# EDGAR Filing Document

**Accession Number:** 0001936224
**File Stem:** 0001193125-26-197314
**Filing Date:** 2026-4
**Character Count:** 149619
**Document Hash:** ab745d03d0a988c8ddcec89cf856e03d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-197314.hdr.sgml**: 20260430

**ACCESSION NUMBER**: 0001193125-26-197314

**CONFORMED SUBMISSION TYPE**: 10-K/A

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260430

**DATE AS OF CHANGE**: 20260430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SURF AIR MOBILITY INC.
- **CENTRAL INDEX KEY:** 0001936224
- **STANDARD INDUSTRIAL CLASSIFICATION:** AIR TRANSPORTATION, NONSCHEDULED [4522]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-K/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41759
- **FILM NUMBER:** 26925514

**BUSINESS ADDRESS:**
- **STREET 1:** 12111 S. CRENSHAW BLVD.
- **CITY:** HAWTHORNE
- **STATE:** CA
- **ZIP:** 90250
- **BUSINESS PHONE:** 310-365-3675

**MAIL ADDRESS:**
- **STREET 1:** 12111 S. CRENSHAW BLVD.
- **CITY:** HAWTHORNE
- **STATE:** CA
- **ZIP:** 90250

?xml version='1.0' encoding='ASCII'? 10-K/A

2025

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

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**FORM** 10-K/A

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**Amendment No. 1**

**(Mark One)** 

☒ **ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**For the fiscal year ended** December 31**,** 2025

**OR**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO** 

**Commission File Number** 001-41759

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Surf Air Mobility Inc.

**(Exact name of Registrant as specified in its Charter)**

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| | |
|:---|:---|
| Delaware | 36-5025592 |
| **(State or other jurisdiction of**<br>**incorporation or organization)** | **(I.R.S. Employer**<br>**Identification No.)** |
| 12111 S. Crenshaw Blvd**.**<br>Hawthorne**,** CA  | 90250 |
| **(Address of principal executive offices)** | **(Zip Code)** |

---

**Registrant's telephone number, including area code: (**424**)** 332-5480

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Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading**<br>**Symbol(s)** | **Name of each exchange on which registered** |
| Common stock, $0.0001 par value per share | SRFM | New York Stock Exchange |

---

Securities registered pursuant to Section 12(g) of the Act: **None**

Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒

Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes ☐ No ☒

Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

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| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☒ |
| Non-accelerated filer | ☐ | Smaller reporting company | ☒ |
| Emerging growth company | ☒ |  |  |

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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The aggregate market value of voting stock held by non-affiliates of the Registrant on the last business day of the Registrant's most recently completed second fiscal quarter, based on the closing price of $3.69 per share of the Registrant's common stock as reported by the New York Stock Exchange, was approximately $114.7 million. This calculation does not reflect a determination that certain persons are affiliates of the Registrant for any other purpose.

The number of shares of Registrant's common stock outstanding as of April 28, 2026 was 99,495,575.

DOCUMENTS INCORPORATED BY REFERENCE

None.

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Explanatory Note

Surf Air Mobility Inc. ("Surf Air," "we," "us," "our," or the "Company") is filing this Amendment No. 1 on Form 10-K/A (this "Amendment") to amend the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, originally filed with the Securities and Exchange Commission (the "SEC") on March 12, 2026 (the "Original Filing"). This Amendment is being filed to include the information required by Items 10 through 14 of Part III of Form 10-K. We previously omitted this information from the Original Filing in reliance on General Instruction G(3) to Form 10-K, which permits the information in the above-referenced items to be incorporated in the Original Filing by reference to the Company's definitive proxy statement if such proxy statement is filed no later than 120 days after the Company's fiscal year-end.

We are filing this Amendment to provide the information required in Part III of Form 10-K because we will not file a definitive proxy statement containing that information within 120 days after the end of the fiscal year covered by the Original Filing.

This Amendment amends and restates in their entirety Items 10, 11, 12, 13 and 14 of Part III of the Original Filing and the exhibit index set forth in Item 15 of Part IV of the Original Filing. The cover page of the Original Filing is also amended to delete the reference to the incorporation by reference of the Company's definitive proxy statement and to update our filer status.

Pursuant to Rule 12b-15 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), this Amendment also contains certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, which are attached hereto. Because no financial statements have been included in this Amendment and this Amendment does not contain or amend any disclosure with respect to Items 307 and 308 of Regulation S-K, paragraphs 3, 4 and 5 of the certifications have been omitted.

Except as described above, no other portion of the Original Filing is amended hereby, and the Original Filing continues to speak as of the filing date of the Original Filing. Accordingly, this Amendment should be read in conjunction with the Original Filing and the Company's filings made with the SEC subsequent to the date of the Original Filing.

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**Table of Contents**

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| | | |
|:---|:---|:---|
|  |  | **Page** |
| **PART III** |  |  |
| &nbsp;&nbsp;&nbsp;Item 10. | [<u>Directors, Executive Officers and Corporate Governance</u>](#dierctor_bios) | 4 |
| &nbsp;&nbsp;&nbsp;Item 11. | <u>Executive Compensation</u> | 7 |
| &nbsp;&nbsp;&nbsp;Item 12. | <u>Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters</u> | 12 |
| &nbsp;&nbsp;&nbsp;Item 13. | <u>Certain Relationships and Related Transactions, and Director Independence</u> | 14 |
| &nbsp;&nbsp;&nbsp;Item 14. | <u>Principal Accountant Fees and Services</u> | 18 |
| **PART IV** |  |  |
| &nbsp;&nbsp;&nbsp;Item 15. | <u>Exhibits</u> | 19 |
|  | <u>Signatures</u> | 25 |

---

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**<u>PART III</u>**

**<u>ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE</u>**

Set forth below is a table identifying our directors and executive officers as of March 14, 2025:

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| | | |
|:---|:---|:---|
| **Name** | **Age** | **Position** |
| &nbsp;&nbsp;Deanna White | 60 | Chief Executive Officer |
| &nbsp;&nbsp;Oliver Reeves | 47 | Chief Financial Officer |
| &nbsp;&nbsp;Carl Albert | 84 | Chairman of the Board |
| &nbsp;&nbsp;David Anderman | 56 | Director |
| &nbsp;&nbsp;John D'Agostino | 50 | Director |
| &nbsp;&nbsp;Bruce Hack | 77 | Director |
| &nbsp;&nbsp;Ed Mady | 73 | Director |
| &nbsp;&nbsp;Tyler Painter | 54 | Director |
| &nbsp;&nbsp;Shawn Pelsinger | 42 | Director |
| &nbsp;&nbsp;Sudhin Shahani | 43 | Director |

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*Deanna White* has served as the Company's Chief Executive Officer since December 2024, after having served as Interim Chief Executive Officer and Chief Operating Officer from May 2024 to December 2024, and after previously serving as Chief Financial Officer of the Company from July 2023 to December 2023. Ms. White served as the Chief Financial Officer of Surf Air Global Limited, a subsidiary of the Company, from May 2022 to July 2023, and prior to that, she served as Chief Administrative Officer of Surf Air Global Limited from January 2021 to May 2022. Ms. White served as Chief Operating Officer at Kitty Hawk/Cora, an aerospace company, from December 2017 to October 2019, where she led the business operations and commercialization of a research and development eVTOL aircraft program. Ms. White also served as Chief Financial Officer and Chief Executive Officer of Bombardier Flexjet from October 2005 to March 2015. Ms. White holds a BS in accounting from the University of Tampa, and an MBA and MA in Cybersecurity from the University of Dallas.

*Oliver Reeves* has served as Chief Financial Officer of the Company since January 2024. Mr. Reeves brings with him his deep experience with capital markets strategy. Mr. Reeves most recently served as Chief Strategy Officer of Xinuos, Inc., the developer and licensor of the UnixWare and OpenServer operating systems, from May 2019 to December 2023. Earlier in his career, Mr. Reeves gained investment experience by holding several asset management positions: first as an Investment Analyst at Coliseum Capital Management, then as a Vice President at Gerson Global Advisors, and finally as a Senior Vice President at Phoenix Star Capital. Mr. Reeves received his MBA from Columbia Business School and graduated Summa Cum Laude from Babson College.

*Carl Albert* has served as the Chairman of the Board of the Company since July 2023. Mr. Albert served on the board of Surf Air Global Limited, a subsidiary of the Company, from 2021 until the Company's direct listing on the NYSE. Mr. Albert has been Chairman and Chief Executive Officer of Fairchild Venture Capital Corporation, a privately held investment firm, since 2000 and General Partner of Positano Premiere Properties, a privately held firm engaged in investment in real estate development and management and other investment activities, since 2003. Mr. Albert was Chairman of the board of directors for Boise, Inc. (formerly NYSE: BZ) from February 2008 to November 2013. Mr. Albert was also a member of the board of directors of Great Lakes Dredge and Dock (NASDAQ: GLDD) from July 2010 to May 2019. While a member of the company's board of directors, Mr. Albert served as Audit Committee Chair and member of Compensation and Nominating & Governance Committees. Mr. Albert was the Chairman and Chief Executive Officer of Fairchild Aircraft and Fairchild Aerospace, the parent company of Fairchild Aircraft and Dornier Luftfahrt, from 1990 to 2000. Mr. Albert served as principal venture capital investor, and then Chairman, CEO and President of Wings West Airlines, managing the growth of the airline and initial public offering from 1984 to the 1988 acquisition of the company by AMR Corporation, the parent company of American Airlines. Prior to his work in the airline and aircraft manufacturing industries, Mr. Albert was an attorney specializing in business matters. Mr. Albert received his LLB at the University of California, Los Angeles, School of Law and his B.A. at the University of California, Los Angeles.

*David Anderman* has served as a director of the Company since December 2024, having previously served as Chief Legal Officer of the Company from June 2023 to May 2024. Mr. Anderman has served as President of Proxima Centauri, LLC, a business advisory firm advising venture funds on strategy and operations, since 2014. Mr. Anderman has served as the Co-Founder and General Partner of Stellar Ventures, a venture fund investing in the next generation of space entrepreneurs, since July 2021. Mr. Anderman was General Counsel of Space Exploration Technologies Corp. (d/b/a SpaceX), a space technology company, from June 2019 to December 2020, during which time he supported the launch of satellite internet network Starlink and aided the SpaceX launch of NASA astronauts to the International Space Station. Mr. Anderman served 16 years at Lucasfilm Ltd., starting as a junior lawyer and rising through the ranks to become General Counsel and Chief Operating Officer. He has held C-level positions at a series of technology startups. Mr. Anderman began his career as an intellectual property litigator in Silicon Valley. Mr. Anderman received his J.D. from the University of Pennsylvania Carey Law School and his B.A. at the University of Pennsylvania.

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*John D'Agostino* has served as a director of the Company since July 2023. Mr. D'Agostino has served as Senior Advisor at Coinbase Institutional, a digital currency asset manager, since June 2021. Prior to his role at Coinbase Institutional, Mr. D'Agostino was the US Managing Director at Waystone Governance, a provider of institutional governance, risk and compliance services to the asset management industry, from May 2015 to September 2021. From May 2017 to December 2021, Mr. D'Agostino served as a director of Blockmate Ventures In (f/k/a Midpoint Holdings Ltd), a financial technology company. In 2021, Mr. D'Agostino was named Fellow of the AIF Institute Financial Innovation Center of Excellence. Mr. D'Agostino received his MBA from Harvard Business School and his B.A. from Williams College.

*Bruce Hack* has served as a director of the Company since July 2023. Mr. Hack has served as the founder and Chief Executive Officer of BLH Venture, LLC, a strategic and financial advisory firm, since 2010. Prior to founding BLH Venture, LLC, Mr. Hack served as an Executive Vice Chairman of Activision Blizzard from 2008 to 2009 and Chief Executive Officer of Vivendi Games from 2004 to 2008. Mr. Hack also served as Vice-Chairman of the board of directors for Universal Music Group, Inc. from 1998 to 2001 and Chief Financial Officer from 1995 to 1998. In addition, Mr. Hack served as the Executive Chairman of PowerUP Acquisition Corporation from January 2021 to August 2023, was previously a director then Chairman of the board of directors of Technicolor, Inc. from 2010 to 2019, and served as director of Mimedx Group, Inc. from 2010 to 2019. Mr. Hack received his B.A. from Cornell University and his M.B.A from the University of Chicago.

*Edward Mady* has served as a director of the Company since July 2023. Mr. Mady served as Senior Advisor and Advisory Board Member to Surf Air Global Limited, a subsidiary of the Company, from January 2017 to July 2023. Mr. Mady has served as President and Chief Operating Officer of The Masterpiece Collection Ltd., a luxury hospitality company, since December 2023. Mr. Mady served as General Manager of The Beverly Hills Hotel and Regional Director for Dorchester Collection, a luxury hotel operator, also overseeing Hotel Bel-Air from July 2011 to February 2022. Prior to that role, Mr. Mady worked as the General Manager at the New York Palace from June 2009 to June 2011. Prior to that role, Mr. Mady worked at The Ritz-Carlton Hotel Company as a Vice President and Area General Manager from November 1988 to May 2009. Mr. Mady has also served as the Principal to Edward Mady LLC, a consultancy serving leaders of travel-based organizations including hospitality and aviation brands, since December 2016. Mr. Mady studied Hotel Restaurant Management at St. Clair College.

*Tyler Painter* has served as a director of the Company since July 2023. Mr. Painter has served as the Chief Financial Officer and Chief Operating Officer of Wisk Aero, an aerospace company, since April 2022. Prior to becoming the Chief Financial Officer of Wisk Aero, Mr. Painter served as a Senior Advisor and acting Chief Financial Officer of Surf Air Global Limited, a subsidiary of the Company, from August 2020 to April 2022. From January 2018 to October 2019, Mr. Painter served as Chief Financial Officer of Fair Financial Corporation. Mr. Painter served as the Chief Financial Officer of Solazyme (formerly NASDAQ: TVIA) from September 2007 through October 2014 and expanded his role to include Chief Financial Officer and Chief Operating Officer from October 2014 through October 2017. In August 2017, Solazyme, which had been re-named TerraVia Holdings, Inc., was acquired in a sale process conducted under Section 363 of the U.S. Bankruptcy Code. Prior to Solazyme, Mr. Painter served as Corporate Treasurer and VP of Finance and Investor Relations for Wind River Systems from September 2000 through April 2007. Earlier in his career, Mr. Painter held various finance roles at Cars Direct and Gap Inc. Mr. Painter holds a B.S. in business with concentration in finance from California Polytechnic University, San Luis Obispo.

*Shawn Pelsinger* has served as a director of the Company since October 2025. Mr. Pelsinger has served as Chief Legal Officer and Chief Administrative Officer of Acrisure, LLC, a global fintech provider of solutions across insurance, reinsurance, payroll, benefits, cybersecurity, and real estate services, since April 2025. Prior to joining Acrisure, Mr. Pelsinger was the Global Head of Corporate Development & Senior Counsel of Palantir Technologies Inc., a software company, from March 2015 to April 2025. Mr. Pelsinger previously served as a member of the boards of directors of two Palantir Technologies subsidiaries, Palantir Technologies Japan, K.K., from July 2024 to March 2026, and Palantir, Korea, LLC, from September 2022 to May 2026. Mr. Pelsinger has also sat on the boards of directors of Acrisure Re Holdings Limited since August 2025 and Acrisure International Holdings Limited since October 2025. Since January 2015 Mr. Pelsinger has served as a Lecturer at Law at Columbia University Law School where he designed and teaches the "Technology and Venture Capital Law" seminar. Mr. Pelsinger received his L.L.M and J.D. from the New York University School of Law and his B.A. from the Schreyer Honors College at Pennsylvania State University.

