Exhibit 10.1
December 12, 1997
Xx. Xxxxxx X. Xxxxxx
The Next Super Stock
Two Wisconsin Xxxxxx, Xxxxx 000
Xxxxx Xxxxx, Xxxxxxxx 00000
Dear Xxxxx:
This is to acknowledge and confirm that the terms of our Consulting
Agreement signed and dated December 1, 1996 are hereby extended for an
additional three month term. We are very pleased to be a client of yours again.
(1) You are actively involved in providing financial relations,
consulting and advisory services to clients.
(2) The Company hereby engages you and you hereby agree to render
financial public relations, consulting and advisory services to the Company,
including promoting the Company to an established base of radio listeners around
the country. It is understood and agreed that none of your services shall be in
connection with the offer or sale of any securities of the Company in a capital
raising transaction.
(3) Compensation
(a) The Company shall issue to you in consideration for
providing the financial, public relations, consulting and advisory services set
forth herein a total of 120,000 shares of fully vested, nonassessable, free
trading Common Stock of the Company. Upon the effective date of the registration
statement described in Paragraph 3(b) below, the Company shall issue such stock
to you
as follows:
December 31, 1997 (or, if later, the date of filing
of the Form S-8 Registration Statement) 40,000
January 31, 1998 (or, if later, the date of filing
of the Form S-8 Registration Statement) 40,000
February 28, 1998 (or, if later, the date of filing
of the Form S-8 Registration Statement) 40,000
These issuances of the Company's stock shall be the only consideration that you
are entitled to under this Consulting Agreement.
(b) Promptly after the date of this Consulting Agreement, the
Company will cause a registration statement on Form S-8 to be filed with the
Securities and Exchange Commission for the purpose of registering 80,000 shares
of Common Stock of the Company issuable to you pursuant to Paragraph 3(a) above.
(4) This Consulting Agreement shall be for a term of three months
commencing December 1, 1997 and terminating February 28, 1998. Any renewal or
extension of this Consulting Agreement shall be upon a new written agreement
signed by each of the parties.
(5) You will not directly or indirectly disclose to any other person,
firm or corporation, nor use for your own benefit during or after the term of
this Consulting Agreement, any trade secrets or other information designated as
confidential by the Company which is acquired by you in the course of performing
services hereunder. Trade secrets can include, but are not limited to, products
or services under development, production methods and processes, sources of
supply, customer lists, marketing plans, information concerning the filing or
pendency of patent applications and information concerning the issuance of any
securities of the Company.
(6) In performing your duties as set forth in this Consulting
Agreement, you shall abide by all applicable laws, including federal and state
securities laws, and shall make all disclosures required by such laws, including
disclosures required as a result of you entering into this Consulting Agreement
with the Company and in connection with your radio broadcasts.
(7) You hereby represent that you have obtained all licenses or
registrations required in order to perform the services set forth in the
Consulting Agreement. You also hereby represent that you are not prohibited from
entering into this Consulting Agreement or from performing your obligations
hereunder by any law, regulation, contract, decree, order or agreement.
(8) You and the Company hereby acknowledge that you are an independent
contractor. You shall not hold yourself out as, nor shall you take any action
from which others might infer, that you are a partner, agent or joint venturer
of the Company.
(9) This Consulting Agreement sets forth the entire understanding of
the parties relating
to the subject matter hereof, and supersedes and cancels any prior
communications, understandings and agreements between the parties. This
Consulting Agreement cannot be modified or changed, nor can any of its
provisions be waived, except by written agreement signed by all parties.
(10) This Consulting Agreement shall be governed by the laws of the
Commonwealth of Pennsylvania. Any dispute arising out of this Consulting
Agreement shall be adjudicated in the courts of the Commonwealth of Pennsylvania
or in the federal courts located within the Commonwealth of Pennsylvania.
Xxxxx, please indicate your acceptance of the terms of this Consulting
Agreement by signing and dating below where indicated and returning it to me.
USA TECHNOLOGIES, INC.
By: /s/ Xxxxxx X. Xxxxxx
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Xxxxxx X. Xxxxxx, Xx.
President and Chief Executive Officer
ACCEPTED:
/s/ Xxxxxx Xxxxxxx Xxxxxx
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Xxxxxx Xxxxxxx Xxxxxx
