UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported): February 11, 2022
PAR Technology Corporation
(Exact name of registrant as specified in its charter)
| Delaware | 1-09720 | 16-1434688 | ||||||
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
PAR Technology Park, 8383 Seneca Turnpike, New Hartford, New York 13413-4991
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (315) 738-0600
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:
| ☐ | 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 | Name of each exchange on which registered | ||||||
| Common Stock | PAR | New York Stock Exchange | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory.
(e) On February 27, 2020, PAR Technology Corporation (the “Company”) entered into an employment letter with Savneet Singh for his continued service as Chief Executive Officer and President of the Company, which was amended on February 16, 2021 (the “Employment Agreement”). In recognition of Mr. Singh's contributions to the achievement of the Company’s key accomplishments in 2021, including the acquisition of Punchh Inc. in April 2021 and his leadership in concluding the Company's public offering of its common stock and sale of convertible senior notes in September 2021, on February 11, 2022, the Compensation Committee of the Board of Directors of the Company approved the grant of a recognition award of 20,000 time-vesting restricted stock units to Mr. Singh. This grant is in addition to the grants of equity awards described in the Employment Agreement and granted to Mr. Singh in March 2020. The recognition award will vest ratably in one-third increments on an annual basis from the grant date, subject to Mr. Singh’s continued service as Chief Executive Officer and President of the Company on the applicable vesting dates.
SIGNATURES
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.
| PAR TECHNOLOGY CORPORATION | ||||||||
| (Registrant) | ||||||||
| Date: | February 17, 2022 | /s/ Bryan A. Menar | ||||||
| Bryan A. Menar | ||||||||
| Chief Financial and Accounting Officer | ||||||||
| (Principal Financial Officer) | ||||||||