# EDGAR Filing Document

**Accession Number:** 0001419275
**File Stem:** 0001185185-25-001335
**Filing Date:** 2025-10
**Character Count:** 46880
**Document Hash:** 37cce7d0f9014ca0460f5b2a7a1b400c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001185185-25-001335.hdr.sgml**: 20251002

**ACCESSION NUMBER**: 0001185185-25-001335

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20250925

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251002

**DATE AS OF CHANGE**: 20251001

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** RYVYL Inc.
- **CENTRAL INDEX KEY:** 0001419275
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-MANAGEMENT CONSULTING SERVICES [8742]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-34294
- **FILM NUMBER:** 251365750

**BUSINESS ADDRESS:**
- **STREET 1:** 3131 CAMINO DEL RIO NORTH, SUITE 1400
- **CITY:** SAN DIEGO
- **STATE:** CA
- **ZIP:** 92108
- **BUSINESS PHONE:** 619-631-8261

**MAIL ADDRESS:**
- **STREET 1:** 3131 CAMINO DEL RIO NORTH, SUITE 1400
- **CITY:** SAN DIEGO
- **STATE:** CA
- **ZIP:** 92108

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GreenBox POS
- **DATE OF NAME CHANGE:** 20190222

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GreenBox POS, LLC
- **DATE OF NAME CHANGE:** 20180613

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ASAP Expo, Inc.
- **DATE OF NAME CHANGE:** 20071123

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**Date of Report (Date of earliest event reported): October 1, 2025 (September 25, 2025)**

**<u>RYVYL Inc.</u>**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Nevada** | **001-34294** | **22-3962936** |
| (State or other jurisdiction<br> of incorporation) | (Commission File Number) | (IRS Employer<br> Identification No.) |

---

**3131 Camino Del Rio North, Suite 1400 <u>San Diego, CA 92108</u>**

(Address of principal executive offices, including zip code)

**Registrant**'**s telephone number, including area code: (619) 631-8261**

**<u>Not Applicable</u>**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading symbol(s)** | **Name of each exchange on which registered** |
| **Common Stock, par value $0.001 per share** | **RVYL** | **The Nasdaq Stock Market LLC <br> (Nasdaq Capital Market)** |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

**Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers**

*Resignation of Fredi Nisan as Chief Executive Officer*

Effective October 31, 2025 (the "Termination Date"), Fredi Nisan will retire as Chief Executive Officer of RYVYL Inc., a Nevada corporation (the "Company"). On September 25, 2025, in connection with his reported retirement, the Company and Mr. Nisan entered into a Severance Benefits Offer and General Waiver and Release of Claims agreement (the "Severance Agreement"). Pursuant to the Severance Agreement, Mr. Nisan will receive a cash payment of $350,000, less applicable withholding amounts, payable over a twelve month period following the Termination Date, and all issued but unvested equity grants held by Mr. Nisan will vest as of the Termination Date. The Severance Agreement contains customary representations, warranties, and covenants. Additionally, the Company and Mr. Nisan have agreed to release each other from all claims that relate in any way to Mr. Nisan's employment or separation from employment with the Company, except for those types of claims specifically excluded under the terms of the Severance Agreement. Further, each of the Company and Mr. Nisan has covenanted that neither will file or cause to be filed, join, or encourage a lawsuit, between the Company and Mr. Nisan.

In addition, on September 25, 2025, the Company and Mr. Nisan entered into an Advisory Services Agreement (the "Consulting Agreement"), effective as of November 1, 2025, and continuing through April 30, 2026. Pursuant to the terms and conditions of the Consulting Agreement, Mr. Nisan will provide services relating to advising the Company on strategic investor partnerships, investment relationships, exploration of M&A opportunities, corporate development, and such other revenue-generating advice and consulting as the Company may reasonably request from time to time. In consideration for his consulting services and in recognition of the services, the Company has agreed to pay Mr. Nisan a cash consulting fee equal to $10,000 per month, payable within five business days after the commencement of each calendar month during the term of the Consulting Agreement. With prior written consent from the Company, the Company shall reimburse Mr. Nisan for preapproved out-of-pocket travel expenses incurred by Mr. Nisan on behalf of Company.

The foregoing description of the Severance Agreement is qualified in its entirety by reference to the full text of such agreement, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.

Mr. Nisan's departure is for personal reasons and is not the result of any disagreement with management or the Company's Board of Directors on any matter relating to the Company's operations, policies or practices.

*Resignation of Forest Ralph as Director*

 ****

On September 26, 2025, Forest Ralph resigned as a Director of RYVYL Inc., a Nevada corporation (the "Company"). Mr. Ralph's departure is for personal reasons and is not the result of any disagreement with management or the Company's Board of Directors on any matter relating to the Company's operations, policies or practices.

