Document:

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                                LOCK-UP AGREEMENT

         In order to induce USA Technologies,  Inc., a Pennsylvania  corporation
("USTT"),  to issue to George R. Jensen,  Jr.  ("Jensen"),  10,500,000 shares of
Common  Stock of USTT  (hereinafter,  the "USTT Common  Stock")  pursuant to the
Fifth  Amendment to the Employment and  Non-Competition  Agreement dated of even
date  herewith  between  USTT and Jensen (the  "Employment  Agreement"),  Jensen
represents and agrees as follows:

         1. Lock-Up Agreement

              a.  Lock-Up  Period.  The lock-up  period  shall begin on the date
hereof (July 16, 2003) and remain in effect so long as Jensen shall own the USTT
Common Stock (the "Lock-Up Period").  During the Lock-Up Period, the USTT Common
Stock may only be transferred by Jensen in accordance  with this  Agreement.  In
this regard, during the Lock-Up Period:

              (i) Jensen  agrees not to (x) offer,  pledge,  sell,  contract  to
sell,  sell any option or contract  to  purchase,  purchase  any option to sell,
grant any option, right or warrant to purchase, or otherwise transfer or dispose
of, directly or indirectly,  any USTT Common Stock or any securities convertible
into or exercisable or exchangeable for the USTT Common Stock, or (y) enter into
swap or other  arrangements  that  transfers  all or a portion  of the  economic
consequences  associated with the ownership of any USTT Common Stock (regardless
of  whether  any of the  transactions  described  in clause  (x) or (y) is to be
settled by the delivery of USTT Common Stock,  in cash or  otherwise),  provided
that Jensen  shall be permitted to transfer the USTT Common Stock to a Permitted
Transferee (as defined below), provided further that such transferee shall agree
in writing to be bound by the provisions  hereof and that such transfer shall be
in accordance with all applicable securities laws; and

              (ii) Jensen authorizes USTT to cause the transfer agent to decline
transfer  and/or to note stop transfer  restrictions  on the transfer  books and
records of USTT with  respect  to any USTT  Common  Stock for which  Jensen is a
record holder, and, in the case of such shares or securities for which Jensen is
the beneficial  but not the record holder,  agrees to cause the record holder to
cause the  transfer  agent to  decline  transfer  and/or  to note stop  transfer
restrictions  on the  transfer  books and  records of USTT with  respect to such
shares.

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              b. Expiration of Lock-Up Period.  Notwithstanding the restrictions
of Section 1.a hereof, the Lock-Up Period shall expire and terminate immediately
in  connection  with  2,500,000  shares of the USTT Common Stock on the one year
anniversary  of the date  hereof  (i.e.,July  16,  2004),  and shall  expire and
terminate  immediately in connection  with  8,000,000  shares of the USTT Common
Stock on the two year anniversary of the date hereof (i.e.,July 16, 2005).

              c.  Permitted  Transferee.  For  the  purposes  hereof,  the  term
Permitted  Transferee  shall  mean any of the  following:  a member of  Jensen's
immediate  family;  a trust,  the  beneficiary  of which is Jensen  or  Jensen's
immediate  family; or a person to whom the USTT Common Stock is transferred from
Jensen by will or the laws of descent and distribution.

         2. Legend.

         Jensen understands that all certificates representing USTT Common Stock
shall bear a legend substantially in the form set forth below:

                  "The shares  represented by this certificate may be subject to
         certain  restrictions  by the  terms  of a  certain  Lock-Up  Agreement
         entered into by the initial  holder hereof,  a copy of which  agreement
         may be inspected  by the holder of this  certificate  at the  principal
         office of the  corporation,  or  furnished  by the  corporation  to the
         holder of this certificate upon written request without charge."

         3. Miscellaneous.

              a. This Agreement shall be governed in accordance with the laws of
the Commonwealth of Pennsylvania.

              b.  This  agreement  is  irrevocable  and will be  binding  on the
undersigned and the successors,  heirs, personal  representatives and assigns of
the undersigned.

              c. The undersigned has carefully read this Agreement and discussed
its  requirements  to the extent the  undersigned  believed  necessary  with the
undersigned's  counsel.

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              d. For all purposes  hereof,  the term "USTT  Common  Stock" shall
only  include and mean the shares of USTT Common  Stock  issued to the Jensen by
USTT as a result  of the  Employment  Agreement,  and the  restrictions  of this
Agreement  shall  only  apply to those  10,500,000  shares  and not to any other
shares of Common Stock  whatsoever  held by Jensen at any time (whether prior to
or after the date hereof).

