David King
FlywireAbout David King
David King, age 56, is Flywire’s Chief Technology Officer (CTO) since June 2019, responsible for global technology and solutions development; he previously joined Flywire as VP of Engineering in January 2018 following Flywire’s acquisition of OnPlan, where he was co‑founder . He holds a B.S. in Mathematics and Physics from Westminster College and an M.S. in Physics from Miami University . Under his tenure, Flywire’s fiscal 2024 revenue grew 22% to $492.1 million and total payment volume reached $29.7 billion, with adjusted EBITDA of $77.9 million; however, cumulative TSR since IPO underperformed the S&P 500 Information Technology sector over four years (-14.1% vs 89.5%) . Flywire’s bonus program for 2024 tied to Revenue Less Ancillary Services ($474.2 million as modified) and adjusted EBITDA, with executives earning 53.7% of target payouts—demonstrating pay-for-performance alignment to profitability amid revenue adjustments .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Flywire | Chief Technology Officer | Jun 2019–present | Leads global technology and solutions development . |
| Flywire | Vice President of Engineering | Jan 2018–Jun 2019 | Integrated OnPlan capabilities; scaled payments, analytics, and billing solutions . |
| OnPlan Holdings | Co-founder | May 2014–Jan 2018 | Developed innovative payment plan solutions for healthcare and education; acquired by Flywire . |
| infiNET Solutions, Inc. | Founder | Pre‑2006 | Built SaaS for higher education; company acquired by Nelnet in 2006 . |
| Nelnet, Inc. | President, Higher Education Division | Post‑2006 | Led initiatives including online medical education and data security . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| AmagiSoft, LLC | Owner | Not disclosed | Provides gym membership management software to CrossFit gyms . |
Fixed Compensation
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Base Salary ($) | 294,792 | 300,000 | 310,000 |
| Target Bonus ($) | 150,000 | 150,000 | 150,000 |
| Actual Bonus Paid ($) | 132,525 | 195,000 | 80,592 |
| All Other Compensation ($) | 7,835 | 10,144 | 10,498 |
Performance Compensation
Annual Cash Incentive (FY 2024)
| Component | Weighting | Threshold 50% Payout | Target 100% Payout | Max 150% Payout | Actual Performance | Component Payout |
|---|---|---|---|---|---|---|
| Revenue Less Ancillary Services ($) | 50% | 496,000,000 | 519,000,000 | 545,000,000 | 377.1M adjusted from $474.2M per pre-set adjustments | 0% |
| Adjusted EBITDA ($) | 50% | 70,500,000 | 76,100,000 | 87,500,000 | 77.9M | 107.5% |
| Resulting Bonus (% of Target) | 53.7% (paid March 2025) |
Equity Awards and Vesting (FY 2024 Grants)
| Grant Type | Grant Date | Shares | Grant Date Fair Value ($) | Vesting Schedule |
|---|---|---|---|---|
| RSU | 3/2/2024 | 140,608 | 3,834,380 | 25% on 3/1/2025; remaining 75% in equal quarterly installments over 36 months, service-based |
2024 program used time-based RSUs; no PSUs. Company has not granted options since 2022 under current plan design .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total Beneficial Ownership (Voting Common) | 710,688 shares; <1% of outstanding voting shares . |
| Unvested RSUs at 12/31/2024 | 39,383 (value $812,077) ; 67,860 (value $1,399,273) ; 140,608 (value $2,899,337) . |
| Options | 11,250 exercisable; 1,875 unexercisable; strike $3.95; vesting 25% on 1/21/2022, remainder monthly over 36 months . |
| 2024 Realized Activity | Options exercised: 28,406 shares; value realized $450,230. RSUs vested: 84,284 shares; value realized $1,951,323 . |
| Stock Ownership Guidelines | Executives must hold 2x base salary; compliance measured annually; all executives were in compliance at end of 2024 . |
| Hedging/Pledging | Hedging prohibited; pledging permitted only with prior clearance and subject to policy constraints; Rule 10b5‑1 plans permitted . |
| Shares Pledged | No pledging by King disclosed . |
Employment Terms
| Provision | Terms |
|---|---|
| Employment Status | At-will; standard confidential information and invention assignment agreements . |
| Severance (Outside CIC Window) | Salary continuation 6 months; lump sum for accrued/unpaid bonus (if applicable); COBRA premiums for the continuation period; additional 6 months of vesting applies only to CEO/COO/CFO, not to CTO . |
| Severance (Within CIC Window; Double-Trigger) | Lump sum equal to 1x (base salary + target bonus); 12 months COBRA; full acceleration of time-based equity awards; option cash-out provisions not applicable to King; double-trigger only (no single-trigger acceleration) . |
| Cash Severance Valuation (12/31/2024 assumption) | Within CIC window: $460,000; Outside CIC window: $305,000 . |
| Equity Acceleration (12/31/2024 assumption) | Within CIC window RSU acceleration value: $5,110,668; option acceleration value: $31,256 . |
| Benefit Continuation (COBRA) | Within CIC window: $29,814; Outside CIC window: $14,907 . |
| Definitions | “Cause” and “Good Reason” defined with cure periods; relocation threshold >50 miles; material diminution triggers; notice and cure required . |
| Clawback | Policy for recovery of erroneously awarded incentive compensation adopted July 2023 in line with Exchange Act Rule 10D‑1/Nasdaq standards . |
| Trading Policy | Insider Trading Policy updated Q1 2023; hedging prohibited; 10b5‑1 trading plans allowed when not in possession of MNPI . |
Investment Implications
- Compensation alignment: King’s 2024 cash bonus paid at 53.7% of target, driven entirely by adjusted EBITDA outperformance with zero payout on RLAS—indicating disciplined linkage to profitability rather than top-line adjustments . Equity remains the dominant component (multi‑year RSU grants), directly tying realized value to share price performance .
- Vesting cadence and potential selling pressure: Material RSU tranches vesting began 3/1/2024 and 3/1/2025 with quarterly vest thereafter; unvested RSUs totaling 247,851 shares at year‑end suggest ongoing supply from routine vesting, potentially managed via Rule 10b5‑1 plans .
- Retention and change‑of‑control economics: Double‑trigger acceleration and 1x cash severance support retention while avoiding single-trigger windfalls; CTO outside‑window severance is modest versus CEO, reducing entrenchment risk .
- Ownership alignment and risk controls: Executive ownership guidelines (2x salary) met; hedging prohibited and pledging restricted—positive alignment; no disclosed pledging by King .
- Execution track record context: Under technology leadership, Flywire delivered 22% revenue growth and 23.6% TPV growth in 2024 with adjusted EBITDA of $77.9M, yet cumulative TSR since IPO modestly underperformed peers—placing emphasis on continued product and network execution to translate fundamentals into shareholder returns .