FLY · Firefly Aerospace Inc.

The confirmatory employment letters for Firefly Aerospace's top executives—CEO Jason Kim, CFO Darren Ma, and COO Ramon Sanchez—update and replace prior agreements dated in 2024 and 2025, locking in current base salaries and short-term incentive targets tied to performance metrics. These arrangements coincide with Board-approved amendments to the Executive Severance Plan, under which Kim participates as Tier 0 (CEO) and Ma and Sanchez as Tier 1, providing structured severance for qualifying terminations outside or during change-in-control periods, including cash payments equivalent to 1 year of base salary, prorated bonuses, COBRA benefits, and equity acceleration. The agreements emphasize at-will employment under Texas law, reaffirm restrictive covenants on competition, solicitation, and confidentiality via the EPIA, and ensure Section 409A compliance. This standardization of executive compensation and severance terms enhances governance clarity for investors.