Deanna White
About Deanna White
Deanna White (age 59) is Surf Air Mobility’s Chief Executive Officer and Chief Operating Officer, appointed December 4, 2024 after serving as Interim CEO/COO since May 2024; she previously served as CFO of Surf Air Mobility (Jul 2023–Dec 2023) and CFO of Surf Air Global Limited (May 2022–Jul 2023). She holds a BS in Accounting (University of Tampa) and an MBA and MA in Cybersecurity (University of Dallas) . Under her leadership, Q3 2025 revenue was $29.2M (beat guidance), sequential revenue grew 6% and YoY grew 3%, airline operations achieved a second consecutive quarter of positive Adjusted EBITDA, and full-year revenue guidance was raised to at least $105M, alongside a $100M strategic transaction and a 5-year Palantir agreement expanding exclusivity in Part 135 regional air mobility software .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Surf Air Mobility (SRFM) | Chief Executive Officer & Chief Operating Officer | Dec 2024–present | Leads execution of Transformation Plan; airline operations achieved positive Adjusted EBITDA in consecutive quarters; raised FY revenue guidance |
| Surf Air Mobility (SRFM) | Interim CEO & COO | May 2024–Dec 2024 | Transition leadership; employment agreement established (May 15, 2024 effective) |
| Surf Air Mobility (SRFM) | Chief Financial Officer | Jul 2023–Dec 2023 | Finance leadership post-listing transition |
| Surf Air Global Limited (subsidiary) | Chief Financial Officer | May 2022–Jul 2023 | Finance leadership at subsidiary pre/post listing |
| Surf Air Global Limited (subsidiary) | Chief Administrative Officer | Jan 2021–May 2022 | Led administrative functions at subsidiary |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Kitty Hawk/Cora (eVTOL) | Chief Operating Officer | Dec 2017–Oct 2019 | Led business operations and commercialization of R&D eVTOL program (sold to Boeing, rebranded Wisk Aero) |
| Bombardier Flexjet | Chief Financial Officer and Chief Executive Officer | Oct 2005–Mar 2015 | Senior leadership; Flexjet ultimately sold to Directional Aviation Capital |
Fixed Compensation
| Metric | 2023 | 2024 | 2025 (current terms) |
|---|---|---|---|
| Base Salary ($) | $579,723 (actual paid) | $650,000 (actual paid) | $550,000 (per amended CEO/COO agreement effective Jan 1, 2025) |
| Target Bonus | 200% of base salary (CFO agreement) | 200% of base salary (initial CEO/COO agreement) | Two times the sum of annual salary plus $150,000 (formula) |
| Guaranteed Bonus | — | — | $150,000 per year guaranteed |
| Actual Bonus Paid ($) | $545,834 | $0 (no discretionary bonuses awarded to NEOs for 2024) | Not disclosed |
Performance Compensation
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Annual Cash Incentive | Plan Year | Metric Design | Target | Actual | Payout | Vesting | |---|---|---|---|---|---| | 2024 | Discretionary (no specific metrics disclosed) | N/A | N/A | $0 (no discretionary bonuses awarded) | N/A |
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Equity Awards (Options) | Grant | Shares | Exercise Price | Grant Date | Vesting Schedule | Grant Date Fair Value | |---|---:|---:|---|---|---:| | Stock Option | 157,143 | $6.17 | Apr 3, 2024 | 25% vested at grant; remaining 75% vest over 3 years | $141,481 (Item 402(x) disclosure) | | Stock Option | 125,151 | $2.63 | Jun 25, 2024 | Vests in three equal installments on May 15, 2025/2026/2027 | $182,666 (Item 402(x) disclosure) |
Equity Ownership & Alignment
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Policies and guidelines
- Pledging and hedging of company stock are prohibited for insiders .
- CEO stock ownership guideline: 5x base salary; executives have either met requirements or have time remaining to comply as of Apr 1, 2025 .
