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): September 11, 2015
PAR Technology Corporation
(Exact name of registrant as specified in its charter)
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Delaware
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1-09720
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16-1434688
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(State or Other Jurisdiction of Incorporation)
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(Commission File Number)
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(IRS Employer Identification No.)
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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)) |
| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers |
As previously disclosed, Stephen P. Lynch, the former President of the Company’s government business segment, separated from the Company effective September 1, 2015. In connection with his departure, the Company and Mr. Lynch, entered into an agreement on Friday, September 11, 2015 (the “Letter Agreement”) providing customary separation provisions and separation pay of $285,000 in exchange for a general release. In addition, the Letter Agreement provides for payment, on or before March 16, 2016, of a pro rata portion of any incentive bonus to which he would have been entitled had he remained employed by the Company through December 31, 2015 in exchange for Mr. Lynch’s agreement to be available to provide transition support for a period of ninety (90) days and agreement to certain restrictions, including a twelve month non-compete, non-solicitation of customers and non-recruitment of employees.
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 thereunto duly authorized.
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PAR TECHNOLOGY CORPORATION
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(Registrant)
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Date: September 17, 2015
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/s/Matthew J. Trinkaus
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Matthew J. Trinkaus
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Chief Accounting Officer & Corporate Controller
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