Document:

Exhibit 10.1

 

AKOYA BIOSCIENCES, INC.

Executive
SEVERANCE PLAN 

AND 

SUMMARY PLAN DESCRIPTION

(Effective March 23, 2022)

 

This document sets forth all applicable terms
of the Akoya Biosciences, Inc. Executive Severance Plan (this “Plan”) of Akoya Biosciences, Inc., a Delaware corporation (the
 “Company”), for its benefit and the benefit of its affiliates (including any direct or indirect subsidiary company), effective
as of the date set forth above and until further amended or terminated by the Company’s Board of Directors or a properly authorized
committee thereof (collectively, the “Board”) in accordance with Section 13(a). Certain capitalized terms used in this Plan
are defined in Section 10. As applicable under the circumstances, the term “Company” refers to the Akoya Biosciences, Inc.
subsidiary that employs a Participant. This Plan document also serves as the summary plan description for the Plan.

 

1. Applicability. This Plan shall be applicable
to any employee of the Company or any direct or indirect subsidiary of the Company who is designated as a Participant by the Administrator
and is listed on Exhibit A hereto (each, a “Participant”), which may be updated by the Administrator from time to time.

 

2. At-Will Employment. Each Participant’s
employment is and shall continue to be at-will, as defined under applicable law. If the Participant’s employment terminates for
any reason, the Participant shall not be entitled to any payments, benefits, damages, awards or compensation other than as provided by
this Plan or required by applicable law, or as may otherwise be established under the Company’s then existing employee benefit plans
or policies at the time of termination.

 

3. Severance Benefits. If a Participant
experiences an Involuntary Termination, subject to the Participant’s (A) continued employment through the employment termination
date identified in a termination notice provided by the Company (unless this condition is waived by the Company), and (B) timely execution
and delivery (and non-revocation) of the Release (as defined in Section 8), then the Participant shall be entitled to the following cash
severance benefits, which shall be payable by the Company in a lump sum on the date determined pursuant to Section 8:

 

		a.	If the Involuntary Termination does not occur during the Protection Period:

 

		i.	An amount equal to nine (9) months (or, in the case of the Chief Executive Officer, twelve (12) months) of the Participant’s
annual base salary as in effect immediately prior to the event(s) constituting the Involuntary Termination (for clarity, disregarding
any reduction in annual base salary that is the grounds for a Good Reason resignation); plus

 

     

     

    

 

		ii.	An amount equal to the Participant’s estimated cost of continuing the health care coverage (including, without limitation, medical,
dental and vision coverage) for the Participant and the Participant’s dependents who are covered immediately prior to the event(s)
constituting the Involuntary Termination under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”),
for nine (9) months (or in the case of the Chief Executive Officer, twelve (12) months).

 

		b.	If the Involuntary Termination occurs during the Protection Period:

 

		i.	An amount equal to twelve (12) months (or in the case of the Chief Executive Officer, eighteen (18) months) the Participant’s
annual base salary immediately prior to the event(s) constituting the Involuntary Termination (for clarity, disregarding any reduction
in annual base salary that is the grounds for a Good Reason resignation); plus

 

		ii.	An amount equal to the Participant’s annual target bonus immediately prior to the event(s) constituting the Involuntary Termination
(for clarity, disregarding any change to such Participant’s annual target bonus that is the grounds for a Good Reason resignation);
plus

 

		iii.	An amount equal to the Participant’s estimated cost of continuing the health care coverage (including, without limitation, medical,
dental and vision coverage) for the Participant and the Participant’s dependents who are covered immediately prior to the event(s)
constituting the Involuntary Termination under COBRA, for twelve (12) months (or in the case of the Chief Executive Officer, eighteen
(18) months.

 

Notwithstanding the foregoing, the severance benefits are subject to
reduction, if applicable, in accordance with the terms and provisions of Exhibit B, which are incorporated herein as if fully set
forth herein.

 

4. Equity Acceleration Benefits. In
addition to the severance benefits described in Section 3, if a Participant’s employment with the Company terminates as a
result of an Involuntary Termination during the Protection Period, and subject to the Participant’s (A) continued employment
through the employment termination date identified in a termination notice provided by the Company (unless this condition is waived
by the Company), and (B) timely execution and delivery (and non-revocation) of the Release (as defined in Section 8), then the
then-unvested portion of any Company equity awards held by the Participant that are outstanding immediately prior to such
termination and that vest solely based on the passage of time shall conditionally vest and become exercisable (as applicable) in
full immediately prior to such termination; provided, that if the Participant terminates employment before the date
identified in the termination notice provided by the Company (unless this condition is waived by the Company) or the Participant
fails to timely execute or revokes the Release, all such conditionally vested awards shall be forfeited upon such failure or
revocation.

 

     

     

    

 

Except to the extent (x) prohibited by law (including securities laws
and the rules of self-regulatory organizations, including stock exchanges) or the 2021 Equity Incentive Plan (or any other plan to the
extent applicable to an equity award) or (y) determined by the Administrator to be necessary to avoid materially adverse financial consequences
to the Company, the provisions of this Section 4, automatically and without the need for further action by the Administrator, the Company
or any Participant, hereby amend each equity award granted by the Company to a Participant (and related documentation), whether such award
was granted prior to or after the effectiveness of this Plan; provided, however, that nothing in the foregoing shall preclude the
Company and/or a Participant from entering into one or more documents to amend any such equity award and related documentation.

