Voss Capital (PAR) holds 13.2% stake and gains PAR board observer role

Rhea-AI Filing Summary

Voss Capital filed Amendment No. 1 to its Schedule 13D on PAR Technology, reporting beneficial ownership of 5,426,600 common shares, or 13.2% of the company. Voss Capital and related entities hold these shares through several funds and entities, including Voss Value Master Fund and Voss Advisors GP.

The amendment also discloses a board observer agreement under which PAR Technology appointed Jon Hook as a non-voting observer to its Board of Directors for a one-year term. He may attend board and certain committee meetings and receive materials, subject to customary confidentiality and related provisions. The filing states there have been no transactions in PAR securities by the reporting persons since the prior Schedule 13D.

Insights

Activism & Governance Analyst

Voss Capital’s 13.2% stake and a new board observer signal continued engaged ownership at PAR Technology.

The filing shows Voss Capital and affiliated entities beneficially own 5,426,600 PAR Technology common shares, or 13.2% of the class. This positions Voss as a significant shareholder with potential influence over strategic discussions.

The new board observer agreement adds governance access rather than formal control. Jon Hook will attend board and some committee meetings in a non-voting role for one year, with confidentiality and non-disparagement obligations. This arrangement increases information flow and engagement without altering formal board composition.

The amendment also notes no PAR share transactions by the reporting persons since the prior Schedule 13D, so the economic stake is unchanged in this update. Future company filings may provide additional detail on how the observer role interacts with PAR’s strategic and governance priorities.

Key Figures

Voss Capital beneficial ownership: 5,426,600 shares Ownership percentage: 13.2% Voss Value Master Fund holdings: 845,000 shares +4 more

7 metrics

Voss Capital beneficial ownership 5,426,600 shares Aggregate PAR common stock beneficially owned by Voss Capital and affiliates

Ownership percentage 13.2% Percent of PAR common stock class represented by Voss Capital’s stake

Voss Value Master Fund holdings 845,000 shares Beneficially owned PAR shares; 2.1% of class

Voss Value-Oriented Special Situations Fund holdings 145,100 shares Beneficially owned PAR shares; 0.4% of class

Voss Advisors GP holdings 990,100 shares Beneficially owned PAR shares; 2.4% of class

Event date 04/15/2026 Date of event requiring the amended Schedule 13D filing

Observer term 1 year Length of Jon Hook’s non-voting board observer role under the agreement

Key Terms

Schedule 13D, beneficially owned, board observer agreement, non-voting observer, +2 more

6 terms

Schedule 13D regulatory

"If the filing person has previously filed a statement on Schedule 13G to report the acquisition"

A Schedule 13D is a legal document that investors file with regulators when they buy a large enough stake in a company to potentially influence its management or decisions. It provides details about the investor’s intention, ownership stake, and plans, helping other investors understand who is gaining control and what their motives might be.

beneficially owned financial

"Aggregate amount beneficially owned by each reporting person 5,426,600.00"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

board observer agreement regulatory

"the Reporting Persons and Jon Hook entered into a board observer agreement with the Issuer"

non-voting observer regulatory

"appoint Jon Hook as a non-voting observer (the "Observer") to the Issuer's Board of Directors"

dispositive power financial

"Sole Dispositive Power 4,451,600.00 Shared Dispositive Power 975,000.00"

Dispositive power is the authority to decide the final outcome of an asset, legal claim, contract, or corporate action — in effect the power to dispose of or resolve something. For investors it matters because whoever holds that authority can determine who gets paid, who controls an asset or vote, and how risks and returns are allocated; think of it like holding the key that lets you lock in the winner or loser in a deal.

confidentiality regulatory

"The Observer Agreement also includes customary provisions regarding confidentiality, non-disparagement and related matters."

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 1)

PAR TECHNOLOGY CORP

(Name of Issuer)

Common Stock, $0.02 par value

(Title of Class of Securities)

698884103

(CUSIP Number)

VOSS CAPITAL, L.P.
3773 Richmond Avenue, Suite 500,
Houston, TX, 77046
281-770-0379

ANDREW FREEDMAN, ESQ.
OLSHAN FROME WOLOSKY LLP, 1325 Avenue of the Americas
New York, NY, 10019
212-451-2300

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

04/15/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): 698884103

1

Name of reporting person

Voss Value Master Fund, LP

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 845,000.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 845,000.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

845,000.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

2.1 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP Number(s): 698884103

1

Name of reporting person

Voss Value-Oriented Special Situations Fund, LP

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

TEXAS

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 145,100.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 145,100.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

145,100.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.4 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP Number(s): 698884103

1

Name of reporting person

Voss Advisors GP, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

TEXAS

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 990,100.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 990,100.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

990,100.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

2.4 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP Number(s): 698884103

1

Name of reporting person

Voss Capital, LP

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

TEXAS

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 4,451,600.00
8	Shared Voting Power 975,000.00
9	Sole Dispositive Power 4,451,600.00
10	Shared Dispositive Power 975,000.00

