<SEC-DOCUMENT>0000914121-19-002770.txt : 20191018
<SEC-HEADER>0000914121-19-002770.hdr.sgml : 20191018
<ACCEPTANCE-DATETIME>20191018164320
ACCESSION NUMBER:		0000914121-19-002770
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20191018
DATE AS OF CHANGE:		20191018
EFFECTIVENESS DATE:		20191018

SUBJECT COMPANY:	

	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:			0630

	FILING VALUES:
		FORM TYPE:		DFAN14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33365
		FILM NUMBER:		191158181

	BUSINESS ADDRESS:	
		STREET 1:		100 DEERFIELD LANE
		STREET 2:		SUITE 300
		CITY:			MALVERN
		STATE:			PA
		ZIP:			19355
		BUSINESS PHONE:		6109890340

	MAIL ADDRESS:	
		STREET 1:		100 DEERFIELD LANE
		STREET 2:		SUITE 300
		CITY:			MALVERN
		STATE:			PA
		ZIP:			19355

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	USA ENTERTAINMENT CENTER INC
		DATE OF NAME CHANGE:	19931029

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Hudson Executive Capital LP
		CENTRAL INDEX KEY:			0001652522
		IRS NUMBER:				472878186
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A

	BUSINESS ADDRESS:	
		STREET 1:		570 LEXINGTON AVENUE, 35TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		(212) 521-8495

