Document:

Exhibit 10.1 

NINTH AMENDMENT 

TO

LOAN AND SECURITY AGREEMENT 

This Ninth Amendment
to Loan and Security Agreement is entered into as of September 30, 2014 (the “Amendment”), by and between AVIDBANK
CORPORATE FINANCE, a division of AVIDBANK (“Bank”), and USA TECHNOLOGIES, INC. (“Borrower”).

RECITALS

Borrower and Bank
are parties to that certain Loan and Security Agreement dated as of June 21, 2012 and that certain First Amendment to Loan and
Security Agreement dated as of January 1, 2013, that certain Second Amendment to Loan & Security Agreement dated as of April
2, 2013, that certain Third Amendment to Loan and Security Agreement dated as of April 11, 2013, that certain Fourth Amendment
to Loan and Security Agreement dated as of April 29, 2013, that certain Fifth Amendment to Loan and Security Agreement dated as
of September 26, 2013, that certain Sixth Amendment to Loan and Security Agreement dated as of May 15, 2014, that certain Seventh
Amendment to Loan and Security Agreement is entered into as of June 17, 2014 and that certain Eighth Amendment to Loan and Security
Agreement is entered into as of June 30, 2014 (collectively, the “Agreement”). Borrower and Bank desire to amend the
Agreement in accordance with the terms set forth herein.

NOW, THEREFORE,
the parties agree as follows:

1.                  
Notwithstanding the definition of Adjusted EBITDA set forth in Section 1.1 of the Agreement, for the period ending September
30, 2014, “Adjusted EBITDA” shall mean net income (loss) before interest income, interest expense, income taxes, depreciation,
amortization, one-time expenses, rent/lease expense pursuant to Sale/Leaseback Transactions, and change in fair value of warrant
liabilities and stock based compensation expenses.

2.                  
Unless otherwise defined, all initially capitalized terms in this Amendment shall be as defined in the Agreement. The Agreement,
as amended hereby, shall be and remain in full force and effect in accordance with its respective terms and hereby is ratified
and confirmed in all respects. Except as expressly set forth herein, the execution, delivery, and performance of this Amendment
shall not operate as a waiver of, or as an amendment of, any right, power, or remedy of Bank under the Agreement, as in effect
prior to the date hereof. Borrower ratifies and reaffirms the continuing effectiveness of all agreements entered into in connection
with the Agreement.

3.                  
Borrower represents and warrants that the representations and warranties contained in the Agreement are true and correct
as of the date of this Amendment, and that no Event of Default has occurred and is continuing.

4.                  
This Amendment may be executed in two or more counterparts, each of which shall be deemed an original, but all of which
together shall constitute one instrument. In the event that any signature is delivered by facsimile transmission or by e-mail delivery
of a “.pdf” format data file, such signature shall create a valid and binding obligation of the party executing (or
on whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf” signature
page were an original hereof. Notwithstanding the foregoing, Borrower shall deliver all original signed documents no later than
ten (10) Business Days following the date of execution.

5.                  
As a condition to the effectiveness of this Amendment, Bank shall have received, in form and substance satisfactory to Bank,
the following:

      (a)             this
Amendment, duly executed by Borrower; and

     
(b)             payment
of an amendment fee equal to $1,000, plus payment of all Bank Expenses incurred by Bank through the date hereof.

 

    	 

    	 

    

IN WITNESS WHEREOF,
the undersigned have executed this Amendment as of the first date above written.

		
        USA TECHNOLOGIES, INC.

        By: /s/ David M. DeMedio

        Title: Chief Financial Officer     

        AVIDBANK CORPORATE FINANCE,

        a division of AVIDBANK

        By: /s/ Jeffrey Javier

        Title: Senior Vice Presidentexh_106.htm

Exhibit 10.6

 

NORTHERN TECHNOLOGIES INTERNATIONAL CORPORATION

 

MATERIAL TERMS OF ANNUAL BONUS PLAN

 

The material terms of the Northern Technologies International Corporation annual bonus plan for executive officers and certain other employees are set forth in resolutions approved by the Compensation Committee and are not otherwise set forth in any written formal plan or individual agreements between NTIC and plan participants.

