Business context and reporting period
Surf Air Mobility Inc. filed this Form 8-K on September 28, 2026, reporting a CFO transition effective September 30, 2026. Jason Secore will become CFO and principal financial and accounting officer, replacing Oliver Reeves, who has held the CFO role since January 1, 2024. Reeves will advise the company and its board for one year.
Financial metrics and material changes
This filing reports no revenue, profit, cash flow, margins, debt, liquidity, or other operating results. It provides no comparable-period financial data. It is a leadership and compensation disclosure, not an earnings report.
- Secore’s initial annual base salary is $450,000, with a discretionary annual bonus targeted at 100% of base salary.
- Secore will receive 260,000 RSUs, 260,000 performance-based RSUs, and an additional 270,000 performance-based RSUs, subject to the disclosed vesting conditions and performance targets.
- For termination without cause or resignation for good reason, Secore’s agreement provides for 12 months of base-salary severance, up to 18 months of COBRA premiums, specified bonus payments, and accelerated vesting of time-based awards. Certain qualifying terminations around a change in control also accelerate performance-based awards.
- Reeves is to receive $650,000 in cash severance over 12 months, up to 18 months of COBRA premiums, a fully vested stock award valued at $732,329, and acceleration of all outstanding equity awards. These payments and vesting are subject to a mutual release and expiration of applicable rescission periods.
- Reeves will receive an annual advisory fee of $240,000, paid in 12 monthly installments.
Outlook, contingencies, and unusual items
The filing provides no business or financial guidance. Secore’s performance-based equity depends on targets set by the board or a committee. Reeves’s stock award share count will be based on the closing share price following the company’s September 30, 2026 quarter earnings release; the filing does not state the number of shares. The disclosed severance, equity acceleration, and advisory fee are notable transition-related commitments. Secore’s severance is subject to a release and ongoing compliance with specified covenants; Reeves’s payments are also release-conditioned.
Important facts for investors to verify
- Confirm Secore’s appointment and the effective date of September 30, 2026.
- Review the full employment agreement and the performance targets and vesting terms for Secore’s equity awards.
- Confirm the final number of shares granted to Reeves and the completion of release conditions.
- Assess the transition-related compensation and advisory costs in future financial disclosures.
- Review subsequent filings for any changes to management, compensation arrangements, or financial outlook.