Document:

Exhibit 10.1

  

   

  

  
    STOCK PURCHASE AGREEMENT

     

    by and between

     

    USA TECHNOLOGIES, INC.

     

    and

     

    ANTARA CAPITAL MASTER FUND LP

     

    Dated as of October 9, 2019

     

    
      

      
        

      

    

    
    TABLE OF CONTENTS

     

    
      	
              ARTICLE I DEFINITIONS

            	
              1

            
	 	 
	 	
              Section 1.1

            	
              Definitions

            	
              1

            
	 	 
	
              ARTICLE II AGREEMENT TO SELL AND PURCHASE

            	
              5

            
	 	 
	 	
              Section 2.1

            	
              Sale and Purchase

            	5
	 	 	 	 
	 	
              Section 2.2

            	
              Closing

            	
              5

            
	 	 	 	 
	 	
              Section 2.3

            	
              Investor’s Conditions

            	
              5

            
	 	 	 	 
	 	
              Section 2.4

            	
              Company’s Conditions

            	
              6

            
	 	 	 	 
	 	
              Section 2.5

            	
              Company Deliveries

            	
              6

            
	 	 	 	 
	 	
              Section 2.6

            	
              Investor Deliveries

            	
              7

            
	 	 
	
              ARTICLE III REPRESENTATIONS AND WARRANTIES OF THE COMPANY

            	
              7

            
	 	 
	 	
              Section 3.1

            	
              Existence

            	
              7

            
	 	 	 	 
	 	
              Section 3.2

            	
              Shares; Capitalization

            	
              8

            
	 	 	 	 
	 	
              Section 3.3

            	
              No Conflict

            	9
	 	 	 	 
	 	
              Section 3.4

            	
              No Default

            	
              9

            
	 	 	 	 
	 	
              Section 3.5

            	
              Authority

            	
              9

            
	 	 	 	 
	 	
              Section 3.6

            	
              Private Placement

            	10
	 	 	 	 
	 	
              Section 3.7

            	
              Approvals

            	
              10

            
	 	 	 	 
	 	
              Section 3.8

            	
              Compliance with Laws

            	
              10

            
	 	 	 	 
	 	
              Section 3.9

            	
              Due Authorization

            	12
	 	 	 	 
	 	
              Section 3.10

            	
              Legal Proceedings

            	12
	 	 	 	 
	 	
              Section 3.11

            	
              Company SEC Documents

            	
              12

            
	 	 	 	 
	 	
              Section 3.12

            	
              Internal Controls

            	13
	 	 	 	 
	 	
              Section 3.13

            	
              No Material Adverse Effect

            	
              13

            
	 	 	 	 
	 	
              Section 3.14

            	
              Certain Fees

            	
              13

            
	 	 	 	 
	 	
              Section 3.15

            	
              No Integration

            	
              13

            
	 	 	 	 
	 	
              Section 3.16

            	
              Investment Company Status

            	
              13

            
	 	 	 	 
	 	
              Section 3.17

            	
              Nasdaq Listing of Shares

            	
              13

            
	 	 	 	 
	 	
              Section 3.18

            	
              No Side Agreements

            	
              13

            
	 	 	 	 
	 	
              Section 3.19

            	
              Ownership of Assets

            	14
	 	 	 	 
	 	
              Section 3.20

            	
              Intellectual Property

            	14
	 	 	 	 
	 	
              Section 3.21

            	
              Taxes

            	
              14

            

      

      

      
        

        i

        
          

        

      

      	 	
              Section 3.22

            	
              Ownership of Other Entities

            	
              15

            
	 	 	 	 
	 	
              Section 3.23

            	
              Insurance

            	15
	 	 	 	 
	 	
              Section 3.24

            	
              Sarbanes-Oxley Act

            	
              15

            
	 	 	 	 
	 	
              Section 3.25

            	
              Disclosure Controls

            	
              15

            
	 	 	 	 
	 	
              Section 3.26

            	
              Compliance with Environmental Laws

            	
              15

            
	 	 	 	 
	 	
              Section 3.27

            	
              Compliance with Occupational Laws

            	16
	 	 	 	 
	 	
              Section 3.28

            	
              ERISA and Employee Benefits Matters

            	
              16

            
	 	 	 	 
	 	
              Section 3.29

            	
              Business Arrangements

            	17
	 	 	 	 
	 	
              Section 3.30

            	
              Labor Matters

            	
              17

            
	 	 	 	 
	 	
              Section 3.31

            	
              Restrictions on Subsidiary Payments to the Company

            	
              17

            
	 	 	 	 
	 	
              Section 3.32

            	
              Statistical Information/Forward Looking Statements

            	
              17

            
	 	 	 	 
	 	
              Section 3.33

            	
              Exports and Imports

            	
              17

            
	 	 	 	 
	 	
              Section 3.34

            	
              Related Party Transactions

            	18
	 	 	 	 
	 	
              Section 3.35

            	
              Effect of Certificates

            	
              18

            
	 	 
	
              ARTICLE IV REPRESENTATIONS AND WARRANTIES OF THE INVESTOR

            	
              18

            
	 	 
	 	
              Section 4.1

            	
              Existence

            	
              18

            
	 	 	 	 
	 	
              Section 4.2

            	
              Authorization, Enforceability

            	
              18

            
	 	 	 	 
	 	
              Section 4.3

            	
              No Conflict

            	19
	 	 	 	 
	 	
              Section 4.4

            	
              Certain Fees

            	
              19

            
	 	 	 	 
	 	
              Section 4.5

            	
              Investment

            	
              19

            
	 	 	 	 
	 	
              Section 4.6

            	
              Restricted Securities

            	20
	 	 	 	 
	 	
              Section 4.7

            	
              No Disqualification Event

            	20
	 	 	 	 
	 	
              Section 4.8

            	
              Certain Trading Activities

            	20
	 	 	 	 
	 	
              Section 4.9

            	
              Residence

            	
              20

            
	 	 	 	 
	 	
              Section 4.10

            	
              Legend

            	
              20

            
	 	 	 	 
	 	
              Section 4.11

            	
              Company Information

            	
              20

            
	 	 
	
              ARTICLE V COVENANTS

            	
              21

            
	 	 
	 	
              Section 5.1

            	
              Company Cooperation

            	
              21

            
	 	 	 	 
	 	
              Section 5.2

            	
              Lock-Up

            	
              21

            
	 	 	 	 
	 	
              Section 5.3

            	
              Non-Public Information

            	
              21

            
	 	 	 	 
	 	
              Section 5.4

            	
              Use of Proceeds

            	
              21

            
	 	 
	
              ARTICLE VI INDEMNIFICATION

            	22

      

      

      
        

        ii

        
          

        

      

      	 	
              Section 6.1

            	
              Indemnification by the Company

            	22
	 	 	 	 
	 	
              Section 6.2

            	
              Indemnification Procedure

            	
              22

            
	 	 
	
              ARTICLE VII MISCELLANEOUS

            	
              23

            
	 	 
	 	
              Section 7.1

            	
              Interpretation

            	
              23

            
	 	 	 	 
	 	
              Section 7.2

            	
              Survival of Provisions

            	
              23

            
	 	 	 	 
	 	
              Section 7.3

            	
              No Waiver; Modifications in Writing

            	
              24

            
	 	 	 	 
	 	
              Section 7.4

            	
              Binding Effect; Assignment

            	
              24

            
	 	 	 	 
	 	
              Section 7.5

            	
              Communications

            	
              24

            
	 	 	 	 
	 	
              Section 7.6

            	
              Removal of Legend

            	
              25

            
	 	 	 	 
	 	
              Section 7.7

            	
              Entire Agreement

            	
              26

            
	 	 	 	 
	 	
              Section 7.8

            	
              Governing Law and Jurisdiction

            	
              27

            
	 	 	 	 
	 	
              Section 7.9

            	
              Execution in Counterparts

            	
              27

            
	 	 	 	 
	 	
              Section 7.10

            	
              Recapitalization, Exchanges, Etc.

            	
              27

            

      

      

    

    
      

      iii

      
        

      

    

    
    STOCK PURCHASE AGREEMENT

     

    This STOCK PURCHASE AGREEMENT, dated as of October 9, 2019 (this “Agreement”), is by and between USA Technologies, Inc., a Pennsylvania corporation (the “Company”), and Antara Capital
      Master Fund LP, a Cayman Islands exempted limited partnership (the “Investor”).

     

    WHEREAS, the Company desires to sell to the Investor, and the Investor desires to purchase from the Company, 3,800,000 shares of Common Stock (the “Shares”) in accordance with the provisions
      of this Agreement; and

     

    WHEREAS, at the Closing (as defined below), the Company and the Investor will concurrently enter into a registration rights agreement in the form attached hereto as Exhibit A (the “Registration

        Rights Agreement”), pursuant to which the Company will provide the Investor with certain registration rights with respect to the Shares (as defined below) acquired pursuant hereto.

     

    NOW THEREFORE, in consideration of the mutual covenants and agreements set forth herein and for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the
      Company and the Investor, intending to be legally bound, hereby agree as follows:

     

    ARTICLE I

      

      

      DEFINITIONS

     

    Section 1.1          Definitions.  As used in this Agreement, the following terms have the meanings indicated:

     

    “Affiliate” means, with respect to any Person, any other Person that directly or indirectly through one or more intermediaries controls, is controlled by or is under common control with, the
      Person in question.  As used herein, the term “control” means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through ownership of voting securities, by contract or
      otherwise.

     

    “Aggregate Purchase Price” means the product of (i) Purchase Price multiplied by (ii) the aggregate number of Shares.

     

    “Agreement” has the meaning set forth in the introductory paragraph.

     

    “Anti-Money Laundering Laws” has the meaning specified in Section 3.8(b).

     

    “Approved Sale” shall mean a sale of the Company to any Person (whether by merger, consolidation, sale of all or substantially all of its assets or sale of all or a majority of the outstanding
      capital stock) that is approved by the board of directors of the Company.

    

    

    “Business Day” means a day other than (a) a Saturday or Sunday or (b) any day on which banks located in New York, New York are authorized or obligated to close.

     

    
      

      1

      
        

      

    

    “Bylaws” has the meaning specified in Section 2.3(f).

     

    “Charter” means the Amended and Restated Articles of Incorporation of the Company, as amended.

     

    “Code” means the Internal Revenue Code of 1986, as amended.

     

    “Closing” has the meaning specified in Section 2.2.

     

    “Closing Date” has the meaning specified in Section 2.2.

     

    “Commission” means the United States Securities and Exchange Commission.

     

    “Commitment Letter” has the meaning specified in Section 2.5(e).

     

    “Common Stock” means the common stock, without par value, of the Company.

     

    “Company” has the meaning set forth in the introductory paragraph.

     

    “Company SEC Documents” has the meaning specified in Section 3.11.

     

    “Dispose of” means any (i) offer, pledge, sale, contract to sell, sale of any option or contract to purchase, purchase of any option or contract to sell, grant of any option, right or warrant
      for the sale of, or other disposition of or transfer of any, including any “Short Sale” or similar arrangement, or (ii) swap, hedge, derivative instrument, or any other agreement or any transaction that transfers, in whole or in part, directly or
      indirectly, the economic consequence of ownership of shares of Common Stock, whether any such swap or transaction is to be settled by delivery of securities, in cash or otherwise.

     

    “Draft Filings” means the Company’s (i) Form 10-K filing for the fiscal year ended June 30, 2019, (ii) Form 10-Q for the quarterly period ended December 31, 2018, (iii)  Form 10-Q for the
      quarterly period ended March 31, 2019, and (iv) Form 10-Q for the quarterly period ended September 30, 2018, in each case, in the form provided to the Investor on or about October 2, 2019.

     

    “Employee Benefit Plan” means any “employee benefit plan” within the meaning of Section 3(3) of ERISA, including, without limitation, all stock purchase, stock option, stock-based severance,
      employment, change-in-control, medical, disability, fringe benefit, bonus, incentive, deferred compensation, employee loan and all other employee benefit plans, agreements, programs, policies or other arrangements, whether or not subject to ERISA,
      under which (x) any current or former employee, director or independent contractor of the Company or its subsidiaries has any present or future right to benefits and which are contributed to, sponsored by or maintained by the Company or any of its
      respective subsidiaries or (y) the Company or any of its subsidiaries has had or has any present or future obligation or liability

     

    “Environmental Laws” has the meaning specified in Section 3.27.

     

    “Equity Interests” has the meaning specified in Section 3.2(b).

     

    
      

      2

      
        

      

    

    “ERISA” means the Employee Retirement Income Security Act of 1974, as amended.

     

    “ERISA Affiliate” means any member of the Company’s controlled group as defined in Code Section 414(b), (c), (m) or (o).

     

    “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, and the rules and regulations of the Commission promulgated thereunder.

     

    “Foreign Benefit Plan” means any Employee Benefit Plan established, maintained or contributed to outside of the United States of America or which covers any employee working or residing
      outside of the United States.

     

    “GAAP” means U.S. generally accepted accounting principles.

     

    “Governmental Authority” means, with respect to a particular Person, any country, state, county, city and political subdivision in which such Person or such Person’s property is located or
      that exercises valid jurisdiction over any such Person or such Person’s property, and any court, agency, department, commission, board, bureau or instrumentality of any of them and any monetary authority that exercises valid jurisdiction over any
      such Person or such Person’s property.  Unless otherwise specified, all references to Governmental Authority herein with respect to the Company mean a Governmental Authority having jurisdiction over the Company, its Subsidiaries or any of their
      respective properties.

     

    “Indemnified Parties” has the meaning specified in Section 6.1.

     

    “Indemnifying Party” has the meaning specified in Section 6.2.

     

    “Intellectual Property” shall mean all patents, patent applications, trade and service marks, trade and service mark registrations, trade names, copyrights, licenses, inventions, trade
      secrets, domain names, technology, know-how and other intellectual property.

     

    “Investor” has the meaning set forth in the introductory paragraph.

     

    “Law” means any federal, state, local or foreign order, writ, injunction, judgment, settlement, award, decree, statute, law, rule or regulation.

     

    “Lien” means any interest in property securing an obligation owed to, or a claim by, a Person other than the owner of the property, whether such interest is based on the common law, statute or
      contract, and whether such obligation or claim is fixed or contingent, and including the lien or security interest arising from a mortgage, encumbrance, pledge, security agreement, conditional sale or trust receipt or a lease, consignment or bailment
      for security purposes.  For the purpose of this Agreement, a Person shall be deemed to be the owner of any property that it has acquired or holds subject to a conditional sale agreement, or leases under a financing lease or other arrangement pursuant
      to which title to the property has been retained by or vested in some other Person in a transaction intended to create a financing.

     

    “Lock-Up Period” has the meaning specified in Section 5.2.

     

    
      

      3

      
        

      

    

    “Material Adverse Effect” has the meaning specified in Section 3.1.

     

    “Nasdaq” means the Nasdaq Stock Market.

     

    “Occupational Laws” has the meaning specified in Section 3.28.

     

    “Operative Documents” means, collectively, this Agreement, the Registration Rights Agreement, and any amendments, supplements, continuations or modifications thereto.

     

    “Person” means an individual or a corporation, limited liability company, partnership, joint venture, trust, unincorporated organization, association, government agency or political
      subdivision thereof or other form of entity.

     

    “Press Release” has the meaning specified in Section 5.4.

     

    “Purchase Price” has the meaning specified in Section 2.1(b).

     

    “Purchase Price Payment” has the meaning specified in Section 2.6(a).

     

    “Registration Rights Agreement” has the meaning set forth in the recitals hereto.

     

    “Representatives” of any Person means the Affiliates of such Person and the officers, directors, managers, employees, agents, counsel, accountants, investment bankers and other representatives
      of such Person and its Affiliates.

     

    “Sanctions” has the meaning specified Section 3.8(c).

     

    “Sanctioned Country” has the meaning specified in Section 3.8(c).

     

    “Sarbanes-Oxley Act” has the meaning specified in Section 3.25.

     

    “Securities Act” means the Securities Act of 1933, as amended from time to time, and the rules and regulations of the Commission promulgated thereunder.