**Item 9.01. Financial Statements and Exhibits.**

(d) Exhibits.

10.1 [Severance Benefits Offer and General Waiver and Release of Claims Agreement, dated September 25, 2025, between the Company and Fredi Nisan](rvylex10-1.htm) <br> 104 Cover Page Interactive Data File

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
| Dated: October 1, 2025 | **RYVYL Inc.** | **RYVYL Inc.** | **RYVYL Inc.** |
|  | By: | /s/ Fredi Nisan | /s/ Fredi Nisan |
|  |  | Name: | Fredi Nisan |
|  |  | Title: | Chief Executive Officer |

---

## Exhibit 10.1

**Exhibit 10.1**

**Confidential Severance Benefits Offer And General Waiver and Release of Claims**

**SEVERANCE BENEFITS OFFER AND GENERAL WAIVER AND RELEASE OF CLAIMS**

As set forth in this Severance Benefits Offer and General Waiver and Release of Claims ("**Agreement**"), RYVYL INC. (f/k/a GreenBox POS) has offered to pay me, Fredi Nisan ("**Nisan**"), the severance benefits described herein in exchange for the terms set forth below (the "**Waiver and Release"**) which, among other things, includes my agreement to waive all claims against and to release RYVYL and its current and former affiliated, related, predecessor, successor and merged entities (including, without limitation, any current or former entity controlling, controlled by, merged into, affiliated with, or under common control with or by RYVYL), which entities, together with RYVYL, are referred to collectively herein as "**RYVYL Released Group**"), along with RYVYL's current and former partners (joint venture, limited, or general), principals, shareholders, members, trustees, directors, officers, employees, administrators, insurers, reinsurers, employee benefit plans sponsored by RYVYL (including fiduciaries, administrators, and principals of such plans), attorneys, agents, and representatives (all which or whom, together with RYVYL, are referred to collectively herein as the "**RYVYL**" or "**Ryvyl**"), from all claims, demands, actions, liabilities, costs, and damages, whether known or unknown, existing or inchoate, arising out of or relating in any way whatsoever to my employment with or separation from RYVYL, as described below.

**RECITALS**

Nisan confirms he has read this Agreement. Nisan confirms that his last day of employment is October 31, 2025 (the "**Termination Date**"). Nisan understands that the severance benefits offered to him (his "**Severance Offer**") are voluntary on the part of RYVYL: RYVYL's payment of such benefits is not required by any legal obligation and arises solely from RYVYL's decision to provide a severance opportunity in connection with the end of my employment with RYVYL and my agreement to this Waiver and Release.

Further, Nisan and RYVYL acknowledge that they may not unilaterally withdraw from this Agreement. Nisan and Ryvyl shall cooperate with reasonable requests for support on matters related to legal or compliance.

Nisan understands that signing this Waiver and Release is an important legal act. Nisan acknowledges that RYVYL has advised him in writing to consult an attorney before signing this Waiver and Release.

Nisan understands that to accept his Severance Offer, Nisan must sign this Waiver and Release and return it to the VP of Legal Affairs at RYVYL at any time during the period beginning on the date he received it (which is September 26, 2025) (my "**Notice Date**"), and ending on the later of the close of business on October 17, 2025, or the first business day that is at least twenty-one (21) days after the date he received this Waiver and Release (the "**Consideration Period**").he understand and agree that if he signs and returns this Waiver and Release before the Consideration Period expires (my "**Acceptance Date**"), the Consideration Period automatically terminates on such Acceptance Date. However, for this Waiver and Release to become effective, he must not have revoked my acceptance during the seven-day period (the "**Revocation Period**") that immediately follows my Acceptance Date. Therefore, this Waiver and Release becomes effective, entitling him to the Severance Benefits it provides, at 12:01 a.m. on the eighth day following my Acceptance Date (the "**Effective Date**"). This Revocation right that complies with ADEA/OWBPA is extended to Nisan alone, and therefore shall automatically become effective once executed by Nisan and has not been revoked by Nisan during the Consideration Period.

Company confirms that it intends to have this Agreement serve as a final release of all claims against Nisan whatsoever, either known or unknown.

