Company: SRFM
Filing Date: 2025-05-02
Form Type: PRE 14A
Source: 0001140361-25-017136
Chunk: 19

Company: SURF AIR MOBILITY INC.
Filing Date: 2025-05-02
Form: PRE 14A
Chunk 19
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 April 3, 2024 with an exercise price per share of $6.17 that were contingent on stockholder approval of an increase in shares under the 2023 Equity Incentive Plan, which was received on June 25, 2024, with 25% of the shares of common stock subject to these stock options vesting as of the grant date of April 3, 2024 and the remaining 75% vesting over a three-year period thereafter. Ms. White was also granted a further stock option award grant of 125,151 shares on June 25, 2024 with an exercise price per share of $2.63 vesting in three equal installments on each of May 15, 2025, May 15, 2026, and May 15, 2027. On January 8, 2024, Mr. Reeves was also granted a stock option award of 257,143 shares with an exercise price per share of $9.24, vesting in three equal installments on each of January 1, 2025, 2026 and 2027, and 7,143 fully vested Restricted Stock Units (“RSUs”). In 2024, in exchange for the termination of all of his existing and future rights as a holder of participation units under the Company’s Incentive Bonus Plan, which was adopted by the Company in conjunction with the acquisition of Southern Airways Corporation, Mr. Little was granted 205,800 RSUs, half of which were fully vested as of the date of grant and the remainder of which will vest on May 14, 2025. Bonuses Our executives are eligible to receive discretionary bonuses based on an evaluation of the Company’s and their individual performance during the year. In 2023, Ms. White also received a “catch-up” bonus as stipulated in her employment agreement. In 2024, the Board did not award any discretionary bonuses to the NEOs. 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