LOS ANGELES--(BUSINESS WIRE)--Surf Air Mobility Inc. (“Surf Air Mobility” or the “Company”) (NYSE: SRFM), a leading air mobility platform, today announced that it granted inducement awards to two new employees in reliance on the employment inducement exemption under the NYSE's Listed Company Manual Rule 303A.08. The Company is issuing this press release pursuant to the requirements of that rule.
On October 2, 2026, the Company granted awards to Jason Secore in connection with Mr. Secore’s commencement of employment on September 30, 2026 as Chief Financial Officer, consisting of (i) 260,000 restricted stock units (“RSUs”), of which 25% vested immediately, and the remaining 75% will vest over three (3) years, (ii) 260,000 performance-based restricted stock units (“PRSUs”), with 25% vesting following approval of the achievement of performance targets and the remaining 75% will vest over three (3) years, and (iii) 270,000 PRSUs, with 100% vesting following approval of the achievement of performance targets.
In addition, on October 2, 2026, the Company granted awards to Barrett Brown in connection with Mr. Brown’s commencement of employment on September 30, 2026 as President of SurfOS, consisting of (i) 1,000,000 PRSUs which vest if certain target annual recurring revenue (“ARR”) levels for the SurfOS business between $30,000,000 and $50,000,000 are met, (ii) 500,000 PRSUs which vest upon achievement of financial and operational milestones and metrics for the SurfOS business and (iii) 1,000,000 PRSUs which vest upon achievement of certain milestones if the SurfOS business performance exceeds the ARR target of $50,000,000.
The awards were approved by the Compensation Committee of the Company’s Board of Directors and were granted under the Surf Air Mobility 2026 Employment Inducement Incentive Award Plan as employment inducement awards pursuant to New York Stock Exchange Rule 303A.08. Achievement of performance milestones is subject to review by the Compensation Committee on a quarterly basis.
About Surf Air Mobility
Surf Air Mobility is a Los Angeles-based air mobility platform. With its AI-enabled SurfOS software, Surf Air Mobility provides technology designed to support the modernization of air operations and the adoption of next-generation aircraft. The Company currently operates one of the largest commuter airlines in the United States by scheduled departures and provides private charter services. Together, these businesses provide the operational scale and real-world operating data to validate and deploy its software. These capabilities position Surf Air Mobility as a leader shaping a more efficient, connected, and accessible future for aviation.
Forward-Looking Statements
This Press Release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding Surf Air Mobility’s profitability and future financial results, its ability to achieve its business objectives, the vesting of the inducement awards, the achievement of the performance targets and milestones described in this release, and the growth of the SurfOS business, including its annual recurring revenue. The performance targets and milestones described above, including the ARR levels for the SurfOS business, were established solely for purposes of the Company’s compensation arrangements. They are not, and should not be read as, projections, forecasts or guidance regarding the Company’s or the SurfOS business’ expected financial or operating results, and there can be no assurance that any of these targets or milestones will be achieved. Readers of this release should be aware of the speculative nature of forward-looking statements. These statements are based on the beliefs of the Company’s management as well as assumptions made by and information currently available to the Company and reflect the Company’s current views concerning future events. As such, they are subject to risks and uncertainties that could cause actual results or events to differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, among many others: Surf Air Mobility’s ability to anticipate the future needs of the air mobility market; Surf Air Mobility’s future ability to pay contractual obligations and liquidity will depend on operating performance, cash flow and ability to secure adequate financing; the dependence on third-party partners and suppliers for the components and collaboration in Surf Air Mobility’s development of its advanced air mobility software platform, and any interruptions, disagreements or delays with those partners and suppliers; the inability to execute business objectives and growth strategies successfully or sustain Surf Air Mobility’s growth; the inability of Surf Air Mobility’s customers to pay for Surf Air Mobility’s services; the inability of Surf Air Mobility to obtain additional financing or access the capital markets to fund its ongoing operations on acceptable terms and conditions; the outcome of any legal proceedings that might be instituted against Surf Air Mobility, the risks associated with Surf Air Mobility’s obligations to comply with applicable laws, government regulations and rules and standards of the New York Stock Exchange; and general economic conditions. These and other risks are discussed in detail in the periodic reports that the Company files with the SEC, and investors are urged to review those periodic reports and the Company’s other filings with the SEC, which are accessible on the SEC’s website at www.sec.gov, before making an investment decision. The Company assumes no obligation to update its forward-looking statements except as required by law.
Contacts
Surf Air Mobility Media Contacts
Press: press@surfair.com
Investors: investors@surfair.com