     

    “Shares” has the meaning set forth in the recitals hereto.

     

    “Short Sales” means, without limitation, all “short sales” as defined in Rule 200 promulgated under Regulation SHO under the Exchange Act, whether or not against the box, and forward sale
      contracts, options, puts, calls, short sales, “put equivalent positions” (as defined in Rule 16a-1(h) under the Exchange Act) and similar arrangements, and sales and other transactions through non-U.S. broker dealers or foreign regulated brokers.

     

    “Subsidiary” has the meaning set forth in Section 3.1.

     

    “Trading Affiliates” has the meaning set forth in Section 4.8.

     

    
      

      4

      
        

      

    

    ARTICLE II

      

      AGREEMENT TO SELL AND PURCHASE

     

    Section 2.1          Sale and Purchase.

     

    (a)         On the Closing Date, subject to the terms and conditions hereof, the Company hereby agrees to issue and sell to the Investor, and the Investor hereby agrees to purchase from the Company,
      the Shares, and the Investor agrees to pay the Company the Purchase Price for the Shares as set forth in paragraph (b) below.

     

    (b)         The amount per share of Common Stock the Investor will pay to the Company to purchase the Shares (the “Purchase Price”) hereunder shall be $5.25 per share.

     

    Section 2.2        Closing.  Subject to the terms and conditions hereof, the consummation of the purchase and sale of the Shares hereunder (the “Closing”) shall take place by the
      remote exchange of documents and signatures by facsimile or .PDF documents upon the satisfaction of the conditions set forth in Sections 2.3 and 2.4 (the date of such closing, the “Closing Date”). Unless otherwise provided
      herein, all proceedings to be taken and all documents to be executed and delivered by all parties at the Closing will be deemed to have been taken and executed simultaneously, and no proceedings will be deemed to have been taken or documents executed
      or delivered until all have been taken, executed or delivered.

     

    Section 2.3          Investor’s Conditions. The obligation of the Investor to consummate the purchase of the Shares shall be subject to the satisfaction on or prior to the Closing Date of
      each of the following conditions (any or all of which may be waived by the Investor in writing, in whole or in part, to the extent permitted by applicable Law):

    

    

    
      
        (a)       Substantially concurrently with the delivery of the Purchase Price Payment by the Investor, the Company shall file the Draft Filings (in
          substantially the same form previously reviewed by the Investor) with the Commission, in compliance with all applicable rules and regulations;

      

    

    

    

    (b)         [intentionally omitted]

    

    

    (c)         (i) The representations and warranties of the Company contained in this Agreement that are qualified by materiality or a Material Adverse Effect shall be true and correct when made and as
      of the Closing Date, (ii) the representations and warranties of the Company set forth in Section 3.2(b) shall be true and correct when made and as of the Closing Date and (iii) all other representations and warranties of the Company shall be
      true and correct in all material respects when made and as of the Closing Date, in each case as though made at and as of the Closing Date;

    

    

    (d)         Since the date of this Agreement, no event has occurred or condition or circumstance exists which has had, or is reasonably likely to have, individually or in the aggregate, a Material
      Adverse Effect; and

    

    

    (e)         The Company shall have delivered, or caused to be delivered, to the Investor at the Closing, the Company’s closing deliveries described in Section 2.5. By acceptance of the
      Purchase Price Payment, the Company shall be deemed to have represented to the Investor that it has performed and complied in all material respects with the covenants and agreements contained in this Agreement that are required to be performed and
      complied with by it on or prior to the Closing Date; and the representations and warranties of such Company contained in this Agreement that are qualified by materiality are true and correct as of the Closing Date and all other representations and
      warranties of the Company are true and correct in all material respects as of the Closing Date.

     

    
      

      5

      
        

      

    

    Section 2.4         Company’s Conditions. The obligation of the Company to consummate the issuance and sale of the Shares to the Investor shall be subject to the satisfaction on
      or prior to the Closing Date of each of the following conditions with respect to the Investor (any or all of which may be waived by the Company in writing, in whole or in part, to the extent permitted by applicable Law):

     

    
      
        (a)       The representations and warranties of the Investor contained in this Agreement that are qualified by materiality shall be true and correct when
          made and as of the Closing Date and all other representations and warranties of the Investor shall be true and correct in all material respects when made and as of the Closing Date; and

      

    

     

    (b)        The Investor shall have delivered, or caused to be delivered, to the Company at the Closing the Investor’s closing deliveries described in Section 2.6. By acceptance of the Shares
      by the Investor, the Investor shall be deemed to have represented to the Company that it has performed and complied in all material respects with the covenants and agreements contained in this Agreement that are required to be performed and complied
      with by it on or prior to the Closing Date; and the representations and warranties of such Investor contained in this Agreement that are qualified by materiality are true and correct as of the Closing Date and all other representations and warranties
      of such Investor are true and correct in all material respects as of the Closing Date.

    

    

    Section 2.5          Company Deliveries.  At the Closing, subject to the terms and conditions hereof, the Company will deliver, or cause to be delivered, to the Investor:

     

    (a)         The Shares, which shall initially be delivered to the Investor in book-entry form and registered in the name of the Investor with the transfer agent of the Company. The Shares shall bear
      the legend or restricted notation set forth in Section 4.7 and shall be free and clear of any Liens, other than transfer restrictions under applicable federal and state securities laws;

     

    (b)         A certificate of the Secretary of State of the Commonwealth of Pennsylvania, dated as of a recent date, to the effect that the Company is in good standing;

     

    (c)         A cross-receipt executed by the Company certifying that it has received the Aggregate Purchase Price from the Investor as of the Closing Date with respect to the Shares issued and sold to
      the Investor;

     

    (d)         The Registration Rights Agreement, which shall have been duly executed by the Company;

     

    
      

      6

      
        

      

    

    (e)        A commitment letter (the “Commitment Letter”), in form and substance satisfactory to the Investor, with respect to a senior secured delayed draw term loan facility by and between
      the Company and the Investor (on behalf of itself and certain of its Affiliates and accounts managed or sub-advised by it or its Affiliates), which Commitment Letter shall have been duly executed by the Company;

     

    (f)         An opinion addressed to the Investor from Lurio & Associates, P.C. legal counsel to the Company, dated as of the Closing, in the form and substance attached hereto as Exhibit B;
      and

     

    (g)        A certificate of the Secretary or an Assistant Secretary of the Company, certifying as to (1) the Charter and all amendments thereto, (2) the Amended and Restated By laws of the Company,
      as amended (the “Bylaws”), as in effect on the Closing Date, (3) board resolutions authorizing the execution and delivery of the Operative Documents and the consummation of the transactions contemplated thereby, including the issuance of the Shares
      and (4) its incumbent officers authorized to execute the Operative Documents, setting forth the name and title and bearing the signatures of such officers.

     

    Section 2.6          Investor Deliveries.  At the Closing, subject to the terms and conditions hereof, the Investor will deliver, or cause to be delivered, to the Company:

     

    (a)         Payment to the Company of the Purchase Price equal to $19,950,000 by wire transfer of immediately available funds to an account designated by the Company in writing prior to the Closing
      Date (the “Purchase Price Payment”); provided that such delivery shall be required only after delivery of the Shares as set forth in Section 2.5(a);

     

    (b)         The Registration Rights Agreement, which shall have been duly executed by the Investor; and

     

    (c)         The Commitment Letter, which shall have been duly executed by the Investor.

     

    ARTICLE III

      

      REPRESENTATIONS AND WARRANTIES OF THE COMPANY

     

    The Company represents and warrants to the Investor as of the date of this Agreement as follows:

     

    Section 3.1          Existence.  The Company has been duly incorporated, is validly subsisting and is in good standing under the laws of the Commonwealth of Pennsylvania, with corporate power
      and authority to own, lease and operate its properties and conduct its business as described in the Draft Filings and Company SEC Documents; the Company is duly qualified as a foreign corporation to transact business and is in good standing in each
      other jurisdiction in which such qualification is required, whether by reason of the ownership or leasing of property or the conduct of business, except where the failure to qualify or to be in good standing would not, individually or in the
      aggregate, reasonably be expected to have a material adverse effect on the business, properties, prospects, financial condition, stockholders’ equity or results of operations of the Company and its subsidiaries taken as a whole (a “Material
        Adverse Effect”); each subsidiary of the Company other than those subsidiaries which would not, individually or in the aggregate, constitute a “significant subsidiary” as defined in Item 1-02(w) of Regulation S-X (each such “significant
      subsidiary” a “Subsidiary”) is a corporation, partnership, limited liability company or business trust duly incorporated or organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation or
      organization, with the requisite entity power and authority to own, lease and operate its properties except where the failure to qualify or be in good standing would not, individually or in the aggregate, have a Material Adverse Effect.  The Company
      does not own or control, directly or indirectly, any corporation, association or other corporate entity that, individually or in the aggregate would constitute a Subsidiary, other than the subsidiaries listed on Schedule 3.1 hereto.  On a
      consolidated basis, the Company and its Subsidiaries conduct their business as described in the Draft Filings and Company SEC Documents and each Subsidiary is duly qualified as a foreign corporation, partnership, limited liability company, business
      trust or other organization to transact business and is in good standing in each jurisdiction in which such qualification is required, whether by reason of the ownership or leasing of property or the conduct of business, except where the failure to
      qualify or to be in good standing would not, individually or in the aggregate, result in a Material Adverse Effect.

     

    
      

      7

      
        

      

    

    Section 3.2          Shares; Capitalization.

     

    (a)        As of the date hereof, the Company has authorized (i) 640,000,000 shares of Common Stock, (ii) 1,800,000 shares of preferred stock and (iii) 900,000 shares of  Series A convertible
      preferred stock, and all of the issued and outstanding shares of capital stock of the Company have been duly authorized and validly issued and are fully paid and non-assessable, free of all liens, charges and encumbrances and not in violation of or
      subject to any preemptive or similar rights.  Except as otherwise disclosed in the Company SEC Documents or the Draft Filings, all of the issued and outstanding capital stock or other ownership interests of each Subsidiary of the Company (i) have
      been duly authorized and validly issued, (ii) are fully paid and non-assessable and (iii) are owned by the Company directly or through Subsidiaries, free and clear of any security interest, mortgage, pledge, lien, encumbrance, claim or equity except
      as described in the Company SEC Documents or the Draft Filings and except for such security interests, mortgages, pledges, liens, encumbrances, claims or equities that would not, individually or in the aggregate, reasonably be expected to have a
      Material Adverse Effect.

     

    (b)        As of the date hereof, (i) the Company has 60,008,481 shares of Common Stock issued and outstanding, (ii) the Company has 445,063 shares of Series A convertible preferred stock issued and
      outstanding and (iii) the Company has options, warrants or other rights to acquire an aggregate of 1,151,075 shares of Common Stock issued and outstanding.  Except as set forth in this Section 3.2(b), there are no outstanding:  (i) options,
      warrants or other rights to subscribe for, purchase or acquire from the Company any Common Stock or other equity interests in the Company (“Equity Interests”); (ii) securities of the Company convertible into or exchangeable or exercisable for
      Equity Interests, voting debt or other voting securities of the Company; and (iii) options, warrants, calls, rights (including preemptive rights), commitments or agreements to which the Company is a party or by which it is bound in any case
      obligating the Company to issue, deliver, sell, purchase, redeem or acquire, or cause to be issued, delivered, sold, purchased, redeemed or acquired, additional shares of capital stock or any voting debt or other voting securities of the Company, or
      obligating the Company to grant, extend or enter into any such option, warrant, call, right, commitment or agreement.

     

    
      

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    Section 3.3         No Conflict.  The issue and sale of the Shares, the execution, delivery and performance by the Company and its Subsidiaries of the Operative Documents, the application of
      the proceeds from the sale of the Shares, the consummation of the transactions contemplated hereby and thereby, will not (a) conflict with or result in a breach or violation of any of the terms or provisions of, impose any lien, charge or encumbrance
      upon any property or assets of the Company or any of its Subsidiaries, or constitute a default under, any indenture, mortgage, deed of trust, loan agreement, license, lease or other agreement or instrument to which the Company or any of its
      Subsidiaries is a party or by which the Company or any of its Subsidiaries is bound or to which any of the property or assets of the Company or any of its Subsidiaries is subject, (b) result in any violation of the provisions of the Charter or Bylaws
      (or similar organizational documents) of the Company or any of its Subsidiaries, or (c) result in any violation by the Company or any Subsidiary of any statute or any judgment, order, decree, rule or regulation of any court or governmental agency or
      body having jurisdiction over the Company or any of its Subsidiaries or any of their properties or assets, except, with respect to clauses (a) and (c), conflicts or violations that would not, individually or in the aggregate, reasonably be expected
      to have a Material Adverse Effect or would not, individually or in the aggregate, reasonably be expected to have a material adverse effect on the ability of the Company or any of its Subsidiaries to perform their respective obligations under this
      Agreement or any of the Operative Documents.

     

    Section 3.4         No Default.  Neither the Company nor any of its Subsidiaries (a) is in violation of its respective charter or bylaws (or similar organizational documents), (b) is in
      default, and no event has occurred that, with notice or lapse of time or both, would constitute such a default, in the due performance or observance of any term, covenant, condition or other obligation contained in any indenture, mortgage, deed of
      trust, loan agreement, license or other agreement or instrument to which it is a party or by which it is bound or to which any of its properties or assets is subject, or (c) except as disclosed in the Company SEC Documents or in the Draft Filings, is
      in violation of any statute or any order, rule or regulation of any court or governmental agency or body having jurisdiction over it or its property or assets or has failed to obtain any license, permit, certificate, franchise or other governmental
      authorization or permit necessary to the ownership of its property or to the conduct of its business, except in the case of clauses (b) and (c), to the extent any such conflict, breach, violation or would not, individually or in the aggregate,
      reasonably be expected to have a Material Adverse Effect or cause a material adverse effect on the ability of the Company or any of its Subsidiaries to perform their obligations under this Agreement or any of the Operative Documents.

     

    Section 3.5         Authority.  The Company has all requisite corporate, partnership or limited liability company power and authority, as applicable, to issue, sell and deliver the Common
      Stock, in accordance with and upon the terms and conditions set forth in this Agreement.  The Common Stock has been duly authorized and, upon issuance pursuant to the terms hereof, each share of Common Stock shall be validly issued, fully paid and
      non-assessable and outstanding, free of all liens, charges and encumbrances and will not have been issued in violation of or subject to any preemptive or similar rights.  All corporate and/or other action required to be taken by the Company for the
      authorization, issuance, sale and delivery of the Common Stock, the execution and delivery of the Operative Documents and the consummation of the transactions contemplated hereby and thereby has been validly taken.  No approval from the holders of
      outstanding shares of Common Stock or any other Equity Interests is required in connection with the Company’s issuance and sale of the Shares to the Investor or in connection with any other matter contemplated hereby.

     

    
      

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    Section 3.6          Private Placement.  Assuming the accuracy of the Investor’s representations and warranties set forth in Section 4.5, the issuance and sale of the Shares pursuant
      hereto are exempt from the registration requirements of the Securities Act.  No form of general solicitation or general advertising within the meaning of Regulation D (including advertisements, articles, notices or other communications published in
      any newspaper, magazine or similar medium or broadcast over television or radio, or any seminar or meeting whose attendees have been invited by any general solicitation or general advertising) was used by the Company, or any Person acting on behalf
      of the Company in connection with the offer and sale of the Shares.

     

    Section 3.7         Approvals.  No consent, approval, authorization or order of, or filing, registration or qualification with, any court or governmental agency or body, domestic or foreign,
      having jurisdiction over the Company is required for the offering and sale of the Shares or the consummation by the Company of the other transactions contemplated by the Operative Documents, except for the filing of the registration statement by the
      Company with the Commission pursuant to the Securities Act, as required by the Registration Rights Agreement, the filing with the Commission of a Form 8-K in connection with the offer and sale of the Shares pursuant to item 3.02 of Form 8-K, and the
      filing with the Commission of a Form D pursuant to Regulation D promulgated under the Securities Act.

