SEC Contract Filing

Filing Date: 2022-03-01

Document Content:
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<TYPE>EX-10.33
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<DESCRIPTION>EX-10.33
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<DIV><FONT size="1" style="font-size:1pt;color:white"> PAR Technology Corporation 8383 Seneca Turnpike New Hartford, NY 13413 partech.com | 800.448.6505 Exhibit 10.33 October 28, 2021 Mr. Michael D. Nelson 747 Grand Wood Ct. Springboro, Ohio 45066 Re: Offer of Employment: Service as President (the &#8220;Letter&#8221;) Dear Michael: We are pleased to extend you an offer to serve as President of PAR Government Systems Corporation (the &#8220;Company&#8221;), reporting directly to the Chief Executive Officer and President of PAR Technology Corporation (&#8220;PAR Technology&#8221;). As the President of the Company, you will perform those duties and shall have such authority and responsibilities customarily consistent with, and incident to, the office of President, and you shall perform such additional duties and shall have such additional authority and responsibilities as the Chief Executive Officer and President of PAR Technology (collectively and individually, the &#8220;CEO&#8221;) may prescribe. Your principal office will be located at the Company&#8217;s offices in Dayton, Ohio, provided that you understand and agree that you will be required to travel to properly fulfill your employment duties and responsibilities. You will devote all of your business time, energy, business judgment, knowledge and skill and your best efforts to the performance of your duties with the Company, provided that the foregoing will not prevent you from (a) with the prior documented approval of the CEO, serving on the boards of directors (and board committees) of non-profit organizations and other for profit companies, (b) participating in charitable, civic, educational, professional, community or industry affairs, and (c) managing your passive personal investments, so long as, in the reasonable discretion and good faith of the CEO, the activities described in clauses (a) &#8211; (c), individually or in the aggregate, do not interfere or conflict with your duties and responsibilities to the Company or create a potential business or fiduciary conflict. The terms of this Letter also include the Non-Disclosure; Non-Competition; Non-Solicitation Agreement attached hereto as Exhibit A (the &#8220;NDA&#8221;), which forms a part of this Letter. 1. Base Salary. Your annual base salary will be $325,000.00, payable in accordance with the Company&#8217;s regular payroll for your full-time efforts. Your base salary shall be subject to review by the Board of Directors of PAR Technology (or Committee thereof, the &#8220;Board&#8221;) upon the recommendation of the CEO from time to time, but no less than annually, and may be adjusted from time to time in the Board&#8217;s sole discretion but shall not in any year be reduced below your then annual base salary. 2. Sign-on. You will receive a signing bonus of $135,000.00, which will be paid to you within 10 business days following your Start Date. You will be required to refund the Company the signing bonus ($135,000.00) within 30 days following the effective date of the termination of your employment by the Company &#8220;for Cause&#8221; (as defined in this Letter) or by you without &#8220;Good Reason&#8221; </FONT></DIV>
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<DIV><FONT size="1" style="font-size:1pt;color:white"> PAR Technology Corporation 8383 Seneca Turnpike New Hartford, NY 13413 partech.com | 800.448.6505 (as defined herein) on or before the one-year anniversary of your Start Date. For purposes of this Section 2, &#8220;Good Reason&#8221; shall mean any of the following circumstances to which you have not consented, which are not substantially cured by the Company within 30 days following written notification from you to the Company as required below: (A) a material diminution (other than temporarily while physically or mentally incapacitated or as required by applicable law) in your duties, authorities or responsibilities; or (B) the Company's breach of its material obligations to you under this Letter. You will provide the Company with a written notice detailing the specific circumstances alleged to constitute Good Reason within 30 days after you first know, or with the exercise of reasonable diligence would have known, of the occurrence of such circumstances, and must actually terminate your employment within 30 days following the expiration of the Company's cure period as set forth above if the Company has failed to substantially cure the alleged breach. Otherwise, any claim of such circumstances as &#8220;Good Reason&#8221; shall be deemed irrevocably waived by you. 3. Incentive Compensation. For each fiscal year that you continue to serve as President of the Company you will be eligible to participate in PAR Technology&#8217;s incentive compensation plans as in effect from time to time for certain executive officers and employees of PAR Technology and its subsidiaries beginning with the fiscal year ending December 31, 2022 (the &#8220;FY 2022&#8221;), as follows: (a) Short-Term Incentive (&#8220;STI&#8221;). Beginning with FY 2022 and for each subsequent fiscal year that you continue to serve as President of the Company you will be eligible to participate in PAR Technology&#8217;s annual short-term incentive plan as in effect from time to time for executive officers. Under the STI plan, you will have the opportunity to earn,