Fredi Nisan's Initials: ______

**TERMS**

In exchange for the payment to Nisan of severance benefits and for the other promises set out in this Waiver and Release, which he acknowledge are in addition to any compensation or benefits to which he already is entitled, and which he agrees are good and sufficient consideration for this Waiver and Release, he agrees as follows:

**1.**  **<u>Termination Date</u>.** My last day of employment is October 31, 2025.

**2.**  **<u>Severance Benefits</u>** . In exchange for my promises and obligations under this Waiver and Release,
 RYVYL agrees to provide the following payments (my "**Severance Benefits** "):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. To
 pay him the total amount of Three Hundred Fifty Thousand Dollars ($350,000), less applicable
 withholdings, payable over the twelve (12) month period following the Termination Date (my
 "**Severance Payment** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. My
 Severance Payment shall be paid through the Company's regular payroll as Bonus/Supplemental
 Income by direct deposit in accordance with the instructions on file with RYVYL's payroll
 department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. I
 understand that a Form W-2 will be issued for my Severance Payment for the applicable tax
 year, and therefore my Severance Payment is subject to tax withholding consistent with Bonus/Supplemental
 Income classification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Accelerated
 vesting of all issued by unvested equity grants equal to 90,964 RSAs, 253,334 RSUs, and 26,667
 stock options, which shall vest as of the Termination Date.

**3.**  **<u>General Release of All Claims</u>.** Nisan and Ryvyl knowingly and voluntarily release and forever
 discharge each other and each member of the RYVYL Released Group, in both their business
 and individual capacities, of and from any and all claims that may lawfully be waived by
 Nisan and Ryvyl and that relate in any way whatsoever to my employment or separation from
 employment with RYVYL and/or any other member of the RYVYL Released Group, whether such claims
 are known or unknown to Nisan and Ryvyl, and whether existing or alleged to exist, in whole
 or in part, as of the Effective Date of this Waiver and Release, including, but not limited
 to, claims relating to or arising out of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Any
 waivable violation by any member of the RYVYL of the following statutes and laws, as amended
 from time-to-time:

The Age Discrimination in Employment of 1967 Act (ADEA), as amended, including by the Older Worker Benefits Protection Act (OWBPA) of 1990; Title VII of the Civil Rights Act of 1964, as amended by the Civil Rights Act of 1991; Sections 1981 through 1988 of Title 42 of the United States Code; the Equal Pay Act of 1963 (EPA); the Pregnancy Discrimination Act of 1978 (PDA); the Lilly Ledbetter Fair Pay Act of 2009 (FPA); the Americans with Disabilities Act of 1990 (ADA), as amended (including the ADA Amendments Act of 2008); the Rehabilitation Act of 1973; the Family and Medical Leave Act of 1993 (FMLA); the Worker Adjustment Retraining and Notification Act of 1989 (WARN); the Employee Retirement Income Security Act of 1974 (ERISA); the Occupational Safety and Health Act (OSHA); the Immigration Reform Control Act of 1986 (IRCA); the Fair Labor Standards Act (FLSA); the Fair Credit Reporting Act of 1970 (FCRA); the Medicare Secondary Payer Act (MSP), including any private cause of action under 42 U.S.C. Section 1395y(b)(3)(A); the False Claims Act (FCA); the Genetic Information Nondiscrimination Act of 2008 (GINA); Uniformed Services Employment and Reemployment Rights Act of 1994 (USERRA); the National Labor Relations Act of 1935 (NLRA); the Labor Management Relations Act of 1947 (LMRA); the Gramm-Leach-Bliley Act or the Financial Services Modernization Act of 1999; any applicable Executive Order programs; the Vietnam Era Veterans' Readjustment Assistance Act; the Uniformed Services Employment and Reemployment Rights Act; The Families First Coronavirus Response Act (FFCRA), the Coronavirus Aid, Relief, and Economic Security Act (CARES Act); as amended and expanded by the Taxpayer Certainty and Disaster Tax Relief Act of 2020, the Consolidated Appropriations Act, 2021, and the American Rescue Plan Act of 2021, and related regulations and guidance; the California Fair Employment and Housing Act, the California Constitution, the California Labor Code, specifically including, but not limited to the Private Attorney General Act pursuant to Labor Code § 2699, *et seq*., the California Business and Professions Code, the California Government Code, the California Family Rights Act, the California Pregnancy Discrimination Act, the California Wage Orders, California's Occupational Safety and Health Act, or other state equivalents to the aforementioned, and any claims for breach of contract, breach of employment contract, breach of the implied covenant of good faith and fair dealing, wrongful discharge, wrongful termination in violation of public policy (*Tameny* claims), personal injury, constructive discharge, fraud, misrepresentation, defamation, violation of public policy, intentional infliction of emotional distress, invasion of privacy, any claims for privacy violations, interference with contract rights or opportunities, negligence or wantonness and any other claims in tort.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. each
 and every accidental, wrongful, breach by Nisan knowingly or any member of RYVYL of any and
 every duty or obligation whatsoever owed to Nisan that may be legally waived by me, and that
 exists, in whole or in part, as of the Effective Date, regardless of whether the alleged
 breach arises from contract (express, written, or implied), or is pursuant to the common
 law of any international, federal, state, or local jurisdiction, and including, for example
 and without limitation, any wrongful discharge, whistleblower status, qui tam action, infliction
 of emotional distress, liquidated or punitive damages claim, defamation, or claim for vacation,
 sick or personal leave, pay or payment under any RYVYL practice, policy, handbook, or manual.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. If
 any claim Nisan or RYVYL is not waivable, then to the extent permitted by law, Nisan and
 Ryvyl waive any right or ability to be a class or collective-action representative or to
 otherwise participate in any putative or certified class, collective, or multi-party action
 or proceeding based on such a claim if Nisan, RYVYL or any other member of the RYVYL is a
 defendant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. It
 is the intention of Nisan and Ryvyl in executing this Waiver and Release that the same shall
 be effective as a bar to each and every claim, demand, cause of action, obligation, damage,
 liability, charge, attorneys' fees and costs herein above released. The parties hereby
 expressly waive and relinquish all rights and benefits, if any, arising under the provisions
 of Section 1542 of the Civil Code of the State of California which provides:

