Company: LDWY
Filing Date: 2025-09-26
Form Type: PRE 14A
Source: 0001104659-25-093874
Chunk: 32

Company: LENDWAY, INC.
Filing Date: 2025-09-26
Form: PRE 14A
Chunk 32
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 director of Air T, Inc., which reported having sole dispositive and voting power over 486,819 shares and disclaims beneficial ownership of the securities held by Groveland, AO Partners Fund, AO Partners, Glenhurst and Mr. Swenson. Mr. Swenson disclaims beneficial ownership of the securities held by Air T, Inc. Shares, if any, held by the Stockholder Group. |

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<div align='center'>**PRELIMINARY PROXY STATEMENT – SUBJECT TO COMPLETION

DELINQUENT SECTION 16(a) REPORTS**</div>

Section 16(a) of the Securities and Exchange Act of 1934 requires that our directors and executive officers file initial reports of ownership and reports of changes in ownership with the SEC. Directors and executive officers are required to furnish us with copies of all Section 16(a) forms they file. Based solely on a review of the copies of such forms furnished to us and written representations from our directors and executive officers, all Section 16(a) filing requirements were met for the twelve months ended June 30, 2025 except for one report by each of Ms. Herfurth, Mr. Johnson, Mr. Kelly and Mr. Swenson each of which related to one transaction involving common stock equivalents issued pursuant to their participation in the Director Deferred Compensation Plan.

<div align='center'>**CERTAIN RELATIONSHIPS AND RELATED-PARTY TRANSACTIONS**</div>

The following is a summary of transactions since January 1, 2023 to which our Company has been a party and in which the amount involved exceeded $120,000, and in which any of our directors, executive officers, or beneficial owners of more than 10% of our capital stock had or will have a direct or indirect material interest, other than the compensation arrangements that are described under the heading “Executive Compensation” above. Except as disclosed below, there were no other such transactions and we do not have any currently proposed transaction or series of similar transactions.

Delayed Draw Term Note

On August 15, 2024, the Company entered into an unsecured Delayed Draw Term Note (the “Note”) with Air T, Inc. (“Air T”) pursuant to which Air T has agreed to advance from time to time until August 15, 2026, but not on a revolving basis, up to $2,500,000 to fund the Company’s operations. Amounts outstanding under the Note will bear interest at a fixed rate of 8.