Savneet Singh
PAR TECHNOLOGYAbout Savneet Singh
Savneet Singh is CEO and President of PAR Technology Corporation and President of ParTech, Inc. since March 2019; he joined PAR’s Board in April 2018 and is 41 years old . Singh’s incentive plan emphasizes pay-for-performance, with annual bonus metrics weighted 50% ARR and 50% Non-GAAP Adjusted EBITDA for 2024; PAR achieved ARR of $212.2M and Adjusted EBITDA of ($10.4)M leading to a 151% payout for his STI . PAR reports cumulative TSR values showing notable appreciation, with a $100 initial investment valued at $236.40 by year-end 2024, reflecting multi-year shareholder returns . The Board maintains an independent Chair since June 1, 2023, allowing Singh to focus on operations and strategy while governance oversight remains independent .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| PAR Technology Corporation | CEO & President | Mar 2019–present | Led acquisitions of Stuzo LLC and TASK Group, divested PAR Government Systems and Rome Research, secured $90M credit facility, and refinanced part of 2026 converts; recognized with a 2024 back-loaded RSU grant for exceptional leadership . |
| PAR Technology Corporation | Interim CEO & President | Dec 2018–Mar 2019 | Transitional leadership ahead of permanent appointment . |
| CoVenture, LLC | Partner | Jun 2018–present | Venture capital, direct lending, crypto; finance and M&A expertise . |
| Tera-Holdings, LLC | Managing Partner | 2017–2018 | Built niche software holdings; operator-investor experience . |
| GBI (Gold Bullion International) | Co-founder; COO/CEO/President | 2009–2017 | Built an electronic platform for physical precious metals; scaling and operations leadership . |
External Roles
| Organization | Role | Years | Committee/Focus |
|---|---|---|---|
| Community Financial System, Inc. (NYSE: CBU) and Community Bank, N.A. | Director | Oct 2024–present | Joint Risk Committee . |
| CDON AB | Director (prior) | — | — . |
| Blockchain Power Trust | Director (prior) | — | — . |
| SharpSpring, Inc. | Director (prior) | — | — . |
| Osprey Technology Acquisition Corp. | Director (prior) | — | — . |
Employee directors do not receive additional compensation for board service .
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | 611,346 | 620,000 | 620,000 |
| STI Target (% of Salary) | 100% | 100% | 100% |
| STI Paid ($) | 750,200 | 463,140 | 933,910 |
Performance Compensation
Annual Bonus (STI) – 2024
| Metric | Weighting | Threshold | Target | Actual | Payout Contribution |
|---|---|---|---|---|---|
| Annual Recurring Revenue (ARR) | 50% | $190.5M | $211.7M | $212.2M | 51% |
| Non-GAAP Adjusted EBITDA (Total Co.) | 50% | ($20.2)M | ($18.4)M | ($10.4)M | 100% |
| Combined Payout | — | — | — | — | 151% (STI paid $933,910) |
Notes: STI targets were adjusted in September 2024 to reflect acquisitions and divestitures; absent adjustments, both metrics would have paid at maximum (200%) .
Long-Term Incentives (LTI) – Structure and Grants
| Component | Grant Date | Shares (#) | Grant Date Fair Value ($) | Vesting |
|---|---|---|---|---|
| Time-vesting RSUs | 2/29/2024 | 65,723 | 2,879,982 | 1/3 on 3/1/2025, 3/1/2026, 3/1/2027 . |
| Performance RSUs (PRSUs) | 2/29/2024 | Target 98,585; Max 197,170 | 6,461,265 (Monte Carlo) | Relative TSR vs Russell 2000 IT; 3 tranches measured over 1-, 2-, 3-year periods ending 12/31/2024/2025/2026 . |
| Recognition RSUs (time-based) | 12/30/2024 | 61,282 | 4,499,937 | 15% on 1/1/2026, 15% on 1/1/2027, 70% on 1/1/2028 . |
Relative TSR payout curve for PRSUs: 25th percentile=50%, 50th=100%, 75th=200% . Tranche achievements: 2024 PRSU Tranche 1 earned 200% at 89th percentile (65,722 vested upon certification); 2023 PRSU Tranche 2 earned 200% at 90th percentile (72,584 vested) .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership | 1,164,380 shares (2.9% of outstanding) as of April 9, 2025 . |
| Options (Exercisable) | 575,000 shares exercisable; option strike $12.64; expiration 03/17/2030 . |
| RSUs (Unvested) | Time RSUs: 6,667 from 3/4/2022; 48,390 from 5/15/2023; 65,723 from 2/29/2024; 61,282 from 12/30/2024 . |
| PRSUs (Earned/Unearned) | 2023 PRSUs: 72,584 earned (2nd tranche), 72,586 max-eligible for 3rd tranche (performance through 12/31/2025) . 2024 PRSUs: 65,722 earned (Tranche 1), 131,448 max-eligible for tranches ending 12/31/2025 and 12/31/2026 . |
| 2024 Vested Shares | 159,602 shares acquired on vesting; value realized $7,177,241 . |
| Shares via SS2018 LLC | 179,955 shares held by SS2018 LLC; Singh disclaims beneficial ownership except for pecuniary interest due to trust structures for spouse/children . |
| Stock Ownership Guidelines | CEO requirement: 6x base salary; Singh is in compliance; until meeting guideline, must retain 50% of net after-tax shares from vesting . |
| Hedging/Pledging | Hedging and monetization transactions prohibited by Insider Trading Policy; clawback applicable for Big R and little r restatements and injurious conduct . |
Employment Terms
| Provision | Economics/Details |
|---|---|
| Employment Letter | Amended and restated employment letter governs compensation and severance; Company-paid LTD policy; in March 2024, Company discontinued paying life insurance premiums and reduced annual exam coverage to $2,000 . |
| Termination – Without Cause / Good Reason | 15 months of base salary severance; earned but unpaid STI (2024: $933,720); 15 months COBRA; RSUs vest as if employed for 15 months; PRSUs remain eligible based on actual performance for the period in which termination occurs (subject to release and covenants) . |
| Change-of-Control (Double Trigger) | Protection window: 3 months before to 13 months after a CoC; 18 months of severance and COBRA; unvested RSUs fully vest; PRSUs convert to time-vesting RSUs and vest . |
| Death/Disability | Prorated vesting of unvested time RSUs; prorated PRSUs remain eligible based on actual performance . |
| Clawback | Compliant with SEC Rule 10D-1/NYSE; recoupment for restatements and injurious misconduct . |
| Anti-Hedging | Hedging/monetization transactions prohibited for employees, officers, and directors . |
Performance & Track Record
- Strategic execution: 2024 recognized for acquisitions (Stuzo LLC, TASK Group Holdings Ltd.), divestitures (PAR Government Systems and Rome Research), a new $90M credit facility, and partial refinancing of 2026 converts .
