Exhibit 10.4

          

          

          

          BTRS HOLDINGS INC. 2020 EMPLOYEE STOCK PURCHASE PLAN

        BTRS Holdings Inc. 

        

        2020 Employee Stock Purchase Plan

        Adopted by the Board of Directors: [DATE]

        

        Approved by the Stockholders: [DATE]

        	
                1.

                

              	
                General; Purpose.

              


        (a) The Plan
            provides a means by which Eligible Employees of the Company and certain designated Related Corporations may be given an opportunity to purchase shares of Common Stock. The Plan permits the Company to grant a series of Purchase Rights to Eligible Employees under an Employee Stock Purchase Plan.

        (b) The
            Company, by means of the Plan, seeks to retain the services of such Employees, to secure and retain the services of new Employees and to provide incentives for such persons to exert maximum efforts for
            the success of the Company and its Related Corporations.

        	
                2.

                

              	
                Administration.

              


        (a) The Board
            will administer the Plan unless and until the Board delegates administration of the Plan to a Committee or Committees, as provided in Section 2(c).

        (b) The Board
            will have the power, subject to, and within the limitations of, the express provisions of the Plan:

        (i) To
            determine how and when Purchase Rights will be granted and the provisions of each Offering (which need not be identical).

        (ii) To
            designate from time to time which Related Corporations of the Company will be eligible to participate in the Plan.

        (iii) To
            construe and interpret the Plan and Purchase Rights, and to establish, amend and revoke rules and regulations for its administration. The Board, in the exercise of this power, may correct any defect,
            omission or inconsistency in the Plan, in a manner and to the extent it deems necessary or expedient to make the Plan fully effective.

        (iv) To settle
            all controversies regarding the Plan and Purchase Rights granted under the Plan.

        (v) To suspend
            or terminate the Plan at any time as provided in Section 12.

        (vi) To amend
            the Plan at any time as provided in Section 12.

        (vii) 
            Generally, to exercise such powers and to perform such acts as it deems necessary or expedient to promote the best interests of the Company and its Related Corporations and to carry out the intent that
            the Plan be treated as an Employee Stock Purchase Plan.

        (viii) To
            adopt such procedures and sub-plans as are necessary or appropriate to permit participation in the Plan by Employees who are foreign nationals or employed outside the United States.

        (c) The Board
            may delegate some or all of the administration of the Plan to a Committee or Committees. If administration is delegated to a Committee, the Committee will have, in connection with the administration of
            the Plan, the powers theretofore possessed by the Board that have been delegated to the Committee, including the power to delegate to a subcommittee any of
            the administrative powers the Committee is authorized to exercise (and references to the Board in this Plan and in any applicable Offering Document will thereafter be to the Committee or subcommittee), subject, however, to such resolutions, not inconsistent with the provisions of the Plan, as may be adopted from time to time by the Board. The Board may
            retain the authority to concurrently administer the Plan with the Committee and may, at any time, revest in the Board some or all of the powers previously delegated. Whether or not the Board has delegated administration of the Plan to a Committee, the Board will have the final power to determine all questions of policy and expediency that may
            arise in the administration of the Plan.

        (d) All
            determinations, interpretations and constructions made by the Board in good faith will not be subject to review by any person and will be final, binding and conclusive on all persons.

      

    

    
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                3.

                

              	
                Shares of Common Stock Subject to the Plan.

              


        (a) Subject to
            the provisions of Section 11(a) relating to Capitalization Adjustments, the maximum number of shares of Common Stock that may be issued under the Plan will not exceed [    ] shares of Common Stock (equal to one percent (1%) of the total number of issued and outstanding shares of Capital Stock immediately after the consummation of the transactions contemplated by the Business Combination Agreement) (the “Initial Share Reserve”), plus the number of shares of Common Stock that are automatically added on January 1st of each year for a period of up to ten years, commencing on January 1, 2022 and ending on (and including) January 1, 2031, in an amount equal to the lesser of (i) one percent (1.0%) of the total number of shares of Capital Stock outstanding on December 31st of the preceding calendar year, and (ii) [    ] shares of Common Stock (equal to two hundred percent (200%) of the Initial Share Reserve). Notwithstanding the foregoing, the Board may act prior to the first day of any calendar year to provide that there will be no
            January 1st increase in the share reserve for such calendar year or that the increase in the share reserve
            for such calendar year will be a lesser number of shares of Common Stock than would otherwise occur pursuant to the preceding sentence.

