Notice of Annual Meeting

NoticeofAnnualMeeting
LowerHutt,NewZealand-18August2023
PaySauceLimited(NZX:PYS)(“PaySauce”)hastodayprovidedacopyofitsNoticeof
AnnualShareholders'Meeting.
The2023AnnualShareholders’Meetingwillbeavirtualmeetingwhere
shareholderscanparticipatevirtuallyviatheonlineplatformbelow.
Where:www.virtualmeeting.co.nz/pys23
When:Thursday14September2023at3.00pm(NZST)
TheattachedNoticeofMeetingandProxyFormarebeingsenttoshareholders
today.Anelectroniccopyofthesedocumentswillalsobeavailableonthe
company'swebsite.
ENDS
ABOUTPAYSAUCE
PaySauceisaSaaSfintechplatformprovidingsolutionsforpeopleatworkin14
jurisdictionsacrosstheAsia-Pacificregion.Thetechnologyenablessmall
employerstodigitallyonboard,payandmanageemployeesfromanydevice.The
platformincludesrosters,mobiletimesheets,payrollcalculations,banking
integration,automatedpayments,PAYEfiling,labourcosting,automatedgeneral
ledgerentriesanddigitalemploymentcontracts.ThePayNowfeatureenables
customers’employeestoaccessthepaythey’veearnedbeforepayday,providinga
freealternativetopaydaylenders.
www.paysauce.com
CONTACT
Pleasedirectanyinvestmentqueriestoinvestor@paysauce.com.

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Notice of 2023 Annual
Shareholders' Meeting
14 SEPTEMBER 2023
WELLINGTON, NEW ZEALAND

NOTICEOFANNUALSHAREHOLDERS’MEETING2023
PaySauceLimited,Wellington,NewZealand
NoticeisherebygiventhattheAnnualMeetingofShareholdersofPaySauceLimited
(“PaySauce”,or“theCompany”)willbeheldat:
Where:Onlineat
http://www.virtualmeeting.co.nz/PYS23
When:Thursday14September2023at3:00pm(NZST)
AGENDA
1.Chair’sIntroduction
2.CEO’sAddresstoShareholders
3.FinancialStatements&Auditor’sReport
4.OrdinaryResolutions
Election&Re-ElectionofDirectors
ResolutionA-ThatMarkSamlalbeelectedasaDirectorofPaySauce.
ResolutionB-Thathavingretired,MichaelO’Donnellbere-electedasaDirectorof
PaySauce.
Auditor’sRemuneration
ResolutionC-ThattheBoardisauthorisedtofixthefeesandexpensesofGrant
ThorntonastheauditorofPaySauce.
5.SpecialResolutions
AdoptionofNewConstitution
ResolutionD-ThatPaySauce’sexistingconstitutionisrevoked,andtheconstitution
referredtointheExplanatoryNotesofthisNoticeofMeetingforResolutionDis
adoptedastheconstitutionofPaySaucewitheffectfromthecloseofthemeeting.
Eachoftheaboveresolutionsisexplainedfurtherintheexplanatorynotesthat
followbelowinthisnotice.
1

EXPLANATORYNOTES
ResolutionsA&B
PursuanttoNZXListingRule2.7.1:
●
ADirectorappointedbytheBoardmustnotholdoffice(withoutre-election)pastthenext
AnnualMeetingfollowingtheDirector’sappointment.
●
ADirectormustnotholdoffice(withoutre-election)pastthethirdAnnualMeetingfollowing
theDirector’sappointmentor3years,whicheverislonger.
MarkSamlal,havingbeenappointedon1February2023bytheBoard,andholdingofficeuntilthe
conclusionoftheAnnualMeetingofShareholdersinaccordancewithNZXListingRule2.7.1,offers
himselfforelection.
TheBoardhasdeterminedthatMarkqualifiesasanIndependentDirector,asdescribedintheNZX
ListingRules,andunanimouslysupportshiselection.
IncompliancewiththerotationrequirementsofListingRule2.7.1,MichaelO’Donnellretiresasa
Directorbyrotationandbeingeligibleoffershimselfforre-election.TheBoardunanimouslysupports
Michael’sre-election.
___________________________________________________________________________________________
MarkSamlal
IndependentNon-ExecutiveDirector
TermofOffice:
AppointedinFebruary2023.
Experience:
MarkSamlalhasover25years'experienceingrowthleadership
rolesinAsiaPacific.Markco-foundedPayAsiain2006wherehe
wasNon-ExecutiveChairman,untilbeingappointedas
ExecutiveChairmanandManagingDirectorofPayAsiain2015.
In2017,MarkwasappointedtotheBoardandasManaging
DirectorofPayGroupwhichlistedontheASXinMay2018.
Duringthistime,MarkstrategicallyexecutedoverfiveacquisitionsbeforePayGroupwasacquiredby
DeelIncbywayofschemeofarrangementinNovember2022anddelisted.MarkremainstheCEO
andFounderofPayGroup.MarkwasalsoaDirectorandGeneralManagerofPayConnectSolutions
thatwasacquiredbyADP.
HispreviousseniorrolesincludeCEOatVicplasInternationalLtd,aSingaporeStockExchangelisted
company,aswellasExecutiveDirectorofOmniIndustriesinSingapore.Throughoutallexperience
mentioned,Markwasaninvestedshareholder.
2