     

    Section 3.8          Compliance with Laws.

     

    (a)         The Company and each of its Subsidiaries holds, and is operating in compliance in all material respects with, all franchises, grants, authorizations, licenses, permits, easements,
      consents, certificates and orders of any Governmental Authority or self-regulatory body required for the conduct of its business and all such franchises, grants, authorizations, licenses, permits, easements, consents, certifications and orders are
      valid and in full force and effect; and neither the Company nor any of its Subsidiaries has received notice of any revocation or modification of any such franchise, grant, authorization, license, permit, easement, consent, certification or order or
      has reason to believe that any such franchise, grant, authorization, license, permit, easement, consent, certification or order will not be renewed in the ordinary course; and the Company and each of its Subsidiaries is in compliance in all material
      respects with all applicable federal, state, local and foreign laws, regulations, orders and decrees.

     

    (b)        The operations of the Company and its Subsidiaries are and have been conducted at all times in compliance with applicable financial recordkeeping and reporting requirements of the Currency
      and Foreign Transactions Reporting Act of 1970, as amended, the money laundering statutes of all jurisdictions where the Company or any of its Subsidiaries conducts business, the rules and regulations thereunder and any related or similar rules,
      regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the “Anti-Money Laundering Laws”) and no action, suit or proceeding by or before any court or governmental agency, authority or body or any
      arbitrator involving the Company or any of its Subsidiaries with respect to the Anti-Money Laundering Laws is pending or, to the knowledge of the Company or any of its Subsidiaries, threatened.

     

    
      

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    (c)        Neither the Company nor any of its Subsidiaries, nor, to the knowledge of the Company, any directors, officers or employees of the Company or its Subsidiaries, nor, to the knowledge of the
      Company, any agent, affiliate or other person associated with or acting on behalf of the Company or any of its Subsidiaries is currently the subject or the target of any sanctions administered or enforced by the U.S. government, (including, without
      limitation, the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State and including, without limitation, the designation as a “specially designated national” or “blocked person”), the United Nations
      Security Council, the European Union, Her Majesty’s Treasury, or other relevant sanctions authority (collectively, “Sanctions”), nor is the Company or any of its Subsidiaries located, organized or resident in a country or territory that is the
      subject or target of Sanctions, including, without limitation, Cuba, Burma (Myanmar), Iran, North Korea, Sudan, Syria and Crimea (each, a “Sanctioned Country”); and the Company will not directly or indirectly use the proceeds of the offering
      of the Shares hereunder, or lend, contribute or otherwise make available such proceeds to any Subsidiary, joint venture partner or other person or entity (i) to fund or facilitate any activities of or business with any person that, at the time of
      such funding or facilitation, is the subject or target of Sanctions, (ii) to fund or facilitate any activities of or business in any Sanctioned Country or (iii) in any other manner that will result in a violation by any person (including any person
      participating in the transaction, whether as underwriter, initial purchaser, advisor, investor or otherwise) of Sanctions.  For the past five years, the Company and its Subsidiaries have not engaged in, are not now engaged in and will not engage in
      any dealings or transactions with any person that at the time of the dealing or transaction is or was the subject or the target of Sanctions or with any Sanctioned Country.

     

    (d)         Neither the Company nor any of its Subsidiaries, nor, to the knowledge of the Company, any director, officer, employee, agent, affiliate or other person associated with or acting on
      behalf of the Company or any of its Subsidiaries has (i) used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity; (ii) made or taken an act in furtherance of an offer,
      promise or authorization of any direct or indirect unlawful payment or benefit to any foreign or domestic government official or employee, including of any government-owned or controlled entity or of a public international organization, or any person
      acting in an official capacity for or on behalf of any of the foregoing, or any political party or party official or candidate for political office; (iii) violated or is in violation of any provision of the Foreign Corrupt Practices Act of 1977, as
      amended, or any applicable law or regulation implementing the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions, or committed an offence under the Bribery Act 2010 of the United Kingdom, or any
      other applicable anti-bribery or anti‐corruption law; or (iv) made, offered, agreed, requested or taken an act in furtherance of any unlawful bribe or other unlawful benefit, including, without limitation, any rebate, payoff, influence payment,
      kickback or other unlawful or improper payment or benefit.  The Company and its Subsidiaries have instituted, maintain and enforce, and will continue to maintain and enforce, policies and procedures designed to promote and ensure compliance with
      anti-bribery and anti-corruption laws to the extent such laws are applicable to the business, assets and operations of the Company and its Subsidiaries.

     

    
      

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    Section 3.9          Due Authorization.  The Company has all requisite corporate power and authority to execute, deliver and perform its obligations under the Operative Documents.  The
      Operative Documents have been duly authorized by the Company, and duly executed and delivered by the Company in accordance with the terms hereof and thereof, and (assuming the due authorization, execution and delivery thereof by the other parties
      thereto) will be the legally valid and binding obligations of the Company in accordance with the terms thereof, enforceable against the Company in accordance with their terms, except as such enforceability may be limited by bankruptcy, insolvency,
      reorganization, moratorium and other similar laws relating to or affecting creditors’ rights generally, by general equitable principles (regardless of whether such enforceability is considered in a proceeding in equity or at law) and, as to rights of
      indemnification and contribution, by principles of public policy.

     

    Section 3.10       Legal Proceedings.  Except as disclosed in the Draft Filings and Company SEC Documents, there are no legal or governmental proceedings pending to which the Company or any
      of its Subsidiaries is a party or of which any property of the Company or any of its Subsidiaries is the subject which if determined adversely to the Company, or such Subsidiary, would individually or in the aggregate, reasonably be expected to have
      a Material Adverse Effect or which would, individually or in the aggregate, materially and adversely affect the consummation of the transactions contemplated under the Operative Documents or the performance by the Company or any of its Subsidiaries
      of their obligations hereunder or thereunder; and, to the Company’s knowledge, no such proceedings are threatened or contemplated by governmental authorities or threatened by others.

     

    Section 3.11        Company SEC Documents.  Except as set forth on Schedule 3.11, the Company’s forms, registration statements, reports, schedules and statements required to be filed
      by it under the Exchange Act or the Securities Act (all such documents, collectively the “Company SEC Documents”) have been filed with the Commission on a timely basis. The Company SEC Documents and the Draft Filings, including, without
      limitation, any audited or unaudited financial statements and any notes thereto or schedules included therein, at the time filed or when filed in the case of the Draft Filings (or in the case of registration statements, solely on the dates of
      effectiveness) (except to the extent corrected by a subsequent Company SEC Document) (i) do not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the
      statements therein, in light of the circumstances under which they were made, not misleading, (ii) comply in all material respects with the applicable requirements of the Exchange Act and the Securities Act, as the case may be, (iii) comply as to
      form in all material respects with applicable accounting requirements and with the published rules and regulations of the Commission with respect thereto, (iv) were prepared in accordance with GAAP applied on a consistent basis during the periods
      involved (except as may be indicated in the notes thereto or, in the case of unaudited statements, as permitted by Form 10-Q of the Commission), and (v) fairly present (subject in the case of unaudited statements to normal and recurring audit
      adjustments) in all material respects the consolidated financial position of the Company and its consolidated Subsidiaries as of the dates thereof and the consolidated results of its operations and cash flows for the periods then ended.

     

    
      

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    Section 3.12       Internal Controls.  Except as disclosed in the Company SEC Documents and the Draft Filings, the Company and each of its Subsidiaries maintain a system of internal control
      over financial reporting (as such term is defined in Rule 13a-15(f) of the Exchange Act) that complies with the requirements of the Exchange Act and that has been designed by, or under the supervision of, the Company’s principal executive and
      principal financial officers, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles in the United
      States.  Except as disclosed in the Company SEC Documents and the Draft Filings, the Company and each of its Subsidiaries maintains internal accounting controls that are sufficient to provide reasonable assurance that (i) transactions are executed in
      accordance with management’s general or specific authorization, (ii) transactions are recorded as necessary to permit preparation of the Company’s financial statements in conformity with accounting principles generally accepted in the United States
      and to maintain accountability for its assets, (iii) access to the Company’s assets is permitted only in accordance with management’s general or specific authorization and (iv) the recorded accountability for the Company’s assets is compared with
      existing assets at reasonable intervals and appropriate action is taken with respect to any differences.

     

    Section 3.13        No Material Adverse Effect.  Except as described in the Company SEC Documents and in the Draft Filings, since June 30, 2019, no event or circumstance has occurred that,
      individually or in the aggregate, has had or would reasonably be expected to have a Material Adverse Effect.

     

    Section 3.14      Certain Fees.  Neither the Company nor any of its Subsidiaries is a party to any contract, agreement or understanding with any Person that could give rise to a valid claim
      against the Investor for a brokerage commission, finder’s fee or like payment in connection with the offering and sale of the Shares or any other transaction contemplated by the Operative Documents.

     

    Section 3.15       No Integration.  Neither the Company or any of its Subsidiaries nor any other Person acting on behalf of the Company or any of its Subsidiaries has sold or issued any
      securities that would be integrated with the offering of the Shares contemplated by this Agreement pursuant to the Securities Act, the rules and regulations thereunder or the interpretations thereof by the Commission.

     

    Section 3.16        Investment Company Status.  Neither the Company nor any Subsidiary of the Company is or, after giving effect to the offer and sale of the Shares and the application of the
      proceeds therefrom, will be an “investment company” or a company “controlled” by an “investment company” within the meaning of the Investment Company Act of 1940, as amended, and the rules and regulations of the Commission thereunder.

     

    Section 3.17        Nasdaq Listing of Shares.  The Shares will be issued in compliance with all applicable rules of Nasdaq.

     

    Section 3.18       No Side Agreements.  There are no agreements by the Company or any of its Affiliates relating to or entered into in connection with the transactions contemplated hereby
      other than the Operative Documents nor promises or inducements for future transactions with respect to such parties.

     

    
      

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    Section 3.19        Ownership of Assets.  The Company and its Subsidiaries have good and marketable title to all property (whether real or personal) described in the Draft Filings and Company
      SEC Documents as being owned by them, in each case free and clear of all liens, claims, security interests, other encumbrances or defects except such as are described in such Draft Filings and Company SEC Documents.  The property held under lease by
      the Company and its Subsidiaries is held by them under valid, subsisting and enforceable leases with only such exceptions with respect to any particular lease as do not interfere in any material respect with the conduct of the business of the Company
      or its Subsidiaries.

     

    Section 3.20       Intellectual Property.  The Company and each of its Subsidiaries owns, possesses, or, to the knowledge of the Company, can acquire on reasonable terms, all material
      Intellectual Property necessary for the conduct of the Company’s and its Subsidiaries’ business as now conducted.  Furthermore, except as otherwise disclosed in the Draft Filings and Company SEC Documents, (A) to the knowledge of the Company, there
      is no infringement, misappropriation or violation by third parties of any such Intellectual Property; (B) there is no pending or, to the knowledge of the Company, threatened, action, suit, proceeding or claim by others challenging the Company’s or
      any of its Subsidiaries’ rights in or to any such Intellectual Property, and the Company is unaware of any facts which would form a reasonable basis for any such claim; (C) the Intellectual Property owned by the Company and its Subsidiaries, and to
      the knowledge of the Company, the Intellectual Property licensed to the Company and its Subsidiaries, has not been adjudged invalid or unenforceable, in whole or in part, and there is no pending or, to the knowledge of the Company, threatened action,
      suit, proceeding or claim by others challenging the validity or scope of any such Intellectual Property, and the Company is unaware of any facts which would form a reasonable basis for any such claim; (D) there is no pending or, to the knowledge of
      the Company, threatened action, suit, proceeding or claim by others that the Company or any of its Subsidiaries infringes, misappropriates or otherwise violates any Intellectual Property or other proprietary rights of others, neither the Company or
      any of its Subsidiaries has received any written notice of such claim and the Company is unaware of any other fact which would form a reasonable basis for any such claim; and (E) to the Company’s knowledge, no employee of the Company or any of its
      Subsidiaries is in or has ever been in violation of any term of any employment contract, patent disclosure agreement, invention assignment agreement, non-competition agreement, non-solicitation agreement, nondisclosure agreement or any restrictive
      covenant to or with a former employer where the basis of such violation relates to such employee’s employment with the Company or any of its Subsidiaries or actions undertaken by the employee while employed with the Company or any of its
      Subsidiaries, except as such violation would not result in a Material Adverse Effect.

     

    Section 3.21       Taxes.  The Company and its Subsidiaries have timely filed all federal, state, local and foreign income and franchise tax returns required to be filed (except in any case
      in which the failure to so file is not material) and are not in default in the payment of any taxes which were payable pursuant to said returns or any assessments with respect thereto, other than any which the Company or any of its Subsidiaries is
      contesting in good faith, or to the extent such default is not material.  There is no pending dispute with any taxing authority relating to any of such returns, and the Company has no knowledge of any proposed liability for any tax to be imposed upon
      the properties or assets of the Company or any of its Subsidiaries for which there is not an adequate reserve reflected in the Company’s financial statements included in the Draft Filings and Company SEC Documents.

     

    
      

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    Section 3.22        Ownership of Other Entities.  Other than the Subsidiaries of the Company, the Company, directly or indirectly, owns no capital stock or other equity or ownership or
      proprietary interest in any corporation, partnership, association, trust or other entity.

     

    Section 3.23       Insurance.  The Company and each of its Subsidiaries carries, or is covered by, insurance from reputable insurers in such amounts and covering such risks as is customary
      and prudent for the businesses in which they are engaged; all policies of insurance and any fidelity or surety bonds insuring the Company or any of its Subsidiaries or its business, assets, employees, officers and directors are in full force and
      effect in accordance with their terms; subject to the disclosures in the Draft Filings and the Company SEC Documents, the losses, claims, damages or liabilities, costs (including, without limitation, reasonable attorneys’ fees) and expenses that are
      reasonably expected to be incurred pursuant to any pending, threatened or reasonably expected legal and governmental proceedings do not exceed the coverage limits under such policies by amounts that would, individually or in the aggregate, reasonably
      be expected to be materially adverse to the Company; the Company and its Subsidiaries are in compliance with the terms of such policies and instruments in all material respects; except as disclosed to the Investor prior to the date hereof, there are
      no claims by the Company or any of its Subsidiaries under any such policy or instrument as to which any insurance company is denying liability or defending under a reservation of rights clause; neither the Company nor any of its Subsidiaries has been
      refused any insurance coverage sought or applied for; and neither the Company nor any of its Subsidiaries has reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar
      coverage from similar insurers as may be necessary to continue its business at a cost that would not have a Material Adverse Effect.

     

    Section 3.24        Sarbanes-Oxley Act.  The Company is in compliance with all applicable provisions of the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”) and the rules and
      regulations of the Commission thereunder.

     

    Section 3.25        Disclosure Controls.  The Company has established and maintains disclosure controls and procedures (as defined in Rules 13a-15 and 15d-15 under the Exchange Act) and,
      except as disclosed in the Draft Filings and Company SEC Documents, such controls and procedures are effective in ensuring that material information relating to the Company, including its Subsidiaries, is made known to the principal executive officer
      and the principal financial officer.  Except as disclosed in the Company SEC Documents and the Draft Filings, the Company has utilized such controls and procedures in preparing and evaluating the disclosures in the Company’s Exchange Act filings and
      other public disclosure documents.

     

    Section 3.26       Compliance with Environmental Laws.  Except as disclosed in the  Draft Filings and Company SEC Documents, neither the Company nor any of its Subsidiaries is in violation of
      any statute, any rule, regulation, decision or order of any Governmental Authority or any court, domestic or foreign, relating to the use, disposal or release of hazardous or toxic substances or relating to the protection or restoration of the
      environment or human exposure to hazardous or toxic substances (collectively, “Environmental Laws”), owns or operates any real property contaminated with any substance that is subject to any Environmental Laws, is liable for any off‐site
      disposal or contamination pursuant to any Environmental Laws, or is subject to any claim relating to any Environmental Laws, which violation, contamination, liability or claim would individually or in the aggregate, have a Material Adverse Effect;
      and the Company is not aware of any pending investigation which might lead to such a claim.  Neither the Company nor any of its Subsidiaries anticipates incurring any material capital expenditures relating to compliance with Environmental Laws.