        (b) If any
            Purchase Right granted under the Plan terminates without having been exercised in full, the shares of Common Stock not purchased under such Purchase Right will again become available for issuance under
            the Plan. 

        (c) The stock
            purchasable under the Plan will be shares of authorized but unissued or reacquired Common Stock, including shares repurchased by the Company on the open market. 

        	
                4.

                

              	
                Grant of Purchase Rights; Offering.

              


        (a) The Board
            may from time to time grant or provide for the grant of Purchase Rights to Eligible Employees under an Offering (consisting of one or more Purchase Periods) on an Offering Date or Offering Dates
            selected by the Board. Each Offering will be in such form and will contain such terms and conditions as the Board will deem appropriate, and will comply with
            the requirement of Section 423(b)(5) of the Code that all Employees granted Purchase Rights will have the same rights and privileges. The terms and conditions of an Offering shall be incorporated by reference into the Plan and treated as part of the Plan. The provisions of separate Offerings need not be identical, but each Offering will include (through
            incorporation of the provisions of this Plan by reference in the document comprising the Offering or otherwise) the period during which the Offering will be effective, which period will not exceed 27 months beginning with the Offering Date, and the substance of the provisions contained in Sections 5 through 8, inclusive.

        (b) If a
            Participant has more than one Purchase Right outstanding under the Plan, unless he or she otherwise indicates in forms delivered to the Company: (i) each form will apply to all of his or her Purchase
            Rights under the Plan, and (ii) a Purchase Right with a lower exercise price (or an earlier-granted Purchase Right, if different Purchase Rights have
            identical exercise prices) will be exercised to the fullest possible extent before a Purchase Right with a higher exercise price (or a later-granted Purchase Right if different Purchase Rights have
            identical exercise prices) will be exercised.

        (c) The Board
            will have the discretion to structure an Offering so that if the Fair Market Value of a share of Common Stock on the first Trading Day of a new Purchase Period within that Offering is less than or
            equal to the Fair Market Value of a share of Common Stock on the Offering Date for that Offering, then (i) that Offering will terminate immediately as of that
            first Trading Day, and (ii) the Participants in such terminated Offering will be automatically enrolled in a new Offering beginning on the first Trading Day of such new Purchase Period. 

        	
                5.

                

              	
                Eligibility.

              


        (a) Purchase
            Rights may be granted only to Employees of the Company or, as the Board may designate in accordance with Section 2(b), to Employees of a Related Corporation. Except as provided in Section 5(b), an Employee will not be eligible to be granted Purchase Rights unless, on the Offering Date, the Employee has been in the employ of the Company or the Related Corporation, as
            the case may be, for such continuous period preceding such Offering Date as the Board may require, but in no event will the required period of continuous employment be equal to or greater than two years. In addition, the Board may provide that no Employee will be eligible to be granted Purchase Rights under the Plan unless, on the Offering Date, such
            Employee’s customary employment with the Company or the Related Corporation is more than 20 hours per week and more than five months per calendar year or such
            other criteria as the Board may determine consistent with Section 423 of the Code.

        (b) The Board
            may provide that each person who, during the course of an Offering, first becomes an Eligible Employee will, on a date or dates specified in the Offering which coincides with the day on which such
            person 

      

    

    
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        becomes an Eligible Employee or which occurs thereafter, receive a Purchase Right
          under that Offering, which Purchase Right will thereafter be deemed to be a part of that Offering. Such Purchase Right will have the same characteristics as any Purchase Rights originally granted under that Offering, as described herein, except
          that:

        (i) the date
            on which such Purchase Right is granted will be the “Offering Date” of such Purchase Right for all purposes, including determination of the exercise price of such Purchase Right;

        (ii) the
            period of the Offering with respect to such Purchase Right will begin on its Offering Date and end coincident with the end of such Offering; and

        (iii) the
            Board may provide that if such person first becomes an Eligible Employee within a specified period of time before the end of the Offering, he or she will not receive any Purchase Right under that
            Offering.