___________________________________________________________________________________________
MichaelO’Donnell
IndependentNon-ExecutiveDirector
TermofOffice:
AppointedinSeptember2020.
Experience:
MODischairofNewZealandcraftbreweryGarageProjectand
IPexportingcompanyG2G.Heisalsodeputychairofglobal
onlinemusiccompanySeratoandofNewZealandTradeand
Enterprise.MODisalsoadirectorofRadioNewZealand,
www.realestate.co.nz,SandfieldSoftwareandTheNewZealand
Hi-TechTrust.
MODisanindependentweeklybusinesscolumnistforStuffMedia.HewaspreviouslyChiefOperating
OfficerofTradeMe,ChiefOperatingOfficerofvWorkandheadofwholesaleinvestmentatGareth
MorganInvestments.
ResolutionC
GrantThorntonisautomaticallyreappointedauditoroftheCompanyattheannualmeetingunder
section207T(1)oftheCompaniesAct1993.ResolutionCissoughttoauthorisetheDirectorstofixthe
feesandexpensesoftheauditor,inaccordancewithsection207S(a)oftheCompaniesAct1993.
TheDirectorsoftheCompanyintendtovoteproxiesgrantedtothemandmarked‘proxydiscretion’on
ResolutionCinfavouroftheresolution,andunanimouslyrecommendShareholdersvoteinfavourof
ResolutionC.
ResolutionD
PaySauceisundergoinganevaluationtobecomeacertified“BCorporation”(BCorp).BCorp
Certificationisadesignationthatabusinessismeetinghighstandardsofverifiedperformance,
accountabilityandtransparency,allofwhichalignsstronglywithPaySauce’svalues.TobecomeaB
Corp,acompanymustmeetcertainlegalrequirementstodemonstratecommitmenttoahigher
standardofaccountabilityinPaySauce’sdecisions.ThisrequiresPaySaucetoamenditsconstitutionto
includetwonewclauses:apurposeclauseandastakeholderclause.
Accordingly,shareholdersarebeingaskedtoresolvethatPaySauce’sexistingconstitutionberevoked
andanamendedconstitutionincludingtheBCorprequirementsbeadoptedasPaySauce’s
constitutionwitheffectfromthecloseofthemeeting.
Asummaryofthechangestotheconstitutionissetoutbelow.Referencestoclausenumbersbelow
arereferencestoclausenumbersintheconstitutionasproposedtobeamended.
3

