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Surf Air Board Member Gets Immediate Access to $1M+ in Company Stock

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

Surf Air Mobility director John J. D'Agostino reported two significant restricted stock unit (RSU) acquisitions on June 26, 2025:

  • 62,857 RSUs granted and fully vested immediately upon issuance at $0 cost basis
  • 33,724 RSUs granted with vesting conditions, exercisable upon either the first anniversary of grant or day before the next annual stockholder meeting

Following these transactions, D'Agostino's total direct beneficial ownership increased to 117,569 shares. The filing notes a previous 1-for-7 reverse stock split executed on August 19, 2024, which is reflected in the reported share counts. The Form 4 was filed through an attorney-in-fact, Douglas Sugimoto, on June 27, 2025.

Positive

  • Director John D'Agostino received 62,857 fully vested RSUs and 33,724 additional RSUs, demonstrating significant equity-based compensation and alignment with shareholder interests

Negative

  • None.
Insider D'AGOSTINO JOHN J.
Role Director
Type Security Shares Price Value
Grant/Award Common Stock 62,857 $0.00 --
Grant/Award Common Stock 33,724 $0.00 --
Holdings After Transaction: Common Stock — 83,845 shares (Direct)
Footnotes (1)
  1. Represents restricted stock units ("RSUs"). Each RSU represents a contingent right to receive, upon vesting of the RSU, one share of the Issuer's common stock. The RSUs were fully vested as of the grant date. On August 19, 2024, the Issuer effected a 1-for-7 reverse stock split, which is reflected in the Reporting's Person's number of securities beneficially owned reported in this filing. Represents RSUs. Each RSU represents a contingent right to receive, upon vesting of the RSU, one share of the Issuer's common stock. The RSUs will vest in full on the first to occur of (i) the first anniversary of the date of grant, or (ii) on the day immediately preceding the first annual meeting of stockholders to occur after the date of grant, subject to the Reporting Person's continued service to the Issuer.
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Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number: 3235-0287
Estimated average burden
hours per response: 0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
D'AGOSTINO JOHN J.
(Last) (First) (Middle)
12111 S. CRENSHAW BLVD.
(Street)
HAWTHORNE CA 90250
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
SURF AIR MOBILITY INC. [ SRFM ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
X Director 10% Owner
Officer (give title below) Other (specify below)
3. Date of Earliest Transaction (Month/Day/Year)
06/26/2025
4. If Amendment, Date of Original Filed (Month/Day/Year)
 6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 06/26/2025 A 62,857(1) A $0 83,845(2) D
Common Stock 06/26/2025 A 33,724(3) A $0 117,569 D
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Explanation of Responses:
1. Represents restricted stock units ("RSUs"). Each RSU represents a contingent right to receive, upon vesting of the RSU, one share of the Issuer's common stock. The RSUs were fully vested as of the grant date.
2. On August 19, 2024, the Issuer effected a 1-for-7 reverse stock split, which is reflected in the Reporting's Person's number of securities beneficially owned reported in this filing.
3. Represents RSUs. Each RSU represents a contingent right to receive, upon vesting of the RSU, one share of the Issuer's common stock. The RSUs will vest in full on the first to occur of (i) the first anniversary of the date of grant, or (ii) on the day immediately preceding the first annual meeting of stockholders to occur after the date of grant, subject to the Reporting Person's continued service to the Issuer.
Remarks:
Exhibit 24.1
/s/ Douglas Sugimoto, as attorney-in-fact for John D'Agostino 06/27/2025
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

Source: View Original Filing on SEC EDGAR

FAQ

How many SRFM shares did Director John D'Agostino acquire on June 26, 2025?

Director John D'Agostino acquired a total of 96,581 shares of SRFM common stock on June 26, 2025, consisting of 62,857 fully vested RSUs and 33,724 RSUs that vest over time.

What is the vesting schedule for SRFM Director D'Agostino's 33,724 RSU grant?

The 33,724 RSUs will vest in full upon the earlier of: (i) the first anniversary of the grant date (June 26, 2026), or (ii) the day immediately preceding the first annual meeting of stockholders after the grant date, subject to D'Agostino's continued service.

How many SRFM shares does John D'Agostino own after the June 26, 2025 grants?

Following the RSU grants, John D'Agostino beneficially owns 117,569 shares of SRFM common stock directly. This number reflects the company's 1-for-7 reverse stock split that occurred on August 19, 2024.

What was the purchase price for SRFM Director D'Agostino's RSU grants?

Director D'Agostino received both RSU grants at a price of $0, as they were granted as part of his compensation as a board member. The grants included 62,857 immediately vested RSUs and 33,724 time-vesting RSUs.