	MAIL ADDRESS:	
		STREET 1:		570 LEXINGTON AVENUE, 35TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
</SEC-HEADER>
<DOCUMENT>
<TYPE>DFAN14A
<SEQUENCE>1
<FILENAME>he54224007-dfan14a.htm
<DESCRIPTION>SCHEDULE 14A
<TEXT>
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  <div style="text-align: center; margin-top: 4pt; color: #000000; font-size: 14pt; font-weight: bold;">UNITED STATES</div>
  <div style="text-align: center; color: #000000; font-size: 14pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
  <div style="text-align: center; color: #000000; font-weight: bold;">WASHINGTON, D.C. 20549</div>
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  <div style="text-align: center; margin-top: 12pt; color: #000000; font-size: 18pt; font-weight: bold;">SCHEDULE 14A</div>
  <div style="text-align: center; margin-top: 6pt; color: #000000; font-weight: bold;">(Rule 14a-101)</div>
  <div style="text-align: center; color: #000000; font-size: 18pt; font-weight: bold;">SCHEDULE 14A INFORMATION</div>
  <div style="color: #000000;">&#160;</div>
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  <div style="text-align: center; margin-top: 12pt; color: #000000; font-weight: bold;">Proxy Statement Pursuant to Section 14(a) of<br>
    the Securities Exchange Act of 1934</div>
  <div style="margin-top: 12pt;">Filed by the Registrant <font style="font-family: 'Segoe UI Symbol', sans-serif; color: #000000;">&#9744;</font> Filed by a Party other than the Registrant <font style="font-family: 'Segoe UI Symbol', sans-serif; color: #000000;">&#9746;</font></div>
  <div style="margin-top: 12pt;">Check the appropriate box:</div>
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          <div>Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</div>
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          <div>Soliciting material Pursuant to <font style="color: #000000;">&#167;</font>240.14a-12</div>
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  <div style="text-align: center; margin-top: 12pt; color: #000000; font-size: 18pt; font-weight: bold;">USA Technologies, Inc.</div>
  <div style="text-align: center; color: #000000; font-weight: bold;">(Name of Registrant as Specified In Its Charter)</div>
  <div style="text-align: center; margin-top: 12pt; color: #000000; font-weight: bold;">Hudson Executive Capital LP</div>
  <div style="text-align: center; color: #000000; font-weight: bold;">HEC Management GP LLC</div>
  <div style="text-align: center; color: #000000; font-weight: bold;">Douglas L. Braunstein</div>
  <div><br>
  </div>
  <div style="text-align: center; margin-top: 6pt; color: #000000; font-weight: bold;">(Name of Person(s) Filing Proxy Statement, if other than the Registrant)</div>
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  <div>Payment of Filing Fee (Check the appropriate box):</div>
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        <td style="width: 1.7%; vertical-align: bottom;">&#160;</td>
        <td style="width: 3.53%; vertical-align: middle;">&#160;</td>
        <td style="width: 1.7%; vertical-align: bottom;">&#160;</td>
        <td style="width: 90.07%; vertical-align: middle;">&#160;</td>
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        <td style="width: 3%; vertical-align: middle;">&#160;</td>
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          <div style="color: #000000; font-family: 'Segoe UI Symbol', sans-serif;">&#9746;</div>
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        <td colspan="4" style="width: 97%; vertical-align: middle;">&#160;</td>
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          <div style="color: #000000; font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</div>
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          <div>&#160;</div>
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          <div>Fee computed on table below per Exchange Act Rule 14a-6(i)(4) and 0-11.</div>
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        <td style="width: 3%; vertical-align: middle;">&#160;</td>
        <td colspan="2" style="width: 5.23%; vertical-align: middle;">&#160;</td>
        <td colspan="2" style="width: 91.77%; vertical-align: middle;">&#160;</td>
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        <td style="width: 1.7%; vertical-align: bottom;">
          <div>&#160;</div>
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          <div>(1)</div>
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        <td style="width: 1.7%; vertical-align: bottom;">
          <div>&#160;</div>
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          <div>Title of each class of securities to which transaction applies:</div>
          <div style="color: #000000;">&#160;</div>
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            <div>&#160;</div>
            <div>&#160;</div>
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        <td style="width: 3%; vertical-align: bottom;">&#160;</td>
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          <div>&#160;</div>
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          <div>&#160;</div>
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          <div>Aggregate number of securities to which transaction applies:</div>
          <div style="color: #000000;">&#160;</div>
          <div>
            <div>&#160;</div>
            <div>&#160;</div>
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        <td style="width: 3%; vertical-align: bottom;">&#160;</td>
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          <div>Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):</div>
          <div style="color: #000000;">&#160;</div>
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            <div>&#160;</div>
            <div>&#160;</div>
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          <div>Proposed maximum aggregate value of transaction:</div>
