<SEC-DOCUMENT>0001140361-15-041963.txt : 20151117
<SEC-HEADER>0001140361-15-041963.hdr.sgml : 20151117
<ACCEPTANCE-DATETIME>20151117100347
ACCESSION NUMBER:		0001140361-15-041963
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20151116
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20151117
DATE AS OF CHANGE:		20151117

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PAR TECHNOLOGY CORP
		CENTRAL INDEX KEY:			0000708821
		STANDARD INDUSTRIAL CLASSIFICATION:	CALCULATING & ACCOUNTING MACHINES (NO ELECTRONIC COMPUTERS) [3578]
		IRS NUMBER:				161434688
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09720
		FILM NUMBER:		151237271

	BUSINESS ADDRESS:	
		STREET 1:		PAR TECHNOLOGY PARK
		STREET 2:		8383 SENECA TURNPIKE
		CITY:			NEW HARTFORD
		STATE:			NY
		ZIP:			13413
		BUSINESS PHONE:		3157380600
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
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<DESCRIPTION>PAR TECHNOLOGY CORPORATION 8-K 11-16-2015
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<div style="FONT-SIZE: 14pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">SECURITIES AND EXCHANGE COMMISSION</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">WASHINGTON, DC 20549</div>

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<div style="FONT-SIZE: 18pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">FORM 8-K</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">CURRENT REPORT</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">Pursuant to Section 13 or 15(d) of the</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">Securities Exchange Act of 1934</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">Date of report (Date of earliest event reported): November 16, 2015</div>

