Company: SRFM
Filing Date: 2025-11-12
Form Type: 424B5
Source: 0001193125-25-275795
Chunk: 22

Company: SURF AIR MOBILITY INC.
Filing Date: 2025-11-12
Form: 424B5
Chunk 22
---
 20 consecutive trading days immediately preceding the date on which the Company delivers a forced conversion notice, in amounts (i) not less than the lesser of (x) $10,000,000 and (y) the remaining outstanding principal amount of the Note, but (ii) not greater than 2.5 times the average daily dollar trading volume of the Common Stock on the New York Stock Exchange during the related measurement period.

<div align='center'>S-16</div>

The Notes will be redeemable, in whole or in part, for cash at the Company’s option at any time upon 20 trading days’ notice in a minimum principal amount of $10 million (or, if less, the remaining principal amount of the Notes), which, solely if the conversion value of the Notes is greater than their principal amount, shall also not be greater than 2.5 times the average daily dollar trading volume of the Common Stock on the New York Stock Exchange during the related measurement period. The redemption price will be equal to the principal amount of the Notes to be redeemed, plus accrued and unpaid interest thereon (the “Company Redemption Price”). In order to exercise the Company’s option to redeem, the equity conditions specified in the Notes must be satisfied, including, but not limited to the following: there is no pending, proposed or intended fundamental change (as described below), and no event of default will have occurred.

The holder will have the option to require the Company to partially redeem the Notes on the first and fifteenth day of each month beginning March 1, 2026 in an amount equal to the greater of (a) 5.0% of the aggregate dollar trading volume of the Company’s common stock during this period, (b) an amount equal to (i) $2,000,000, minus (ii) the cumulative sum of the amounts by which the principal amounts partially redeemed have exceeded $2,000,000 for all prior redemption periods, less any amounts that have previously been applied by the Company pursuant to this clause (ii) to reduce partial redemption amounts, if any, and (c) $750,000. The holder may elect to receive shares in an amount determined by applying the conversion rate to the redemption payment otherwise due. Any such partial redemption payment (whether in cash or in shares) shall reduce the principal amount by such paid amount divided by one hundred five percent (105%).

Additionally, a portion of the Notes equal to 5.0% of the aggregate trading volume of the Common Stock