- Say-on-Pay: 95.7% approval at 2024 meeting, indicating strong shareholder support for compensation practices .
Revenue and EBITDA Trend (FY 2019–FY 2024)
| Metric | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|---|---|---|
| Revenue ($) | 187,232,000* | 213,786,000* | 282,876,000* | 262,347,000* | 276,714,000* | 349,982,000* |
| EBITDA ($) | (11,230,000)* | (23,915,000)* | (54,249,000)* | (69,472,000)* | (76,854,000)* | (67,767,000)* |
Values retrieved from S&P Global.*
Total Shareholder Return (Initial $100 Investment)
| Year | Company TSR ($) | Peer Group TSR ($) |
|---|---|---|
| 2020 | 204.26 | 142.50 |
| 2021 | 171.67 | 162.45 |
| 2022 | 84.81 | 103.62 |
| 2023 | 141.64 | 131.92 |
| 2024 | 236.40 | 162.79 |
Board Governance
| Item | Detail |
|---|---|
| Board Role | Singh serves as CEO/President and director; no committee memberships . |
| Chair/Independence | Independent Chairman (James C. Stoffel) since June 1, 2023; executive sessions conducted without management; Singh focuses on execution and strategy under independent oversight . |
| Attendance | Board met 15 times in 2024; each director attended at least 75% of meetings/committees served . |
| Committee Composition | Independent Compensation Committee chaired by Linda M. Crawford; FW Cook retained as independent consultant; non-employee directors qualify under NYSE/SEC rules . |
Compensation Committee Analysis
- Consultant: FW Cook engaged to assess competitiveness, peer group updates, policy guidance, shareholder outreach; considered independent .
- Peer groups: 2024 peer group of 17 software/tech companies; 2025 peer group updated to 20 companies with PAR near median revenue/market cap; used as market checks, not binding targets .
- Target percentile: Company does not target a specific percentile vs peers; emphasizes variable, performance-based pay .
Related Party Transactions and Red Flags
- Related party: PAR Act III consulting agreement and warrant amendment (510,287 shares at $74.96, terminable April 8, 2028 contingent on consulting agreement); Director Keith Pascal has minor interests in PAR Act III; Warrant fair value $8.2M as of Jan 2, 2024; remains unexercised .
- Governance safeguards: No excise tax gross-ups on CoC; no repricing of underwater options; robust clawback; anti-hedging; independent chair structure .
- Section 16: Company reports timely filings in 2024 except one late CAO filing due to administrative error .
Director Compensation (Employee Director)
- Employee directors (including Singh) do not receive separate director cash/equity retainers; non-employee director program detailed but not applicable to Singh .
Investment Implications
- Alignment and retention: CEO’s compensation heavily equity-based with meaningful PRSU performance linkage to relative TSR; back-loaded 2024 recognition RSU grant (70% vesting in 2028) strongly incentivizes multi-year retention and shareholder-aligned outcomes .
- Performance leverage: Bonus metrics tied to ARR and Adjusted EBITDA create direct linkage to subscription growth and profitability; 2024 results drove a 151% payout, signaling aggressive growth/profit targets and execution .
- Ownership and options: Singh beneficially owns 2.9% with 575k options at $12.64 expiring in 2030, plus substantial unvested RSUs/PRSUs; significant annual vesting events can create periodic supply overhang risk, though 2024 shows no option exercises by Singh .
- Downside protections and CoC: Double-trigger CoC vesting and 18-month severance reduce transition risk but can raise M&A transaction dilution; clawback and anti-hedging policies mitigate behavioral risks .
- Governance: Independent Chair and high say-on-pay support (95.7%) indicate strong governance and investor confidence in pay design; peer benchmarking without rigid percentiles curbs ratcheting risk .