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Beneficial Ownership (as of Apr 28, 2025) | Holder | Shares Beneficially Owned | % Outstanding | |---|---:|---:| | Deanna White | 224,999 | 1% |
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Outstanding Equity Awards (as of Dec 31, 2024) | Instrument | Exercisable | Unexercisable | Exercise Price | Expiration | Notes | |---|---:|---:|---:|---|---| | Stock Options | 41,925 | — | $3.68 | Mar 1, 2032 | Legacy grant | | Stock Options | 40,761 | 1,164 | $40.08 | Nov 12, 2032 | Vests monthly over 3 years from Jan 1, 2022 | | Stock Options (Apr 3, 2024 grant) | 39,286 | 117,857 | $6.17 | Apr 3, 2034 | 25% vested at grant; 75% over 3 years | | Stock Options (Jun 25, 2024 grant) | — | 125,151 | $2.63 | Jun 25, 2034 | Equal tranches vest May 15, 2025/2026/2027 |
Employment Terms
| Term | Key Provisions |
|---|---|
| Role/Effective Dates | Interim CEO & COO agreement effective May 15, 2024; amended Feb 4, 2025 effective Jan 1, 2025 for CEO & COO |
| Contract Term | Initial three-year term; auto-renews for 1-year periods unless notice ≥60 days before expiration |
| Base Salary | $550,000 per amended agreement (from Jan 1, 2025; previously $650,000) |
| Target Bonus | Two times the sum of annual salary plus $150,000 (formula); in addition to a guaranteed $150,000 per year |
| Equity | Option grant up to 157,143 shares contemplated by agreement (awarded Apr 3, 2024) |
| Severance (No Cause/Good Reason) | Cash equal to 100% of base salary + $150,000 (installments; lump sum if termination on/within 2 years after a change in control), payment of any prior-year earned bonus, pro-rated target bonus, up to 18 months COBRA, and acceleration of time-based vesting on outstanding equity awards; subject to release and covenants |
| Change-in-Control | If termination is on/within 2 years following a change in control, severance cash is paid in a lump sum; equity time-based vesting accelerated per above |
| Restrictive Covenants | Non-solicit for 12 months post-termination; confidentiality and other covenants |
| Clawback | Company has an NYSE Rule 10D-1-compliant incentive compensation clawback policy |
| Tax Treatment | Section 4999 excise tax cutback—payments reduced to avoid excise tax if beneficial after-tax |
| Pledging/Hedging | Prohibited per insider trading policy |
| Ownership Guidelines | CEO must hold stock equal to 5x base salary; 5-year compliance window |
Performance & Track Record (during tenure)
- Q3 2025 revenue was $29.2M, above guidance of $27.0–$28.5M; sequential revenue +6% (driven by +42% On Demand), YoY revenue +3% (On Demand +40% offset by Scheduled -7%) .
- Airline operations achieved a second consecutive quarter of profitability (positive Adjusted EBITDA), while company-level Adjusted EBITDA loss was $9.9M, within guidance .
- Full-year 2025 revenue guidance raised to at least $105M; company expects full-year profitability in airline operations (Adjusted EBITDA) .
- Strategic actions included a $100M transaction to fund SurfOS and strengthen the balance sheet; also a 5-year software agreement with Palantir granting exclusivity for configuring/selling software to the Part 135 market and enabling sublicensing .
Compensation Structure Analysis
- Mix and pay-for-performance: 2024 compensation emphasized equity via stock options with time-based vesting; no cash bonus was paid for 2024 despite discretionary framework .
- 2025 adjustments: base salary reduced from $650k to $550k while adding a guaranteed $150k bonus and setting a higher formulaic target bonus (2×(salary + $150k)), increasing fixed-pay certainty but preserving significant at-risk equity exposure .
- Clawback, ownership, and anti-hedging: Robust recoupment policy, 5x salary ownership guideline, and prohibition on hedging/pledging bolster alignment and governance .
Related Party / Conflicts
- On appointment as CEO & COO, company disclosed there were no new compensatory or severance agreements in connection with the appointment and no related-party transactions requiring disclosure under Item 404(a) .
Equity Ownership & Selling Pressure Indicators
- Beneficial ownership of 224,999 shares (1%) indicates meaningful exposure but not a controlling stake .
- Key vesting dates that could create incremental sellable supply (subject to policy windows): remaining 75% of the Apr 3, 2024 options continue to vest over three years; Jun 25, 2024 options vest in equal tranches on May 15, 2025/2026/2027 .
- Pledging and hedging are prohibited, reducing forced-sale/pledge risk .
Investment Implications
- Alignment: Salary reduction and equity-heavy incentives (with robust clawback, ownership, and anti-hedging rules) support alignment; guaranteed bonus adds retention stability but increases fixed pay .
- Retention: Three-year, auto-renewing contract with cash severance (salary + $150k), COBRA, and equity acceleration on time-based awards lowers flight risk for a critical operator-CEO .
- Performance signal: Consecutive quarters of positive Adjusted EBITDA in airline ops, revenue beat, and raised guidance under White’s leadership are constructive, though company-level net losses persist and execution on SurfOS commercialization remains a key catalyst and risk .
- Dilution/governance watch: Board seeks to expand the A&R 2023 Equity Incentive Plan by 3.5M shares; overhang was 26.8% as of Apr 28, 2025 and would rise to 44.9% if approved—monitor equity usage and grant sizing versus performance .
Sources: SRFM 2025 Proxy Statement (DEF 14A, filed May 13, 2025) –; SRFM 8-Ks (Dec 10–12, 2024) ; SRFM press release (Nov 12, 2025) –.