Company: CTLPP
Filing Date: 2025-07-24
Form Type: DEFM14A
Source: 0001140361-25-027048
Chunk: 111

Company: CANTALOUPE, INC.
Filing Date: 2025-07-24
Form: DEFM14A
Chunk 111
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 “good reason”, within 24 months following a “change of control”, then, subject to his execution of a release of claims and continued compliance with the covenants in the Stewart Employment Agreement, Mr. Stewart will be provided (i) a lump sum payment equal to his base salary (without giving effect to any reduction that is the basis for any resignation for “good reason”) plus (ii) an amount equal to the last annual bonus paid in the fiscal year completed prior to such termination. In addition, if Mr. Stewart becomes entitled to receive payments, benefits or distributions that would be subject to the excise tax under Section 4999 of the Internal Revenue Code of 1986, as amended, such payments, benefits and distributions would be reduced such that the excise tax does not apply, unless Mr. Stewart would be better off on an after-tax basis receiving all of the payments, benefits and distributions and paying the applicable excise tax.

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The Stewart Employment Agreement contains customary restrictive covenants, including perpetual confidentiality and non-disparagement covenants, and intellectual property covenants, as well as a non-compete, non-solicit of customers and suppliers and non-solicit of employees (including a no-hire) that each apply during employment and for two years following any termination.

Mr. Dumbrell’s Offer Letter

Mr. Dumbrell entered into an offer letter with Cantaloupe in connection with his appointment as our Chief Revenue Officer effective as of December 22, 2021. If Mr. Dumbrell is terminated by us for any reason other than for “cause”, and subject to his execution of a general release of claims and separation agreement, Mr. Dumbrell is eligible to receive a severance package consisting of six months of continued base salary.

Mr. Dumbrell’s offer letter contains customary restrictive covenants, including perpetual confidentiality covenants, as well as a non-solicit of customers that applies during employment and during any severance period following any termination.

Mr. Singal’s Offer Letter

Mr. Singal entered into an offer letter with Cantaloupe in connection with his appointment as our Chief Technology Officer effective as of October 27, 2022. If Mr. Singal is terminated by us for any reason other than for “cause” or death, and subject to his execution of a general release of claims and separation agreement, Mr. Singal is eligible to receive a