●
Purposeclause:A“purposeclause”pertheBCorprequirementshasbeenincludedinclause
2.3.ThisclauseprovidesthatthepurposeofPaySauceistodeliverreturnstoshareholders
whilsthavinganoverallpositiveimpactonsocietyandtheenvironment.
●
Stakeholderclause:A“stakeholderclause”pertheBCorprequirementshasbeenincludedin
clause2.4.ThisclauseprovidesseveralfactorsdirectorsorofficersofPaySaucemustconsider
whendischargingtheirduties.Theseare:
○
Thelong-termconsequencesofPaySauce’sdecisionoract;
○
TheinterestsofPaySauce’semployees;
○
FosteringPaySauce’sbusinessrelationships;
○
PaySauceoperations’impactonthecommunityandenvironment;
○
PaySauce’sreputationforhighstandardsofbusinessconduct;
○
TheinterestsofPaySauce’sshareholders;and
○
Creatinganoverallpositiveimpactonsocietyandtheenvironment.
●
ASXlistingrules:TheexistingconstitutioncurrentlyincludesreferencestotheASXListing
Rules.TheconstitutionhasbeenamendedtoremovetheASXListingRulesgivenPaySauceis
notlistedontheASX.
●
Untracedshareholders:TheexistingconstitutiongivesPaySaucetheabilitytosellshares(and
retainthenetproceedsofsale)whereashareholderhasunclaimeddividendsforathree-year
period.Thishasbeenomittedfromtheamendedconstitution.However,theamended
constitutionretainsaclausethatallowsPaySaucetomakeuseofunclaimeddistributionsone
yearaftertheyarepayable.
●
Otherchanges:Theopportunityhasbeentakentosimplifytheconstitutionbyremovingthe
repetitionofprovisionsoftheCompaniesAct1993.ThisisbecausePaySaucemustcomplywith
suchprovisionsinanyevent,andsuchprovisionswouldtakeprecedenceintheeventofany
existingorfutureinconsistencywiththeprovisionsofPaySauce’sconstitution.
Ifyouwouldliketoreviewtheproposedconstitutioninfull,youcanaccessacopyonthePaySauce
Limitedwebsite.https://www.paysauce.com/investor/#/documents.
AstheamendmentstotheConstitutiondonotimposeorremovearestrictionontheactivitiesof
PaySauceoraffecttherightsattachingtoshares,theshareholderminoritybuy-outrightsunder
section110oftheCompaniesAct1993donotapply.
TheBoardunanimouslyrecommendsshareholdersvoteinfavourofrevokingthecurrentconstitution
andadoptingtheupdatedconstitution.
4

PROCEDURALNOTES
VirtualAnnualMeeting
Shareholderswillbeabletoattendandparticipateinthisyear’sAnnualMeetingvirtuallyviaanonline
platformprovidedbyourshareregistrar,LinkMarketServicesat
http://www.virtualmeeting.co.nz/PYS23.
Shareholdersattendingandparticipatinginthevirtualmeetingwillbeabletovoteandaskquestions
duringtheAnnualMeeting.MoreinformationregardingvirtualattendanceattheAnnualMeeting
(includinghowtovoteandaskquestionsvirtuallyduringthemeeting)isavailableinthe‘Virtual
MeetingOnlinePortalGuide’availableat
https://bcast.linkinvestorservices.co.nz/generic/docs/OnlinePortalGuide.pdf
VotingEntitlement
ThepersonswhowillbeentitledtoattendandvoteontheresolutionsattheAnnualShareholders’
MeetingarethosepersonswhowillbetheshareholdersofPaySauceat5.00pmonTuesday12
September2023.
TheChairwillrequirevotingattheAnnualMeetingtobeconductedbypoll,oftheCompany’s
shareholdersentitledtovoteandvoting,asrequiredbytheNZXListingRules.
Proxies
Ashareholderwhoisentitledtovoteattheannualmeetingmayappointaproxytoattendandvote
insteadoftheshareholder.Aproxyneednotbeashareholder.
Ifyouappointaproxyyoumayeitherdirectyourproxyhowtovoteforyouoryoumaygivetheproxy
discretiontovoteastheyseefit.Ifyouwishtogiveyourproxydiscretionthenyoushouldmakethe
appropriateelectionontheProxyFormtograntyourproxythatdiscretion.Youwillbedeemedtohave
givenyourproxydiscretionifyoudonotmakeanelectioninrelationtoanyofresolutionsA,B,CorD.
TheChairoftheMeetingoranyotherDirectoriswillingtoactasproxyforanyshareholderwho
appointshimorherforthatpurpose.If,inappointingyourproxy,youdonotnameapersonasyour
proxyintheProxyForm,orifyournamedproxydoesnotattendtheannualmeeting,theChairofthe
Meetingwillbeyourproxyandmayvoteonlyinaccordancewithyourexpressdirection.
However,ifyourproxyisprecludedfromvoting(forexample,becausetheyhaveaninterestinthe
outcomeoftheresolution),thentheproxywillnotbeabletovoteonthatresolutiononyourbehalf.If
youdonottickanyboxesoryourdirectiononhowtheproxyistovoteisunclear(intheproxy’ssole
opinion)inrespectofaresolution,thenthedirectionistoabstain.
WheretheChairoftheMeetingoranyotherdirectorisappointedasadiscretionaryproxy,theChairof
theMeetingandallotherDirectorsintendtovoteinfavourofallresolutions.
5