*Sudhin Shahani* has served as a director of the Company since July 2023. Mr. Shahani is the co-founder and served as the Chief Executive Officer of Surf Air Global Limited, a subsidiary of the Company, from 2013 to July 2023. Prior to his role at Surf Air Global Limited, Mr. Shahani was an Entrepreneur in Residence at Anthem Ventures, an early-stage venture capital firm, where he worked with a number of portfolio companies, led investments, and served on the board of Madefire Inc. from July 2013 to December 2018 and Panna from March 2012 to April 2019 (until each of their respective sales to Discovery Networks). Prior to his role at Anthem Ventures, Mr. Shahani co-founded Musicane, a digital music and social shopping network from 2004 to 2009. Mr. Shahani holds a B.S. with honors in Business Administration & Entrepreneurship from Babson College.

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**Term of Office for Directors**

Our Board of Directors (the "Board") is currently comprised of eight directors. Under our amended and restated certificate of incorporation (the "Certificate of Incorporation"), our Board is divided into three classes, each serving a staggered three-year term, with one class being elected at each year's annual meeting of stockholders as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Class A directors are Bruce Hack and Shawn Pelsinger, and their terms will expire at the 2027 annual meeting of stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Class B directors are David Anderman, John D'Agostino and Edward Mady, and their terms will expire at the 2028 annual meeting of stockholders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Class C directors are Carl Albert, Tyler Painter and Sudhin Shahani, and their terms will expire at the 2026 annual meeting of stockholders.

**Audit Committee**

Our Board determined that each of Carl Albert, John D'Agostino, and Bruce Hack, who comprise our Audit Committee, satisfy the independence standards for such committee established by applicable SEC rules and the listing standards of the NYSE. Additionally, our Board has determined that each of John D'Agostino and Carl Albert is an "audit committee financial expert" as defined by applicable SEC rules. The Audit Committee is appointed by our Board to assist the Board:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Appointing, compensating, retaining and overseeing the work of our independent registered public accounting firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Evaluating the performance, independence and qualifications of our independent registered public accounting firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Overseeing the quality and integrity of our financial statements and our compliance with applicable legal and regulatory requirements, including accounting, financial reporting, and public disclosure requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Reviewing the performance of our system of internal control over financial reporting and the function of the internal audit department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Preparing the audit committee report required by the SEC to be included in our annual proxy statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Discussing independent registered public accounting firm's annual audit plan, including the timing and scope of audit activities, and monitoring such plan's progress and results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Reviewing with management and the independent registered public accounting firm our annual and quarterly financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Establishing procedures for employees to submit concerns anonymously about questionable accounting or auditing matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Reviewing our guidelines and policies on risk assessment and risk management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Reviewing and approving related party transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Obtaining and reviewing a report by our independent registered public accounting firm at least annually that describes our independent registered public accounting firm's internal quality control procedures, any material issues raised by review under such procedures, and any steps taken to deal with such issues.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Approving (or, in its sole discretion, approving in advance) all audit and permitted non-audit engagements and relationships between us and our independent registered public accounting firm.

The Audit Committee may form subcommittees and delegate to its subcommittees such power and authority as it deems appropriate to the extent consistent with the Company's charter and bylaws, applicable law, rules and regulations and the rules of NYSE. The Audit Committee has no current intention to delegate any of its responsibilities to a subcommittee.

**Code of Ethics**

We have adopted a written code of conduct and ethics that applies to each of our employees, officers and directors, including our principal executive officer, principal financial officer and principal accounting officer or controller, or persons performing similar functions. A current copy of the code is posted under "Governance" on our website at *https://investors.surfair.com/*. To the extent required by rules adopted by the SEC and the NYSE, we intend to promptly disclose future amendments to certain provisions of the code, or waivers of such provisions granted to executive officers and directors, on our website at *https://investors.surfair.com/.*

**Policies and Procedures Governing Insider Trading**

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Our Insider Trading Policy sets forth policies and procedures governing the purchase, sale, and other transactions in Company securities by directors, officers, and employees. These policies and procedures, as well as procedures that the Company follows, are reasonably designed to promote compliance with insider trading laws, rules, and regulations and applicable listing standards.

**Delinquent Section 16(a) Reports**

Under Section 16(a) of the Exchange Act and SEC rules, our directors, executive officers and beneficial owners of more than 10% of any class of equity security are required to file periodic reports of their ownership, and changes in that ownership, with the SEC.

Based solely on a review of the reports filed for fiscal year 2025 and related written representations, we believe that all Section 16(a) reports were filed on a timely basis, except for one Form 4 reporting two transactions for Shawn Pelsinger.

**<u>ITEM 11. EXECUTIVE COMPENSATION</u>**

Our named executive officers ("NEOs"), for 2025, are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Deanna White, our Chief Executive Officer, or CEO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Oliver Reeves, our Chief Financial Officer;

**Summary Compensation Table**

The following table sets forth for each of the NEOs, as applicable: (i) the dollar value of base salary and bonus earned during the years ended December 31, 2025 and 2024; (ii) the aggregate grant date fair value of stock and option awards granted during 2025 and 2024, computed in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 718 (R); (iii) all other compensation for 2025 and 2024; and, finally, (iv) the dollar value of total compensation for 2025 and 2024.

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name and Principal Position** | **Year** | **Salary ($)** | **Bonus ($)(1)** | **Stock Awards ($)(2)** |  | **Option Awards ($)(1)** |  | **All Other Compensation ($)** |  | **Total ($)** |
| &nbsp;&nbsp;Deanna White, | 2025 | $550000 | $457008 | $1909000 | (3) | $- |  | $17200 | (4) | $2933208 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Chief Executive Officer* | 2024 | $650000 | $- | $- |  | $324084 | (5) | $10562 |  | $984646 |
| &nbsp;&nbsp;Oliver Reeves, | 2025 | $550000 | $430463 | $708000 | (6) | $- |  | $- |  | $1688463 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Chief Financial Officer* | 2024 | $650000 | $- | $66001 | (7) | $1254000 | (8) | $27015 |  | $1997016 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Represents bonuses payable pursuant to the terms of each NEO's employment agreement as well as annual bonuses earned with respect to 2025 under the Company's Executive Bonus Program. The Compensation Committee decided to award such bonuses in the form of fully vested shares of our common stock in lieu of cash. Such shares are expected to be granted in May of 2026, and the number of shares granted will be calculated based on the 30-day average of our closing prices prior to the issuance date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Amounts shown in these columns represent the aggregate grant date fair value (calculated in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 718) of stock awards and stock options granted during the year. A description of the methodologies and assumptions we use to value equity awards and the manner in which we recognize the related expense are described in Note 18 to our consolidated financial statements, Stock-Based Compensation. These amounts may not correspond to the actual value eventually realized by each NEO because the value depends on the market value of our common stock at the time the award vests or is exercised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Ms. White was granted (i) 200,000 RSUs and 200,000 performance-based RSUs ("PSUs") on April 10, 2025 that each vest in four equal annual installments beginning on April 10, 2026, provided, however, that vesting of the PSUs was contingent on the achievement of certain EBITDA goals with respect to fiscal year 2025 and (ii) 500,000 RSUs on December 30, 2025 (the "December 2025 RSUs") which were fully vested as of the date of grant. With regards to the December 2025 RSUs, the Company paid the taxes owed by Ms. White in lieu of conducting a sale to cover, resulting in Ms. White actually receiving a net number of 303,250 RSUs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Amount is attributed to a 2024 car allowance for Ms. White paid in 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Ms. White was granted stock option awards of (i) 157,143 shares on April 3, 2024 that were contingent on stockholder approval of an increase in shares under our equity plan, which was received on June 25, 2024, and (ii) 125,151 shares on June 25, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.Mr. Reeves was granted 150,000 RSUs and 150,000 PSUs on April 10, 2025 that each vest in four equal annual installments beginning on April 10, 2026, provided, however, that vesting of the PSUs was contingent on the achievement of certain EBITDA goals with respect to fiscal year 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.Mr. Reeves was granted 7,143 fully vested RSUs on January 8, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.Mr. Reeves was granted stock option awards of 257,143 shares on January 8, 2024 and 107,143 shares on April 3, 2024 that were contingent on stockholder approval of an increase in shares under our equity plan, which was received on June 25, 2024.

For a description of the material terms of employment agreements with our named executive officers, see "Employment Agreements" below.

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**Outstanding Equity Awards at 2025 Fiscal Year-End**

The following table sets forth information on outstanding option and stock awards held by the named executive officers at December 31, 2025, including the number of shares underlying both exercisable and unexercisable portions of each stock option as well as the exercise price and expiration date of each outstanding option.

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Option Awards** | **Option Awards** | **Option Awards** | **Option Awards** | **Option Awards** | **Option Awards** | **Stock Awards** | **Stock Awards** | **Stock Awards** | **Stock Awards** |
| **Name** | **Number of Securities Underlying Unexercised Options Exercisable** |  | **Number of Securities Underlying Unexercised Options Unexercisable** | **Equity Incentive Plan Awards: Number of Securities Underlying Unexercised Unearned Options** | **Option<br>Exercise<br>Price** | **Option<br>Expiration<br>Date** | **Number of Shares or Units of Stock That Have Not Vested** | **Market Value of Shares or Units of Stock That Have Not Vested ($)** | **Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested** | **Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($)** |
| &nbsp;&nbsp;Deanna White | 41925 |  | - |  | $3.68 | 3/1/2032 | - | - |  |  |
|  | 41925 | (1) | - |  | $40.08 | 11/12/2032 | - | - |  |  |
|  | 78572 | (2) | 78571 |  | $6.17 | 4/3/2034 | - | - |  |  |
|  | 41717 | (3) | 83434 |  | $2.63 | 6/25/2034 |  |  |  |  |
|  | - | (5) | - |  | $- |  | 400000 | $776000 |  |  |
| &nbsp;&nbsp;Oliver Reeves | 85714 | (4) | 171428 |  | $9.24 | 1/8/2034 | - | - |  |  |
|  | 53572 | (2) | 53571 |  | $6.17 | 4/3/2034 |  |  |  |  |
|  | - | (5) | - |  | $- |  | 300000 | $582000 |  |  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.These stock options vest monthly over a three-year period measured from January 1, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25% of these stock options were vested as of the grant date of April 3, 2024, with the remaining 75% vesting over a three-year period thereafter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25% of these stock options were vested as of the grant date of June 25, 2024, with the remaining 75% vesting over a three-year period thereafter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.These stock options vest annually over a three-year period measured from January 1, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.These RSUs vest in four equal annual installments on each of April 10, 2026, April 10, 2027, April 10, 2028, and April 10, 2029. Half of the RSUs reported in this column were subject to the achievement of an EBITDA goal with respect to fiscal year 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.These shares vest subject to the achievement of certain revenue goals, subject to continued service through the date of achievement.

**2024 Equity Awards** 

Ms. White and Mr. Reeves were granted stock option awards of 157,143 and 107,143 shares, respectively, on 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").

**2025 Equity Awards**

On April 10, 2025, Ms. White and Mr. Reeves were granted (i) 200,000 RSUs and 150,000 RSUs, respectively, which vest in four equal annual installments beginning on April 10, 2026 and (ii) 200,000 PSUs and 150,000 PSUs, respectively, that vest based upon achievement of an adjusted EBITDA target with respect to fiscal year 2025, after which they also vest in four equal annual installments beginning on April 10, 2026. With respect to the PSUs, commencement of vesting was conditioned on the Company achieving adjusted EBITDA of at least $36,379 with respect to fiscal year 2025. For purposes of the PSUs, adjusted EBITDA is defined as net income or loss before interest, taxes, depreciation, and amortization, excluding stock-based compensation, changes in fair value of financial instruments, and other non-recurring items. The Compensation Committee concluded that the adjusted EBITDA target was met for 2025.

In addition, on December 30, 2025, Ms. White was granted, in recognition of Ms. White's and the Company's performance in 2025, 500,000 fully-vested RSUs, for which the Company paid the taxes owed by Ms. White in lieu of conducting a sale to cover, resulting in Ms. White actually being granted a net number of 303,250 RSUs.

**Bonuses** 

Ms. White and Mr. Reeves were each entitled to a $150,000 bonus for 2025 pursuant to the terms of their respective employment agreements. In addition, Ms. White and Mr. Reeves are participants in the 2025 Surf Air Mobility Executive Bonus Program (the "Executive Bonus Plan") adopted by the Compensation Committee in April 2025. For 2025, the Executive Bonus Plan period was from January 1, 2025 through December 31, 2025. The Executive Bonus Plan is comprised of three components, weighted in the following percentages: (1) 25% based on strategic targets related to software and electrification initiatives, in each case as determined by the

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Board; (2) 50% based on financial targets related to revenue, consolidated adjusted EBITDA (using the same definition as applied to the 2025 PSUs), and adjusted EBITDA of airline operations; and (3) 25% based on the executive's individual contribution. Pursuant to the terms of the Executive Bonus Plan and its assessment of the Company's performance and individual performance, the Compensation Committee determined that, with respect to 2025, Ms. White and Mr. Reeves earned bonuses of $307,008 and 280,463, respectively. The Compensation Committee decided to award such bonuses in the form of fully vested shares of our common stock in lieu of cash. Such shares are expected to be granted in May of 2026, and the number of shares granted will be calculated based on the 30-day average of our closing prices prior to the issuance date.

**Executive Employment and Severance Agreements**

On May 17, 2024, we entered into an employment agreement with Ms. White to serve as our Interim Chief Executive Officer and on February 4, 2025, we entered into an amendment to such agreement effective January 1, 2025 in connection with her service as Chief Executive Officer. The agreement became effective on May 15, 2024 and has an initial three-year term that will automatically extend for additional one-year periods unless either party gives notice at least 60 days prior to the scheduled expiration date of a desire not to renew the agreement. The agreement, prior to its amendment, provided that Ms. White would receive an initial annual base salary of $650,000 and was eligible for an annual discretionary bonus as determined by the Compensation Committee (with a target incentive equal to 200% of her base salary). As amended, Ms. White's annual base salary was reduced to $550,000 and she remains eligible for an annual discretionary bonus asdetermined by the Compensation Committee (with a target bonus opportunity equal to two times the sum of Ms. White's salary for such year), and a guaranteed bonus of $150,000 per year. Pursuant to the agreement, as amended, she is also eligible to participate in the Company's benefit plans made available to employees generally. The agreement also provided for her to receive an option grant for the purchase of up to 157,143 shares of common stock of the Company. She is also eligible to participate in the Company's benefit plans made available to employees generally. Pursuant to the agreement, as amended, if Ms. White's employment with the Company is terminated by the Company without "cause" or by her for "good reason" (as defined in the agreement), in addition to any accrued obligations (which includes any unpaid portion of the guaranteed bonus for the year of termination, up to $75,000) she will receive severance in an amount equal to the sum of (x) 100% of her base salary plus (y) $150,000 (payable in installments over such period, unless such termination is on or within two years following a change in control of the Company, in which case such payments will be made in a lump sum), payment of her COBRA premiums for up to 18 months, payment of any annual bonus earned for the fiscal year prior to termination to the extent not yet paid, a pro-rated target bonus, and accelerated vesting of any time-based vesting component of her then-outstanding and unvested equity awards granted by the Company. Ms. White's right to receive these severance payments and benefits is subject to her executing a general release of claims in favor of the Company and her continued compliance with her confidentiality, non-solicitation (which shall continue for 12 months following termination), and other covenants in favor of the Company. If her employment with the Company terminates due to her death or disability, the Company will pay her (or her estate), in addition to any accrued obligations (which includes any unpaid portion of the guaranteed bonus for the year of termination, up to $75,000), any annual bonus earned for the fiscal year prior to termination to the extent not yet paid and a pro-rated target bonus for the year in which such termination occurs. If any payments under Ms. White's employment agreement would otherwise trigger the excise tax imposed by Section 4999 of the Internal Revenue Code, the payments will be reduced as provided in the agreement to a level that does not trigger the excise tax if the reduction results in her retaining a greater amount of the payments on an after-tax basis than if such reduction were not made.

