Document:

Exhibit 10.7(e)

 Exhibit 10.7(e) 
  

 
 RESTRICTED STOCK AGREEMENT 

(Under the People’s United Financial, Inc. 2014 Long-Term Incentive Plan) 

Granted To: (“you” or the “Participant”) 

In accordance with the terms of the People’s United Financial, Inc. 2014 Long-Term Incentive Plan (the “Plan”), People’s
United is pleased to grant you an award (the “Award”) of shares of People’s United Financial, Inc. (the “Company”) Common Stock (the “Shares”). The Shares granted to you under this Agreement are subject to the
restrictions set forth in Section 3 hereof and to the other terms and conditions set forth in this Agreement and in the Plan. This Award is intended to constitute a portion of the 5% of the total shares reserved for issuance under the Plan that
is not subject to the Minimum Vesting Condition. 
 You and the Company agree that the Award is subject to the following terms and
conditions: 
 1. Definitions. All of the terms and provisions of the Plan are deemed incorporated into this Agreement by reference to the
same purposes and effect as if the Plan were set forth in its entirety in this Agreement. All terms used in this Agreement and defined in the Plan shall, unless otherwise defined herein, have the same meanings as in the Plan. The term “Common
Stock” refers to the Company’s Common Stock, par value $.01 per share, and includes any class or series of securities into which such capital stock may be changed, as contemplated by Section 17 of the Plan. The terms
“person” and “security,” and any variations of such terms, shall have the broadest meanings assigned to them by the Securities Act of 1933, as amended (the “Securities Act”), or the Securities Exchange Act of 1934 (the
“Exchange Act”). 
 2. Grant Date. The Award is granted and made effective
             (the “Grant Date”). Each Share has a Fair Market Value of $             on the Grant Date.

 3. Restrictions on Shares. Subject to the provisions of the Plan, you may not sell, assign, transfer, pledge, hypothecate or otherwise
dispose of or encumber the Shares until they have vested in accordance with the vesting schedule set forth in Section 4 of this Agreement. The Company will permit transfer of the Shares only in accordance with the terms of this Agreement. Any
transfer of the Shares made in any manner contrary to this Agreement will be void and ineffective to constitute the transferee a shareholder of the Company entitled to any rights, benefits or privileges as such. 

4. Vesting. Thirty three and one-third percent (33 1/3%) of the Shares will vest on
            ; thirty three and one-third percent (33 1/3%) of the Shares will vest on             ; and the
remaining thirty three and one-third percent (33 1/3%) of the Shares will vest on             . Vesting will occur only if you have continuously been an employee of the Company (or
one or more of its affiliates) from the Grant Date through the applicable vesting date; provided, however, that notwithstanding the foregoing, all Shares which are unvested as of the date of your termination of employment with the Company (or one or
more of its affiliates) by reason of your death, Disability or Retirement shall vest immediately upon such termination, and the Restriction Period applicable to all such Shares shall expire. 

  
 1 

 5. Forfeiture. You will forfeit all unvested Shares upon the termination of your employment with
the Company (or one or more of its affiliates) for any reason (other than death, Disability or Retirement) during the applicable Restriction Period. 