     

    
      

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    Section 3.27       Compliance with Occupational Laws.  The Company and each of its Subsidiaries (A) is in compliance, in all material respects, with any and all applicable foreign, federal,
      state and local laws, rules, regulations, treaties, statutes and codes promulgated by any and all Governmental Authorities (including pursuant to the Occupational Health and Safety Act) relating to the protection of human health and safety in the
      workplace (“Occupational Laws”); (B) has received all material permits, licenses or other approvals required of it under applicable Occupational Laws to conduct its business as currently conducted; and (C) is in compliance, in all material
      respects, with all terms and conditions of such permit, license or approval.  No action, proceeding, revocation proceeding, writ, injunction or claim is pending or, to the Company’s knowledge, threatened against the Company or any of its Subsidiaries
      relating to Occupational Laws, and the Company does not have knowledge of any facts, circumstances or developments relating to its operations that could reasonably be expected to form the basis for or give rise to such actions, suits, investigations
      or proceedings.

     

    Section 3.28        ERISA and Employee Benefits Matters. (A) To the knowledge of the Company, no “prohibited transaction” as defined under Section 406 of ERISA or Section 4975 of the Code and
      not exempt under ERISA Section 408 and the regulations and published interpretations thereunder has occurred with respect to any Employee Benefit Plan.  At no time has the Company or any ERISA Affiliate maintained, sponsored, participated in,
      contributed to or has or had any liability or obligation in respect of any Employee Benefit Plan subject to Part 3 of Subtitle B of Title I of ERISA, Title IV of ERISA, or Section 412 of the Code or any “multiemployer plan” as defined in Section
      3(37) of ERISA or any multiple employer plan for which the Company or any ERISA Affiliate has incurred or could incur liability under Section 4063 or 4064 of ERISA.  No Employee Benefit Plan provides or promises, or at any time provided or promised,
      retiree health, life insurance, or other retiree welfare benefits except as may be required by the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended, or similar state law.  Each Employee Benefit Plan is and has been operated in
      material compliance with its terms and all applicable laws, including but not limited to ERISA and the Code and, to the knowledge of the Company, no event has occurred (including a “reportable event” as such term is defined in Section 4043 of ERISA)
      and no condition exists that would subject the Company or any ERISA Affiliate to any material tax, fine, lien, penalty or liability imposed by ERISA, the Code or other applicable law.  Each Employee Benefit Plan intended to be qualified under Code
      Section 401(a) is so qualified and has a favorable determination or opinion letter from the IRS upon which it can rely, and any such determination or opinion letter remains in effect and has not been revoked; to the knowledge of the Company, nothing
      has occurred since the date of any such determination or opinion letter that is reasonably likely to adversely affect such qualification; (B) with respect to each Foreign Benefit Plan, such Foreign Benefit Plan (1) if intended to qualify for special
      tax treatment, meets, in all material respects, the requirements for such treatment, and (2) if required to be funded, is funded to the extent required by applicable law, and with respect to all other Foreign Benefit Plans, adequate reserves therefor
      have been established on the accounting statements of the applicable Company or Subsidiary; (C) the Company does not have any obligations under any collective bargaining agreement with any union and no organization efforts are underway with respect
      to Company employees.

     

    
      

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    Section 3.29       Business Arrangements.  Except as disclosed in the Draft Filings and  Company SEC Documents, neither the Company nor any of its Subsidiaries has granted any material rights
      to develop, manufacture, produce, assemble, distribute, license, market or sell its products to any other person and is not bound by any material agreement that affects the exclusive right of the Company or such Subsidiary to develop, manufacture,
      produce, assemble, distribute, license, market or sell its products.

     

    Section 3.30      Labor Matters.  No labor problem or dispute with the employees of the Company or any of its Subsidiaries exists or is threatened or imminent, and the Company is not aware of
      any existing or imminent labor disturbance by the employees of any of its or its Subsidiaries’ principal suppliers, contractors or customers, that could have a Material Adverse Effect.

     

    Section 3.31       Restrictions on Subsidiary Payments to the Company.  No Subsidiary of the Company is currently prohibited, directly or indirectly, from paying any dividends to the Company,
      from making any other distribution on such Subsidiary’s capital stock, from repaying to the Company any loans or advances to such Subsidiary from the Company or from transferring any of such Subsidiary’s property or assets to the Company or any other
      Subsidiary of the Company, except as described in or contemplated by the Draft Filings and Company SEC Documents.

     

    Section 3.32       Statistical Information/Forward Looking Statements.  Any third-party statistical and market-related data included in the Company SEC Documents are based on or derived from
      sources that the Company reasonably believes to be reliable and accurate in all material respects.  No forward-looking statement (within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act) contained in the Draft
      Filings and SEC Company Documents has been made or reaffirmed without a reasonable basis or has been disclosed other than in good faith.

     

    Section 3.33       Exports and Imports.  Except as disclosed in the Draft Filings and Company SEC Documents, to the knowledge of the Company, no officer, director, affiliate, agent,
      distributor, or representative of the Company has any reason to believe that the Company or any of the foregoing persons or entities have taken or omitted to take any action in violation of, or which may cause the Company to be in violation of, any
      applicable U.S. law governing imports into or exports from the United States, reexports from one foreign country to another, disclosures of technology, or other cross-border transactions, including without limitation:  the Arms Export Control Act (22
      U.S.C.A. § 2278), the Export Administration Act (50 U.S.C. App. §§ 2401-2420), the International Traffic in Arms Regulations (22 C.F.R. §§ 120-130), the Export Administration Regulations (15 C.F.R. § 730 et seq.), the Customs Laws of the United
      States (19 U.S.C. § 1 et seq.), the International Emergency Economic Powers Act (50 U.S.C. §§ 1701-1706), the Trading With the Enemy Act (50 U.S.C. App. §§ 5, 16), the Foreign Assets Control Regulations administered by the Office of Foreign Assets
      Control, any executive orders or regulations issued pursuant to the foregoing or by the agencies listed in Part 730 of the Export Administration Regulations, and any applicable non-U.S. laws of a similar nature.  Except as disclosed in the Draft
      Filings and Company SEC Documents, to the Company’s knowledge, there has never been a claim or charge made in writing, investigation undertaken, violation found, or settlement of any enforcement action under any of the laws referred to herein by any
      governmental entity with respect to matters arising under such laws against the Company, or against its agents, distributors or representatives in connection with their relationship with the Company.

     

    
      

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    Section 3.34       Related Party Transactions.  No transaction has occurred between or among the Company, on the one hand, and any of the Company’s officers, directors or five percent or
      greater stockholders or any affiliate or affiliates of any such officer, director or five percent or greater stockholders that is required to be described that is not so described in the Draft Filings and Company SEC Documents.  The Company has not,
      directly or indirectly, extended or maintained credit, or arranged for the extension of credit, or renewed an extension of credit, in the form of a personal loan to or for any of its directors or executive officers in violation of applicable laws,
      including Section 402 of the Sarbanes-Oxley Act.

     

    Section 3.35       Effect of Certificates.  Any certificate signed by any officer of the Company and delivered to the Representative or to counsel for the Investor shall be deemed a
      representation and warranty by the Company to the Investor as to the matters covered thereby.

     

    ARTICLE IV

      

      REPRESENTATIONS AND WARRANTIES OF THE INVESTOR

     

    The Investor (or the fund(s) for which it serves as nominee) hereby represents and warrants to the Company as of the date of this Agreement as follows:

     

    Section 4.1          Existence.  The Investor is duly organized and validly existing and in good standing under the Laws of its jurisdiction of organization, with all requisite power and
      authority to own, lease, use and operate its properties and to conduct its business as currently conducted, except where the failure to have such power or authority would not prevent the consummation of the transactions contemplated by this Agreement
      and the Registration Rights Agreement.

     

    Section 4.2        Authorization, Enforceability.  The Investor has all necessary corporate, limited liability company or partnership power and authority to execute, deliver and perform its
      obligations under this Agreement and the Registration Rights Agreement and to consummate the transactions contemplated thereby, and the execution, delivery and performance by the Investor of this Agreement and the Registration Rights Agreement has
      been duly authorized by all necessary action on the part of the Investor. The Operative Documents have been duly executed and delivered by the Investor in accordance with the terms hereof and thereof and (assuming the due authorization, execution and
      delivery by the Company) this Agreement and the Registration Rights Agreement constitute the legal, valid and binding obligations of the Investor; and the Registration Rights Agreement is enforceable in accordance with its terms, except as such
      enforceability may be limited by bankruptcy, insolvency, fraudulent transfer and similar laws affecting creditors’ rights generally or by general principles of equity, including principles of commercial reasonableness, fair dealing and good faith.

     

    
      

      18

      
        

      

    

    Section 4.3        No Conflict.  The execution, delivery and performance of this Agreement and the Registration Rights Agreement by the Investor and the consummation by the Investor of the
      transactions contemplated hereby and thereby will not (a) conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, any material agreement to which the Investor is a party or by which the
      Investor is bound or to which any of the property or assets of the Investor is subject, (b) conflict with or result in any violation of the provisions of the organizational documents of the Investor, or (c) violate any statute, order, rule or
      regulation of any court or governmental agency or body having jurisdiction over the Investor or the property or assets of the Investor, except in the cases of clauses (a) and (c), for such conflicts, breaches, violations or defaults as would not
      prevent the consummation of the transactions contemplated by the Operative Documents.

     

    Section 4.4        Certain Fees.  No fees or commissions are or will be payable by the Investor to brokers, finders, or investment bankers with respect to the purchase of any of the Shares or
      the consummation of the transaction contemplated by this Agreement.  The Investor agrees that it will indemnify and hold harmless the Company from and against any and all claims, demands, or liabilities for broker’s, finder’s, placement, or other
      similar fees or commissions incurred by the Investor in connection with the purchase of the Shares or the consummation of the transactions contemplated by this Agreement.

     

    Section 4.5          Investment.

     

    (a)        The Investor is (i) an “accredited investor” within the meaning of Rule 501(a) (1), (2), (3) or (7) under the Securities Act, and (ii) an Institutional Account as defined in Financial
      Industry Regulatory Authority, Inc.  Rule 4512(c) and (iii) a sophisticated institutional investor, experienced in investing in transactions of the type contemplated by this Agreement and capable of evaluating investment risks in connection with the
      Investor’s participation in the transaction contemplated hereby. Such purchaser is able to bear the substantial risks associated with its purchase of the Shares, including loss of the entire investment therein.

     

    (b)       The Investor is acquiring its entire beneficial ownership interest in the Shares for the Investor’s own account or the account of its Affiliates or the accounts of clients for whom the
      Investor exercises discretionary investment authority (all of whom the Investor hereby represents and warrants are “accredited investors” as defined in Rule 501 promulgated under the Securities Act) and, except as otherwise set forth on the signature
      page hereto, not as a nominee or agent, and with no intention of distributing the Shares or any part thereof in violation of the securities Laws of the United States or any state, without prejudice, however, to the Investor’s right at all times to
      sell or otherwise dispose of all or any part of the Shares under a registration statement under the Securities Act and applicable state securities laws or under an exemption from such registration available thereunder (including, without limitation,
      if available, Rule 144 promulgated thereunder).  If the Investor should in the future decide to dispose of any of the Shares, the Investor understands (a) that it may do so only in compliance with the Securities Act and applicable state securities
      Law, as then in effect, including a sale contemplated by any registration statement pursuant to which such securities are being offered, or pursuant to an exemption from the Securities Act, and (b) that stop-transfer instructions to that effect will
      be in effect with respect to such securities.

     

    
      

      19

      
        

      

    

    Section 4.6         Restricted Securities.  The Investor understands that the Shares are characterized as “restricted securities” under the federal securities Laws inasmuch as they are being
      acquired from the Company in a transaction not involving a public offering and that under such Laws and applicable regulations such securities may not be resold absent registration under the Securities Act or an exemption therefrom.  In this
      connection, the Investor represents that it is knowledgeable with respect to Rule 144 of the Commission promulgated under the Securities Act.

     

    Section 4.7          No Disqualification Event. Neither the Investor nor any of its directors, executive officers, other officers is subject to any of the “Bad Actor” disqualifications
      described in Rule 506(d)(1)(i) to (viii) promulgated under the Securities Act.

     

    Section 4.8          Certain Trading Activities. Other than with respect to the transactions contemplated herein, since September 30, 2019, neither the Investor nor any Affiliate of the
      Investor which (x) had knowledge of the transactions contemplated hereby, (y) has or shares discretion relating to the Investor’s investments or trading or information concerning the Investor’s investments, including in respect of the Common Stock,
      and (z) is subject to the Investor’s review or input concerning such Affiliate’s investments or trading (collectively, “Trading Affiliates”) has directly or indirectly, nor has any Person acting on behalf of or pursuant to any understanding
      with the Investor or any Trading Affiliate, effected or agreed to effect any purchases or sales of the securities of the Company (including, without limitation, any Short Sales involving the Company’s securities).

     

    Section 4.9          Residence. The address of the Investor’s office in which it maintains its principal place of business is set forth on Section 7.5 hereof.

     

    Section 4.10        Legend.  The Investor understands that the Shares will be notated with the following legend:

     

    (a)         “These securities have not been registered under the Securities Act of 1933, as amended (the “Securities Act”).  These securities may not be sold or offered for sale except pursuant to an
      effective registration statement under the Securities Act or pursuant to an exemption from registration thereunder, in each case in accordance with all applicable securities laws of the states or other jurisdictions, and in the case of a transaction
      exempt from registration, such securities may only be transferred if the transfer agent for such securities has received documentation satisfactory to it that such transaction does not require registration under the Securities Act.”

     

    Section 4.11        Company Information. The Investor acknowledges that it had the opportunity to ask questions of and receive answers from the Company directly and it conducted and completed
      its own independent due diligence with respect to the purchase of the Shares.  Based on the information as the Investor has deemed appropriate, it has independently made its own analysis and decision to enter into this Agreement and purchase the
      Shares.  Except for the representations, warranties and agreements of the Company expressly set forth in the Agreement, the Investor is relying exclusively on its own sources of information, investment analysis and due diligence (including
      professional advice you deem appropriate) with respect to the purchase of the Shares.

     

    
      

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    ARTICLE V

      

      COVENANTS

     

    Section 5.1         Company Cooperation.  The Company shall promptly and accurately respond, and shall use its commercially reasonable efforts to cause its transfer agent to respond, to
      reasonable requests for information (which is otherwise not publicly available) made by an Investor or its auditors relating to the actual holdings of the Investor or its accounts; provided, that the Company
      shall not be obligated to provide any such information that could reasonably result in a violation of applicable Law or conflict with the Company’s insider trading policy or a confidentiality obligation of the Company.  The Company shall use its
      commercially reasonable efforts to cause its transfer agent to reasonably cooperate with the Investor to ensure that the Shares are validly and effectively issued to the Investor and that the Investor’s ownership of the Shares following the Closing
      is accurately reflected on the appropriate books and records of the Company’s transfer agent.

     

    Section 5.2        Lock-Up.  For a period of 90 days from the Closing Date (the “Lock-Up Period”), except as provided herein, the Investor shall not Dispose of any Shares; provided,
      however, the foregoing shall not preclude the Investor from Disposing of any Shares in connection with an Approved Sale, third-party tender offer for shares of the Company, buyback by the Company or any Affiliate thereof of any Shares of the Company,
      any other transaction approved by the shareholders or the board of directors of the Company or any transaction similar to the foregoing.

     

    Section 5.3         Non-Public Information.  No later than one Business Day following the date hereof, upon review and approval by the Investor (email being sufficient), the Company shall
      issue a press release (the “Press Release”) announcing the entry into this Agreement and describing the material terms of the transactions contemplated by the Operative Documents and disclosing any other material, nonpublic information that
      the Company may have provided the Investor at any time prior to the issuance of the Press Release. Prior to the issuance of the Press Release, the Company shall consider and incorporate into such Press Release any reasonable comments by the Investor.

