PAR Technology Corporation (NYSE:PAR) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

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PAR Technology Corporation (NYSE:PAR) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

Item 5.02

Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.
(b) Ronald Casciano resigned as a director of the Board of
Directors of PAR Technology Corporation (the Company) on April
12, 2017. On April 12, 2017, Karen Sammon, Chief Executive
Officer and President of the Company and President of Partech,
Inc., resigned from these officer positions and as a director of
the Companys Board of Directors, and assumed the position of
Chief of Staff of the Company. As of April 12, 2017, the Company
no longer has a separate office of Chief Accounting Officer;
accordingly, Matt Trinkaus no longer serves as the Companys Chief
Accounting Officer.
(c) Dr. Donald H. Foley, an independent member of the Companys
Board of Directors since January 1, 2016, has been appointed
Chief Executive Officer and President of the Company and
President of Partech, Inc., effective April 12, 2017. Prior to
his appointment as CEO and President of the Company, Dr. Foley
served as a member of the Audit, Compensation, and Nominating and
Corporate Governance Committees of the Companys Board of
Directors. Dr. Foley, who is 72 years old, is the sole proprietor
of Martingale Consulting, an executive level and strategic,
managerial and business development services firm, which Dr.
Foley founded in 2011. From 1991 to 2011, Dr. Foley held various
senior executive positions at Science Applications International
Corporation (SAIC, currently Leidos Holdings, Inc.), one of the
nations largest government contractors, providing scientific,
engineering, systems integration and technical services and
solutions to all branches of the U.S. Military, agencies of the
U.S. Department of Defense (DoD), the intelligence community, the
U.S. Department of Homeland Security (DHS) and other U.S.
Government civil agencies, as well as to customers in selected
commercial markets. At SAIC, Dr. Foley served as Executive Vice
President from 2005 to 2011, as Group President of the Research
and Intelligence Group from 1991 to 2005, and as a member of the
Board of Directors from 2002 to 2007.
Dr. Foley will receive an annual base salary of $460,000, 25% of
which will be paid in time vesting restricted stock, that vest
ratably monthly; such shares to be granted on the first day of
the open trading window following the effective date of Dr.
Foleys employment. Dr. Foley will participate in the Companys
short-term incentive plan (STI) with a target amount of 75% of
his base salary; 25% of Dr. Foleys STI bonus, will be paid in
shares of time vesting restricted stock. If Dr. Foleys employment
is terminated without cause in 2017, he will be paid the balance
of his 2017 base salary. Additionally, if Dr. Foleys employment
is terminated without cause on or after August 1, 2017 or if he
is employed as of December 31, 2017, Dr. Foley will be paid not
less than 50% of his pro-rated STI bonus.
The foregoing description of the terms of Dr. Foleys employment
does not purport to be complete and is qualified in its entirety
by reference to the complete text of Dr. Foleys offer letter
which will be filed as an exhibit to the Companys Quarterly
Report on Form 10-Q for the period ending June 30, 2017 to be
filed with the Securities and Exchange Commission.
Item 9.01.
Financial Statements and Exhibits
(d)
Exhibits.
99.1
PAR Technology Corporation Press Release dated April 13,
2017.


About PAR Technology Corporation (NYSE:PAR)

PAR Technology Corporation (PAR) is a provider of systems and service solutions for the hospitality industry. The Company operates through two segments: Hospitality and Government. The solutions for the restaurant industry integrate software applications, hardware platforms, software delivery, and installation and lifecycle support services. PAR’s software offerings for the Restaurant market include front-of-store point-of-sale (POS) software applications, and enterprise software applications for content management and business intelligence. PAR’s hardware offerings for the restaurant market include POS terminals, kitchen systems utilizing printers and/or video monitors, and a range of food safety monitoring and task management hardware and software solutions. PAR’s Government business provides a range of technical services for the Department of Defense (DoD) and federal agencies. The Government segment focuses on serving intelligence, surveillance and reconnaissance (ISR) customers.

PAR Technology Corporation (NYSE:PAR) Recent Trading Information

PAR Technology Corporation (NYSE:PAR) closed its last trading session up +0.05 at 7.37 with 25,833 shares trading hands.