Oliver Reeves
About Oliver Reeves
Oliver Reeves, age 46, has served as Chief Financial Officer of Surf Air Mobility since January 1, 2024, bringing capital markets strategy and investment management experience; he holds an MBA from Columbia Business School (Value Investing Program) and graduated Summa Cum Laude from Babson College . Under the current leadership team, SRFM reported Q3 2025 revenue of $29.2M (+6% sequential, +3% YoY) with airline operations achieving a second consecutive quarter of positive adjusted EBITDA, and raised 2025 revenue guidance to at least $105M . Reeves also led a $100M strategic financing to fund Surf OS commercialization and materially deleverage the balance sheet (reducing annual cash interest expense by ~$9M via conversions and repayments) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Xinuos, Inc. | Chief Strategy Officer | 2019–2023 | Led strategy at enterprise OS developer; capital markets and commercialization experience . |
| Xinuos, Inc. | Executive Vice President; Consultant | 2016–2019 | Operational leadership and advisory support pre-CSO role . |
| Phoenix Star Capital | Senior Vice President | Prior to 2016 | Buy-side investment experience . |
| Gerson Global Advisors | Vice President | Prior to 2016 | Asset management and advisory experience . |
| Coliseum Capital Management | Investment Analyst | Prior to 2016 | Fundamental investing background . |
| Aon (M&A Group) | Associate | Career start | Transaction execution foundational skills . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Indelible Capital, Inc. | Consultant | 2017–2018 | Provided consulting services; broadened advisory exposure . |
Fixed Compensation
| Metric | 2024 | 2025 |
|---|---|---|
| Base Salary ($) | $650,000 | $500,000 (amended Jan 1, 2025) |
| Target Bonus Opportunity | 200% of base salary (original agreement) | 2×(salary + $150,000) (amended) |
| Guaranteed Bonus ($) | — (no discretionary bonus paid in 2024) | $150,000 per year |
| Perquisites | Company automobile; use of company aircraft per policy | Company benefits eligibility (unchanged) |
Performance Compensation
| Instrument | Grant Date | Shares/Units | Strike/Terms | Vesting Schedule | Performance Metrics / Triggers |
|---|---|---|---|---|---|
| RSUs | Jan 8, 2024 | 7,143 | N/A | Fully vested at grant | N/A |
| Stock Options | Jan 8, 2024 | 257,143 | $9.24 | Vests 1/3 each on Jan 1, 2025/2026/2027 | Time-based vesting |
| Stock Options | Apr 3, 2024 | 107,143 | $6.17 | 25% vested at grant; remaining 75% vests over 3 years | Time-based vesting |
| Employment Agreement (original) – Price-Hurdle Option | Dec 21, 2023 (agreement) | Option contemplated; later amended | N/A | Superseded by subsequent grants/amendments | Price hurdles: $3, $5, $7 closing price for 20 of any 30 trading days (each tranche) |
| 2024 Compensation Mix | Amount ($) | Notes |
|---|---|---|
| Salary | $650,000 | CFO since 1/1/2024 |
| Stock Awards (RSUs fair value) | $66,001 | 7,143 RSUs fully vested |
| Option Awards (fair value) | $1,254,000 | 257,143 and 107,143 options granted in 2024 |
| All Other Compensation | $27,015 | Car allowance |
| Total | $1,997,016 | — |
Clawback: SRFM adopted an Exchange Act Rule 10D-1 compliant clawback policy to recoup excess incentive compensation after material restatements .
No excise tax gross-ups: The equity plan prohibits excise tax gross-ups and option/SAR repricing without shareholder approval .
