Company: SRFM
Filing Date: 2025-11-12
Form Type: 8-K
Source: 0001193125-25-277566
Chunk: 4

Company: SURF AIR MOBILITY INC.
Filing Date: 2025-11-12
Form: 8-K
Item: Item 1.01
Chunk 4
---
 Note (if the entire Note were redeemed on this basis) would be 19,503,012.

Additionally, a portion of the Note equal to 5.0% of the aggregate trading volume of the Common Stock multiplied by the volume weighted average price for each day during which the Note is “in the money” (have a conversion value higher than their principal amount) during the time between issuance and the effectiveness of a related resale registration statement will be redeemed for a price equal to the underlying conversion value of the principal amount so redeemed (the “ Special Redemption Price”).

Further, on March 1, 2026, the holder of the Note will have the right to require us to redeem a principal amount of the Note equal to up to 50% of the gross proceeds from any equity financings (including from our equity line of credit or any future at-the-market (ATM) program) since issuance off the Note, provided that in no event will such amount exceed (a) $6,000,000 minus (b) the sum of 50% of any Special Redemption Price paid and 50% of the principal amount of the Note converted since issuance, in each case prior to March 1, 2026.

In the event of a fundamental change, as described in the Note and generally including (i) any person or group becoming the beneficial owner of more than 50% of the voting power represented by the outstanding Common Stock, (ii) the sale, transfer or

other disposition of all or substantially all of the Company’s properties or assets and (iii) any transaction or series of related transactions in connection with which (whether by means of merger, consolidation, share exchange, combination, reclassification, recapitalization, acquisition, liquidation or otherwise) all of the Common Stock is exchanged for, converted into, acquired for, or constitutes solely the right to receive, other securities, cash or other property, the holder of the Note will have the right to require the Company to repurchase the Note (or a portion thereof) for a cash purchase price equal to the greater of (A) 100% of the principal amount of the Note being repurchased, plus any accrued and unpaid interest thereon and (B) the sum of (I) 110% of the product of (a) the conversion rate then in effect, (b) the principal amount of the Note being repurchased, (c) the highest daily volume weighted average price per share of common stock occurring during the period commencing five