executandi for all purposes of this Memorandum of Agreement as set out below: Legal Name of Organisation Hereafter referred to as INSURANCE SECTOR TRAINING AUTHORITY THE SETA Full Name of CEO Ms Sandra Dunn Physical Address 37 Empire Rd, Parktown, Johannesburg, 2193 Postal Address Po Box 32035, Braamfontein, 2017 SETA contact for this MOA Nyiko Maholobela Representative Contact Details Work 011 381 8900 Cell 076 5251 869 Fax n/a Email nyikom@inseta.org.za Legal Name of Organisation Hereafter referred to as THE UNIVERSITY Full Name of Authorised representative who will sign the MOA Official Designation of Authorised representative who will sign the MOA Physical address Postal Address Name of THE UNIVERSITY contact for administration of the MOA Contact Details Work Cell Fax Email Commencement date 01 April 2018 Date MOA to be reviewed N/A Termination date 31 April 2019 Period of MOA 13 months WHEREAS the parties have reached an agreement that THE SETA will provide bursary funding from discretionary grant funds for unemployed learners who are registered at THE UNIVERSITY and THE UNIVERSITY will identify and select learners who will receive the bursary funding. NOW therefore, the parties hereto agree as follows: 2

1. AGREEMENT The parties agree that they THE UNIVERSITY will identify learners who are registered for their second year of their studies at THE UNIVERSITY, and who are studying towards qualifications which have been identified as being scarce and critical occupations in the insurance industry; to receive bursaries from THE SETA. 2. SCHEDULES TO THE MEMORANDUM OF AGREEMENT Schedule A of this MoA sets out the terms and conditions of this agreement; Schedule B sets out the delivery and invoicing schedule for payment and Schedule C sets out the approved learner list and the schedules are specifically incorporated into this MoA. 3. KEY MOA DELIVERABLES The parties hereby agree to perform in terms of the deliverables set out hereunder: 3.1 The responsibilities of THE SETA are to: 3.1.1 Provide funding for bursaries for learners who have been identified by THE UNIVERSITY and approved by THE SETA as set out in Schedule C; 3.1.2 Settle invoices according to the Public Finance Management Act (Act No.1 of 1999 as amended by act 29 of 1999), within 30 calendar days from receipt of a duly completed invoice from THE UNIVERSITY. 3.2 The responsibilities of THE UNIVERSITY are to: 3.2.1 Invite learners to apply for THE SETA bursaries on an application form used by THE UNIVERSITY; 3.2.2 Identify and select a shortlist through a means test which targets the learners who come from poor backgrounds, preferably having attended quintile 1, 2 and 3 schools. IDENTIFICATION AND SELECTION OF LEARNERS 3.2.2.1 Learners from the other quantiles are welcome if there are insufficient learners from the quintile 1, 2 and 3 schools who meet the criteria. The learners selected must be academically promising, having maintained a 60 percent average or higher in their previous year of study. Candidates who displayed a poor academic record must not be selected; 3.2.2.2 The selected learners must be studying towards qualifications which are scarce and critical skills in the insurance sector. These are: o B Com Degree with specialisation in either Risk; Finance; Investments o Financial Planning o Bachelor of Business Administration o BComm Accounting 3.2.2.3 Priority should be given to learners who have previously received THE SETA funding and who have maintained a good academic record and need to complete their studies; 3.2.2.4 The learner demographics should be adhered to as far as possible. With respect to gender, at least 54% or higher of applicants must be female and these are female of all race groups. The target for people with disabilities is 4% Black (African; Coloured and Indian) and 15% White; 3.2.2.5 The bursary funding will cover tuition and books fees only. 3

3.3 ADMINISTRATION OF APPLICATIONS 3.3.1 THE UNIVERSITY shall send Schedule C, which is the learner list, together with copies of the shortlisted learners' proof of registration at THE UNIVERSITY, course cost breakdown and certified copies of the Learners' identity documents; 3.3.2 On receipt of bursary funds from THE SETA, credit the learner fee accounts in accordance with the Schedule C allocation. Where a learner receives alternative funding, proof of registration at THE UNIVERSITY, must refund that allocation to THE SETA or if there is a suitable learner replacement, advise THE SETA accordingly before commencement of studies; 3.3.3 Provide THE SETA with a report to indicate the learners who received bursaries have met the attendance requirements for their year of study and have been admitted to write examinations; 3.3.4 Provide THE SETA with statement of results for all bursary recipients; and 3.3.5 At the close of the project, provide THE SETA with a report of closure which will confirm the final reconciliation of the allocation of the bursary funds and confirm in writing that the utilisation of the funds was audited internally on an annual basis. 4. BURSARY COST 4.1 The applicant Institution must provide INSETA with the Bursary amount for one academic year, not for a full degree or qualification 4.2 INSETA Bursary funding will be capped at R30 000 for Degrees and R10 000 for Diplomas 4.3 Bursary funding will cater for tuition and books only 4.4 The maximum cost of study will be paid only if the tuition cost equals or exceeds the bursary grant amount. I.e. if the cost of study is less that the capped amount, INSETA will pay the entire course amount. If the cost of study is more, INSETA will pay to the maximum of the capped amount. 4

