On May 11, 2022, Charles B. Bernicker notified BTRS Holdings Inc. that he will step down as a member of the board of directors of the Company (the “Board”), the Audit Committee of the Board (the “Audit Committee”), the Compensation Committee of the Board, and the Nominating and Corporate Governance Committee of the Board (the “Nominating and Corporate Governance Committee”), including as Chair of the Nominating and Corporate Governance Committee, effective immediately, in order to pursue other interests. Mr. Bernicker indicated that his decision to resign was not due to any disagreement with the Company. In connection with Mr. Bernicker's resignation, the Board appointed John W. Murray to serve as Chair of the Nominating and Corporate Governance Committee and to serve as a member of the Audit Committee, effective May 11, 2022.

The Board previously determined that Mr. Murray qualifies as independent under the director independence standards set forth in the rules and regulations of the Securities and Exchange Commission (the “SEC”) and the applicable listing standards of The Nasdaq Stock Market (“Nasdaq”), and in connection with Mr. Murray's appointment to the Audit Committee, the Board further determined that he satisfies the additional requirements of audit committee independence for audit committee service under applicable SEC rules and regulations and Nasdaq listing standards.