PAR Technology (NYSE: PAR) SVP executes 498-share tax sell-to-cover under 10b5-1 plan
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
PAR Technology Corp senior vice president of finance and transformation Michael Anthony Steenberge reported an open-market sale of 498 shares of common stock at a weighted average price of $14.20 per share. According to the disclosure, these shares were sold automatically to cover tax withholding obligations tied to the vesting and settlement of restricted stock units granted on May 13, 2024, under the company’s mandatory sell-to-cover policy implemented through a Rule 10b5-1 plan adopted on June 3, 2025. After this transaction, he directly holds 52,240 shares, which includes 364 shares acquired under the company’s Employee Stock Purchase Plan on June 1, 2026.
Positive
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Insider Trade Summary 10b5-1
Net Seller: 498 shares ($7,072)
Net Sell
1 txn
Insider
STEENBERGE MICHAEL ANTHONY
Role
SVP Finance & Transformation
Sold
498 shs ($7K)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Common Stock | 498 | $14.20 | $7K |
Holdings After Transaction:
Common Stock — 52,240 shares (Direct, null)
Footnotes (1)
- The sales reported on this Form 4 represent shares of Common Stock required to be sold by the Reporting Person to cover tax withholding obligations in connection with the vesting and settlement of a portion of restricted stock units granted on May 13, 2024. These sales are 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, and do not represent discretionary trades by the Reporting Person. The sales price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $14.16 to $14.24 inclusive. The Reporting Person undertakes to provide to PAR Technology Corporation, any security holder of PAR Technology Corporation, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote. Includes 364 shares acquired under the Company's Employee Stock Purchase Plan on June 1, 2026.
Key Figures
Shares sold: 498 shares
Weighted average sale price: $14.20 per share
Post-transaction holdings: 52,240 shares
+2 more
5 metrics
Shares sold
498 shares
Open-market sale on June 3, 2026 to cover tax withholding
Weighted average sale price
$14.20 per share
Common stock sale related to RSU tax withholding
Post-transaction holdings
52,240 shares
Direct ownership after June 3, 2026 sale
Price range of sales
$14.16–$14.24 per share
Multiple transactions comprising the 498-share sale
ESPP shares included
364 shares
Acquired under Employee Stock Purchase Plan on June 1, 2026
Key Terms
Rule 10b5-1 plan, restricted stock units, Employee Stock Purchase Plan, weighted average price
4 terms
Rule 10b5-1 plan regulatory
"These sales are 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"
A Rule 10b5-1 plan is a prearranged, written schedule that lets corporate insiders buy or sell company stock at set times or amounts, even if they later learn material nonpublic information. Think of it like setting an automatic thermostat for trades: it creates a clear record that trades were planned in advance, reducing the risk of insider-trading accusations and helping investors trust that insider transactions are routine rather than based on secret information.
restricted stock units financial
"in connection with the vesting and settlement of a portion of restricted stock units granted on May 13, 2024"
Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.
Employee Stock Purchase Plan financial
"Includes 364 shares acquired under the Company's Employee Stock Purchase Plan on June 1, 2026"
An employee stock purchase plan is a company program that lets workers buy shares through small payroll deductions, often at a discount to the market price and after a set offering period. Think of it like a workplace savings plan that turns into ownership: it encourages employees to share in the company’s success and can create predictable buying or selling of stock that investors watch because it affects supply, demand and employee incentives.
weighted average price financial
"The sales price reported in Column 4 is a weighted average price"
Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.
FAQ
What insider transaction did PAR (PAR) report for Michael Anthony Steenberge?
PAR senior vice president Michael Anthony Steenberge reported selling 498 shares of common stock. The shares were disposed of in open-market transactions as part of an automatic process to cover tax withholding on recently vested restricted stock units, not a discretionary sale.
What does the Rule 10b5-1 plan reference mean in the PAR (PAR) filing?
The filing notes the sales occurred under a Rule 10b5-1 plan adopted on June 3, 2025. Such plans pre-schedule trades, allowing automatic, rules-based transactions like tax sell-to-cover events, and indicate the timing was not chosen discretionarily by the executive.