     

    Section 5.4          Use of Proceeds. The Company shall use the collective proceeds from the sale of the Shares for working capital and general corporate purposes.

     

    

    
      

      21

      
        

      

    

    
     

    ARTICLE VI

      

        INDEMNIFICATION

     

    Section 6.1         Indemnification by the Company.  The Company agrees to indemnify the Investor and its Representatives (collectively, “Indemnified Parties”) from, and hold each of
      them harmless against, any and all actions, suits, proceedings (including any investigations, litigation or inquiries), demands, and causes of action, and, in connection therewith, and promptly upon demand, pay or reimburse each of them for all
      costs, losses, liabilities, damages, or expenses of any kind or nature whatsoever, including, without limitation, the reasonable fees and disbursements of counsel and all other reasonable expenses incurred in connection with investigating, defending
      or preparing to defend any such matter that may be incurred by them or asserted against or involve any of them as a result of, arising out of, or in any way related to the breach of any of the representations, warranties or covenants of the Company
      contained herein, provided that such claim for indemnification relating to a breach of the representations or warranties is asserted prior to the expiration of such representations or warranties (to the extent such representations or warranties are
      subject to expiration).  No Indemnified Party shall be entitled to recover special, consequential (including lost profits) or punitive damages, provided that any losses recovered by a third party against Indemnified Parties as a result of, arising
      out of, or in any way related to the breach of any of the representations, warranties or covenants of the Company contained herein shall be included in such Indemnified Party’s losses, regardless of the form of such third party’s losses and whether
      components of such awards relate to special, consequential or punitive damages.  Notwithstanding anything to the contrary, consequential damages shall not be deemed to include diminution in value of the Shares, which is specifically included in
      damages covered by Indemnified Parties’ indemnification above. Solely for purposes of this Article VI, in determining whether there has been a breach of the representations and warranties set forth in Section 3.10 or Section 3.23,
      the qualification “except as disclosed in the Draft Filings and Company SEC Documents” or words of similar import contained in such representations or warranties shall be disregarded and without effect (as if such qualification were deleted from such
      representation or warranty).

    

    Section 6.2       Indemnification Procedure.  Promptly after any Indemnified Party has received notice of any indemnifiable claim hereunder, or the commencement of any action, suit or
      proceeding by a third Person, which the Indemnified Party believes in good faith is an indemnifiable claim under this Agreement, the Indemnified Party shall give the indemnitor hereunder (the “Indemnifying Party”) written notice of such claim
      or the commencement of such action, suit or proceeding, but failure to so notify the Indemnifying Party will not relieve the Indemnifying Party from any liability it may have to such Indemnified Party hereunder except to the extent that the
      Indemnifying Party is materially prejudiced by such failure.  Such notice shall state the nature and the basis of such claim to the extent then known.  The Indemnifying Party shall have the right to defend and settle, at its own expense and by its
      own counsel who shall be reasonably acceptable to the Indemnified Party, any such matter as long as the Indemnifying Party pursues the same diligently and in good faith.  If the Indemnifying Party undertakes to defend or settle, it shall promptly
      notify the Indemnified Party of its intention to do so, and the Indemnified Party shall cooperate with the Indemnifying Party and its counsel in all commercially reasonable respects in the defense thereof and the settlement thereof.  Such cooperation
      shall include furnishing the Indemnifying Party with any books, records and other information reasonably requested by the Indemnifying Party and in the Indemnified Party’s possession or control.  Such cooperation of the Indemnified Party shall be at
      the cost of the Indemnifying Party.  After the Indemnifying Party has notified the Indemnified Party of its intention to undertake to defend or settle any such asserted liability, and for so long as the Indemnifying Party diligently pursues such
      defense, the Indemnifying Party shall not be liable for any additional legal expenses incurred by the Indemnified Party in connection with any defense or settlement of such asserted liability; provided, however, that the Indemnified Party shall be entitled (a) at its expense, to participate in the defense of such asserted liability and the negotiations of the settlement thereof and (b) if (i) the Indemnifying
      Party has failed to assume the defense or employ counsel reasonably acceptable to the Indemnified Party or (ii) if the defendants in any such action include both the Indemnified Party and the Indemnifying Party and counsel to the Indemnified Party
      shall have concluded that there may be reasonable defenses available to the Indemnified Party that are different from or in addition to those available to the Indemnifying Party or if the interests of the Indemnified Party reasonably may be deemed to
      conflict with the interests of the Indemnifying Party, then the Indemnified Party shall have the right to select a separate counsel and to assume such legal defense and otherwise to participate in the defense of such action, with the expenses and
      fees of such separate counsel and other expenses related to such participation to be reimbursed by the Indemnifying Party as incurred.  Notwithstanding any other provision of this Agreement, the Indemnifying Party shall not settle any indemnified
      claim without the consent of the Indemnified Party, unless the settlement thereof imposes no liability or obligation on, and includes a complete release from liability of, and does not include any admission of wrongdoing or malfeasance by, the
      Indemnified Party.

     

    

    
      

      22

      
        

      

    

    ARTICLE VII

      

        MISCELLANEOUS

     

    Section 7.1       Interpretation.  Article, Section, Schedule, and Exhibit references are to this Agreement, unless otherwise specified.  All references to instruments, documents, contracts,
      and agreements are references to such instruments, documents, contracts, and agreements as the same may be amended, supplemented, and otherwise modified from time to time, unless otherwise specified.  The word “including” shall mean “including but
      not limited to.” Whenever any party has an obligation under the Operative Documents, the expense of complying with that obligation shall be an expense of such party unless otherwise specified.  Whenever any determination, consent, or approval is to
      be made or given by the Investor, such action shall be in the Investor’s sole discretion unless otherwise specified in this Agreement.  If any provision in the Operative Documents is held to be illegal, invalid, not binding, or unenforceable, such
      provision shall be fully severable and the Operative Documents shall be construed and enforced as if such illegal, invalid, not binding, or unenforceable provision had never comprised a part of the Operative Documents, and the remaining provisions
      shall remain in full force and effect.  The Operative Documents have been reviewed and negotiated by sophisticated parties with access to legal counsel and shall not be construed against the drafter.

     

    Section 7.2         Survival of Provisions.  The representations and warranties set forth in Sections 3.1, 3.2, 3.5, 3.6, 3.7, 3.9, 3.11,
      3.14, 3.16, 4.1, 4.2 and 4.5 shall survive the execution and delivery of this Agreement indefinitely, and the other representations and warranties set forth herein shall survive for a period of 12 months
      following the Closing Date regardless of any investigation made by or on behalf of the Company or the Investor.  The covenants made in this Agreement shall survive the Closing of the transactions described herein and remain operative and in full
      force and effect regardless of acceptance of any of the Shares and payment therefor and repurchase thereof.  All indemnification obligations of the Company pursuant to this Agreement and the provisions of Article VI shall remain operative and
      in full force and effect unless such obligations are expressly terminated in a writing by the parties, regardless of any purported general termination of this Agreement.

    

    

    
      

      23

      
        

      

    

    
      Section 7.3          No Waiver; Modifications in Writing.

    

     

    

    (a)        Delay.  No failure or delay on the part of any party in exercising any right, power, or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise
      of any such right, power, or remedy preclude any other or further exercise thereof or the exercise of any other right, power, or remedy.  The remedies provided for herein are cumulative and are not exclusive of any remedies that may be available to a
      party at law or in equity or otherwise.

     

    (b)        Specific Waiver.  Except as otherwise provided herein, no amendment, waiver, consent, modification, or termination of any provision of this Agreement or any other Operative
      Document shall be effective unless signed by each of the parties hereto or thereto affected by such amendment, waiver, consent, modification, or termination.  Any amendment, supplement or modification of or to any provision of this Agreement or any
      other Operative Document, any waiver of any provision of this Agreement or any other Operative Document, and any consent to any departure by the Company from the terms of any provision of this Agreement or any other Operative Document shall be
      effective only in the specific instance and for the specific purpose for which made or given.  Except where notice is specifically required by this Agreement, no notice to or demand on the Company in any case shall entitle the Company to any other or
      further notice or demand in similar or other circumstances.

     

    Section 7.4          Binding Effect; Assignment.

     

    (a)        Binding Effect.  This Agreement shall be binding upon the Company, the Investor, and their respective successors and permitted assigns.  Except as expressly provided in this
      Agreement, this Agreement shall not be construed so as to confer any right or benefit upon any Person other than the parties to this Agreement and their respective successors and permitted assigns.

     

    (b)         Assignment of Rights.  The Investor may assign all or any portion of its rights and obligations under this Agreement without the consent of the Company to any Affiliate of the
      Investor.  Except as expressly permitted by this Section 7.4(b), such rights and obligations may not otherwise be transferred except with the prior written consent of the Company (which consent shall not be unreasonably withheld).  In each
      case, the assignee shall be deemed to be an Investor hereunder with respect to such assigned rights or obligations and shall agree to be bound by the provisions of this Agreement.

     

    Section 7.5         Communications.  All notices and demands provided for hereunder shall be in writing and shall be given by registered or certified mail, return receipt requested, telecopy,
      air courier guaranteeing overnight delivery, electronic mail or personal delivery to the following addresses:

     

     

    
      
        
          	 	
                  (a)

                	
                  If to the Investor:

                

        

      

    

     

    
      Antara Capital LP

      500 Fifth Avenue, Suite 2320

      New York, New York 10110

      Attention: Lance Kravitz

      E-mail: lkravitz@antaracapital.com

    

     

    

    
      with a copy to:

       

      

      
        Milbank LLP

        2029 Century Park East, 33rd Floor

        Los Angeles, CA 90067

        Attention: Adam Moses

        E-mail: amoses@milbank.com

      

    

     

    

    
      

      24

      
        

      

    

    (b)          If to the Company:

     

    USA Technologies, Inc.

      100 Deerfield Lane, Suite 140

      Malvern, PA 19355

      Attention:  Stephen P. Herbert,

      Title:  Chief Executive Officer

     

    with a copy to:

     

    Lurio & Associates, P.C.

    Suite 3120, 2005 Market Street

    Philadelphia, PA 19103

    Attention: Douglas M. Lurio, Esquire

    Email: dlurio@luriolaw.com

    

    

    or to such other address as the Company or the Investor may designate in writing.  All notices and communications shall be deemed to have been duly given:  at the time delivered by hand, if personally delivered; at the
      time of transmittal, if sent via electronic mail; upon actual receipt if sent by certified mail, return receipt requested, or regular mail, if mailed; when receipt acknowledged, if sent via facsimile; and upon actual receipt when delivered to an air
      courier guaranteeing overnight delivery.

     

    Section 7.6          Removal of Legend.

     

    (a)         The Company, at its sole cost, shall remove the legend described in Section 4.7 (or instruct its transfer agent to so remove such legend) from the Shares issued and sold to the
      Investor pursuant to this Agreement if (A) such Shares are sold pursuant to an effective registration statement under the Securities Act, (B) such Shares are sold or transferred pursuant to Rule 144 (if the transferor is not an Affiliate of the
      Company), or (C) such Shares are eligible for sale under Rule 144, without the requirement for the Company to be in compliance with the current public information required under Rule 144(c)(1) (or Rule 144(i)(2), if applicable) as to such securities
      and without volume or manner of sale restrictions.

     

    
      

      25

      
        

      

    

    (b)         In connection with a sale of the Shares by an Investor in reliance on Rule 144, the applicable Investor or its broker shall deliver to the transfer agent and the Company a broker
      customary representation letter providing to the transfer agent and the Company any information necessary to determine that the sale of the Shares is made in compliance with Rule 144, including, as may be appropriate, a certification that the
      Investor is not an Affiliate of the Company and regarding the length of time the Shares have been held.  Upon receipt of such representation letter, the Company shall promptly direct its transfer agent to remove the legend referred to in Section
        4.7 from the Shares, and the Company shall bear all costs associated therewith.  After the Investor or its permitted assigns have held the Shares for such time as non-Affiliates are permitted to sell without volume limitations under Rule 144,
      if the Shares still bear the restrictive legend referred to in Section 4.7, the Company agrees, upon request of the Investor or permitted assignee, to take all steps necessary to promptly effect the removal of the legend described in Section

        4.7 from the Shares, and the Company shall bear all costs associated therewith, regardless of whether the request is made in connection with a sale or otherwise, so long as the Investor or its permitted assigns provide to the Company any
      information the Company deems reasonably necessary to determine that the legend is no longer required under the Securities Act or applicable state laws, including, without limitation, a certification that the holder is not an Affiliate of the Company
      (and a covenant to inform the Company if it should thereafter become an Affiliate and to consent to the notation of an appropriate restrictive legend) and regarding the length of time the Shares have been held.

     

    (c)        Promptly upon the removal of the legend described in Section 4.7 in accordance with this Section 7.6, but in no event later than five (5) business days after such removal, the
      Company will exercise commercially reasonable efforts to deliver, on behalf of the Investor, the Shares to a securities account designated by the Investor held by the Depository Trust Company.

     

    Section 7.7          Entire Agreement.  This Agreement, the other Operative Documents and the other agreements and documents referred to herein are intended by the parties as a final
      expression of their agreement and intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein and therein.  There are no restrictions, promises,
      representations, warranties or undertakings, other than those set forth or referred to herein or the other Operative Documents with respect to the rights granted by the Company or any of its Affiliates or the Investor or any of its Affiliates set
      forth herein or therein.  This Agreement, the other Operative Documents and the other agreements and documents referred to herein or therein supersede all prior agreements and understandings between the parties with respect to such subject matter,
      provided, however, that all of the terms and conditions of the non-disclosure agreement, dated September 30, 2019, between Antara Capital, L.P. and the Company shall remain in full force and effect until September 30, 2020.

     

    
      

      26

      
        

      

    

    Section 7.8          Governing Law and Jurisdiction.  This Agreement shall be governed by and construed in accordance with the laws of the State of New York
        without regard to conflict of laws principles (other than Section 5-1401 of the General Obligations Law). Any legal suit, action or proceeding arising out of or based upon this Agreement or any other transaction contemplated hereby shall be
      instituted in the federal courts of the United States of America or the courts of the State of New York in each case located in the city of New York and County of New York, and each party irrevocably submits to the exclusive jurisdiction of such
      courts in any such suit, action or proceeding. Service of process, summons, notice or other document by certified or registered mail to such party’s address set forth herein shall be effective service of process for any suit, action or other
      proceeding brought in any such court. The parties irrevocably and unconditionally waive any objection to the laying of venue of any suit, action or any proceeding in such courts and irrevocably waive and agree not to plead or claim in any such court
      that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum.

    

    

    Section 7.9          Execution in Counterparts. This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which
      counterparts, when so executed and delivered, shall be deemed to be an original and all of which counterparts, taken together, shall constitute but one and the same Agreement.  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 thereof.

     

    Section 7.10        Recapitalization, Exchanges, Etc. The provisions of this Agreement shall apply to the full extent set forth herein with respect to any and all equity interests of the
      Company or any successor or assign of the Company (whether by merger, consolidation, sale of assets or otherwise) which may be issued in respect of, in exchange for or in substitution of, the Shares, and shall be appropriately adjusted for
      combinations, splits, recapitalizations and the like occurring after the date of this Agreement and prior to the Closing. 

     

    [Signature pages follow.]

     

    
      

      27

      
        

      

    

    IN WITNESS WHEREOF, the parties hereto execute this Agreement, effective as of the date first above written.

     

     

     

    	 	
            USA TECHNOLOGIES, INC.