6. Voting. You will have the right to vote the Shares from the Grant Date. Your right to vote the Shares will expire immediately upon
forfeiture or revocation of the Award with respect to all Shares so forfeited or revoked. 
 7. Cash Dividends. Any cash dividends that may
be paid with respect to the Shares will be paid to you as soon as practicable following the applicable vesting date of such Shares but in no event later than March 15 of the calendar year immediately following the applicable vesting date.
Dividends will be paid to you, and will be taxable in the same manner as other compensation paid to you, by the Company. In the case of any Shares which are forfeited by you, no cash dividends will be paid to you with respect to any forfeited Shares
on or after the date such forfeiture occurs. 
 8. Other Distributions. Any stock dividends that may be paid with respect to the Shares will
be payable in the form of additional shares of Restricted Stock which will be subject to the terms, conditions and restrictions set forth in this Agreement. If any warrants or rights are issued with respect to the Shares and are exercised, the
shares issued with respect to such warrants or rights shall also be Restricted Stock subject to the terms, conditions and restrictions set forth in this Agreement. The restrictions on such stock dividends will lapse when the restrictions on the
Shares lapse. 
 9. Return of Certain Dividends and Distributions. If this Award is subsequently revoked pursuant to Section 19 of this
Agreement, and if prior to the date of such revocation you received or became eligible to receive any dividends or other distributions with respect to this Award, you will be required to repay or return all such dividends or distributions to the
Company within five (5) business days following the later of (a) the date your Award is revoked or (b) the date such dividends are paid or such distribution is made to you. In the event you fail to do so, the Company may withhold the
amount to be repaid or returned by you from any subsequent payments (including salary, bonus or other compensation) payable to you by the Company or any of its affiliates as a result of your employment. 

10. Absence of Share Certificates. The Shares will be registered in your name on the Company’s stock transfer records but will be issued
in book-entry form and will not be represented by certificates. 
 11. Delivery of Certificates. If the Company issues certificates
representing the Shares, it may postpone the delivery of the certificates for the Shares for such time as it deems necessary or desirable to enable it to comply with the requirements of the Securities Act or the Exchange Act, any rules or
regulations of the SEC promulgated thereunder, or the requirements of applicable state laws relating to the authorization, issuance or sale of securities generally. 

12. Adjustments in Shares. In the event of any changes in the Company’s capital structure during the term of this Agreement, the
provisions of Section 17(a) of the Plan shall apply. 
 13. Corporate Law Status of Shares. The Shares granted pursuant to this
Agreement constitute validly issued and outstanding Shares of the capital stock of the Company and are fully paid and nonassessable. 

  
 2 

 14. Modification and Waiver. No modification or waiver of any of the provisions of this Agreement
shall be binding upon either the Company or you unless it is made in writing, signed by you and countersigned on behalf of the Company by an executive officer thereof (other than you). 

15. Binding Effect. Except as provided in Section 3 hereof, this Agreement shall be binding upon and inure to the benefit of the parties
hereto, their heirs, personal representatives, successors and assigns. 
 16. Resolution of Controversies. Any dispute or disagreement that
may arise under, or in any way may relate to, the interpretation, construction or application of this Agreement shall be subject to determination by the Committee after appropriate notice to the affected parties and reasonable opportunity to be
heard by the Committee. Any determination made by the Committee shall be final, binding and conclusive for all purposes. 
 17. Notices. All
notices, requests, demands, or other communications required, permitted or contemplated by this Agreement shall be deemed effectively served, delivered or otherwise made (a) upon receipt if manually delivered, or (b) upon the delivery date
shown on the returned receipt (or if delivery is refused, on the date presented for delivery) if mailed by United States registered or certified mail, postage prepaid, return receipt requested, and if intended for the Company, directed to the
Committee’s attention, in care of People’s United Bank, 850 Main Street, Bridgeport, Connecticut 06604; or if intended for you, directed to you at the address set forth below immediately following your signature. Either party may, by
notice delivered in accordance with this Section, notify the other party of a different address for all future notices, which will be effective upon delivery to the other party. 

18. Non-Solicitation. During the period of your employment with the Company or any of its affiliates, and for a period of
             months after the cessation of your employment for any reason, whether with or without Cause, you will not, directly or indirectly , on your own behalf or on behalf of
any other person, and whether through your own efforts or through the efforts or employing the assistance of any other person (including without limitation any consultant or any person employed by or associated with any person with whom you become
employed or associated): 
  

	 	a)	call on or solicit in any manner any customer of the Company or any of its affiliates for the purpose of doing business of the type done by the Company or any of its affiliates with such customer. For purposes of this
Agreement, “customer” means any individual, firm, partnership, corporation, or other entity or person (i) currently doing business or who has done business with the Company or any of its affiliates in the 12 months prior to the
cessation of your employment, or (ii) any prospective customer that you know to be a prospective customer of the Company or any of its affiliates and with whom the Company or any of its affiliates is in discussion with and reasonably expects to
do business; or 

  

	 	b)	Solicit or otherwise induce any employee of the Company or any of its affiliates to leave the employ of the Company or any of its affiliates. 

