Company: SRFM
Filing Date: 2025-03-21
Form Type: 10-K
Source: 0000950170-25-043326
Chunk: 341

Company: SURF AIR MOBILITY INC.
Filing Date: 2025-03-21
Form: 10-K
Item: Item 8
Chunk 341
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 year ended December 31, 2024, the Company settled approximately 54% of the participation units under the Incentive Bonus Plan through the issuance of 317,663 restricted stock units, of which 158,834 were fully vested at grant and the remainder will vest twelve months from the grant date. Additionally, on December 6, 2024, the Company's board of directors, acting as “Administrator” under the Incentive Bonus Plan, determined that certain targets under the Incentive Bonus Plan were not met, and no payment is due under the terms of the plan. These actions resulted in a $32.3 million reversal of previously accrued stock-based compensation expense, which is included in general and administrative expenses in the Consolidated Statements of Operations.The Company has recorded a net reduction of $16.6 million in stock based compensation expense related to the Incentive Bonus Plan during the year ended December 31, 2024. As of December 31, 2024, a total of $0 has been accrued under the Incentive Bonus Plan. Stock Options

105

A summary of stock option activity for the year ended December 31, 2024 is set forth below: 

        Numberof Stock OptionsOutstanding

        Weighted Average Contractual Term (in years)

        Aggregate Intrinsic Value (in thousands)

        WeightedAverageExercise Price Per Share

        Outstanding at December 31, 2023

        229,451

        8.04

        $
        687

        $
        28.81

        Granted

        2,467,536

        9.43

        1,200

        5.87

        Exercised

        (5,379
        )

        —

        —

        3.68

        Canceled

        (2,477
        )

        —

        —

        34.16

        Outstanding at December 31, 2024

        2,689,131

        9.21

        1,353

        7.80

        Exercisable at December 31, 2024

        871,317

        7.56

        441

        8.16

      During the year ended December 31, 2024, the Company granted 2,467,536 stock options for purchase of the Company’s common stock to employees, of which 25% vested on the grant