Surf Air Mobility Grants Inducement Awards to New CFO and SurfOS President
Surf Air Mobility has announced a series of employment inducement awards for two newly appointed executives as the company continues to strengthen its leadership team and advance its air mobility and SurfOS businesses.The Los Angeles-based company, which operates as an air mobility platform, said the awards were granted in accordance with the employment inducement exemption under New York Stock Exchange (NYSE) Listed Company Manual Rule 303A.08. The company disclosed the awards in a press release as required under the exchange’s listing rules.The awards were approved by Surf Air Mobility’s Compensation Committee and issued under the company’s 2026 Employment Inducement Incentive Award Plan.
Awards Granted to New Chief Financial Officer
On October 2, 2026, Surf Air Mobility granted a package of equity and performance-based awards to Jason Secore following the start of his employment as Chief Financial Officer.Secore began serving as the company’s CFO on September 30, 2026. His inducement award package includes restricted stock units (RSUs) and performance-based restricted stock units (PRSUs), with the awards structured around both time-based vesting and the achievement of specified performance targets.
The first portion of Secore’s award consists of 260,000 RSUs. Under the terms announced by Surf Air Mobility, 25% of these RSUs vested immediately upon the grant. The remaining 75% is scheduled to vest over a three-year period.The structure provides an immediate equity component while also linking the remaining portion of the award to continued employment over the applicable vesting period.
Secore also received 260,000 performance-based restricted stock units. Under this award, 25% of the PRSUs will vest after the Compensation Committee approves the achievement of applicable performance targets. The remaining 75% will vest over three years, subject to the applicable conditions.A further 270,000 PRSUs were granted to Secore. These awards are designed entirely around performance, with 100% of the units scheduled to vest following approval of the achievement of the applicable performance targets.The combination of RSUs and PRSUs gives the CFO’s overall inducement package both time-based and performance-based components.
SurfOS President Receives Performance-Based Awards
Surf Air Mobility also announced an inducement award package for Barrett Brown, who began employment with the company on September 30, 2026 as President of SurfOS.Brown’s awards are heavily focused on the performance and growth of the SurfOS business. The company granted him several groups of PRSUs tied to financial, operational and business-development objectives.
The first award consists of 1,000,000 PRSUs that are subject to the achievement of specified annual recurring revenue (ARR) levels for SurfOS. The applicable ARR targets range from $30 million to $50 million.Annual recurring revenue is a commonly used business metric for companies with recurring revenue models. In this case, the award structure connects a portion of Brown’s equity compensation directly to the growth of the SurfOS business and its ability to reach defined revenue targets.
Brown also received 500,000 PRSUs that will vest upon the achievement of specified financial and operational milestones and metrics for SurfOS.A third award consists of 1,000,000 PRSUs. These units are tied to additional milestones that can be achieved if SurfOS performance exceeds the $50 million ARR target specified in the award structure.Together, Brown’s awards are designed around measurable business objectives rather than simply the passage of time. The performance-based structure establishes several potential vesting conditions connected to the development and performance of SurfOS.
Awards Issued Under NYSE Rule 303A.08
Surf Air Mobility said the awards were issued pursuant to the employment inducement exemption contained in NYSE Listed Company Manual Rule 303A.08.The rule provides a framework under which certain equity awards can be granted to individuals as an inducement to enter employment with a company without being subject to the shareholder-approval requirement that generally applies to equity compensation plans under the NYSE’s listing standards, subject to the applicable conditions.
Surf Air Mobility said the awards were granted as employment inducement awards under its 2026 Employment Inducement Incentive Award Plan.The company is also required to publicly disclose the grants under the applicable NYSE requirements, which is the reason for the announcement.
Compensation Linked to Performance
A significant feature of the awards announced by Surf Air Mobility is the emphasis on performance-based compensation.For Secore, part of the award is linked to the achievement of performance targets, while another portion is subject to a combination of performance approval and a multi-year vesting schedule.For Brown, the awards are more directly connected to SurfOS business objectives. These include annual recurring revenue targets as well as financial and operational milestones.