 

5. Other Terminations. If the Participant
experiences a termination of employment for any reason other than as a result of an Involuntary Termination, then the Participant shall
not be entitled to the severance benefits under Sections 3 or 4 of this Plan.

 

6. Accrued Wages and PTO; Expenses. In
addition to the benefits under Sections 3 and 4 of this Plan, with regard to a Participant whose employment terminates as a result of
an Involuntary Termination: (i) the Company shall pay the Participant any unpaid base salary due for periods prior to and including the
Termination Date; (ii) if applicable, the Company shall pay the Participant all of the Participant’s accrued and unused paid time-off
through the Termination Date; and (iii) following submission of proper expense reports by the Participant, the Company shall reimburse
the Participant for all expenses reasonably and necessarily incurred by the Participant in connection with the business of the Company
prior to the Termination Date. These payments shall be made promptly upon termination and within the period of time mandated by law including,
but not limited to, Section 409A of the Code.

 

7. Company’s Successors. Any successor
to the Company (whether direct or indirect and whether by purchase, license, lease, merger, consolidation, liquidation or otherwise) to
all or substantially all of the Company’s business and/or assets (including, if warranted under the circumstances, a subsidiary
or parent of such successor) shall assume the Company’s obligations under this Plan and agree expressly to perform the Company’s
obligations under this Plan in the same manner and to the same extent as the Company would be required to perform such obligations in
the absence of a succession. For all purposes under this Plan, the term “Company” shall include any successor (or, if warranted,
a subsidiary or parent of such successor) to the Company’s business and/or assets which is required to assume the Company’s
obligations as described in this Section 7 or which becomes bound by the terms of this Plan by operation of law.

 

8. Execution of Release. As a
condition of receiving the benefits under Sections 3 and 4 of this Plan, the Participant shall execute and not revoke a general
release of claims, in the form provided by the Company at the time of an Involuntary Termination (the “Release”), such
that the Release becomes effective no later than 60 days following the Termination Date (the “Release Effective Date”).
The severance benefits under Section 3 shall be paid on the first regularly scheduled payroll date that immediately follows the
Release Effective Date; provided, however, that, in the event the Participant’s Involuntary Termination occurs at a time
during the calendar year where it would be possible for the Release to become effective in the calendar year following the calendar
year in which the Involuntary Termination occurs, the severance benefits under Section 3 shall be paid on the first payroll date
following the Release Deadline.

 

     

     

    

 

9. Delivery of Documents and Notices.

 

a. General. This Plan document and summary
plan description and any document relating to participation in the Plan may be delivered to Participants electronically. Any notice required
or permitted hereunder must be given in writing and will be deemed effectively given upon personal delivery, electronic delivery at the
e-mail address provided by the Company for a Participant, or at such other address as such party may designate in writing from time to
time to the other party. In the case of the Participant, notices transmitted by electronic delivery shall be addressed to him or her at
the e-mail address that he or she most recently communicated to the Company (or an affiliate of the Company) in writing.

 

b. Notice of Termination. Any termination
of employment by the Company with or without Cause or by the Participant for Good Reason shall be communicated by a notice of termination
to the other party hereto given in accordance with this Section 9 and Section 10(g) below. Any such notice provided by the Company under
circumstances constituting a for-Cause termination, or by the Participant under circumstances constituting Good Reason, shall indicate
the specific termination provision in this Plan relied upon, shall set forth in reasonable detail the facts and circumstances claimed
to provide a basis for termination under the provision so indicated, and shall specify the Termination Date, subject to the notice requirement
set forth in Section 10(g). The failure by either party to include in the notice any fact or circumstance which contributes to a showing
of a for-Cause termination or an Involuntary Termination shall not waive any right of such party hereunder or preclude such party from
asserting such fact or circumstance in enforcing such party’s rights hereunder.

 

c. Consent to Electronic Delivery.
Each Participant acknowledges that the Participant has read the Plan, including Section 9.a. above, and consents to the electronic
delivery of this Plan document and summary plan description, any document or notice relating to participation in the Plan, as
determined by the Administrator in its discretion. Each Participant acknowledges that the Participant may receive from the
Administrator a paper copy of any documents delivered electronically at no cost to the Participant by contacting the Administrator
by telephone or in writing. Each Participant further acknowledges that the Participant will be provided with a paper copy of any
documents if the attempted electronic delivery of such documents fails. A Participant may revoke his or her consent to the
electronic delivery of documents described in this Section 9 or may change the electronic mail address to which such documents are
to be delivered (if the Participant has provided an electronic mail address) at any time by notifying the Administrator of such
revoked consent or revised e-mail address by telephone, postal service, or electronic mail. Finally, each Participant understands
that he or she is not required to consent to electronic delivery of documents described in this Section 9.

 

     

     

    

 

10. Definition of Terms. The following
terms referred to in this Plan shall have the following meanings:

 

a. 2021 Equity Incentive Plan. “2021
Equity Incentive Plan” shall mean the Company’s 2021 Equity Incentive Plan, as such may be amended and/or restated from time
to time.

 

b. Administrator. “Administrator” means
the Board.

 

c. Cause. “Cause” has the meaning
ascribed to such term in the 2021 Equity Incentive Plan.

 

d. Change in Control. “Change in
Control” has the meaning ascribed to such term in the 2021 Equity Incentive Plan.

