<SEC-DOCUMENT>0001140361-19-017141.txt : 20190924
<SEC-HEADER>0001140361-19-017141.hdr.sgml : 20190924
<ACCEPTANCE-DATETIME>20190924133638
ACCESSION NUMBER:		0001140361-19-017141
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20190918
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20190924
DATE AS OF CHANGE:		20190924

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:			0630

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33365
		FILM NUMBER:		191110276

	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
</SEC-HEADER>
<DOCUMENT>
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<DESCRIPTION>8-K
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        <div style="text-align: center; color: rgb(0, 0, 0); font-size: 14pt;">SECURITIES AND EXCHANGE COMMISSION</div>
        <div style="text-align: center; color: rgb(0, 0, 0); font-size: 12pt;">Washington, D.C. 20549</div>
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        <div style="text-align: center; color: rgb(0, 0, 0); font-size: 18pt; font-weight: bold;">FORM 8-K</div>
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        </div>
        <div style="text-align: center; color: #000000;">Current Report Pursuant to Section 13 or 15(d) of</div>
        <div style="text-align: center; color: #000000;">The Securities Exchange Act of 1934</div>
        <div><br>
        </div>
        <div style="text-align: center; color: #000000;">Date of report (Date of earliest event reported): September 18, 2019</div>
        <div><br>
        </div>
        <div style="text-align: center; color: #000000;"><font style="font-size: 24pt; font-weight: bold;">USA TECHNOLOGIES, INC</font><font style="font-size: 24pt;">.</font></div>
        <div style="text-align: center; color: #000000;">(Exact name of registrant as specified in its charter)</div>
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                <div style="text-align: center; color: rgb(0, 0, 0);">Pennsylvania</div>
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                <div style="text-align: center; color: rgb(0, 0, 0);">001-33365</div>
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                <div style="text-align: center; color: rgb(0, 0, 0);">232679963</div>
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            <td style="width: 33%; vertical-align: top;" rowspan="1">&#160;</td>
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                <div style="text-align: center; color: rgb(0, 0, 0);">(State or other jurisdiction of incorporation or organization)</div>
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                <div style="text-align: center; color: rgb(0, 0, 0);">(Commission File Number)</div>
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                <div style="text-align: center; color: rgb(0, 0, 0);">(I.R.S. Employer Identification No.)</div>
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        <div style="text-align: center; color: #000000;">100 Deerfield Lane, Suite 300</div>
        <div style="text-align: center; color: #000000;">Malvern, Pennsylvania 19355</div>
        <div style="text-align: center; color: #000000;">(Address of principal executive offices and zip code)</div>
        <div><br>
        </div>
        <div style="text-align: center; color: #000000;">Registrant&#8217;s telephone number, including area code: 610-989-0340</div>
        <div><br>
        </div>
        <div style="text-align: center; color: #000000;">n/a</div>
        <div style="text-align: center; color: #000000;">Former name or former address, if changed since last report</div>
      </div>
      <div>
        <div><br>
        </div>
        <div style="text-align: justify; color: #000000;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</div>
      </div>
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                    <div style="color: #000000;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</div>
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                    <div style="color: #000000;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</div>
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                    <div style="color: #000000;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</div>
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                  <td style="width: 18pt; vertical-align: top; align: right; color: #000000; font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</td>
                  <td style="width: auto; vertical-align: top;">
                    <div style="color: #000000;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</div>
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        <div><br>
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      <div>
        <div style="color: #000000;">Securities registered pursuant to Section 12(b) of the Act:</div>
        <div><br>
        </div>
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                <div style="text-align: center; margin-right: 0.75pt; color: #231F20;">Title of each class</div>
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                <div style="text-align: center; color: #231F20;">Trading</div>
                <div style="text-align: center; color: #231F20;">Symbol(s)</div>
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                <div style="text-align: center; color: #231F20;">Name of each exchange on which </div>
                <div style="text-align: center; color: #231F20;">registered</div>
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                <div style="margin-right: 0.75pt; color: #000000;">Common Stock, no par value</div>
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                <div style="text-align: center; color: #000000;">USAT</div>
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              <div>
                <div style="color: #000000;">The NASDAQ Stock Market LLC</div>
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                <div style="margin-right: 0.75pt; color: #000000;">Series A Convertible Preferred Stock, no par value</div>
              </div>
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            <td style="width: 24%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
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                <div style="text-align: center; color: #000000;">USATP</div>
              </div>
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            <td style="width: 33%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div>
                <div style="color: #000000;">The NASDAQ Stock Market LLC</div>
              </div>