ProxyForm
AccompanyingthisnoticeofmeetingisaProxyFormwhich,ifused,mustbelodgedwiththeshare
registrar,LinkMarketServicesLimited,inaccordancewiththeinstructionssetoutontheformby
3:00pmonTuesday12September2023.
Shareholderscanelecttovotetheirproxieson-linebyvisiting
https://investorcentre.linkmarketservices.co.nz/voting/PYSorbyscanningtheQRcodeontheProxy
Formwithyoursmartphone.YouwillneedtoenteryourCSN/HolderNumberandAuthorisationCode
(FIN)tosecurelycompleteyourproxyappointment.
OrdinaryResolution
Anordinaryresolutionisonepassedbyasimplemajorityofvotesfromshareholdersentitledtovote
andvotingontheresolution.
SpecialResolution
Aspecialresolutionisaresolutionapprovedbyamajorityof75%ormoreofthevotesofthose
shareholdersentitledtovoteandvotingontheresolution.
AnnualReport
The2023AnnualReportisavailableonthePaySauceLimitedwebsite.
https://www.paysauce.com/investor/#/documents.
ShareholderQuestions
Ifyouhaveanyquestionsyouwouldlikeconsideredatthemeeting,pleasesendthemtoLinkMarket
ServicesbycompletingtheQuestionssectionontheProxyForm.Alternativelyyoucansubmita
questiononlinebygoingtohttps://investorcentre.linkmarketservices.co.nz/voting/PYSandcompleting
theonlinevalidationprocess.Questionswillneedtobesubmittedby3:00pmonTuesday12
September2023.Alternatively,thereisanoptiontoaskquestionsonlineduringthevoting.
6

www.paysauce.com

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LODGE YOUR PROXY
Online:
https://investorcentre.linkmarketservices.co.nz/voting/PYS
Scan & email:
meetings@linkmarketservices.com Mail:
Use the enclosed reply paid
Deliver: envelope or address to :
Link Market Services Link Market Services Limited
Level 30, PwC Tower, PO Box 91976
80 Queen Street West, Auckland 1010 Auckland 1142
Scan this QR code with your smartphone and vote online

General Enquiries
+64 9 375 5998 | enquiries@linkmarketservices.com

PROXY FORM/ADMISSION CARD FOR PAYSAUCE LIMITED’S 2023 ANNUAL MEETING
The Annual Meeting of Shareholders of PaySauce Limited (PaySauce) will be online at www.virtualmeeting.co.nz/pys23 on Thursday 14
September 2023 at 3:00pm (New Zealand time). If you will be attending online, you will require your Holder Number for verification purposes.

If you will not attend the Meeting but wish to be represented by proxy, please complete and return this form (in accordance with the lodgement
instructions above) to PaySauce’s share registry, Link Market Services, by no later than 3.00pm, Tuesday, 12 September 2023. You can
also appoint your proxy and vote on the resolutions on the reverse of this form online by going to
https://investorcentre.linkmarketservices.co.nz/voting/PYS or by scanning the QR code above with your smartphone.

Appointment of proxy
A proxy need not be a shareholder of PaySauce. A shareholder who wishes to do so may appoint the Chair of the Meeting to act as proxy. If
you appoint a proxy you may either direct your proxy how to vote for you or you may give your proxy discretion to vote as he/she sees fit. If, in
appointing your proxy, you do not name a person as your proxy in the Proxy Form the Chair of the Meeting will be your proxy and may vote
only in accordance with your express direction.

Voting of your holding
If you appoint a proxy you must either direct the proxy how to vote by ticking the “For”, “Against” or “Abstain” box in respect of each resolution
OR by ticking the “Proxy Discretion” box in respect of each resolution. A shareholder can direct the proxy holder in respect of one or more
resolutions and give the proxy holder discretion in respect of other resolutions. If you wish to give your proxy discretion then you must mark the
appropriate boxes on the form to grant your proxy that discretion. If you do not tick any box for a particular resolution, you will be deemed to
have given your proxy discretion. If you make more than one election in respect of a resolution your vote will be invalid on that resolution.

