PAR Technology Plans To Declassify Board - Quick Facts

(RTTNews) - PAR Technology Corp. (PAR) announced that its board unanimously voted in favor of amendments to the Company's Certificate of Incorporation and By-Laws declassifying PAR's board of directors.

Approval of the amendments require support by two-thirds of outstanding shares of the Company's common stock at the Company's next annual meeting to be held on May 22, 2014. Shareholders of record on April 2, 2014 will be entitled to vote in person or by proxy at the 2014 Annual Meeting.

The company said that declassification of the board will permit its stockholders to vote annually for all directors. Currently, the Company's three classes of directors are elected for staggered three-year terms. If the stockholders approve the proposal to declassify the board, all directors will stand for election each year beginning with 2015 Annual Meeting.