UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Resignation of Co-CEO
On August 29, 2023, Mr. Rajinder Singh resigned from his position as Co-CEO of BM Technologies, Inc. (the “Company”) 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”). During the Transition Period, Mr. Singh will provide transition and advisory services to the Company, and in exchange, will continue to receive his current base salary and employee benefits exclusive of incentive bonus eligibility. All of Mr. Singh’s outstanding, unvested performance-based and time-based equity grants were terminated effective with his resignation as Co-CEO. Mr. Singh’s receipt of these payments and benefits is conditioned on his ongoing performance under the Transition Agreement.
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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: September 1, 2023 | By: | /s/ Luvleen Sidhu |
| Luvleen Sidhu | ||
| Chief Executive Officer | ||
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