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USAT > SEC Filings for USAT > Form 8-K on 22-Nov-2013All Recent SEC Filings

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Form 8-K for USA TECHNOLOGIES INC


22-Nov-2013

Other Events


Item 8.01 Other Events.

The Board of Directors of USA Technologies, Inc. ("USAT") has amended the Stock Ownership Guidelines For Directors And Executive Officers (the "SOG") to increase the stock ownership requirement thereunder for non-employee Directors of USAT. The SOG now provides that each non-employee Director is required to own shares of USAT common stock with a value of five (5) times the annual retainer for serving on the Board as well as for serving on one (but not more than one) Committee of the Board for a total share value of $150,000. Prior to the amendment, non-employee Directors were required to own shares of USAT common stock with a value of two (2) times the annual retainer for serving on the Board for a total share value of $40,000. Each current Director will have until June 30, 2016 to comply with the increased stock ownership requirements and any future Director would have five years to comply with the stock ownership requirements. The Board also amended the SOG so that nonvested restricted stock awards will now count towards the stock ownership requirements for executive officers and non-employee Directors. A copy of the SOG is accessible on USAT's website, www.usatech.com, under the Governance section of the Investor Relations tab.

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