SEC Contract Filing

Filing Date: 2022-05-10

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>exhibit101q12022.htm
<DESCRIPTION>EX-10.1
<TEXT>
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<title>Document</title></head><body><div id="if1e5a81ea4de4e1c96e0b6865e94fab3_33"></div><div style="min-height:72pt;width:100%"><div style="text-align:right"><font><br></font></div><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">EXHIBIT 10.1</font></div></div><div style="margin-top:6pt;text-align:center"><font style="color:#212529;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">BTRS HOLDINGS INC. </font></div><div style="text-align:center"><font style="color:#212529;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">EXECUTIVE SEVERANCE PLAN INCLUDING </font></div><div style="text-align:center"><font style="color:#212529;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">IN THE EVENT OF A CHANGE OF CONTROL</font></div><div style="margin-top:6pt"><font style="color:#212529;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">BTRS Holdings Inc., a Delaware corporation (the &#8220;</font><font style="color:#212529;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Company</font><font style="color:#212529;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;), has adopted this Executive Severance Plan Including In The Event of a Change of Control (the &#8220;</font><font style="color:#212529;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Plan</font><font style="color:#212529;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;), effective as of the Effective Date, for the benefit of certain key employees of the Participating Company Group.</font></div><div style="margin-top:6pt"><font style="color:#212529;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">The Company considers it essential to the best interests of its stockholders to take reasonable steps to retain its key management personnel. </font></div><div style="margin-top:6pt"><font style="color:#212529;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">The Company hereby adopts this Executive Severance Plan Including In the Event of a Change of Control for the benefit of its employees who are eligible as provided in the Plan.</font></div><div style="margin-top:6pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Section 1. </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Definitions</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">.</font></div><div style="margin-top:6pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">1.1. &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Accounting Firm</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221; shall mean BDO USA, LLP or, if such firm is unable or unwilling to perform the calculations required under this Plan, such other national accounting firm as shall be designated the Company.</font></div><div style="margin-top:6pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">1.2. &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Base Salary</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221; shall mean the Participant&#8217;s annual base salary as in effect during the last regularly scheduled payroll period immediately preceding such Participant&#8217;s Date of Termination. Base Salary does not include any bonuses, commissions, fringe benefits, overtime, car allowances, other irregular payments or any other compensation except base salary.</font></div><div style="margin-top:6pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">1.3. &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Board</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221; shall mean the board of directors of the Company.</font></div><div style="margin-top:6pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">1.4. &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Cause</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221; shall mean a Participant having (i) willfully failed to perform his or her employment duties, whether or not pursuant to a written employment agreement, (ii) engaged in gross misconduct in