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<div style="FONT-SIZE: 24pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">PAR Technology Corporation</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">(Exact name of registrant as specified in its charter)</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">PAR Technology Park, 8383 Seneca Turnpike, New Hartford, New York 13413-4991</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">Registrant's telephone number, including area code: (315) 738-0600</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">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:</div>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">Soliciting material pursuant to rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</td>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</td>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; TEXT-ALIGN: left; WIDTH: auto">5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</td>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; TEXT-ALIGN: left; WIDTH: auto">5.02 (b), (e)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: left">Retirement of Ronald J. Casciano Chief Executive Officer and President</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">On November 16, 2015, Ronald J. Casciano advised the Board of Directors (the &#8220;Board&#8221;) of his decision to retire from the position of Chief Executive Officer, and President of PAR Technology Corporation (the &#8220;Company&#8221;), effective as of January 1, 2016.&#160; Mr. Casciano will also retire from other officer and director positions held with the Company&#8217;s subsidiaries.&#160; Mr. Casciano indicated his decision to retire from the position of Chief Executive Officer and President of the Company is not the result of any disagreement with the Company on any matter relating to the Company&#8217;s operations, policies or practices.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">Mr. Casciano will continue to serve as a member of the Board.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">Commencing January 1, 2016, Mr. Casciano will receive a prorated portion of an annual retainer consisting of $40,000 and $40,000 in restricted stock in connection with his continuing role as a member of the Board.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: left">Election of Karen E. Sammon Chief Executive Officer and President; Election as Director</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">On November 16, 2015, pursuant to the Company&#8217;s By-Laws and upon recommendation of the Nominating and Corporate Governance Committee, Karen E. Sammon was elected Chief Executive Officer and President of the Company, effective January 1, 2016.&#160; Ms. Sammon, age 51, has served as the President of the Company&#8217;s hospitality business, ParTech, Inc., since April 2013.&#160; ParTech is the Company&#8217;s largest subsidiary and serves the restaurant, retail and food safety industries.&#160; From 2010 to April 2013, Ms. Sammon served as Senior Vice President, Operations at The CBORD Group, Inc. where she had full strategic planning and P&amp;L management responsibility for the US-based operation.&#160; The CBORD Group, a unit of Roper Industries, Inc., is a leading provider of campus and cashless card solutions, food and nutrition service management software and integrated security solutions for colleges and universities, healthcare facilities, supermarkets and corporations.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">In connection with her promotion, Ms. Sammon has entered into an employment agreement with the Company under which her employment is &#8220;at will&#8221; and provides for the following: (a) an annual base salary of $300,000; (b) participation in the Company&#8217;s Annual Incentive Compensation Plan at the rate of 75% of her annual base salary based on achievement of financial targets as established by the Board;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#160;</font>(c) subject to terms of grant established by the Board on the grant date, a grant under the PAR Technology Corporation 2015 Equity Incentive Plan of (i) 30,000 shares of restricted stock with long-term performance based vesting over three years on performance metrics as established by the Board and (ii) 50,000 stock options vesting at the rate of one third each year on the anniversary of the date of the grant; and (d) continued participation in the Company&#8217;s retirement plan, as well as provision of insurance benefits and other customary benefits offered to the Company&#8217;s senior executives.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">Under the terms of the employment agreement, any termination of Ms. Sammon&#8217;s employment without cause prior to January 1, 2018, would result in a severance payment of an amount equal to her then current annual base salary in exchange for a duly executed standard release of claims.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">On November 16, 2015, pursuant to the authority of the Board of Directors under the Company&#8217;s By-Laws, the Board expanded the Board of Directors to seven members and, upon recommendation of the Nominating and Corporate Governance Committee, elected Ms. Sammon to fill one of the new positions effective January 1, 2016.&#160; Ms. Sammon will be presented as a nominee for election by the shareholders at the next annual meeting of shareholders, with a term expiring as of the annual meeting of shareholders in 2017.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">As previously disclosed in the Company&#8217;s 2015 Proxy Statement, Ms. Sammon has the following related party transactions which fall within the meaning of Item 404(a) of Regulation S-K promulgated by the Securities and Exchange Commission:</div>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">Ms. Sammon is a member of the immediate family of Dr. John W. Sammon, Director and Chairman Emeritus of the Company&#8217;s Board of Directors and a beneficial owner of more than five percent of the Company&#8217;s outstanding Common Stock.</td>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">Ms. Sammon and her brother, John W. Sammon, III, an employee of ParTech, Inc., are principals in Sammon and Sammon, LLC, doing business as Paragon Racquet Club.&#160; Paragon Racquet Club leases a portion of the Company&#8217;s facilities at New Hartford, New York on a month to month basis at the base rate of $9,775 (or an aggregate annual amount of $117,300 for 2014 and 2013).&#160; In addition, Paragon Racquet Club provided memberships to the Company's local employees valued at $23,800 and $23,600 for 2014 and 2013, respectively.</td>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">Ms. Sammon&#8217;s brother, John W. Sammon, III, became an employee of ParTech, Inc., a subsidiary of the Company, on October 13, 2014 serving as General Manager &amp; Senior Vice President, Intelligent Checklist Software Division.&#160; Mr. Sammon&#8217;s total compensation for 2014 was $32,232 which was comprised of his salary, participation in the Company&#8217;s retirement plan, as well as provision of insurance benefits offered to the Company&#8217;s senior executives.&#160; Mr. Sammon&#8217;s annual base salary for 2015 is currently set at $185,000.</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: justify">Election of Dr. Donald H. Foley as Director</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">On November 16, 2015, pursuant to the authority of the Board of Directors under the Company&#8217;s By-Laws, the Board expanded the Board of Directors to seven members and, upon recommendation of the Nominating and Corporate Governance Committee, elected Dr. Donald H. Foley to fill one of the new positions effective January 1, 2016.&#160; Dr. Foley will be presented as a nominee for election by the shareholders at the next annual meeting of shareholders, with a term expiring as of the annual meeting of shareholders in 2017.&#160; Dr. Foley will be appointed as a member of the Audit, Compensation and Nominating and Corporate Governance Committees of the Board.&#160; The Board has determined that upon joining the Board, Dr. Foley will qualify as an independent non-management director as defined by the NYSE in its listing standards and the Company&#8217;s Governance Guidelines and meeting the SEC standards for independence of audit committee members.&#160; There are no related party transactions within the meaning of Item 404(a) of Regulation S-K between the Company and Dr. Foley required to be disclosed herein.&#160; Dr. Foley will receive a prorated portion of an annual retainer consisting of $40,000 and $40,000 in restricted stock.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">The Company&#8217;s press release announcing the elections of Ms. Sammon and Dr. Foley is included as Exhibit 99.1.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Press Release of PAR Technology Corporation dated November 17, 2015.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">SIGNATURES</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">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 thereunto duly authorized.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">PAR TECHNOLOGY CORPORATION</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Date:&#160; November 17, 2015</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify">/s/Matthew J. Trinkaus</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Matthew J. Trinkaus</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Chief Accounting Officer &amp; Corporate Controller</div>
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<DOCUMENT>
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<div style="TEXT-ALIGN: right; FONT-WEIGHT: bold">Exhibit 99.1</div>

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<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">PAR Technology Corporation</div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(NYSE:PAR)</div>

<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">FOR RELEASE:&#160; November 17, 2015</div>

<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">CONTACT: </font>Christopher R. Byrnes</div>

<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">(315) 738-0600 ext. 6226</div>

