[Form 3] PAR TECHNOLOGY CORP Initial Statement of Beneficial Ownership

Rhea-AI Filing Summary

PAR Technology Corp received an initial ownership report showing a group of Voss-managed entities collectively holding over 10% of its common stock. The filing lists indirect holdings of 845,000 shares through Voss Value Master Fund, 145,000 shares through Voss Value-Oriented Special Situations Fund, and 3,417,863 shares in managed accounts of Voss Capital, all as common stock with $0.02 par value. In addition, managed accounts of Voss Capital hold a call option exercisable for 9,300 shares of common stock at $45 per share, expiring on 01/16/2026, which was already exercisable as of the reporting date. The reporting parties, including Voss Capital, affiliated funds, Voss Advisors GP, and Travis W. Cocke, collectively report these positions but each disclaims beneficial ownership beyond their pecuniary interest.

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Voss Capital, LP

(Last) (First) (Middle)

3773 RICHMOND AVENUE, SUITE 850

(Street)

HOUSTON TX 77046

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
12/30/2025

3. Issuer Name and Ticker or Trading Symbol
PAR TECHNOLOGY CORP [ PAR ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock, $0.02 par value(1)	845,000	I	By: Voss Value Master Fund, LP(2)
Common Stock, $0.02 par value(1)	145,000	I	By: Voss Value-Oriented Special Situations Fund, LP(3)
Common Stock, $0.02 par value(1)	3,417,863	I	By: Managed Accounts of Voss Capital, LP(4)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Call Option (right to buy)	(5)	01/16/2026	Common Stock, $0.02 par value	9,300	$45	I	By: Managed Accounts of Voss Capital, LP(4)

1. Name and Address of Reporting Person^*

Voss Capital, LP

(Last) (First) (Middle)

3773 RICHMOND AVENUE, SUITE 850

(Street)

HOUSTON TX 77046

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Voss Value Master Fund, LP

(Last) (First) (Middle)

3773 RICHMOND AVENUE, SUITE 850

(Street)

HOUSTON TX 77046

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Voss Value-Oriented Special Situations Fund, LP

(Last) (First) (Middle)

3773 RICHMOND AVENUE, SUITE 850

(Street)

HOUSTON TX 77046

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Voss Advisors GP, LLC

(Last) (First) (Middle)

3773 RICHMOND AVENUE, SUITE 850

(Street)

HOUSTON TX 77046

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Cocke Travis W.

(Last) (First) (Middle)

3773 RICHMOND AVENUE, SUITE 850

(Street)

HOUSTON TX 77046

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

1. This Form 3 is filed jointly by Voss Value Master Fund, LP ("Voss Value Master Fund"), Voss Value-Oriented Special Situations Fund, LP ("Voss Value-Oriented Special Situations Fund"), Voss Advisors GP, LLC ("Voss GP"), Voss Capital, LP ("Voss Capital") and Travis W. Cocke (collectively, the "Reporting Persons"). Each of the Reporting Persons is a member of a group for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, that collectively beneficially owns over 10% of the Issuer's outstanding shares of Common Stock. Each Reporting Person disclaims beneficial ownership of the securities reported herein except to the extent of his or its pecuniary interest therein, and this report shall not be deemed to be an admission that any Reporting Person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.

2. Securities owned directly by Voss Value Master Fund. Voss GP, as the general partner of Voss Value Master Fund, may be deemed to beneficially own the securities owned directly by Voss Value Master Fund. Voss Capital, as the investment manager of Voss Value Master Fund, may be deemed to beneficially own the securities owned directly by Voss Value Master Fund. Mr. Cocke, as the managing member of Voss Capital and Voss GP, may be deemed to beneficially own the securities owned directly by Voss Value Master Fund.

3. Securities owned directly by Voss Value-Oriented Special Situations Fund. Voss GP, as the general partner of Voss Value-Oriented Special Situations Fund, may be deemed to beneficially own the securities owned directly by Voss Value-Oriented Special Situations Fund. Voss Capital, as the investment manager of Voss Value-Oriented Special Situations Fund, may be deemed to beneficially own the securities owned directly by Voss Value-Oriented Special Situations Fund. Mr. Cocke, as the managing member of Voss Capital and Voss GP, may be deemed to beneficially own the securities owned directly by Voss Value-Oriented Special Situations Fund.

4. Securities held in certain accounts separately managed by Voss Capital (the "Voss Managed Accounts"). Voss Capital, as the investment manager of the Voss Managed Accounts, may be deemed to beneficially own the securities held in the Voss Managed Accounts. Mr. Cocke, as the managing member of Voss Capital, may be deemed to beneficially own the securities held in the Voss Managed Accounts.

5. Such options are exercisable as of the date hereof and were immediately exercisable upon their acquisition.

	Voss Capital, LP; By: /s/ Travis W. Cocke, Managing Member	01/07/2026
	Voss Value Master Fund, LP; By: Voss Advisors GP, LLC; By: /s/ Travis W. Cocke, Managing Member	01/07/2026
	Voss Value-Oriented Special Situations Fund, LP; By: Voss Advisors GP, LLC; By: /s/ Travis W. Cocke, Managing Member	01/07/2026
	Voss Advisors GP, LLC; By: /s/ Travis W. Cocke, Managing Member	01/07/2026
	/s/ Travis W. Cocke	01/07/2026
	** Signature of Reporting Person	Date
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