On December 31, 2023, we entered into an employment agreement with Mr. Reeves to serve as our Chief Financial Officer, which was amended on May 20, 2024 and again on January 1, 2025. The agreement became effective on January 1, 2024 and has an initial three-year term that will automatically extend for additional one-year periods unless either party gives notice at least 60 days prior to the scheduled expiration date of a desire not to renew the agreement. The agreement originally provided that Mr. Reeves would receive an initial annual base salary of $650,000 and was eligible for an annual discretionary bonus as determined by the Compensation Committee (with a target incentive equal to 200% of his base salary). The agreement also provided for him to receive an option grant for the purchase of up to 257,143 shares of common stock of the Company. He is also eligible to participate in the Company's benefit plans made available to employees generally. Pursuant to the January 1, 2025 amendment, Mr. Reeves's annual base salary was reduced to $500,000 and he remains eligible for an annual discretionary bonus as determined by the Compensation Committee (with a target bonus opportunity equal to two times the sum of Mr. Reeves's salary for such year plus $150,000), and a guaranteed bonus of $150,000 per year. Pursuant to the agreement, as amended, if Mr. Reeves' employment with the Company is terminated by the Company without "cause" or by him for "good reason" (as defined in the agreement), in addition to any accrued obligations (which includes any unpaid portion of the guaranteed bonus for the year of termination, up to $75,000), he will receive severance in an amount equal to the sum of (x) 100% of his base salary plus (y) $150,000 (payable in installments over such period unless such termination is on or within two years following a change in control of the Company, in which case such payments will be made in a lump sum), payment of any annual bonus earned for the fiscal year prior to termination to the extent not yet paid, a pro-rated target bonus, payment of his COBRA premiums for up to 18 months, and accelerated vesting of any time-based vesting component of his then-outstanding and unvested equity awards granted by the Company. Mr. Reeves' right to receive these severance payments and benefits is subject to his executing a general release of claims in favor of the Company and his continued compliance with his confidentiality, non-solicitation (which shall continue for 12 months following termination), and other covenants in favor of the Company. If his employment with the Company terminates due to his death or disability, the Company will pay him (or his estate) in addition to any accrued obligations (which includes any unpaid portion of the guaranteed bonus for the year of termination, up to $75,000), any annual bonus earned for the fiscal year prior to

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termination to the extent not yet paid and a pro-rated target bonus for the year in which such termination occurs. If any payments under Mr. Reeves' employment agreement would otherwise trigger the excise tax imposed by Section 4999 of the Internal Revenue Code, the payments will be reduced as provided in the agreement to a level that does not trigger the excise tax if the reduction results in his retaining a greater amount of the payments on an after-tax basis than if such reduction were not made.

**401(k) Savings Plan**

As part of our overall compensation program, we provide all full-time employees, including each of the NEOs currently employed with us, with the opportunity to participate in a defined contribution 401(k) plan. The plan is intended to qualify under Section 401 of the Internal Revenue Code so that employee contributions and income earned on such contributions are not taxable to employees until withdrawn. Employees may elect to defer a percentage of their eligible compensation (not to exceed the statutorily prescribed annual limit) in the form of elective deferral contributions to the plan. The 401(k) plan also has a "catch-up contribution" feature for employees aged 50 or older (including those who qualify as "highly compensated" employees) who can defer amounts over the statutory limit that applies to all other employees. The Company does not currently make any matching or other contributions to participants' accounts under the 401(k) plan.

**Pension Benefits**

We do not sponsor any qualified or non-qualified defined benefit plans.

**Nonqualified Deferred Compensation**

We do not maintain any non-qualified defined contribution or deferred compensation plans. The Compensation Committee may elect to provide our officers and other employees with non-qualified defined contribution or deferred compensation benefits if the compensation committee determines that doing so is in our best interests.

**Incentive Compensation Clawback Policy**

We have adopted a Compensation Recoupment (Clawback) Policy, which is intended to comply with the requirements of Section 303A.14 of the New York Stock Exchange Listed Company Manual implementing Rule 10D-1 under the Exchange Act. In the event the Company is required to prepare an accounting restatement of the Company's financial statements due to material non-compliance with any financial reporting requirement under the federal securities laws, the Company will recover, on a reasonably prompt basis, the excess incentive-based compensation received by any covered executive during the prior three fiscal years that exceeds the amount that the executive otherwise would have received had the incentive-based compensation been determined based on the restated financial statements.

**Stock Ownership Guidelines** 

The Compensation Committee and our Board adopted the following stock ownership guidelines for our executive officers to better align the interests of our executive officers with those of our stockholders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our chief executive officer must maintain a minimum holding of company stock with a fair market value equal to five times (5x) their annual base salary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our chief financial officer must maintain a minimum holding of company stock with a fair market value equal to three times (3x) their annual base salary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our other Section 16 officers must maintain a minimum holding of company stock with a fair market value equal to two times (2x) their annual base salary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our executive officers will have five years to reach the minimum holding level.

As of April 28, 2026, all of our executive officers had either met their stock ownership requirement or had remaining time to do so.

**Equity Award Grant Practices**

The Compensation Committee approves all equity award grants, including to our NEOs, on or before the grant date, except to the extent the Compensation Committee or the Board has delegated to management the authority to grant such awards to certain employees. Annual equity awards are typically determined, reviewed and approved at the first Compensation Committee meeting of the fiscal year. On occasion, the Compensation Committee may grant equity awards outside of our annual grant cycle for new hires, promotions,

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recognition, retention or other purposes. In 2025, the Compensation Committee did not take into account material non-public information when determining the timing or terms of equity awards, nor did we time disclosure of material non-public information for the purpose of affecting the value of executive compensation. During fiscal year 2025, the Company did grant stock option awards to NEOs during the period beginning four business days before and ending one business day after the filing of a periodic report on Form 10-Q or Form 10-K, or the filing or furnishing of any Company Form 8-K that disclosed any material non-public information (other than a current report on Form 8-K disclosing a material new stock option award under Item 5.02(e) of such Form 8-K).

**Director Compensation**

We maintain a policy for compensating our independent non-employee directors with a combination of cash and equity, with such equity awards being subject to the terms and conditions of our Amended & Restated 2023 Equity Incentive Plan (the "2023 Plan"). For 2025, Sudhin Shahani did not participate and David Anderman did not participate in the equity compensation portion of such program, and instead each received indirect compensation pursuant to advisory services agreements with the Company as described in more detail below. Mr. Anderman also received an annual cash retainer as described below.

<u>Annual Cash Retainers</u>

At the time of our direct listing in July 2023, all non-employee directors were entitled to receive a $50,000 ($60,000 for our Lead Independent Director) annual cash retainer for serving as a member of the Board. On December 3, 2024, the Nominating and Governance Committee of the Board approved a reduction of the annual cash retainer for serving as a member of the Board by 30%, to $35,000 for non-employee directors and $42,000 for our Lead Independent Director, which amounts were effective through December 31, 2025. In March 2026, the Board approved returning to the prior non-employee director annual cash retainer amount of $50,000 ($60,000 for our Lead Independent Director), effective January 1, 2026. Non-employee directors are also eligible for the following additional annual cash retainers for their Board committee service:

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| | | |
|:---|:---|:---|
|  | **Chair** | **Member** |
| &nbsp;&nbsp;Audit Committee | $25000 | $12500 |
| &nbsp;&nbsp;Compensation Committee | 20000 | 10000 |
| &nbsp;&nbsp;Nominating and Corporate Governance Committee | 15000 | 7500 |

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Each annual cash retainer is paid quarterly in arrears after the end of each fiscal quarter. We reimburse all of our directors for their reasonable out-of-pocket expenses, including travel, food, and lodging, incurred in attending meetings of our Board and/or its committees.

<u>Equity Compensation</u>

*Initial Equity Grants*. At the time of our direct listing in July 2023, new non-employee directors were entitled to receive an initial equity grant with a target grant date fair value of $330,000 awarded in the form of restricted stock units. On December 3, 2024, the Nominating and Governance Committee of the Board approved a reduction of the target grant date fair value of the initial equity grant by 30%, to $231,000, which was effective through December 31, 2025. In March 2026, the Board approved returning to the prior initial equity grant target date fair value of $330,000, effective January 1, 2026. Initial equity awards vest on the one-year anniversary of the date of grant subject to the non-employee director's continued service through such date.

*Annual Equity Grants*. On the date of the 2025 Annual Meeting, each non-employee director serving in 2024 received an annual equity grant for service from the 2024 Annual Meeting to the 2025 Annual Meeting with a target grant date fair value of $165,000 awarded in the form of RSUs, which was granted and became vested on the date of grant. Although such grants were intended as compensation for service beginning in 2024, in accordance with SEC rules, such awards appear as compensation in this year's Director Compensation Table. Also on the date of the 2025 Annual Meeting, each non-employee director then serving received an annual grant of restricted stock units with a target grant date fair value of $115,500 intended as compensation for service from the date of the 2025 Annual Meeting until the date of the 2026 Annual Meeting, which will vest in full on the earlier of the one-year anniversary of the date of grant or the day before the next annual meeting, subject to the non-employee director's continued service through such date. In addition to an initial equity award, Mr. Pelsinger received a pro-rated annual grant for 2025 in connection with his appointment. Beginning in 2026 and in subsequent years, on or around the date of the annual meeting of stockholders, each non-employee director then serving will receive an annual grant of restricted stock units with a target grant date fair value of $265, 0000. The annual equity awards vest in full on the earlier of the one-year anniversary of the date of grant or the day before the next annual meeting, subject to the non-employee director's continued service through such date.

<u>Director Stock Ownership Guidelines</u>

The Compensation Committee and our Board 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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

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

As of April 28, 2026, all of our non-employee directors had either met their stock ownership requirement or had remaining time to do so.

**Fiscal Year 2025 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, 2025. Sudhin Shahani and David Anderman each received indirect compensation pursuant to advisory services agreements with the Company and in accordance with SEC rules, each of their indirect compensation for the year is included in the table below and the terms of their advisory services agreements are described further below in "Transactions with Related Persons":

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name** | **Fees Earned or Paid in Cash($)** | **Stock Awards ($)(1)** | **Option Awards ($)** | **All Other Compensation ($)** | **Total ($)** |
| &nbsp;&nbsp;Carl Albert | $117000 | $329341 | $- | $- | $446341 |
| &nbsp;&nbsp;David Anderman (2) | $35000 | $- | $- | $247942 | $282942 |
| &nbsp;&nbsp;Tyrone Bland (3) | $23333 | $329341 | $- | $- | $352674 |
| &nbsp;&nbsp;John D'Agostino | $67500 | $329341 | $- | $- | $396841 |
| &nbsp;&nbsp;Bruce Hack | $57500 | $329341 | $- | $- | $386841 |
| &nbsp;&nbsp;Ed Mady | $45000 | $329341 | $- | $- | $374341 |
| &nbsp;&nbsp;Tyler Painter | $35000 | $329341 | $- | $- | $364341 |
| &nbsp;&nbsp;Shawn Pelsinger (4) | $8750 | $313592 | $- | $- | $322342 |
| &nbsp;&nbsp;Sudhin Shahani (5) | $- | $- | $- | $593752 | $593752 |

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(1) Amounts shown in these columns represent the aggregate grant date fair value (calculated in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 718 "Compensation – Stock Compensation") of stock awards and stock options and warrants granted during the year. A description of the methodologies and assumptions we use to value equity awards and the manner in which we recognize the related expense are described in Note 15 to our consolidated financial statements. These amounts may not correspond to the actual value eventually realized by each director because the value depends on the market value of our common stock at the time the award vests or is exercised. On June 26, 2025, Messrs. Albert, Bland, D'Agostino, Hack, Mady and Painter received (a) 62,857 restricted stock units ("RSUs") for service in 2024, which vested immediately, and (b) 33,724 RSUs as annual equity grants, which vest in full on earlier to occur of (i) June 26, 2026, and (ii) the day immediately preceding the Annual Meeting. On October 8, 2025, Mr. Pelsinger received (x) 46,667 RSUs as an initial equity grant, which vest on October 8, 2026, and (y) 16,685 RSUs as a pro rata portion of his annual equity grants, which vest on the earlier to occur of (i) June 26, 2026, and (ii) the day immediately preceding the Annual Meeting. As of December 31, 2025, Mr. Albert held 96,581 outstanding restricted stock units and 172,340 outstanding options, Mr. Anderman held 142,857 outstanding warrants (held by his company Proxima Centauri LLC, which is affiliated with Mr. Anderman), and 1,594 outstanding options, Mr. D'Agostino held 95,581 outstanding restricted stock units, Mr. Hack held 95,581 outstanding restricted stock units and 14,286 outstanding options, Mr. Mady held 96,581 outstanding restricted stock units, Mr. Painter held 96,581 outstanding restricted stock units, Mr. Pelsinger held 63,352 outstanding restricted stock units, and Mr. Shahani held 180,000 outstanding performance-based restricted stock units, and 911,544 outstanding options.

(2). The amount reported in the "All Other Compensation" column for Mr. Anderman includes $240,000 paid as part of a separate advisory services agreement with Proxima Centauri LLC, which is affiliated with Mr. Anderman.

(3) Mr. Bland resigned as a director effective August 27, 2025.

(4) Mr. Pelsinger was appointed as a director in October 2025.

(5) Of the amount reported in the "All Other Compensation" column, $450,000 represents amounts paid to SRS Ventures LLC as part of a separate advisory services agreement with SRS Ventures LLC, which is affiliated with Mr. Shahani, $118,752 for personal travel financed by the Company, and $25,000 for personal professional services provided or paid for by the Company.

**Indemnification Agreements**

We have entered into indemnification agreements with our officers and directors. These agreements, among other things, require the Company to indemnify its officers and directors for certain expenses, including attorneys' fees, judgments, fines, and settlement amounts incurred by an officer or director in any action or proceeding arising out of their services as one of the Company's officers or directors or any other company or enterprise to which the person provides services at the Company's request.

**<u>ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNER AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS</u>**

The following table sets forth certain information regarding the beneficial ownership of our common stock as of April 28, 2026 by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•each person known by us to be a beneficial owner of more than 5.0% of our outstanding common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•each of our directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•each of our named executive officers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•all of our directors and executive officers as a group.

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We have determined beneficial ownership in accordance with the rules of the SEC, and thus it represents sole or shared voting or investment power with respect to our securities. Unless otherwise indicated below, to our knowledge, the persons and entities named in the table have sole voting and sole investment power with respect to all shares that they beneficially owned, subject to community property laws where applicable. The information does not necessarily indicate beneficial ownership for any other purpose, including for purposes of Sections 13(d) and 13(g) of the Securities Act.

We have based our calculation of the percentage of beneficial ownership on 99,495,575 shares of our common stock outstanding as of April 28, 2026. In accordance with SEC rules, we have deemed shares of our common stock subject to stock options or warrants that are currently exercisable or exercisable within sixty (60) days of April 28, 2026, and shares of our common stock underlying RSUs that are currently releasable or releasable within sixty (60) days of April 28, 2026, to be outstanding and to be beneficially owned by the person holding the common stock, options, warrants or RSUs for the purpose of computing the percentage ownership of that person. We did not deem these shares outstanding, however, for the purpose of computing the percentage ownership of any other person.

Unless otherwise indicated, the address of each beneficial owner listed in the table below is c/o Surf Air Mobility Inc., 12111 S. Crenshaw Boulevard, Hawthorne, California 90250. The information provided in the table is based on our records, information filed with the SEC and information provided to us, except where otherwise noted.