Dated: July 16, 2003

                                            /s/ George R. Jensen, Jr.
                                            ------------------------------
                                            GEORGE R. JENSEN, JR.<PAGE>

                              EXHIBIT NUMBER 4(a)2

                      CONTRACT FOR DISPOSAL OF YINCHUAN CSI

Party A: Ningxia Yinchuan Rubber Manufacturing
Party B: China Enterprises Limited

      Since Party A and Party B formed Yinchuan C.S.I. (Greatwall) Rubber
Company Limited "(the Joint Venture") on December 18, 1993, the corporation is
successful. In order to improve the development of the Joint Venture, Party A
and Party B negotiate, on a fair, willing and understanding basis, consent and
agree the transfer, pursuant as follows:

1.   Party B agrees to sell its entire 51% equity interests, including all
     capitals, liabilities and intangible assets, in the Joint Venture to Party
     A for a consideration of Rmb35,000,000.

2.   Basically, the Joint Venture will cease its operation on December 31, 2002
     after the completion of the transfer. Party A should perform capital and
     debt restructuring in order to continue the Joint Venture's operation.
     Party B agrees that Party A continues to use the Joint Venture's name until
     December 31, 2004.

3.   The method for payment of sale proceed: After the sale and purchase
     agreement become effective, Party A will pay 30% of sale proceed to the
     bank account of Party B and the remaining 70% of sale proceed will be fully
     pay before September 30, 2003.

4.   There are four copies of agreement: Both parties keep two of them and all
     of them have the same legal obligations.

5.   The effective date of this agreement will be the date that the government
     approved this signed agreement.

PARTY A:                                    PARTY B:
NINGXIA YINCHUAN RUBBER MANUFACTURING       CHINA ENTERPRISES LIMITED

            /s/ Xie Meng Lin                            /s/ Li Wa Kin
--------------------------------------      ------------------------------------
             XIE MENG LIN                                LI WA KIN
Seal:                                       Seal:
Date: January 8, 2003                       Date: January 8, 2003

[English language translation of original contract which is in Chinese]

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                              EXHIBIT NUMBER 4(a)3

            CONTRACT FOR DISPOSAL OF 25% INTEREST IN HANGZHOU ZHONGCE

<TABLE>
<CAPTION>
<S>                                <C>
Vendor                              :    China Enterprises Limited ("Party A")
Registered Office                   :    Cedar House, 41 Cedar Avenue, Hamilton HM12, Bermuda
Registered Representative           :    Dr. Chan Kwok Keung, Charles

Purchaser                           :    Hangzhou Industrial & Commercial Trust & Investment Co., Ltd. ( "Party B")
Registered Office                   :    11/F., Zhongcai Fozhan Tower, 115 Qingchun Road, Hangzhou City, Zhejiang Province, China
Registered Representative           :    Zheng Xiang Wei
</TABLE>

Whereas: -

      (1)  Party A and Hangzhou Rubber Factory are the shareholders of Hangzhou
           Zhongce Rubber Co., Limited (the "Joint Venture"), a Sino-foreign
           equity joint venture enterprise founded on June 12, 1992.

      (2)  Upon the date of signing this agreement, Party A beneficially owned
           51% equity interest in Hangzhou Zhongce Rubber Co., Limited.

      (3)  Party B is a Company incorporated with limited equity liability under
           the approval of Administrative Offices for Industry and Commerce of
           Hangzhou City.

      (4)  In order to adopt the demand of a modern operating enterprise, Party
           A would like to disposal of, while Party B would like to acquire 25%
           interests in the owned Joint Venture out of the 51% equity interest
           owned by Party A.

      On a honest, trustful, mutual beneficial, fair and willing basis, and
pursuant to all terms and conditions set out in the equity joint venture
contract, the articles of association and the related Chinese regulation.

      1. TRANSFER OF EQUITY SHAREHOLDING

      1.1   Party A agrees to transfer legally its 25% beneficial interests in
            the Joint Venture, according to the terms and methods as stipulated
            by this contract, to Party B. Party B agrees to accept 25%
            beneficial interests owned by Party A, according to the terms and
            methods as stipulated by this contract.

      2. CONSIDERATION AND THE METHOD OF PAYMENT

      2.1   Both parties agree the consideration for the share transfer as
            mentioned in this contract is Rmb164,659,656.90;

      2.2   Method of payment for the consideration: Party B shall deliver the
            consideration mentioned in section 2.1 to Party A within 15 working
            days after the China Commercial Department approved the share
            transfer.

