Surf Air Mobility plans new board chairman, advisor role

Surf Air Mobility Inc. reported that Chairman of the Board Carl Albert will not seek re-election at the 2026 Annual Meeting of Shareholders scheduled for July 24, 2026.

Rhea-AI Filing Summary

Surf Air Mobility Inc. reported that Chairman of the Board Carl Albert will not seek re-election at the 2026 Annual Meeting of Shareholders scheduled for July 24, 2026. He will continue to serve as Chairman and director until his current term expires at that meeting, and his decision is stated as not being due to any disagreement with the company.

After the meeting, Albert will become Chairman Emeritus and an advisor to the Board under a new Advisory Services Agreement effective July 24, 2026. For a one-year advisory term, extendable by mutual agreement, he will receive an annual cash fee of $110,000 and annual equity compensation with a grant-date value of approximately $165,000, on terms aligned with non-employee directors.

The agreement also provides a one-time equity award of 1,000,000 common shares, with 750,000 shares granted and fully vested on the effective date and 250,000 shares granted and fully vested on the one-year anniversary, subject to his continued service. The Board has elected Shawn Pelsinger as successor Chairman, effective as of the Annual Meeting.

Insights

Corporate governance analyst

Surf Air Mobility discloses a planned board chair transition with structured advisory compensation.

The company outlines an orderly leadership change as Chairman Carl Albert steps down from the Board after the July 24, 2026 Annual Meeting while remaining involved as Chairman Emeritus and advisor. The filing expressly notes his decision is not due to disagreements, which helps frame this as a planned transition rather than a dispute.

The Advisory Services Agreement compensates Albert with an annual fee of $110,000, equity valued at about $165,000 per year, and a one-time 1,000,000-share grant structured in two fully vested tranches. This concentrates meaningful equity in a non-director role, so future disclosures may clarify how this ongoing influence interacts with the new Chairman, Shawn Pelsinger, once he assumes the role at the Annual Meeting.

8-K Event Classification

Item 9.01 — Financial Statements and Exhibits

1 item

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Advisory annual cash fee: $110,000 per year Annual equity compensation: Approx. $165,000 grant-date value One-time equity award: 1,000,000 shares +4 more

7 metrics

Advisory annual cash fee $110,000 per year Compensation for Carl Albert’s advisory role under Advisory Services Agreement

Annual equity compensation Approx. $165,000 grant-date value Equity awards per year for Carl Albert as advisor, aligned with non-employee directors

One-time equity award 1,000,000 shares Total common shares granted to Carl Albert under Advisory Services Agreement

Initial vested tranche 750,000 shares Fully vested on effective date of Advisory Services Agreement

Second vested tranche 250,000 shares Fully vested on one-year anniversary, subject to continued service

Advisory term length One year Initial term of Carl Albert’s advisory role, extendable by mutual agreement

Annual Meeting date July 24, 2026 Date when Carl Albert’s board term ends and new Chairman takes effect

Key Terms

Chairman Emeritus, Advisory Services Agreement, Annual Meeting of Shareholders, emerging growth company, +1 more

5 terms

Chairman Emeritus financial

"Mr. Albert will transition to the role of Chairman Emeritus and serve as an advisor to the Board"

An honorary title given to a former board chair who has stepped down from daily duties but keeps a formal link to the company; think of it as a respected coach who now mentors the team instead of running practices. For investors, the title signals continuity of experience and potential informal influence on strategy or governance, but it usually does not carry the same legal authority or day-to-day control as an active chair.

Advisory Services Agreement financial

"serve as an advisor to the Board pursuant to an Advisory Services Agreement entered into on May 19, 2026"

Annual Meeting of Shareholders financial

"the Company’s upcoming 2026 Annual Meeting of Shareholders, which is scheduled to be held on July 24, 2026"

A yearly gathering where a company’s owners (shareholders) vote on key items like electing the board, approving executive pay, and ratifying auditors, and receive updates on performance and strategy. Think of it as an annual town hall for owners: it matters to investors because outcomes and disclosures can affect leadership, corporate direction, dividend and governance policies, and therefore the company’s risk and potential return.

emerging growth company regulatory

"Emerging growth company Item 5.02 Departure of Directors or Certain Officers"

An emerging growth company is a recently public or smaller public firm that qualifies for temporary, lighter regulatory and disclosure rules to reduce the cost and effort of being public. For investors, it means the company may provide less historical financial detail and face fewer reporting requirements than larger firms, so it can grow more quickly but also carries higher uncertainty—like buying a promising early-stage product with fewer user reviews.

equity compensation financial

"annual equity compensation with a grant-date value of approximately $165,000 per year"

Equity compensation is pay given to employees, executives or contractors in the form of company ownership—such as stock, stock options or restricted shares—rather than just cash. It matters to investors because it can align workers' incentives with shareholders (like paying someone in slices of the same pie they help grow), but it also increases the number of shares outstanding and company expenses, affecting ownership percentages and earnings per share.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What board leadership change did Surf Air Mobility (SRFM) announce?

