USA TECHNOLOGIES, INC. (NASDAQ:USAT) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02.
USA TECHNOLOGIES, INC. (NASDAQ:USAT) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
(c) The Board of Directors of USA Technologies, Inc. (the “Company”), has appointed Maeve McKenna Duska, age 44, as 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.
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’s target goals are achieved under the short-term incentive plan, she would earn a cash bonus equal to50% 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.
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.
There is no arrangement or understanding with any other person 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.
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.