            </td>
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      <div>
        <div style="text-align: justify; color: #000000;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange
          Act of 1934 (&#167;240.12b-2 of this chapter).</div>
      </div>
      <div>
        <div style="text-align: right; color: #000000;">Emerging growth company &#9744;</div>
      </div>
      <div>
        <div><br>
        </div>
        <div style="text-align: justify; color: #000000;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
          provided pursuant to Section 13(a) of the Exchange Act.&#160; &#9744;</div>
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                  <td style="width: 54pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">Item 1.01</td>
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                    <div style="color: #000000; font-weight: bold;">Entry into a Material Definitive Agreement.</div>
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      <div>
        <div style="color: #000000;">On September 18, 2019, USA Technologies, Inc. (the &#8220;Company&#8221;) entered into an eighth&#160; consent letter (the &#8220;New Consent Agreement&#8221;) relating to the Company&#8217;s existing Credit Agreement dated November 9, 2017 (&#8220;Credit
          Agreement&#8221;) by and among the Company, as the borrower, its subsidiaries, as guarantors, and JPMorgan Chase Bank, N.A., as the lender and administrative agent for the lender (the &#8220;Lender&#8221;).</div>
        <div><br>
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        <div style="color: #000000;">Pursuant to the New Consent Agreement, the Lender has: (i) consented to an extension from September 30, 2019 until March 31, 2020, as the date by which the Company is required to either <a name="z_Hlk20048257"></a>move
          to the Lender or close all deposit accounts not maintained with the Lender (other than Excluded Accounts as defined in the Security Agreement dated November 9, 2017 between the Company and the Lender); (ii) waived an event of default under the
          Credit Agreement due to the failure to limit to $1,500,000 the amount held in deposit accounts&#160; maintained with Silicon Valley Bank; and (iii) amended the foregoing deposit limit with Silicon Valley Bank to require only that the Company transfer
          any funds in excess of&#160; $2,250,000 on the first business day of each calendar week to a deposit account maintained with the Lender.</div>
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        <div style="color: #000000;">The foregoing description of the New Consent Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the New Consent Agreement, a copy of which is filed as Exhibit
          10.1 hereto and incorporated herein by reference.</div>
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                  <td style="width: 54pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">Item 3.01</td>
                  <td style="width: auto; vertical-align: top;">
                    <div style="color: #000000; font-weight: bold;">Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.</div>
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        <div><br>
        </div>
        <div style="color: #000000;">On September 24, 2019, the Company received a letter from the Nasdaq Hearings Panel (the "Panel") notifying the Company that as a result of the Company&#8217;s failure to regain compliance with its periodic reporting
          obligations by September 23, 2019, the Panel has determined to delist the Company&#8217;s securities from trading on The Nasdaq Stock Market LLC (&#8220;Nasdaq&#8221;) and will suspend trading in these securities effective at the open of trading on September 26,
          2019.</div>
        <div style="color: #000000;"> <br>
        </div>
        <div>
          <div style="color: #000000;">Following a suspension of trading in its securities on Nasdaq, the Company&#8217;s securities will be quoted on the OTC Markets. For quotes or additional information on the OTC Markets, you may visit <u>http://www.otcmarkets.com</u>.</div>
          <div><br>
          </div>
          <div style="color: #000000;">Pursuant to applicable Nasdaq rules, the Company intends to request that the Nasdaq Listing and Hearing Review Council review the Panel&#8217;s decision within 15 days following the date of the Panel&#8217;s letter. During the
            appeal period and the appeals process, trading in the Company&#8217;s securities on Nasdaq will remain suspended, and Nasdaq will not take further action to delist the Company&#8217;s securities.</div>
          <div style="color: #000000;"> <br>
          </div>
        </div>
        <div style="color: #000000;">As previously reported, on September 20, 2019, the Company notified the Panel that the Company believed that it was unlikely that the Company would meet the Panel&#8217;s September 23, 2019 deadline to regain compliance with
          its periodic reporting obligations. In this regard, the Company is completing its analysis of the leasing/rental contracts of its wholly-owned subsidiary, Cantaloupe Systems, Inc., which it acquired in November 2017, as well as additional
          adjustments to its previously issued and prior fiscal years&#8217; unissued financial statements, including an accrual for the payment of sales taxes in various jurisdictions and the restoration of the Company&#8217;s income tax valuation allowance. These
          additional adjustments are not related to the Audit Committee&#8217;s internal investigation, were discovered during the audit process, and must be resolved by the Company in order for the Company&#8217;s independent auditor to complete its audit procedures.</div>
        <div><br>
        </div>
        <div style="color: #000000;">The Company will continue to work diligently towards regaining compliance with its periodic reporting obligations, completion of its Annual Report on Form 10-K for the fiscal year ended June 30, 2019 (the &#8220;2019 Form
          10-K&#8221;), and completion of any required restatements of its previously issued financial statements, as soon as practicable.</div>
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        <div style="color: #000000; font-weight: bold;">Forward-looking Statements:</div>
        <div><br>
        </div>
        <div style="color: #000000;">
          <div>
            <div style="color: #000000;">&#8220;Safe Harbor&#8221; Statement under the Private Securities Litigation Reform Act of 1995: All statements other than statements of historical fact included in this Current Report on Form 8-K are forward-looking statements.