Surf Air Mobility disclosed that Chairman Carl Albert will not seek re-election at the July 24, 2026 Annual Meeting. He will remain Chairman until then, after which director Shawn Pelsinger will become the new Chairman of the Board.

Why is Surf Air Mobility’s chairman Carl Albert leaving the board?

Carl Albert informed Surf Air Mobility that he will not seek re-election at the 2026 Annual Meeting. The company states his decision is not due to any disagreement over operations, policies, or practices, indicating an orderly, non-contentious transition.

What is Carl Albert’s new role at Surf Air Mobility (SRFM)?

After the July 24, 2026 Annual Meeting, Carl Albert will serve as Chairman Emeritus and advisor to the Board. His advisory role is governed by a one-year Advisory Services Agreement that can be extended by mutual agreement of the parties.

How will Surf Air Mobility compensate Carl Albert under the Advisory Services Agreement?

Under the Advisory Services Agreement, Carl Albert will receive a yearly cash fee of $110,000 and annual equity compensation with a grant-date value of about $165,000, consistent with non-employee director grants, for his advisory services to the Board.

What equity awards will Carl Albert receive from Surf Air Mobility?

Carl Albert will receive a one-time equity award of 1,000,000 common shares. The award consists of 750,000 fully vested shares on the effective date and 250,000 fully vested shares on the one-year anniversary, subject to his continued advisory service.

Who will become Surf Air Mobility’s new board chairman and when?

The Board elected Shawn Pelsinger as successor Chairman of Surf Air Mobility. His appointment as Chairman becomes effective as of the July 24, 2026 Annual Meeting of Shareholders, when Carl Albert’s current board term ends.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/22/2026 - 04:30 PM Learn about SEC filing dates

0001936224false00019362242026-05-182026-05-18

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): May 18, 2026

SURF AIR MOBILITY INC.

(Exact name of registrant as specified in its charter)

Delaware		001-41759		36-5025592
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

12111 S. Crenshaw Blvd.

Hawthorne, CA 90250

(Address of principal executive offices, including zip code)

Registrant’s telephone number, including area code:

(424) 332-5480

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class:		Trading Symbol(s)		Name of Each Exchange on Which Registered:
Common stock, par value $0.0001 per share		SRFM		New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

On May 18, 2026, Carl Albert, the Chairman of the Board of Directors (the “Board”) of Surf Air Mobility Inc. (the “Company”), notified the Company of his decision not to seek re-election to the Board at the Company’s upcoming 2026 Annual Meeting of Shareholders, which is scheduled to be held on July 24, 2026 (the “Annual Meeting”).

Mr. Albert will continue to serve as Chairman of the Board and as a director of the Company until the Annual Meeting, at which time his current term will expire. Mr. Albert’s decision not to seek re-election is not the result of any disagreement with the Company on any matter relating to the Company’s operations, policies, or practices.

Mr. Albert will transition to the role of Chairman Emeritus and serve as an advisor to the Board pursuant to an Advisory Services Agreement entered into on May 19, 2026, and effective July 24, 2026 (the “Advisory Agreement”). Pursuant to the terms of the Advisory Agreement, Mr. Albert shall serve as an advisor to the Board for a one (1) year period that will commence following completion of the Annual Meeting, provided that the term may be earlier terminated by either party upon 30 days’ prior written notice, or immediately by the Company upon written notice in the event of certain misconduct by the Advisor, and may be extended for an additional one (1) year period by mutual agreement of the parties. In accordance with the Advisory Agreement, in exchange for provision of the advisory services, Mr. Albert will receive an annual fee of $110,000, annual equity compensation with a grant-date value of approximately $165,000 per year, on the same terms, conditions, and vesting schedule as equity compensation grants then in effect for non-employee members of the Board, and a one-time equity award of 1,000,000 shares of the Company’s common stock issuable in two tranches: 750,000 shares to be granted and fully vested on the effective date of the Advisory Services Agreement, and 250,000 shares to be granted and fully vested on the one-year anniversary of the effective date of the Advisory Service Agreement, subject to Mr. Albert’s continued service through such date. The foregoing description of the Advisory Services Agreement does not purport to be complete and is qualified in its entirety by reference to the Advisory Services Agreement, a copy of which is attached hereto as Exhibit 10.1 and incorporated herein by reference.

On May 18, 2026, on the nomination of Mr. Albert, the Board elected Shawn Pelsinger as successor Chairman of the Board, effective as of the date of the Annual Meeting.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

Exhibit Number		Exhibit Title or Description
10.1		Advisory Services Agreement dated May 19, 2026, but effective as of July 24, 2026
104		Cover Page Interactive Data File (embedded within the Inline XBRL)

1

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.

	SURF AIR MOBILITY INC.
Date: May 22, 2026	By:	/s/ Deanna White
	Name:	Deanna White
	Title:	Chief Executive Officer

2

Filing Exhibits & Attachments

2 documents

Agreements & Contracts

• EX-10.1 EX-10.1 85.6 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA WITH EMBEDDED LINKBASES DOCUMENT 60.1 KB