To the extent the terms of this Section 18 are less restrictive (from your perspective) than comparable non-solicitation restrictions agreed to by you
pursuant to any Option agreement or Restricted Stock agreement dated prior to the date hereof (collectively, the “Prior Agreements”), the terms of this Section 18 shall supersede and replace the comparable non-solicitation provisions
in each such Prior Agreement. 

  
 3 

 By accepting and agreeing to the terms of this Agreement, you acknowledge that your receipt of the grant of the
Award evidenced by this Agreement represents adequate consideration for the undertaking set forth in this Section 18. 
 19. Revocation
of Grant. No later than forty-five (45) days after the Grant Date (the “Acceptance Date”), you must formally accept and agree to the terms and conditions of the Award as set forth in this Agreement. You must do so
(a) electronically, if you are directed to do so at the time your Award is formally communicated to you and you receive a copy of this Agreement, or (b) by returning a signed copy of this Agreement to the Executive Rewards Manager in the
Human Resources Department, 850 Main Street, BC-03, Bridgeport, CT 06604 so that it is received no later than the close of business on the Acceptance Date. If you do not accept and agree to the terms and conditions of the Award as set
forth in this Agreement by the Acceptance Date, the Award evidenced hereby shall be null and void, and shall be deemed to have been revoked, on the first business day following the Acceptance Date. If the 45th day after the Grant Date is not a business day, the Acceptance Date will be the first business day after such 45th day. A business day is any day
other than a Saturday, a Sunday, or a day on which the Company’s banking offices in Connecticut are not scheduled to be open for business. 

20. Entire Agreement. This Agreement and the Plan contain all understandings between you, the Company, and any of its affiliates regarding the
Shares. No other communications regarding the Shares are to be considered binding upon you and the Company unless they are identified as amendments to this Agreement, are in writing and are signed by you and the Company as provided in this
Agreement. 
 Approval and Acceptance 

The Award evidenced by this Agreement was approved by the Board of Directors (or by a duly authorized committee of the Board, or by the Chief Executive
Officer acting pursuant to delegated authority) of the Company on the Grant Date. Your acceptance of the Award evidenced by this Agreement, whether electronically, by email or in such other form as is permitted by the Company, also evidences your
intent to be legally bound by the terms of this Agreement effective as of the Grant Date, regardless of the date of your acceptance. 

  
 4usat_Ex10_1

		

			Section 10.1

		

		
			PORTIONS OF THIS AGREEMENT HAVE BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. CONFIDENTIAL TREATMENT HAS BEEN REQUESTED WITH RESPECT TO THE OMITTED PORTIONS, WHICH ARE MARKED BY ASTERISKS (“***”).
		

		
			THIRD AMENDMENT 
TO
LOAN AND SECURITY AGREEMENT 
		

		
			This Third Amendment to Loan and Security Agreement is entered into as of March 24, 2017 (the “Amendment”), by and between HERITAGE BANK OF COMMERCE (“Bank”), and USA TECHNOLOGIES, INC. (“Borrower”).
		

		
			RECITALS
		

		
			Borrower and Bank are parties to that certain Loan and Security Agreement dated as of March 29, 2016 and as amended from time to time, including pursuant to that certain Waiver to Loan and Security Agreement dated as of June 30, 2016 and that certain Second Amendment and Waiver to Loan and Security Agreement dated as of September 30, 2016 (collectively, the “Agreement”).  The parties desire to amend the Agreement in accordance with the terms of this Amendment.  
		

		
			NOW, THEREFORE, the parties agree as follows:
		

			
	
			
				 1.
			