              When used in this Current Report on Form 8-K, words such as &#8220;anticipate,&#8221; &#8220;believe,&#8221; &#8220;estimate,&#8221; &#8220;expect,&#8221; &#8220;intend,&#8221; and similar ex-pressions, as they relate to the Company or its management, identify forward-looking statements. Such
              forward-looking statements are based on the beliefs of the Company&#8217;s management, as well as assumptions made by and information currently available to the Company&#8217;s management. Actual results could differ materially from those contemplated by
              the forward-looking statements as a result of certain factors, including but not limited to, the ability to complete the financial statements required to be included in its unfiled periodic reports, including the 2019 Form 10-K, or
              restatement of the affected financial statements; the risk that non-investigatory adjustments which have been identified during the course of the audit and which do not relate to the Cantaloupe financial integration, will result in the
              restatement of&#160; additional previously issued financial statements of the Company or further delay in regaining compliance with its periodic filing obligations; the ability to file the 2019 Form 10-K within the fifteen calendar-day extension
              period provided by Rule 12b-25(b); the ability of the Company to complete the analysis of the Cantaloupe financial integration issues or the additional adjustments; risks relating to the substantial costs and diversion of personnel&#8217;s
              attention and resources deployed to address the restatement of the affected financial statements, the unfiled periodic reports, and internal control matters&#894; the risk associated with the currently pending litigation or possible regulatory
              action arising from the internal investigation and its findings, from the failure to file the Company&#8217;s periodic reports with the SEC, from the restatement of the affected financial statements, from allegations related to the registration
              statement for the follow-on public offering, or from potential litigation or other claims arising from the shareholder demands for derivative actions&#894; whether any appeal to the Nasdaq Listing and Hearing Council will be successful or result
              in the reinstatement of trading of the Company&#8217;s securities&#894; the timing of the review by, and the conclusions of, the Company&#8217;s independent auditor with respect to the previously issued or prior fiscal years&#8217; financial statements, including
              the 2019 Form 10-K&#894; the risk that the filing of the unfiled periodic reports, including the 2019 Form 10-K, or the restatement of the affected financial statements will take longer than anticipated; and the possibility that the Company may
              not appeal the Panel&#8217;s decision to the Nasdaq Listing and Hearing Council or may discontinue any such appeal resulting in the delisting of the Company&#8217;s securities. Readers are cautioned not to place undue reliance on these forward-looking
              statements. Any forward-looking statement made by us speaks only as of the date of this Current Report on Form 8-K. Unless required by law, the Company does not undertake to release publicly any revisions to these forward-looking statements
              to reflect future events or circumstances or to reflect the occurrence of unanticipated events.</div>
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                  <td style="width: 54pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">Item 9.01.</td>
                  <td style="width: auto; vertical-align: top;">
                    <div style="color: #000000; font-weight: bold;">Financial Statements and Exhibits</div>
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              <div>
                <div><a href="ex10_1.htm"><u>Exhibit 10.1</u></a></div>
              </div>
            </td>
            <td style="width: 91%; vertical-align: top;">
              <div>
                <div style="color: #000000;">Consent Agreement by and among the Company, its subsidiaries, and JPMorgan Chase Bank, N.A., dated September 17, 2019</div>
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        </div>
      </div>
      <div>
        <div style="text-align: center; color: #000000;">SIGNATURES</div>
      </div>
      <div>
        <div><br>
        </div>
        <div style="text-align: justify; color: #000000;">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>
        <div><br>
        </div>
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          <tr>
            <td style="width: 50%; vertical-align: top;"><br>
            </td>
            <td style="width: 3%; vertical-align: top;" colspan="2" rowspan="1">
              <div>
                <div style="text-align: justify; color: #000000;">USA TECHNOLOGIES, INC.</div>
              </div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;" rowspan="1">&#160;</td>
            <td style="width: 3%; vertical-align: top;" colspan="2" rowspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;" rowspan="1">