        (c) No
            Employee will be eligible for the grant of any Purchase Rights if, immediately after any such Purchase Rights are granted, such Employee owns stock possessing five percent or more of the total combined
            voting power or value of all classes of stock of the Company or of any Related Corporation. For purposes of this Section 5(c), the rules of Section 424(d) of
            the Code will apply in determining the stock ownership of any Employee, and stock which such Employee may purchase under all outstanding Purchase Rights and options will be treated as stock owned by such Employee.

        (d) As
            specified by Section 423(b)(8) of the Code, an Eligible Employee may be granted Purchase Rights only if such Purchase Rights, together with any other rights granted under all Employee Stock Purchase
            Plans of the Company and any Related Corporations, do not permit such Eligible Employee’s rights to purchase stock of the Company or any Related Corporation
            to accrue at a rate which, when aggregated, exceeds $25,000 of Fair Market Value of such stock (determined at the time such rights are granted, and which, with respect to the Plan, will be determined
            as of their respective Offering Dates) for each calendar year in which such rights are outstanding at any time.

        (e) Officers
            of the Company and any designated Related Corporation, if they are otherwise Eligible Employees, will be eligible to participate in Offerings under the Plan. Notwithstanding the foregoing, the Board
            may provide in an Offering that Employees who are highly compensated Employees within the meaning of Section 423(b)(4)(D) of the Code will not be eligible to
            participate.

        	
                6.

                

              	
                Purchase Rights; Purchase Price.

              


        (a) On each
            Offering Date, each Eligible Employee, pursuant to an Offering made under the Plan, will be granted a Purchase Right to purchase up to that number of shares of Common Stock purchasable either with a percentage or with a maximum dollar amount, as designated by the Board, but in either case not exceeding 15% of such Employee’s earnings (as defined by the Board in each
            Offering) during the period that begins on the Offering Date (or such later date as the Board determines for a particular Offering) and ends on the date stated in the Offering, which date will be no later than the end of the Offering.

        (b) The Board
            will establish one or more Purchase Dates during an Offering on which Purchase Rights granted for that Offering will be exercised and shares of Common Stock will be purchased in accordance with such
            Offering.

        (c) In
            connection with each Offering made under the Plan, the Board may specify (i) a maximum number of shares of Common Stock that may be purchased by any Participant on any Purchase Date during such
            Offering, (ii) a maximum aggregate number of shares of Common Stock that may be purchased by all Participants pursuant to such Offering and/or (iii) a maximum
            aggregate number of shares of Common Stock that may be purchased by all Participants on any Purchase Date under the Offering. If the aggregate purchase of shares of Common Stock issuable upon exercise of Purchase Rights granted under the Offering would exceed any such maximum aggregate number, then, in the absence of any Board action otherwise, a pro rata
            (based on each Participant’s accumulated Contributions) allocation of the shares of Common Stock available will be made in as nearly a uniform manner as will be practicable and equitable.

        (d) The
            purchase price of shares of Common Stock acquired pursuant to Purchase Rights will be not less than the lesser of:

        (i) an amount
            equal to 85% of the Fair Market Value of the shares of Common Stock on the Offering Date; or

        (ii) an
            amount equal to 85% of the Fair Market Value of the shares of Common Stock on the applicable Purchase Date.

      

    

    
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                7.

                

              	
                Participation; Withdrawal; Termination.

              


        (a) An
            Eligible Employee may elect to participate in an Offering and authorize payroll deductions as the means of making Contributions by completing and delivering to the Company, within the time specified in
            the Offering, an enrollment form provided by the Company. The enrollment form will specify the amount of Contributions not to exceed the maximum amount
            specified by the Board. Each Participant’s Contributions will be credited to a bookkeeping account for such Participant under the Plan and will be deposited with the general funds of the Company except where applicable law requires that Contributions be deposited with a third party. If permitted in the Offering, a Participant may begin such
            Contributions with the first practicable payroll occurring on or after the Offering Date (or, in the case of a payroll date that occurs after the end of the prior Offering but before the Offering Date of the next new Offering, Contributions from such payroll will be included in the new Offering). If permitted in the Offering, a Participant may thereafter reduce
            (including to zero) or increase his or her Contributions. If specifically provided in the Offering, in addition to or instead of making Contributions by payroll deductions, a Participant may make Contributions through the payment by cash or check prior to a Purchase Date.