**A general release does not extend to claims that the creditor or releasing party does not know or suspect to exist in his or her favor at the time of executing the release, and that, if known by him or her would have materially affected his or her settlement with the debtor or released party.**

Collectively, these are the "**Released Claims**."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Not
 included within Released Claims are (i) claims for unemployment insurance benefits; (ii)
 claims for workers' compensation benefits; (iii) claims to enforce this Agreement;
 (iv) claims which, by law, cannot be waived; and (v) any challenge to the validity of my
 release of claims under the Age Discrimination in Employment Act of 1967, as amended; (vi)
 claims for statutory indemnity under California Labor Code section 2802.

**4.**  **<u>No Workplace Injuries.</u>** As of the date of signing this Agreement, Nisan represents and
 affirms that he has not sustained any workplace injury nor does he have any occupational
 diseases of any kind that has not already been resolved. He does not intend to file any claim
 or seek any benefits of any kind under California's workers' compensation laws.

**5.**  **<u>Promise Not to Sue or to Assist Another's Suit</u>** . Nisan and Ryvyl promise and agree
 that, as to the Released Claims, they have not done and will not do any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. File
 a lawsuit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Authorize
 any other person or entity to file a lawsuit, complaint, or legal proceeding on their behalf;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Become
 a member of any class of plaintiffs or be represented by another in a representative capacity
 in a lawsuit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Accept,
 recover, or receive wages, damages, an award, or any other form of individual relief or compensation
 which may arise out of, or be available in connection with, any administrative remedies secured
 independently by any federal, state, or local governmental agency, or by any class representative;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Aid,
 encourage, participate with, or help any current or former employee of RYVYL in any suit
 or proceeding of any kind against any member of the RYVYL Released Group except as compelled
 by proper legal process.

Nisan and Ryvyl further promises and agrees to defend, indemnify, and hold each other and each member of the RYVYL Released Group harmless from and against all future losses, costs (including, but not limited to, defense costs, expenses, and legal fees), claims, demands, and causes of action relating to the Released Claims and asserted by any person claiming by or through them, or on their behalf. The indemnification is limited to intentional misconduct.

Nisan understands that nothing in this Waiver and Release is intended to or does restrict his right, exercised in good faith, to initiate, participate in, or provide truthful testimony relating to a government investigation or proceeding concerning a Released Claim. However, he understands that to the fullest extent permitted by law, he is giving up the right to seek or accept personal relief, compensation, or damages in connection with such investigation or proceeding, except as a passive member of a prevailing class.

**6.**  **<u>Acknowledgment of Waiver of Claims Under ADEA and OWBPA</u>.** The Age Discrimination in Employment Act
 of 1967 ()"**ADEA**") prohibits an employer from discharging any individual
 or otherwise discriminating with respect to the nature and privileges of an individual's
 employment on the basis that the individual is age forty or older. The Older Workers Benefit
 Protection Act ()"**OWBPA** ", 29 U.S.C. §§ 626, et. seq., Pub L 101-433,
 104 Stat. 978 (1990)) further augments the ADEA and prohibits the waiver of any right or
 claim under the ADEA unless the waiver is knowing and voluntary. By entering into this Agreement,
 Nisan acknowledges that he knowingly and voluntarily, for just compensation in addition to
 anything of value to which he was already entitled, waive and release any rights he may have
 under the ADEA and/or OWBPA. Nisan further acknowledges that he has been advised and understand,
 pursuant to the provisions of the ADEA and OWBPA, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. This
 waiver/release is written in a manner that Nisan understands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Nisan
 has twenty-one (21) calendar days to review and consider accepting the terms of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Nisan
 has been advised <u>to consult an attorney</u> concerning this Agreement and the advisability
 of accepting its terms. By signing this Agreement, Nisan acknowledges that he had the opportunity
 to seek legal advice and understands the legal significance of the waiver of any possible
 claims Nisan may have under the ADEA, OWBPA, or similar age discrimination laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Nisan
 agrees that any modifications, material or otherwise, made to this Agreement do not restart
 or affect in any manner the original twenty-one (21) calendar day consideration period. Nisan
 acknowledges that RYVYL has provided to him at least twenty-one (21) calendar days within
 which to review and consider this Agreement before signing it. Should Nisan decide not to
 use the full twenty-one (21) days, then Nisan knowingly and voluntarily waives any claims
 that he was not in fact given that period of time or did not use the entire twenty-one (21)
 days to consult an attorney and/or consider this Agreement.

