Surf Air Mobility Appoints New CFO; Transition Plan and Severance Terms

What Happened

• Surf Air Mobility (SRFM) announced that Jason Secore will become Chief Financial Officer effective September 30, 2026, replacing Oliver Reeves. Mr. Secore’s employment agreement has an initial two-year term (auto-extended by one-year periods unless declined), a $450,000 base salary, and a target annual bonus equal to 100% of base salary.
• The company and Mr. Reeves agreed that he will resign as CFO effective September 30, 2026, will serve as an advisor to the company and Board for one year, and will receive specified cash, equity and benefit payments subject to a mutual release.

Key Details

• Compensation for Jason Secore: $450,000 base salary; target bonus = 100% of salary; reimbursement of up to $5,000 in legal fees; standard executive indemnification agreement.
• Equity for Secore: 260,000 RSUs (25% vest at the effective date, remainder vesting 25% annually over three years), 260,000 PRSUs (25% vest on performance approval, remainder vesting 25% annually over three years), and 270,000 PRSUs (100% vest on achievement of performance targets).
• Severance and benefits for Secore: if terminated without cause or for good reason, 12 months of base salary (paid in installments), COBRA premiums up to 18 months, payment of earned or prorated bonuses for applicable fiscal years, and accelerated vesting of time-based awards. Enhanced full vesting of performance-based awards applies if termination occurs within certain windows around a change in control. Payment is conditioned on a release and post-termination covenants (including 12-month non-solicitation).
• Separation terms for Oliver Reeves: $650,000 cash (paid bi-weekly over 12 months starting 60 days after the effective date), COBRA premiums up to 18 months, a one-time fully vested stock award valued at $732,329 (converted to shares using a post-quarter earnings release stock price), acceleration of outstanding equity awards as of the effective date, and a one-year advisory agreement at $240,000 annually (paid monthly). These are subject to a mutual release and any rescission periods.

Why It Matters

• Leadership change: The company designated a new CFO and Principal Financial/Accounting Officer, which is a material executive leadership change that investors watch for financial strategy and reporting continuity.
• Financial impact: The disclosed compensation, severance, advisory fee and equity awards create known cash and equity obligations (specific dollar amounts and share award sizes disclosed). Reeves’ severance and equity acceleration and Secore’s grants and potential severance protections could affect near-term compensation expense and share-based dilution disclosed in future filings.
• Transition risk/mitigation: Reeves will remain available as an advisor through a one-year arrangement and Secore’s severance/vesting provisions aim to provide retention and alignment; investors should monitor subsequent filings (proxy, Form 10-Q/10-K) for detailed expense, dilution, and any further governance updates.