On November 30, 2011, USA Technologies, Inc. appointed Stephen P. Herbert as the Chairman of the Board of Directors and Chief Executive Officer of the company. Herbert had held the posts on an interim basis since October 5, 2011.
Herbert's employee agreement provides for an initial term continuing through January 1, 2013, which is automatically renewed for consecutive one year periods unless terminated by either Mr. Herbert or the Company upon at least ninety days notice prior to the end of the initial term or any one year extension thereof.
Herbert's base salary is $341,227, plus the amount of the annual premiums that had been paid by the company for the car allowance and supplemental disability insurance coverage under his prior employment agreement; (ii) the car allowance and supplemental disability insurance coverage that had been provided to him under his prior employment agreement have been discontinued; and (iii) he is eligible for a cash bonus of $30,000 if the company would achieve all of the minimum threshold performance target goals under the Fiscal Year 2012 Performance Share Plan adopted by the Board of Directors of the Company on September 15, 2011, of $50,000 if the company would achieve all of the target performance goals under the 2012 Plan, and of $75,000 if the company would achieve all of the maximum distinguished performance target goals under the 2012 Plan.
Herbert has been an officer and a member of the Board of Directors of the Company since 1996, and has served as President and Chief Operating Officer of the Company since 1999.
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