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          <div>
            <div>&#160;</div>
            <div>&#160;</div>
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        <td style="width: 3%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.7%; vertical-align: bottom;">
          <div>&#160;</div>
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        <td style="width: 3.53%; vertical-align: top;">
          <div>(5)</div>
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        <td style="width: 1.7%; vertical-align: bottom;">
          <div>&#160;</div>
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        <td style="width: 90.07%; vertical-align: top; border-bottom: 1px solid #000000;">
          <div>Total fee paid:</div>
          <div style="color: #000000;">&#160;</div>
          <div>
            <div>&#160;</div>
            <div>&#160;</div>
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        <td style="width: 3%; vertical-align: middle;">&#160;</td>
        <td colspan="4" style="width: 97%; vertical-align: middle;">&#160;</td>
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        <td style="width: 3%; vertical-align: top;">
          <div style="color: #000000; font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</div>
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          <div>&#160;</div>
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        <td style="width: 3%; vertical-align: middle;">&#160;</td>
        <td colspan="4" style="width: 97%; vertical-align: middle;">&#160;</td>
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          <div style="color: #000000; font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</div>
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        <td style="width: 1.7%; vertical-align: bottom;">
          <div>&#160;</div>
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          <div>Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or
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        <td style="width: 3%; vertical-align: middle;">&#160;</td>
        <td colspan="2" style="width: 5.23%; vertical-align: middle;">&#160;</td>
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        <td style="width: 3%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.7%; vertical-align: bottom;">
          <div>&#160;</div>
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          <div>1)</div>
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        <td style="width: 1.7%; vertical-align: bottom;">
          <div>&#160;</div>
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        <td style="width: 90.07%; vertical-align: top; border-bottom: 1px solid #000000;">
          <div>Amount Previously Paid:</div>
          <div style="color: #000000;">&#160;</div>
          <div>
            <div>&#160;</div>
            <div>&#160;</div>
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      <tr>
        <td style="width: 3%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.7%; vertical-align: bottom;">
          <div>&#160;</div>
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          <div>2)</div>
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        <td style="width: 1.7%; vertical-align: bottom;">
          <div>&#160;</div>
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        <td style="width: 90.07%; vertical-align: top; border-bottom: 1px solid #000000;">
          <div>Form, Schedule or Registration Statement No.:</div>
          <div style="color: #000000;">&#160;</div>
          <div>
            <div>&#160;</div>
            <div>&#160;</div>
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        <td style="width: 3%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.7%; vertical-align: bottom;">
          <div>&#160;</div>
        </td>
        <td style="width: 3.53%; vertical-align: top;">
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        <td style="width: 1.7%; vertical-align: bottom;">
          <div>&#160;</div>
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        <td style="width: 90.07%; vertical-align: top; border-bottom: 1px solid #000000;">
          <div>Filing Party:</div>
          <div style="color: #000000;">&#160;</div>
          <div>
            <div>&#160;</div>
            <div>&#160;</div>
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        <td style="width: 3%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.7%; vertical-align: bottom;">
          <div>&#160;</div>
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        <td style="width: 3.53%; vertical-align: top;">
          <div>4)</div>
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        <td style="width: 1.7%; vertical-align: bottom;">
          <div>&#160;</div>
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        <td style="width: 90.07%; vertical-align: top; border-bottom: 1px solid #000000;">
          <div>Date Filed:</div>
          <div style="color: #000000;">&#160;</div>
          <div>
            <div>&#160;</div>
            <div>&#160;</div>
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  <div style="color: #000000;">&#160;</div>
  <div>
    <div style="color: #000000;">&#160;</div>
  </div>
  <div>
    <div style="margin-bottom: 2pt; color: #000000;">&#160;</div>
  </div>
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  <div><br>
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  <div>This filing contains a press release issued by Hudson Executive Capital LP, dated October 18, 2019.</div>
  <div><br>
  </div>
  <div style="text-align: center; margin-top: 6pt; color: #000000; font-weight: bold;">*&#160; *&#160; *&#160; *&#160; *</div>
  <div style="text-align: center; margin-top: 6pt;"><font style="font-weight: bold;">Hudson Executive Capital Issues Statement Regarding USA Technologies&#8217; Leadership Change<br>
