Item 5.02 Departure of Directors or Principal Officers; Election of Directors;
Appointment of Principal Officers.
Reference is made to the Current Report on Form 8-K of BM Technologies, Inc.
(the "Company") dated January 26, 2023 and filed with the Securities and
Exchange Commission on January 30, 2023 (the "Original Form 8-K").
In the Original Form 8-K, the Company reported under Item 5.02 that, in
connection with Robert Ramsey's transition from Chief Financial Officer to a
corporate development role, Mr. Ramsey's new compensation arrangements
associated with the transition had not been finalized and, therefore, were not
available at that time.
On February 7, 2023, the Company and Mr. Ramsey entered into a Severance
Agreement and General Release (the "Separation Agreement") providing, in
addition to certain customary terms and conditions, that Mr. Ramsey's employment
with the Company will end on March 31, 2023 (the "Separation Date") and that,
until the Separation Date, Mr. Ramsey will serve in the role of Head of
Corporate Development for the Company and will receive his current base salary
pro rata for such period. The Separation Agreement provides that upon
satisfactory performance of the duties outlined through the Separation Date, Mr.
Ramsey will receive the following payments less any applicable withholdings and
deductions:
· a severance payment of $63,462, which equates to 12 weeks of his current base
salary;
· reimbursement for four weeks of COBRA health insurance premiums;
· payment for all earned and unused paid time off; and
· a transition assistance bonus of $90,000, payable in two installments.
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