 

e. Code. “Code” means the Internal
Revenue Code of 1986, as amended.

 

f. ERISA. “ERISA” means the
Employee Retirement Income Security Act of 1974, as it may be amended from time to time.

 

g. Good Reason.
 “Good Reason” means a greater than 20% reduction in any of the Participant's base salary, target short-term cash incentive
opportunity or value of regular annual long-term target incentive opportunity, the latter as determined by a third-party compensation
consulting or accounting firm chosen by the Company and using generally accepted methodologies which may include annualizing prior year
long-term incentive grants over more than one year and ignoring prior special retention or sign-on grants, other than a broad-based compensation
reduction imposed across-the-board on executives at the vice president or higher level within the Company, and means, after a Change in
Control, any one or more of the following actions or omissions occurring during the Protection Period without the Participant's consent:

 

(i)       a
material reduction in the Participant's base salary or short-term/annual target cash incentive opportunity;

 

(ii)       any
material diminution in the Participant's authority, duties or responsibilities, but excluding a mere change in reporting relationship
or title; or

 

(iv)       any
material breach of this Plan by the Company;

 

provided that, in order for
there to be a termination for Good Reason, the Participant must notify the Company of the event constituting such Good Reason within
90 days of the occurrence of such event, by a notice of termination. The Company must have failed to cure the event constituting Good
Reason within 30 days following receipt of the notice of termination and the Participant must terminate employment within five days after
the lapse of the cure period if no cure is effected. A delay in the delivery of such notice of termination or in the termination of employment
after the lapse of the cure period shall waive the right of the Participant under this Plan to terminate employment for Good Reason.
For the avoidance of doubt, no material diminution of authority, duties or responsibilities shall be deemed to occur solely because the
Company becomes a subsidiary of another corporation if the Participant's authority, duties and responsibilities to the Company remain
materially undiminished.

 

     

     

    

 

h. Involuntary Termination. “Involuntary
Termination” means the termination of the employment of a Participant either by the Company without Cause (other than due to the
Participant’s death or disability) or by the Participant for Good Reason.

 

i. Protection Period. “Protection
Period” means the period beginning three months prior to a Change in Control and ending on the twelve month anniversary of a Change
in Control.

 

j. Termination Date. “Termination
Date” means the effective date of the Participant’s Involuntary Termination.

 

11. Administration of the Plan. The Plan
shall be administered by the Administrator, whose actions and determinations in such capacity shall be final, conclusive and binding upon
all persons. The Administrator may employ attorneys, consultants, accountants, agents and other individuals to assist in administration
of the Plan, and the Company and its officers and directors shall be entitled to rely upon the advice, opinions or valuations of any such
individuals. The Administrator shall have full authority to interpret the terms and the intent of the Plan and to adopt such rules, regulations,
forms, and guidelines for administering the Plan as the Administrator may deem necessary or proper. The Administrator may delegate administrative
authority of the Plan (other than the selection of Participants), in whole or in part, to one or more officers or employees of the Company,
provided that no such delegees shall have the authority to interpret or administer the terms of the Plan pertaining to Participants who
are subject to Section 16 of the Securities Exchange Act of 1934, as amended from time to time.

 

12. Claims. If a Participant believes that
any benefit under the Plan to which he or she is entitled has not been provided in accordance with the terms of the Plan, the Participant
or his or her authorized representative may submit a claim to the Administrator within 60 days after the Participant’s Involuntary
Termination in writing in accordance with Section 9.a. above, along with any information or documentation needed to process the claim.
Exhaustion of the claim and review procedures of this Section is a prerequisite to the filing of any suit, action or proceeding in any
court of law, to the fullest extent permitted under ERISA or other applicable law.

 

a. Initial Claim. The Administrator
will respond to an initial claim request by written notice within 90 days after it receives the request and any such information and
documentation. If the Administrator denies the claim, in whole or in part, it will give written notice of the decision to the
claimant (which term includes the claimant’s authorized representative) that sets forth, in a manner calculated to be
understood by the claimant, (i) the specific reason(s) for the denial, (ii) a specific reference to the pertinent Plan provision(s)
on which the denial is based, (iii) any additional information or documentation the claimant may need to perfect the claim, along
with an explanation of why the additional information or documentation is needed, and (iv) the procedure and timeframe for further
review of the claim, including a statement regarding the claimant’s right to bring a civil action under section 502(a) of
ERISA following an adverse benefit determination upon review.

 

     

     

    

 

b. Request for Review of Claim Denial.
The claimant shall have the right to make a request in writing to the Administrator to review any initial claim denial within 60 days
after receiving the notice of the denial. The claimant has the right, upon written request, to review or receive copies, free of charge,
any documents, records or other information relevant to the claimant’s denied claim, and may submit written comments, documents,
records and other information in connection with the request for review (even if not submitted with the initial claim). The Administrator
will respond to the request for review by written notice within 60 days after receiving the request. If the Administrator continues to
deny the claim, in whole or in part, the notice will set forth, in a manner calculated to be understood by the claimant, (i) the specific
reason(s) for the denial, (ii) a specific reference to the pertinent Plan provision(s) on which the decision is based, (iii) a statement
that the claimant has the right, upon written request, to review or receive copies, free of charge, any documents, records or other information
relevant to the claimant’s denied claim, and (iv) a statement regarding the claimant’s right to bring a civil action under
section 502(a) of ERISA.

