Form 4: PAR Technology Officer Sells Shares for Tax Obligations
Insider Transaction Report
PAR Technology's Chief Accounting Officer, Michael Steenberge, sold shares to cover tax withholding obligations related to restricted stock unit vesting.
Summary
- Michael Anthony Steenberge, Chief Accounting Officer of PAR Technology Corp, reported sales of common stock.
- On March 3, 2026, 2,342 shares were sold at a weighted average price of $17.49 per share.
- On March 4, 2026, an additional 582 shares were sold at a weighted average price of $18.27 per share.
- These sales were non-discretionary, executed to cover tax withholding obligations associated with the vesting and settlement of restricted stock units granted on March 3, 2023, February 29, 2024, and March 5, 2025.
- The sales were made pursuant to the company's mandatory, automatic 'sell-to-cover' policy, as implemented in a Rule 10b5-1 plan adopted on June 3, 2025.
- Following these transactions, Michael Steenberge beneficially owns 25,587 shares of common stock.
- The reported beneficial ownership includes 157 shares acquired under the Company's Employee Stock Purchase Plan on May 31, 2025, and 195 shares acquired on November 30, 2025.
Sentiment
Score: 5
Explanation: StockSavvy.ai views this filing as neutral. The transactions are routine, non-discretionary sales for tax purposes, which do not signal a change in company fundamentals or management's outlook.
Positives
- The underlying event of restricted stock unit vesting represents a realization of compensation for the Chief Accounting Officer, indicating successful performance or tenure.
Negatives
- The sale of shares, although non-discretionary, reduces the direct equity holdings of a key executive in the company.
Future Outlook
This Form 4 filing does not contain forward-looking statements or guidance regarding the company's future performance or outlook.
Industry Context
StockSavvy.ai notes that 'sell-to-cover' transactions are a common and routine practice for executives receiving equity compensation, particularly restricted stock units. These sales are typically pre-arranged under Rule 10b5-1 plans to manage tax liabilities upon vesting and are generally not indicative of a change in management's confidence in the company's prospects.
Stakeholder Impact
- Shareholders: Minimal impact, as these are routine, non-discretionary sales for tax purposes and do not reflect a change in the executive's confidence or the company's performance.
- Employees: The vesting of restricted stock units and subsequent tax-related sales are a standard component of executive compensation, aligning with typical employee equity plans.
Key Dates
| Date | Description |
|---|---|
| 03/03/2023 | Grant date of a portion of restricted stock units. |
| 02/29/2024 | Grant date of a portion of restricted stock units. |
| 03/05/2025 | Grant date of a portion of restricted stock units. |
| 05/31/2025 | Acquisition of 157 shares under the Company's Employee Stock Purchase Plan. |
| 06/03/2025 | Adoption date of the Rule 10b5-1 plan for automatic 'sell-to-cover' transactions. |
| 11/30/2025 | Acquisition of 195 shares under the Company's Employee Stock Purchase Plan. |
| 03/03/2026 | Earliest transaction date; sale of 2,342 shares of common stock; Power of Attorney executed. |
| 03/04/2026 | Sale of 582 shares of common stock. |
| 03/05/2026 | Date Form 4 was signed by the attorney-in-fact. |
Keywords
PAR Technology, PAR, Form 4, Insider Transaction, Stock Sale, Restricted Stock Units, RSU, Sell-to-Cover, 10b5-1 Plan, Chief Accounting Officer
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