Company: SRFM
Filing Date: 2025-03-21
Form Type: 10-K
Source: 0000950170-25-043326
Chunk: 371

Company: SURF AIR MOBILITY INC.
Filing Date: 2025-03-21
Form: 10-K
Item: Item 9A
Chunk 371
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 )
     
    93,862

    -
     
    $
    2.59
     
    6/25/2034

    -

    -

    -

    -

    Oliver Reeves
     
    -

    (4
    )
     
    257,143

    -
     
    $
    9.24
     
    1/8/2034

    -

    -

    -

    -

    26,787

    (2
    )
     
    80,356

    -
     
    $
    6.17
     
    4/3/2034

    -

    -

    -

    -

    Stan Little
     
    -

    -

    -

    -

    -

    -
     
    $
    -

    36,757

    (5
    )
    $
    198,120

1.These stock options vest monthly over a three-year period measured from January 1, 2022.

2.25% of these stock options were vested as of the grant date of April 3, 2024, with the remaining 75% vesting over a three-year period thereafter.

3.25% of these stock options were vested as of the grant date of June 25, 2024, with the remaining 75% vesting over a three-year period thereafter.

4.These stock options vest annually over a three-year period measured from January 1, 2024.

5.These shares vest subject to the achievement of certain revenue goals, subject to continued service through the date of achievement.

Executive Employment and Severance Agreements

On December 19, 2022, we entered into an employment agreement with Ms. White to serve as our Chief Financial Officer. The agreement became effective on the consummation of our direct listing (the “Effective Date”) and had an initial three-year term. Ms. White voluntarily resigned as our Chief Financial Officer effective as of December 31, 2023. The agreement provided that Ms. White would receive an initial annual base salary of $650,000 and was eligible for an annual discretionary bonus as determined by the Compensation Committee (with a target incentive equal to 200% of her base salary). The agreement also provided for her to receive an additional bonus equal to the sum of $179,167 plus the amount by which the base salary she would have received for the period from October 1, 2022 through the Effective Date