 

c. ERISA Compliance. The claims procedures
of this Section shall be construed and interpreted in a manner consistent with the applicable provisions of section 503 of ERISA.

 

d. Limitation on Civil Action. The exhaustion
of these claims procedures is mandatory for resolving every claim and dispute arising under the Plan. As to such claims and disputes:

 

		i.	No claimant shall be permitted to commence any legal action to recover benefits or to enforce or clarify rights under the Plan under
Section 502 or Section 510 of ERISA or under any other provision of law, whether or not statutory, until these claims procedures have
been exhausted in their entirety.

 

		ii.	No suit, claim or action to seek benefits under the Plan shall be permitted that is initiated more than 12 months following the date
a Participant would first be entitled to a payment or benefit under the terms of the Plan (disregarding any period during which the Plan’s
internal claim procedures described in Sections 12.a. and 12.b. are pending).

 

		iii.	In any such legal action, all explicit and implicit determinations by the Administrator (including, but not limited to, determinations
as to whether the claim, or a request for a review of a denied claim, was timely filed) shall be afforded the maximum deference permitted
by law.

 

     

     

    

 

13. Miscellaneous Provisions.

 

a. Amendment or Termination. The Company
by duly adopted resolution of the Committee shall have the sole right to alter, amend or terminate this Plan in whole or in part at any
time and to terminate the participation of any Employee; provided, however, that:

 

		i.	any such adverse amendment or termination shall be effective only as to those Participants, if any, who have consented to such amendment
or termination or who have received from the Company at least 12 months’ prior written notice (“Amendment Notice”
or “Expiration Notice,” respectively) of such adverse amendment or termination that sets forth the date of termination
or amendment (“Amendment Date” or “Expiration Date”), and

 

		ii.	no such Amendment Notice or Expiration Notice shall be effective as to any Participant if a Change in Control occurs before the Amendment
or Expiration Date specified in the Amendment Notice or Expiration Notice. Any purported Plan termination or amendment in violation of
this Section 13(a) shall be void and of no effect.

 

b. Effect of Statutory Benefits. To the
extent that any benefits are required to be paid to the Participant upon termination of employment with the Company as a result of any
requirement of law or any governmental entity in any applicable jurisdiction, the aggregate amount of severance benefits payable pursuant
to Sections 3 and 4 shall be reduced by such amount.

 

c. No Duty to Mitigate. A Participant shall
not be required to mitigate the amount of any payment contemplated by this Plan, nor shall any such payment be reduced by any earnings
that the Participant may receive from any other source.

 

d. Waiver. No provision of this Plan may
be waived or discharged unless the waiver or discharge is agreed to in writing and signed by the affected Participant and by an authorized
officer of the Company (other than the Participant). No waiver by either party of any breach of, or of compliance with, any condition
or provision of this Plan by the other party shall be considered a waiver of any other condition or provision or of the same condition
or provision at another time.

 

e. Integration. This Plan supersedes all
prior or contemporaneous agreements, whether written or oral, with respect to the benefits contemplated by this Plan (including without
limitation any severance benefits or payments included in a Participant’s offer letter, employment agreement or other severance
arrangement); provided, however, that, for clarification purposes, this Plan shall not affect any agreement(s) between the Company
and a Participant regarding intellectual property matters, non-solicitation restrictions or confidential information of the Company.

 

     

     

    

 

f. Choice of Law. To the extent not preempted
by ERISA or any other federal law, the validity, interpretation, construction and performance of this Plan shall be governed by the internal
substantive laws, but not the conflicts of law rules, of the State of Delaware.

 

g. Severability. The invalidity or unenforceability
of any provision or provisions of this Plan shall not affect the validity or enforceability of any other provision hereof, which shall
remain in full force and effect.

 

h. Withholding and Employment Taxes. The
Company shall have the authority and the right to deduct and withhold an amount sufficient to satisfy federal, state, local and foreign
taxes required by law to be withheld with respect to any severance benefits or payments payable under this Plan.

 

i. Section 409A of the Code.

 

i. This Plan is intended to comply with, or otherwise
be exempt from, Section 409A of the Code and any regulations and Treasury guidance promulgated thereunder. The Company shall undertake
to administer, interpret, and construe this Plan in a manner that does not result in the imposition on a Participant of any additional
tax, penalty, or interest under Section 409A of the Code. Notwithstanding any provision of this Plan to the contrary, to the extent that
the Board determines that any payments or benefits under this Plan may not be either compliant with or exempt from Section 409A of the
Code and related Department of Treasury guidance, the Board may in its sole discretion adopt such amendments to this Plan or take such
other actions that the Board determines are necessary or appropriate to (a) exempt the compensation and benefits payable under this Plan
from Section 409A of the Code and/or preserve the intended tax treatment of such compensation and benefits, or (b) comply with the requirements
of Section 409A of the Code and related Department of Treasury guidance; provided, however, that this Section 11(i) shall
not create any obligation on the part of the Board to adopt any such amendment or take any other action, nor shall the Company have any
liability for failing to do so.