Equity Ownership & Alignment
| Ownership Metric | Value |
|---|---|
| Total Beneficial Ownership (as of Apr 28, 2025) | 157,726 shares (includes 4,714 direct, 13,724 joint, and 139,288 shares issuable under options exercisable within 60 days); “*” denotes <1% |
| Shares Outstanding (reference) | 19,279,660 (Apr 28, 2025) |
| Options Outstanding – Exercisable | 26,787 at $6.17 (exp. 4/3/2034) |
| Options Outstanding – Unexercisable | 257,143 at $9.24 (exp. 1/8/2034); 80,356 at $6.17 (exp. 4/3/2034) |
| Stock Ownership Guideline | CFO must hold company stock equal to 3× annual base salary; 5 years to comply |
| Hedging/Pledging | Prohibited under insider trading policy; no margining or pledging allowed |
Insider selling pressure: We attempted to fetch recent Form 4 transactions using the insider-trades skill but were unable to retrieve data due to an authorization error. We relied on the proxy’s ownership and award tables for current alignment data .
Employment Terms
| Term | Detail |
|---|---|
| Start Date & Role | CFO effective Jan 1, 2024; designated Principal Financial & Accounting Officer |
| Agreement Term | Initial 3-year term; auto-renews annually unless 60-day non-renewal notice |
| Base Salary (current) | $500,000 (amended Jan 1, 2025) |
| Bonus | Target: 2×(salary + $150k); Guaranteed: $150k/year |
| Equity | Options granted Jan 8, 2024 and Apr 3, 2024 as detailed above |
| Severance (no-CIC) | 12 months base salary + $150,000; COBRA up to 18 months; unpaid prior-year bonus; pro-rated target bonus; accelerated vesting of time-based components; 12-month non-solicit; release required |
| Severance (CIC within 2 years) | Lump-sum salary component; full vesting of then-outstanding equity awards (performance-based at target) |
| Benefits & Perqs | Company automobile; aircraft use per policy; standard benefits and indemnification |
| Dispute Resolution | Arbitration (JAMS; Los Angeles County); injunctive relief carve-outs |
| Clawback & Ownership Guidelines | Clawback per NYSE Rule 303A.14; CFO ownership 3× salary within 5 years |
Performance & Track Record
- Q3 2025 revenue: $29.2M, +6% sequential, +3% YoY; adjusted EBITDA loss $9.9M within guidance; airline operations achieved second consecutive quarter of positive adjusted EBITDA .
- 2025 outlook: Q4 revenue $25.5–$27.5M and adjusted EBITDA loss $6.5–$8.0M; raised FY2025 revenue guidance to at least $105M .
- Strategic financing: $100M transaction (equity + zero-coupon convertible) to fund Surf OS commercialization and refinance debt, reducing annual cash interest by ~$9M and providing a deleveraging path to potentially debt-free status by the 2028 maturity .
- Product roadmap: Surf OS (BrokerOS, OperatorOS, OwnerOS) targeted for commercialization beginning 2026; expanded 5-year exclusivity agreement with Palantir for charter broker/operator products .
Compensation Committee Analysis
- Committee Members: Carl Albert (Chair), Bruce Hack, Edward Mady; all independent .
- Consultant: Compensia engaged for peer benchmarking, director comp, and equity program guidance; independence assessed and affirmed (no conflicts) .
- Governance: No option/SAR repricing without shareholder approval; director annual equity grants subject to limits; dividends/equivalents payable only upon vesting .
Investment Implications
- Alignment: Reeves’ equity mix and vesting (including price-hurdle architecture in original agreement and substantial 2024 option grants) tie realizable compensation to stock performance and sustained service, while SRFM’s clawback and anti-hedging/pledging policies improve pay-for-performance integrity .
- Retention vs. cash burn: Base salary was reduced to $500k with a $150k guaranteed bonus and robust severance/change-of-control protections; these terms mitigate near-term cash burn while preserving retention incentives through equity .
- Selling pressure: With <1% beneficial ownership and significant unexercised options outstanding, future exercises or vesting events could add modest supply; pledging/hedging prohibitions reduce misalignment risk .
- Execution risk: Reeves’ financing and deleveraging actions, plus OS commercialization milestones, are pivotal; continued delivery on raised revenue guidance and airline profitability should support compensation alignment narratives and reduce retention risk .