USA Technologies (OTC: USAT), a cashless payments and software services company that provides end-to-end technology solutions for the self-service retail market, on Wednesday announced that it has reduced the base salaries of its named executive officers and other members of the company’s senior leadership team by 20% in response to the global COVID-19 pandemic. The salary reductions are effective as of May 11, 2020 and are anticipated to last through December 31, 2020. In addition, USAT announced that on May 8, 2020 it awarded CEO Sean Feeney a one-time option to purchase up to 1,000,000 shares of the company’s common stock at an exercise price of $6.30, the closing price of the company’s common stock on the grant date, as an inducement material to Feeney for entering into employment with USAT as chief executive officer. Per the release, 50% of the options are eligible to vest in four equal annual installments on the first four anniversaries of the grant date and 12.5% of the options are eligible to vest on June 30, 2021. An additional 12.5% of the options are eligible to vest on June 30, 2022, June 30, 2023, and June 30, 2024, subject to the successful completion of performance goals for the relevant fiscal year to be established by the Board of Directors, following consultation with Feeney, and subject to proration if so determined by the Compensation Committee of the company’s Board of Directors if at least 80% of the performance goal is achieved. Any outstanding and unvested portion of the options are eligible to vest upon certain “change in control” events involving USAT. This one-time inducement award was made outside of USAT’s current equity compensation plans in accordance with NASDAQ Listing Rule 5635(c)(4).
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About USA Technologies, Inc.
USA Technologies, Inc. is a cashless payments and software services company that provides end-to-end technology solutions for the self-service retail market. USAT is transforming the unattended retail community by offering one integrated solution for payments processing, logistics, and back-office management. The company’s enterprise-wide platform is designed to increase consumer engagement and sales revenue through digital payments, digital advertising and customer loyalty programs, while providing retailers with control and visibility over their operations and inventory. As a result, customers ranging from vending machine companies, to operators of micro-markets, gas and car charging stations, laundromats, metered parking terminals, kiosks, amusements and more, can run their businesses more proactively, predictably, and competitively. For more information, visit the company’s website at www.USATech.com.
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