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| | | |
|:---|:---|:---|
| **Name** | **Number of Shares of Common Stock** | **Percent of Outstanding Common Stock** |
| *5% Stockholders* |  |  |
| &nbsp;&nbsp;Liam Fayed (1) | 10177713 | 9.99% |
| &nbsp;&nbsp;Palantir Technologies Inc. (2) | 5947882 | 5.98% |
| &nbsp;&nbsp;Hudson Bay Capital Management LP (3) | 11041005 | 9.99% |
| &nbsp;&nbsp;Park Lane Investments LLC (4) | 6723311 | 6.66% |
| *Directors and Executive Officers* |  |  |
| &nbsp;&nbsp;Deanna White (5) | 689485 | \* |
| &nbsp;&nbsp;Oliver Reeves (6) | 334733 | \* |
| &nbsp;&nbsp;Carl Albert (7) | 419345 | \* |
| &nbsp;&nbsp;David Anderman (8) | 53390 | \* |
| &nbsp;&nbsp;John D'Agostino | 129929 | \* |
| &nbsp;&nbsp;Bruce Hack | 140644 | \* |
| &nbsp;&nbsp;Ed Mady | 123314 | \* |
| &nbsp;&nbsp;Tyler Painter | 111729 | \* |
| &nbsp;&nbsp;Shawn Pelsinger | 16685 | \* |
| &nbsp;&nbsp;Sudhin Shahani (9) | 1165841 | 1.16% |
| &nbsp;&nbsp;All directors and executive officers as a group (10 persons) | 3185095 | 3.15% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Based on information provided in a Schedule 13G/A filed with the SEC on February 25, 2026, as of December 31, 2023, the number of shares consists of (i) 306,083 shares of Common Stock beneficially owned by Liam Fayed and (ii) 6,357,837 shares of Common Stock held by Mr. Fayed and LamVen LLC ("LamVen"), which is an entity affiliated with Mr. Fayed, as of November 12, 2025. As part of financing transactions that closed on November 12, 2025, LamVen acquired 1,506,024 shares of Common Stock and was issued a warrant (the "LamVen Warrant") to purchase an aggregate of 1,506,024 shares of Common Stock. The LamVen Warrant provides that LamVen is prohibited from exercising the warrant for such number of shares of Common Stock as would result in beneficial ownership of Common Stock by LamVen (together with any other persons whose beneficial ownership could be aggregated with LamVen's for the purposes of Section 13(d), which includes Mr. Fayed) exceeding 9.99% of all outstanding Common Stock, subject to certain exceptions. The number of shares of Common Stock is reported above with reference to the number of shares of outstanding Common Stock as of April 28, 2026. To the extent the number of shares of outstanding Common Stock increases, the number of shares of Common Stock beneficially owned by Mr. Fayed would increase. To the extent the number of shares of outstanding Common Stock decreases, the number of shares of Common Stock beneficially owned by Mr. Fayed would decrease. Mr. Fayed's address is 53 Greenwich Avenue, Second Floor, Greenwich, CT 06830.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on information provided in a Schedule 13G filed with the SEC on February 17, 2026, as of December 31, 2025, Palantir Technologies Inc. held 5,947,882 shares of Common Stock. Palantir Technologies' address is 19505 Biscayne Boulevard, Suite 2350, Aventura, Florida 33180.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on a Schedule 13G, filed with the SEC on February 10, 2026 by Hudson Bay Capital Management LP ("Hudson Bay") on February 10, 2026. Assumes the exercise of certain warrants and/or conversion of convertible notes held by HT Investments MA LLC and HTSS (collectively, the "*HT Parties*") up to the Beneficial Ownership Limitation (as defined below). Pursuant to the terms of the warrants and convertible notes held by the HT Parties, the HT Parties cannot exercise such warrants or convert such convertible notes if the HT Parties would beneficially own, after such exercise or conversion, more than 9.99% of the outstanding shares of common stock (the "*Beneficial Ownership Limitation*"). Due to the Beneficial Ownership Limitation, beneficial ownership reported here is capped at 9.99% of our outstanding shares of common stock as of April 28, 2026, and determined as if such outstanding securities were exercised or converted, as applicable, in full (subject to the Beneficial Ownership Limitation). The address for the HT Parties is 290 Harbor Dr., Stamford, CT 06902.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Based on information provided in a Schedule 13G filed with the SEC on November 20, 2025, as of November 12, 2025, Park Lane Investments, LLC ("Park Lane Investments") beneficially held 6,368,044 shares of Common Stock. As part of financing transactions that closed on November 12, 2025, Park Lane Investments acquired 3,531,024 shares of Common Stock and was issued a warrant (the "Park Lane Warrant") to purchase an aggregate of 1,506,024 shares of Common Stock. The Park Lane Warrant provides that Park Lane Investments is prohibited from exercising the Park Lane Warrant for such number of shares of Common Stock as would result in beneficial ownership by Park Lane Investments of Common Stock exceeding 9.99% of all outstanding Common Stock, subject to certain exceptions. The number of shares of Common Stock is reported in this statement with reference to the number of shares of outstanding Common Stock as of April 28, 2026. To the extent the number of shares of outstanding Common Stock increases, the number of shares of Common Stock beneficially owned by Park Lane Investments would increase. To the extent the number of shares of outstanding Common Stock decreases, the number of shares of Common Stock beneficially owned by Park Lane Investments would decrease. Park Lane Investments' address is 53 Greenwich Ave, 2nd Floor, Greenwich, CT 08630.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Consists of (i) 393,912 shares held by Ms. White, and (ii) 295,573 shares issuable pursuant to outstanding stock options, held by Ms. White, which are exercisable currently or within 60 days of April 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.Consists of (i) 69,222 shares held by Mr. Reeves, (ii) 13,724 shares held in a joint account by Mr. Reeves and his spouse, and (iii) 251,787 shares issuable pursuant to outstanding stock options, held by Mr. Reeves, which are exercisable currently or within 60 days of April 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.Consists of (i) 111,547 shares held by Carl Albert, (2) 135,458 shares held by The Carl Albert Trust dated June 7, 1991 ("The Carl Albert Trust"), of which Carl Albert is Trustee, and (iii) 172,340 shares issuable pursuant to outstanding stock options, held by Mr. Albert, which are exercisable currently or within 60 days of April 28, 2026. Mr. Albert may be deemed to have voting or dispositive power over the shares held by The Carl Albert Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.Consists of (i) 23,225 shares held by Mr. Anderman (ii) 1,594 shares issuable pursuant to outstanding stock options, held by Mr. Anderman, which are exercisable currently or within 60 days of April 28, 2026, and (iii) 28,571 shares issuable pursuant to outstanding warrants, held by Proxima Centauri LLC, which is an entity affiliated with Mr. Anderman, which are exercisable currently or within 60 days of April 28, 2026. Mr. Anderman may be deemed to have voting or dispositive power over the shares held by Proxima Centauri LLC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.Consists of (i) 482,183 shares held by Mr. Shahani and (ii) 683,658 shares issuable pursuant to outstanding stock options, held by Mr. Shahani, which are exercisable currently or within 60 days of April 28, 2026.

**Equity Compensation Plan Information**

Our executive officers, directors, and all of our employees are allowed to participate in our equity incentive plans. We believe that providing them with the ability to participate in such plans provides them with a further incentive towards ensuring our success and accomplishing our corporate goals.

The following table provides information regarding the securities authorized for issuance under our equity compensation plans as of December 31, 2025:

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| | | | |
|:---|:---|:---|:---|
| **Plan Category** | **Number of Securities<br>to Be Issued Upon<br>Exercise of<br>Outstanding<br>Options, RSUs, PRSUs<br>and Rights<br>(a)** | **Weighted Average<br>Exercise Price of<br>Outstanding<br>Options, RSUs, PRSUs<br>and Rights<br>(b) (1)** | **Number of Securities<br>Remaining Available for<br>Future Issuance Under Equity<br>Compensation Plans<br>(Excluding Securities<br>Reflected in Column (a) (c) (2)** |
| &nbsp;&nbsp;Equity compensation plans approved by<br>stockholders | 4593106 | 8.07 |  |
| &nbsp;&nbsp;Equity compensation plans not approved<br>by stockholders | - | - |  |

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(1) The weighted average exercise price excludes restricted stock units and performance stock units, which have no exercise price.

(2) Excludes 3,654,101 shares and 114,285 shares that were added to our 2023 Plan and our ESPP, respectively, on January 1, 2026 pursuant to the evergreen provisions thereunder that provide for automatic annual increases on January 1 of each year for the terms of the plans equal to 5% and 1%, respectively, of our outstanding shares as of the preceding December 31 (or, in the case of the ESPP, 114,285 shares, if less, or, in the case of either plan, such lesser amounts as approved by the Board).

**<u>ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE</u>**

**Certain Relationships and Related Transactions**

**Term Notes**

The Company entered into term note agreements with LamVen, an entity owned by Mr. Fayed, a beneficial owner of more than 5.0% of our outstanding common stock, with aggregate principal amounts of $4.5 million and $1.0 million, an effective date of November 30, 2022 and January 18, 2023, respectively, and bearing an interest rate of 8.25% per annum. Both term notes were exchanged for cash and scheduled to mature on the earlier of December 31, 2023 or the date on which the note is otherwise accelerated as provided for in the agreement. Interest for the notes are payable in full at maturity or upon acceleration by prepayment. On December 29, 2023, the term notes were amended to extend the maturity date to January 15, 2024. On January 26, 2024, the term notes were amended to extend the maturity date to February 9, 2024, with an effective date of January 15, 2024. On April 28, 2024, the term notes were further amended to extend the maturity date to May 15, 2024, with an effective date of April 15, 2024. On July 31, 2024, the term notes were further amended to extend the maturity date to August 20, 2024, with an effective date of May 15, 2024. In November 2024, the term notes were exchanged for a new secured convertible promissory note with LamVen.

On May 22, 2023, the Company entered into an additional term note agreement in exchange for $4.6 million in cash from LamVen. The note was scheduled to mature on the earlier of December 31, 2023 or the date on which the note is otherwise accelerated as provided for in the agreement. Interest is due upon maturity at a rate of 10.0% per annum until the note is paid in full at maturity or upon acceleration by prepayment. On December 29, 2023, the term notes were amended to extend the maturity

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date to January 15, 2024. On January 26, 2024, the term notes were amended to extend the maturity date to February 9, 2024, with an effective date of January 15, 2024. On July 31, 2024, the term notes were further amended to extend the maturity date to August 20, 2024, with an effective date of May 15, 2024. In November 2024, the term notes were exchanged for a new secured convertible promissory note with LamVen.

On June 15, 2023, the Company entered into a $5.0 million note agreement with LamVen. The note was scheduled to mature on the earlier of December 31, 2023 or the date on which the note is otherwise accelerated as provided for in the agreement. Interest is due upon maturity at a rate of 10.0% per annum until the note is paid in full at maturity or upon acceleration by prepayment. On December 29, 2023, the note was amended to extend the maturity date to January 15, 2024 and to increase the principal amount of the note to $10.0 million. The Company received $8.5 million in cash as of December 31, 2023, with the remaining $1.5 million under the note received in 2024. On January 26, 2024, the note was further amended to extend the maturity date to February 9, 2024 and the principal amount increased to $15.0 million, effective as of January 15, 2024. On April 28, 2024, the note was further amended to extend the maturity date to May 15, 2024 and the principal amount increased to $25.0 million, effective as of April 15, 2024. The Company received $38.2 million as of September 30, 2024. In October 2024, the Company received an additional $4.9 million under this note agreement, for an aggregate total of $43.1 million cash received under the note since inception. In November 2024, the note was exchanged for a new secured convertible promissory note with LamVen.

**2024 LamVen Note**

On November 14, 2024, the Company entered into a note exchange agreement with LamVen pursuant to which the Company issued a secured convertible promissory note (the "2024 LamVen Note") in aggregate principal amount of $50.0 million to LamVen, to refinance certain existing notes.

The 2024 LamVen Note will accrue interest at the greater of (x) SOFR (subject to a 1.00% floor) plus 5.00% and (y) 9.75%. In the event the Company raises capital in certain equity offerings, a portion of the net cash proceeds from such equity offerings and the net cash proceeds from certain asset sales are required to be applied to repay the obligations under the 2024 LamVen Note. The scheduled maturity of the 2024LamVen Note is December 31, 2028, which may be accelerated upon the occurrence of certain events of default.

At the election of LamVen from time to time, on one or more occasions, the outstanding principal amount of the 2024 LamVen Note (or any portion thereof), together with all accrued but unpaid interest thereon, can be converted into a number of shares of common stock, using a conversion price per share equal to the Minimum Price, as defined in New York Stock Exchange Listed Company Manual Section 312.04(h) (the "Minimum Price"); provided, however, that LamVen shall not be able to convert the 2024LamVen Note if so doing would increase LamVen's beneficial ownership interest in the Company to 10% or more of the Company's then outstanding common stock.

In addition, on November 14, 2024, a portion of the principal of existing LamVen notes being refinanced equal to $7,473,131 was exchanged for (i) 750,000 shares of common stock of the Company issued to LamVen at $1.83 per share, which represents the official closing price of the Company's common stock on the New York Stock Exchange on the date immediately preceding November 14, 2024 (the "LamVen Shares"), and (ii) 3,389,398 warrants to purchase common stock of the Company issued to LamVen with a strike price of $1.83 per share (the "LamVen Warrants").

The obligations under the 2024 LamVen Note are guaranteed by certain of the Company's subsidiaries, and subject to a security interest on assets of the Company and the subsidiary guarantors, subject to certain exceptions.

The conversion feature embedded in the 2024 LamVen Note failed to satisfy the requirements for the derivative scope exception for contracts indexed in the Company's own stock. The conversion feature of the 2024 LamVen Note required bifurcation from the host contract. The embedded derivative was initially measured at fair value of $6.8 million, with a corresponding debt discount of $6.8 million being recorded as the excess of the principal amount of the 2024 LamVen Note over the fair value of the host contract. The debt discount will be amortized to interest expense using the effective interest rate over the term of the 2024 LamVen Note. During the year ended December 31, 2025, the Company recorded $1.1 million of interest expense related to the amortization of this discount.

During the year ended December 31, 2025, LamVen transferred $49.9 million of the outstanding principal due under the 2024 LamVen Note to a non-affiliated third party under terms identical to the original 2024 LamVen Note (the "New Convertible Note"). Subsequent to the transfer, the holder of the New Convertible Note converted $48.0 million of the principal amount, inclusive of then accrued interest, to 14,025,167 shares of the Company's common stock. As a result, as of December 31, 2025, LamVen retained a principal balance of $0.1 million (the "New LamVen Note"), with $1.9 million held by a non-related party pursuant to the New Convertible Note.

**2026 LamVen Note**

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On April 20, 2026, the Company and two of its subsidiaries (such subsidiaries, the "Borrowers") entered into a promissory note with LamVen (the "2026 LamVen Note") in an aggregate principal amount of up to $15 million (the "Maximum Principal Amount"). LamVen will advance funds (each, an "Advance") on request of the Company or any of the Borrowers; provided such Advances (i) may not exceed $5 million in each consecutive 90-day period commencing on April 20, 2026 and (ii) all Advances under the Note may not exceed the Maximum Principal Amount. The Borrowers' obligations under the 2026 LamVen Note are subject to a security interest on certain aircraft assets of Borrowers and their subsidiaries that may become party to the 2026 LamVen Note, including airframes, engines, propellers, helicopters, and aircraft records relating thereto, subject to certain exceptions (the "Collateral"). In addition to the security interest, the Company and its subsidiaries agree not to create, incur, or suffer to exist any lien, security interest, or encumbrance on the Collateral, subject to certain limitations. The maturity date of the 2026 LamVen Note is April 20, 2029. The Note is non-recourse to the Company, and LamVen's sole remedy for any breach or default is limited to exercise of remedies against the Borrowers.

