Company: SRFM
Filing Date: 2025-05-02
Form Type: PRE 14A
Source: 0001140361-25-017136
Chunk: 18

Company: SURF AIR MOBILITY INC.
Filing Date: 2025-05-02
Form: PRE 14A
Chunk 18
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 equal monthly installments through May 26, 2026. |

| (7) | These restricted stock units were granted to Mr. Little 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. Such restricted stock units will vest on May 14, 2025. |

| (8) | These performance-based restricted stock units (“PRSUs”) vest only if the per-share closing price of our common stock over a period of 10 consecutive trading days within five years after July 27, 2023 is greater than 200% of $35.00, subject to Mr. Little’s continued employment with the Company or one of its subsidiaries through the date such stock price goal is achieved. |

2023 Equity Awards In connection with the listing, the Compensation Committee approved the grant under the 2023 Equity Incentive Plan of PRSUs of 40,000 PRSUs to Mr. Little. Each PRSU represents a right to receive, upon satisfaction of the performance condition and the vesting of the PRSU, one share of our common stock. These PRSUs will be earned and vest only if (i) the per-share closing price of our common stock over a period of 10 consecutive trading days within five years after July 27, 2023 is greater than 200% of $35.00,

| Surf Air Mobility Inc. |     | 19 |     | 2025 Proxy Statement |

TABLE OF CONTENTS and (ii) Mr. Little’s employment with the Company or one of its subsidiaries continues through the date such stock price goal is achieved, provided that if his employment is terminated by the Company or a subsidiary without cause or by Mr. Little for good reason (as such terms are defined in his employment agreement), the award will remain outstanding and be eligible to be earned and vest if the stock price goal is achieved before the end of the five-year performance period. In addition, if a change in control occurs during the performance period and while Mr. Little is still employed with the Company or a subsidiary (or has incurred an involuntary termination of his employment as described above), the award will be deemed to be earned and vest in full upon the change in control. 2024 Equity Awards Ms. White and Mr. Reeves were granted stock option awards of 157,143 and 107,143 shares, respectively, on