    </font><br>
  </div>
  <div style="margin-top: 6pt;">October 18, 2019 07:00 AM Eastern Daylight Time</div>
  <div style="margin-top: 6pt;"><br>
  </div>
  <div><font style="font-weight: bold;">NEW YORK--(BUSINESS WIRE</font>)--Hudson Executive Capital LP (&#8220;Hudson Executive&#8221; or &#8220;HEC&#8221;), a New York-based investment firm and the largest shareholder of USA Technologies, Inc. (&#8220;USAT&#8221; or the &#8220;Company&#8221;) (OTC:
    USAT) with beneficial ownership of approximately 16.3% of common stock, responded to the Company&#8217;s announcement that Stephen Herbert has stepped down as Chief Executive Officer and a director of the Company.</div>
  <div><br>
  </div>
  <div>&#8220;It is only after Hudson Executive made its views public that USAT was willing to begin this long overdue process of replacing its CEO. This action does not absolve the Board of its past failures to provide the Company with competent management, and
    the consequent operational and financial deficiencies that have occurred on its watch as a result.</div>
  <div><br>
  </div>
  <div>&#8220;Now that the Company is operating under the leadership of an ad hoc management team, with an interim CEO leading an interim CFO, there is increased urgency for shareholders to have an opportunity to exercise their right to elect directors who will
    select executive leadership for the Company. We have no confidence that this Board will exercise sound judgment regarding engagement of a consulting firm, candidate selection, compensation, and other important issues.</div>
  <div><br>
  </div>
  <div>&#8220;Without consulting its largest shareholder, or any other shareholder to our knowledge, the Board made a number of indefensible decisions such as the recent financing, the hiring of an underqualified interim CFO, a compensation package for the
    departing CEO, hiring of an interim CEO and an accompanying compensation package, all while delaying a shareholder meeting. There are numerous other significant business decisions and vendor contracts to be addressed in the coming months. Based on its
    track record, this Board should not be permitted to make any other major decisions without shareholder input.</div>
  <div><br>
  </div>
  <div>&#8220;Therefore, after 18 months without holding a meeting, the Board must call a shareholder meeting at the earliest practicable date. At a minimum, it should comply with its previous commitment to hold the shareholder meeting within 90 days of October
    10th, and set and announce a meeting and record date accordingly. Any further delay will demonstrate the contempt this Board appears to have for its shareholders.&#8221;</div>
  <div><br>
  </div>
  <div><br>
  </div>
  <div style="border-top: 1px dotted #000000;"><br>
  </div>
  <div><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 504pt" id="TRGRRTFtoHTMLTab">&#160;</font><br>
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  <div style="margin-top: 12pt; font-weight: bold;">About Hudson Executive Capital LP</div>
  <div style="margin: 10pt 0px 0px;">Hudson Executive Capital LP (&#8220;Hudson Executive&#8221;), based in New York City, is a SEC-registered investment advisor to certain affiliated investment funds.</div>
  <div style="margin-top: 12pt; font-weight: bold;">Important Information </div>
  <div style="margin-top: 10pt;">In connection with their intended solicitation (the &#8220;Solicitation&#8221;) for the 2019 annual meeting of stockholders (the &#8220;Annual Meeting&#8221;) of USA Technologies, Inc. (the &#8220;Company&#8221;), Hudson Executive and certain of its
    affiliates will file a proxy statement with the U.S. Securities and Exchange Commission (&#8220;SEC&#8221;) to solicit proxies from stockholders of the Company for use at the Company&#8217;s Annual Meeting. Hudson Executive will furnish the definitive proxy statement to
    the stockholders of the Company, together with a WHITE proxy card. HUDSON EXECUTIVE STRONGLY ADVISES ALL STOCKHOLDERS OF THE COMPANY TO READ THE PROXY STATEMENT WHEN IT BECOMES AVAILABLE BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION. Such proxy
    statement, when filed, and any other relevant documents will be available at no charge on the SEC&#8217;s website at http://www.sec.gov and will also be available, without charge, on request from Hudson Executive&#8217;s proxy solicitor, Innisfree M&amp;A
    Incorporated (toll-free for stockholders at (888) 750-5834; collect for banks and brokers (212) 750-5833).</div>
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  <div style="margin-top: 12pt; font-weight: bold;">Hudson Executive Participant Information</div>
  <div style="margin-top: 12pt;">Hudson Executive, HEC Management GP LLC, and Douglas L. Braunstein may be deemed &#8220;participants&#8221; under SEC rules in the Solicitation.&#160; Hudson Executive, HEC Management GP LLC, and Douglas L. Braunstein may be deemed to
    beneficially own the equity securities of the Company described in Hudson Executive&#8217;s statement on Schedule 13D initially filed with the SEC on May 20, 2019 (the &#8220;Schedule 13D&#8221;), as it may be amended from time to time.&#160;&#160; Except as described in the
    Schedule 13D, none of the persons listed above has a direct or indirect interest, by security holdings or otherwise, in the Company or the matters to be acted upon, if any, in connection with the Annual Meeting.</div>
  <div style="margin-top: 12pt;">Contacts<br>
    <font style="font-weight: bold;">Press:</font><br>
    Jonathan Gasthalter / Nathaniel Garnick<br>
    Gasthalter &amp; Co.<br>
    212.257.4170<br>
    <br>
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  <div><font style="font-weight: bold;">Investors:</font><br>
    Scott Winter / Gabrielle Wolf</div>
  <div>Innisfree M&amp;A Incorporated</div>
  <div>212.750.5833</div>
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