 

ii. Notwithstanding anything in this Plan to the
contrary, to the extent that any payment or benefit hereunder constitutes non-exempt nonqualified deferred compensation for purposes of
Section 409A of the Code, and such payment or benefit would otherwise be payable hereunder by reason of a Participant’s termination
of employment, then, to the extent required by Section 409A of the Code, all references to the Participant’s termination of employment
shall be construed to mean a “separation from service” from the Company (within the meaning of Section 409A(a)(2)(A)(i) of
the Code, and Treasury Regulation Section 1.409A-1(h) (a “Separation from Service”), and such amounts shall only be paid upon
or by reference to the Participant’s Separation from Service.

 

iii. Notwithstanding anything to the contrary
in this Plan, no amounts shall be paid to any Participant under this Plan during the six-month period following such
Participant’s “separation from service” (within the meaning of Section 409A(a)(2)(A)(i) of the Code and Treasury
Regulation Section 1.409A-1(h)) to the extent that the Board reasonably determines that paying such amounts at the time or times
indicated in this Plan would result in a prohibited distribution under Section 409A(a)(2)(b)(i) of the Code. If the payment of any
such amounts is delayed as a result of the previous sentence, then on the first business day following the end of such six (6)-month
period (or such earlier date upon which such amount can be paid under Section 409A of the Code without resulting in a prohibited
distribution, including as a result of the Participant’s death), the Participant shall receive payment of a lump-sum amount
equal to the cumulative amount that would have otherwise been payable to the Participant during such six (6)-month period without
interest thereon.

 

     

     

    

 

j. Unfunded Plan. The Plan shall be unfunded.
The adoption of the Plan shall not be deemed to create a trust or other funded arrangement. Any rights to severance payments under the
Plan shall be those of a general unsecured creditor of the Company.

 

k. Rights under ERISA; Plan Information.
Participants in the Plan are entitled to certain rights and protections under ERISA set forth in Exhibit C attached to this Plan
and Summary Plan Description. Additional information regarding the Plan:

 

		·	Plan Sponsor: Akoya Biosciences, Inc.

 

		·	Plan Sponsor’s Employer Identification Number (EIN): 47-5586242

 

		·	Plan Sponsor Address:

 

1080 O’Brien Drive

Menlo Park, CA 94025-1409

 

		·	Plan Name: Akoya Biosciences, Inc. Executive Severance Plan

 

		·	Plan Number: 502

 

		·	Plan Type: Unfunded employee welfare benefit plan providing severance benefits

 

		·	Plan Year: Calendar year

 

		·	Administrator Contact:

 

Compensation Committee of the Board of Directors of Akoya Biosciences,
Inc.

1080 O’Brien Drive

Menlo Park, CA 94025-1409

(855) 896-8401

 

		·	Service of Process: Legal process regarding the plan may be served on the Company’s Chief People Officer, 1080 O’Brien
Drive, Menlo Park, CA 94025-1409

 

     

     

    

 

Exhibit A

 

PARTICIPANTS

 

As of the effective date, the Participants consist of the Company’s
Section 16 officers as determined by the Board of Directors.

 

     

     

    

 

Exhibit B

 

LIMITATION ON PAYMENTS

 

(a)Notwithstanding any other provision of this Plan, in the event
that any payment or benefit received or to be received by a Participant (including any payment or benefit received in connection
with a termination of a Participant’s employment, whether pursuant to the terms of this Plan or any other plan, arrangement or
agreement) (all such payments and benefits being hereinafter referred to as the “Total Payments”) would be subject (in
whole or part) to the excise tax imposed under Section 4999 of the Code (the “Excise Tax”), then, after taking into
account any reduction in the Total Payments provided by reason of Section 280G of the Code in such other plan, arrangement or
agreement, the Total Payments shall be reduced to the extent necessary so that no portion of the Total Payments is subject to the
Excise Tax, but such reduction shall be made only if (i) the net amount of such Total Payments as so reduced (and after subtracting
the net amount of federal, state and local income taxes on such reduced Total Payments and after taking into account the phase out
of itemized deductions and personal exemptions attributable to such reduced Total Payments), is greater than or equal to (ii) the
net amount of such Total Payments without such reduction (but after subtracting the net amount of federal, state and local income
taxes on such Total Payments and the amount of Excise Tax to which the Participant would be subject in respect of such unreduced
Total Payments and after taking into account the phase out of itemized deductions and personal exemptions attributable to such
unreduced Total Payments).

 

(b) In the event that a reduction of Total Payments is being made in accordance with this Exhibit B, the
reduction will occur, with respect to the Total Payments considered parachute payments within the meaning of Section 280G of the
Code, in the order provided by the below clauses (A) through (B) and with the objective of maximizing the after-tax value of the
Total Payments that are retained by the Participant. The “Value” (measured as of the Change in Control) (or portion
thereof) that is (i) a cash payment is its after-tax present value and (ii) an equity award is the after-tax present value of the
difference between the aggregate fair market value of the shares (or other equity interests) underlying such equity award minus the
equity award's aggregate exercise or purchase price (if any). The “280G Value” of a cash payment or of an equity award
is its parachute payment present value as determined under Section 280G of the Code. With respect to any cash payment or equity
award, the difference between its Value minus its 280G Value is the “Difference”.

 

(A) reduction of cash payments and equity awards in order based on
the relative magnitude of their Differences (that is, cash payments and equity awards with a higher negative Differences shall be reduced
first, followed by those cash payments and equity awards with lower positive Differences such that those cash payments and equity awards
with the highest positive Differences shall be reduced (if at all) last); and

 

     

     

    

 

(B) reduction of employee benefits in reverse chronological order (that
is, the benefit owed on the latest date following the occurrence of the event triggering the excise tax will be the first benefit to be
reduced).

