On this page of StockholderLetter.com we present the latest annual shareholder letter from SURF AIR MOBILITY INC. — ticker symbol SRFM. Reading current and past SRFM letters to shareholders can bring important insights into the investment thesis.

 •  5/13/2025 Letter Continued (Full PDF)
 •  4/30/2024 SRFM Stockholder Letter
 •  More "Airlines" Category Stockholder Letters
 •  SRFM Benford's Law Stock Score = 100

SRFM Shareholder/Stockholder Letter Transcript:

To Our Stockholders
Notice of Annual
Meeting of
Stockholders
Date:
HOW TO PARTICIPATE:
Our annual meeting will be a completely virtual meeting of stockholders. To participate, vote or submit
questions during the annual meeting via live webcast, please visit:
www.virtualshareholdermeeting.com/SRFM2025. You will not be able to attend the annual meeting in
person.
Thursday, June 26, 2025
ITEMS OF BUSINESS:
Time:
9:00 a.m. Pacific Time

1
Elect the three Class B directors named in the accompanying Proxy Statement to
serve until the Company   s 2028 annual meeting of stockholders and until their
respective successors are duly elected and qualified;

2
Ratify the appointment of PricewaterhouseCoopers LLP as the Company   s
independent registered public accounting firm for the year ending December 31,
2025;
3
Approve an amendment to our Amended and Restated Certificate of Incorporation to
effect a reverse stock split of our common stock at a reverse stock split ratio ranging
from 2:1 to 5:1, inclusive;

4
Approve the Surf Air Mobility Inc. Amended and Restated 2023 Equity Incentive Plan;
and

5
Transact such other business as may properly come before the meeting or any
postponements or adjournments thereof.
Place:
The Annual Meeting will be
hosted via live webcast on
the Internet at
www.virtualshareholder
meeting.com/SRFM2025.
YOUR VOTE IS
IMPORTANT
Your vote is important to
us. Whether or not you
expect to attend the
annual meeting via live
webcast, please submit a
proxy or voting
instructions as soon as
possible to instruct how
your shares are to be
voted at the annual
meeting. If you participate
in and vote your shares at
the annual meeting, your
proxy will not be used.
WHO MAY VOTE:
Stockholders of record at the close of business on April 28, 2025.
STOCKHOLDER LIST:
A complete list of stockholders of record of our common stock entitled to vote at the annual
meeting will be maintained in our principal executive offices at 12111 Crenshaw Boulevard,
Hawthorne, California 90250 for ten days prior to the annual meeting and will be accessible
during the meeting at www.virtualshareholdermeeting.com/SRFM2025.
By Order of the Board of Directors,
Deanna White
Chief Executive Officer and Chief Operating Officer
May 13, 2025


Table of Contents
Notice of Annual Meeting of Stockholders
Important Notice Regarding Proxy Materials. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
Meeting Information    . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
Proposal 1     Election of Directors. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
Corporate Governance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
Director Compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
Executive Officers of the Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
Executive Compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
Summary Compensation Table - Fiscal Years 2023-2024. . . . . . . . . . . . . . . . . . . . . . 18
Outstanding Equity Awards as of December 31, 2024 . . . . . . . . . . . . . . . . . . . . . . . . 19
2024 Equity Awards . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
Executive Employment and Severance Agreements . . . . . . . . . . . . . . . . . . . . . . . . . . 20
Defined Contribution Plans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22
Security Ownership of Certain Beneficial Owners and Management . . . . . . . . . . . . . 24
Equity Incentive Plan Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26
Report of Audit Committee. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27
Proposal 2     Ratification of Independent Registered Public Accounting Firm . . . . . 28   
Proposal 3     Approval of a Reverse Stock Split . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30
Proposal 4     Approval of the Surf Air Mobility Inc. Amended and Restated 2023
Equity Incentive Plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39
Transactions with Related Persons . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48   
Delinquent Section 16(a) Reports. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53
Proposals of Stockholders and Director Nominations for 2026 Annual Meeting . . . 54
Other Matters . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55
Annual Report to Stockholders. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55
Questions and Answers About the Proxy Materials and Annual Meeting . . . . . . . . . 56
Appendix A: Certificate of Amendment to Effect Reverse Stock Split . . . . . . . . . . . . A-1
Appendix B: Surf Air Mobility Inc. Amended and Restated 2023 Equity Incentive
Plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . B-1


Proxy Statement
Annual Meeting of Stockholders To Be Held June 26, 2025
Our Board of Directors is soliciting your proxy for the 2025 Annual Meeting of Stockholders (the       Annual Meeting      ) to be held on
Thursday, June 26, 2025 at 9:00 a.m. Pacific Time, and at any and all postponements or adjournments of the Annual Meeting, for
the purposes set forth in the Notice of Annual Meeting of Stockholders accompanying this Proxy Statement. This Proxy Statement
and proxy materials are first being made available to stockholders on May 13, 2025.
We will be hosting the Annual Meeting via live webcast on the Internet. Any stockholder as of the Record Date can listen to and
participate in the Annual Meeting live via the Internet at www.virtualshareholdermeeting.com/SRFM2025. Stockholders may vote
and ask questions while connected to the Annual Meeting on the Internet.
You will not be able to attend the Annual Meeting in person.
Unless the context otherwise requires, references in this Proxy Statement to       Company,             we,             our,             us,       and similar terms refer
to Surf Air Mobility Inc., a Delaware corporation.
Important notice regarding the availability of proxy materials for the stockholder meeting to be held on June 26, 2025:
The Notice of Annual Meeting, our Proxy Statement and our Annual Report to Stockholders are available at www.proxyvote.com.
Surf Air Mobility Inc.
1
2025 Proxy Statement



 5/13/2025 Letter Continued (Full PDF)