usio20250307

usio20250307_8ka.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K/A

(Amendment No. 1)

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 3, 2025

USIO, INC.

(Exact name of registrant as specified in its charter)

Nevada	000-30152	98-0190072
(State or other jurisdiction	(Commission	(IRS Employer
of incorporation)	File Number)	Identification No.)

3611 Paesanos Parkway, Suite 300, San Antonio, TX		78231
(Address of principal executive offices)		(Zip Code)

(210) 249-4100

(Registrant’s telephone number, including area code)

Not applicable.

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common stock, par value $0.001 per share	USIO	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Explanatory Note

This form 8-K/A amends the Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission (the "SEC") on March 5, 2025 (the "Original Report") by Usio, Inc (the "Company"). The Company has updated the effective dates within Item 5.02 and the exhibit index set forth in Item 9.01, alongside an update in the biographical section for Greg Carter from the Original Report. No other changes to the Original Report have been made, the text of which is set forth in its entirety below.

Item 5.02

Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

(c) On February 20, 2025, Greg Carter, the Company’s Executive Vice President, Payment Acceptance, was promoted to Executive Vice President, Chief Revenue Officer. In connection with this promotion, the Compensation Committee approved a base salary of $300,000 per annum for Mr. Carter, effective March 1, 2025. Mr. Carter will also be eligible for grants of awards under the Company’s equity incentive programs and annual bonus plans as well as other employment benefits for which all employees of the Company are eligible.

Mr. Carter, a veteran of the United States Marine Corps, has been with the Company for over five years and currently serves as our Executive Vice President of Payment Acceptance. Mr. Carter has served in numerous senior management roles within the telecommunications, billing and settlement, and retail industries. Notably, from August 2004 to May 2012, Mr. Carter was the Chief Executive Officer for BSG Clearing Solutions, with revenues of $142 million dollars. Additionally, Mr. Carter has held senior-level sales and marketing roles at MCI/Telecom *USA, US Long Distance, Qwest and nii Communications.

(e) On February 20, 2025, the Compensation Committee of the Board of Directors of the Company approved an annual base salary for Louis Hoch, the Chairman of the Board, President and Chief Executive Officer of the Company, of $900,000, effective March 1, 2025. Mr. Hoch will also be eligible for grants of awards under the Company’s equity incentive programs and annual bonus plans as well as other employment benefits for which all employees of the Company are eligible.

In addition, the Compensation Committee of the Board of Directors of the Company approved an annual base salary for Michael White, the Senior Vice President, Chief Accounting Officer of the Company, of $230,000, effective March 1, 2025. Mr. White will also be eligible for grants of awards under the Company’s equity incentive programs and annual bonus plans as well as other employment benefits for which all employees of the Company are eligible.

Item 9.01

Financial Statements and Exhibits.


10.1	Tenth Amendment to Employment Agreement Dated to be effective as of March 1, 2025 by and between the Company and Louis A. Hoch
10.2	First Amendment to Employment Agreement Dated to be effective as of March 1, 2025 by and between the Company and Greg Carter
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: March 11, 2025

USIO, INC.

By: /s/ Louis A. Hoch

Name: Louis A. Hoch

Title: Chief Executive Officer and President

Exhibit 10.1

Tenth Amendment to Employment Agreement

This Tenth Amendment (“Tenth Amendment”), to the Employment Agreement (the “Agreement”) dated February 27, 2007 between Usio, Inc. fka Payment Data Systems, Inc (“PDS”) and Louis A. Hoch (“Executive”) is entered into this 1st day of March 2025, and is made part of the Agreement which is hereby amended as follows:

1. Definitions. All capitalized terms used herein and not expressly defined herein shall have the respective meanings given to such terms in the Agreement.

2. Entire Agreement. Except as expressly modified by this Tenth Amendment, the Agreement shall be and remain in full force and effect in accordance with its terms and shall constitute the legal, valid, binding and enforceable obligations of PDS and Executive.

3. Successors and Assigns. This Tenth Amendment shall be binding upon and inure to the benefit of the successors and permitted assigns of the parties hereto.

4. Section References. Section titles and references used in this Tenth Amendment shall be without substantive meaning or content of any kind whatsoever and are not a part of the agreements among the parties hereto evidenced hereby.

5. Now, therefore, in consideration of the mutual covenants set forth herein and for other good and valuable consideration, the adequacy, receipt and sufficiency of which are hereby acknowledged:

SCHEDULE 4(a)(i) of the Agreement is hereby replaced in its entirety with:

“$900,000 per annum.”

6. This Tenth Amendment amends the Agreement as set forth herein. All previously existing obligations under the Agreement are hereby reaffirmed in all respects.

[Signature Page follows.]

In witness thereof, the parties hereto have caused this Tenth Amendment to the Agreement to be executed on the day and year first above written.

Usio, Inc.	Executive

By: /s/ Michelle Miller	By: /s/ Louis Hoch
Name: Michelle Miller	Name: Louis A. Hoch
Title: Chairperson of the
Compensation Committee

Exhibit 10.2

First Amendment to Employment Agreement

This First Amendment (“First Amendment”), to the Employment Agreement (the “Agreement”) dated February 17, 2023 between Usio, Inc. (“Company”) and Greg Carter (“Executive”) is entered into this 1st day of March 2025, and is made part of the Agreement which is hereby amended as follows:

1. Definitions. All capitalized terms used herein and not expressly defined herein shall have the respective meanings given to such terms in the Agreement.

2. Entire Agreement. Except as expressly modified by this First Amendment, the Agreement shall be and remain in full force and effect in accordance with its terms and shall constitute the legal, valid, binding and enforceable obligations of Company and Executive.

3. Successors and Assigns. This First Amendment shall be binding upon and inure to the benefit of the successors and permitted assigns of the parties hereto.

4. Section References. Section titles and references used in this First Amendment shall be without substantive meaning or content of any kind whatsoever and are not a part of the agreements among the parties hereto evidenced hereby.

5. Now, therefore, in consideration of the mutual covenants set forth herein and for other good and valuable consideration, the adequacy, receipt and sufficiency of which are hereby acknowledged:

SCHEDULE 4(a) of the Agreement is hereby replaced in its entirety with:

Base Salary: $300,000 per annum

Override/Commissions: 10% override to be paid quarterly and calculated against the actual cash commissions paid to salespersons under direct management of Employee and for only commissions paid on products and services related to “Payment Acceptance”.

The Employee will be allowed to participate in any future stock options or stock grants as

approved and calculated by the Company’s executive compensation committee and/or CEO.

6. This First Amendment amends the Agreement as set forth herein. All previously existing obligations under the Agreement are hereby reaffirmed in all respects.

[Signature Page follows.]

In witness thereof, the parties hereto have caused this Tenth Amendment to the Agreement to be executed on the day and year first above written.

Usio, Inc.	Executive

By: /s/ Michelle Miller	By: /s/ Greg Carter
Name: Michelle Miller	Name: Greg Carter
Title: Chairperson of the
Compensation Committee