 

If two or more separate Total Payments amounts have the exact same
Difference, then (x) equity awards shall be reduced before cash payments with the same Difference and (y) Total Payments of the same type
that have a later in time award date shall be reduced first before other Total Payments with the same Difference. The foregoing reduction
process shall be effected in a manner that does not violate Section 409A of the Code.

 

(c) For purposes of determining whether and the extent to which
the Total Payments will be subject to the Excise Tax, (i) no portion of the Total Payments the receipt or enjoyment of which the
Participant shall have waived at such time and in such manner as not to constitute a “payment” within the meaning of
Section 280G(b) of the Code shall be taken into account; (ii) no portion of the Total Payments shall be taken into account which, in
the written opinion of independent auditors of nationally recognized standing (“Independent Advisors”) selected by the
Company, does not constitute a “parachute payment” within the meaning of Section 280G(b)(2) of the Code (including by
reason of Section 280G(b)(4)(A) of the Code) and, in calculating the Excise Tax, no portion of such Total Payments shall be taken
into account which, in the opinion of the Independent Advisors, constitutes reasonable compensation for services actually rendered,
within the meaning of Section 280G(b)(4)(B) of the Code, in excess of the Base Amount (as defined in Section 280G(b)(3) of the Code)
allocable to such reasonable compensation; and (iii) the value of any non-cash benefit or any deferred payment or benefit included
in the Total Payments shall be determined by the Independent Advisors in accordance with the principles of Sections 280G(d)(3) and
(4) of the Code.

 

     

     

    

 

Exhibit C

 

ERISA RIGHTS AND PLAN SPONSOR INFORMATION

 

ERISA provides that all Participants shall be entitled to:

 

Receive Information About Your Plan and Benefits

 

Examine, without charge, at the plan administrator’s office and
at other specified locations, such as worksites and union halls, all documents governing the plan, including (if applicable) insurance
contracts and collective bargaining agreements, and a copy of the latest annual report (Form 5500 Series) filed by the plan with the U.S.
Department of Labor and available at the Public Disclosure Room of the Employee Benefits Security Administration.

 

Obtain, upon written request to the plan administrator, copies of documents
governing the operation of the plan, including (if applicable) insurance contracts and collective bargaining agreements, and copies of
the latest annual report (Form 5500 Series) and updated summary plan description. The Administrator may make a reasonable charge for the
copies.

 

Prudent
Actions by Plan Fiduciaries

 

In addition to
creating rights for plan participants ERISA imposes duties upon the people who are responsible for the operation of the employee benefit
plan. The people who operate your plan, called “fiduciaries” of the plan, have a duty to do so prudently and in the interest
of you and other plan participants and beneficiaries. No one, including your employer, your union, or any other person, may fire you or
otherwise discriminate against you in any way to prevent you from obtaining a welfare benefit or exercising your rights under ERISA.

 

Enforce
Your Rights

 

If your claim for a benefit is denied or ignored, in whole or in part,
you have a right to know why this was done, to obtain copies of documents relating to the decision without charge, and to appeal any denial,
all within certain time schedules.

 

     

     

    

 

Under ERISA, there are steps you can take to enforce the
above rights. For instance, if you request a copy of plan documents or the latest annual report from the plan and do not receive
them within 30 days, you may file suit in a federal court. In such a case, the court may require the plan administrator to provide
the materials and pay you up to $110 a day until you receive the materials, unless the materials were not sent because of reasons
beyond the control of the administrator. If you have a claim for benefits which is denied or ignored, in whole or in part, you may
file suit in a state or federal court. In addition, if you disagree with the plan's decision or lack thereof concerning the
qualified status of a domestic relations order or a medical child support order, you may file suit in federal court. If it should
happen that plan fiduciaries misuse the plan's money, or if you are discriminated against for asserting your rights, you may seek
assistance from the U.S. Department of Labor, or you may file suit in a Federal court. The court will decide who should pay court
costs and legal fees. If you are successful, the court may order the person you have sued to pay these costs and fees. If you lose,
the court may order you to pay these costs and fees, for example, if it finds your claim is frivolous.

 

Assistance
with Your Questions

 

If you have any
questions about your plan, you should contact the Administrator. If you have any questions about this statement or about your rights under
ERISA, or if you need assistance in obtaining documents from the Administrator, you should contact the nearest office of the Employee
Benefits Security Administration, U.S. Department of Labor, listed in your telephone directory or the Division of Technical Assistance
and Inquiries, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue N.W., Washington, D.C. 20210.
You may also obtain certain publications about your rights and responsibilities under ERISA by calling the publications hotline of the
Employee Benefits Security Administration.EX-4.1

   

  Exhibit 4.1

  DESCRIPTION OF REGISTRANT’S SECURITIES
REGISTERED PURSUANT TO SECTION 13 OF THE 
SECURITIES EXCHANGE ACT

  DESCRIPTION OF VOTING COMMON STOCK

  The following description of the voting common stock, par value $0.0001 per share, of Flywire Corporation (“Flywire” or the “Company”), which is the only security of the Company registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), summarizes certain information regarding the voting common stock in the Company’s amended and restated certificate of incorporation, as amended (“Restated Certificate of Incorporation”), the Company’s amended and restated bylaws (“Bylaws”) and applicable provisions of the Delaware general corporate law (the “DGCL”). The summary below is not complete and is subject to, and is qualified in its entirety by express reference to, the provisions of the Restated Certificate of Incorporation and Bylaws, each of which is filed as an exhibit to the Annual Report on Form 10‐K of which this Exhibit 4.1 is a part.

