Company: GAUZ
Filing Date: 2025-03-11
Form Type: 20-F
Source: 0001213900-25-022437
Chunk: 180

Company: Gauzy Ltd.
Filing Date: 2025-03-11
Form: 20-F
Item: Item 19
Chunk 180
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 above.

Amounts owing under the 2024 Note Purchase
Agreement, including the principal, interest and fees payable on any issued 2024 Notes, are secured by first-ranking liens on certain
Group’s subsidiaries’ assets.

In connection with the 2024 Note Purchase
Agreement, the Company issued to the 2024 Note Purchasers warrants, (hereinafter “the 2024 Note Purchaser Warrants”), to purchase
up to682,282ordinary shares of the Company that the aforementioned number of Preferred D-5 Shares would have converted into upon the
consummation of the IPO if issued prior to the IPO. Upon the completion of the IPO, the number of ordinary shares of the Company issuable
under the 2024 Note Purchaser Warrants increased by137,040. The 2024 Note Purchaser Warrants are exercisable until November 8, 2028 at
a price per share equal to $15.61.

F-31

GAUZY LTD.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

(U. S. dollars in thousands, except share and per
share amounts)

NOTE 9-NONCONVERTIBLE LOANS(continued):

The Company applied the Fair Value option
to the 2024 NPA, see Note 2(bb).

  Other than the loans mentioned above, Vision has entered into multiple loans at the amount of $ 7,375,          

During 2023, following a negotiation
between Vision and its lending banks, the principal payments of the majority of Vision’s bank loans between February 2023 to January
2024 has been deferred to January 2024 going forward. The loans’ term has extended by twelve months. The principal amount of the
loans deferred was $9.4million (€9.3million). The interest on the loans will be paid on an going basis, and was increased by approximately4%. Most of the changes were accounted for as loan modifications. Since the loans were issued at par, Vision applied the new interest
rate as of June 2023 going forward.

  As of December 31, 2024, the required annual principal payments of long-term debt, starting from the year  
  2025, are as follows:                                                                                      
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                           December 31,              
  2025                     $                  3,622  
  2026