Software

USA Technologies cuts executive salaries 20% due to COVID-19

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May 14, 2020

USA Technologies Inc., a cashless payments and software services company that provides end-to-end technology solutions for the self-service retail market, announced that because of the uncertainty created by the COVID-19 global pandemic, the base salaries of the company’s named executive officers and other members of the senior leadership team have been reduced by 20%, according to a press release. These base salary reductions are effective as of May 11, 2020 and are expected to continue through Dec. 31, 2020. 

In addition, the company announced that on May 8, 2020, as an inducement material to Sean Feeney’s entering into employment with the company as chief executive officer, the company awarded Feeney a one-time award of stock options to purchase up to 1 million shares of the company’s common stock, at an exercise price equal to $6.30, the closing price of the company’s common stock on the grant date. 

For an update on how the coronavirus pandemic is affecting convenience services, click here.