BOTTOMLINE TECHNOLOGIES INC appointed Saks as new CEO

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangement. 

In connection with the consummation of the Merger and as contemplated by the Merger Agreement (and not because of any disagreement with the Company), all of the directors of the Company ceased to be directors of the Company as of the Effective Time. In accordance with the terms of the Merger Agreement, at the Effective Time, the directors of Merger Sub became directors of the Company. Immediately following the Effective Time, the Company's board of directors consisted of Craig Saks and Bruce Bowden. Craig Saks has an existing relationship with Thoma Bravo. 


The officers of the Company immediately prior to the Effective Time (with the exception of the Chief Executive Officer, as described below) continued as officers of the Company following the Effective Time. 

Craig Saks was appointed as Chief Executive Officer of the Company following the closing of the Merger. On May 11, 2022, Robert Eberle and the Company entered into a Strategic Advisor and Transition Agreement, pursuant to which Mr. Eberle will serve as Strategic Advisor to the Company through June 30, 2022 and will be paid a monthly consulting fee of $34,476 for his services as Strategic Advisor.