Firefly Aerospace updates executive pay and severance

Firefly Aerospace Inc. updated its executive employment arrangements by entering into new confirmatory employment letters with CEO Jason Kim, CFO Darren Ma and COO Ramon Sanchez.

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Form Type

8-K

Rhea-AI Filing Summary

Firefly Aerospace Inc. updated its executive employment arrangements by entering into new confirmatory employment letters with CEO Jason Kim, CFO Darren Ma and COO Ramon Sanchez. These letters replace each executive’s prior employment letter and confirm current pay, bonus targets, benefits eligibility and existing restrictive covenants.

Jason Kim’s annual base salary is $500,000 with a bonus target equal to 100% of base salary. Darren Ma’s base salary is $420,000 with a 60% bonus target, and Ramon Sanchez’s base salary is $425,000 with a 50% bonus target. The board also approved clarifying amendments to the company’s Executive Severance Plan, and all three executives entered into participation agreements making them eligible for severance benefits under that plan.

8-K Event Classification

2 items: 5.02, 9.01

2 items

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers Governance

Key personnel changes including departures, elections, or appointments of directors and executive officers.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

CEO base salary: $500,000 per year CFO base salary: $420,000 per year COO base salary: $425,000 per year +4 more

7 metrics

CEO base salary $500,000 per year Annual base salary for Jason Kim under new employment letter

CFO base salary $420,000 per year Annual base salary for Darren Ma under new employment letter

COO base salary $425,000 per year Annual base salary for Ramon Sanchez under new employment letter

CEO bonus target 100% of base salary Annual bonus opportunity for Jason Kim

CFO bonus target 60% of base salary Annual bonus opportunity for Darren Ma

COO bonus target 50% of base salary Annual bonus opportunity for Ramon Sanchez

Exhibit count 5 exhibits Executive letters, severance plan and cover page data file

Key Terms

Employment Letter Agreements, Executive Severance Plan, restrictive covenants, participation agreements, +1 more

5 terms

Employment Letter Agreements financial

"entered into confirmatory employment letters with each of Jason Kim, Darren Ma and Ramon Sanchez (the “Employment Letter Agreements”)"

Executive Severance Plan financial

"approved certain clarifying amendments to the Firefly Aerospace Inc. Executive Severance Plan"

restrictive covenants financial

"reaffirmation of each executive’s commitment to certain restrictive covenants set forth in the Company’s Employee Proprietary Information Agreement"

Restrictive covenants are contract terms that limit what a company, its executives, or shareholders can do—like rules that prohibit selling stock, starting a rival business, or taking on certain debts. Think of them as house rules that protect one party’s interests by keeping risky or competitive actions off the table. For investors they matter because these limits affect a company’s flexibility, governance, potential future value and the ease of exiting an investment.

participation agreements financial

"each of Messrs. Kim, Ma and Sanchez also entered into participation agreements to commence participation in, and to become eligible to receive the applicable severance benefits"

Emerging growth company regulatory

"Emerging growth company"

An emerging growth company is a recently public or smaller public firm that qualifies for temporary, lighter regulatory and disclosure rules to reduce the cost and effort of being public. For investors, it means the company may provide less historical financial detail and face fewer reporting requirements than larger firms, so it can grow more quickly but also carries higher uncertainty—like buying a promising early-stage product with fewer user reviews.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What executive employment changes did Firefly Aerospace (FLY) disclose in this 8-K?

Firefly Aerospace entered into new confirmatory employment letters with CEO Jason Kim, CFO Darren Ma and COO Ramon Sanchez. These letters replace earlier agreements and confirm current salaries, bonus targets, benefits eligibility and existing restrictive covenants for each executive.

What are the updated base salaries for Firefly Aerospace (FLY) senior executives?

Jason Kim’s annual base salary is $500,000, Darren Ma’s is $420,000 and Ramon Sanchez’s is $425,000. These amounts are memorialized in the new employment letters, which supersede the executives’ prior employment letter agreements with the company.

