<SEC-DOCUMENT>0001140361-19-021646.txt : 20191127
<SEC-HEADER>0001140361-19-021646.hdr.sgml : 20191127
<ACCEPTANCE-DATETIME>20191127165643
ACCESSION NUMBER:		0001140361-19-021646
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20191122
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
FILED AS OF DATE:		20191127
DATE AS OF CHANGE:		20191127

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:		191258764

	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>
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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>
        <div><br>
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        <div style="text-align: center; color: rgb(0, 0, 0); font-size: 18pt; font-weight: bold;">FORM 8-K</div>
        <div><br>
        </div>
        <div style="text-align: center; color: rgb(0, 0, 0);">Current Report Pursuant to Section 13 or 15(d) of</div>
        <div style="text-align: center; color: rgb(0, 0, 0);">The Securities Exchange Act of 1934</div>
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        </div>
        <div style="text-align: center; color: rgb(0, 0, 0);">Date of report (Date of earliest event reported): November 22, 2019</div>
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        <div style="text-align: center; color: rgb(0, 0, 0);"><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: rgb(0, 0, 0);">(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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                <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>
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                    <div style="color: rgb(0, 0, 0);">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</div>
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                    <div style="color: rgb(0, 0, 0);">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</div>
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                    <div style="color: rgb(0, 0, 0);">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: 23pt; vertical-align: top; color: rgb(0, 0, 0);">&#9744;</td>
                  <td style="width: auto; vertical-align: top;">
                    <div style="color: rgb(0, 0, 0);">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 style="color: #000000;">Securities registered pursuant to Section 12(b) of the Act:</div>
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                <div style="text-align: center; margin-right: 0.75pt; color: rgb(35, 31, 32);">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: rgb(35, 31, 32);">Name of each exchange on which</div>
                <div style="text-align: center; color: rgb(35, 31, 32);"> registered</div>
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                <div style="margin-right: 0.75pt; color: rgb(0, 0, 0);">Common Stock, no par value</div>
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                <div style="text-align: center; color: rgb(0, 0, 0);">USAT</div>
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              <div>
                <div style="color: rgb(0, 0, 0);">The NASDAQ Stock Market LLC</div>
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                <div style="margin-right: 0.75pt; color: rgb(0, 0, 0);">Series A Convertible Preferred Stock, no par value</div>
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                <div style="text-align: center; color: rgb(0, 0, 0);">USATP</div>
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              <div>
                <div style="color: rgb(0, 0, 0);">The NASDAQ Stock Market LLC</div>
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        <div style="text-align: justify; color: rgb(0, 0, 0);">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>
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        <div style="text-align: right; color: rgb(0, 0, 0);">Emerging growth company &#9744;</div>
      </div>
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        <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>
        <div style="text-align: justify; color: #000000;"><br>
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                <td style="width: 54pt; vertical-align: top; font-weight: bold;">Item 5.02.</td>
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                  <div style="font-weight: bold;">Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers</div>
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      <div style="text-align: justify;">(c)&#160; The Board of Directors of USA Technologies, Inc. (the &#8220;Company&#8221;), has appointed Maeve McKenna Duska, age 44, as&#160; Executive Vice President and Chief Marketing
        Officer of the Company, effective November 22, 2019. Ms. Duska has been employed by the Company since 2009 in a variety of marketing and sales positions. Since January 2019, Ms. Duska has served as Vice President-Group Manager of Marketing, and
        prior thereto and since October 2017, served as Senior Vice President of Marketing and Strategic Development. Prior thereto and since 2016, Ms. Duska served as Senior Vice President of Sales and Marketing, and prior thereto and since 2015, served
        as Senior Vice President of Marketing. Ms. Duska will be responsible for leading the marketing efforts of the Company and related support activities, and will report to the interim Chief Executive Officer of the Company.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">Ms. Duska will receive an annual base salary of $280,000 and participate in the short-term incentive bonus plan and long-term incentive stock plan established for the
        executive officers of the Company. If all of Ms. Duska&#8217;s target goals are achieved under the short-term incentive plan, she would earn a cash bonus equal to100% of her base salary, and if all the target goals are achieved under the long-term
        incentive stock plan, Ms. Duska would be awarded shares of common stock having a value equal to 40% of her base salary.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">On November 22, 2019, Ms. Duska was awarded 7,500 shares of common stock which would vest as follows: one-third on November 22, 2020; one-third on November 22, 2021;
        and one-third on November 22, 2022. On November 22, 2019, she was also granted incentive stock options to purchase up to 7,500 shares of common stock, exercisable at $6.28 per share. The stock options would vest as follows: one-third on November
        22, 2020; one-third on November 22, 2021; and one-third on November 22, 2022.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">There is no arrangement or understanding with any other person pursuant to which Ms. Duska was appointed as the Executive Vice President and Chief Marketing Officer,
        and there are no family relationships between Ms. Duska and any director or executive officer of the Company. Additionally, there are no transactions involving Ms. Duska that would be required to be reported under Item 404(a) of Regulation S-K.</div>
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        <div><br>
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        <div style="text-align: center; color: #000000; font-weight: bold;">SIGNATURES</div>
      </div>
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        <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>
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                <div style="text-align: justify; color: #000000;">Dated: November 27, 2019</div>
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              <div>
                <div style="text-align: justify; color: #000000;">USA TECHNOLOGIES, INC.</div>
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            <td style="width: 50%; vertical-align: top;" rowspan="1">&#160;</td>
            <td style="vertical-align: top;" colspan="2" rowspan="1">&#160;</td>
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                <div style="text-align: justify; color: #000000;">By:</div>
              </div>
            </td>
            <td style="width: 47%; vertical-align: top;">
              <div>
                <div style="text-align: justify; color: rgb(0, 0, 0);"><u>/s/ Donald W. Layden, Jr.</u></div>
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            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 3%; vertical-align: top;">&#160;</td>
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              <div>
                <div style="text-align: justify; color: rgb(0, 0, 0);">Donald W. Layden, Jr.,</div>
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            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 3%; vertical-align: top;">&#160;</td>
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              <div>
                <div style="text-align: justify; color: rgb(0, 0, 0);">Interim Chief Executive Officer and</div>
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            <td style="width: 50%; vertical-align: top;">&#160;</td>
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              <div>
                <div style="text-align: justify; color: rgb(0, 0, 0);">Executive Chairman</div>
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