<SEC-DOCUMENT>0001140361-19-022883.txt : 20191219
<SEC-HEADER>0001140361-19-022883.hdr.sgml : 20191219
<ACCEPTANCE-DATETIME>20191219073022
ACCESSION NUMBER:		0001140361-19-022883
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20191218
ITEM INFORMATION:		Completion of Acquisition or Disposition of Assets
ITEM INFORMATION:		Unregistered Sales of Equity Securities
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20191219
DATE AS OF CHANGE:		20191219

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:		191294140

	BUSINESS ADDRESS:	
		STREET 1:		PAR TECHNOLOGY PARK
		STREET 2:		8383 SENECA TURNPIKE
		CITY:			NEW HARTFORD
		STATE:			NY
		ZIP:			13413
		BUSINESS PHONE:		3157380600

	MAIL ADDRESS:	
		STREET 1:		8383 SENECA TURNPIKE
		CITY:			NEW HARTFORD
		STATE:			NY
		ZIP:			13413
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
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<FILENAME>form8k.htm
<DESCRIPTION>8-K
<TEXT>
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    <div style="text-align: center; font-size: 14pt; font-weight: bold;">UNITED STATES</div>
    <div style="text-align: center; font-size: 14pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">Washington, D.C. 20549</div>
    <div><br>
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    <div style="text-align: center; font-size: 18pt; font-weight: bold;">FORM 8-K</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">CURRENT REPORT</div>
    <div style="text-align: center; font-weight: bold;">Pursuant to Section 13 or 15(d) of the</div>
    <div style="text-align: center; font-weight: bold;">Securities Exchange Act of 1934</div>
    <div><br>
    </div>
    <div style="text-align: center;">Date of report (Date of earliest event reported): December 18, 2019</div>
    <div><br>
    </div>
    <div style="text-align: center; font-size: 24pt; font-weight: bold;">PAR Technology Corporation</div>
    <div style="text-align: center;">(Exact name of registrant as specified in its charter)</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" id="zce0bbcb0521d4b06bfbfe70493cab928" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

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            <div style="text-align: center; color: rgb(0, 0, 0);">Delaware</div>
          </td>
          <td style="width: 34.18%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: center; color: rgb(0, 0, 0);">1-09720</div>
          </td>
          <td style="width: 33.01%; vertical-align: top; border-bottom: 4px double rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: rgb(0, 0, 0);">16-1434688</div>
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            <div style="text-align: center; color: rgb(0, 0, 0);">(State or Other Jurisdiction of Incorporation)</div>
          </td>
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            <div style="text-align: center; color: rgb(0, 0, 0);">(Commission File Number)</div>
          </td>
          <td style="width: 33.01%; vertical-align: top; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: center; color: rgb(0, 0, 0);">(IRS Employer Identification No.)</div>
          </td>
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    </div>
    <div style="text-align: center;">PAR Technology Park, 8383 Seneca Turnpike, New Hartford, New York 13413-4991</div>
    <div style="text-align: center;">(Address of Principal Executive Offices) (Zip Code)</div>
    <div><br>
    </div>
    <div style="text-align: center;">Registrant's telephone number, including area code: (315) 738-0600</div>
    <div><br>
    </div>
    <div>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>
    <div><br>
    </div>
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              <td style="width: 9pt">&#160;</td>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Segoe UI Symbol',sans-serif;">&#9744;</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0);">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</div>
              </td>
            </tr>

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      </div>
    </div>
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              <td style="width: 9pt">&#160;</td>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Segoe UI Symbol',sans-serif;">&#9744;</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0);">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</div>
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              <td style="width: 9pt">&#160;</td>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Segoe UI Symbol',sans-serif;">&#9744;</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0);">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</div>
              </td>
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              <td style="width: 9pt">&#160;</td>
              <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Segoe UI Symbol',sans-serif;">&#9744;</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0);">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</div>
              </td>
            </tr>