SIGNED AT PARKTOWN ON THIS DAY OF 2018, on behalf of THE SETA by SANDRA DUNN AS WITNESSES: 1. 2. Henry Goliath SIGNED AT ON THIS DAY OF 2018, on behalf of THE UNIVERSITY by PRINT NAME: AS WITNESS: 1. 2. PRINT NAME: PRINT NAME: 5

1. INTERPRETATION SCHEDULE A TO MEMORANDUM OF AGREEMENT 1.1 If any provision of this Memorandum of Agreement is held to be invalid, in whole or in part, such provision shall be deemed not to form part of the Memorandum of Agreement. In any event the enforceability of the remainder of the Memorandum of Agreement will not be affected. 1.2 The clause headings in this Memorandum of Agreement have been inserted for convenience only and shall not be taken into account in its interpretation. 1.3 Words and expressions defined in any sub-clause shall, for the purposes of the clause of which that sub clause forms part, bear the meaning assigned to such words and expressions in that sub clause. 1.4 This Memorandum of Agreement shall be governed by and construed and interpreted in accordance with the laws of the Republic of South Africa. 1.5 Reference to persons includes all legal entities (i.e. corporations, associations, partnerships, Government Authorities and other) and natural persons. 1.6 Where figures are referred to in numeral and in words, if there is any conflict between the two, the words shall prevail. 1.7 Any reference to a gender includes the other gender. 1.8 Unless the Memorandum of Agreement specifies otherwise, if either party is required to notify the other in terms of this Memorandum of Agreement, such notifications shall be of no force or effect unless it is. a) Reduced to writing; and b) Delivering in a timely manner and within any stipulated time period. If no time period is stipulated in respect of any notice, such notice must be delivered within 5 (five) business days. 2. DEFINITIONS 2.1 business day means any day which is not a Saturday, Sunday or South African public holiday; 2.2 the/this Memorandum of Agreement means this signed Memorandum of Agreement, together with any referenced schedules and attached appendices hereto and any agreed amendments hereto, between the parties for the provision of the defined services; 2.3 Commencement date means 01 April 2018, being the date this agreement will commence notwithstanding the date of signature of this Memorandum of Agreement; 2.4 Memorandum of Agreement period means the period during which the services are to be provided, as specified in this Memorandum of Agreement, namely the period from the commencement date up to and including the termination date; 2.5 date of signature means the last date that this agreement will terminate. 2.6 termination date means 30 April 2019 being the date that this agreement will terminate. 2.7 the parties shall mean THE SETA and THE UNIVERSITY. 3. NON-ASSIGNMENT Neither party shall have the right to assign, cede or transfer the benefits or obligations of this Memorandum of Agreement without the prior written consent of the other party. 6

4. INDEMNITY The Parties hereby indemnifies and holds each other, harmless from any and all claims, loss, expenses, damages and liabilities of whatsoever nature including, but not limited to all legal fees and costs incurred by the other party as a result of: 4.1 Any act, neglect of default of THE SETA, its members, directors, agents or employees in connection with the rights and obligations for THE SETA related to and arising from this Memorandum of Agreement; and 4.2 The parties have insured themselves against the acts and omissions of persons acting on its behalf insofar it is liable in law therefor. The university registered students and staff are insured during the course and scope of their registered courses and within the scope of THE UNIVERSITY s business, where fault can be attributed to THE UNIVERSITY or its affiliates. THE UNIVERSITY s liability will be limited, whether for a single or multiple events, to the extent of its insurance cover herein. 5. DOMICILIUM CITANDI ET EXECUTANDI 5.1 The parties hereby choose its domicilium citandi et executandi for all purposes of this Memorandum of Agreement at as set out under "BIOGRAPHICAL INFORMATION". 5.2 Each of the parties shall be entitled to vary its domicilium citandi et executandi by written notice to any other physical address and / or its fax by written notice within 30 days of becoming aware of any changes. 5.3 Any notice to be served by either party will be served and marked For the attention of the Chief Executive Officer in the case of THE SETA and For the attention of The Vice- Chancellor in the case of THE UNIVERSITY. 5.4 Unless otherwise agreed by the parties, any notice to be given to either party in terms of this Memorandum of Agreement shall be valid and effective only if it is given in writing. 6. DISPUTE RESOLUTION 6.1 Should any dispute arise between the Parties in connection with this Agreement, the Parties will meet and use their best endeavours to resolve such dispute in an amicable manner and as expeditiously as possible, if necessary by invoking the intervention of the respective chief executive officers of each Party. 6.2 If a dispute or difference is no resolved or settled in fourteen (14) days the Parties shall be entitled to refer the dispute for adjudication by a competent South African High Court, unless the Parties agree to resolve such dispute by arbitration in terms of a separate arbitration agreement. 7. VARIATION No addition to or variation, consensual cancellation or novation of this Memorandum of Agreement and no waiver of any right arising from this Memorandum of Agreement or its breach or termination shall be of any force or effect unless reduced to writing and signed by all the Parties or their dully authorized representatives. 7

