Company: SRFM
Filing Date: 2025-11-10
Form Type: 424B5
Source: 0001193125-25-273369
Chunk: 24

Company: SURF AIR MOBILITY INC.
Filing Date: 2025-11-10
Form: 424B5
Chunk 24
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, however, that liquidated damages with respect to any suspension or termination of a resale registration statement following initial effectiveness shall be payable only through the fifth business day after the liquidated damages begin to accrue.

If certain events of default occur, the holder of the Notes may declare the Notes due and payable for cash in an amount equal to the greater of (A) the sum of (1) any amount paid pursuant to the Letter of Credit (as defined below), (2) 115% of 105% of the then outstanding principal amount of the Notes, after deducting from such principal amount any payment pursuant to the Letter of Credit and (3) accrued and unpaid interest and (B) the sum of (1) 110% of the conversion value of the then outstanding principal amount of the Notes and (2) accrued and unpaid interest (the “Event of Default Acceleration Amount”). In the event the conversion value of the Notes is equal to or less than their principal amount, the Company may instead redeem the Notes in whole or in part or Park Lane, the credit support provider, may purchase the Notes in whole or in part, in either case for a cash price equal to the Company Redemption Price, and the principal amount not redeemed or repurchased shall become due and payable for cash in an amount equal to the Event of Default Acceleration Amount. Upon such acceleration, the holder may draw upon the Letter of Credit (solely to the extent not redeemed or repurchased by the Company or Park Lane) and exercise any and all rights and remedies provided to the holder under the Note or any related security document, including all rights and remedies available under the UCC. If an event of default occurs, default interest will accrue on the principal amount of the Notes then outstanding at a rate per annum equal to 15% from, and including, the date of such event of default to, but excluding, the date such event of default is cured.

The Company’s obligations under the Notes will be guaranteed by substantially all of the Company’s subsidiaries, and will be subject to a security interest on the assets of the Company and the subsidiary guarantors, subject to certain exceptions.

The Company is subject to comprehensive negative and affirmative covenants, including,inter alia, restrictions on its ability to incur indebtedness, create liens, make investments, declare or pay cash dividends or repurchase equity, and transfer or sell material assets, in each case subject to certain enumerated exceptions. The Company must also maintain a minimum liquidity of $10,000