The waivers and releases set forth in this Agreement shall not apply to any rights or claims that may arise under the ADEA and/or OWBPA after the Effective Date of this Agreement.

**7.**  **<u>Affirmations, Representations, and Warranties</u>** . Nisan and Ryvyl knowingly rely upon the affirmations,
 representations, and warranties set forth below, and Nisan and Ryvyl enter into this Waiver
 and Release in reliance on same. Nisan and Ryvyl therefore affirm, represent, and warrant
 as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. They
 have carefully read this Waiver and Release, including the release provision, and Nisan and
 Ryvyl understand and agree to every provision in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Nisan
 has been told to discuss this Waiver and Release, including the release provision, with a
 lawyer and/or an accountant and/or any governmental agency of my own choice, prior to signing
 this Agreement and at any time within the Revocation Period and have had the opportunity
 to so consult;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Nisan
 has read each provision of this Waiver and Release, and understands this Waiver and Release
 and its effect on his legal rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Nisan
 and Ryvyl have not filed, caused to be filed, and are not presently party to, any claim against
 each other that is a Released Claim;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Nisan
 and Ryvyl have not sold, assigned, transferred, conveyed, or otherwise disposed of any of
 the Released Claims, and they are authorized and competent to waive and release them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Nisan
 and Ryvyl have not divulged any proprietary or confidential information of each other will
 continue to maintain the confidentiality of such information, including client information,
 as required under existing agreements with Nisan or any member of RYVYL, or as required by
 statutory or common law principles applicable to them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Except
 as otherwise set forth herein, Nisan has returned or will return to RYVYL all monies, documents,
 equipment, and electronic data belonging to RYVYL, or to any vendor, customer, or supplier
 of RYVYL, that he received during his employment, as more fully described in Paragraph 9
 below. Nisan shall continue to grant access to Ryvyl data in his Dropbox during the Consideration
 Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Nisan
 has not during his employment by RYVYL knowingly engaged in any activity that (1) constitutes
 gross misconduct in violation of a written RYVYL policy, directive or code of conduct, (2) materially
 breached a fiduciary duty he owed as a RYVYL employee or officer, or (3) constitutes
 criminal conduct in my performance of duties for or involving RYVYL or any other member of
 RYVYL. Any action taken during Nisan's employment by Ryvyl that is known to the Ryvyl
 Board of Directors shall be considered authorized and excluded from this clause;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Nisan
 agrees that he is not owed any further payments for his past service to RYVYL and that he
 has been paid in full for his past service to RYVYL up through and including his Termination
 Date. Nisan acknowledges and represents that, other than the consideration set forth in this
 Agreement, RYVYL has paid or provided all salary, wages, bonuses, accrued vacation/paid time
 off, premiums, leaves, housing allowances, relocation costs, interest, severance, outplacement
 costs, fees, reimbursable expenses, commissions, stock, stock options, vesting, and any and
 all other benefits and compensation due to him. Nisan specifically represents that he is
 not due to receive any commissions or other incentive compensation from RYVYL other than
 as set forth in this Agreement. Nisan warrants that he does not and will not claim he is
 owed any further wages for his past service to RYVYL, and has no contention RYVYL has denied
 him any rights under the FLSA. Nisan is not waiving or compromising any claims under the
 FLSA but rather, represents and warrants Nisan has no FLSA claims against RYVYL. Nisan acknowledges
 and agrees that, pursuant to the applicable plan document, all share awards, including but
 not limited to those share awards granted under the RYVYL Incentive and Nonstatutory Stock
 Option Plan and/or Restricted Stock Plan, that he may have held in RYVYL or any affiliate
 that are unvested as of the Terminate Date under the terms of such awards shall be immediately
 and automatically cancelled and forfeited without the payment of any additional consideration
 therefore as of the Termination Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. Nisan's
 active employee benefits terminate at midnight on December 31, 2025. Nisan has the right
 to continue his group medical and dental coverage pursuant to the terms of the Consolidated
 Omnibus Budget Reconciliation Act of 1985, as amended ()"**COBRA** "), for a
 period not to exceed the applicable statutory period under federal and state law. Nisan understands
 my right to elect COBRA coverage exists even if he does not enter into this Agreement. If
 Nisan signs and does not revoke this Agreement and timely elect continued group medical and
 dental coverage under COBRA, Nisan will continue his group medical and dental benefits at
 the same cost as during my employment from the Termination Date until the earlier of: (i)
 the applicable statutory period under federal and state law following the Termination Date,
 or (ii) the date upon which he obtains or becomes eligible for other health care coverage
 from a new employer or otherwise (such period referred to as the "**COBRA Subsidy Period** "). Nisan shall promptly inform RYVYL in writing when he obtains or becomes
 eligible for any such other health care coverage. The COBRA Subsidy for a given month shall
 be an amount equal to the employer share of the premium that RYVYL otherwise would pay for
 such group health care plan coverage if Executive were an active employee as of such month.
 Nisan shall be responsible for paying the full unsubsidized costs (without any COBRA Subsidy)
 of the applicable COBRA premium for any and all COBRA coverage after the COBRA Subsidy Period.
 The COBRA Subsidy will commence after he has signed and returned this Agreement, provided
 that no such payments or other benefits shall be provided until the Revocation Period passes
 without any revocation by me. Nisan will be deemed to receive income attributable to the
 COBRA Subsidy and shall be responsible for any and all applicable tax liability arising from
 such benefit. **Nisan's ability to seek health insurance in the Marketplace and/or to obtain Federal assistance as to his health insurance may be impacted or restricted by electing COBRA coverage continuation. Nisan has been advised to consult with an attorney and/or seek other professional guidance he may deem appropriate prior to executing this Agreement.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. Nisan
 and Ryvyl agree to timely cooperate with each other's reasonable requests for information
 concerning legal and/or compliance matters pertinent to Nisan's employment with Ryvyl.
 Nisan shall be entitled to reimbursement for time and expenses if such cooperation becomes
 extensive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l. Nisan
 confirms that he understands that no one at RYVYL is authorized to modify the terms of this
 Waiver and Release except in a writing that specifically references this paragraph, and he
 affirms that he has not relied on any statements, promises, or agreements by RYVYL other
 than this Waiver and Release in deciding whether to sign this Waiver and Release; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m. Nisan
 acknowledges that the consideration given for the Waiver and Release is in addition to anything
 of value to which he was already entitled.