        (b) During an
            Offering, a Participant may cease making Contributions and withdraw from the Offering by delivering to the Company a withdrawal form provided by the Company. The Company may impose a deadline before a Purchase Date for withdrawing. Upon such withdrawal, such Participant’s Purchase Right in that Offering will immediately terminate and the Company will distribute
            as soon as practicable to such Participant all of his or her accumulated but unused Contributions and such Participant’s Purchase Right in that Offering shall thereupon terminate. A Participant’s withdrawal from that Offering will have no effect upon his or her eligibility to participate in any other Offerings under the Plan, but such
            Participant will be required to deliver a new enrollment form to participate in subsequent Offerings.

        (c) Unless
            otherwise required by applicable law, Purchase Rights granted pursuant to any Offering under the Plan will terminate immediately if the Participant either (i) is no longer an Employee for any reason or
            for no reason (subject to any post-employment participation period required by law) or (ii) is otherwise no longer eligible to participate. The Company will
            distribute to such individual as soon as practicable all of his or her accumulated but unused Contributions.

        (d) During a
            Participant’s lifetime, Purchase Rights will be exercisable only by such Participant. Purchase Rights are not transferable by a Participant, except by will, by the laws of descent and distribution, or,
            if permitted by the Company, by a beneficiary designation as described in Section 10. 

        (e) Unless
            otherwise specified in the Offering or required by applicable law, the Company will have no obligation to pay interest on Contributions.

        	
                8.

                

              	
                Exercise of Purchase Rights.

              


        (a) On each
            Purchase Date, each Participant’s accumulated Contributions will be applied to the purchase of shares of Common Stock, up to the maximum number of shares of Common Stock permitted by the Plan and the applicable Offering, at the purchase price specified in the Offering. No fractional shares will be issued unless specifically provided for in the Offering.

        (b) Unless
            otherwise provided in the Offering, if any amount of accumulated Contributions remains in a Participant’s account after the purchase of shares of Common Stock and such remaining amount is less than the
          amount required to purchase one share of Common Stock on the final Purchase Date of an Offering, then such remaining amount will be held in such Participant’s
            account for the purchase of shares of Common Stock under the next Offering under the Plan, unless such Participant withdraws from or is not eligible to participate in such next Offering, in which case such amount will be distributed to such Participant after the final Purchase Date without interest (unless the payment of interest is otherwise
            required by applicable law). If the amount of Contributions remaining in a Participant’s account after the purchase of shares of Common Stock is at least equal to the amount required to purchase one (1) whole share of Common Stock on the final Purchase Date of an Offering, then such remaining amount will be distributed in full to such
            Participant after the final Purchase Date of such Offering without interest.

        (c) No
            Purchase Rights may be exercised to any extent unless the shares of Common Stock to be issued upon such exercise under the Plan are covered by an effective registration statement pursuant to the
            Securities Act and the Plan is in material compliance with all applicable federal, state, foreign and other securities and other laws applicable to the Plan.
            If on a Purchase Date the shares of Common Stock are not so registered or the Plan is not in such 

      

    

    
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        compliance, no Purchase Rights will be exercised on such Purchase Date, and the
          Purchase Date will be delayed until the shares of Common Stock are subject to such an effective registration statement and the Plan is in material compliance, except that the Purchase Date will in no event be more than 6 months from the Offering
          Date. If, on the Purchase Date, as delayed to the maximum extent permissible, the shares of Common Stock are not registered and the Plan is not in material compliance with all applicable laws, no Purchase Rights will be exercised and all
          accumulated but unused Contributions will be distributed to the Participants without interest.

        	
                9.

                

              	
                Covenants of the Company.

              


        The Company will seek to obtain from each U.S. federal or state,
          foreign or other regulatory commission or agency having jurisdiction over the Plan such authority as may be required to grant Purchase Rights and issue and sell shares of Common Stock thereunder unless the Company determines, in its sole
          discretion, that doing so would cause the Company to incur costs that are unreasonable. If, after commercially reasonable efforts, the Company is unable to obtain the authority that counsel for the Company deems necessary for the grant of
          Purchase Rights or the lawful issuance and sale of Common Stock under the Plan, and at a commercially reasonable cost, the Company will be relieved from any liability for failure to grant Purchase Rights and/or to issue and sell Common Stock upon
          exercise of such Purchase Rights.