      3. WARRANTIES AND UNDERTAKINGS OF THE VENDOR

      3.1   Party A confirms that it has the full legal rights and title to the
            said equity without the consent of any third party. of the said
            equity interests are free from all and any encumbrances whatsoever;

      3.2   Party A shall issue an official receipt after receiving the
            consideration;

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      3.3   Party A did not enter into any agreement or contract which is in
            conflict with the contents of this contract;

      3.4   Party A shall provide to Party B true, accurate and detailed
            financial and assets information of its and the Joint Venture;

      3.5   In order to expand the production of the Joint Venture continuously,
            both Party A and Party B agree that no dividend will be distributed
            within two years from the completion date of the share transfer.

      4. WARRANTIES AND UNDERTAKINGS OF PURCHASER

      4.1   Party B has full power and capacity to enter into and perform the
            above-mentioned share transfer of Party A's beneficial interests in
            the Joint Venture;

      4.2   Party B shall pay the consideration according to the agreed timing
            as mentioned in this contract on a timely basis;

      4.3   Party B did not enter into any agreement or contract which is in
            conflict with the contents of this contract;

      4.4   Party B shall provide to Party A true, accurate and detailed
            financial and assets information of it;

      4.5   When Party B become the shareholder of the Joint Venture, it must
            abide by all related terms of the equity joint venture contract and
            the articles of association and bare all corresponding obligation
            and entitled to all corresponding rights;

      4.6   In order to expand the production of the Joint Venture continuously,
            both Party A and Party B agree that no dividend will be distributed
            within two years from the completion date of the share transfer.

      5. APPROVAL FOR THE SHARE TRANSFER AND BUSINESS REGISTRATION

      5.1   Both Party A and Party B agree to authorize Hangzhou Rubber Factory
            to handle the application for the approval of the share transfer and
            for the approval of amend equity joint venture contract and amending
            the articles of association shall be done by, which is authorized
            by;

      5.2   Upon completion of the share transfer, the Joint Venture shall apply
            for amending its business registration through the Administrative
            Offices for Industry and Commerce;

      5.3   All costs and fee incurred from the performance of this contract,
            shall be borne must be strictly abide by the Joint Venture.

      6. OBLIGATIONS IN CASE OF BREACH OF CONTRACT

      6.1   Both Party A and Party B must be strictly abide by the terms of this
            contract. Any party failed to perform or failed to be abide by the
            terms of this contract is deemed to be in breach of this contract.
            Party in breach of this contract shall bear all losses and economic
            damages of the other party incurred thereof;

      7. FORCE MAJEURE

      7.1   Any party failed to perform the terms of this contract resulting
            from earthquake, fire or change of Chinese governmental policies,
            etc., shall not be liable to any obligation in case of in breach of
            contract.

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      8. COMPLETION

      8.1   Completion shall take place by the satisfaction of the following
            conditions: -

            a. Both Party A and Party B duly executed this contract;

            b. The board of directors of the Joint Venture resolved to approve
               the execution of this contract;

            c. A letter of consent shall be executed by the minority shareholder
               of the Joint Ventures, Hangzhou Rubber Factory;

            d. An approval obtained from the Chinese Commercial Department.

      9. JURISDICTION

      9.1   The parties agree that any legal action or proceeding arising out of
            or relating to this contract may be brought in the civil courts of
            Hangzhou city and irrevocably submits to the non-exclusive
            jurisdiction of such courts.

      10. ATTACHMENTS TO THIS CONTRACT

      10.1  All attachments of this contract are undividable part of this
            contract, which have the same legal position as this contract.

      11. AMENDMENTS IN WRITING

      11.1  Any amendment or wavier of any provision of this contract and any
            waiver of any default under this contract shall only be effective if
            made in writing and signed by both Party A and Party B.

      12. OTHERS

      12.1  This contract and the rights and obligations of the parties
            hereunder shall be governed by and construed in accordance with the
            laws of the Peoples' Republic of China.

      12.2  This contract is prepared in Chinese and has 10 original copies.
            Party A, Party B and Hangzhou Rubber Factory retain one copy each
            respectively and the remaining 7 copies are filed to the regulatory
            authority for approval.

This agreement was signed on June 15, 2002 in Hangzhou City, Zhejiang Province.

PARTY A:                                PARTY B:
CHINA ENTERPRISES LIMITED               HANGZHOU INDUSTRIAL & COMMERCIAL TRUST &
                                        INVESTMENT CO., LTD.

/s/ Li Wa Kin                           /s/ Zheng Xiang Wei
----------------------------------      ----------------------------------------
LI WA KIN                               ZHENG XIANG WEI
Seal:                                   Seal:

[English language translation of original contract which is in Chinese]

                                      147

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