              <div style="text-align: justify; color: #000000;">Dated: September 24, 2019</div>
            </td>
            <td style="width: 3%; vertical-align: top;" rowspan="1" colspan="1">By:</td>
            <td style="width: 47%; vertical-align: top;" rowspan="1">
              <div style="text-align: justify; color: #000000;"><u>/s/ Stephen P. Herbert</u></div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;" rowspan="1">&#160;</td>
            <td style="width: 3%; vertical-align: top;" rowspan="1" colspan="1">&#160;</td>
            <td style="width: 47%; vertical-align: top;" rowspan="1">
              <div style="text-align: justify; color: #000000;">Stephen P. Herbert,</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;" rowspan="1">&#160;</td>
            <td style="width: 3%; vertical-align: top;" rowspan="1" colspan="1">&#160;</td>
            <td style="width: 47%; vertical-align: top;" rowspan="1">
              <div style="text-align: justify; color: #000000;">Chief Executive Officer</div>
            </td>
          </tr>

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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>ex10_1.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
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    <div>
      <div style="text-align: right;"><font style="font-weight: bold;"> Exhibit 10.1</font><br>
      </div>
      <div style="text-align: center;"> <br>
      </div>
      <div style="text-align: center;">September 17, 2019</div>
      <div><br>
      </div>
      <div>USA Technologies, Inc.</div>
      <div>100 Deerfield Lane</div>
      <div>Suite 300</div>
      <div>Malvern, PA&#160; 19355</div>
      <div>Attention: Glen Goold</div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" id="z1d0c039a6f844d2585bfef0700e33439" class="DSPFListTable">

            <tr style="vertical-align: top;">
              <td style="width: 36pt;">&#160;</td>
              <td style="vertical-align: top; width: 36pt;">
                <div style="text-align: left;">Re:</div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div style="text-align: left;"><u>AGREEMENT AND WAIVER</u></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;">Dear Sir or Madam:</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">We refer to that certain Credit Agreement, dated as of November 9, 2017 (as amended, restated, supplemented, or otherwise modified from time to
        time, the &#8220;<u>Credit Agreement</u>&#8221;), among USA Technologies, Inc., a Pennsylvania corporation (the &#8220;<u>Borrower</u>&#8221;),
        the other Loan Parties party thereto (together with the Borrower, the &#8220;<u>Loan Parties</u>&#8221;), the lenders party thereto from time to time (the &#8220;<u>Lenders</u>&#8221;), and JPMorgan Chase Bank, N.A., as administrative agent (the &#8220;<u>Administrative Agent</u>&#8221;) for the Lenders.&#160;
        Capitalized terms used herein and not otherwise defined shall have the meanings given to such terms in the Credit Agreement.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">Pursuant to that certain letter agreement regarding consent to extension dated as of June 27, 2019, the Loan Parties agreed that (a) by no later
        than September 30, 2019, the Loan Parties would move all Deposit Accounts (other than Excluded Accounts (as defined in the Security Agreement)) not maintained with the Administrative Agent to the Administrative Agent or close such Deposit Accounts
        (the &#8220;<u>Deposit Account Move Date</u>&#8221;) and (b) notwithstanding anything in the Security Agreement to the contrary, the Loan Parties would be permitted to maintain up to
        $1,500,000 in Deposit Accounts maintained with Silicon Valley Bank (such limit, the &#8220;<u>SVB Deposit Limit</u>&#8221;; such Deposit accounts, the &#8220;<u>SVB Deposit Accounts</u>&#8221;).</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">The Loan Parties have informed the Administrative Agent that they have failed to comply with the SVB Deposit Limit (the &#8220;<u>Specified Event of Default</u>&#8221;) and, as result, an Event of Default has occurred and is continuing under the Credit Agreement.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">The Loan Parties have requested that the Administrative Agent and the Lenders (a) waive the Specified Event of Default, (b) extend the Deposit
        Account Move Date to March 31, 2020 (the &#8220;<u>Deposit Account Moved Date Extension</u>&#8221;), and (c) amend the SVB Deposit Limit to require only that the Loan Parties transfer all
        funds in the SVB Deposit Accounts in excess of $2,250,000 on the first Business Day of each calendar week to a Deposit Account maintained with the Administrative Agent.</div>
      <div style="text-align: justify; text-indent: 36pt;"> <br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
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      <div style="text-align: justify; text-indent: 36pt;">At your request and subject to the terms and conditions of this letter agreement, the Administrative Agent and the Lenders hereby (a) waive the