8. CONFIDENTIALITY AND CONFLICT OF INTEREST 8.1 The Parties undertake to maintain the confidentiality of all of the information imparted pursuant to this Agreement. The receiving Party will not divulge or permit to be divulged to any person any aspect of such confidential information. 8.2 The receiving Party shall use the confidential information for the purposes of the objectives of this Agreement only. This limitation shall not apply to: 8.3 Information which is in fact in the public domain at the date of signature hereof; 8.4 Information which comes into the public domain after the date of signature otherwise than as the result of the breach of this undertaking; 8.5 Information which the receiving Party can show was in its possession at the time of disclosure and which was not acquired directly or indirectly or indirectly from the disclosing Party; 8.6 Information which was independently received in good faith from a third party who has the right to disclose the same and who did not receive it directly or indirectly from either Party with restriction on the use thereof; 8.7 Information which the receiving Party is obliged to disclose in terms of an order of court, subpoena or other legal process; 8.8 All documentation furnished to the receiving Party by the disclosing Party pursuant to this Agreement will remain the property of the disclosing Party and upon termination of this Agreement will be returned to the disclosing Party; 8.9 After the termination of this Agreement the receiving Party shall not make any use of the confidential information to any other person; 8.10 The Parties are under a professional obligation not to disclose to a third party any information confidential to the other party and its Stakeholders, and to use the same the same standard of care that they use to protect their own proprietary interests, secret or confidential information and that the information shall be stored and handled in such a way as to prevent any unauthorized disclosure thereof; 8.11 Without prejudice to above sub clauses, the parties may cite the performance of the service to clients and prospective clients as an indication of the company s experience, unless both parties specifically agree otherwise in writing; and 8.12 The provisions of this clause shall commence upon the date of the last signature to this Agreement, and shall continue for a period of 5 years or any further period agreed upon between parties. 9. WARRANTY OF AUTHORITY Each party warrants to the other party that it has power, authority and legal right to sign and perform this Memorandum of Agreement and that this Memorandum of Agreement has been duly authorised by all necessary actions of its directors or board of trustees and applicable functionaries constitutes valid and binding obligations on it in accordance with the terms of this Memorandum of Agreement. 10. TERMINATION Subject to the provisions of clause 12, either party may terminate this Memorandum of Agreement, before the automatic termination of this limited duration, by giving Thirty (30) DAYS notice thereof. All funds paid in terms of this contract are discretionary grant funds and are for the payment of learner bursaries as per the list of learners who are selected by THE UNIVERSITY and approved by THE SETA. In the event of termination of this contract, any funds not dispensed for the purposes of the learner bursaries must be paid back to THE SETA. 8

11. SIGNATURE This Agreement is signed by the parties on the dates and at the places indicated opposite their respective names. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original and all of which shall be taken together and deemed to be one instrument. 12. BREACH 12.1 An event of breach will occur should either Party breach any of the material terms or conditions of this Agreement and fail to remedy that breach within a period of 21 (twenty one ) days of being called upon in writing to do so; 12.2 Upon the occurrence of an event of breach the Party not in breach will be entitled, in addition to any other rights which it may have in law, to cancel this Agreement on written notice to the Party in breach and to claim from the Party in breach such damages as the other Party may suffer. 12.3 The non-delivery of any required information could be deemed a material breach of an obligation or undertaking in terms of or arising from this Agreement and could result in the termination of this Agreement. 13. RELATIONSHIP No agency, employment, partnership or joint venture shall be deemed to exist between the parties as a result of this Memorandum of Agreement. Neither party shall have the authority to act for or bind the other. 14. COSTS Each party shall be liable to pay their own legal costs related to the negotiations, preparation and drafting of this Memorandum of Agreement. 9

SCHEDULE B TO MEMORANDUM OF AREEMENT Delivery and Invoicing Schedule No Activity Deliverables Invoice Amount Invoice/Deliverable Dates 1 Funds for Unemployed List of bursary applicants shortlisted by THE UNIVERSITY Proof of registration for 2018 at THE UNIVERSITY Course Cost breakdown Certified copy of learner identity documents First tranche payment at 50% of allocated funds On signature of Memorandum of Agreement and receipt of all deliverables by 30 April 2018 3 Learners' progress Proof of admission to examinations Learners' Statement of results of for the first semester Proof of registration for the second semester for 2018 at THE UNIVESRITY 4 Learners' completions A report indicating that the learners have successfully completed the attendance requirements for 2017 and have written the exams Second tranche payment at 50% of allocated funds July 2018 January 2019 5 MOA Closure Statement of results of learners for the academic year of 2018 Closure report which also shows a reconciliation of funds allocated Any amount of bursary funds not used to be reimbursed to THE SETA Total (No Vat applicable)to Be completed by THE SETA R Nil February 2019 10