        	
                10.

                

              	
                Designation of Beneficiary.

              


        (a) The
            Company may, but is not obligated to, permit a Participant to submit a form designating a beneficiary who will receive any shares of Common Stock and/or Contributions from the Participant’s account
            under the Plan if the Participant dies before such shares and/or Contributions are delivered to the Participant. The Company may, but is not obligated to,
            permit the Participant to change such designation of beneficiary. Any such designation and/or change must be on a form approved by the Company.

        (b) If a
            Participant dies, and in the absence of a valid beneficiary designation, the Company will deliver any shares of Common Stock and/or Contributions to the executor or administrator of the estate of the
            Participant. If no executor or administrator has been appointed (to the knowledge of the Company), the Company, in its sole discretion, may deliver such
            shares of Common Stock and/or Contributions without interest (unless the payment of interest is otherwise required by applicable law) to the Participant’s spouse, dependents or relatives, or if no
            spouse, dependent or relative is known to the Company, then to such other person as the Company may designate.

        	
                11.

                

              	
                Adjustments upon Changes in Common Stock; Corporate Transactions.

              


        (a) In the
            event of a Capitalization Adjustment, the Board will appropriately and proportionately adjust: (i) the class(es) and maximum number of securities subject to the Plan pursuant to Section 3(a), (ii) the
            class(es) and maximum number of securities by which the share reserve is to increase automatically each year pursuant to Section 3(a), (iii) the class(es) and
            number of securities subject to, and the purchase price applicable to outstanding Offerings and Purchase Rights, and (iv) the class(es) and number of securities that are the subject of the purchase
            limits under each ongoing Offering. The Board will make these adjustments, and its determination will be final, binding and conclusive. 

        (b) In the
            event of a Corporate Transaction, then: (i) any surviving corporation or acquiring corporation (or the surviving or acquiring corporation’s parent company) may assume or continue outstanding Purchase
            Rights or may substitute similar rights (including a right to acquire the same consideration paid to the stockholders in the Corporate Transaction) for
            outstanding Purchase Rights, or (ii) if any surviving or acquiring corporation (or its parent company) does not assume or continue such Purchase Rights or does not substitute similar rights for such
            Purchase Rights, then the Participants’ accumulated Contributions will be used to purchase shares of Common Stock within ten business days prior to the
            Corporate Transaction under the outstanding Purchase Rights, and the Purchase Rights will terminate immediately after such purchase.

        	
                12.

                

              	
                Amendment, Termination or Suspension of the Plan.

              


        (a) The Board
            may amend the Plan at any time in any respect the Board deems necessary or advisable. However, except as provided in Section 11(a) relating to Capitalization Adjustments, stockholder approval will be required for any amendment of the Plan for which stockholder approval is required by applicable law or listing requirements.

      

    

    
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        (b) The
            Board may suspend or terminate the Plan at any time. No Purchase Rights may be granted under the Plan while the Plan is suspended or after it is terminated.

        (c) Any
            benefits, privileges, entitlements and obligations under any outstanding Purchase Rights granted before an amendment, suspension or termination of the Plan will not be materially impaired by any such
            amendment, suspension or termination except (i) with the consent of the person to whom such Purchase Rights were granted, (ii) as necessary to comply with any
            laws, listing requirements, or governmental regulations (including, without limitation, the provisions of Section 423 of the Code and the regulations and other interpretive guidance issued thereunder relating to Employee Stock Purchase Plans) including without limitation any such regulations or other guidance that may be issued or amended after the date the
            Plan is adopted by the Board, or (iii) as necessary to obtain or maintain favorable tax, listing, or regulatory treatment. To be clear, the Board may amend outstanding Purchase Rights without a Participant’s consent if such amendment is necessary to ensure that the Purchase Right and/or the Plan complies with the requirements of Section 423 of the
            Code.