        Specified Event of Default, (b) consent to the Deposit Account Move Date Extension, and (c) agree that the Loan Parties may maintain funds in the SVB Deposit Accounts in excess of $2,250,000 so long as (i) on the first Business Day of each calendar
        week all amounts maintained in the SVB Deposit Accounts in excess of $2,250,000 are transferred to a Deposit Account maintained with the Administrative Agent and (ii) in no event shall the Loan Parties transfer any funds maintained in a Deposit
        Account with the Administrative Agent to an SVB Deposit Account.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">Each of the Loan Parties hereby (a) agrees that, after giving effect to the terms hereof, no Default or Event of Default exists as of the date
        hereof, (b) reaffirms all of its obligations and covenants under the Credit Agreement and the other Loan Documents to which it is a party, (c) restates and renews each and every representation and warranty heretofore made by it in the Credit
        Agreement and the other Loan Documents as fully as if made on the date hereof (except with respect to representations and warranties made as of an expressed date, in which case such representations and warranties shall be true and correct as of
        such date); provided, however, that (i) Section 3.04(a) of the Credit Agreement shall be subject to the restatement of the fiscal year 2017 financial statements of the Company disclosed in the Company&#8217;s Form 8-K dated February 6, 2019,&#160; and (ii)
        Section 3.06(a)(i) of the Credit Agreement shall be subject to the purported class actions filed against the Company disclosed in the Company&#8217;s Form 12b-25 dated February 11, 2019, the purported class action filed against the Company in the Chester
        County, Pennsylvania, Court of Common Pleas (Docket No. 2019-04821-MJ) on May 17, 2019, and the purported class action filed against the Company in the United States District Court of the District of New Jersey (Case 2:19-cv-16597) on August 12,
        2019 which has been consolidated with the purported class actions referred to in the Company&#8217;s Form 12b-25 dated February 11, 2019, and (d) agrees that none of its respective obligations and covenants shall be reduced or limited by the execution
        and delivery of this letter agreement.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">Each Loan Party and their respective Affiliates, successors, assigns, and legal representatives (collectively, the &#8220;<u>Releasors</u>&#8221;), acknowledge and agree that through the date hereof, each Secured Party has acted in good faith and has conducted itself in a commercially reasonable manner in its relationships with the
        Releasors in connection with this agreement and in connection with the Secured Obligations, the Credit Agreement, and the other Loan Documents, and the obligations and liabilities of the Releasors existing thereunder or arising in connection
        therewith, and the Releasors hereby waive and release any claims to the contrary.&#160; The Releasors hereby release, acquit, and forever discharge each Secured Party and its Affiliates (including, without limitation, its parent and its subsidiaries)
        and their respective officers, directors, employees, agents, attorneys, advisors, successors and assigns, both present and former (collectively, the &#8220;<u>Secured Party Affiliates</u>&#8221;)
        from any and all manner of losses, costs, defenses, damages, liabilities, deficiencies, actions, causes of action, suits, debts, controversies, damages, judgments, executions, claims, demands, and expenses whatsoever, asserted or unasserted, known
        or unknown, foreseen or unforeseen, in contract, tort, law or equity (generically, &#8220;<u>Claims</u>&#8221;), that any Releasor has or may have against any Secured Party and/or any
        Secured Party Affiliate by reason of any action, failure to act, event, statement, accusation, assertion, matter, or thing whatsoever arising from or based on facts occurring prior to the effectiveness of this Agreement that arises out of or is
        connected to the Loan Documents or the Secured Obligations.&#160; Each of the Releasors hereby unconditionally and irrevocably agrees that it will not sue any Secured Party or any Secured Party Affiliate on the basis of any Claim released, remised, and
        discharged by such Releasor pursuant to this paragraph.&#160; If any Releasor or any of their respective successors, assigns, or other legal representatives violates the foregoing covenant, each Releasor, for itself and its successors, assigns, and
        legal representatives, agrees to pay, in addition to such other damages as any Secured Party or any Secured Party Affiliate may sustain as a result of such violation, all reasonable and documented attorneys&#8217; fees and costs incurred by any Secured
        Party or any Secured Party Affiliate as a result of such violation.</div>
      <div>&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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      <div style="text-align: justify; text-indent: 36pt;">This letter agreement shall not become effective until each of the Loan Parties and the Administrative Agent have executed and delivered this letter
