UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
(Amendment No. 1)
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
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mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act.
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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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| BM Technologies, Inc. | ||
| Dated: February 13, 2023 | By: | /s/ Luvleen Sidhu |
| Luvleen Sidhu | ||
| Chief Executive Officer | ||
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