SURF AIR MOBILITY INC. — Form 10-Q

Surf Air amended its advisory services agreement with Carl Albert, effective July 24, 2026, for a one-year term through July 23, 2027. Compensation: $110,000 annual cash retainer, ~$165,000 annual equity grant, and a $791,100 one-time award (or 1,000,000 shares at Albert's election). The one-time award vests 75% within 30 days and 25% by July 24, 2027 (or on termination without cause/due to death/disability). Albert provides board advisory services including strategic initiatives, M&A, governance consultation, and senior recruitment. Additionally, Amendment 5 to GEM Global Yield's Share Purchase Agreement extended the investment period from January 2, 2027 to January 2, 2028, maintaining GEM's ability to purchase shares up to its aggregate limit.