        agreement to the Administrative Agent.&#160; Except for the agreements and waivers set forth above, the text of the Credit Agreement and all other Loan Documents shall remain unchanged and in full force and effect.&#160; This letter agreement shall not
        constitute an amendment to any other provision of the Credit Agreement or any other Loan Document. The agreements and waivers herein are one-time in nature and shall not be construed as an agreement to any future agreement or waiver. No agreement
        or waiver by the Administrative Agent or the Lenders under the Credit Agreement or any other Loan Document is granted or intended hereby except as expressly set forth herein.&#160; Except as set forth herein, the agreements and waivers agreed to herein
        shall not constitute a modification of the Credit Agreement or any of the other Loan Documents, or a course of dealing with the Administrative Agent and the Lenders at variance with the Credit Agreement or any of the other Loan Documents, such as
        to require further notice by the Administrative Agent or the Lenders to require strict compliance with the terms of the Credit Agreement and the other Loan Documents in the future.&#160; This letter agreement shall be a &#8220;Loan Document&#8221; for all purposes
        under the Credit Agreement. This letter agreement shall be governed by, and construed in accordance with, the laws of the State of New York.&#160; This letter agreement may be executed in any number of counterparts, each of which shall be deemed to be
        an original, but all such separate counterparts shall together constitute but one and the same instrument.&#160; Delivery by one or more parties hereto of an executed counterpart of this letter agreement via facsimile, telecopy, or other electronic
        method of transmission pursuant to which the signature of such party can be seen (including, without limitation, Adobe Corporation&#8217;s Portable Document Format) shall have the same force and effect as the delivery of an original executed counterpart
        of this letter agreement.&#160; Any party delivering an executed counterpart of this letter agreement by facsimile or other electronic method of transmission shall also deliver an original executed counterpart to the Administrative Agent, but the
        failure to do so shall not affect the validity, enforceability, or binding effect of this letter agreement.</div>
      <div>&#160;</div>
      <div style="text-align: center;">[<font style="font-style: italic;">remainder of page intentionally left blank; signature pages follow</font>]</div>
      <div style="text-align: center;"> <br>
      </div>
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            <td style="width: 50%; vertical-align: top;">
              <div><font style="font-weight: bold;">BORROWER</font>:</div>
            </td>
            <td style="vertical-align: top;" colspan="3">
              <div style="font-weight: bold;">USA TECHNOLOGIES, INC.</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;" rowspan="1">&#160;</td>
            <td style="vertical-align: top;" colspan="3" rowspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 3%; vertical-align: top; padding-bottom: 2px;">
              <div>By:&#160;<u></u></div>
            </td>
            <td style="width: 32%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">/s/ Stephen P. Herbert</td>
            <td style="width: 15%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="vertical-align: top;" colspan="3">
              <div>Name: Stephen P. Herbert</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="vertical-align: top;" colspan="3">
              <div>Title: Chief Executive Officer</div>
            </td>
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      <div>
        <div> <br>
        </div>
      </div>
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      <div>
        <div><font style="font-weight: bold;">ADMINISTRATIVE AGENT AND SOLE LENDER</font>:</div>
        <div> <br>
        </div>
      </div>
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            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="vertical-align: top;" colspan="2">
              <div><font style="font-weight: bold;">JPMORGAN CHASE BANK, N.A</font>.</div>
            </td>
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          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="vertical-align: top;" colspan="2">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 35%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div>By: /s/ Geraldine A. King</div>
            </td>
            <td style="width: 15%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="vertical-align: top;" colspan="2">
              <div>Name: Geraldine A. King</div>
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          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="vertical-align: top;" colspan="2">
              <div>Title: Executive Director, Special Credits Risk</div>
