Company: SRFM
Filing Date: 2025-03-21
Form Type: 10-K
Source: 0000950170-25-043326
Chunk: 195

Company: SURF AIR MOBILITY INC.
Filing Date: 2025-03-21
Form: 10-K
Item: Item 1B
Chunk 195
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 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 date and 25% will vest upon each anniversary over the ensuing three-year period.As of December 31, 2024, unrecognized compensation expense related to the unvested portion of the Company’s stock options was approximately $2.3 million with a weighted-average remaining vesting period of approximately 2.15 years.The following table provides supplemental data on stock options for the years ended December 31, 2024 and 2023 (in $ thousands, except for weighted average figures): 

        For The Year Ended December 31,

        2024

        2023

        Weighted average grant date