Upon the later of (i) July 19, 2026 and (ii) the date of an initial Advance under the 2026 LamVen Note, the Borrowers will pay an origination fee in the amount of $1.5 million. The Company may elect to satisfy such origination fee, in whole or in part, in shares of the Company's common stock (or pre-funded warrants in lieu thereof), valued at $1.274 per share, the average closing price for the five trading day period ended April 17, 2026. Outstanding principal will bear interest at a rate of 12.5% per annum, payable monthly in cash, shares of the Company's common stock (or pre-funded warrants in lieu thereof), or both, at the Company's election. Interest payments in the Company's common stock will be valued at $1.274 per share. LamVen is also subject to certain beneficial ownership limitations, which may restrict the Company's decision to satisfy any of the foregoing with shares of its common stock.

**Advisory Services Agreement with Proxima Centauri, LLC**

Proxima Centauri, LLC, an entity wholly-owned by David Anderman, a director of the Company, provided advisory services to the Company for a monthly fee of $20,000 per month pursuant to an Advisory Services Agreement entered into on December 16, 2024. As additional compensation, the Company issued a warrant to Proxima Centauri to purchase up to 142,857 shares of Common Stock. The Advisory Services Agreement with Proxima Centauri, LLC was terminated, effective February 13, 2026.

**Advisory Services Agreement with LamVen LLC**

LamVen provides advisory services to the Company for an annual fee of $1 pursuant to an Advisory Services Agreement effective as of January 1, 2025. As additional compensation, the Company issued a warrant to LamJam II LLC to purchase up to 911,544 shares of Common Stock.

**Advisory Services Agreement with SRS Ventures LLC**

SRS Ventures LLC, an entity associated with Sudhin Shahani, a co-founder and Board member of the Company, provides advisory services to the Company for an annual fee of $450,000 to be paid in approximately equal monthly payments pursuant to an Advisory Services Agreement effective as of January 1, 2025.

**Park Lane Reimbursement Agreement**

On November 14, 2024, in connection with the letter of credit backstopping the Credit Agreement, the Company entered into a Reimbursement Agreement with Park Lane, an entity owned by a family member of one of the Company's founders, Mr. Fayed (the "Reimbursement Agreement"), such that if the letter of credit is drawn upon, the Company will be required to reimburse Park Lane for the drawn amount of the letter of credit and pay interest to Park Lane at 15.00% per annum on such drawn amounts (subject to increase in the event of default). The Company is separately obligated to pay a fee of 1.00% per annum to Park Lane on the outstanding face amount of the backstop letter of credit. In the event the Company raises capital in certain equity offerings, a portion of the net cash proceeds from such equity offerings is required to be remitted to Park Lane to be held in trust in accordance with the Reimbursement Agreement.

The obligations under the Reimbursement Agreement are guaranteed by certain of the Company's subsidiaries, and subject to a security interest on assets of the Company and the subsidiary guarantors, subject to certain exceptions. The Reimbursement Agreement contains certain representations and warranties, covenants and events of default.

Park Lane appointed an observer to the Company's Board, a right that was granted in the Reimbursement Agreement.

On November 12, 2025, the Company entered into an amendment to the Reimbursement agreement to add the letter of credit used in support of a convertible note with High Trail Capital to the scope of the Reimbursement Agreement. As consideration for Park Lane's commitment to provide credit support for the letter of credit over a three year period, the Company issued 2,025,000 shares of the Company's common stock to Park Lane on November 12, 2025. Such amount has been capitalized as a credit enhancement asset of the Company and will be amortized to interest expense over the three year term of the credit support commitment.

**Other Transactions**

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The Company previously leased four aircraft from Park Lane, for a monthly lease payment of $25 thousand per aircraft. The lease for the four planes was extended on a month to month basis as of January 31, 2025. In October 2025, the parties entered into a settlement agreement with respect to return conditions under the leases. As consideration, the Company issued 1,200,000 shares (300,000 shares per aircraft) of its common stock to Park Lane and subsequently terminated the respective aircraft leases thereto. As a result of this issuance, the Company recorded the $5.4 million fair value of the shares issued as a settlement expense for the year ended December 31, 2025, which was included as part of other income (expense), net within the Company's Consolidated Statement of Operations.

**JA Flight Services and BAJ Flight Services**

As of December 31, 2025, the Company leased a total of three aircraft from JA Flight Services ("JAFS") and one aircraft from BAJ Flight Services ("BAJFS") under short-term operating leases. JAFS is 50% owned by Bruce A. Jacobs ("BAJ"), an employee and stockholder of the Company, and BAJFS is 100% owned by BAJ.

The Company recorded approximately $0.3 million and $1.3 million in combined lease and engine reserve expense attributable to JAFS and BAJFS during the years ended December 31, 2025 and December 31, 2024, respectively.

**Schuman Aviation**

As of December 31, 2025, the Company leased six aircraft from Schuman Aviation Ltd. ("Schuman"), an entity which is owned by a former employee and stockholder of the Company. All leases consist of 60-month terms, fixed monthly lease payments and are all eligible for extension at the end of the lease term. All the leases are also subject to monthly engine, propeller and other reserve payment requirements, based on actual flight activity incurred on the subject aircraft engine.

The Company recorded approximately $1.7 million in combined lease and engine reserve expense attributable to Schuman for both the year ended December 31, 2025 and the year ended December 31, 2024. As of December 31, 2025, the Company owed approximately $0.5 million to Schuman, which is included in Due to Related Parties, current on the Consolidated Balance Sheet.

Additionally, the Company has an existing agreement with Schuman obtained in conjunction with the acquisition of Schuman in 2020, whereby Schuman agreed not to fly any of its Makani Kai airline routes servicing the Hawaiian Island commuter airspace for a period of 10 years.

**Indemnification Agreements** 

Our Amended and Restated Certificate of Incorporation contains provisions limiting the liability of directors to the fullest extent permitted by Delaware law, and our Amended and Restated Bylaws provide that we will indemnify each of our directors and officers to the fullest extent permitted under Delaware law. Our Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws also provide our Board with discretion to indemnify our employees and other agents when determined appropriate by the board. In addition, we have entered or will enter into an indemnification agreement with each of our directors and executive officers, which requires us to indemnify them in certain circumstances.

**Policies and Procedures Regarding Related Party Transactions**

Our Board has adopted a written Related Person Transactions Policy that sets forth the Company's policies and procedures regarding the identification, review, consideration and oversight of "related person transactions." For purposes of our policy, a "related person transaction" is a transaction, arrangement or relationship (or any series of similar transactions, arrangements or relationships) in which (i) the Company (including any of its subsidiaries) was, is or will be a participant, (ii) the aggregate amount involved exceeds or may be expected to exceed the lesser of $120,000 or 1% of the average of the Company's total assets at year-end for the last two completed fiscal years and (iii) a related person has or will have a direct or indirect material interest.

Subject to certain limitations, transactions involving compensation for services provided to the Company as an employee or director will not be considered related person transactions under this policy. A related person is any executive officer, director, nominee to become a director or a holder of more than 5% of any class of our voting securities (including the common stock), including any of their immediate family members and affiliates, including entities owned or controlled by such persons. A related person is also someone who has a position or relationship with any firm, corporation or other entity that engages in the transaction if (i) such person is employed or is a general partner or principal or in a similar position with significant decision making influence, or (ii) the direct or indirect ownership by such person and all other foregoing persons, in the aggregate, is 10% or greater in another person that is party to the transaction.

Under the policy, any related person, or any director, officer or employee of the Company who knows of the transaction, must report the information regarding the proposed related person transaction to our Chief Financial Officer and chairperson of the Audit Committee for review. To identify related person transactions in advance, we will rely on information supplied by our executive officers,

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directors and certain significant stockholders. In considering related person transactions, the Audit Committee will take into account the relevant available facts and circumstances, which may include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the nature of the related person's interest in the transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the impact on a director's independence in the event the related person is a director, immediate family member of a director or an entity with which a director is affiliated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the terms of the transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the availability of other sources for comparable services or products; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the terms available to or from, as the case may be, unrelated third parties.

**Director Independence**

Under the rules of the New York Stock Exchange ("NYSE") and our Corporate Governance Guidelines, independent directors must comprise a majority of our Board. Under the NYSE rules, a director will only qualify as an "independent director" if our Board affirmatively determines that the director, in the opinion of our Board, does not have a relationship that would interfere with the exercise of independent judgment in carrying out the responsibilities of a director.

Our Board reviewed its composition and the independence of our directors and considered whether any director has a relationship with us that could interfere with his or her ability to exercise independent judgment in carrying out his or her responsibilities. In addition, the Board annually evaluates and determines the independence of each our non-employee directors under the NYSE listing standards. As a part of the evaluation process, and as part of the independence determination by the Board, the Board considers, in addition to such other factors as they may deem appropriate, each director's occupation, personal and affiliate transactions with the Company, and other relevant direct and indirect relationships with the Company that may affect independence. Based upon information requested from and provided by each director concerning his or her background, employment, and affiliations, including family relationships, our Board has determined that each of Mr. Albert, Mr. D'Agostino, Mr. Hack, Mr. Mady, Mr. Painter and Mr. Pelsinger qualify as independent directors, and that Tyrone Bland, who served as director until August 2025, qualified as an independent director during the time he served as director, as defined under the listing rules of the NYSE, and that our Board consists of a majority of "independent directors," as defined under the rules of the SEC and NYSE. In making these determinations, our Board considered the relationships that each non-employee director has with us and all other facts and circumstances our Board deemed relevant in determining independence. Mr. Anderman and Mr. Shahani are not considered independent directors as a result of their former employment by, and former or current advisory arrangements with, the Company.

**<u>ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES</u>**

The aggregate fees billed to us for the fiscal year ended December 31, 2025 and 2024 by our independent registered public accounting firm, PricewaterhouseCoopers LLP, are as follows (in thousands):

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| | | |
|:---|:---|:---|
| **Fee Category** | **2025** | **2024** |
| &nbsp;&nbsp;Audit Fees (1) | $2145 | $2525 |
| &nbsp;&nbsp;Audit-Related Fees | - | - |
| &nbsp;&nbsp;Tax Fees | - | - |
| &nbsp;&nbsp;All Other Fees (2) | $2 | $5 |
| &nbsp;&nbsp;Total Fees | $2147 | $2530 |

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(1) Audit fees consist of fees for the audit of our consolidated financial statements, the review of the unaudited interim financial statements included in our quarterly reports on Form 10-Q and other professional services provided in connection with regulatory filings or engagements.

(2) All other Fees consist of subscription fees for use of the PricewaterhouseCoopers LLP research tool

The Audit Committee is required to pre-approve the audit and non-audit services performed by our independent registered public accounting firm in order to assure that the provision of such services does not impair the firm's independence. The Audit Committee at least annually reviews and provides general pre-approval for the services that may be provided by the independent registered public accounting firm.

All services performed and related fees billed by PricewaterhouseCoopers LLP during fiscal 2025 and fiscal 2024 were pre-approved by the Audit Committee pursuant to the foregoing pre-approval policy of the Audit Committee.

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**<u>PART IV</u>**

**<u>ITEM 15. EXHIBITS</u>**

**Exhibit Index**

The following exhibits are included herein or incorporated herein by reference:

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| | |
|:---|:---|
| **Exhibit**<br>**Number** | **Description of Document** |
| 2.1+ | [<u>Acquisition Agreement, dated as of March 17, 2021, by and between Surf Air Mobility Inc., Surf Air Global Limited, Surf Air Inc., SAC Merger Sub Inc. and Southern Airways Corporation</u> *<u>(incorporated by reference to Exhibit 2.1 to the Company's Form S-1 Registration Statement, filed on June 5, 2023)</u>*<u>.</u>](https://www.sec.gov/Archives/edgar/data/1936224/000121390023045915/fs12023ex2-1_surfair.htm) |
| 2.2 | [<u>Amendment No. 1 to Acquisition Agreement, dated as of August 22, 2021, by and between Surf Air Mobility Inc., Surf Air Global Limited, Surf Air Inc., SAC Merger Sub Inc. and Southern Airways Corporation</u> *<u>(incorporated by reference to Exhibit 2.2 to the Company's Form S-1 Registration Statement, filed on June 5, 2023)</u>*<u>.</u>](https://www.sec.gov/Archives/edgar/data/1936224/000121390023045915/fs12023ex2-2_surfair.htm) |
| 2.3 | [<u>Amendment No. 2 to Acquisition Agreement, dated as of May 17, 2022, by and between Surf Air Mobility Inc., Surf Air Global Limited, Surf Air Inc., SAC Merger Sub Inc. and Southern Airways Corporation</u> *<u>(incorporated by reference to Exhibit 2.3 to the Company's Form S-1 Registration Statement, filed on June 5, 2023)</u>*<u>.</u>](https://www.sec.gov/Archives/edgar/data/1936224/000121390023045915/fs12023ex2-3_surfair.htm) |
| 2.4 | [<u>Amendment No. 3 to Acquisition Agreement, dated as of November 11, 2022, by and between Surf Air Mobility Inc., Surf Air Global Limited, Surf Air Inc., SAC Merger Sub Inc. and Southern Airways Corporation</u> *<u>(incorporated by reference to Exhibit 2.4 to the Company's Form S-1 Registration Statement, filed on June 5, 2023)</u>*<u>.</u>](https://www.sec.gov/Archives/edgar/data/1936224/000121390023045915/fs12023ex2-4_surfair.htm) |
| 2.5 | [<u>Amendment No. 4 to Acquisition Agreement, dated as of May 25, 2023, by and between Surf Air Mobility Inc., Surf Air Global Limited, Surf Air Inc., SAC Merger Sub Inc. and Southern Airways Corporation</u> *<u>(incorporated by reference to Exhibit 2.5 to the Company's Form S-1 Registration Statement, filed on June 5, 2023)</u>*<u>.</u>](https://www.sec.gov/Archives/edgar/data/1936224/000121390023045915/fs12023ex2-5_surfair.htm) |
| 2.6 | [<u>Amendment No. 5 to Acquisition Agreement, dated as of June 21, 2023, by and between Surf Air Mobility Inc., Surf Air Global Limited, Surf Air Inc., SAC Merger Sub Inc. and Southern Airways Corporation</u> *<u>(incorporated by reference to Exhibit 2.6 to the Company's Form S-1 Registration Statement, filed on June 5, 2023)</u>*<u>.</u>](https://www.sec.gov/Archives/edgar/data/1936224/000121390023050882/fs12023a1ex2-6_surfair.htm) |
| 2.7 | [<u>Agreement and Plan of Merger, dated as of June 21, 2023, by and among Surf Air Global Limited, Surf Air Mobility Inc. and SAGL Merger Sub Limited</u> *<u>(incorporated by reference to Exhibit 2.7 to the Company's Form S-1 Registration Statement, filed on June 5, 2023)</u>*<u>.</u>](https://www.sec.gov/Archives/edgar/data/1936224/000121390023050882/fs12023a1ex2-7_surfair.htm) |
| 3.1 | [<u>Amended and Restated Certificate of Incorporation of SAM</u> *<u>(incorporated by reference to Exhibit 3.1 to the Company's Annual Report on Form 10-K, filed on March 29, 2024)</u>*<u>.</u>](https://www.sec.gov/Archives/edgar/data/1936224/000095017024038767/srfm-ex3_1.htm) |
| 3.2 | [<u>Certificate of Amendment to Amended and Restated Certificate of Incorporation</u> *<u>(incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed on August 19, 2024)</u>*<u>.</u>](https://www.sec.gov/Archives/edgar/data/1936224/000095017024098593/srfm-ex3_1.htm) |
| 3.3 | [<u>Amended and Restated Bylaws of SAM</u> *<u>(incorporated by reference to Exhibit 3.2 to the Company's Annual Report on Form 10-K, filed on March 29, 2024)</u>*<u>.</u>](https://www.sec.gov/Archives/edgar/data/1936224/000095017024038767/srfm-ex3_2.htm) |
| 4.1 | [<u>Description of Securities</u>](https://www.sec.gov/Archives/edgar/data/1936224/000095017024038767/srfm-ex4_1.htm) |
| 10.1 | [<u>Form of Grant Agreement for grants of PRSUs to employees and non-employee directors under the 2023 Equity Incentive Plan</u>](https://www.sec.gov/Archives/edgar/data/1936224/000095017023063725/srfm-ex10_1.htm)[*<u>(incorporated by reference to Exhibit 10.1 to the Company's Form 10-Q, filed on November 14, 2023)</u>*](https://www.sec.gov/Archives/edgar/data/1936224/000121390023045915/fs12023ex2-1_surfair.htm). |
| 10.2# | [<u>Employment Agreement dated December 21, 2023, by and between Surf Air Mobility Inc. and Oliver Reeves</u> *<u>(incorporated by reference to Exhibit 10.1 to the Company's Form 8-K, filed on December 27, 2023)</u>*<u>.</u>](https://www.sec.gov/Archives/edgar/data/1936224/000095017023073152/srfm-ex10_01.htm) |
| 10.3 | [<u>Binding Term Sheet dated as of December 21, 2023, by and between Surf Air Mobility Inc. and GEM Global Yield LLC SCS</u> *<u>(incorporated by reference to Exhibit 10.1 to the Company's Form 8-K, filed on December 28, 2023).</u>*](https://www.sec.gov/Archives/edgar/data/1936224/000095017023073436/srfm-ex10_01.htm) |