        Notwithstanding anything in the Plan or any Offering Document to the
          contrary, the Board will be entitled to: (i) establish the exchange ratio applicable to amounts withheld in a currency other than U.S. dollars; (ii) permit Contributions in excess of the amount designated by a Participant in order to adjust for
          mistakes in the Company’s processing of properly completed Contribution elections; (iii) establish reasonable waiting and adjustment periods and/or accounting and crediting procedures to ensure that amounts applied toward the purchase of Common
          Stock for each Participant properly correspond with amounts withheld from the Participant’s Contributions; (iv) amend any outstanding Purchase Rights or clarify any ambiguities regarding the terms of any Offering to enable the Purchase Rights to
          qualify under and/or comply with Section 423 of the Code; and (v) establish other limitations or procedures as the Board determines in its sole discretion advisable that are consistent with the Plan. The actions of the Board pursuant to this
          paragraph will not be considered to alter or impair any Purchase Rights granted under an Offering as they are part of the initial terms of each Offering and the Purchase Rights granted under each Offering.

        	
                13.

                

              	
                Effective Date of Plan.

              


        The Plan will become effective on [    ]. No Purchase Rights will be
          exercised unless and until the Plan has been approved by the stockholders of the Company, which approval must be within 12 months before or after the date the Plan is adopted (or if required under Section 12(a) above, materially amended) by the
          Board. 

        	
                14.

                

              	
                Miscellaneous Provisions.

              


        (a) Proceeds
            from the sale of shares of Common Stock pursuant to Purchase Rights will constitute general funds of the Company.

        (b) A
            Participant will not be deemed to be the holder of, or to have any of the rights of a holder with respect to, shares of Common Stock subject to Purchase Rights unless and until the Participant’s shares
            of Common Stock acquired upon exercise of Purchase Rights are recorded in the books of the Company (or its transfer agent).

        (c) The Plan
            and Offering do not constitute an employment contract. Nothing in the Plan or in the Offering will in any way alter the at will nature of a Participant’s employment or be deemed to create in any way
            whatsoever any obligation on the part of any Participant to continue in the employ of the Company or a Related Corporation, or on the part of the Company or a
            Related Corporation to continue the employment of a Participant.

        (d) The
            provisions of the Plan will be governed by the laws of the State of Delaware without resort to that state’s conflict of laws rules.

        	
                15.

                

              	
                Definitions.

              


        As used in the Plan, the following definitions will apply to the
          capitalized terms indicated below:

        (a) “Board” means the Board of Directors of the Company.

        (b) “Business Combination Agreement” means that certain Business Combination Agreement, dated as of October 18, 2020, by and among South
            Mountain Merger Corp., a Delaware corporation, BT Merger Sub I, Inc., a Delaware corporation, BT Merger Sub II, a Delaware limited liability company, and Factor Systems, Inc. (d/b/a Billtrust), a Delaware corporation.

        (c) “Capital Stock” means each and every class of common stock of the Company, regardless of the number of votes per share.

      

    

    
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        (d) “Capitalization Adjustment” means any change that is made in, or other events that occur with respect to, the Common Stock subject
            to the Plan or subject to any Purchase Right after the date the Plan is adopted by the Board without the receipt of consideration by the Company through merger, consolidation, reorganization,
            recapitalization, reincorporation, stock dividend, dividend in property other than cash, large nonrecurring cash dividend, stock split, liquidating dividend,
            combination of shares, exchange of shares, change in corporate structure or other similar equity restructuring transaction, as that term is used in Financial Accounting Standards Board Accounting
            Standards Codification Topic 718 (or any successor thereto). Notwithstanding the foregoing, the conversion of any convertible securities of the Company will
            not be treated as a Capitalization Adjustment.

        (e) “Code” means the Internal Revenue Code of 1986, as amended, including any applicable regulations and guidance thereunder.

        (f) “Committee” means a committee of one or more members of the Board to whom authority has been delegated by the Board in accordance
            with Section 2(c).

        (g) “Common Stock” means the Class 1 common stock of the Company.

        (h) “Company” means BTRS Holdings Inc., a Delaware corporation.

        (i) “Contributions” means the payroll deductions and other additional payments specifically provided for in the Offering that a
            Participant contributes to fund the exercise of a Purchase Right. A Participant may make additional payments into his or her account if specifically provided for in the Offering, and then only if the
            Participant has not already had the maximum permitted amount withheld during the Offering through payroll deductions.

