Company: FSLY
Filing Date: 2025-08-06
Form Type: 8-K
Source: 0001517413-25-000215
Chunk: 4

Company: Fastly, Inc.
Filing Date: 2025-08-06
Form: 8-K
Item: Item 5.02
Chunk 4
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 filed as Exhibit 10.2 to this Current Report on Form 8-K.

Departure of Chief Financial Officer

On August 1, 2025, the Company entered into an agreement (the “ Transition and Separation Agreement”) with Mr. Kisling which provides for Mr. Kisling’s transition as well as severance benefits that are generally consistent with the terms of the Company’s Executive Change in Control and Severance Benefit Plan (the “ Severance Plan”). In exchange for a release of claims by Mr. Kisling and reaffirmation of his obligations under an employee confidential information and invention assignment agreement, Mr. Kisling will be entitled to (i) an amount equal to nine months of his base salary payable in a lump sum and (ii) 75% of Mr. Kisling’s target annual bonus for fiscal year 2025 payable in a lump sum, less withholdings and deductions. Mr. Kisling will also be entitled to (a) accelerated vesting of all outstanding restricted stock units, including performance stock units that are no longer subject to performance-vesting conditions, that would have vested if he had remained an employee for an additional 12 months after the Separation Date, (b) pro-rata and accelerated vesting of the 2025 Operational PSU Award (as defined in the Transition and Separation Agreement), based on actual performance to be measured in early 2026, (c) pro-rata and accelerated vesting of the 2025 rTSR PSU Award (as defined in the Transition and Separation Agreement), based on actual performance through the earlier of February 26, 2028 or a change in control, and (d) vesting of the Stock Price Hurdle PSUs (as defined in the Transition and Separation Agreement) in the event the relevant stock prices are achieved on or prior to September 15, 2026.

If the Company terminates Mr. Kisling’s employment for “cause” or Mr. Kisling resigns without “good reason,” each as defined in the Severance Plan, prior to September 15, 2025, Mr. Kisling will not be entitled to any of the severance benefits described above and will immediately forfeit all outstanding and unvested equity awards.

A copy of the Transition and Separation Agreement is attached as Exhibit 10.3 to this Current Report on Form 8-K. The foregoing description of the Transition and Separation Agreement does not purport to be complete and is qualified in its entirety by