			
	
			
			The following definition in Section 1.1 of the Agreement is amended and restated in its entirety to read as follows:

		
			“Revolving Maturity Date” means September 30, 2018.
		

			
	
			
				 2.
			

			
	
			
			The following is added to the end of Section 6.8 of the Agreement:

		
			The aggregate balance maintained in Borrower’s deposit account(s) with Avidbank shall not exceed $*** at any time.
		

			
	
			
				 3.
			Section 6.3(b) of the Agreement is amended and restated in its entirety to read as follows:

		
			(b) as soon as available, but in any event (i) within twenty five (25) days after the end of Borrower’s fiscal quarter, a churn report in form satisfactory to Bank; and (ii) within fifty (50) days after the end of Borrower’s fiscal quarter, a Borrower prepared consolidated balance sheet, income, and cash flow statement covering Borrower’s consolidated operations during such quarter, prepared in accordance with GAAP, consistently applied, in a form acceptable to Bank, and a Compliance Certificate signed by a Responsible Officer in substantially the form of Exhibit D hereto;
		

			
	
			
				 4.
			The following is added as a new subsection (h) to the end of section 6.3:

		
			(h)Within ninety (90) days following the beginning of each fiscal year, Borrower’s annual operating projections (including income statements, balance sheets and cash flow statements presented in a monthly format) for such fiscal year reviewed by Borrower’s board of directors, in form reasonably satisfactory to Bank.
		

			
	
			
				 5.
			Section 6.9(a) of the Agreement is amended and restated in its entirety to read as follows:

		
			(a)   Maximum Churn Rate. Borrower’s number of connections as at the end of each fiscal quarter shall not decrease (i) by more than five percent (5%) as compared to Borrower’s number of connections as at the end of the immediately preceding fiscal quarter or (ii) below *** connections.
		

			
	
			
			 	 6.
			

		
			

		 

 

		

			 

		

		

			
	
			
				 7.
			The following is hereby added to the end of Section 6.9(b) of the Agreement:

		
			Borrower’s minimum quarterly Adjusted EBITDA for each of the quarters ending September 30, 2017, December 31, 2017, March 31, 2018, and June 30, 2018, shall be as follows:
		

			
					
						Quarterly Period ending

					
					
						Minimum Adjusted EBITDA

				
	
					
						 

					
					
						 

				
	
					
						September 30, 2017

					
					
						$880,000

				
	
					
						December 31, 2017

					
					
						$1,000,000

				
	
					
						March 31, 2018

					
					
						$1,000,000

				
	
					
						June 30, 2018

					
					
						$1,000,000

				

		
			 
		

			
	
			
				 8.
			Exhibit D to the Agreement is replaced in its entirety with the Exhibit D attached hereto.

			
	
			
				 9.
			

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

			
	
			
				 10.
			

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

			
	
			
				 11.
			

			
	
			
			This Amendment may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one instrument. In the event that any signature is delivered by facsimile transmission or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf” signature page were an original hereof.  

			
	
			
				 12.
			

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

			
	
			
				 (a)
			the original signed Amendment and all other Loan Documents being executed in connection herewith, duly executed by Borrower;

			
	
			
				 (b)
			an amendment and renewal facility fee equal to $90,000, plus an amount equal to all Bank Expenses incurred through the date of this Amendment; 

			
	
			
				 (c)
			affirmation of guaranty; and

			
	
			
				 (d)
			such other documents, and completion of such other matters, as Bank may reasonably deem necessary or appropriate.

		
			[remainder of this page intentionally left blank]
		

		
			

		 

 

		

			 

		

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

			
					
						 

					
					
						USA TECHNOLOGIES, INC.

					
						 

					
						By:  /s/ Stephen P. Herbert

					
						Name:  Stephen P. Herbert
Title:  Chairman and CEO

					
						 

				
	
					
						 

					
					
						HERITAGE BANK OF COMMERCE

					
						 

					
						By:  /s/ Karla Schrader

					
						Name:  Karla Schrader

					
						Title:  VP

				

		
			 
		

		
			

		 

 

		

			 

		

		

		
			Exhibit D
Compliance Certificate
		

		
			TO:HERITAGE BANK OF COMMERCE
		

		
			FROM:USA TECHNOLOGIES, INC.
		