        </table>
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    <div>
      <div><br>
        Securities registered pursuant to Section 12(b) of the Act:</div>
      <div><br>
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              <div style="text-align: center; color: rgb(0, 0, 0);">Title of each class</div>
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              <div style="text-align: center; color: rgb(0, 0, 0);">Trading Symbol</div>
            </td>
            <td style="width: 33%; vertical-align: bottom;">
              <div style="text-align: center; color: rgb(0, 0, 0);">Name of each exchange on which registered</div>
            </td>
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            <td style="width: 33%; vertical-align: bottom;">
              <div style="text-align: center; color: rgb(0, 0, 0);">Common Stock</div>
            </td>
            <td style="width: 34%; vertical-align: bottom;">
              <div style="text-align: center; color: rgb(0, 0, 0);">PAR</div>
            </td>
            <td style="width: 33%; vertical-align: bottom;">
              <div style="text-align: center; color: rgb(0, 0, 0);">New York Stock Exchange</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
    </div>
    <div>Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</div>
    <div> <br>
    </div>
    <div>Emerging growth company &#9744;</div>
    <div><br>
    </div>
    <div>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. &#9744;</div>
    <div> <br>
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              <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">Item 2.01</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-weight: bold;">Completion of Acquisition or Disposition of Assets</font>.</div>
              </td>
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  <div>
    <div>As previously disclosed on November 7, 2019, ParTech, Inc., a New York corporation (the &#8220;Company&#8221;) and a wholly owned subsidiary of PAR Technology Corporation, a Delaware corporation (&#8220;PAR Technology&#8221;), and PAR
      Technology, entered into an Interest Purchase Agreement (the &#8220;Purchase Agreement&#8221;) with The Drew D. Peloubet Family Trust DTD 6/29/09, Steven A. Roberts, Gary Saling, and PJCDSG, Inc., a Florida corporation (&#8220;Parent Seller&#8221; and, collectively with The
      Drew D. Peloubet Family Trust DTD 6/29/09, Steven A. Roberts, and Gary Saling, the &#8220;Sellers&#8221;), and Drew D. Peloubet with respect to certain representations, warranties and covenants. </div>
    <div style="text-align: justify;"> <br>
    </div>
    <div>Pursuant to the Purchase Agreement, on December 18, 2019, the Company completed the acquisition of 100% of the limited liability company interests of AccSys, LLC, a Delaware limited liability company (f/k/a AccSys, Inc.,
      and otherwise known as Restaurant Magic (&#8220;Restaurant Magic&#8221;)), in consideration of $42.0 million (the &#8220;Transaction&#8221;), consisting of $13.0 million of cash, subject to post-closing purchase price adjustments, $27.0 million of PAR Technology restricted
      stock (the &#8220;Share Consideration&#8221;), and a $2.0 million subordinated promissory note. The Sellers also have the opportunity to earn additional purchase price consideration subject to the achievement of post-closing revenue focused milestones. PAR
      Technology also assumed awards granted under Restaurant Magic&#8217;s long term incentive plan to employees and contractors for an aggregate of $2.0 million of restricted stock units covering shares of PAR Technology common stock<font style="color: rgb(0, 0, 0);">. The restricted stock units will vest in equal annual installments over three (3) years, subject to continued service requirements.</font> </div>
    <div><br>
    </div>
    <div>The information provided in <a href="http://www.sec.gov/Archives/edgar/data/708821/000114036119020030/form8k.htm">Item 1.01. Entry into a Material Definitive Agreement</a> <font style="color: rgb(0, 0, 0);">in </font>PAR Technology&#8217;s Current
      Report on Form 8-K filed with the Securities and Exchange Commission (&#8220;SEC&#8221;) on November 7, 2019 (&#8220;Prior 8-K&#8221;) and the full text of the Purchase Agreement, which was filed as <a href="http://www.sec.gov/Archives/edgar/data/708821/000114036119020030/ex2_1.htm">Exhibit 2.1 to the Prior 8-K</a> are incorporated by reference into this Item 2.01.</div>
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              <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">Item 3.02</td>
              <td style="width: auto; vertical-align: top;">
                <div><font style="font-weight: bold;">Unregistered Sales of Equity Securities</font>.</div>
              </td>
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    </div>
    <div>The information provided in Item 2.01 of this Current Report on Form 8-K is incorporated by reference into this Item 3.02.</div>
    <div><br>
    </div>
    <div>
      <div>The restricted shares of PAR Technology common stock to be issued as Share Consideration and as Earn-Out Shares will be exempt from the registration requirements under the Securities Act of 1933, as amended, pursuant to Section 4(a)(2) thereof.</div>
    </div>
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              <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">Item 7.01</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">Regulation FD Disclosure</div>
              </td>
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    <div><br>
    </div>
    <div>On December 19, 2019, PAR Technology issued a press release announcing the completion of the Transaction. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.</div>
    <div><br>
    </div>
    <div>
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              <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">Item 9.01</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">Financial Statements and Exhibits</div>
              </td>
            </tr>

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    </div>
    <div><br>
    </div>
    <div>To the extent financial statements are required to be filed under Item 9.01(a) and pro forma financial information is required to be filed under Item 9.01(b), they will be filed by an amendment to this Current Report on Form 8-K no later than 71
      days after the date on which this Current Report on Form 8-K is required to be filed.</div>
    <div><br>
    </div>
    <div><font style="font-weight: bold;">(d) Exhibits</font>.</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" id="z126a087f067a4e8aa784d96f07bc9e43" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

