Company: FLYW
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0000950170-25-104179
Chunk: 12

Company: Flywire Corp
Filing Date: 2025-08-06
Form: 10-Q
Item: Part II, Item 5
Chunk 12
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Employment Agreements 

Effective as of August 1, 2025, we entered into new employment agreements (each, an “Employment Agreement”) with our Chief Executive Officer, President and Chief Operating Officer, Chief Financial Officer, General Counsel and Chief Compliance Officer and Chief Technology Officer (each and “Executive” and together, the “Executives”). The Employment Agreements provide for the following annual base salaries and target fiscal year 2025 annual bonus levels (subject to the determination and approval of our Board of Directors or People and Compensation Committee)

     Name and Title
      
     Base Salary
      
     Fiscal Year 2025 Target Annual Bonus

     Michael MassaroChief Executive Officer
     $
     450,000
     $
     500,000

     Robert OrgelPresident and Chief Operating Officer
     $
     350,000
     $
     300,000

     Cosmin PitigoiChief Financial Officer
     $
     410,000
     $
     300,000

     Peter ButterfieldGeneral Counsel and Chief Compliance Officer
     $
     310,000
     $
     200,000

     David KingChief Technology Officer
     $
     310,000
     $
     150,000

The Executives will also be eligible to participate in any executive benefit plans approved by the Board of Directors or People and Compensation Committee. 

In the event an Executive is subject to an Involuntary Termination (as such term is defined in the Executive’s Employment Agreement) other than in connection with a Change in Control (as such term is defined in the Executive’s Employment Agreement), the Executive will be entitled to receive the following severance benefits:

     Executive
     Severance Benefits (Not Involving a Change-in-Control)

     Michael Massaro
     (i)A severance payment equal to 1.5 times the sum of Mr. Massaro’s then-current annual base salary as of the date of termination plus his target bonus for the year of termination.(ii)A lump sum payment equal to any accrued and unpaid bonus for the prior fiscal year.(iii)Payment of COBRA premiums for 18 months following Separation (as such term is defined in Mr. Massaro’s Employment Agreement).(iv)Any outstanding equity awards which are subject to time-based vesting shall accelerate and become exercisable with respect to the number of shares that would have vested if Mr. Massaro had completed an additional 18 months of service with us