Effective March 14, 2016, PAR Technology Corporation terminated the employment of Michael S. Bartusek, its Vice President and Chief Financial officer for cause in connection with unauthorized investments made in contravention of the Company's policies and procedures involving Company funds aggregating less than $900,000. The unauthorized investments occurred during the period between September 25, 2015 and November 6, 2015. As previously reported, Mr. Bartusek was hired by the Company effective July 20, 2015. At the direction of the Board, the Company's President and Chief Executive Officer has initiated an executive search to locate and vet potential candidates to fill the position of Chief Financial Officer. Matthew J.
Trinkaus will continue to serve as the Company's Acting Treasurer and Principal Accounting Officer.