<SEC-DOCUMENT>0001140361-16-081712.txt : 20161004
<SEC-HEADER>0001140361-16-081712.hdr.sgml : 20161004
<ACCEPTANCE-DATETIME>20161004171028
ACCESSION NUMBER:		0001140361-16-081712
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20160928
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20161004
DATE AS OF CHANGE:		20161004

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			USA TECHNOLOGIES INC
		CENTRAL INDEX KEY:			0000896429
		STANDARD INDUSTRIAL CLASSIFICATION:	CALCULATING & ACCOUNTING MACHINES (NO ELECTRONIC COMPUTERS) [3578]
		IRS NUMBER:				232679963
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33365
		FILM NUMBER:		161919973

	BUSINESS ADDRESS:	
		STREET 1:		100 DEERFIELD LANE
		STREET 2:		SUITE 140
		CITY:			MALVERN
		STATE:			PA
		ZIP:			19355
		BUSINESS PHONE:		6109890340

	MAIL ADDRESS:	
		STREET 1:		100 DEERFIELD LANE
		STREET 2:		SUITE 140
		CITY:			MALVERN
		STATE:			PA
		ZIP:			19355

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	USA ENTERTAINMENT CENTER INC
		DATE OF NAME CHANGE:	19931029
</SEC-HEADER>
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<TYPE>8-K
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<DESCRIPTION>USA TECHNOLOGIES, INC 8-K 9-28-2016
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<div style="text-align: center; font-family: 'Times New Roman'; font-size: 14pt;">SECURITIES AND EXCHANGE COMMISSION</div>

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<div style="text-align: center; font-family: 'Times New Roman'; font-size: 18pt;">FORM 8-K</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Current Report Pursuant to Section 13 or 15(d) of</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">The Securities Exchange Act of 1934</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Date of report (Date of earliest event reported): September 28, 2016</div>

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<div style="text-align: center; font-family: 'Times New Roman'; font-size: 24pt;">USA TECHNOLOGIES, INC.</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">(Exact name of registrant as specified in its charter)</div>

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<div style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">(State or other jurisdiction of incorporation or organization)</div>
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<div style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">(I.R.S. Employer Identification No.)</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">100 Deerfield Lane, Suite 140</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Malvern, Pennsylvania 19355</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">(Address of principal executive offices and zip code)</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Registrant&#8217;s telephone number, including area code: 610-989-0340</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">n/a</div>

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<div style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Departure of Directors or Principal Officers; Appointment of Principal Officers</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">On September 28, 2016, USA Technologies, Inc. (the &#8220;Company&#8221;), and Leland P. Maxwell entered into a letter agreement pursuant to which the Company extended Mr. Maxwell&#8217;s appointment as interim Chief Financial Officer until March 31, 2017. The letter agreement also provides that, during the extended term, Mr. Maxwell&#8217;s monthly compensation will be increased from $23,000 to $25,000.</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">The foregoing summary of the letter agreement does not purport to be complete and is qualified in its entirety by reference to the letter agreement, which is filed hereto as Exhibit 10.1 and is incorporated herein by reference.</div>

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<div style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Financial Statements and Exhibits.</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">(d)</div>
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<div style="text-align: justify; font-variant: normal; font-style: normal; font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;"><u>Exhibit No.</u></div>
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<div style="text-align: justify; font-variant: normal; font-style: normal; font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;"><u>Description of Exhibit</u></div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">10.1</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Letter agreement dated September 28, 2016, by and between the Company and Leland P. Maxwell</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">SIGNATURES</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Pursuant to the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">USA TECHNOLOGIES, INC.</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Dated: October 4, 2016</div>
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<td style="WIDTH: 3%; VERTICAL-ALIGN: top">By:</td>
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<div style="text-align: left; font-variant: normal; font-style: normal; font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;"><u>&#160;/s/ Stephen P. Herbert</u></div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Stephen P. Herbert,</div>
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<td style="WIDTH: 47%; VERTICAL-ALIGN: top">Chairman and Chief Executive Officer</td>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Index to Exhibits</div>

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<div style="text-align: justify; font-variant: normal; font-style: normal; font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;"><u>Description of Exhibit</u></div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><a href="ex10_1.htm">10.1</a></div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Letter agreement dated September 28, 2016, by and between the Company and Leland P. Maxwell</div>
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<TYPE>EX-10.1
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<DESCRIPTION>EXHIBIT 10.1
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<font style="FONT-WEIGHT: bold">Exhibit 10.1</font><br>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">USA TECHNOLOGIES, INC.</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">September 28, 2016</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; MARGIN-RIGHT: 356.4pt">Mr. Leland P. Maxwell </div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; MARGIN-RIGHT: 356.4pt">401 Dartmouth Road </div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; MARGIN-RIGHT: 356.4pt">Bryn Mawr, PA 19010</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Dear Lee:</div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">I am pleased to confirm the extension of your appointment as interim Chief Financial Officer of USA Technologies, Inc. ("USAT"). In connection with this extension, your compensation will increase to $25,000 per month effective October 1, 2016. Your appointment as interim Chief Financial Officer of USAT will end on March 31, 2017.</div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Except as specifically set forth above, all of the terms and conditions in the letter from USAT to you dated January 27, 2016 shall not be amended or modified in any respect whatsoever and shall remain in full force and effect.</div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">The terms of this letter are contingent upon approval thereof by our Board of Directors, which is expected to be no later than Wednesday, September 28, 2016.</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">Please indicate your written acceptance by signing this letter and returning it to me.</div>

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<div style="text-align: left; font-variant: normal; font-style: normal; font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;"><u>/s/ Stephen P. Herbert</u></div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Stephen P. Herbert,</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Chief Executive Officer</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Accepted and Agreed to:</div>
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<div style="text-align: left; font-variant: normal; font-style: normal; font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;"><u>/s/ Leland P. Maxwell</u></div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Leland P. Maxwell</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Dated: 9-23-16</div>
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