  Authorized Capital Stock

  Under the Restated Certificate of Incorporation, Flywire’s authorized capital stock consists of 2,000,000,000 shares of voting common stock, $0.0001 par value per share, 10,000,000 shares of non-voting common stock, $0.0001 par value per share and 10,000,000 shares of preferred stock, $0.0001 par value per share.

  Voting Common Stock and Non-voting Common Stock

  General.  The holders of the Company’s common stock and non-voting common stock have identical rights, provided that, (i) except as otherwise expressly provided in the Restated Certificate of Incorporation or as required by applicable law, on any matter that is submitted to a vote by the Company’s stockholders, holders of the Company’s common stock are entitled to one vote per share of common stock, and holders of non-voting common stock are not entitled to any votes per share of non-voting common stock, including for the election of directors, and (ii) holders of the Company’s common stock have no conversion rights, while each share of non-voting common stock automatically converts into common stock on a one-to-one basis without the payment of additional consideration upon the transfer thereof in (i) a widespread public distribution, including pursuant to Rule 144 under the Securities Act of 1933, as amended (the “Securities Act”), (ii) a transfer (including a private placement or a sale pursuant to Rule 144 under the Securities Act) in which no one party acquires the right to purchase 2% or more of any class of voting securities (as such term is used for the purposes of the Bank Holding Company Act of 1956, as amended), (iii) an assignment to a single party (for example, a broker or investment banker) for the purposes of conducting a widespread public distribution, or (iv) to a party who would control more than 50% of the Company’s voting securities without giving effect to the shares of non-voting common stock transferred by the holder. Other than in the event of such transfers, shares of non-voting common stock shall not be convertible into any other security.

  Flywire Common Stock Outstanding. The outstanding shares of the Company’s common stock are duly authorized, validly issued, fully paid and nonassessable. The Company’s voting common stock is listed and principally traded on The Nasdaq Global Select Market under the ticker symbol “FLYW.”

  Voting Rights. The holders of the Company’s  voting common stock are entitled to one vote per share. Stockholders do not have the ability to cumulate votes for the election of directors. Holders of shares of the Company’s non-voting common stock are not entitled to vote on any matters on which stockholders 

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  are entitled to vote generally, including the election or removal of directors elected by the Company’s stockholders. Accordingly, holders of a majority of the Company’s voting common stock entitled to vote at an election of directors may elect all of the directors standing for election. The Restated Certificate of Incorporation and Bylaws provide for a classified board of directors consisting of three classes of approximately equal size, each serving staggered three-year terms. Only one class of directors will be elected at each annual meeting of the Company’s stockholders, with the other classes continuing for the remainder of their respective three-year terms.

  Dividends. Subject to preferences that may apply to shares of preferred stock outstanding at the time, the holders of outstanding shares of the Company’s voting common stock and non-voting common stock are entitled to receive dividends out of funds legally available if the Company’s board of directors, in its discretion, determines to issue dividends and only then at the times and in the amounts that the Company’s board of directors may determine.

  Liquidation. Upon the Company’s dissolution, liquidation or winding-up, the assets legally available for distribution to the Company’s stockholders are distributable ratably among the holders of the Company’s common stock, subject to prior satisfaction of all outstanding debt and liabilities and the preferential rights and payment of liquidation preferences, if any, on any outstanding shares of preferred stock.

  No Preemptive or Similar Rights.The Company’s voting common stock and non-voting common stock is not entitled to preemptive rights and is not subject to conversion, redemption or sinking fund provisions.

  Transfer Agent and Registrar. The transfer agent and registrar for the Company’s common stock is Computershare Inc.

  Preferred Stock 

  The Company’s board of directors is authorized, subject to limitations prescribed by Delaware law, to issue preferred stock in one or more series, to establish from time to time the number of shares to be included in each series and to fix the designation, powers, preferences and rights of the shares of each series and any associated qualifications, limitations or restrictions. The Company’s board of directors also can increase or decrease the number of shares of any series, but not below the number of shares of that series then outstanding, without any further vote or action by the Company’s stockholders. The Company’s board of directors may authorize the issuance of preferred stock with voting or conversion rights that could adversely affect the voting power or other rights of the holders of the common stock. The issuance of preferred stock, while providing flexibility in connection with possible acquisitions and other corporate purposes, could, among other things, have the effect of delaying, deferring or preventing a change in control of the Company and may adversely affect the market price of the Company’s voting common stock and the voting and other rights of the holders of common stock. 

  Certain Anti-Takeover Effects of Delaware Law

  Some provisions of Delaware law and the Restated Certificate of Incorporation and Bylaws could make the following transactions more difficult: the Company’s acquisition by means of a tender offer; the Company’s acquisition by means of a proxy contest or otherwise; or removal of the Company’s incumbent officers and directors.