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| | |
|:---|:---|
| 10.4 | [<u>Security Purchase Agreement, dated March 1, 2024, between Surf Air Mobility, Inc. and GEM Global Yield LLC SCS</u> *<u>(incorporated by reference to Exhibit 10.1 to the Company's Form 8-K, filed on March 6, 2024).</u>*](https://www.sec.gov/Archives/edgar/data/1936224/000095017024027197/srfm-ex10_1.htm) |
| 10.5 | [<u>Form of Grant Agreement for grants of RSUs to employees and non-employee directors under the 2023 Equity Incentive Plan</u> *<u>(incorporated by reference to Exhibit 10.1 to the Company's Form 10-Q, filed on November 14, 2023).</u>*](https://www.sec.gov/Archives/edgar/data/1936224/000095017023063725/srfm-ex10_2.htm) |
| 10.6 | [<u>Share Purchase Agreement, dated as of June 15, 2023, by and among Surf Air Mobility, Inc., GEM Global Yield LLC SCS and GEM Yield Bahamas Limited</u> *<u>(incorporated by reference to Exhibit 10.4 to the Company's Amendment No. 5 Form S-1 and Form S-4 Registration Statement, filed on July 25, 2023)</u>*<u>.</u>](https://www.sec.gov/Archives/edgar/data/1936224/000121390023050882/fs12023a1ex10-4_surfair.htm) |
| 10.7 | [<u>Form of SAFE Agreement</u> *<u>(incorporated by reference to Exhibit 10.3 to the Company's Form S-1 Registration Statement, filed on June 5, 2023)</u>*<u>.</u>](https://www.sec.gov/Archives/edgar/data/1936224/000121390023045915/fs12023ex10-3_surfair.htm) |
| 10.8 | [<u>Form of Director Indemnification Agreement</u> *<u>(incorporated by reference to Exhibit 10.4 to the Company's Form S-1 Registration Statement, filed on June 5, 2023)</u>*<u>.</u>](https://www.sec.gov/Archives/edgar/data/1936224/000121390023045915/fs12023ex10-4_surfair.htm) |
| 10.9+++ | [<u>Collaboration & Engineering Services Agreement, dated as of September 15, 2022, by and between Textron Aviation Inc. and Surf Air Mobility Inc.</u> *<u>(incorporated by reference to Exhibit 10.5 to the Company's Form S-1 Registration Statement, filed on June 5, 2023)</u>*<u>.</u>](https://www.sec.gov/Archives/edgar/data/1936224/000121390023045915/fs12023ex10-5_surfair.htm) |
| 10.10+++ | [<u>Amended Collaboration & Engineering Services Agreement, dated as of May 24, 2023, by and between Textron Aviation Inc. and Surf Air Mobility Inc.</u> *<u>(incorporated by reference to Exhibit 10.6 to the Company's Form S-1, filed on June 5, 2023)</u>*<u>.</u>](https://www.sec.gov/Archives/edgar/data/1936224/000121390023045915/fs12023ex10-6_surfair.htm) |
| 10.11+++ | [<u>Amended and Restated Sales and Marketing Agreement, dated as of September 27, 2022, by and between Textron Aviation Inc. and Surf Air Mobility Inc.</u> *<u>(incorporated by reference to Exhibit 10.7 to the Company's Form S-1 Registration Statement, filed on June 5, 2023)</u>*<u>.</u>](https://www.sec.gov/Archives/edgar/data/1936224/000121390023045915/fs12023ex10-7_surfair.htm) |
| 10.12+++ | [<u>First Amended and Restated Sales and Marketing Agreement, dated as of May 24, 2023, by and between Textron Aviation Inc. and Surf Air Mobility Inc.</u> *<u>(incorporated by reference to Exhibit 10.8 to the Company's Form S-1 Registration Statement, filed on June 5, 2023)</u>*](https://www.sec.gov/Archives/edgar/data/1936224/000121390023045915/fs12023ex10-8_surfair.htm). |
| 10.13+++ | [<u>Data License Agreement, dated as of September 15, 2022, among Textron Aviation Inc., Textron Innovations Inc. and Surf Air Mobility Inc.</u> *<u>(incorporated by reference to Exhibit 10.9 to the Company's Form S-1 Registration Statement, filed on June 5, 2023)</u>*<u>.</u>](https://www.sec.gov/Archives/edgar/data/1936224/000121390023045915/fs12023ex10-9_surfair.htm) |
| 10.14+++ | [<u>Amendment to Data License Agreement, dated as of May 24, 2023, among Textron Aviation Inc., Textron Innovations Inc. and Surf Air Mobility Inc.</u> *<u>(incorporated by reference to Exhibit 10.10 to the Company's Form S-1 Registration Statement, filed on June 5, 2023)</u>*<u>.</u>](https://www.sec.gov/Archives/edgar/data/1936224/000121390023045915/fs12023ex10-10_surfair.htm) |
| 10.15++ | [<u>Pilot Pathway Agreement, dated as of July 17, 2019, by and between SkyWest Airlines, Inc. and Southern Airways Corporation.</u> *<u>(incorporated by reference to Exhibit 10.11 to the Company's Form S-1 Registration Statement, filed on June 5, 2023)</u>*<u>.</u>](https://www.sec.gov/Archives/edgar/data/1936224/000121390023045915/fs12023ex10-11_surfair.htm) |
| 10.16 | [<u>Amendment No. 1 to Pilot Pathway Agreement, dated as of October 1, 2020, by and between SkyWest Airlines, Inc. and Southern Airways Corporation.</u> *<u>(incorporated by reference to Exhibit 10.12 to the Company's Form S-1 Registration Statement, filed on June 5, 2023)</u>*<u>.</u>](https://www.sec.gov/Archives/edgar/data/1936224/000121390023045915/fs12023ex10-12_surfair.htm) |
| 10.17 | [<u>Amendment No. 2 to Pilot Pathway Agreement, dated as of March 1, 2022, by and between SkyWest Airlines, Inc. and Southern Airways Corporation</u> *<u>(incorporated by reference to Exhibit 10.13 to the Company's Form S-1 Registration Statement, filed on June 5, 2023)</u>*<u>.</u>](https://www.sec.gov/Archives/edgar/data/1936224/000121390023045915/fs12023ex10-13_surfair.htm) |
| 10.18++ | [<u>Amendment No. 3 to Pilot Pathway Agreement, dated as of March 6, 2023, by and between SkyWest Airlines, Inc. and Southern Airways Corporation</u> *<u>(incorporated by reference to Exhibit 10.14 to the Company's Form S-1 Registration Statement, filed on June 5, 2023)</u>*<u>.</u>](https://www.sec.gov/Archives/edgar/data/1936224/000121390023045915/fs12023ex10-14_surfair.htm) |
| 10.19+++ | [<u>Master Agreement, dated as of October 10, 2022, by and between Jetstream Aviation Capital, LLC and Surf Air Mobility Inc.</u> *<u>(incorporated by reference to Exhibit 10.15 to the Company's Form S-1 Registration Statement, filed on June 5, 2023)</u>*<u>.</u>](https://www.sec.gov/Archives/edgar/data/1936224/000121390023045915/fs12023ex10-15_surfair.htm) |

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| | |
|:---|:---|
| 10.20++ | [<u>Business Combination Agreement, dated as of May 17, 2022, by and among Tuscan Holdings Corp. II, Surf Air Global Limited, Surf Air Mobility Inc., THCA Merger Sub Inc. and SAGL Merger Sub Limited.</u> *<u>(incorporated by reference to Exhibit 10.16 to the Company's Form S-1 Registration Statement, filed on June 5, 2023)</u>*<u>.</u>](https://www.sec.gov/Archives/edgar/data/1936224/000121390023045915/fs12023ex10-16_surfair.htm) |
| 10.21 | [<u>Amendment No. 1 to Business Combination Agreement, dated as of September 1, 2022, by and among Tuscan Holdings Corp. II, Surf Air Global Limited, Surf Air Mobility Inc., THCA Merger Sub Inc. and SAGL Merger Sub Limited</u> *<u>(incorporated by reference to Exhibit 10.17 to the Company's Form S-1 Registration Statement, filed on June 5, 2023).</u>*](https://www.sec.gov/Archives/edgar/data/1936224/000121390023045915/fs12023ex10-17_surfair.htm) |
| 10.22 | [<u>Mutual Termination and Release Agreement, dated as of November 14, 2022, by and among Tuscan Holdings Corp. II, Surf Air Global Limited, Surf Air Mobility Inc., THCA Merger Sub Inc. and SAGL Merger Sub Limited</u> *<u>(incorporated by reference to Exhibit 10.18 to the Company's Form S-1 Registration Statement, filed on June 5, 2023).</u>*](https://www.sec.gov/Archives/edgar/data/1936224/000121390023045915/fs12023ex10-18_surfair.htm) |
| 10.23# | [<u>Employment Agreement, dated as of May 16, 2022, by and among Surf Air Mobility Inc., Surf Air Global Limited and R. Stanley Little</u> *<u>(incorporated by reference to Exhibit 10.19</u>*](https://www.sec.gov/Archives/edgar/data/1936224/000121390023045915/fs12023ex10-19_surfair.htm)[*<u>to the Company's Form S-1 Registration Statement, filed on June 5, 2023)</u>*](https://www.sec.gov/Archives/edgar/data/1936224/000121390023045915/fs12023ex10-15_surfair.htm)*.* |
| 10.24# | [<u>Amendment to Employee Agreement, dated as of October 23, 2022, by and between Surf Air Mobility Inc. and R. Stanley Little</u> *<u>(incorporated by reference to Exhibit 10.20 to the Company's Form S-1, filed on June 5, 2023)</u>*<u>.</u>](https://www.sec.gov/Archives/edgar/data/1936224/000121390023045915/fs12023ex10-20_surfair.htm) |
| 10.25# | [<u>Employment Agreement, dated as of December 19, 2022, by and among Surf Air Mobility Inc., Surf Air Global Limited and Deanna White</u> *<u>(incorporated by reference to Exhibit 10.21 to the Company's Form S-1, filed on June 5, 2023)</u>*<u>.</u>](https://www.sec.gov/Archives/edgar/data/1936224/000121390023045915/fs12023ex10-21_surfair.htm) |
| 10.26# | [<u>Employment Agreement, dated as of August 20, 2021, by and among Surf Air Mobility Inc., Surf Air Global Limited and Sudhin Shahani</u> *<u>(incorporated by reference to Exhibit 10.22 to the Company's to the Company's Form S-1 Registration Statement, filed on June 5, 2023)</u>*<u>.</u>](https://www.sec.gov/Archives/edgar/data/1936224/000121390023045915/fs12023ex10-22_surfair.htm) |
| 10.27# | [<u>Amendment to Employment Agreement, dated as of January 20, 2023, by and between Surf Air Mobility Inc. and Sudhin Shahani</u> *<u>(incorporated by reference to Exhibit 10.23 to the Company's Form S-1 Registration Statement, filed on June 5, 2023)</u>*<u>.</u>](https://www.sec.gov/Archives/edgar/data/1936224/000121390023045915/fs12023ex10-23_surfair.htm) |
| 10.28# | [<u>2016 Equity Incentive Plan as amended</u> *<u>(incorporated by reference to Exhibit 10.24 to the Company's Form S-1 Registration Statement, filed on June 5, 2023)</u>*<u>.</u>](https://www.sec.gov/Archives/edgar/data/1936224/000121390023045915/fs12023ex10-24_surfair.htm) |
| 10.29# | [<u>Surf Air Mobility Inc. Amended and Restated 2023 Equity Incentive Plan</u> *<u>(incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K, filed on June 25, 2024)</u>*<u>.</u>](https://www.sec.gov/Archives/edgar/data/1936224/000095017024078608/srfm-ex10_1.htm) |
| 10.30# | [<u>Employee Stock Purchase Plan</u> *<u>(incorporated by reference to Exhibit 10.28 to the Company's Amendment No. 1 Form S-1 and Form S-4 Registration Statement, filed on June 22, 2023)</u>*<u>.</u>](https://www.sec.gov/Archives/edgar/data/1936224/000121390023050882/fs12023a1ex10-28_surfair.htm) |
| 10.31 | [<u>Convertible Note Purchase Agreement, dated as of June 15, 2023, between Surf Air Mobility Inc. and Partners for Growth V, L.P., conformed for Consent and Amendment, dated November 14, 2024 among the Company, the subsidiaries of the Company party thereto and Partners for Growth V, L.P.</u> *<u>(incorporated by reference to Exhibit 10.6 to the Company's Form 10-Q filed on November 14, 2024)</u>*<u>.</u>](https://www.sec.gov/Archives/edgar/data/1936224/000095017024127106/srfm-ex10_6.htm) |
| 10.32 | [<u>Second Amendment to Data License Agreement, dated as of June 30, 2023, among Textron Aviation Inc., Textron Innovations Inc. and Surf Air Mobility Inc.</u> *<u>(incorporated by reference to Exhibit 10.30 to the Company's Amendment No. 3 Form S-1 and Form S-4 Registration Statement, filed on July 12, 2023)</u>*<u>.</u>](https://www.sec.gov/Archives/edgar/data/1936224/000121390023056548/fs12023a3ex10-30_surfair.htm) |
| 10.33 | [<u>Third Amendment to Data License Agreement, dated as of September 18, 2023, among Textron Aviation Inc., Textron Innovations Inc. and Surf Air Mobility Inc.</u> *<u>(incorporated by reference to Exhibit 10.31 to the Company's Form S-1 Registration Statement, filed on September 19, 2023)</u>*<u>.</u>](https://www.sec.gov/Archives/edgar/data/1936224/000121390023077482/fs12023ex10-31_surfair.htm) |
| 10.34# | [<u>Southern Incentive Bonus Plan</u> *<u>(incorporated by reference to Exhibit 10.31 to the Company's Form S-1 Registration Statement, filed on July 21, 2023)</u>*<u>.</u>](https://www.sec.gov/Archives/edgar/data/1936224/000121390023058816/fs12023a4ex10-31_surfair.htm) |
| 10.35 | [<u>Amendment No. 2 to the Second Amended and Restated Share Purchase Agreement, dated as of July 21, 2023, among Surf Air Global Limited, GEM Global Yield LLC SCS and GEM Yield Bahamas Limited</u> *<u>(incorporated by reference to Exhibit 10.32 to the Company's Amendment No. 5 Form S-1 and Form S-4 Registration Statement, filed on July 21, 2023)</u>*<u>.</u>](https://www.sec.gov/Archives/edgar/data/1936224/000121390023058816/fs12023a4ex10-32_surfair.htm) |