**8.**  **<u>Non-Disparagement</u>** . 
 Nisan and Ryvyl agree they will refrain from making public, disparaging attacks or any negative
 remarks about Nisan, on the quality of RYVYL's products or services, and/or its business
 policies or practices in a manner reasonably calculated to harm RIVYL's or Nisan's
 reputation and will refrain from making knowingly false statements or statements made with
 reckless disregard for the truth about Nisan or RYVYL or any of RYVYL.

**9.**  **<u>Confidential Information</u>** . Nisan shall not use any RYVYL information that is confidential either
 under applicable law or RYVYL's Agreement(s) to which he had access during the scope
 of his employment with RYVYL in order to communicate with or solicit any of RYVYL's
 current or prospective clients. Nisan shall direct any inquiries by potential future employers
 to RYVYL's Human Resources department, which shall use its best efforts to provide
 only his last position and dates of employment. RYVYL shall provide Nisan with a copy of
 all documents contained in any Human Resources file or folder relating to Nisan's employment.
 Nothing in this Agreement prevents Nisan from discussing or disclosing information about
 unlawful acts in the workplace, such as harassment or discrimination or any other conduct
 that Employee has reason to believe is unlawful. Ryvyl shall disclose to Nisan any information
 it keeps on him and its intentions of handling such information, and to the degree it is
 entitled to or required to continue and hold such information, Ryvyl shall consider this
 information as confidential. Ryvyl shall further refrain from seeking additional information
 about Nisan.

**10.**  **<u>Damages for Breach</u>** . Nisan and Ryvyl acknowledge that all terms, provisions, and conditions
 of this Agreement were materially bargained for by RYVYL and Nisan. Nisan and Ryvyl understand
 and agree that if they breach any material term of this Waiver and Release, the affected
 member of the RYVYL shall be entitled to recover all damages allowed by law and shall be
 entitled to reimbursement of attorneys' fees incurred to recover such damages. Nisan
 and Ryvyl agree they may not have an adequate remedy at law and would be immediately and
 irreparably harmed if either of them was to breach any provision of this Agreement. Therefore,
 Nisan and Ryvyl agree in the event of a breach, the injured party will be entitled to equitable
 and injunctive relief to prevent any such actual or threatened breach or any continuing breach,
 in addition to all other damages and remedies available at law or in equity, as well as attorneys'
 fees and costs.