            </td>
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      <div>
        <div style="text-align: right;"> <br>
        </div>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
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      <div style="text-align: center; font-weight: bold;">CONSENT, REAFFIRMATION, AND AGREEMENT OF GUARANTORS</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">Each of the undersigned (a) acknowledges receipt of the foregoing agreement and waiver (the &#8220;<u>Agreement</u>&#8221;); (b) consents to the execution and delivery of the Agreement; and (c) reaffirms all of its obligations and covenants under the Credit Agreement (as defined in the Agreement) and all of its other obligations
        under the Loan Documents to which it is a party, and, agrees that none of its obligations and covenants shall be reduced or limited by the execution and delivery of the Agreement or any of the other instruments, agreements or other documents
        executed and delivered pursuant thereto.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">This Consent, Reaffirmation, and Agreement of Guarantors (this &#8220;<u>Consent</u>&#8221;)
        may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which counterparts, taken together, shall constitute
        but one and the same instrument.&#160; This Consent may be executed by each party on separate copies, which copies, when combined so as to include the signatures of all parties, shall constitute a single counterpart of the Consent.</div>
      <div>&#160;<br>
        <div style="text-indent: 36pt;">As of September 17, 2019</div>
        <br>
      </div>
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            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="vertical-align: top;" colspan="2">
              <div style="font-weight: bold;">STITCH NETWORKS CORPORATION</div>
            </td>
            <td style="width: 15.34%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="vertical-align: top;" colspan="2">&#160;</td>
            <td style="width: 15.34%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 3%; vertical-align: top; padding-bottom: 2px;">
              <div>By:</div>
            </td>
            <td style="width: 32%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">/s/ Stephen P. Herbert</td>
            <td style="width: 15.34%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="vertical-align: top;" colspan="2">
              <div>Name: Stephen P. Herbert</div>
            </td>
            <td style="width: 15.34%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="vertical-align: top;" colspan="2">
              <div>Title: Chief Executive Officer</div>
            </td>
            <td style="width: 15.34%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;" rowspan="1">&#160;</td>
            <td style="vertical-align: top;" colspan="2" rowspan="1">&#160;</td>
            <td style="width: 15.34%; vertical-align: top;" rowspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="vertical-align: top;" colspan="2">
              <div style="font-weight: bold;">USAT CAPITAL CORP, LLC</div>
            </td>
            <td style="width: 15.34%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;" rowspan="1">&#160;</td>
            <td style="vertical-align: top;" colspan="2" rowspan="1">&#160;</td>
            <td style="width: 15.34%; vertical-align: top;" rowspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 3%; vertical-align: top; padding-bottom: 2px;">
              <div>By:</div>
            </td>
            <td style="width: 32%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">/s/ Stephen P. Herbert</td>
            <td style="width: 15.34%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="vertical-align: top;" colspan="2">
              <div>Name: Stephen P. Herbert</div>
            </td>
            <td style="width: 15.34%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="vertical-align: top;" colspan="2">
              <div>Title: Chief Executive Officer</div>
            </td>
            <td style="width: 15.34%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;" rowspan="1">&#160;</td>
            <td style="vertical-align: top;" colspan="2" rowspan="1">&#160;</td>
            <td style="width: 15.34%; vertical-align: top;" rowspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="vertical-align: top;" colspan="2">
              <div style="font-weight: bold;">CANTALOUPE SYSTEMS, INC.</div>
            </td>
            <td style="width: 15.34%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 3%; vertical-align: top; padding-bottom: 2px;">
              <div>By:&#160;<u></u></div>
            </td>
            <td style="width: 32%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">/s/ Stephen P. Herbert</td>
            <td style="width: 15.34%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="vertical-align: top;" colspan="2">
              <div>Name: Stephen P. Herbert</div>
            </td>
            <td style="width: 15.34%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
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