PAR Technology moves toward annual board director elections

NEW HARTFORD — PAR Technology Corp. (NYSE: PAR) today announced that its board of directors unanimously voted in favor of amendments to the firm’s certificate of incorporation and by-laws that declassify PAR’s board of directors.

The board’s declassification will permit PAR’s stockholders to vote annually for all directors, the company said in a news release.

The firm’s three classes of directors are currently elected for staggered three-year terms, PAR said.

If the stockholders approve the proposal to declassify the board, all directors will stand for election each year beginning with the annual meeting in 2015.

The decision to declassify the board is “consistent with PAR’s commitment to sound corporate governance,” Ronald Casciano, PAR board member, president and CEO, said in the news release. 

“The board believes that this proactive step to amend the company’s certificate of incorporation and by-laws is in the best interest of PAR Technology and its shareholders,” Casciano said. Final approval of the amendments requires support from stockholders with two-thirds of outstanding shares of PAR’s common stock at the firm’s next annual meeting in May 22, PAR said.                                                                                                                                            

Shareholders of record on April 2 can vote in person or by proxy at the 2014 annual meeting.

Based in New Hartford, PAR provides hardware and software to the hospitality industry. Products from PAR also can be found in retailers, cinemas, cruise lines, stadiums, and food-service companies. PAR’s government business provides computer-based system design, engineering, and technical services to the U.S. Department of Defense and various federal agencies.

Contact Reinhardt at ereinhardt@cnybj.com