		
			The undersigned authorized officer of USA TECHNOLOGIES, INC. hereby certifies that in accordance with the terms and conditions of the Loan and Security Agreement between Borrower and Bank (the “Agreement”), (i) Borrower is in complete compliance for the period ending _______________ with all required covenants except as noted below and (ii) all representations and warranties of Borrower stated in the Agreement are true and correct as of the date hereof; provided, that those representations and warranties expressly referring to another date shall be true, correct, and complete in all material respects as of such date.  Attached herewith are the required documents supporting the above certification.  The Officer further certifies that these are prepared in accordance with Generally Accepted Accounting Principles (GAAP) and are consistently applied from one period to the next except as explained in an accompanying letter or footnotes.
		

		
			Please indicate compliance status by circling Yes/No under “Complies” column.
		

			
					
						Reporting Covenant

					
					
						Required

					
					
						Complies

				
	
					
						A/R & A/P Agings 

					
					
						Monthly within 25 days

					
					
						Yes

					
					
						No

				
	
					
						Borrowing Base Certificate 

					
					
						Monthly within 25 days

					
					
						Yes

					
					
						No

				
	
					
						Copies of non-HBC bank statements 

					
					
						Monthly within 30 days

					
					
						Yes

					
					
						No

				
	
					
						Churn Report

					
					
						Quarterly within 25 days

					
					
						Yes

					
					
						No

				
	
					
						Quarterly financial statements

					
					
						Quarterly within 50 days

					
					
						Yes

					
					
						No

				
	
					
						Compliance Certificate

					
					
						Quarterly within 50 days

					
					
						Yes

					
					
						No

				
	
					
						Annual financial statements (CPA Audited) 

					
					
						FYE within 120 days

					
					
						Yes

					
					
						No

				
	
					
						Annual financial projections (board reviewed) 

					
					
						Within 90 days of fiscal year beginning

					
					
						Yes

					
					
						No

				
	
					
						10K and 10Q 

					
					
						Within 5 days of filing

					
					
						Yes

					
					
						No

				
	
					
						A/R Audit

					
					
						Semi-Annually

					
					
						Yes

					
					
						No

				
	
					
						IP Notices

					
					
						As required under Section 6.10

					
					
						Yes

					
					
						No

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Financial Covenant 

					
					
						Required

					
					
						Actual

					
					
						Complies

				
	
					
						Maximum Churn Rate (quarterly)

					
					
						5% 

					
					
						___%

					
					
						Yes

					
					
						No

				
	
					
						Minimum Connections (quarterly)

					
					
						***

					
					
						___________

					
					
						Yes

					
					
						No

				
	
					
						Minimum Cash at Bank (at all times)

					
					
						$***

					
					
						$___________

					
					
						Yes

					
					
						No

				
	
					
						Minimum Adjusted EBITDA (quarterly) 

					
					
						See Section 6.9(b)

					
					
						__________

					
					
						Yes

					
					
						No

				
	
					
						 

				
	
					
						Comments Regarding Exceptions:  See Attached.

					
					
						BANK USE ONLY

				

		 

 

		

			 

		

	
					
						

					
						 

					
					
						 

				
	
					
						 

					
					
						Received by: 

				
	
					
						Sincerely,

					
					
						AUTHORIZED SIGNER

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						Date: 

				
	
					
						 

					
					
						 

				
	
					
						

					
					
						Verified: 

				
	
					
						SIGNATURE

					
					
						AUTHORIZED SIGNER

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						

					
					
						Date: 

				
	
					
						TITLE

					
					
						 

				
	
					
						 

					
					
						Compliance Status

					
					
						Yes

					
					
						No

				
	
					
						

					
					
						 

				
	
					
						DATE

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