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|:---|:---|
| 10.36 | [<u>Amendment No. 1 to the Share Purchase Agreement, dated as of July 21, 2023, by and among Surf Air Global Limited, GEM Global Yield LLC SCS and GEM Yield Bahamas Limited</u> *<u>(incorporated by reference to Exhibit 10.33 to the Company's Amendment No. 5 Form S-1 and Form S-4 Registration Statement, filed on July 21, 2023)</u>*<u>.</u>](https://www.sec.gov/Archives/edgar/data/1936224/000121390023058816/fs12023a4ex10-33_surfair.htm) |
| 10.37 | [<u>Amendment No. 3 to the Second Amended and Restated Share Purchase Agreement, dated as of July 24, 2023, among Surf Air Global Limited, GEM Global Yield LLC SCS and GEM Yield Bahamas Limited</u> *<u>(incorporated by reference to Exhibit 10.34 to the Company's Amendment No. 5 Form S-1 and Form S-4 Registration Statement, filed on July 25, 2023)</u>*<u>.</u>](https://www.sec.gov/Archives/edgar/data/1936224/000121390023059372/fs12023a5ex10-34_surfair.htm) |
| 10.38 | [<u>Amendment No. 2 to the Share Purchase Agreement, dated as of July 24, 2023, by and among Surf Air Global Limited, GEM Global Yield LLC SCS and GEM Yield Bahamas Limited</u> *<u>(incorporated by reference to Exhibit 10.35 to the Company's Amendment No. 5 Form S-1 and Form S-4 Registration Statement, filed on July 25, 2023)</u>*<u>.</u>](https://www.sec.gov/Archives/edgar/data/1936224/000121390023059372/fs12023a5ex10-35_surfair.htm) |
| 10.39 | [<u>Amendment No. 4 to the Amended and Restated Share Purchase Agreement, dated as of September 19, 2023, by and among Surf Air Mobility Inc., Surf Air Global Ltd., GEM Global Yield LLC SCS and GEM Yield Bahamas Limited</u> *<u>(incorporated by reference to Exhibit 10.35 to the Company's Amendment No. 5 Form S-1 and Form S-4 Registration Statement, filed on September 19, 2023).</u>*](https://www.sec.gov/Archives/edgar/data/1936224/000121390023077482/fs12023ex10-37_surfair.htm) |
| 10.40 | [<u>Fourth Amendment to Data License Agreement, dated as of December 8, 2023, among Textron Aviation Inc., Textron Innovations Inc. and Surf Air Mobility Inc</u> *<u>(incorporated by reference to Exhibit 10.4 to the Company's Form 10-K, filed on March 29, 2024)</u>*<u>.</u>](https://www.sec.gov/Archives/edgar/data/1936224/000095017024038767/srfm-ex10_40.htm) |
| 10.41# | [<u>Amendment to Employee Agreement, dated as of May 20, 2024, but effective as of May 15, 2024, by and between Surf Air Mobility Inc. and R. Stanley Little</u> *<u>(incorporated by reference to Exhibit 10.42 to the Company's Registration Statement on Form S-1/A, filed on July 11, 2024)</u>*<u>.</u>](https://www.sec.gov/Archives/edgar/data/1936224/000095017024083005/srfm-ex10_42.htm) |
| 10.42# | [<u>Amended and Restated Employment Agreement dated May 17, 2024, but effective as of May 15, 2024, by and between Surf Air Mobility Inc. and Deanna White</u> *<u>(incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K, filed on May 20, 2024)</u>*<u>.</u>](https://www.sec.gov/Archives/edgar/data/1936224/000095017024062450/srfm-ex10_1.htm) |
| 10.43# | [<u>Amendment to Employment Agreement dated May 20, 2024, by and between Surf Air Mobility Inc. and Oliver Reeves</u> *<u>(incorporated by reference to Exhibit 10.47 to the Company's Registration Statement on Form S-1/A, filed on July 11, 2024)</u>*<u>.</u>](https://www.sec.gov/Archives/edgar/data/1936224/000095017024083005/srfm-ex10_47.htm) |
| 10.44# | [<u>Amendment to Amended and Restated Employment Agreement dated February 4, 2025, but effective as of January 1, 2025, by and between Surf Air Mobility Inc. and Deanna White</u>](https://www.sec.gov/Archives/edgar/data/1936224/000095017025043326/srfm-ex10_44.htm) |
| 10.45# | [<u>Second Amendment to Employment Agreement dated February 4, 2025, but effective as of January 1, 2025, by and between Surf Air Mobility Inc. and Oliver Reeves</u>](https://www.sec.gov/Archives/edgar/data/1936224/000095017025043326/srfm-ex10_45.htm) |
| 10.46 | [<u>Mandatory Convertible Security, dated August 7, 2024, between Surf Air Mobility, Inc. and GEM Global Yield LLC SCS</u> *<u>(incorporated by reference as Exhibit 4.1 to the Company's Current Report on Form 8-K filed on August 9 2024)</u>*<u>.</u>](https://www.sec.gov/Archives/edgar/data/1936224/000095017024094783/srfm-ex4_1.htm) |
| 10.47 | [<u>Joint Venture Agreement, dated August 9, 2024, between Surf Air Mobility Inc. and Palantir Technologies, Inc.</u> *<u>(incorporated by reference to the Company's Current Report on Form 8-K filed on August 13, 2024)</u>*<u>.</u>](https://www.sec.gov/Archives/edgar/data/1936224/000095017024095740/srfm-ex10_1.htm) |
| 10.48 | [<u>Credit Agreement, dated November 14, 2024, 2024, among the Company as borrower, the lenders party thereto, and CCP Agency, LLC as agent</u> *<u>(incorporated by reference to Exhibit 10.3 to the Company's Form 10-Q, filed on November 14, 2024)</u>*<u>.</u>](https://www.sec.gov/Archives/edgar/data/1936224/000095017024127106/srfm-ex10_3.htm) |
| 10.49 | [<u>Reimbursement Agreement, dated November 14, 2024, among the Company, the subsidiaries of the Company party thereto and Park Lane Investments LLC</u> *<u>(incorporated by reference to Exhibit 10.4 to the Company's Form 10-Q, filed on November 14, 2024)</u>*<u>.</u>](https://www.sec.gov/Archives/edgar/data/1936224/000095017024127106/srfm-ex10_4.htm) |
| 10.50 | [<u>Secured Promissory Note, dated November 14, 2024, among the Company, the subsidiaries of the Company party thereto and LamVen LLC</u> *<u>(incorporated by reference to Exhibit 10.5 to the Company's Form 10-Q, filed on November 14, 2024)</u>*<u>.</u>](https://www.sec.gov/Archives/edgar/data/1936224/000095017024127106/srfm-ex10_5.htm) |
| 10.51 | [<u>Fifth Amendment to Data License Agreement dated September 26, 2024</u> *<u>(incorporated by reference to Exhibit 10.7 to the Company's Form 10-Q, filed on November 14, 2024)</u>*<u>.</u>](https://www.sec.gov/Archives/edgar/data/1936224/000095017024127106/srfm-ex10_7.htm) |
| 10.53# | [<u>Advisory Services Agreement, dated as of December 16, 2024, by and between Surf Air Mobility Inc. and Proxima Centauri, LLC</u>*<u>(incorporated by reference to Exhibit 10.1 to the Company's Form 8-K, filed on December 19, 2024)</u>*<u>.</u>](https://www.sec.gov/Archives/edgar/data/1936224/000095017024138511/srfm-ex10_1.htm) |

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|:---|:---|
| 10.54 | [<u>Form of Grant Agreement for grants of RSUs to employees for Incentive Bonus Plan settlements under the 2023 Equity Incentive Plan</u> *<u>(incorporated by reference to Exhibit 10.54 to the Company's Form 10-K, filed on March 20, 2025)</u>*<u>.</u>](https://www.sec.gov/Archives/edgar/data/1936224/000095017025043326/srfm-ex10_54.htm) |
| 10.55 | [<u>Form of Grant Agreement for grants of RSUs to non-employee consultants for Incentive Bonus Plan settlements under the 2023 Equity Incentive Plan</u>*<u>(incorporated by reference to Exhibit 10.55 to the Company's Form 10-K, filed on March 20, 2025)</u>*<u>.</u>](https://www.sec.gov/Archives/edgar/data/1936224/000095017025043326/srfm-ex10_55.htm) |
| 10.56 | [<u>Form of Warrant Agreement</u> *<u>(incorporated by reference to Exhibit 10.56 to the Company's Form 10-K, filed on March 20, 2025)</u>*<u>.</u>](https://www.sec.gov/Archives/edgar/data/1936224/000095017025043326/srfm-ex10_56.htm) |
| 10.57 | [<u>Form of Securities Purchase Agreement</u> *<u>(incorporated by reference as Exhibit 10.1 to the Company's Current Report on Form 8-K filed on April 1 2025).</u>*](https://www.sec.gov/Archives/edgar/data/1936224/000095017025048519/srfm-ex10_1.htm) |
| 10.58 | [<u>Form of Pre-Funded Warrant</u> *<u>(incorporated by reference as Exhibit 10.2 to the Company's Current Report on Form 8-K filed on April 1, 2025).</u>*](https://www.sec.gov/Archives/edgar/data/1936224/000095017025048519/srfm-ex10_2.htm) |
| 10.59 | [<u>Form of Placement Agent Warrant</u>*<u>(incorporated by reference as Exhibit 10.3 to the Company's Current Report on Form 8-K filed on April 1, 2025).</u>*](https://www.sec.gov/Archives/edgar/data/1936224/000095017025048519/srfm-ex10_3.htm) |
| 10.60<br>| [<u>Form of Securities Purchase Agreement dated June 25, 2025</u> *<u>(incorporated by reference as Exhibit 10.1 to the Company's Current Report on Form 8-K filed on June 26, 2025).</u>*](https://www.sec.gov/Archives/edgar/data/1936224/000095017025090410/srfm-ex10_1.htm) |
| 10.61 | [<u>Form of Pre-Funded Warrant dated June 25, 2025</u> *<u>(incorporated by reference as Exhibit 10.2 to the Company's Current Report on Form 8-K filed on June 26, 2025).</u>*](https://www.sec.gov/Archives/edgar/data/1936224/000095017025090410/srfm-ex10_2.htm) |
| 10.62<br>| [<u>Form of Placement Agent Warrant dated June 25, 2025</u> *<u>(incorporated by reference as Exhibit 10.3 to the Company's Current Report on Form 8-K filed on June 26, 2025).</u>*](https://www.sec.gov/Archives/edgar/data/1936224/000095017025090410/srfm-ex10_3.htm) |
| 10.63<br>| [<u>Surf Air Mobility Inc. Amended and Restated 2023 Equity Incentive Plan</u> *<u>(incorporated by reference as Exhibit 10.1 to the Company's Current Report on Form 8-K filed on June 27, 2025).</u>*](https://www.sec.gov/Archives/edgar/data/1936224/000095017025091041/srfm-ex10_1.htm) |
| 10.64 | [<u>Form of Securities Purchase Agreement (</u>*<u>incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K, filed on November 12, 2025</u>*](https://www.sec.gov/Archives/edgar/data/1936224/000119312525277566/srfm-ex10_1.htm). |
| 10.65 | [<u>Form of Warrant (Registered) (</u>*<u>incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K, filed on November 12, 2025</u>*<u>)</u>](https://www.sec.gov/Archives/edgar/data/1936224/000119312525277566/srfm-ex10_2.htm). |
| 10.66 | [<u>Form of Warrant (Private Placement) (</u>*<u>incorporated by reference to Exhibit 10.3 to the Company's Current Report on Form 8-K, filed on November 12, 2025</u>*<u>)</u>](https://www.sec.gov/Archives/edgar/data/1936224/000119312525277566/srfm-ex10_3.htm). |
| 10.67 | [<u>Senior Secured Convertible Note due 2028 (</u>*<u>incorporated by reference to Exhibit 10.4 to the Company's Current Report on Form 8-K, filed on November 12, 2025</u>*<u>).</u>](https://www.sec.gov/Archives/edgar/data/1936224/000119312525277566/srfm-ex10_4.htm) |
| 10.68 | [<u>First Amendment to Reimbursement Agreement (</u>*<u>incorporated by reference to Exhibit 10.5 to the Company's Current Report on Form 8-K, filed on November 12, 2025</u>*<u>).</u>](https://www.sec.gov/Archives/edgar/data/1936224/000119312525277566/srfm-ex10_5.htm) |
| 14.1 | [<u>Code of Conduct and Ethics</u> *<u>(incorporated by reference to Exhibit 14.1 to the Company's Form 10-Q, filed November 14, 2023).</u>*](https://www.sec.gov/Archives/edgar/data/1936224/000095017023063725/srfm-ex14_1.htm) |
| 19.1\* | [<u>Insider Trading Policy</u>](https://www.sec.gov/Archives/edgar/data/1936224/000119312526104468/srfm-ex19_1.htm) |
| 21.1§ | [<u>List of Subsidiaries</u>](srfm-ex21_1.htm) |
| 23.1\* | [<u>Consent of PricewaterhouseCoopers LLP</u>](https://www.sec.gov/Archives/edgar/data/1936224/000119312526104468/srfm-ex23_1.htm) |
| 31.1\* | [<u>Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</u>](https://www.sec.gov/Archives/edgar/data/1936224/000119312526104468/srfm-ex31_1.htm) |
| 31.2\* | [<u>Certification of Principal Financial and Accounting Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</u>](https://www.sec.gov/Archives/edgar/data/1936224/000119312526104468/srfm-ex31_2.htm) |

---

------

---

| | |
|:---|:---|
| 31.3§ | [<u>Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</u>](srfm-ex31_3.htm) |
| 31.4§ | [<u>Certification of Principal Financial and Accounting Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</u>](srfm-ex31_4.htm) |
| 32.1\*\* | [<u>Certification of Principal Executive Officer Pursuant to 18 U.S.C Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</u>](https://www.sec.gov/Archives/edgar/data/1936224/000119312526104468/srfm-ex32_1.htm) |
| 32.2\*\* | [<u>Certification of Principal Financial and Accounting Officer Pursuant to 18 U.S.C Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</u>](https://www.sec.gov/Archives/edgar/data/1936224/000119312526104468/srfm-ex32_2.htm) |
| 97.1 | [<u>Clawback Policy</u> *<u>(incorporated by reference to Exhibit 97.1 to the Company's Annual Report on Form 10-K, filed on March 29, 2024).</u>*](https://www.sec.gov/Archives/edgar/data/1936224/000095017024038767/srfm-ex97_1.htm) |
| 101.INS | Inline XBRL Instance Document |
| 101.SCH | Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

------

\* Previously filed with Original Filing.

\*\*Previoiusly furnished with Original Filing

++ Schedules to this Exhibit omitted pursuant to Regulation S-K Item 601(a)(5) promulgated under the Exchange Act. The Registrant agrees to furnish supplementally a copy of any omitted schedule to the SEC upon request.

+++ Specific provisions or terms to this Exhibit omitted pursuant to Regulation S-K Item 601(b)(10)(iv) promulgated under the Exchange Act. The Registrant agrees to furnish supplementally a copy of any omitted schedule to the SEC upon request.