11

Aggregate amount beneficially owned by each reporting person

5,426,600.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

13.2 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP Number(s): 698884103

1

Name of reporting person

Cocke Travis W.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 4,451,600.00
8	Shared Voting Power 975,000.00
9	Sole Dispositive Power 4,451,600.00
10	Shared Dispositive Power 975,000.00

11

Aggregate amount beneficially owned by each reporting person

5,426,600.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

13.2 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock, $0.02 par value
(b)	Name of Issuer: PAR TECHNOLOGY CORP
(c)	Address of Issuer's Principal Executive Offices: PAR TECHNOLOGY PARK, 8383 SENECA TURNPIKE, NEW HARTFORD, NEW YORK , 13413.
Item 1 Comment: The following constitutes Amendment No. 1 to the Schedule 13D filed by the undersigned ("Amendment No. 1"). This Amendment No. 1 amends the Schedule 13D as specifically set forth herein.
Item 4.	Purpose of Transaction
	Item 4 is hereby amended to add the following: On April 15, 2026, the Reporting Persons and Jon Hook entered into a board observer agreement with the Issuer (the "Observer Agreement"). Pursuant to the Observer Agreement, the Issuer has agreed to appoint Jon Hook as a non-voting observer (the "Observer") to the Issuer's Board of Directors (the "Board"), for a term of one (1) year. The Observer will not be a director of the Board or have the right to vote as a director on any matter presented to the Board or any Board committee. Pursuant to the Observer Agreement, the Observer is entitled to attend all meetings of the Board and certain board committees in a non-voting capacity, and to receive the applicable meeting materials at substantially the same time and in the same manner as provided to the members of the Board, subject to certain customary exceptions. The Observer Agreement has a term of one (1) year unless earlier terminated in accordance with its terms. The Observer Agreement also includes customary provisions regarding confidentiality, non-disparagement and related matters. The foregoing description of the Observer Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Observer Agreement, which is attached as Exhibit 99.1 hereto and is incorporated herein by reference.
Item 5.	Interest in Securities of the Issuer
(c)	Item 5(c) is hereby amended to add the following: There have been no transactions in securities of the Issuer by the Reporting Persons since the filing of the Schedule 13D.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	Item 6 is hereby amended to add the following: On April 15, 2026, the Reporting Persons, Jon Hook and the Issuer entered into the Observer Agreement as defined and described in Item 4 above and attached as Exhibit 99.1 hereto.
Item 7.	Material to be Filed as Exhibits.
	Item 7 is hereby amended to add the following exhibit: 99.1 - Board Observer Agreement, dated April 15, 2026 (Incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed by the Issuer with the Securities and Exchange Commission on April 15, 2026).

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Voss Value Master Fund, LP

Signature:	/s/ Travis W. Cocke
Name/Title:	Travis W. Cocke, Managing Member of Voss Advisors GP, LLC, its General Partner
Date:	04/16/2026

Voss Value-Oriented Special Situations Fund, LP

Signature:	/s/ Travis W. Cocke
Name/Title:	Travis W. Cocke, Managing Member of Voss Advisors GP, LLC, its General Partner
Date:	04/16/2026

Voss Advisors GP, LLC

Signature:	/s/ Travis W. Cocke
Name/Title:	Travis W. Cocke, Managing Member
Date:	04/16/2026

Voss Capital, LP

Signature:	/s/ Travis W. Cocke
Name/Title:	Travis W. Cocke, Managing Member
Date:	04/16/2026

Cocke Travis W.

Signature:	/s/ Travis W. Cocke
Name/Title:	Travis W. Cocke
Date:	04/16/2026

FAQ

What stake does Voss Capital report in PAR (PAR) in this Schedule 13D/A?

Voss Capital and its affiliates report beneficial ownership of 5,426,600 PAR common shares, or 13.2% of the class. This sizable position makes Voss a significant shareholder with potential influence in governance and strategic discussions at PAR Technology.

What governance rights did Voss Capital obtain at PAR (PAR) in this amendment?

The amendment discloses a board observer agreement under which PAR appointed Jon Hook as a non-voting board observer for one year. He may attend board and certain committee meetings and receive materials, subject to confidentiality and other customary restrictions.

Did Voss Capital change its PAR (PAR) shareholdings in this Schedule 13D/A?

The amendment states there have been no transactions in PAR securities by the reporting persons since the prior Schedule 13D. The document updates governance arrangements rather than reporting new share purchases or sales of PAR stock.

How much PAR (PAR) stock do Voss-related funds individually hold?

Voss Value Master Fund beneficially owns 845,000 PAR shares (2.1%), and Voss Value-Oriented Special Situations Fund holds 145,100 shares (0.4%). Voss Advisors GP, LLC is listed with 990,100 shares (2.4%), reflecting interests across these entities.

How long will the PAR (PAR) board observer agreement with Jon Hook last?

The board observer agreement provides for a one-year term for Jon Hook as a non-voting observer. It may end earlier under its terms and includes confidentiality, non-disparagement, and related customary provisions governing his access and conduct.