**11.**  **<u>Duty to Return Company Property and Continuing Protection of Confidential Information</u>.** Nisan affirms that he has either returned or will return immediately, will maintain in
 strictest confidence, and will not use or benefit from, any confidential and proprietary
 business information or other nonpublic information or documents relating to the business
 and affairs of RYVYL. For the purposes of this Waiver and Release, "confidential
 and proprietary business information" shall mean any information concerning RYVYL or
 their business which he learned or developed during my employment with RYVYL and which is
 not generally known or available outside of RYVYL. Such information, without limitation,
 includes information, written or otherwise, regarding RYVYL's or RYVYL's earnings;
 expenses; material sources; equipment sources; customers and prospective customers; customer
 accounts; business plans, strategies, practices and procedures; sales incentive and compensation
 plans; prospective and executed contracts; vendors; suppliers; personnel information; engineering
 drawings or documents, specification, procedures, data sheets, schedules, diagrams, trade
 secrets; and other internal business arrangements. He acknowledges and agrees that all records,
 papers, reports, computer programs, strategies, documents (including, without limitation,
 memoranda, notes, files and correspondence), opinions, evaluations, inventions, ideas, technical
 data, products, services, processes, procedures, and interpretations that are or have been
 produced by him or any employee, officer, director, agent, contractor, or representative
 of RYVYL or RYVYL related to the business of RYVYL, whether provided in written or printed
 form, or orally, all comprise confidential and proprietary business information, belong to
 RYVYL. Nisan's desktop computer shall be excluded from this provision.

Should Nisan be contacted or served with a legal process seeking to compel him to disclose any such information, Nisan agrees to notify RYVYL's General Counsel immediately in order that the affected member of RYVYL may seek to resist such a process if they so choose. Such contact of Nisan by Ryvyl shall be considered a breach of this Agreement by Ryvyl. If Nisan is called upon to serve as a witness or consultant by a member of RYVYL in or with respect to any potential litigation or administrative proceeding involving RYVYL, Nisan agrees to reasonably cooperate with RYVYL to the full extent permitted by law, and RYVYL agrees that such service shall be with reasonable notice, shall not unnecessarily interfere with Nisan's affairs or schedule, and shall provide for payment for his time and costs expended in such matters.

Nisan agrees not to disclose the amount of any payment received by him pursuant to this Agreement, except that he may disclose this information if required to do so by existing statute or law or court order, and he may disclose this information to his spouse and heirs (as applicable) and to certain individuals employed by him for legitimate business reasons who may have a need to know (e.g., accountants, tax advisors, financial advisors, or attorneys), provided that any such persons are informed, prior to disclosure, that the information may not be disclosed outside the terms of this provision. Nisan understands that nothing in this Agreement shall be construed to prohibit him or limit his ability to bring or file an administrative charge with any federal, state, or local agency or self-regulatory organization charged with enforcement of any law (including but not limited to the Equal Employment Opportunity Commission), though under such circumstances Nisan still waives and releases any right to recover any type of personal relief in any administrative action or proceeding, whether brought by Executive or by anyone else in Executive's name and/or on Executive's behalf; or to report conduct to, communicate with, or provide truthful information to the federal, state, or local government, or participate in any administrative investigation or proceeding, whether a federal, state, or local agency or self-regulatory organization, or make other disclosures that are protected under the whistleblower or criminal provision of any law, including but not limited to the reporting of allegations of fraud, waste, or abuse to any federal, state, or local agency or self-regulatory organization, or to receive and fully retain a monetary award from a government-administered whistleblower award program for providing information directly to a government agency. Additionally, nothing in this Agreement prevents him from discussing or disclosing information about unlawful acts in the workplace, such as harassment or discrimination, or any other conduct that he has reason to believe are unlawful.

**12.**  **<u>Governing Law, Venue, and Jury Waiver</u>** . This Waiver and Release shall be governed by the
 laws of the State of California without application of its conflicts of law provisions, except
 where federal law applies. If any provision or subpart of this Waiver and Release is
 declared illegal or unenforceable as written by a court of competent jurisdiction, he agrees
 that such court shall first seek to reform such provision or subpart to give it effect to
 the fullest extent lawfully possible, but if such provision or subpart cannot be reformed,
 then such provision or subpart shall immediately become null and void, leaving the remainder
 of this Waiver and Release in full force and effect. Nisan and Ryvyl agree they must
 institute any action for breach of or to enforce any term of this Waiver and Release  ***only*** before a court of competent jurisdiction sitting in San Diego, California, without a jury;
 Nisan and Ryvyl irrevocably consent to such exclusive jurisdiction and jury waiver, and hereby
 irrevocably waive any objection regarding convenience or personal jurisdiction. Attorneys'
 fees and costs reasonably and necessarily incurred to enforce this Waiver and Release shall
 be awarded to the prevailing party in a successful action.