 

For each fiscal year, the total amount available under the bonus plan for all plan participants, including executive officers, is dependent upon the Company’s earnings before interest, taxes and other income, as adjusted to take into account amounts to be paid under the bonus plan and certain other adjustments (Adjusted EBITOI).  Each plan participant’s percentage of the overall bonus pool is based upon the number of plan participants, the individual’s annual base salary and the individual’s position and level of responsibility within the company.  In the case of each of the Company’s executive officer participants, 75% of the amount of their individual bonus payout is determined based upon the Company’s actual EBITOI for the fiscal year compared to a pre-established target EBITOI for the fiscal year and 25% of the payout is determined based upon such executive officer’s achievement of certain pre-established individual performance objectives.  The payment of bonuses under the plan is discretionary and bonuses may be paid to executive officer participants in both cash and shares of NTIC common stock, the exact amount and percentages of which are determined by the Company’s Board of Directors, upon recommendation of the Compensation Committee, after the completion of the Company’s consolidated financial statements for the fiscal year.exh_109.htm

Exhibit 10.9

NORTHERN TECHNOLOGIES INTERNATIONAL CORPORATION

 

DESCRIPTION OF NON-EMPLOYEE DIRECTOR

COMPENSATION ARRANGEMENTS

 

Overview

 

NTIC’s non-employee directors currently consist of Barbara D. Colwell, Soo Keong Koh, Ph.D., Sunggyu Lee, Ph.D., Ramani Narayan, Ph.D., Richard J. Nigon and Konstantin von Falkenhausen.  NTIC uses a combination of cash and long-term equity-based incentive compensation in the form of annual stock option grants to attract and retain qualified candidates to serve on the Board of Directors.

 

Annual Retainers; Meeting Fees

 

Each non-employee director receives an annual retainer of $15,000 for services rendered as a director of NTIC.  The annual retainer is paid quarterly.  NTIC’s Chairman of the Board receives an additional annual retainer of $15,000, the Chair of the Audit Committee receives an additional annual retainer of $5,000 and other members of the Audit Committee received an additional annual retainer of $4,000.  Each non-employee director also receives $1,000 for each Board and strategy review meeting attended and $1,000 for each Audit Committee, Compensation Committee and Nominating and Corporate Governance Committee meeting attended.  No director, however, will earn more than $1,000 per day in Board, Board committee and strategy review meeting fees.  Any director that is an employee of NTIC (G. Patrick Lynch) does not receive any retainer or Board or Committee meeting fees.

 

Stock Options

 

Each non-employee director is automatically granted a ten-year non-qualified option to purchase 4,000 shares of NTIC common stock in consideration for their services as directors of NTIC and the Chairman of the Board is automatically granted an additional ten-year non-qualified option to purchase 2,000 shares of NTIC common stock in consideration for his services as Chairman on the first day of each fiscal year.  Each non-employee directors who is elected or appointed to the Board following the first day of the fiscal year receives an automatic grant of an option to purchase a pro rata portion of 4,000 shares of NTIC common stock calculated by dividing the number of months remaining in the fiscal year at the time of election or appointment divided by 12, which options are automatically granted at the time of the new director’s election or appointment.  Each automatically granted option becomes exercisable, in full on the one-year anniversary of the date of its grant.  The exercise price of such option is equal to the fair market value of a share of NTIC common stock on the date of grant.  All such options are granted under the Northern Technologies International Corporation Amended and Restated 2007 Stock Incentive Plan.

 

Reimbursement of Expenses

 

All directors of NTIC are reimbursed for travel expenses for attending meetings and other miscellaneous out-of-pocket expenses incurred in performing their Board functions.

 

  

  

  

Indemnification Agreements

 

NTIC has entered into agreements with all of its directors under which NTIC is required to indemnify them against expenses, judgments, penalties, fines, settlements and other amounts actually and reasonably incurred, including expenses of a derivative action, in connection with an actual or threatened proceeding if any of them may be made a party because he or she is or was a director of NTIC.  NTIC will be obligated to pay these amounts only if the director acted in good faith and in a manner that he or she reasonably believed to be in or not opposed to NTIC’s best interests.  With respect to any criminal proceeding, NTIC will be obligated to pay these amounts only if the director had no reasonable cause to believe his or her conduct was unlawful.  The indemnification agreements also set forth procedures that will apply in the event of a claim for indemnification.

 

Consulting Arrangements

 

NTIC paid consulting fees to Bioplastic Polymers LLC, an entity which is owned by Ramani Narayan, Ph.D., in the aggregate amount of $100,000 and royalty fees in an aggregate amount of $14,837 during the fiscal year ended August 31, 2014.  The consulting services rendered by Bioplastic Polymers LLC related to research and development associated with various new technologies.  The royalty fees were paid pursuant to an oral agreement pursuant to which NTIC has agreed to pay Bioplastic Polymers LLC and Dr. Narayan in consideration of the transfer and assignment by Biopolymer Plastics LLC and Dr. Narayan of certain biodegradable polymer technology to NTIC, an aggregate of three percent of the gross margin on any net sales of products incorporating the biodegradable polymer technology transferred to NTIC by Bioplastic Polymers LLC and Dr. Narayan for a period of 10 years, provided that if a patent for or with respect to biodegradable polymer technology is issued before the expiration of such ten-year period, then NTIC will until the expiration of such patent pay to Bioplastic Polymers LLC and Dr. Narayan an aggregate three percent of the biodegradable polymer technology gross margin attributable to such patent.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00237-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00237-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00237-of-00352.parquet"}]]