  Section 203 of the DGCL is applicable to takeovers of Delaware corporations. Section 203 prevents some Delaware corporations from engaging, under some circumstances, in a business combination, which includes a merger or sale of at least 10% of the corporation’s assets with any interested stockholder, meaning a stockholder who, together with affiliates and associates, owns or, within three years prior to 

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  the determination of interested stockholder status, did own 15% or more of the corporation’s outstanding voting stock, unless:

  •the transaction is approved by the board of directors prior to the time that the interested stockholder became an interested stockholder;

  •upon closing of the transaction that resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction began, excluding for purposes of determining the voting stock outstanding those shares owned (i) by persons who are directors and also officers and (ii) employee stock plans in which employee participants do not have the right to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer; or

  •subsequent to such time that the stockholder became an interested stockholder the business combination is approved by the board of directors and authorized at an annual or special meeting of stockholders by at least two-thirds of the outstanding voting stock which is not owned by the interested stockholder.

  A Delaware corporation may “opt out” of these provisions with an express provision in its original certificate of incorporation or an express provision in its certificate of incorporation or amended and restated bylaws resulting from a stockholders’ amendment approved by at least a majority of the outstanding voting shares. The Company has not opted out of these provisions. As a result, mergers or other takeover or change in control attempts of the Company may be discouraged or prevented.

  Certain Provisions of the Company’s Restated Certificate of Incorporation and Bylaws

  The Restated Certificate of Incorporation and Bylaws contain provisions that may have the effect of deterring hostile takeovers or delaying or preventing changes in control of the Company’s management team, including the following:

  	
	 
Board of directors vacancies.    The Restated Certificate of Incorporation and Bylaws authorize the Company’s board of directors to fill vacant directorships, including newly-created seats. In addition, the number of directors constituting the Company’s board of directors will be set only by resolution adopted by a majority vote of the Company’s entire board of directors. These provisions will prevent a stockholder from increasing the size of the Company’s board of directors and gaining control of the Company’s board of directors by filling the resulting vacancies with its own nominees.

    

  				
	  
	•
	  
	Classified board.    The Restated Certificate of Incorporation and Bylaws provide that the Company’s board of directors is classified into three classes of directors, each of which will hold office for a three-year term. In addition, directors may only be removed from the board of directors for cause and only by the approval of 66 2/3% of the  then-outstanding shares of the Company’s voting common stock. A third party may be discouraged from making a tender offer or otherwise attempting to obtain control of us as it is more difficult and time consuming for stockholders to replace a majority of the directors on a classified board of directors.

    

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	•
	  
	Stockholder action; special meeting of stockholders.    The Restated Certificate of Incorporation and Bylaws provide that stockholders are not be able to take action by written consent, and are only be able to take action at annual or special meetings of the Company’s stockholders. Stockholders are not be permitted to cumulate their votes for the election of directors. The Restated Certificate of Incorporation and Bylaws further provide that special meetings of the Company’s stockholders may be called only by a majority vote of the Company’s entire board of directors, the chairman of the Company’s board of directors or the Company’s chief executive officer.

    

  				
	  
	•
	  
	Advance notice requirements for stockholder proposals and director nominations.    The Restated Certificate of Incorporation and Bylaws provide advance notice procedures for stockholders seeking to bring business before the Company’s annual meeting of stockholders, or to nominate candidates for election as directors at any meeting of stockholders. The Bylaws also specify certain requirements regarding the form and content of a stockholder’s notice. These provisions may preclude the Company’s stockholders from bringing matters before the Company’s annual meeting of stockholders or from making nominations for directors at the Company’s meetings of stockholders.

    

  				
	  
	•
	  
	Issuance of undesignated preferred stock.    The Company’s board of directors have, the authority, without further action by the holders of common stock, to issue up to 10,000,000 shares of undesignated preferred stock with rights and preferences, including voting rights, designated from time to time by the board of directors. The existence of authorized but unissued shares of preferred stock will enable the Company’s board of directors to render more difficult or discourage an attempt to obtain control of us by means of a merger, tender offer, proxy contest or otherwise.

	   
	 

  Choice of Forum

  The Restated Certificate of Incorporation provides that the Court of Chancery of the State of Delaware is the exclusive forum for any derivative action or proceeding brought on the Company’s behalf, any action asserting a breach of fiduciary duty, any action asserting a claim against us arising pursuant to the DGCL, the Restated Certificate of Incorporation and Bylaws or any action asserting a claim against us that is governed by the internal affairs doctrine. This provision would not apply to claims brought to enforce a duty or liability created by the Exchange Act or any other claim for which the federal courts have exclusive jurisdiction. The Restated Certificate of Incorporation provides further that the federal district courts of the United States will be the exclusive forum for resolving any complaint asserting a cause of action arising under the Securities Act. These choices of forum provisions may limit a stockholder’s ability to bring a claim in a judicial forum that it finds favorable for disputes with the Company or the Company’s directors, officers or other employees and may discourage these types of lawsuits. Furthermore, the enforceability of similar choice of forum provisions in other companies’ certificates of incorporation has been challenged in legal proceedings, and it is possible that a court could find these types of provisions to be inapplicable or unenforceable. While the Delaware courts have determined that such choice of forum provisions are facially valid, a stockholder may nevertheless seek to bring a claim in a venue other than those designated in the exclusive-forum provisions, and there can be no assurance that such provisions will be enforced by a court in those other jurisdictions. If a court were to find the exclusive-forum provision contained in the Company’s amended and restated certificate of incorporation to be inapplicable or unenforceable in an action, the Company may incur additional costs associated with resolving such action in other jurisdictions, which could harm the Company’s business.

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