Company: SRFM
Filing Date: 2025-03-21
Form Type: 10-K
Source: 0000950170-25-043326
Chunk: 378

Company: SURF AIR MOBILITY INC.
Filing Date: 2025-03-21
Form: 10-K
Item: Item 9A
Chunk 378
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 equity awards vest in full on the one-year anniversary of the date of grant subject to the director’s continued service through such date. On December 3, 2024, the Nominating and Governance Committee of the Board approved a reduction of the target grant date fair values of the initial equity grant and annual equity grants to non-employee directors by 30%, to $231,000 and $115,500, respectively.

Director Stock Ownership Guidelines

The Compensation Committee and our Board of Directors adopted the following stock ownership guidelines for our non-employee directors to better align the interests of our non-employee directors with those of our stockholders:

• Directors must maintain a minimum holding of company stock with a fair market value equal to five times (5x) such director’s annual cash retainer (excluding annual retainers for service on committees of the Board); and

• Directors will have five years to reach the minimum holding level.

As of March 14, 2025, all of our non-employee directors had either met their stock ownership requirement or had remaining time to do so.

Fiscal Year 2024 Director Compensation Table

The following table sets forth information regarding the compensation received by each of our non-employee directors serving during the year ended December 31, 2024. Stan Little and Sudhin Shahani, who received compensation as employees and/or consultants of the Company, do not receive any compensation for their service on the Board, but, in accordance with SEC rules, Sudhin Shahani’s compensation for the year is included in the table below:

128

    Name
    Fees Earned or Paid in Cash($)
     
    Stock Awards ($)(1)
     
    Option Awards ($)(1)

    All Other Compensation ($)(1)
     
    Total ($)

    Carl Albert
    $
    51,613
     
    $
    80,519
     
    $
    155,095

    (3
    )
    $
    -
     
    $
    287,224

    David Anderman
    $
    -
     
    $
    -
     
    $
    28,871

    (4
    )
    $
    -
     
    $
    28,867

    Tyrone Bland
    $
    16,563
     
    $
    80,519
     
    $
    -

    $
    -
     
    $
    97,082

    John D'Agostino