          
	 	 
	

          	
            By:

          	 /s/ Stephen P. Herbert 
	 	Name: 

          	 Stephen P. Herbert
	 	Title:

          	 CEO, Director

          

     

    

    
      Signature Page to Stock Purchase Agreement

       

      

    

    
      

      
        

      

    

    	 	
            ANTARA CAPITAL MASTER FUND LP

          
	 	 	 
	 	
            By:

          	
            Antara Capital LP

          
	 	
            not in its individual corporate capacity,

          
	 	
            but solely as Investment Advisor and agent

          
	 	 	 
	 	
            By:

          	
            Antara Capital GP LLC,

          
	 	 	
            its general partner

          
	 	 	 
	 	
            By:

          	
            /s/ Himanshu Gulati

          	 
	 	
            Name: Himanshu Gulati

          	 
	 	
            Title: Managing Member

            

          

    

    

    
      Signature Page to Stock Purchase Agreement

    

    

    

    
      

      
        

      

    

    SCHEDULE 3.1

      

        SUBSIDIARIES OF THE COMPANY

    

    

    	
            Subsidiary of Incorporation

          	
            State or Organization

          
	 	 
	
            Cantaloupe Systems, Inc.

          	
            Delaware

          

    

    

    
      Schedule 3.1

       

      

    

    
      

      
        

      

    

    SCHEDULE 3.11

    

    

    COMPANY SEC DOCUMENTS

    

    

    Form 10-K for year ended June 30, 2018

    

    

    Form 10-Q for quarter ended September 30, 2018

    

    

    Form 10-Q for quarter ended December 31, 2018

    

    

    Form 10-Q for quarter ended March 31, 2019

    

    

    Form 10-K for year ended June 30, 2019

     

    

    
      Schedule 3.1

       

      

    

    
      

      
        

      

    

    EXHIBIT A

     

    

    REGISTRATION RIGHTS AGREEMENT

     

    

    (Please see attached)

     

      Exhibit A to Stock Purchase Agreement

       

      

    

    
      

      
        

      

    

    EXHIBIT B

      

    

    FORM OF OPINION OF LURIO & ASSOCIATES, P.C.

     

    
      
        
          	
                  1.

                	
                  The Company is a corporation validly subsisting under the laws of the Commonwealth of Pennsylvania with corporate power and authority to own or lease, as the case may be, and to operate its properties and
                    conduct the businesses described in the Company SEC Documents.

                

        

         

        

      

    

    
      
        
          	
                  2.

                	
                  Based solely on certificates of public officials, and except for the states of California, Maryland and Oregon for which we are not able to obtain such certificates regarding the Company, each of the
                    Company and its subsidiaries was duly qualified or licensed to do business and is in good standing as a foreign corporation, limited liability company or partnership, as applicable, in each jurisdiction listed in Schedule I with
                    respect to it as of the respective dates specified in such schedule.

                

        

         

        

      

    

    
      
        
          	
                  3.

                	
                  Based upon the representations, warranties and agreements of the Company and the Investor in the Agreement, it is not necessary in connection with the offer and sale of the Shares to the Investor under
                    the Agreement to register the Shares under the Securities Act, it being understood that no opinion is expressed as to  any subsequent resale of the Shares.

                

        

         

        

      

    

    
      
        
          	
                  4.

                	
                  The Common Stock has been duly authorized by the Company and the issuance of such shares will not be subject to preemptive rights pursuant to the Pennsylvania Business Corporation Law, the Amended &
                    Restated Articles of Incorporation or the Amended and Restated By-laws of the Company.

                

        

        
           

          

          Exhibit B to Stock Purchase Agreement

           

          

        

      

    

    
      

      
        

      

    

    Schedule I

      

      List of Jurisdictions

     

    

    

     

    USA Technologies, Inc.

    

    

    Colorado

    Louisiana

    North Carolina

    South Carolina

    Virginia

    Oregon

    

    

    Cantaloupe Systems, Inc.

    

    

    ColoradoExhibit 10.2

    

    

      REGISTRATION RIGHTS AGREEMENT

       

      BY AND AMONG

       

      USA TECHNOLOGIES, INC.

       

      AND

       

      ANTARA CAPITAL MASTER FUND LP

       

      
        

        
          

        

      

      TABLE OF CONTENTS

       

      	 	
              Page

            
	
              ARTICLE I

            
	
              DEFINITIONS

            
	 
	
              Section 1.01

            	
              Definitions

            	
              1

            
	
              Section 1.02

            	
              Registrable Securities

            	
              2

            
	 
	
              ARTICLE II

            
	
              REGISTRATION RIGHTS

            
	 
	
              Section 2.01

            	
              Mandatory Registration

            	
              3

            
	
              Section 2.02

            	
              Failure to File or Become Effective; Liquidated Damages

            	4
	
              Section 2.03

            	
              Blackout and Delay Rights

            	
              4

            
	
              Section 2.04

            	
              Sale Procedures

            	
              5

            
	
              Section 2.05

            	
              Obligations of the Holders

            	
              8

              

            
	
              Section 2.06

            	
              Expenses

            	
              8

            
	
              Section 2.07

            	
              Indemnification

            	
              9

              

            
	
              Section 2.08

            	
              Rule 144 Reporting

            	
              10

            
	
              Section 2.09

            	
              Transfer or Assignment of Registration Rights

            	11
	
              Section 2.10

            	
              Piggy-Back Registration

            	
              11

            
	 
	
              ARTICLE III

            
	
              MISCELLANEOUS

            
	 
	
              Section 3.01

            	
              Notices

            	
              11

            
	
              Section 3.02

            	
              Successor and Assigns

            	
              12

            
	
              Section 3.03

            	
              Assignment of Rights

            	
              12

            
	
              Section 3.04

            	
              Recapitalization, Exchanges, Etc. Affecting the Shares

            	
              12

            
	
              Section 3.05

            	
              Aggregation of Registrable Securities

            	
              12

            
	
              Section 3.06

            	
              Specific Performance

            	
              12

            
	
              Section 3.07

            	
              Counterparts

            	
              13

            
	
              Section 3.08

            	
              Headings

            	
              13

            
	
              Section 3.09

            	
              Governing Law

            	
              13

            
	
              Section 3.10

            	
              Cumulative Remedies

            	
              13

            
	
              Section 3.11

            	
              Severability of Provisions

            	
              13

            
	
              Section 3.12

            	
              Entire Agreement

            	
              13

            
	
              Section 3.13

            	
              Amendment

            	
              13

            
	
              Section 3.14

            	
              No Presumption

            	
              13

            
	
              Section 3.15

            	
              Obligations Limited to Parties to Agreement

            	
              13

            
	
              Section 3.16

            	
              Independent Nature of Holder’s Obligations

            	
              14

            
	
              Section 3.17

            	
              Interpretation

            	
              14

            

      

      

      
        

        
          

        

      

      REGISTRATION RIGHTS AGREEMENT

       

      This REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made and entered into as of October 9, 2019, by and among USA Technologies, Inc., a Pennsylvania corporation (the “Company”)
        and Antara Capital Master Fund LP (the “Investor”).

       

      WHEREAS, this Agreement is made in connection with the issuance and sale of shares of common stock, without par value, of the Company (“Common Stock”) to the Investor pursuant to the Stock
        Purchase Agreement (as hereinafter defined); and

       

      WHEREAS, the Company has agreed to provide the registration and other rights set forth in this Agreement for the benefit of Investors pursuant to the Stock Purchase Agreement.

       

      NOW THEREFORE, in consideration of the mutual covenants and agreements set forth herein and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by each
        party hereto, the parties hereby agree as follows:

       

      ARTICLE I

       

      DEFINITIONS

       

      Section 1.01          Definitions.  The terms set forth below are used herein as so defined:

       

      “Affiliate” means, with respect to any Person, any other Person that directly or indirectly through one or more intermediaries controls, is controlled by or is under common control with, the
        Person in question. As used herein, the term “control” means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through ownership of voting securities, by contract
        or otherwise.

       

      “Agreement” has the meaning specified therefor in the introductory paragraph of this Agreement.

       

      “Business Day” means a day other than (a) a Saturday or Sunday or (b) any day on which banks located in New York, New York are authorized or obligated to close.

       

      “Commission” means the United States Securities and Exchange Commission.

       

      “Common Stock Price” means the volume weighted average closing price per share of the Common Stock (as reported by Bloomberg L.P. (or if not available via Bloomberg L.P. another mutually
        agreed upon source)) for the 30 trading days immediately preceding the date on which the determination is made.

       

      “Common Stock” has the meaning specified therefor in the introductory paragraph of this Agreement.

       

      “Company” has the meaning specified therefor in the introductory paragraph to this Agreement.

       

      “Effectiveness Deadline” January 9, 2020 if the Registration Statement is not subject to review by the Commission, or April 9, 2020 if the Registration Statement is subject to review by the
        Commission.

       

      “Effectiveness Period” has the meaning specified therefor in Section 2.01 of this Agreement.

       

      

      
        

        
          

        

      

      
      “Event” has the meaning specified therefor in Section 2.03(b) of this Agreement.

       

      “Event Date” has the meaning specified therefor in Section 2.03(b) of this Agreement.

       

      “Holder” means the record holder of any Registrable Securities, which include, as of the date of this agreement, the Investor.

       

      “Investor” has the meaning specified therefor in the introductory paragraph of this Agreement.

       

      “Liquidated Damages” has the meaning specified therefor in Section 2.02(a) of this Agreement.

       

      “Liquidated Damages Multiplier” means the product obtained by multiplying (i) the Common Stock Price by (ii) the number of Registrable Securities held by a Holder.

       

      “Mandatory Shelf Filing Date” has the meaning specified therefore in Section 2.01 of this Agreement.

       

      “Person” means an individual or a corporation, limited liability company, partnership, joint venture, trust, unincorporated organization, association, government agency or political
        subdivision thereof or other form of entity.

       

      “Registrable Securities” means, except as otherwise set forth in Section 1.02, (i) the Shares and (ii) any other securities issued or issuable with respect to or in exchange for
        shares, whether by stock split, dividend or any other distribution, recapitalization, merger or otherwise.

       

      “Registration Expenses” has the meaning specified therefor in Section 2.06(b) of this Agreement.

       

      “Registration Statement” has the meaning specified therefor in Section 2.01 of this Agreement.

       

      “SEC Guidance” means (i) any publicly-available written or oral guidance of the Commission staff, or any comments, requirements or requests of the Commission staff and (ii) the Securities
        Act.

       

      “Securities Act” means the Securities Act of 1933, as amended.

       

      “Selling Holder” means a Holder who is selling Registrable Securities pursuant to a registration statement.

       

      “Shares” means the Common Stock acquired pursuant to the Stock Purchase Agreement.

       

      “Stock Purchase Agreement” means that certain Stock Purchase Agreement, dated as of October 9, 2019, by and among the Company and the Investors.

       

      Section 1.02          Registrable Securities.  Any Registrable Security will cease to be a Registrable Security (a) when a registration statement
        covering such Registrable Security becomes or has been declared effective by the Commission and such Registrable Security has been sold or disposed of pursuant to such effective registration statement; (b) when such Registrable Security has been
        disposed of pursuant to any section of Rule 144 (or any similar provision then in effect) under the Securities Act; (c) when such Registrable Security is held by the Company or one of its subsidiaries or Affiliates; (d) when such Registrable
        Security has been sold or disposed of in a private transaction in which the transferor’s rights under this Agreement are not assigned to the transferee of such securities pursuant to Section 2.09 hereof or (e) when such Registrable Security
        becomes eligible for resale without restriction and without the need for current public information pursuant to any section of Rule 144 (or any similar provision then in effect) under the Securities Act, if the Holder of such Registrable Security
        is not an affiliate (as defined in Rule 144(a)(1)) of the Company as determined by counsel to the Company pursuant to a written opinion letter to such effect, addressed and acceptable to the affected Holders.

       

      
        

        2

        
          

        

      

      ARTICLE II

       

      REGISTRATION RIGHTS

       

      Section 2.01        Mandatory Registration.  No later than November 8, 2020 (such date, the “Mandatory Shelf Filing Date”), the Company shall
        prepare and use its commercially reasonable efforts to file a registration statement with the Commission on Form S-3 under the Securities Act providing for registration and resale, on a continuous or delayed basis and from time to time pursuant to
        Rule 415 under the Securities Act, of all of the Registrable Securities then outstanding; provided, however, that if the Company is not eligible to file and use a Form S-3 to register resales by the Holders by the Mandatory Shelf Filing Date, it shall prepare and use its commercially reasonable efforts to file such form of registration statement as is then available to permit resales by the Holders on a continuous or delayed basis (including a
        Form S‐1); provided, further, that if the Company has filed the registration statement on a form other than Form S-3 and subsequently becomes eligible to use Form S-3 or any equivalent or successor form or forms, the Company may elect, in its sole
        discretion, to (i) file a post-effective amendment to the registration statement converting such registration statement to a registration statement on Form S-3 or any equivalent or successor form or forms or (ii) withdraw such registration
        statement and file a registration statement on Form S-3 or any equivalent or successor form or forms, (the registration statement on such form, as amended or supplemented, the “Registration Statement”).  The Company shall use its
        commercially reasonable efforts to cause the Registration Statement to be declared effective under the Securities Act by the Commission as soon as reasonably practicable after the Mandatory Shelf Filing Date.  The Company shall use its commercially
        reasonable efforts to keep the Registration Statement continuously effective under the Securities Act until the earlier of (A) the date when all of the Registrable Securities covered by such Registration Statement have been sold, and (B) the date
        on which all of the Shares cease to be Registrable Securities hereunder (such period, the “Effectiveness Period”).  The Registration Statement when effective (including the documents incorporated therein by reference) will comply as to form
        in all material respects with all applicable requirements of the Securities Act and the Exchange Act and will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the
        statements therein not misleading (in the case of any prospectus contained in such Registration Statement, in the light of the circumstances under which a statement is made).  The Company shall telephonically request effectiveness of a Registration
        Statement as of 5:00 p.m. Eastern Time on a trading day. The Company shall contemporaneously provide the Holders with written notice of the effectiveness of the Registration Statement on the same trading day that the Company telephonically confirms
        effectiveness with the Commission, which shall be the date requested for effectiveness of such Registration Statement.

       

      
         

        

      

      
        

        3

        
          

        

      

      
        Section 2.02          Failure to File or Become Effective; Liquidated Damages.

         

        (a)         If (i) the Company has not filed the Registration Statement with the Commission on or prior to the Mandatory Shelf Filing Date, or (ii) a Registration Statement
          registering for resale all of the Registrable Securities is not declared effective by the Commission by the Effectiveness Deadline, or (iii) after the effective date of the Registration Statement, such Registration Statement ceases for any reason
          to remain continuously effective as to all Registrable Securities included in such Registration Statement, or the Holders are otherwise not permitted to utilize the prospectus therein to resell such Registrable Securities, for more than ten (10)
          consecutive calendar days or more than an aggregate of fifteen (15) calendar days (which need not be consecutive calendar days) during any 12-month period (any such failure or breach being referred to as an “Event”, and for purposes of
          clauses (i) and (ii), the date on which such Event occurs, and for purpose of clause (iii), the date on which such ten (10) or fifteen (15) calendar day period, as applicable, is exceeded being referred to as “Event Date”), then, in
          addition to any other rights the Holders may have hereunder or under applicable law, on each such Event Date and on each monthly anniversary of each such Event Date (if the applicable Event shall not have been cured by such date) until the
          applicable Event is cured, each Holder shall be entitled to a payment, as liquidated damages and not as a penalty, in an amount equal to 1% of the Liquidated Damages Multiplier (the “Liquidated Damages”). In no event will the aggregate
          Liquidated Damages payable to a Holder pursuant to this Agreement exceed (i) if the Company has not breached Section 2.08, 5% and (ii) if otherwise, 10%, in each case, of the Liquidated Damages Multiplier of such Holder. If the Company
          fails to timely pay any partial Liquidated Damages pursuant to this this Section 2.02, the Company will pay interest thereon at a rate of 10% per annum (or such lesser maximum amount that is permitted to be paid by applicable law) to the
          applicable Holder, accruing daily from the date such partial liquidated damages are due until such amounts, plus all such interest thereon, are paid in full. The partial liquidated damages pursuant to the terms hereof shall apply on a daily pro
          rata basis for any portion of a month prior to the cure of an Event.

