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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): March 25, 2024

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 Arrangements of Certain Officers.

On March 25, 2024, PAR Technology Corporation (the “Company”) and Savneet Singh, the Company’s Chief Executive Officer, entered into an amendment (the “Amendment”) to the Amended and Restated Employment Letter (the “Employment Letter”), dated May 9, 2023.  The Amendment removes the Company’s obligation to procure and pay premiums for an individual term life insurance policy on the life of Mr. Singh providing for death benefits in the amount of $5 million. In addition, the Amendment reduces the Company’s payment obligation for annual physical and diagnostic medical examinations from $15,000 to $2,000.

The preceding description of the Amendment is qualified in its entirety by reference to the full text of Amendment, a copy of which is filed herewith as Exhibit 10.1 and incorporated herein by reference.

Item 9.01
Financial Statements and Exhibits.

(d) Exhibits.
Exhibit No.
  
Exhibit Description
     
 
Amendment to the Amended and Restated Employment Letter, dated March 25, 2024
     
104
  
Cover Page Interactive Data File (embedded within the Inline XBRL document)


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
     
Date:
March 28, 2024
/s/ Bryan A. Menar
   
Bryan A. Menar
   
Chief Financial Officer


EX-10.1 2 ef20025463_ex10-1.htm EXHIBIT 10.1
Exhibit 10.1

March 25, 2024

Mr. Savneet Singh
c/o PAR Technology Corporation
8383 Seneca Turnpike
New Hartford, NY 13413


 Re:
Amendment to Amended and Restated Employment Letter: Service as Chief Executive Officer
 
Dear Savneet:
 
This Amendment (“Amendment”) sets forth certain amendments to the Amended and Restated Employment Agreement dated May 9, 2023 (“Employment Letter”) between you and PAR Technology Corporation (the “Company”). Capitalized terms used in this Amendment and not otherwise defined herein shall have the meanings ascribed to them in the Employment Letter. You and the Company agree that as of the Effective Date (defined below) the Employment Letter is amended as follows:
 
1.          The Company shall no longer be obligated to procure and pay the premiums for an individual term life insurance policy on your life providing for death benefits in the amount of $5 million; and
 
2.          The Company shall pay up to $2,000 (decreased from $15,000) for an annual executive-level physical and diagnostic medical examination at a medical institution of your choosing.
 
Except as set forth in this Amendment and amended hereby, all other terms and provisions of the Employment Letter shall remain unchanged and in full force and effect.
 
If you agree with the terms and conditions of this Amendment, please evidence your agreement by countersigning and dating this Amendment in the space indicated and return it to me. Your signature will acknowledge that you have read and understand and agree to the terms and conditions of this Amendment. This Amendment shall be effective on the date of your countersignature on this Amendment (“Effective Date”).
 
[Signature Page Immediately Follows]
 

Feel free to contact me if you have questions or if you need any additional information.
 
 
Sincerely,
   
 
By:
 /s/ Bryan A. Menar
  
 
Name:
Bryan A. Menar
 
Title:
Chief Financial Officer

Accepted and Agreed to:
  
   
/s/ Savneet Singh
  
Savneet Singh
  
   
Dated:
  3/25/2024