(e) Chief Operating Officer Stock Option Award

In connection with the previously announced appointment of Jeff Vogt as the Chief Operating Officer of USA Technologies, Inc. (the “Company”) as disclosed by the Company on its Current Report on Form 8-K filed on June 24, 2020, the Company granted to Mr. Vogt a stock option on July 16, 2020 to purchase up to 100,000 shares of the Company’s common stock at an exercise price of $7.61 per share. One-half of the stock option will vest in three equal installments on each of the first three anniversaries of the grant date, and the remaining one-half of the stock option will be eligible to vest on June 30 of each of 2021, 2022, and 2023 subject to achievement of performance goals to be established by the Company, in each case generally subject to Mr. Vogt’s continued employment on the applicable vesting date. The above description of Mr. Vogt’s stock option grant is qualified in its entirety by reference to a copy of Mr. Vogt’s Non-Qualified Stock Option Agreement, a copy of which is attached to this Current Report on Form 8-K as Exhibit 10.1 and incorporated by reference herein.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

10.1	Non-Qualified Stock Option Agreement, dated as of July 16, 2020, by and between USA Technologies, Inc. and Jeff Vogt.

USA TECHNOLOGIES INC Exhibit
EX-10.1 2 us55161242-ex10_1.htm NON-QUALIFIED STOCK OPTION AGREEMENT,…
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About USA TECHNOLOGIES, INC. (NASDAQ:USAT)

USA Technologies, Inc. provides technology-enabled solutions and value-added services that facilitate electronic payment transactions within the unattended point of sale (POS) market. The Company is a provider in the small ticket, beverage and food vending industry and is also engaged in offering solutions and services to other unattended market segments, such as amusement, commercial laundry, kiosk and others. It has designed and marketed systems and solutions that facilitate electronic payment options, as well as telemetry and machine-to-machine (M2M) services, which include the ability to remotely monitor, control and report on the results of distributed assets containing its electronic payment solutions. The Company derives its revenues from license and transaction fees resulting from connections to, as well as services provided by, its ePort Connect service.