Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
(b) On January 7, 2023, Jo Natauri ("Ms. Natauri") informed the Board of
Directors (the "Board") of Flywire Corporation ("Flywire") that she was
resigning as a member of the Board effective immediately. Ms. Natauri's
resignation was not due to any dispute or disagreement with Flywire or any
matter related to its operations, policies or practices.
In addition, on January 7, 2023, in connection with her appointment as the
Secretary of Economic Development of the Commonwealth of Massachusetts, Yvonne
Hao ("Ms. Hao") resigned from the Board. Prior to her resignation, Ms. Hao
served on the Compensation Committee of the Board (the "Compensation
Committee"). Ms. Hao's resignation was not due to any dispute or disagreement
with Flywire or any matter related to its operations, policies or practices. In
connection with the resignations of Mses. Natauri and Hao, pursuant to Flywire's
bylaws and certificate of incorporation the Board has decreased the number of
directors from seven to six.
(d) On January 9, 2023, based in part upon the recommendation of the Nominating
and Corporate Governance Committee of the Board, the Board appointed Diane
Offereins ("Ms. Offereins") to fill the vacancy on the Board following the
resignations and the decrease in the size of the Board disclosed above.
Ms. Offereins is a Class I director, with her initial term expiring at Flywire's
2025 annual meeting of stockholders. In addition, the Board appointed
Ms. Offereins to serve as a member of the Compensation Committee. The Board has
determined that Ms. Offereins is an independent director and eligible to serve
on the Compensation Committee in accordance with applicable rules of the U.S.
Securities and Exchange Commission (the "SEC") and the Nasdaq Stock Market. A
copy of the press release announcing the appointment of Ms. Offereins is
attached as Exhibit 99.1 and incorporated herein by reference.
As provided for in Flywire's non-employee director compensation plan (the
"Compensation Policy"), Ms. Offereins will receive an annual cash retainer of
$30,000 per year and additional annual retainers for committee service as more
fully described in Flywire's Proxy Statement for its 2022 annual meeting of
stockholders filed with the SEC on April 20, 2022 pursuant to Section 14(a) of
the Securities Exchange Act of 1934, as amended (the "Proxy Statement").
Pursuant to the Compensation Policy, upon the effectiveness of her appointment,
Ms. Offereins was automatically granted a restricted stock unit award (the
"Initial RSU") with a fair market value of $350,000. The Initial RSU will vest
in three equal annual installments on each anniversary of the date of grant
provided that Ms. Offereins is providing service as a member of the Board
through such vesting date. Under the Compensation Policy, two days prior to the
date of each Flywire annual meeting of stockholders, Ms. Offereins will also be
entitled to receive an annual restricted stock unit award with a fair market
value of $175,000 (the "Annual RSU"). The Annual RSU will vest on the earlier of
the one-year anniversary from the date of grant or Flywire's next annual meeting
of stockholders provided that Ms. Offereins is providing service as a member of
the Board through such vesting date. In addition, each of the Initial RSU and
Annual RSU will become fully vested upon a change in control or Ms. Offereins'
earlier death or disability. Flywire's Compensation Policy is described in
further detail in the Proxy Statement.
Ms. Offereins and Flywire also entered an indemnification agreement requiring
Flywire to indemnify Ms. Offereins to the fullest extent permitted under
Delaware law with respect to her service as a director. Flywire's form of
indemnification agreement was filed with the SEC on May 18, 2021 as Exhibit 10.1
to the Company's Amended Registration Statement on Form S-1 and is incorporated
herein by reference.
There are no family relationships between Ms. Offereins and any of the Company's
directors or executive officers and Ms. Offereins does not have any direct or
indirect material interest in any transaction required to be disclosed pursuant
to Item 404(a) of Regulation S-K.
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Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit
No. Description
99.1 Flywire Corporation Press Release dated January 10, 2023.
104 Cover page interactive data file (embedded within the inline XBRL document)
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