Surf Air Mobility Grants Director Major Equity Stake Following Reverse Split

Rhea-AI Filing Summary

Surf Air Mobility director Edward A. Mady received two grants of restricted stock units (RSUs) on June 26, 2025:

• 62,857 RSUs that were fully vested upon grant, converting immediately to common stock
• 33,724 RSUs that vest on the earlier of the first anniversary of grant or the day before the next annual stockholder meeting, subject to continued service

Following these transactions, Mady directly owns 123,314 shares of common stock. The filing notes that a 1-for-7 reverse stock split occurred on August 19, 2024, which is reflected in the reported share counts. All RSUs convert to common stock on a 1-for-1 basis upon vesting, and were granted at $0 exercise price.

Positive

• Director Edward Mady received 62,857 fully vested RSUs and 33,724 additional RSUs, demonstrating significant equity-based compensation and alignment with shareholder interests
• Total director ownership increased to 123,314 shares after the transactions

Negative

• None.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Mady Edward A.

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 — 89,590 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^*

Mady Edward A.

(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	89,590(2)	D
Common Stock	06/26/2025		A		33,724(3)	A	$0	123,314	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 Edward Mady	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.

FAQ

How many SRFM shares did Director Edward Mady acquire on June 26, 2025?

Director Edward Mady acquired a total of 96,581 shares through two RSU grants on June 26, 2025: 62,857 fully vested RSUs and 33,724 RSUs that vest over one year.

What is the vesting schedule for Edward Mady's new SRFM 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 continued service.

How many SRFM shares does Edward Mady own after the June 26, 2025 transactions?

Following the reported transactions, Edward Mady directly owns 123,314 shares of SRFM common stock.

Did SRFM undergo any stock splits that affected share counts in this Form 4?

Yes, SRFM completed a 1-for-7 reverse stock split on August 19, 2024, which is reflected in the reported share numbers in this Form 4 filing.

What was the purchase price for SRFM shares acquired by Edward Mady?

The shares were acquired at $0 cost through RSU grants as part of director compensation, not through open market purchases.