        (j) “Corporate Transaction” means the consummation, in a single transaction or in a series of related transactions, of any one or more
            of the following events:

        (i) a sale or
            other disposition of all or substantially all, as determined by the Board in its sole discretion, of the consolidated assets of the Company and its subsidiaries;

        (ii) a sale or
            other disposition of more than 50% of the outstanding securities of the Company;

        (iii) a
            merger, consolidation or similar transaction following which the Company is not the surviving corporation; or

        (iv) a
            merger, consolidation or similar transaction following which the Company is the surviving corporation but the shares of Common Stock outstanding immediately preceding the merger, consolidation or similar transaction are converted or exchanged by virtue of the merger, consolidation or similar transaction into other property, whether in the form of securities, cash or
            otherwise.

        (k) “Director” means a member of the Board.

        (l) “Eligible Employee” means an Employee who meets the requirements set forth in the document(s) governing the Offering for eligibility
            to participate in the Offering, provided that such Employee also meets the requirements for eligibility to participate set forth in the Plan.

        (m) “Employee” means any person, including an Officer or Director, who is “employed” for purposes of Section 423(b)(4) of the Code by
            the Company or a Related Corporation. However, service solely as a Director, or payment of a fee for such services, will not cause a Director to be considered an “Employee” for purposes of the Plan. 

        (n) “Employee Stock Purchase Plan” means a plan that grants Purchase Rights intended to be options issued under an “employee stock
            purchase plan,” as that term is defined in Section 423(b) of the Code.

        (o) “Exchange Act” means the Securities Exchange Act of 1934, as amended and the rules and regulations promulgated thereunder.

        (p) “Fair Market Value” means, as of any date, the value of the Common Stock determined as follows:

        (i) If the
            Common Stock is listed on any established stock exchange or traded on any established market, the Fair Market Value of a share of Common Stock will be, unless otherwise determined by the Board, the closing
            sales price for such stock as quoted on such exchange or market (or the exchange or market with the 

      

    

    
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        greatest volume of trading in the Common Stock) on
              the date of determination, as reported in such source as the Board deems reliable. Unless otherwise provided by the Board, if there is no closing sales price for the Common Stock on the date of determination, then the Fair Market
          Value will be the closing sales price on the last preceding date for which such quotation exists.

        (ii) In the
            absence of such markets for the Common Stock, the Fair Market Value will be determined by the Board in good faith in compliance with applicable laws and in a manner that complies with Sections 409A of the Code.

        (q) “Offering” means the grant to Eligible Employees of Purchase Rights,
            with the exercise of those Purchase Rights automatically occurring at the end of one or more Purchase Periods. The terms and conditions of an Offering will
            generally be set forth in the “Offering Document” approved by the Board for that Offering.

        (r) “Offering Date” means a date selected by the Board for an Offering to commence.

        (s) “Officer” means a person who is an officer of the Company or a Related Corporation within the meaning of Section 16 of the Exchange
            Act.

        (t) “Participant” means an Eligible Employee who holds an outstanding
            Purchase Right.

        (u) “Plan” means this BTRS Holdings Inc. 2020 Employee Stock Purchase
            Plan, as amended from time to time.

        (v) “Purchase Date” means one or more dates during an Offering selected by
            the Board on which Purchase Rights will be exercised and on which purchases of shares of Common Stock will be carried out in accordance with such Offering.

        (w) “Purchase Period” means a period of time specified within an Offering, generally beginning on the Offering Date or on the first
            Trading Day following a Purchase Date, and ending on a Purchase Date. An Offering may consist of one or more Purchase Periods.

        (x) “Purchase Right” means an option to purchase shares of Common Stock
            granted pursuant to the Plan.

        (y) “Related Corporation” means any “parent corporation” or “subsidiary
            corporation” of the Company whether now or subsequently established, as those terms are defined in Sections 424(e) and (f), respectively, of the Code.

        (z) “Securities Act” means the Securities Act of 1933, as amended.

        (aa) “Trading Day” means any day on which the exchange(s) or market(s) on which shares of Common Stock are listed, including but not
            limited to the NYSE, Nasdaq Global Select Market, the Nasdaq Global Market, the Nasdaq Capital Market or any successors thereto, is open for trading.

      

    

    
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