<div style="TEXT-ALIGN: right; FONT-VARIANT: normal; FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: normal"><u>cbyrnes@partech.com</u></div>
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<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">PAR TECHNOLOGY CORPORATION ANNOUNCES</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">RETIREMENT OF CEO RONALD J. CASCIANO</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ELECTION OF KAREN E. SAMMON AS CEO &amp; BOARD MEMBER</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">PAR BOARD ALSO ELECTS DR. DONALD H. FOLEY TO SERVE ON BOARD OF DIRECTORS</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NEW HARTFORD, NY&#8212;November 17, 2015 -- </font>PAR Technology Corporation (NYSE:PAR), today announced the retirement of Ron Casciano from his position as CEO &amp; President effective January 1, 2016.&#160; Mr. Casciano who became CEO in 2013, also served as the Company&#8217;s Chief Financial Officer for 16 years prior to assuming his current position.&#160; Mr. Casciano originally joined PAR in 1983 and will remain on PAR&#8217;s Board of Directors.</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Cynthia Russo, the Lead Director of PAR&#8217;s Board commented: &#8220;Ron is retiring from PAR with a significant legacy.&#160;&#160; On behalf of the entire Board of Directors, I want to thank him for his strong leadership.&#160; During his tenure as CEO, Ron has led the Company&#8217;s improvement on essentially every key operating metric and provided solid stewardship during several acquisitions and divestitures.&#160; In addition, he has recruited and developed an outstanding management team and strengthened the Company's culture and mission.&#160; We are grateful for his many accomplishments over the years and wish him and his family the very best in retirement.&#8221;</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">PAR also announced the election by the Company&#8217;s Board of Directors, effective January 1, 2016, of Karen Sammon to the position of Chief Executive Officer, President and Board member.&#160;&#160; Ms. Sammon is currently President of ParTech, Inc., the Company&#8217;s largest subsidiary, serving the restaurant, retail and food safety industries.&#160; During Ms. Sammon&#8217;s lengthy and successful tenure at PAR she has served in roles that included Corporate Counsel, Investor Relations, Chief Marketing Officer and President of PAR&#8217;s software organization.&#160; While President of&#160; ParTech, Inc., Ms. Sammon has spearheaded the efforts to increase the Company&#8217;s software and recurring revenues and managed the realignment of PAR&#8217;s restaurant technology business to maximize efficiencies and operational performance.<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">&#160; </font>Ms. Sammon previously was Senior Vice President Operations at The CBORD Group.&#160; CBORD operates as a unit of Roper Technologies, Inc., a diversified software technology company and a constituent of the S&amp;P 500, Fortune 1000, and the Russell 1000 indices.&#160; Ms. Sammon currently serves on industry boards including Penn State School of Hospitality Technology Board of Directors and the FS TEC Advisory Board.</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Director Russo continued, &#8220;Karen has been a leader in redefining the nature of our business.&#160; She was the architect of the strategy to refocus PAR on expanding software solutions and recurring revenue growth through acquisition and organic development.&#160; She has been instrumental in restructuring and reorganizing PAR, improving profitability in the process, and re-allocating resources to high-growth areas.&#160; Karen has inspired colleagues through her energy and vision, and we look forward to great things under her leadership.&#8221;</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Commenting on his retirement, Casciano stated: &#8220;PAR&#8217;s employees, innovative technologies and long history of market leadership are the true differentiators for our Company.&#160; It has been an honor and a privilege to serve as PAR&#8217;s CEO.&#160; Our Company has made significant progress in our transformation to a software company focusing on recurring revenues.&#160;&#160; Karen and I have worked closely together for many years, collaborating on everything from business development and customer relations to talent development and strategy.&#160; She is a tremendous asset to PAR.&#160; In closing, I am grateful to have befriended so many colleagues around the world; I wish them all well and thank all of PAR&#8217;s employees for their hard work and professionalism.&#8221;</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Additionally, PAR announced today that the Board of Directors has elected Dr. Donald H. Foley to serve as a new director to the PAR Board set to begin on January 1, 2016.</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">With more than two decades of experience as business line president of a large dynamic, government contract technology-based company, SAIC (now known as Leidos), Dr. Foley held various C-level and executive roles, including being a previous SAIC Board Member.&#160; Dr. Foley&#8217;s executive positions included serving as Chief Technology Officer and as Group President of their Research &amp; Intelligence Group.&#160;&#160; Dr. Foley also previously was Director of the Special Programs Office for the Defense Advanced Research Projects Agency (DARPA).</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Ms. Russo commented, &#8220;We are pleased to welcome Don Foley to the Board of Directors at PAR Technology. Don is an industry-recognized strategist and visionary in the federal government contracting sector and will provide insight and guidance to help PAR achieve its goals.&#8221;</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ABOUT PAR TECHNOLOGY</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">PAR Technology Corporation's stock is traded on the New York Stock Exchange under the symbol PAR.&#160; PAR&#8217;s Hospitality segment has been a leading provider of restaurant and retail technology for more than 30 years.&#160; PAR offers technology solutions for the full spectrum of restaurant operations, from large chain and independent table service restaurants to international quick service chains.&#160; Products from PAR also can be found in retailers, cinemas, cruise lines, stadiums and food service companies. PAR&#8217;s Government Business is a leader in providing computer-based system design, engineering and technical services to the Department of Defense and various federal agencies. Visit <font style="FONT-VARIANT: normal; FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: normal"><u>www.partech.com</u></font> for more information.</div>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
