Company: FLYW
Filing Date: 2025-04-22
Form Type: DEF 14A
Source: 0001193125-25-089231
Chunk: 23

Company: Flywire Corp
Filing Date: 2025-04-22
Form: DEF 14A
Chunk 23
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 committed to ensuring that our directors maintain effective and independent oversight of our business and can competently represent the interests of our stockholders.

DIRECTOR INDEPENDENCE

Our common stock is listed on the Nasdaq Global Select Market. The listing rules of this stock exchange generally require that a majority of the members of a listed company’s Board of Directors be independent. In addition, the rules of Nasdaq require that, subject to specified exceptions, each member of a listed company’s audit, compensation, and nominating and corporate governance committees be independent. The Nasdaq director independence definition includes a series of objective tests, such as that the director is not also one of our employees and has not engaged in various types of business dealings with us. In addition, as further required by Nasdaq rules, our Board of Directors has made a subjective determination as to each non-employee director that no relationships exist (either directly or as a partner, stockholder, officer or affiliate of a stockholder or other organization that has a relationship with us) which, in the opinion of our Board of Directors, would interfere with the exercise of independent judgment in carrying out the responsibilities of a director. In making these determinations, our directors reviewed and discussed information provided by the directors and us with regard to each director’s background, employment, affiliations, including family relationships, and business and personal activities as they may relate to us and our management. In addition, our Board of Directors also considers each director’s beneficial ownership of our common stock in its independence analysis, as set forth under “Security Ownership of Certain Beneficial Owners and Management.” Our Board of Directors believes that stock ownership by directors is positive in that it tends to further align a director’s interests with those of our other stockholders. Please see “Stock Ownership Requirements” for additional information.

The independent members of our Board of Directors meet in executive session, without Mr. Massaro or other members of management present, during regularly scheduled meetings.

BOARD LEADERSHIP STRUCTURE

Our Board of Directors is currently led by its Chair, Phillip Riese. Our Board of Directors recognizes that it is important to determine an optimal board leadership structure to ensure the independent oversight of management as we continue to grow. We separate the roles of Chief Executive Officer and Chair of the Board of Directors in recognition of the differences between the two roles. The Chief Executive Officer is responsible for setting our strategic direction and our day-to-day leadership and performance, while the Chair of the Board of Directors presides over meetings of the full Board of Directors. We believe that