UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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Emerging growth company
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Item 8.01. Other Events.
Surf Air Mobility Inc's. (the “Company”) Southern management incentive bonus plan (the “Southern MIP”) provides for two tranches of awards totaling up to $40 million in each, or up to $80 million in the aggregate, based on achievement of qualifying revenue targets during the 15 month period following the Company’s acquisition of Southern Airways Corporation (the "Tranche 1 Period") and a subsequent 12-month period. On December 6, 2024 an ad hoc committee of the Company's board of directors, acting as “Administrator” under the Southern MIP, determined that the targets set for the Tranche 1 Period were not met, and no payment for the first tranche is due. Prior to this determination, 58% (potentially equivalent to up to $46.4 million) of those eligible for awards under the Incentive Bonus Plan elected to exchange their potential awards for both tranches for a one time equity grant of restricted stock units issued under the Company’s 2023 equity incentive plan. Accordingly, only 42% (potentially equivalent to up to $16.8 million) of the second tranche of the Southern MIP remains achievable to participants and only if all remaining conditions and targets are met.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.
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SURF AIR MOBILITY INC. |
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Date: December 12, 2024 |
By: |
/s/ Deanna White |
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Name: |
Deanna White |
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Title: |
Chief Executive Officer |
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