      

       

        

      (b)          The Liquidated Damages shall be paid to each Holder in cash within ten (10) Business Days following the last day of 30-day period that the Holders
        are entitled to such Liquidated Damages.  Any payments made pursuant to this Section 2.02 shall constitute the Holders’ exclusive remedy for such events.  Any Liquidated Damages due under this Section 2.02 shall be paid to the
        Holders in immediately available funds.  The obligation to pay the Liquidated Damages to a Holder pursuant to this Section 2.02 shall cease at such time as the Registrable Securities become eligible for resale by such Holder under Rule 144
        of the Securities Act without regard to any volume or manner of sale restrictions.

       

      Section 2.03          Blackout and Delay Rights.  Notwithstanding anything to the contrary contained herein:

       

      (a)          the Company shall not be required to (i) file a Registration Statement (or any amendment thereto) or, (ii) if a Registration Statement has been
        filed but not declared effective by the Commission, request effectiveness of such Registration Statement, for a period of up to 60 days, if the Company in its sole discretion determines (A) in good faith that a postponement is in the best interest
        of the Company and its stockholders generally due to a pending transaction involving the Company (including a pending securities offering by the Company, or any proposed financing, acquisition, merger, tender offer, business combination, corporate
        reorganization, consolidation or other significant transaction involving the Company), (B) such registration would render the Company unable to comply with applicable securities laws, (C) such registration would require disclosure of material
        information that the Company has a bona fide business purpose for preserving as confidential, or (D) audited financial statements as of a date other than the fiscal year end of the Company would be required to be prepared; provided, however, that in no event shall any such period exceed an aggregate of 90 days in any 365-day period; and

       

      

      
        

        4

        
          

        

      

      (b)          the Company may, upon prior written notice to any Selling Holder whose Registrable Securities are included in the Registration Statement or other
        registration statement contemplated by this Agreement (which notice shall be accompanied by an instruction to suspend the use of the prospectus until the requisite changes have been made, as applicable), suspend such Selling Holder’s use of any
        prospectus which is a part of the Registration Statement or other registration statement (in which event the Selling Holder shall discontinue sales of the Registrable Securities pursuant to the Registration Statement or other registration statement
        contemplated by this Agreement but may settle any previously made sales of Registrable Securities) if (i) the Company determines that it would be required to make disclosure of material information in the Registration Statement that the Company has
        a bona fide business purpose for preserving as confidential, (ii) the Company has experienced some other material non-public event the disclosure of which at such time, in the good faith judgment of the Company, would adversely affect the Company
        or (iii) the Company determines that it is required to amend or supplement the affected Registration Statement or the related prospectus so that such Registration Statement or prospectus does not include an untrue statement of a material fact or
        omit to state a material fact required to be stated therein or necessary to make the statements therein, in the case of the prospectus in light of the circumstances under which they were made, not misleading (an “Allowed Delay”); provided,
        however, that in no event shall (i) the Selling Holders be suspended from selling Registrable Securities pursuant to the Registration Statement or other registration statement for a period that exceeds an aggregate of 90 days in any 180-day period
        and (ii) any such notice contain any information which would constitute material, non-public information regarding the Company or any of its subsidiaries.  Upon disclosure of such information or the termination of the condition described above, the
        Company shall provide prompt notice to the Selling Holders whose Registrable Securities are included in the Registration Statement, and shall promptly terminate any suspension of sales it has put into effect and shall take such other reasonable
        actions to permit registered sales of Registrable Securities as contemplated in this Agreement.

       

      Section 2.04          Sale Procedures.  In connection with its obligations under this Article II, the Company will, as expeditiously as possible:

       

      (a)         (i) prepare and file with the Commission such amendments and supplements to the Registration Statement and the prospectus used in connection
        therewith as may be necessary to keep the Registration Statement effective for the Effectiveness Period and as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of all Registrable Securities
        covered by the Registration Statement, (ii) cause the related prospectus to be amended or supplemented by any required prospectus supplement (subject to the terms of this Agreement), and, as so supplemented or amended, to be filed pursuant to Rule
        424, (iii) respond as promptly as reasonably possible to any comments received from the Commission with respect to a Registration Statement or any amendment thereto and provide as promptly as reasonably possible to the Holders true and complete
        copies of all correspondence from and to the Commission relating to a Registration Statement (provided that, the Company shall excise any information contained therein which would constitute material non-public information regarding the Company or
        any of its subsidiaries), and (iv) comply in all material respects with the applicable provisions of the Securities Act and the Exchange Act with respect to the disposition of all Registrable Securities covered by a Registration Statement during
        the applicable period in accordance (subject to the terms of this Agreement) with the intended methods of disposition by the Holders thereof set forth in such Registration Statement as so amended or in such prospectus as so supplemented;

       

      (b)         make available to each Selling Holder (i) as far in advance as reasonably practicable before filing the Registration Statement or any other
        registration statement contemplated by this Agreement or any supplement or amendment thereto, upon request, copies of reasonably complete drafts of all such documents proposed to be filed (including exhibits but excluding each document incorporated
        by reference), and provide each such Selling Holder the opportunity to reasonably object to any information pertaining to such Selling Holder and its plan of distribution that is contained therein and make the corrections reasonably requested by
        such Selling Holder with respect to such information prior to filing the Registration Statement or such other registration statement or supplement or amendment thereto, and (ii) such number of copies of the Registration Statement or such other
        registration statement and the prospectus included therein and any supplements and amendments thereto as such Selling Holder may reasonably request in order to facilitate the public sale or other disposition of the Registrable Securities covered by
        such Registration Statement or other registration statement;

       

      
        

        5

        
          

        

      

      (c)         if applicable, use its commercially reasonable efforts to register or qualify the Registrable Securities covered by the Registration Statement or
        any other registration statement contemplated by this Agreement under the securities or blue sky laws of such jurisdictions as the Selling Holders shall reasonably request in writing by the time the Registration Statement is declared effective by
        the Commission; provided, however, that the Company will not be required to qualify generally to transact business in any jurisdiction where it is not then required to so qualify, take any action that would
        subject itself to general taxation in any jurisdiction where it would not otherwise be so subject or to take any action that would subject it to general service of process in any such jurisdiction where it is not then so subject;

       

      (d)          promptly notify each Selling Holder, at any time when a prospectus relating thereto is required to be delivered by any of them under the Securities
        Act in connection with a resale of Registrable Securities, of (i) the filing of the Registration Statement or any other registration statement contemplated by this Agreement or any prospectus or prospectus supplement to be used in connection
        therewith, or any amendment or supplement thereto, and, with respect to such Registration Statement or any other registration statement or any post-effective amendment thereto, when the same has become effective; and (ii) the receipt of any written
        or verbal comments from the Commission with respect to any filing referred to in clause (i) and any written request by the Commission for amendments or supplements to the Registration Statement or any other registration statement or any
        prospectus or prospectus supplement thereto;

       

      (e)         promptly notify each Selling Holder, at any time when a prospectus relating thereto is required to be delivered under the Securities Act, of (i) the
        happening of any event as a result of which the prospectus or prospectus supplement contained in the Registration Statement or any other registration statement contemplated by this Agreement, as then in effect, includes an untrue statement of a
        material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading (in the case of any prospectus contained therein, in the light of the circumstances under which a statement
        is made); (ii) the issuance or express threat of issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or any other registration statement contemplated by this Agreement, or the initiation of any
        proceedings for that purpose; or (iii) the receipt by the Company of any notification with respect to the suspension of the qualification of any Registrable Securities for sale under the applicable securities or blue sky laws of any jurisdiction. 
        Following the provision of such notice, the Company agrees to as promptly as practicable amend or supplement the prospectus or prospectus supplement or take other appropriate action so that the prospectus or prospectus supplement does not include
        an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing and to take such other commercially
        reasonable action as is necessary to remove a stop order, suspension, threat thereof or proceedings related thereto;

       

      (f)         upon request and subject to appropriate confidentiality obligations, furnish to each Selling Holder copies of any and all transmittal letters or
        other correspondence with the Commission or any other governmental agency or self-regulatory body or other body having jurisdiction (including any domestic or foreign securities exchange) relating to the Registration Statement;

       

      (g)         otherwise use its commercially reasonable efforts to comply with all applicable rules and regulations of the Commission, and make available to its
        security holders, as soon as reasonably practicable, an earnings statement, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 promulgated thereunder;

       

      (h)          cause all such Registrable Securities registered pursuant to this Agreement to be listed on each securities exchange or nationally recognized
        quotation system on which similar securities issued by the Company are then listed;

       

      (i)           use its commercially reasonable efforts to cause the Registrable Securities to be registered with or approved by such other governmental agencies
        or authorities as may be necessary by virtue of the business and operations of the Company to enable the Selling Holders to consummate the disposition of such Registrable Securities;

       

      
        

        6

        
          

        

      

      (j)           provide a transfer agent and registrar for all Registrable Securities covered by such registration statement not later than the effective date of
        such registration statement;

       

      (k)         if requested by a Selling Holder, (i) incorporate in a prospectus supplement or post‐effective amendment such information as such Selling Holder
        reasonably requests to be included therein relating to the sale and distribution of Registrable Securities, including information with respect to the number of Registrable Securities being offered or sold, the purchase price being paid therefor,
        information regarding the underwriters, and any other terms of the offering of the Registrable Securities to be sold in such offering and (ii) make all required filings of such prospectus supplement or post‐effective amendment after being notified
        of the matters to be incorporated in such prospectus supplement or post-effective amendment;

       

      (l)           if requested by a Selling Holder, enter into a customary underwriting agreement relating to the sale and distribution of Registrable Securities;

       

      (m)        furnish to each Holder, without charge, at least one conformed copy of each such Registration Statement and each amendment thereto, including
        financial statements and schedules, all documents incorporated or deemed to be incorporated therein by reference to the extent requested by such Holder, and all exhibits to the extent requested by such Holder (including those previously furnished
        or incorporated by reference) promptly after the filing of such documents with the Commission; provided, that any such item which is available on the EDGAR system (or successor thereto) need not be furnished in physical form; and

       

      (n)         if requested by a Holder, cooperate with such Holder to facilitate the timely preparation and delivery of certificates representing Registrable
        Securities to be delivered to a transferee pursuant to a Registration Statement, which certificates shall be free, to the extent permitted by the Stock Purchase Agreement, of all restrictive legends, and to enable such Registrable Securities to be
        in such denominations and registered in such names as any such Holder may request.

       

      The Company will not name a Holder as an underwriter as defined in Section 2(a)(11) of the Securities Act in any Registration Statement without such Holder’s consent.

       

      Each Selling Holder, upon receipt of written notice from the Company of the happening of any event of the kind described in subsection (e) of this Section 2.04 or the exercise of
        its rights pursuant to Section 2.02, shall forthwith discontinue offers and sales of the Registrable Securities by means of a prospectus or prospectus supplement until such Selling Holder’s receipt of the copies of the supplemented or
        amended prospectus contemplated by subsection (e) of this Section 2.04 or until it is advised in writing by the Company that the use of the prospectus may be resumed and has received copies of any additional or supplemental filings
        incorporated by reference in the prospectus, and, if so directed by the Company, such Selling Holder will deliver to the Company (at the Company’s expense) all copies in their possession or control, other than permanent file copies then in such
        Selling Holder’s possession, of the prospectus covering such Registrable Securities current at the time of receipt of such notice.

       

      
        

        7

        
          

        

      

      Section 2.05          Obligations of the Holders.

       

      (a)          Each Holder shall furnish in writing to the Company such information regarding itself, the Registrable Securities held by it and the intended
        method of disposition of the Registrable Securities held by it, as shall be reasonably required to effect the registration of such Registrable Securities and shall execute such documents in connection with such registration as the Company may
        reasonably request.  At least ten (10) Business Days prior to the first anticipated filing date of any Registration Statement, the Company shall notify each Holder of the information the Company requires from such Holder if such Holder elects to
        have any of the Registrable Securities included in such Registration Statement.  A Holder shall provide such information to the Company at least five (5) Business Days prior to the first anticipated filing date of such Registration Statement if
        such Holder elects to have any of the Registrable Securities included in such Registration Statement.

       

      (b)         Each Holder, by its acceptance of the Registrable Securities, agrees to cooperate with the Company as reasonably requested by the Company in
        connection with the preparation and filing of a Registration Statement hereunder, unless such Holder has notified the Company in writing of its election to exclude all of its Registrable Securities from such Registration Statement.

       

      (c)          Each Holder covenants and agrees that it will comply with the prospectus delivery requirements of the Securities Act as applicable to it or an
        exemption therefrom in connection with sales of Registrable Securities pursuant to any Registration Statement.

       

      Section 2.06          Expenses.

       

      (a)         All Registration Expenses shall be borne by the Company whether or not any Registrable Securities are sold pursuant to a Registration Statement.  In
        addition, except for Registration Expenses or as otherwise provided in Section 2.07 hereof, the Company shall not be responsible for legal fees incurred by Holders in connection with the exercise of such Holders’ rights hereunder.

       

      (b)         Certain Definitions.  “Registration Expenses” means (i) all registration and filing fees (including, without limitation, fees and
        expenses of the Company’s counsel and independent registered public accountants) (A) with respect to filings made with the Commission, (B) with respect to filings required to be made with any trading market or stock exchange on which the Common
        Stock is then listed for trading, and (C) in compliance with applicable state securities or blue sky laws (including, without limitation, fees and disbursements of counsel for the Company in connection with blue sky qualifications or exemptions of
        the Registrable Securities), (ii) printing expenses (including, without limitation, expenses of printing certificates for Registrable Securities), (iii) messenger, telephone and delivery expenses, (iv) fees and disbursements of counsel for the
        Company, (v) Securities Act liability insurance, if the Company so desires such insurance, (vi) fees and expenses of all other Persons retained by the Company in connection with the consummation of the transactions contemplated by this Agreement
        and (vii) fees and disbursements of one counsel for all Holders in an amount not to exceed $15,000. In addition, the Company shall be responsible for all of its internal expenses incurred in connection with the consummation of the transactions
        contemplated by this Agreement (including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting duties), the expense of any annual audit and the fees and expenses incurred in connection with the
        listing of the Registrable Securities on any securities exchange as required hereunder. In no event shall the Company be responsible for any broker or similar commissions of any Holder or, except to the extent provided for in this Agreement or the
        Stock Purchase Agreement, any legal fees or other costs of the Holders.

       

      
        

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      Section 2.07          Indemnification.

       

      (a)          Indemnification by the Company.  Notwithstanding the termination of this Agreement, the Company will, and hereby does, indemnify and hold
        harmless each Holder, its directors, officers, members, partners, agents, brokers (including brokers who offer and sell Registrable Securities as principal as a result of a pledge or any failure to perform under a margin call of Common Stock),
        investment advisors, employees (and any other Persons with a functionally equivalent role of a Person holding such titles, notwithstanding a lack of such title or any other title) of each of them, each Person who controls any such Holder (within
        the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) and the officers, directors, members, stockholders, partners, agents and employees (and any other Persons with a functionally equivalent role of a Person holding
        such titles, notwithstanding a lack of such title or any other title) of each such controlling Person, against any losses, claims, damages or liabilities, costs (including, without limitation, reasonable attorneys’ fees) and expenses (collectively,
        “Losses”) joint or several, to which such Holder or any such director or officer or controlling person may become subject, under the Securities Act or otherwise, insofar as such Losses (or actions or proceedings, whether commenced or
        threatened, in respect thereof) arise out of or are based upon (i) any untrue statement or alleged untrue statement of any material fact contained in any registration statement under which such securities were registered under the Securities Act,
        any preliminary prospectus, final prospectus or summary prospectus contained therein, or any amendment or supplement thereto (in all cases, including documents incorporated by reference), or any omission or alleged omission to state therein a
        material fact required to be stated therein or necessary to make the statements therein not misleading or (ii) any violation or alleged violation by the Company of the Securities Act in connection with the performance of its obligations under this
        Agreement, and the Company will promptly reimburse such Holder and each such director, officer, and controlling person for any legal or any other expenses reasonably incurred by them in connection with investigating or defending any such Loss,
        claim, liability, action or proceeding; provided, that the Company shall not be liable in any such case to the extent that any such Loss (or action or proceeding in respect thereof) arises out of or is based solely upon information regarding such
        Holder furnished in writing to the Company by such Holder expressly for use therein, or to the extent that such information relates to such Holder or such Holder’s proposed method of distribution of Registrable Securities and was reviewed and
        expressly approved in writing by such Holder expressly for use in such registration statement, any such preliminary prospectus, final prospectus, summary prospectus, amendment or supplement in reliance upon and in conformity with information
        regarding Holder furnished by such Holder.  Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of such Holder or any such director, officer or controlling person and shall survive the transfer
        of such securities by such Holder. The Company shall notify the Holders promptly in writing of the institution, threat or assertion of any proceeding arising from or in connection with the transactions contemplated by this Agreement of which the
        Company is aware.