**13.**  **<u>Non-Admission of Wrongdoing</u>** . This Waiver and Release shall not be deemed or construed as
 an admission of liability or unlawful conduct of any kind by Nisan or by any member of RYVYL,
 and this Waiver and Release is not admissible in any legal proceeding for any purpose except
 to enforce its provisions.

**14.**  **<u>Pre-Existing Duties Remain in Effect</u>.** Nisan and Ryvyl acknowledge and agree that their obligations
 to each other, whether arising by statute, under the common law, or pursuant to any code
 of conduct, employment agreement, or RYVYL policy, that survive termination of Nisan's
 employment status are not reduced or impaired by this Waiver and Release.

**15.**  **<u>Attorneys' Fees</u>** . In the event that either Party brings an action to enforce or effect its rights
 under this Agreement, the prevailing Party shall be entitled to recover its costs and expenses,
 including the costs of mediation, arbitration, litigation, court fees, and reasonable attorneys'
 fees incurred in connection with such an action.

**16.**  **<u>No Oral Modification</u>** . This Agreement may only be amended in a writing signed by Nisan
 and a duly authorized representative of RYVYL.

**17.**  **<u>Entire Waiver and Release</u>** . Nisan and Ryvyl acknowledge that this Waiver and Release
 and Nisan's Notice Letter set forth the entire understanding and agreement between
 Nisan, on the one hand, and RYVYL, on the other, concerning the subject matter of this Waiver
 and Release, and they supersede (1) any prior obligations to Nisan of any member of
 the RYVYL, except as provided by section 3.b to this Agreement and (2) any prior or
 contemporaneous oral and/or written waivers, releases, or representations, if any, made to
 Nisan by any member of the RYVYL Released Group concerning the subject matter of this Waiver
 and Release. An executed copy of this Waiver and Release shall be enforceable as if
 it were the duly-executed original.

**18.**  **<u>Headings and Interpretation</u>.** Nisan understands and agrees that section headings are
 for ease of review and shall not be read to contradict the substantive terms of this Waiver
 and Release or the Notice Letter. Nisan agrees that the introductory recitals in this
 Waiver and Release are substantive terms of his agreement with RYVYL. Nisan agrees that the
 terms of this Waiver and Release shall not be construed for or against RYVYL as the drafter
 but shall be given their plain meaning in the context of this Waiver and Release.

**19.**  **<u>Effect of Signature, Revocation Period</u>.** Nisan understands that if he fails to sign
 and return this Waiver and Release to the attention of Zack Kirscher, VP of Legal Affairs,
 at zack@ryvyl.com by U.S. Registered or Certified mail or via a nationally-recognized overnight
 courier service before the Consideration Period expires, RYVYL will have no obligation to
 provide him the Severance Benefits and other consideration offered in exchange for this Waiver
 and Release.

Nisan understands that during the seven-day Revocation Period, Nisan may revoke his acceptance of the offer by delivering a written statement to: Zack Kirscher at RYVYL Inc., 3131 Camino Del Rio North, Suite 1400, San Diego, CA 92108, or by email to zack@ryvyl.com, by hand-delivery, or by overnight or same-day courier before the Revocation Period expires, or via registered mail postmarked before the Revocation Period expires, in which case the Waiver and Release will not become effective and any offer of Severance Benefits is null and void. RYVYL will have no obligation to provide him the Severance Benefits and other considerations offered in exchange for this Waiver and Release.

Nisan understands that if he does not revoke my acceptance within the Revocation Period, this Waiver and Release becomes permanent and irrevocable as of the Effective Date.

**20.**  **<u>Counterparts</u>** . 
 This Waiver and Release may be executed in one or more counterparts, including by facsimile,
 each of which shall be deemed an original, but all of which together shall constitute one
 and the same instrument. A true copy of this instrument may be admitted as an original.

**SIGNATURE PAGE TO FOLLOW<br> THE REMAINDER OF THIS PAGE IS BLANK**

**Nisan acknowledges he has read and understands the terms of this Agreement, Waiver and Release, including its effect on his legal rights. By his signature below, Nisan knowingly and voluntarily chooses to accept the terms of the Agreement, Waiver and Release in exchange for the Severance Benefits offered in the Agreement.**

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| | | | |
|:---|:---|:---|:---|
| /s/ Fredi Nisan | /s/ Fredi Nisan | /s/ Fredi Nisan | 9/25/2025 |
| Fredi Nisan | Fredi Nisan | Fredi Nisan | Date Signed |
| and | and | and | and |
| **RYVYL INC.** | **RYVYL INC.** | **RYVYL INC.** |  |
| By: | /s/ George Oliva | /s/ George Oliva | September 25, 2025 |
|  | Name: | George Oliva | Date delivered to Fredi Nisan |
|  | Title: | Chief Financial Officer |  |

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