SEC Contract Filing

Filing Date: 2020-08-14

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>us20200813-ex10_1.htm
<DESCRIPTION>EMPLOYMENT AGREEMENT
<TEXT>
<html>
 <head>
 <title></title>
 <!-- Licensed to: Cadwalader, Wickersham & Taft LLP
 Document created using EDGARfilings PROfile 7.0.1.0
 Copyright 1995 - 2020 Broadridge -->
 </head>
<body bgcolor="#ffffff" style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; text-align: left; color: #000000;">
 <div><br>
 </div>
 <div>
 <div id="DSPFPageHeader">
 <div style="text-align: right;"><font style="font-weight: bold; font-size: 12pt;">Exhibit 10.1</font><br>
 </div>
 </div>
 <div><br>
 </div>
 <div style="text-align: center; margin-top: 3.8pt; font-family: Arial,Helvetica,sans-serif; font-size: 12pt; font-weight: bold;">EMPLOYMENT AGREEMENT</div>
 <div style="margin-top: 3.8pt;"><br>
 </div>
 <div style="text-align: justify; text-indent: 36pt; font-family: Arial,Helvetica,sans-serif; font-size: 12pt;">This Employment Agreement (&#8220;<u>Agreement</u>&#8221;) is hereby made between <font style="font-weight: bold;">USA Technologies, Inc.</font>, a
 Pennsylvania corporation (&#8220;<u>Company</u>&#8221;), and <font style="font-weight: bold;">R. Wayne Jackson</font> (&#8220;<u>Executive</u>&#8221;).&#160; Each of Company and Executive is a &#8220;<u>Party</u>&#8221; to this Agreement, and collectively are the &#8220;<u>Parties</u>&#8221; to this
 Agreement.</div>
 <div><br>
 </div>
 <div style="text-align: center; margin-right: 1pt; margin-top: 1.45pt; font-family: Arial,Helvetica,sans-serif; font-size: 12pt; font-weight: bold;"><u>RECITALS</u></div>
 <div style="margin-top: 0.75pt;"><br>
 </div>
 <div style="text-align: justify;"><font style="font-size: 12pt; font-family: Arial,Helvetica,sans-serif;">A.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt; font-family: Arial,Helvetica,sans-serif;">The Company is engaged in the business of cashless
 payments processing (&#8220;<u>Business</u>&#8221;).</font></div>
 <div><br>
 </div>
 <div style="text-align: justify;"><font style="font-size: 12pt; font-family: Arial,Helvetica,sans-serif;">B.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt; font-family: Arial,Helvetica,sans-serif;">The Company desires to employ Executive and Executive
 desires to accept such employment with the Company effective as of August 10, 2020 (&#8220;<u>Effective Date</u>&#8221;), subject to the terms and conditions of this Agreement.</font></div>
 <div><br>
 </div>
 <div style="text-align: center; margin-right: 1pt; font-family: Arial,Helvetica,sans-serif; font-size: 12pt; font-weight: bold;">AGREEMENT</div>
 <div><br>
 </div>
 <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: Arial,Helvetica,sans-serif; font-size: 12pt;">NOW, THEREFORE, upon the foregoing premises, and for good and valuable consideration, the Company and Executive,
 intending to be legally bound, agree as follows:</div>
 <div style="margin-top: 0.75pt;"><br>
 </div>
 <div style="text-indent: 36pt; text-align: justify;"><font style="font-size: 12pt; font-family: Arial,Helvetica,sans-serif;">1.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt; font-family: Arial,Helvetica,sans-serif;"><u>Employment</u>. Effective as of
 the Effective Date, the Company shall employ Executive, and Executive shall accept such employment and perform services for the Company, upon the terms and conditions set forth in this Agreement.</font></div>
 <div><br>
 </div>
 <div style="text-indent: 36pt; text-align: justify;"><font style="font-size: 12pt; font-family: Arial,Helvetica,sans-serif;">2.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt; font-family: Arial,Helvetica,sans-serif;"><u>Term of Employment</u>. The term
 of Executive&#8217;s employment under this Agreement with the Company shall be for the period commencing on the Effective Date and continuing until terminated in accordance with Section 8 hereof. The period of Executive&#8217;s employment under this Agreement
 shall be the &#8220;<u>Employment Term</u>&#8221;.</font></div>
 <div><br>
 </div>
 <div style="text-indent: 36pt; text-align: justify;"><font style="font-size: 12pt; font-family: Arial,Helvetica,sans-serif;">3.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt; font-family: Arial,Helvetica,sans-serif;"><u>Position and Duties</u>.</font></div>
 <div><br>
 </div>
 <div style="margin-bottom: 12pt; text-indent: 72pt; text-align: justify;"><font style="font-size: 12pt; font-family: Arial,Helvetica,sans-serif;">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 12pt; font-family: Arial,Helvetica,sans-serif;"><u>Employment
 with the Company</u>. While Executive is employed by the Company during the Employment Term, Executive shall hold the position of Chief Financial Officer and shall report to the Company&#8217;s Chief Executive Officer (&#8220;<u>CEO</u>&#8221;).&#160; Executive shall
 perform such duties and responsibilities for the Company and its Affiliates consistent with his position and as may otherwise be established from time to time by the CEO, but in all cases consistent with the duties and responsibilities associated
 with the chief financial officer position for companies of comparable size and nature.&#160; Such duties and positions may include service as an officer or director of the Company or its Affiliates, which duties shall be performed without additional
 compensation. For purposes of this Agreement, &#8220;<u>Affiliate</u>&#8221; means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock company, a trust, a joint venture, or an unincorporated organization,
 that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common