Company: FLYW
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0000950170-25-027078
Chunk: 54

Company: Flywire Corp
Filing Date: 2025-02-26
Form: 10-K
Item: Item 8
Chunk 54
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 stock options, which is expected to be recognized over a weighted-average period of 0.68 years.Restricted Stock UnitsThe Company has awarded restricted stock units to employees and certain non-employee board members under the 2021 Plan. The fair value of each restricted stock unit is estimated based on the fair value of the Company's common stock on the date of the grant. The restricted stock units vest over the requisite service period, which range between one

142

 and four years from the date of the grant, subject to the continued employment of the employees and service of the non-employee board members.The following table summarizes the restricted stock units activity for the year ended December 31, 2024: 

        Number of Shares

        Weighted-AverageGrant Date Fair Value

        AggregateFairValue(In Thousands)

        Unvested as of December 31, 2023

        4,430,725

        $
        26.28

        Granted

        3,948,809

        25.34

        $
        100,063

        Vested

        (1,825,670
        )

        26.32

        $
        48,052

        Cancelled

        (537,026
        )

        26.13

        Unvested as of December 31, 2024

        6,016,838

        $
        25.67

      As of December 31, 2024, there was $122.0 million of total unrecognized compensation expense related to unvested restricted stock units, which is expected to be recognized over a weighted-average period of 2.74 years. Employee Stock Purchase PlanIn April 2021, the Company’s board of directors adopted, and in May 2021 its stockholders approved, the 2021 ESPP, which became effective on May 28, 2021. The ESPP authorizes the issuance of shares of common stock pursuant to purchase rights granted to "eligible employees". A total of 5,082,470 shares of common stock have been reserved for future issuance under the ESPP, in addition to any annual automatic evergreen increases in the number of shares of common stock reserved for future issuance under the ESPP. The price at which common stock is purchased under the ESPP is equal to 85% of the fair market value of a share of common stock on the first or last day of the offering period, whichever is lower. Eligible employees