       

      (b)         Indemnification by the Holders.  The Company may require, as a condition to including any Registrable Securities in any registration
        statement filed pursuant to Section 2.01 above, that the Company shall have received an undertaking satisfactory to it from the prospective Holder of such securities, to indemnify and hold harmless (in the same manner and to the same extent
        as set forth in Section 2.07(a) above) the Company, each director of the Company, each officer of the Company and each other Person, if any, who controls the Company within the meaning of the Securities Act, with respect to any statement or
        alleged statement in or omission or alleged omission from such registration statement, any preliminary prospectus, final prospectus or summary prospectus contained therein, or any amendment or supplement thereto, if such statement or alleged
        statement or omission or alleged omission was made in reliance upon and in conformity with information regarding such Holder furnished by such Holder in accordance with Section 2.07(a) above.  The maximum liability of each Holder for any
        such indemnification shall not exceed the amount of proceeds actually received by such Holder from the sale of his/its Registrable Securities included in the Registration Statement giving rise to such indemnification obligation.  Such indemnity
        shall remain in full force and effect, regardless of any investigation made by or on behalf of the Company or any such director, officer or controlling Person and shall survive the transfer of such securities by such Holder.

       

      
        

        9

        
          

        

      

      (c)          Notices of Claims, etc.  Promptly after receipt by any Person entitled to indemnification hereunder (an “Indemnified Party”) of
        notice of the commencement of any action or proceeding involving a claim referred to in Section 2.07(a) or (b) above, such Indemnified Party will, if a claim in respect thereof is to be made against any Person from whom indemnity is
        sought (the “Indemnifying Party”), give written notice to the latter of the commencement of such action; provided that the failure of any Indemnified Party to give notice as provided herein shall not relieve the Indemnifying Party of its
        obligations under in Section 2.07(a) or (b) above, except to the extent that the Indemnifying Party is actually prejudiced by such failure to give notice.  In case any such action is brought against an Indemnified Party, unless in
        such Indemnified Party’s reasonable judgment a conflict of interest between such Indemnified Parties and Indemnifying Parties may exist in respect of such claim, the Indemnifying Party shall be entitled to participate in and to assume the defense
        thereof, jointly with any other Indemnifying Party similarly notified to the extent that it may wish, with counsel reasonably satisfactory to such Indemnified Party, and after notice from the Indemnifying Party to such Indemnified Party of its
        election so to assume the defense thereof, the Indemnifying Party shall not be liable to such Indemnified Party for any legal or other expenses subsequently incurred by the latter in connection with the defense thereof.  No Indemnifying Party
        shall, without the consent of the Indemnified Party, consent to entry of any judgment or enter into any settlement which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Party of a
        release from all liability in respect to such claim or litigation.  No Indemnified Party shall settle any claim for which indemnity maybe sought under this Agreement without the consent of the Indemnifying Party.

       

      (d)         Other Indemnification.  Indemnification similar to that specified in in Section 2.07(a) or (b) above, and (c) above
        (with appropriate modifications) shall be given by the Company and each seller of Registrable Securities with respect to any required registration or other qualification of securities under any Federal or state law or regulation of any governmental
        authority other than the Securities Act.

       

      (e)         Indemnification Payments.  The indemnification required by this Section 2.07 shall be made by periodic payments of the amount
        thereof during the course of the investigation or defense, as and when bills are received or expense, loss, damage or liability is incurred.

       

      (f)          The indemnity agreements contained in this Section 2.07 are in addition to any liability that the Indemnifying Parties may have to the
        Indemnified Parties.

       

      Section 2.08         Rule 144 Reporting.  With a view to making available the benefits of certain rules and regulations of the Commission that may
        permit the sale of the Registrable Securities to the public without registration, the Company agrees to use its commercially reasonable efforts to:

       

      (a)          make and keep adequate current public information regarding the Company available, as those terms are understood and defined in Rule 144 under the
        Securities Act;

       

      (b)          file with the Commission in a timely manner all reports and other documents required of the Company under the Securities Act and the Exchange Act
        at all times from and after the date hereof;

       

      (c)          furnish at the Company’s expense legal opinions or instruction letters regarding the removal of restrictive legends in connection with a sale under
        Rule 144; and

       

      (d)          so long as a Holder owns any Registrable Securities, furnish, unless otherwise available via EDGAR, to such Holder forthwith upon request a copy of
        the most recent annual or quarterly report of the Company, and such other reports and documents so filed as such Holder may reasonably request in availing itself of any rule or regulation of the Commission allowing such Holder to sell any such
        securities without registration.

       

      
        

        10

        
          

        

      

      Section 2.09          Transfer or Assignment of Registration Rights.  The rights to cause the Company to register Registrable Securities granted to the
        Holders by the Company under this Article II may be transferred or assigned by any Holder to one or more transferees or assignees of Registrable Securities; provided, however, that (a) unless the transferee or assignee is an Affiliate of, and after such transfer or assignment continues to be an Affiliate of, such Holder, the amount of Registrable Securities transferred or assigned to such
        transferee or assignee shall represent at least $100,000 of Registrable Securities (based on the Common Stock Price), (b) the Company is given written notice prior to any said transfer or assignment, stating the name and address of each such
        transferee or assignee and identifying the securities with respect to which such registration rights are being transferred or assigned, and (c) each such transferee or assignee assumes in writing responsibility for its portion of the obligations of
        such Holder under this Agreement.

       

      Section 2.10          Piggy-Back Registration.  If, at any time during the Effectiveness Period, there is not an effective Registration Statement
        covering all of the Registrable Securities and the Company shall determine to prepare and file with the Commission a registration statement relating to an offering for its own account or the account of others under the Securities Act of any of its
        equity securities, other than on Form S-4 or Form S-8 (each as promulgated under the Securities Act) or their then equivalents relating to equity securities to be issued solely in connection with any acquisition of any entity or business or equity
        securities issuable in connection with the Company’s stock option or other employee benefit plans, then the Company shall deliver to each Holder a written notice of such determination and, if within five (5) days after the date of the delivery of
        such notice, any such Holder shall so request in writing, the Company shall include in such registration statement all or any part of such Registrable Securities such Holder requests to be registered.

       

      ARTICLE III

       

      MISCELLANEOUS

       

      Section 3.01          Notices.  All notices and demands provided for hereunder shall be in writing and shall be given by registered or certified mail,
        return receipt requested, telecopy, air courier guaranteeing overnight delivery, electronic mail or personal delivery to the following addresses:

       

      (a)          if to the Investor:

       

      c/o Antara Capital LP

      500 Fifth Avenue, Suite 2320

      New York, NY 10110

      Attention:  Lance Kravitz

      Email:  lkravitz@antaracapital.com

       

      with a copy to:

       

      Milbank LLP

      2029 Century Park East, 33rd Floor

      Los Angeles, CA 90067

      Attention:  Eric Reimer, Esq.

      Adam Moses, Esq.

      Email: EReimer@milbank.com

      AMoses@milbank.com

       

      (b)          if to a transferee of an Investor, to such Person at the address provided pursuant to Section 2.09 above; and

       

      
        

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      (c)          if to the Company:

       

      USA Technologies, Inc.

      [100 Deerfield Lane, Suite 140

      Malvern, PA 19355

      Attention:  Stephen P. Herbert, Chief Executive Officer

      Email: sherbert@usatech.com

       

      with a copy to:

       

      Lurio & Associates, P.C.

      Suite 3120, One Commerce Square

      2005 Market Street

      Philadelphia, PA 19103

      Attention:  Douglas M. Lurio, Esq.

      Email:  dlurio@luriolaw.com

       

      or to such other address as the Company or such Investor may designate in writing. All notices and communications shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; at
        the time of transmittal, if sent via electronic mail; upon actual receipt if sent by certified mail, return receipt requested, or regular mail, if mailed; when receipt acknowledged, if sent via facsimile; and upon actual receipt when delivered to
        an air courier guaranteeing overnight delivery.

       

      Section 3.02         Successor and Assigns.  This Agreement shall inure to the benefit of and be binding upon the successors and permitted assigns of
        each of the parties, including subsequent Holders of Registrable Securities to the extent permitted herein.

       

      Section 3.03          Assignment of Rights.  All or any portion of the rights and obligations of any Holder under this Agreement may be transferred or
        assigned by such Holder only in accordance with Section 2.09 hereof.

       

      Section 3.04          Recapitalization, Exchanges, Etc. Affecting the Shares.  The provisions of this Agreement shall apply to the full extent set forth
        herein with respect to any and all shares of the Company or any successor or assign of the Company (whether by merger, consolidation, sale of assets or otherwise) that may be issued in respect of, in exchange for or in substitution of, the
        Registrable Securities, and shall be appropriately adjusted for combinations, share splits, recapitalizations, pro rata distributions of shares and the like occurring after the date of this Agreement.

       

      Section 3.05          Aggregation of Registrable Securities.  All Registrable Securities held or acquired by Persons who are Affiliates of one another
        shall be aggregated together for the purpose of determining the availability of any rights and applicability of any obligations under this Agreement.

       

      Section 3.06          Specific Performance.  Damages in the event of breach of this Agreement by a party hereto may be difficult, if not impossible, to
        ascertain, and it is therefore agreed that each such Person, in addition to and without limiting any other remedy or right it may have, will have the right to an injunction or other equitable relief in any court of competent jurisdiction, enjoining
        any such breach, and enforcing specifically the terms and provisions hereof, and each of the parties hereto hereby waives any and all defenses it may have on the ground of lack of jurisdiction or competence of the court to grant such an injunction
        or other equitable relief.  The existence of this right will not preclude any such Person from pursuing any other rights and remedies at law or in equity that such Person may have.

       

      
        

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      Section 3.07          Counterparts.  This Agreement may be executed in any number of counterparts and by different parties hereto in separate
        counterparts, each of which counterparts, when so executed and delivered, shall be deemed to be an original and all of which counterparts, taken together, shall constitute but one and the same Agreement. 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 thereof.

       

      Section 3.08          Headings.  The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning
        hereof.

       

      Section 3.09         Governing Law.  This Agreement shall be governed by and construed in accordance with the laws of
          the State of New York without regard to conflict of laws principles (other than Section 5-1401 of the General Obligations Law).

       

      Section 3.10          Cumulative Remedies.  The remedies provided herein are cumulative and not exclusive of any other remedies provided by law.

       

      Section 3.11         Severability of Provisions.  Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to
        such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof or affecting or impairing the validity or enforceability of such provision in any other jurisdiction.

       

      Section 3.12         Entire Agreement.  This Agreement and the other agreements and documents referred to herein are intended by the parties as a final
        expression of their agreement and intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein and therein. There are no restrictions, promises,
        representations, warranties or undertakings, other than those set forth or referred to herein with respect to the rights granted by the Company or any of its Affiliates or any Investor or any of its Affiliates set forth herein or therein. This
        Agreement and the other agreements and documents referred to herein or therein supersede all prior agreements and understandings between the parties with respect to such subject matter.

       

      Section 3.13          Amendment.  This Agreement may be amended only by means of a written amendment signed by the Company and the Holders of a majority
        of the then outstanding Registrable Securities; provided, however, that no such amendment shall materially and adversely affect the rights of any Holder hereunder
        without the consent of such Holder.

       

      Section 3.14         No Presumption.  If any claim is made by a party relating to any conflict, omission or ambiguity in this Agreement, no presumption
        or burden of proof or persuasion shall be implied by virtue of the fact that this Agreement was prepared by or at the request of a particular party or its counsel.

       

      Section 3.15         Obligations Limited to Parties to Agreement.  Each of the Parties hereto covenants, agrees and acknowledges that no Person other
        than the Holders and the Company shall have any obligation hereunder and that, notwithstanding that one or more of the Holders may be a corporation, partnership or limited liability company, no recourse under this Agreement or under any documents
        or instruments delivered in connection herewith or therewith shall be had against any former, current or future director, officer, employee, agent, general or limited partner, manager, member, stockholder or Affiliate of any of the Holders or any
        former, current or future director, officer, employee, agent, general or limited partner, manager, member, stockholder or Affiliate of any of the foregoing, whether by the enforcement of any assessment or by any legal or equitable proceeding, or by
        virtue of any applicable Law, it being expressly agreed and acknowledged that no personal liability whatsoever shall attach to, be imposed on or otherwise be incurred by any former, current or future director, officer, employee, agent, general or
        limited partner, manager, member, stockholder or Affiliate of any of the Holders or any former, current or future director, officer, employee, agent, general or limited partner, manager, member, stockholder or Affiliate of any of the foregoing, as
        such, for any obligations of the Holders under this Agreement or any documents or instruments delivered in connection herewith or therewith or for any claim based on, in respect of or by reason of such obligation or its creation, except in each
        case for any transferee or assignee of a Holder hereunder.

       

      
        

        13

        
          

        

      

      Section 3.16          Independent Nature of Holder’s Obligations.  The obligations of each Holder under this Agreement are several and not joint with
        the obligations of any other Holder, and no Holder shall be responsible in any way for the performance of the obligations of any other Holder under this Agreement.  Nothing contained herein, and no action taken by any Holder pursuant thereto, shall
        be deemed to constitute the Holders as a partnership, an association, a joint venture or any other kind of group or entity, or create a presumption that the Holders are in any way acting in concert or as a group with respect to such obligations or
        the transactions contemplated by this Agreement.  Each Holder shall be entitled to independently protect and enforce its rights, including without limitation, the rights arising out of this Agreement, and it shall not be necessary for any other
        Holder to be joined as an additional party in any proceeding for such purpose.

       

      Section 3.17         Interpretation.  Article and Section references are to this Agreement, unless otherwise specified.  All references to instruments,
        documents, contracts and agreements are references to such instruments, documents, contracts and agreements as the same may be amended, supplemented and otherwise modified from time to time, unless otherwise specified.  The word “including” shall
        mean “including but not limited to.”  Whenever any determination, consent or approval is to be made or given by a Seller under this Agreement, such action shall be in such Seller’s sole discretion unless otherwise specified.

        

      

      [Signature pages to follow]

       

      
        

        14

        
          

        

      

      IN WITNESS WHEREOF, the parties hereto execute this Agreement, effective as of the date first above written.

       

      	 	
              USA TECHNOLOGIES, INC.

            
	 	 	 
	 	
              By:

            	/s/ Stephen P. Herbert
	 	 	
              Name: Stephen P. Herbert

            
	 	 	
              Title: CEO, Director

              

            

      
         

        

        [Signature Page to Registration Rights Agreement]

         

        

      

      
        

        
          

        

      

      	 	
              ANTARA CAPITAL MASTER FUND L.P.

            
	 	 	 
	 	
              By:

            	
              Antara Capital LP

            
	 	
              not in its individual corporate capacity,

            
	 	
              but solely as Investment Advisor and agent

            
	 	 	 
	 	
              By:

            	
              Antara Capital GP LLC,

            
	 	 	
              its general partner

            
	 	 	 
	 	
              By:

            	/s/ Himanshu Gulati
	 	 	
              Name: Himanshu Gulati

            
	 	 	
              Title: Managing Member

              

            

      

      

      

      

      
        [Signature Page to Registration Rights Agreement]

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