Attending the meeting
If you wish to attend the Meeting online, you will require your CSN/Holder Number for verification purposes.

Signing instructions for proxy forms
Individual
Where the holding is in one name, the shareholder must sign the Proxy Form.

Joint Holding
This Proxy Form may be signed by either, or on behalf of, the joint shareholders (or their duly authorised attorney).

Power of Attorney
If this proxy form has been signed under a power of attorney, a copy of the power of attorney (unless already deposited with Link Market
Services Limited) and a signed certificate of non-revocation of the power of attorney must be returned to Link Market Services Limited.

Corporate Shareholder
If the shareholder is a company, this proxy form must be signed on behalf of the company by a duly authorised person acting under the
company’s express or implied authority.

Go online to https://investorcentre.linkmarketservices.co.nz/voting/PYS to appoint your proxy, or turn over to complete the form.

PROXY/CORPORATE REPRESENTATIVE FORM
STEP 1: APPOINT A PROXY TO VOTE ON YOUR BEHALF

I/We being a shareholder/s of PaySauce Limited hereby appoint:


_______________________________________________________of ____________________________________________________
(Full Name) (Address)


Or ________________________________________________________of ____________________________________________________
(Full Name) (Address)
as my/our proxy to vote for me/us on my/our behalf at the Annual Meeting of Shareholders to be held online at www.virtualmeeting.co.nz/pys23
on Thursday 14 September 2023 at 3:00pm, and at any adjournment of that meeting, and to vote as my/our proxy thinks fit on any
resolutions to amend any of the resolutions, or any resolution so amended and on any other resolution proposed at the Annual Meeting (or any
adjournment thereof) so as to give effect to my/our intention as set out below where possible.
STEP 2: ITEMS OF BUSINESS – PROXY VOTING INSTRUCTIONS
Complete this part if you have appointed a proxy above and you want to direct the proxy as to how the proxy should vote.
Please note: For each resolution you must tick one box.


To consider and, if thought fit, pass the following ordinary resolutions:

Tick () in box to vote

For Against Abstain
1
Discretion
2

A.
That Mark Samlal be elected as a Director of PaySauce.

   
B.
That having retired, Michael O’Donnell be re-elected as a Director of
PaySauce.
   
C.
That the Board is authorised to fix the fees and expenses of Grant Thornton as
the auditor of PaySauce.
   
D.
That PaySauce’s existing constitution is revoked, and the constitution referred
to in the Explanatory Notes of this Notice of Meeting for Resolution D is
adopted as the constitution of PaySauce with effect from the close of the
meeting.

   
1
If you mark the ‘Abstain’ box for a particular resolution, you are directing your proxy NOT to vote on that resolution. If a proxy does not vote on your
behalf on a resolution, your votes will not be counted when calculating the majority of that resolution.
2
If you tick the ‘Proxy Discretion’ box for a particular resolution, you are directing your proxy to decide how to vote on that resolution on your behalf.

STEP 3: SHAREHOLDER QUESTIONS
Shareholders present at the Annual Shareholders’ Meeting will have the opportunity to ask questions during the meeting. If you cannot attend but would
like to ask a question, you can submit a question online by going to https://investorcentre.linkmarketservices.co.nz/voting/PYS and completing the online
validation process or complete the question section below and return to Link Market Services. Questions will need to be submitted by 3:00pm on
Tuesday 12 September 2023. The Board will address and answer questions during the meeting.



STEP 3: SIGNATURE OF SECURITY HOLDER(S) This section must be completed
STEP 4: SIGN: SIGNATURE OF SHAREHOLDER(S)
This section must be completed
Shareholder 1 Shareholder 2 Shareholder 3

or duly authorised officer or attorney or duly authorised officer or attorney or duly authorised officer or attorney
Contact Name ___________________________________________ Contact Daytime Telephone _______________________ Date ____________
Electronic Investor Communications: If you received the Notice of Meeting and Proxy Form by mail and wish to receive your future investor
communications by email please provide your email address below.
Question: