Document:

EX-10.8

 Exhibit 10.8 
  

 
  

 October 14, 2019 

Dear Rob,
 Flywire Corp. (the “Company”) is
pleased to offer you the full-time position of President & Chief Operating Officer. We are excited about the prospect of you joining our team and look forward to the addition of your experience and enthusiasm to help the Company achieve its
goals. You will report to Mike Massaro, CEO and your anticipated start date is on or about November 4, 2019. 
 Your base salary will be paid at an
initial rate of $325,000 per year, payable in accordance with the Company’s standard payroll schedule and subject to applicable deductions and withholdings. You will be eligible to participate in benefits programs that may be adopted by the
Company in the future to the same extent as, and subject to the same terms, conditions and limitations applicable to, other employees of the Company of similar rank and tenure. Your variable compensation or bonus will be as a function of both your
personal and Company performance and is subject to approval by the Company’s Board of Directors (the “Board”). This discretionary bonus will be up to $175,000 and any such bonus will be paid in accordance with the
Company’s bonus program schedule then in effect. 
 You will be eligible to participate in the Company’s stock option program, subject to the
approval of the Board. We have discussed and recommended to the Board and expect that you will be granted an option to purchase 255,000 shares of the Company’s common stock (the “Shares”) with an exercise price equal to the
then fair market value as of your start date. The Shares will represent approximately 0.853% of the Company’s fully diluted outstanding shares at the time of grant assuming the exercise and conversion of all exercisable and convertible
securities, the issuance of such option and the issuance of all securities reserved for issuance pursuant to the Company’s equity incentive plans. The option will be governed by the Company’s Equity Plan and will be subject to the terms
and conditions of any associated stock option agreement. Such option shall vest as to 25% of the Shares on the first anniversary of your vesting commencement date and in equal monthly installments for the 36 months following thereafter, subject to
your continuous service. Notwithstanding anything to the contrary in the option agreement for the Shares, if there is a Change in Control before your service to the Company terminates and such Change in Control is prior to the second anniversary of
your vesting commencement date (i.e., your start date), then vesting will be accelerated such that your option will be vested with respect to an additional 25% of the Shares and such acceleration shall also disregard the one year “cliff”
provision such that a portion of such shares shall accelerate as well.    By way of example, for a Change in Control consummated at the end of the sixth month following the start date, the acceleration shall result in a total of
18 months of vesting, consisting of the 25% of shares accelerated and disregarding the cliff provision to allow for an additional six months to be deemed vested upon consummation of the Change in Control. You acknowledge and agree that, in the event
the Company completes a Change in Control in which other employees receive a comparable 25% vesting acceleration 

 

 
  

 
benefit in connection with such Change in Control, you will not be eligible for both the 25% acceleration in your option agreement and the 25% acceleration benefit provided to the other
employees; provided, however, if the benefit to other employees is greater than the 25% acceleration benefit provided to you in your option agreement (or occurs after the second anniversary such that the acceleration described herein does not
apply), then you will be entitled to that greater acceleration benefit in lieu of the 25% provided for in your option agreement. 
 If you are subject to an
Involuntary Termination, then subject to your execution of a general release of all claims (with applicable carve-out for your continued indemnification) that you may have against the Company or persons
affiliated with the Company and that is typical of general releases in similar situations in the industry (the “Release”), you will be entitled to the following severance benefits: the Company will (i) continue to pay you
salary continuation for 6 months following Separation (“Severance Period”) or for 12 months following Separation if the Involuntary Termination occurs in the 3 months prior to or 12 months following a Change in Control,
(ii) you shall be credited with an additional 6 months of vesting service with respect to your option except in the case of an Involuntary Termination in the 3 months prior to or 12 months following a Change of Control, in which case you will
be credited with an additional 12 months of vesting service with respect to your option (in each such case the “cliff” will be disregarded as above), and (iii) the exercise period of your outstanding options shall be extended to the
lesser of (x) the applicable option term or (y) one year from your termination date. You must execute and return the Release on the date specified by the Company in substantially the form provided by the Company (the “Release
Deadline”). The Release Deadline will in no event be later than 50 days after your Separation. If you fail to return the Release on or before the Release Deadline, or if you revoke the Release, then you will not be entitled to the severance
benefits described herein. 
 If you are subject to an Involuntary Termination, the salary continuation payments will commence on the first payroll date
following your return of the Release provided for in the Release and thereafter on the Company’s normal payroll schedule. However, if the 50-day period described above spans two calendar years, then the
salary continuation payments will commence on the first payroll date in the second calendar year following expiration of the applicable revocation period. 

By signing below, you hereby confirm that the performance of your position at the Company does not and will not breach any agreement entered into by you prior
to employment with the Company (i.e., you have not entered into any agreements with previous employers that are in conflict with your obligations to the Company). 

You will also be required to sign a Proprietary Rights, Non-Disclosure, Developments,
Non-Competition, and Non-Solicitation Agreement in the form attached as Exhibit A (the “Agreement”), as a condition of your employment. You acknowledge
that your receipt of the 

  
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Flywire | 141 Tremont Street. 9th Floor | Boston, MA 02111, USA | 1.800.346.9252 | flywire.com 

  
 

 
  

 
grant of equity set forth in this offer letter is contingent upon your agreement to the non-competition provisions set forth in the Agreement. You further
acknowledge that such consideration was mutually agreed upon by you and the Company and is fair and reasonable in exchange for your compliance with such non-competition obligations. Please understand that this
offer is contingent upon your authorization and successful completion of a background check. 
 You agree to provide to the Company, within three days of
your hire date, documentation of your eligibility to work in the United States, as required by the Immigration Reform and Control Act of 1986. You may need to obtain a work visa in order to be eligible to work in the United States. If that is the
case, your employment with the Company will be conditioned upon your obtaining a work visa in a timely manner as determined by the Company. 
 This letter
contains the final, total and complete agreement between you and the Company regarding your employment status and how your employment may be terminated. Even though your job duties, title, reporting relationships, compensation and benefits, as well
as the Company’s personnel policies and procedures, may be changed by the Company, at its option, from time to time during your tenure here, neither you nor the Company can change the “at-will”
nature of your employment, absent a written contract signed by an officer of the Company. 
 This offer of employment will terminate if it is not accepted,
signed and returned to the attention of Mike Massaro (Mike@flywire.com) by October 2019. We truly look forward to working with you and building Flywire into an outstanding company. 

Sincerely, 
 /s/ Michael Massaro 

Michael Massaro 
 CEO 

The foregoing correctly sets forth the terms of my employment by Flywire Corp. I am not relying on any representations pertaining to my employment other than
those set forth above.: 

  
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Flywire | 141 Tremont Street. 9th Floor | Boston, MA 02111, USA | 1.800.346.9252 | flywire.com 

  
 

 
  

	
	 /s/ Rob Orgel

	Rob Orgel
	
	 October 16, 2019

	Date

  
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Flywire | 141 Tremont Street. 9th Floor | Boston, MA 02111, USA | 1.800.346.9252 | flywire.com 

  
 

 
  

 Appendix A 

Defined Terms 
 “Cause”
shall mean 
 (i)    a material failure by you to comply with the Company’s written policies or rules after being
provided written notice and 30 days’ opportunity to cure; 
 (ii)    your conviction of, or plea of
“guilty” or “no contest” to, a crime involving moral turpitude, deceit, dishonesty or fraud that has caused harm to the Company or any affiliate of the Company; 

(iii)    your willful and continued failure to substantially perform (other than by reason of disability) your duties and
responsibilities assigned or delegated after receiving written notification of such failure from the Board and 30 days’ opportunity to cure; 

(iv)    any intentional act of dishonesty, deceit, fraud, moral turpitude, misconduct, breach of trust or acts
intentionally against the financial or business interests of the Company by you, or your use or possession of illegal drugs in the workplace; or 

(v)    the material breach by you of any of your obligations under any agreement between you and the Company after being
provided written notice and 30 days’ opportunity to cure; or 
 (vi)    your failure to cooperate in good faith with
a governmental or internal investigation of the Company or its directors, officers or employees, if the Company has requested your cooperation. 

“Change in Control” shall mean (i) the consummation of a merger or consolidation of the Company with or into another entity,
(ii) the sale of all or substantially all of the assets of the Company, either in one transaction or a series of related transactions or (iii) the dissolution, liquidation or winding up of the Company. The foregoing notwithstanding, a
merger or consolidation of the Company shall not constitute a “Change in Control” if immediately after such merger or consolidation a majority of the voting power of the capital stock of the continuing or surviving entity, or any direct or
indirect parent corporation of such continuing or surviving entity, will be owned by the persons who were the Company’s stockholders immediately prior to such merger or consolidation in substantially the same proportions as their ownership of
the voting power of the Company’s capital stock immediately prior to such merger or consolidation. 
 “Involuntary Termination” means
your Termination Without Cause or Resignation for Good Reason. 

  
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Flywire | 141 Tremont Street. 9th Floor | Boston, MA 02111, USA | 1.800.346.9252 | flywire.com 

  
 

 
  

 “Resignation for Good Reason” means a Separation as a result of your resignation within
ninety (90) days after a relocation of your principal workplace by more than fifty (50) miles away from the location which you were working immediately prior to the required relocation without your prior consent. A Resignation for Good
Reason will not be deemed to have occurred unless you give the Company written notice of the condition within 90 days after the condition comes into existence and you obtain actual knowledge of such condition, and the Company fails to remedy the
condition within 30 days after receiving your written notice. 
 “Separation” means a “separation from service,” as defined in
the regulations under Section 409A of the Code. 
 “Termination Without Cause” means a Separation as a result of a termination of your
employment by the Company without Cause. 

  
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Flywire | 141 Tremont Street. 9th Floor | Boston, MA 02111, USA | 1.800.346.9252 | flywire.com 

  
 

 
  

 Exhibit A 

Proprietary Rights, Non-Disclosure, Developments,
Non-Competition, and Non-Solicitation 

  
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Flywire | 141 Tremont Street. 9th Floor | Boston, MA 02111, USA | 1.800.346.9252 | flywire.comEX-10.9

 Exhibit 10.9 
  

 
 295 Devonshire Street – 4th Floor 

Boston, MA 02110 
 February 10, 2015 

PERSONAL AND CONFIDENTIAL 
 Dear Michael, 

peerTransfer Corp. (the “Company”) is pleased to offer you the full time position of Chief Financial Officer. We are excited
about the prospect of you joining our team, and look forward to the addition of your experience and enthusiasm to help the Company achieve its goals. Your anticipated start date is April 20, 2015, with potential of time to be spent earlier depending
on transition activities. 
 Your base salary will be paid at an initial rate of $225,000 per year, payable in accordance with the
Company’s standard payroll schedule and subject to applicable deductions and withholdings. You will be eligible to participate in benefits programs that may be adopted by the Company in the future to the same extent as, and subject to the same
terms, conditions and limitations applicable to, other employees of the Company of similar rank and tenure. Your variable compensation or bonus will be as a function of your personal and the company performance. This bonus will be set to be annually
$70,000 and will be paid following performance reviews every 6 months. 
 You will be eligible to participate in the Company’s stock
option program, subject to the approval of the Company’s Board of Directors. We will recommend to the Company’s Board of Directors (the “Board”) at its next meeting after you join the Company that you be granted an option to
purchase 172,291 shares of the Company’s common stock, or 0.75% of the fully diluted Post Series C of the Company at the then fair market value. The option, if so approved, will be governed by the Company’s Equity Plan and will be subject
to the terms and conditions of any associated stock option agreement, which will include, among other things, a vesting schedule. 
 Your
employment with the Company will be “at-will,” meaning that either you or the Company may terminate your employment relationship at any time, for any reason, with or without cause, and with or
without prior notice. 
 By signing below, you hereby confirm that the performance of your position at the Company does not and will not
breach any agreement entered into by you prior to employment with the Company (i.e., you have not entered into any agreements with previous employers that are in conflict with your obligations to the Company). 

 You will be required to sign a Confidentiality and Assignment Agreement as a condition of
your employment with the Company which requires, among other provisions, the assignment of patent rights to any invention made during your employment at the Company and non-disclosure of Company proprietary information. 

Moreover, as a condition of commencing employment, you will be required to provide, for purposes of completing the I-9 form, sufficient documentation to demonstrate your eligibility to work in the United States. 

Without limiting the at-will nature of your employment, if your employment is terminated by the
Company or its successor without “Cause” within six (6) months following a “Change of Control,” each as defined below, provided that you timely execute and return a separation agreement and general release of claims in a
form to be provided by the Company (the “Release”), and the Release becomes irrevocable within sixty (60) days of the date of your termination of employment (or such earlier date as the Company shall determine), in addition to any
amounts accrued as of the date of termination, the Company will provide the following severance benefits: 
  

	 	(i)	 severance pay equal to 6 months (the “Severance “Period”) of your then-current base salary, less
applicable taxes and withholdings, payable in installments in accordance with the Company’s regular payroll practices; and 

  

	 	(ii)	 should you timely elect and be eligible to continue receiving group medical insurance pursuant to the federal
“COBRA” law, during the Severance Period or until you secure alternative coverage, whichever is first, the Company will continue to pay its share of the premiums for such coverage that is paid by the Company for active and
similarly-situated employees who receive the same type of coverage; provided, that if providing such benefit would violate the discrimination rules or result in additional taxation or penalties on the Company, this benefit will not be
provided and the Company will not pay you the cash equivalent. 

