SEC FORM 3

SEC FORM 3 SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

BAIN CAPITAL VENTURE INVESTORS, LLC

(Last)

(First)

(Middle)

200 CLARENDON STREET

(Street)

BOSTON

02116

(City)

(State)

(Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
01/12/2021

3. Issuer Name and Ticker or Trading Symbol
BTRS Holdings Inc. [ BTRS ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

Director	X	10% Owner
Officer (give title below)		Other (specify below)

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Class 1 Common Stock	31,518,953⁽¹⁾⁽²⁾⁽³⁾	I	See footnote⁽⁴⁾

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)

1. Name and Address of Reporting Person^*

BAIN CAPITAL VENTURE INVESTORS, LLC

(Last)

(First)

(Middle)

200 CLARENDON STREET

(Street)

BOSTON

02116

(City)

(State)

(Zip)

1. Name and Address of Reporting Person^*

Bain Capital Venture Fund 2012, L.P.

(Last)

(First)

(Middle)

200 CLARENDON STREET

(Street)

BOSTON

02116

(City)

(State)

(Zip)

1. Name and Address of Reporting Person^*

Bain Capital Venture Partners 2012, L.P.

(Last)

(First)

(Middle)

200 CLARENDON STREET

(Street)

BOSTON

02116

(City)

(State)

(Zip)

1. Name and Address of Reporting Person^*

BCIP Venture Associates

(Last)

(First)

(Middle)

200 CLARENDON STREET

(Street)

BOSTON

02116

(City)

(State)

(Zip)

1. Name and Address of Reporting Person^*

BCIP VENTURE ASSOCIATES-B

(Last)

(First)

(Middle)

200 CLARENDON STREET

(Street)

BOSTON

02116

(City)

(State)

(Zip)

1. Name and Address of Reporting Person^*

Salem Enrique T

(Last)

(First)

(Middle)

C/O BAIN CAPITAL VENTURE INVESTORS,

200 CLARENDON STREET

(Street)

BOSTON

02116

(City)

(State)

(Zip)

1. Name and Address of Reporting Person^*

Agarwal Ajay

(Last)

(First)

(Middle)

C/O BAIN CAPITAL VENTURE INVESTORS,

200 CLARENDON STREET

(Street)

BOSTON

02116

(City)

(State)

(Zip)

Explanation of Responses:

1. Received on January 12, 2021 (the "Effective Date") in exchange for an aggregate of 3,931,414 shares of common stock of Factor Systems, Inc. (d/b/a Billtrust), a Delaware corporation ("Former Billtrust") (the "Common Stock"), pursuant to the Business Combination Agreement, dated as of October 18, 2020, by and among South Mountain Merger Corp. ("South Mountain" and, upon consummation of the business combination, the surviving Issuer as renamed BTRS Holdings Inc.), Former Billtrust, BT Merger Sub I, Inc., a Delaware corporation and a direct, wholly owned subsidiary of South Mountain, and BT Merger Sub II, LLC, a Delaware limited liability company and a direct, wholly owned subsidiary of South Mountain (as amended by Amendment No. 1, dated as of December 13, 2020), as more particularly described in footnote (2) below.

2. Included are (i) 25,752,455 shares of the Issuer's Class 1 Common Stock, par value $0.0001 per share (the "Shares"), received on the Effective Date held by Bain Capital Venture Fund 2012, L.P. ("Venture Fund 2012") in exchange for 3,562,743 shares of Common Stock; (ii) 2,515,082 Shares received on the Effective Date held by BCIP Venture Associates ("BCIP VA") in exchange for 347,951 shares of Common Stock; and (iii) 149,770 Shares received on the Effective Date held by BCIP Venture Associates-B ("BCIP VA-B" and, together with Venture Fund 2012 and BCIP VA, the "Bain Capital Venture Entities") in exchange for 20,720 shares of Common Stock.

3. In addition to those shares listed in footnote (2) herein, the reporting persons may receive the following Shares: (i) 1,405,394 Shares to be received by Venture Fund 2012, 137,256 Shares to be received by BCIP VA, and 8,173 Shares to be received by BCIP VA-B, if the Issuer's closing share price equals or exceeds $12.50 for any 20 trading days within any consecutive 30-trading day period prior to January 12, 2026; and (ii) 1,405,394 Shares to be received by Venture Fund 2012, 137,256 Shares to be received by BCIP VA, and 8,173 Shares to be received by BCIP VA-B, if the Issuer's closing share price equals or exceeds $15.00 for any 20 trading days within any consecutive 30-trading day period prior to January 12, 2026.

4. Bain Capital Venture Investors, LLC ("BCVI") is the general partner of Bain Capital Venture Partners 2012, L.P. ("Venture Partners 2012"), which is the general partner of Venture Fund 2012. The governance, investment strategy and decision making process with respect to the investments held by the Bain Capital Venture Entities is directed by the Executive Committee of BCVI, which consists of Enrique Salem and Ajay Agarwal. As a result, each of BCVI, Venture Partners 2012 and Messrs. Salem and Agarwal may be deemed to share voting and dispositive power with respect to all of the Shares held by the Bain Capital Venture Entities. Each of BCVI, Venture Partners 2012 and Messrs. Salem and Agarwal disclaims beneficial ownership of such securities except to the extent of its or his pecuniary interest therein.

Remarks:

	Bain Capital Venture Investors, LLC, By: /s/ Enrique T. Salem, Name: Enrique T. Salem, Title: Managing Director	01/22/2021
	Bain Capital Venture Fund 2012, L.P., By: Bain Capital Venture Partners 2012, L.P., its general partner, By: Bain Capital Venture Investors, LLC, its general partner, By: /s/ Enrique T. Salem, Name: Enrique T. Salem, Title: Managing Director	01/22/2021
	Bain Capital Venture Partners 2012, L.P., By: Bain Capital Venture Investors, LLC, its general partner, By: /s/ Enrique T. Salem, Name: Enrique T. Salem, Title: Managing Director	01/22/2021
	BCIP Venture Associates, By: Boylston Coinvestors, LLC, its managing partner, By: /s/ Enrique T. Salem, Name: Enrique T. Salem, Title: Authorized Signatory	01/22/2021
	BCIP Venture Associates-B, By: Boylston Coinvestors, LLC, its managing partner, By: /s/ Enrique T. Salem, Name: Enrique T. Salem, Title: Authorized Signatory	01/22/2021
	/s/ Enrique T. Salem	01/22/2021
	/s/ Ajay Agarwal	01/22/2021
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

SEC Form 3: Llc Investors, Venture Capital Bain claimed ownership of 31,518,953 units of Class 1 Common Stock