Performance-based equity compensation is commonly structured to connect executive incentives with specific corporate objectives. In Surf Air Mobility’s case, the newly announced awards include several measurable conditions that must be satisfied before the relevant PRSUs vest.The company said achievement of the applicable performance milestones will be reviewed by the Compensation Committee on a quarterly basis.
Role of the Compensation Committee
Surf Air Mobility’s Compensation Committee approved the awards before they were granted.The committee will also play an ongoing role in evaluating the achievement of the applicable performance conditions. According to the company, performance milestones will be reviewed quarterly.
This review process is particularly relevant for the PRSUs awarded to both executives because vesting depends, in whole or in part, on whether defined targets and milestones have been achieved.For Secore, the review process applies to the performance targets connected to his PRSU awards. For Brown, the committee’s review will cover the ARR objectives and the financial and operational milestones associated with his SurfOS awards.
Strengthening Executive Leadership
The appointments of Secore and Brown add new senior leadership roles at Surf Air Mobility.Secore’s appointment as Chief Financial Officer places him in charge of the company’s financial leadership as he begins his tenure with the organization. The inducement awards provide a combination of immediate and longer-term equity exposure, along with additional performance-linked incentives.
Brown’s appointment as President of SurfOS places him in a leadership position focused on the SurfOS business. His compensation package contains several performance-based components tied specifically to the business’s financial and operational development.The structure of Brown’s awards places particular emphasis on ARR growth. The targets range from $30 million to $50 million, while an additional award provides for milestones associated with performance exceeding the $50 million ARR level.
Focus on SurfOS Growth
The award package for Brown highlights Surf Air Mobility’s focus on developing SurfOS and expanding its recurring-revenue business.The company has tied the three groups of PRSUs to different aspects of SurfOS performance. One is based on ARR levels, another on financial and operational metrics, and the third on milestones associated with performance above the $50 million ARR target.
Because the awards are performance-based, the relevant units do not simply vest based on the amount of time Brown remains employed. The specified performance requirements must be satisfied in accordance with the terms of the awards.This creates multiple performance conditions across the SurfOS award package and gives the Compensation Committee an ongoing role in determining whether the applicable targets have been achieved.
Details of the Executive Awards
The awards announced by Surf Air Mobility can be summarized as follows:
Jason Secore, Chief Financial Officer
- 260,000 RSUs, with 25% vesting immediately and the remaining 75% vesting over three years.
- 260,000 PRSUs, with 25% vesting following approval of the achievement of performance targets and the remaining 75% vesting over three years.
- 270,000 PRSUs, with 100% vesting following approval of the achievement of performance targets.
Barrett Brown, President of SurfOS
- 1,000,000 PRSUs tied to SurfOS ARR targets ranging from $30 million to $50 million.
- 500,000 PRSUs tied to financial and operational milestones and metrics for SurfOS.
- 1,000,000 PRSUs tied to specified milestones if SurfOS performance exceeds the $50 million ARR target.
The awards were granted on October 2, 2026, in connection with both executives beginning their employment on September 30, 2026.
Corporate Disclosure
Surf Air Mobility’s announcement is primarily a corporate and executive compensation disclosure rather than an announcement concerning a new aircraft, route, transportation service or operational expansion.The company issued the release to disclose the inducement awards and provide details about the equity compensation granted to its two new executives. The announcement also identifies the NYSE rule under which the awards were issued and describes the performance conditions attached to the PRSUs.
The company’s Compensation Committee approved the awards under the 2026 Employment Inducement Incentive Award Plan. The quarterly review of performance milestones will determine whether the relevant conditions for the performance-based awards have been satisfied.With the appointments of Jason Secore as Chief Financial Officer and Barrett Brown as President of SurfOS, Surf Air Mobility has introduced new senior executives whose compensation packages include significant performance-linked equity awards. Secore’s package combines restricted stock units with performance-based awards, while Brown’s package places substantial emphasis on SurfOS revenue, financial and operational milestones.The October 2 announcement therefore provides details of both the company’s executive appointments and the equity incentives associated with those appointments, while meeting the disclosure requirements connected with the NYSE employment inducement exemption.
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.