What bonus opportunities do Firefly Aerospace (FLY) executives have under the new letters?

Bonus targets are set as percentages of base salary: Jason Kim at 100%, Darren Ma at 60% and Ramon Sanchez at 50%. These targets define each executive’s annual bonus opportunity under the company’s compensation framework going forward.

What did Firefly Aerospace (FLY) change in its Executive Severance Plan?

The board approved clarifying amendments to the Firefly Aerospace Inc. Executive Severance Plan. Jason Kim, Darren Ma and Ramon Sanchez each signed participation agreements, making them participants and eligible to receive severance benefits described in the amended plan.

How do the new agreements affect Firefly Aerospace (FLY) executives’ benefits and covenants?

The employment letters confirm each executive’s eligibility to participate in company benefit plans and reaffirm their commitments under the Employee Proprietary Information Agreement. This includes ongoing obligations to comply with specified restrictive covenants protecting company information and interests.

Where can investors find the full text of Firefly Aerospace (FLY) executive agreements?

The complete employment letters and participation agreements for Jason Kim, Darren Ma and Ramon Sanchez, along with the amended Executive Severance Plan, are filed as Exhibits 10.1 through 10.4 to the report and incorporated by reference.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 04/21/2026 - 04:15 PM EDT

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): April 15, 2026

Firefly Aerospace Inc.

(Exact name of registrant as specified in its charter)

     Delaware

     001-42789

     81-5194980

     (State or other jurisdiction
of incorporation)

     (Commission
File Number)

     (I.R.S. Employer
Identification No.)

    


2203 Scottsdale Drive
Leander, Texas		78641
(Address of principal executive offices)		(Zip code)

Registrant’s telephone number, including area code: (512) 893-5570

Not applicable

(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 $0.0001 per share	FLY	The Nasdaq Stock Market LLC

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.

On April 16, 2026, Firefly Aerospace Inc. (the “Company”) entered into confirmatory employment letters with each of Jason Kim, Darren Ma and Ramon Sanchez (the “Employment Letter Agreements”), which supersede and replace each of the executive’s prior employment letter agreements with the Company. Messrs. Kim’s, Ma’s and Sanchez’s Employment Letter Agreements memorialize each executive’s current annual base salary ($500,000, $420,000 and $425,000 for each of Messrs. Kim, Ma and Sanchez, respectively) and bonus opportunity with targets denominated as a percentage of base salary (100%, 60% and 50% for each of Messrs. Kim, Ma and Sanchez, respectively), eligibility to participate in benefit plans maintained by the Company and reaffirmation of each executive’s commitment to certain restrictive covenants set forth in the Company’s Employee Proprietary Information Agreement.

On April 15, 2026, the Board of Directors of the Company also approved certain clarifying amendments to the Firefly Aerospace Inc. Executive Severance Plan (as amended, the “Severance Plan”). In connection with entering into the new Employment Letter Agreements, each of Messrs. Kim, Ma and Sanchez also entered into participation agreements to commence participation in, and to become eligible to receive the applicable severance benefits under, the Severance Plan.

The foregoing summary of the Employment Letter Agreements and the Severance Plan does not purport to be complete and is qualified in its entirety by reference to the text of each Employment Letter Agreement and the Severance Plan, which are attached hereto as Exhibits 10.1, 10.2, 10.3 and 10.4 and incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits


Exhibit No.		Description

10.1		Employment Letter and Participation Agreement (Jason Kim).
10.2		Employment Letter and Participation Agreement (Darren Ma).
10.3		Employment Letter and Participation Agreement (Ramon Sanchez).
10.4		Firefly Aerospace Inc. Amended Executive Severance Plan.

104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

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.



	FIREFLY AEROSPACE INC.

Date: April 21, 2026	By:	/s/ Darren Ma
		Darren Ma
		Chief Financial Officer

Source: View Original Filing on SEC EDGAR

Filing Exhibits & Attachments

5 documents