EXHIBIT 10.37
CANCELLATION OF SUBSCRIPTION AGREEMENT
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This Cancellation of Subscription Agreement is made this 20th day of March
2003, by and between Xxxxxx & Xxxxxxx, P.C. (Xxxxxx), a Pennsylvania
professional corporation, and USA Technologies, Inc.(USA), a Pennsylvania
corporation. Xxxxxx and USA entered into a Subscription Agreement (Subscription
Agreement) dated October 25, 2002, whereby Xxxxxx subscribed for 400,000 shares
of Common Stock of USA (the Common Stock) with the understanding that Xxxxxx
would sell the Common Stock and apply the sale proceeds towards professional
fees due to Xxxxxx by USA. Xxxxxx and USA each agree to cancel the Subscription
Agreement and the Subscription Agreement shall be void and have no further
effect whatsoever.
IN WITNESS WHEREOF, the parties have signed this Cancellation of
Subscription Agreement on the day and year first above written.
Xxxxxx & Xxxxxxx, P.C.
/s/ Xxxx Xxxxxxx
Witness: __________________ By:________________________
Xxxx Xxxxxxx, President
USA Technologies, Inc.
/s/ Xxxxxx X. Xxxxxx, Xx.
Witness:___________________ By:_________________________
Xxxxxx X. Xxxxxx, Xx.,
Chief Executive Officer