§ Filed herewith

# Indicates management contract or compensatory plan or arrangement.

------

**SIGNATURES**

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized**.**

---

| | | |
|:---|:---|:---|
|  | Surf Air Mobility Inc. | Surf Air Mobility Inc. |
| Date: April 30, 2026 | By: | /s/ Deanna White |
|  |  | Deanna White |
|  |  | Chief Executive Officer  |

---

------

## Exhibit 4.1

***Exhibit 4.1***

**DESCRIPTION OF SECURITIES**

*The following is a summary of the material terms of securities of Surf Air Mobility Inc. ("we", "us" and "our") registered under Section 12 of the Securities Act of 1934, as amended (the "Exchange Act"), as of December 31, 2025. The summary does not purport to be complete, and is subject to and qualified its entirety by reference to our amended and restated certificate of incorporation (the "Amended and Restated Certificate of Incorporation") and our amended and restated bylaws (the "Amended and Restated Bylaws"), copies of which have been filed as exhibits to the Annual Report on Form 10-K, and relevant provisions of the Delaware General Corporation Law ("DGCL").*

**General**

Our authorized capital stock consists of 800,000,000 shares of our common stock, $0.0001 par value ("*Common Stock*"), and 50,000,000 shares of undesignated preferred stock, $0.0001 par value.

**Common Stock**

All issued and outstanding shares of our Common Stock are duly authorized, validly issued, fully paid, and non-assessable. All authorized but unissued shares of our Common Stock are available for issuance by our board of directors without any further stockholder action, except as required by the listing standards of the New York Stock Exchange ("NYSE").

The rights, preferences, and privileges of holders of Common Stock are subject to and may be adversely affected by the rights of the holders of shares of any series of preferred stock that we may designate and issue in the future.

*Voting Rights*

Subject to the limitations on foreign ownership described below, holders of record of our Common Stock are entitled to one vote for each share held on all matters to be voted on by stockholders. Unless specified in our Amended and Restated Certificate of Incorporation or Amended and Restated Bylaws, or as required by applicable provisions of the DGCL or applicable stock exchange rules, the affirmative vote of a majority of our shares of our Common Stock that are voted is required to approve any such matter voted on by our stockholders.

Our Amended and Restated Certificate of Incorporation does not provide for cumulative voting for the election of directors.

*Dividend Rights*

Subject to preferences that may be applicable to any then-outstanding preferred stock, holders of our Common Stock are entitled to receive ratably those dividends, if any, as may be declared by our board of directors out of legally available funds. Under Delaware law, we can only pay dividends either out of "surplus" or out of the current or the immediately preceding year's net profits. Surplus is defined as the excess, if any, at any given time, of the net assets of a corporation over its total liabilities and statutory capital. The value of a corporation's assets can be measured in a number of ways and may not necessarily equal their book value.

*Right to Receive Liquidation Distributions*

In the event of our liquidation, dissolution, or winding up, the holders of our Common Stock will be entitled to share ratably in the assets legally available for distribution to stockholders after the payment of or provision for all of our debts and other liabilities, subject to the prior rights of any preferred stock then-outstanding.

------

***Exhibit 4.1***

*Other Matters*

Our Common Stock does not have preemptive rights pursuant to the terms of our Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws. There are no redemption or sinking fund provisions applicable to our Common Stock.

**Preferred Stock**

Our Amended and Restated Certificate of Incorporation provides that shares of preferred stock may be issued from time to time in one or more series. Our board of directors is authorized to fix the voting rights, if any, designations, powers, preferences, the relative, participating, optional or other special rights and any qualifications, limitations and restrictions thereof, applicable to the shares of each series. In addition, our board of directors is able to, without stockholder approval, issue preferred stock with voting and other rights that could adversely affect the voting power and other rights of the holders of our Common Stock and could have anti-takeover effects. The ability of our board of directors to issue preferred stock without stockholder approval could have the effect of delaying, deferring or preventing a change of control of us or the removal of our management.

**Registration Rights**

*GEM*

Pursuant to the terms of the registration rights agreement, dated as of August 26, 2020, that we entered into with GEM Global Yield LLC SCS ("*GEM*") and an affiliated entity, we are required to file a registration statement with respect to securities issued, or that could be issued, and are required to maintain the effectiveness of such registration statement.

The registration rights agreement also provides that, in the event that we propose to register any of our securities under the Securities Act of 1933, as amended (the "*Securities Act*"), either for our own account or for the account of other securityholders, other than (i) on Form S-4, (ii) Form S-8 or (iii) their then equivalents relating to equity securities to be issued solely in connection with any acquisition of any entity or business or equity securities issuable in connection with our employee stock option or other employee benefit plans, GEM will be entitled to certain piggyback registration rights allowing it to include its shares in such registration, subject to certain marketing and other limitations. We will pay the registration expenses, other than underwriting discounts and commissions, of the shares registered by the registrations described above.

In addition, we agreed to file a registration statement with the SEC for the resale by GEM and its affiliates of at least 1,142,857 shares of Common Stock less certain shares of our Common Stock sold by GEM and to use our commercially reasonable efforts to maintain the effectiveness of such registration statement until the date on which all of the shares issuable upon the conversion of the mandatory convertible security issued to GEM have been sold.

A registration statement intended to satisfy such registration requirements was declared effective on August 7, 2024.

*Other Registration Rights*

The following parties are entitled to customary rights with respect to the registration of shares of our Common Stock:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Tuscan Holdings Corp II, with respect to the registration of 90,714 shares of our Common Stock issued to it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•an advisor that received 2,142 shares of our Common Stock in satisfaction for fees owed for services in connection with our acquisition of Southern Airways Corporation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Partners for Growth V, L.P. ("*PFG*") with respect to the registration of 190,476 shares of our Common Stock to be issued to PFG upon a conversion of a senior unsecured convertible promissory note.

A registration statement intended to satisfy such registration requirements was declared effective on September 29, 2023.

Palantir Technologies, Inc. ("Palantir") is entitled to certain customary rights with respect to the registration of shares of Common Stock issued to Palantir in satisfaction of fees owed for services. A registration statement

------

***Exhibit 4.1***

intended to satisfy such registration requirements and was initially declared effective on August 26, 2024. We subsequently agreed to file a registration statement with the SEC for the resale by Palantir of additional shares of Common Stock. A registration statement intended to satisfy such registration requirements and was initially declared effective on November 19, 2025. We paid the registration expenses, other than underwriting discounts and commissions, of the shares registered by such registration statements.

LamVen LLC is entitled to certain customary rights with respect to the registration of shares of Common Stock issuable upon exercise of a warrant dated November 14, 2024, issued to LamVen LLC. A registration statement intended to satisfy such registration requirements was declared effective on May 13, 2025.

The holder of a convertible note we issued on November 12, 2025 is entitled to certain customary rights with respect to the registration of the shares of our Common Stock issuable upon conversion of such note. A registration statement intended to satisfy such registration requirements and was initially declared effective on November 19, 2025.

The following parties are entitled to customary rights with respect to the registration of shares of our common stock:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•LamJam II LLC, with respect to the registration of 408,163 shares of Common Stock purchased by LamJam II LLC in a private placement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Sudhin Shahani, with respect to the registration of 408,163 shares of Common Stock purchased by Sudhin Shahani in a private placement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•LamVen LLC, with respect to the registration of the resale of an aggregate of 911,544 shares of our Common Stock issuable upon exercise of unregistered warrants dated May 22, 2025.

No registration statement intended to satisfy such registration requirements has been filed with the SEC. We have obtained waivers from those parties where we have failed to satisfy such registration requirements.

The following additional parties are entitled to customary rights with respect to the registration of shares of our Common Stock:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•an advisor and a related party of such advisor, with respect to the registration of the resale of an aggregate of 85,941 shares of Common Stock issuable upon exercise of unregistered warrants dated September 25, 2024 and May 8, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•LamVen LLC and Park Lane Investments LLC, with respect to the registration of shares of Common Stock issuable upon exercise of unregistered warrants dated November 12, 2025; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•High Trail Special Situations LLC, with respect to 3,510,638 shares of Common Stock issued in settlement of a cash payment obligation pursuant to a letter agreement dated March 12, 2026.

We currently expect to file a registration statement intended to satisfy such registration requirements by March 17, 2026.

**Certain Foreign Ownership and Anti-Takeover Provisions of Delaware Law and our Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws**

Our Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws provide that at no time shall more than 25.0% of our total voting interest be owned or controlled by persons or entities who are not citizens of the United States ("Non-Citizens"). Our Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws implement this legally-required provision by limiting voting rights of Non-Citizens to Kuzari Investor 94647 LLC and our co-founders, Sudhin Shahani and Liam Fayed, and their respective affiliates (collectively, the "*Permitted Holders*") in the event that Non-Citizens own (beneficially or of record) more than 25.0% of the total voting interest. All other Non-Citizens that own (beneficially or of record) or have voting control over any shares of our capital stock will have their voting rights subject to automatic suspension. The voting rights of the Permitted Holders will be reduced pro rata if their combined ownership percentage exceeds 25.0%. Additionally, our Amended and Restated Bylaws limit the amount of outstanding equity interests held by Non-Citizens who are a resident of a country that is not party to an "open-skies" agreement with the United States to 25.0% and all Non-Citizens collectively to 49.0%.

We are subject to the provisions of Section 203 of the DGCL regulating corporate takeovers. This statute prevents certain Delaware corporations, under certain circumstances, from engaging in a "business combination" with:

------

***Exhibit 4.1***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a stockholder who owns 15% or more our outstanding voting stock (otherwise known as an "interested stockholder");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•an affiliate of an interested stockholder; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•an associate of an interested stockholder for three years following the date that the stockholder became an interested stockholder.

A "business combination" includes a merger or sale of our assets with a market value of 10% or more of the aggregate market value of all of our assets or of all of our outstanding stock. However, the above provisions of Section 203 do not apply if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our board of directors approves the transaction that made the stockholder an "interested stockholder" prior to the date of the transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•after the completion of the transaction that resulted in the stockholder becoming an interested stockholder, that stockholder owned at least 85% of our voting stock outstanding at the time the transaction commenced, other than statutorily excluded shares of our Common Stock; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•on or subsequent to the date of the transaction, the initial business combination is approved by our board of directors and authorized at a meeting of our stockholders, and not by written consent, by an affirmative vote of at least two-thirds of the outstanding voting stock not owned by the interested stockholder.

Under certain circumstances, Section 203 of the DGCL will make it more difficult for a person who would be an "interested stockholder" to effect various business combinations with us for a three-year period. This provision may encourage companies interested in acquiring us to negotiate in advance with our board of directors because the stockholder approval requirement would be avoided if our board of directors approves either the business combination or the transaction that results in the stockholder becoming an interested stockholder. Section 203 of the DGCL also may have the effect of preventing changes in our board of directors and may make it more difficult to accomplish transactions that stockholders may otherwise deem to be in their best interests.

Our Amended and Restated Certificate of Incorporation provides that our board of directors is classified into three classes of directors. As a result, in most circumstances, a person can gain control of our board of directors only by successfully engaging in a proxy contest at two or more annual meetings.

**Authorized But Unissued Shares**

Our authorized but unissued Common Stock and preferred stock are available for future issuances without stockholder approval (including a specified future issuance) and could be utilized for a variety of corporate purposes, including future offerings to raise additional capital, acquisitions, and employee benefit plans. The existence of authorized but unissued and unreserved Common Stock and preferred stock could render more difficult or discourage an attempt to obtain control of us by means of a proxy contest, tender offer, merger, or otherwise.

**Exclusive Forum for Certain Lawsuits**

Although we believe these provisions benefit us by providing increased consistency in the application of Delaware law in the types of lawsuits to which it applies, a court may determine that these provisions are unenforceable, and to the extent they are enforceable, the provisions may have the effect of discouraging lawsuits against our directors and officers, although our stockholders will not be deemed to have waived our compliance with federal securities laws and the rules and regulations thereunder.

**Special Meeting of Stockholders**

------

***Exhibit 4.1***

Our Amended and Restated Bylaws provide that special meetings of our stockholders may be called only by a resolution adopted by our board of directors.

**Advance Notice Requirements for Stockholder Proposals and Director Nominations**

Our Amended and Restated Bylaws provide that stockholders seeking to bring business before our annual meeting of stockholders, or to nominate candidates for election as directors at our annual meeting of stockholders, must provide timely notice of their intent in writing. To be timely, a stockholder's notice will need to be received by the company secretary at our principal executive offices not later than the close of business on the 90<sup>th</sup> day nor earlier than the opening of business on the 120<sup>th</sup> day prior to the anniversary date of the immediately preceding annual meeting of stockholders. Pursuant to Rule 14a-8 of the Exchange Act, proposals seeking inclusion in our annual proxy statement must comply with the notice periods contained therein. Our Amended and Restated Bylaws also specify certain requirements as to the form and content of a stockholders' meeting. These provisions may preclude our stockholders from bringing matters before our annual meeting of stockholders or from making nominations for directors at our annual meeting of stockholders.

**Action by Written Consent**

Any action required or permitted to be taken at any annual and special meeting of stockholders may be taken only upon the vote of stockholders at an annual or special meeting duly noticed and called in accordance of the DGCL and may not be taken by written consent of the stockholders without a meeting.

**Classified Board of Directors**

Our board of directors is divided into three classes, Class A, Class B and Class C, with members of each class serving staggered three-year terms. As a result, in most circumstances, a person can gain control of our board of directors only by successfully engaging in a proxy contest at two or more annual meetings. Our Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws provide that the authorized number of directors may be changed only by resolution of our board of directors. Subject to the terms of any preferred stock, any or all of the directors may be removed from office at any time, but only for cause and only by the affirmative vote of holders of at least 66 2/3% of the voting power of all then outstanding shares of our capital stock entitled to vote generally in the election of directors, voting together as a single class. Any vacancy on our board of directors, including a vacancy resulting from an enlargement of our board of directors, may be filled only by vote of a majority of our directors then in office.

**Limitation of Liability of Directors and Officers**

Our Amended and Restated Certificate of Incorporation provides that, to the fullest extent provided by Delaware law, no director or officer will be personally liable to us or our stockholders for monetary damages for breach of fiduciary duty as a director or officer, as applicable.

**Transfer Agent**

The transfer agent for our Common Stock is Equiniti Trust Company, LLC. The transfer agent's address is 6201 15<sup>th</sup> Avenue, Brooklyn, NY 11219.

**Listing** 

Our Common Stock is currently listed on the NYSE under the symbol "SRFM".

------

## Exhibit 21.1

***Exhibit 21.1***

**LIST OF SUBSIDIARIES OF SURF AIR MOBILITY INC.**

---

| | |
|:---|:---|
| **Name** | **Jurisdiction of Incorporation or Organization** |
| Surf Air Global Limited | British Virgin Islands |
| &nbsp;&nbsp;Surf Air US Holdings, Inc. | Delaware |
| &nbsp;&nbsp;Surf Air Sub 1, Inc. | Delaware |
| &nbsp;&nbsp;Surf On-Demand Inc. | Delaware |
| Payments OS Inc. | Delaware |
| Surf Air Technologies Inc. | Delaware |
| Southern Airways Corporation | Delaware |
| &nbsp;&nbsp;Southern Airways Express LLC | Delaware |
| &nbsp;&nbsp;Southern Airways Pacfic LLC | Delaware |
| &nbsp;&nbsp;Southern Airways Autos LLC | Delaware |

---

------

## Exhibit 31.3

***Exhibit 31.3***

**CERTIFICATION PURSUANT TO**

**RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Deanna White, certify that:

(1)I have reviewed this Annual Report on Form 10-K of Surf Air Mobility Inc.; and

(2)Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

---

| | | |
|:---|:---|:---|
| Date: April 30, 2026 | By: | /s/ Deanna White |
|  |  | **Deanna White**  |
|  |  | **Chief Executive Officer and Principal Executive Officer** |

---

------

## Exhibit 31.4

***Exhibit 31.4***

**CERTIFICATION PURSUANT TO**

**RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Oliver Reeves, certify that:

(1)I have reviewed this Annual Report on Form 10-K of Surf Air Mobility Inc.; and

(2)Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

---

| | | |
|:---|:---|:---|
| Date: April 30, 2026 | By: | /s/ Oliver Reeves |
|  |  | **Oliver Reeves** |
|  |  | **Chief Financial Officer and Principal Accounting Officer** |

---

------