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Posted 27 March, 2023

BM Technologies, Inc. appointed new CEO

CEO Change detected for ticker NYSE:BMTX in a 8-K filed on 27 March, 2023.


  Appointment of Co-CEO; Departure of Director  

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Overview of BM Technologies, Inc.
Business/Consumer Services • Computer Services
BM Technologies, Inc. is a technology company that provides banking services through its partner banks. It offers a mobile banking platform in the U.S. that provides access to checking and savings accounts, personal loans and credit cards. The company's operating model enables partner banks to provide banking services to low and middle-income Americans who have been left behind by the fee model of traditional banks. The company was founded by Luvleen Sidhu in May 2016 and is headquartered in Wayne, PA.
Market Cap
$22.7M
View Company Details
BM Technologies, Inc. by TradingView
Relevant filing section
Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers.


Appointment of Co-CEO; Departure of Director


Reference is made to Item 5.02 of 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 ("SEC") on January 30, 2023 (the "January 2023 Form 8-K") reporting that on January 27, 2023, the Company's Board of Directors (the "Board") had appointed Rajinder Singh to serve as a member of the Board. 


Subsequent to Mr. Singh's appointment to the Board, it was determined to appoint Mr. Singh the Company's Co-Chief Executive Officer, and in connection with that appointment, Mr. Singh resigned his position on the Board and became a Board observer. Mr. Singh's decision to resign from the Board did not involve any disagreement with BM Technologies, Inc., its management, or the Board. The Company and Mr. Singh also entered into an Employment Agreement dated March 24, 2023 (the "Singh Employment Agreement"). The Singh Employment Agreement provides for:


- a 500,000 restricted stock unit equity inducement award; 


- a base salary of $325,000 annually; 


- potential for annual cash and equity incentive compensation in an amount, form, and at such time as provided in executive incentive plans as approved by the Board from time to time; 


- severance compensation for up to two year's compensation based upon his then-current base salary plus average annual performance bonus over the preceding three years, together with vesting of certain awards in the event of a termination of Mr. Singh's employment without cause or by Mr. Singh for "good reason" as those terms are defined in the Singh Employment Agreement; 


- automatic vesting of all equity awards if employment is terminated by the Company without cause or by Mr. Singh for good reason (as such terms are used in the Singh Employment Agreement); provided that only 50% of such equity awards shall vest if the employment is terminated by the Company without cause before December 31, 2023, or if such termination occurs within 12 months of a change in control that has occurred on or before March 24, 2024; 


- customary non-disclosure, non-compete, and non-disparagement provisions; and 


- a term of two (2) years commencing on March 24, 2023 and renewing automatically on each two (2)-year anniversary for an additional term two (2) years, unless either party delivers notice to the contrary to the other party at least sixty (60) days prior to such two (2)-year anniversary. 


The foregoing summary of the Singh Employment Agreement does not purport to be complete and is qualified in its entirety by reference to the Singh Employment Agreement, a copy of which will be filed with the SEC as an exhibit not later than with the filing of the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2023.