 For purposes of this offer letter: 

“Cause” shall mean: 

(a) Your material breach of this offer letter or material breach or threatened breach of the Confidentiality and Assignment Agreement; 

(ii) Your continuing failure, after notice thereof, to perform your assigned duties (other than any such failure resulting from a disability,
as defined in the Company’s long-term disability insurance policy); 
 (iii) Your material failure to comply with the Company’s
written policies or rules, which failure is reasonably likely to harm the Company, as determined by the Board in its sole discretion; 

(iv) Your conviction of, or plea of “guilty” or “no contest” to, a felony under the laws of the United States or any state
thereof or a crime of moral turpitude; or 

  
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 (v) A finding by Board that you have committed an act of gross negligence, willful
misconduct, fraud or breach of fiduciary duty [in the performance of your employment]. 
 “Change of Control” shall
mean: 
 (a) a merger, consolidation or similar transaction in which (i) the Company is a constituent party or (ii) a subsidiary
of the Company is a constituent party and the Company issues shares of its capital stock pursuant to such merger, consolidation or similar transaction, except any such merger consolidation or similar transaction involving the Company or a subsidiary
in which the holders of shares of capital stock of the Company outstanding immediately prior to such merger, consolidation or similar transaction continue to represent, or such holders’ shares are converted into or exchanged for shares of
capital stock that represent, immediately following such merger, consolidation or similar transaction, at least a majority, by voting power, of the capital stock of (1) the surviving or resulting corporation or (2) if the surviving or
resulting corporation is a wholly owned subsidiary of another corporation immediately following such merger, consolidation or similar transaction, the parent corporation of such surviving or resulting corporation, in each case, with rights,
preferences, powers and other provisions that are substantially identical to the rights, preferences, powers and other provisions of the capital stock each such holder held immediately prior to such merger, consolidation or similar transaction; or

 (b) the sale, lease, transfer, exclusive license or other disposition, in a single transaction or series of related transactions, by the
Company or any subsidiary of the Company of all or substantially all the assets of the Company and its subsidiaries taken as a whole, or the sale or disposition (whether by merger, consolidation or otherwise) of one or more subsidiaries of the
Company if substantially all of the assets of the Company and its subsidiaries taken as a whole are held by such subsidiary or subsidiaries, except where such sale, lease, transfer, exclusive license or other disposition is to a wholly owned
subsidiary of the Company. 
 Subject to any delays required by Section 409A, payment of the severance benefits shall commence no later
than the thirtieth (30th) day following the date on which the Release becomes irrevocable. Notwithstanding the foregoing, if the 60th day following the termination of employment occurs in the calendar year following the year of your termination of
employment, then the severance payments shall begin no earlier than January 1 of the year following such termination of employment, and in any event, payment of the severance benefits shall be consistent with the provisions of Section 409A as
set forth below, as applicable. 
 All forms of compensation referred to in this offer letter are subject to reduction to reflect applicable
withholding and payroll taxes and other deductions required by law. The parties intend that this offer letter be administered in accordance with Section 409A of the Section 409A of the Internal Revenue Code of 1986, as amended (the
“Code”). Your right to receive any installment payments under this offer letter shall be treated as a right to receive a series of separate payments and, accordingly, each such installment payment shall at all times be considered a
separate and distinct payment as permitted under Section 409A of the Code. To the extent that any provision of this offer letter is ambiguous as to its compliance with Section 409A of the Code, the provision shall be read in such a manner
so that all payments hereunder comply with Section 409A of the Code. The parties agree that this offer letter may be amended as the 

  
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parties shall mutually agree, and as may be necessary to fully comply with Section 409A of the Code and all related rules and regulations in order to preserve the payments and benefits
provided hereunder without additional cost to either party. Except as otherwise permitted under Section 409A, neither you nor the Company shall have the right to accelerate or defer any payment hereunder unless such acceleration or deferral
would not result in additional tax or interest pursuant to Section 409A. The Company makes no representation or warranty and shall have no liability to you or any other person if any provisions of this offer letter are determined to constitute
deferred compensation subject to Section 409A of the Code but do not satisfy an exemption from, or the conditions of, such Section. 

This letter contains the final, total and complete agreement between you and the Company regarding your employment status and how your
employment may be terminated. Even though your job duties, title, reporting relationships, compensation and benefits, as well as the Company’s personnel policies and procedures, may be changed by the Company, at its option, from time to time
during your tenure here, neither you nor the Company can change the “at-will” nature of your employment, absent a written contract signed by an officer of the Company. 

This offer of employment will terminate if it is not accepted, signed and returned to the attention of Mike Massaro via mail or email
(mike@peertransfer.com) by February 10th, 2015. We truly look forward to working with you and building peerTransfer into an outstanding company. 

 

	
	Sincerely,
	
	/s/ Mike Massaro
	Mike Massaro
	Chief Executive Officer

  

	
	I have read this employment offer and I accept:
	
	 /s/ Michael Ellis

	Michael Ellis
	
	 2/10/15

	Date

  
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