PAR Technology Corp. Announces Director Changes and Officer Compensation
Ticker: PAR · Form: 8-K · Filed: Mar 28, 2024 · CIK: 708821
| Field | Detail |
|---|---|
| Company | Par Technology Corp (PAR) |
| Form Type | 8-K |
| Filed Date | Mar 28, 2024 |
| Risk Level | low |
| Pages | 2 |
| Reading Time | 2 min |
| Key Dollar Amounts | $5 million, $15,000, $2,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: director-change, officer-compensation, governance
Related Tickers: PAR
TL;DR
PAR Tech board shakeup: Director out, new one in, exec pay details disclosed.
AI Summary
PAR Technology Corporation announced on March 25, 2024, the departure of director Edward L. Baker and the election of new director David M. Derman. The company also disclosed compensatory arrangements for certain officers. This filing is a current report under Section 13 or 15(d) of the Securities Exchange Act of 1934.
Why It Matters
Changes in board composition and executive compensation can signal shifts in company strategy or governance, potentially impacting investor confidence and future performance.
Risk Assessment
Risk Level: low — This filing primarily reports routine corporate governance changes and compensation details, which typically carry low immediate risk.
Key Players & Entities
- PAR Technology Corporation (company) — Registrant
- Edward L. Baker (person) — Departing Director
- David M. Derman (person) — Newly Elected Director
- March 25, 2024 (date) — Date of earliest event reported
FAQ
Who has departed from the board of directors at PAR Technology Corporation?
Edward L. Baker has departed from the board of directors.
Who has been elected as a new director to the board?
David M. Derman has been elected as a new director.
What is the date of the earliest event reported in this 8-K filing?
The date of the earliest event reported is March 25, 2024.
Under which section of the Securities Exchange Act is this report filed?
This report is filed pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
What are the main items disclosed in this 8-K filing?
The filing discloses the departure of a director, the election of a new director, and compensatory arrangements of certain officers.
Filing Stats: 517 words · 2 min read · ~2 pages · Grade level 13.2 · Accepted 2024-03-28 16:42:18
Key Financial Figures
- $5 million — ing for death benefits in the amount of $5 million. In addition, the Amendment reduces the
- $15,000 — nd diagnostic medical examinations from $15,000 to $2,000. The preceding description o
- $2,000 — ic medical examinations from $15,000 to $2,000. The preceding description of the Amen
Filing Documents
- ef20025463_8k.htm (8-K) — 28KB
- ef20025463_ex10-1.htm (EX-10.1) — 11KB
- 0001140361-24-016192.txt ( ) — 173KB
- par-20240325.xsd (EX-101.SCH) — 4KB
- par-20240325_lab.xml (EX-101.LAB) — 21KB
- par-20240325_pre.xml (EX-101.PRE) — 16KB
- ef20025463_8k_htm.xml (XML) — 4KB
02
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.
Financial Statements and Exhibits
Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Exhibit Description 10.1 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
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