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            <div><u><font style="font-weight: bold; font-style: normal;">Exhibit No</font></u><font style="font-style: normal;">.</font></div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="font-weight: bold;"><u>Exhibit Description</u></div>
          </td>
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          <td style="width: 20%; vertical-align: top;">&#160;</td>
          <td style="width: 80%; vertical-align: top;">&#160;</td>
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          <td style="width: 20%; vertical-align: top;">
            <div><a href="ex99_1.htm">99.1*</a></div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div>PAR Technology Corporation Press Release dated December 19, 2019</div>
          </td>
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    <div><br>
    </div>
    <div>*The information in Item 7.01 and Exhibit 99.1 of this Current Report on Form 8-K shall not be deemed &#8220;filed&#8221; for purposes of Section 18 of the Securities Exchange Act of 1934 (the &#8220;Exchange Act&#8221;), or otherwise subject to the liabilities of that
      section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such a filing.</div>
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    <div style="text-align: center; font-weight: bold;">SIGNATURES</div>
    <div><br>
    </div>
    <div style="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>
    <div><br>
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          <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          <td style="width: 50%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify; color: #000000;">PAR TECHNOLOGY CORPORATION</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">
            <div style="color: #000000;">(Registrant)</div>
          </td>
        </tr>
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          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
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          <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">
            <div style="color: #000000;">Date:&#160; December 19, 2019</div>
          </td>
          <td style="width: 50%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify; color: #000000;">/s/Bryan A. Menar</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">
            <div style="color: #000000;">Bryan A. Menar</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">
            <div style="color: #000000;">Chief Financial and Accounting Officer</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">
            <div style="color: #000000;">(Principal Financial Officer)</div>
          </td>
        </tr>

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    </div>
    <div><br>
    </div>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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    <div style="text-align: right;"><font style="font-weight: bold;"> Exhibit 99.1</font><br>
    </div>
    <br>
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                <div style="text-align: right;"><font style="font-weight: bold;"> <br>
                  </font></div>
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                <div><img src="image00002.jpg"></div>
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            <td nowrap="nowrap" style="width: 20%;">
              <div><font style="font-weight: bold;">FOR RELEASE:</font> NEW HARTFORD, NY, December 19, 2019<br>
              </div>
              <div><font style="font-weight: bold;">CONTACT:</font> Christopher R. Byrnes (315) 738-0600 ext. 6226<br>
              </div>
              <div>cbyrnes@partech.com, <u>www.partech.com</u><br>
              </div>
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  <div>
    <div style="text-align: center; font-weight: bold;">PAR TECHNOLOGY COMPLETES ACQUISITION OF RESTAURANT MAGIC</div>
    <div>&#160;</div>
    <div style="text-align: justify;">NEW HARTFORD, N.Y.&#8212;December 19, 2019&#8212; PAR Technology Corporation (NYSE: PAR) today announced that on December 18, 2019, ParTech, Inc., a wholly owned subsidiary, completed the acquisition of AccSys, LLC (&#8220;Restaurant
      Magic&#8221;<font style="background-color: #FFFFFF;">), </font>a leading provider of back-office restaurant management software.</div>
    <br>
    <div style="text-align: justify;">The acquisition price for Restaurant Magic, consisted of $13.0 million of cash, subject to purchase price adjustments, $27.0 million of PAR Technology restricted stock, a $2.0 million subordinated promissory note, and
      the <font style="color: #000000;">opportunity to earn additional purchase price consideration subject to the achievement of post-closing revenue focused milestones.&#160; PAR Technology also assumed awards granted under Restaurant Magic&#8217;s long term
        incentive plan to employees and contractors for an aggregate of $2.0 million of restricted stock units covering shares of PAR&#8217;s common stock that vest over 3 years of continued service.</font></div>
    <br>
    <div style="text-align: justify; font-weight: bold;">About PAR Technology Corporation</div>
    <div style="background-color: #FFFFFF;">
      <div><br>
      </div>
      <div style="text-align: justify;">PAR is a leading global provider of software, systems, and service solutions to the restaurant and retail industries. Today, with 40 years of experience and point of sale systems in nearly 100,000 restaurants and
        more than 110 countries, PAR is redefining the point of sale through cloud software and bringing technological innovation to all corners of the enterprise. 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. PAR Technology Corporation's stock is traded on the New York Stock Exchange under the symbol PAR. For more information, visit www.partech.com or connect with PAR on
        Facebook at www.facebook.com/parpointofsale or Twitter at <u>www.twitter.com/Par_tech</u>.</div>
      <div>&#160;</div>
    </div>
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