On August 29, 2023, Mr. Rajinder Singh resigned from his position as Co-CEO of BM Technologies, Inc. effective immediately. Mr. Singh?s resignation is for personal reasons and is not the result of any dispute or disagreement regarding the Company's operations, policies, or procedures. The Company has initiated a search to fill the vacancy created by Mr. Singh?s resignation and Ms. Luvleen Sidhu, the Company?s Chief Executive Officer, will serve as the Company?s sole CEO effective with Mr. Singh?s resignation.

In connection with his resignation from the Company, Mr. Singh and the Company entered into an Executive Transition Agreement (the ?Transition Agreement?), pursuant to which Mr. Singh will remain a non-executive employee of the Company for the period August 30, 2023 through December 31, 2023 (the ?Transition Period?).