<SEC-DOCUMENT>0001140361-20-005129.txt : 20200309
<SEC-HEADER>0001140361-20-005129.hdr.sgml : 20200309
<ACCEPTANCE-DATETIME>20200309063018
ACCESSION NUMBER:		0001140361-20-005129
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20200302
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
FILED AS OF DATE:		20200309
DATE AS OF CHANGE:		20200309

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:		20696465

	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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<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 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 style="text-align: center; color: rgb(0, 0, 0);">Date of report (Date of earliest event reported): March 2, 2020</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);">23-2679963</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: rgb(0, 0, 0);">100 Deerfield Lane, Suite 300</div>
      <div style="text-align: center; color: rgb(0, 0, 0);">Malvern, Pennsylvania 19355</div>
      <div style="text-align: center; color: rgb(0, 0, 0);">(Address of principal executive offices and zip code)</div>
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      <div style="text-align: center; color: rgb(0, 0, 0);">Registrant&#8217;s telephone number, including area code: 610-989-0340</div>
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      <div style="text-align: center; color: rgb(0, 0, 0);">n/a</div>
      <div style="text-align: center; color: rgb(0, 0, 0);">Former name or former address, if changed since last report</div>
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      <div><br>
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      <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: #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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                  <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 style="color: #000000;">Securities registered pursuant to Section 12(b) of the Act:</div>
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              <div style="text-align: center; color: rgb(35, 31, 32);">Title of each class</div>
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              <div style="text-align: center; color: rgb(35, 31, 32);">Trading</div>
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              <div style="text-align: center; color: rgb(35, 31, 32);">Name of each exchange on which 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 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>
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              <div style="text-align: center; color: #000000;">USATP</div>
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              <div style="color: #000000;">The NASDAQ Stock Market LLC</div>
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      <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>
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      <div style="text-align: right; color: rgb(0, 0, 0);">Emerging growth company &#9744;</div>
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      <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; 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; Effective February 28, 2020, the Board of Directors of USA Technologies, Inc. (the &#8220;Company&#8221;) appointed Glen E. Goold, age 48, as the Chief Accounting Officer of the Company.</div>
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    <div style="text-align: justify;">Mr. Goold was our interim Chief Financial Officer from January 24, 2019 to February 28, 2020. Prior thereto and since October 2018, he served as a consultant to the Company. Mr. Goold was the Chief Financial Officer of
      Sutron Corporation (&#8220;Sutron&#8221;) from March 2014 until February 2018. Sutron had been a public company (Nasdaq:STRN) prior to its acquisition by Danaher Corporation (NYSE:DHR) in July 2015. As Chief Financial Officer of Sutron, Mr. Goold was responsible
      for the accounting, financial reporting, human resources, investor relations and regulatory compliance functions of the organization. Prior to that, Mr. Goold was the interim Chief Financial Officer of Sutron from October 2013 to March 2014, and
      Assistant Chief Financial Officer and Director of Finance of Sutron from November 2012 to October 2013. From 2005 to 2012, Mr. Goold was the Associate Vice President of Fund Management at The Carlyle Group, a private equity firm. Prior to that, Mr.
      Goold was a Tax Manager at the accounting firm of Ernst &amp; Young LLP from 1999 to 2005, and was a Tax Consultant at the firm from 1997 to 1999. Mr. Goold is a Certified Public Accountant.</div>
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    <div style="text-align: justify;">On March 2, 2020, the Company and Mr. Goold entered into an employment agreement which was effective as of February 28, 2020. Pursuant thereto, Mr. Goold will receive an annual base salary of $250,000 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 Mr. Goold&#8217;s target goals are achieved under the short-term incentive plan, he would earn a cash bonus equal to
      30% of his base salary, and if all the target goals are achieved under the long-term incentive stock plan, Mr. Goold would be awarded shares of common stock having a value equal to 30% of his base salary. Mr. Goold was granted an equity award
      consisting of 8,982 shares of restricted common stock of the Company with a value of approximately $75,000. The shares vest as follows: one-third on the first anniversary of the date of grant; one-third on the second anniversary of the date of grant;
      and one-third on the third anniversary of the date of the grant. The award will be evidenced by and subject to the Company&#8217;s standard restricted stock award agreement and subject to the terms of the Company&#8217;s equity incentive plan.</div>
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    <div style="text-align: justify;">There is no arrangement or understanding with any other person pursuant to which Mr. Goold was appointed as the Chief Accounting Officer, and there are no family relationships between Mr. Goold and any director or
      executive officer of the Company. Additionally, there are no transactions involving Mr. Goold that would be required to be reported under Item 404(a) of Regulation S-K.</div>
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      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">SIGNATURES</div>
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      <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: rgb(0, 0, 0);">Dated: March 6, 2020</div>
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              <div style="color: rgb(0, 0, 0);">USA TECHNOLOGIES, INC.</div>
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          <td style="width: 50%; vertical-align: top;">&#160;</td>
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              <div style="text-align: justify; color: rgb(0, 0, 0);">By:</div>
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              <div style="text-align: justify; color: rgb(0, 0, 0);"><u>/s/ Donald W. Layden, Jr.</u></div>
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              <div style="text-align: justify; color: rgb(0, 0, 0);">Donald W. Layden, Jr.,</div>
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              <div style="text-align: justify; color: rgb(0, 0, 0);">Chief Executive Officer</div>
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