Company: SRFM
Filing Date: 2025-11-12
Form Type: 8-K
Source: 0001193125-25-277566
Chunk: 7

Company: SURF AIR MOBILITY INC.
Filing Date: 2025-11-12
Form: 8-K
Item: Item 1.01
Chunk 7
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 to cause the issuance and delivery of an irrevocable standby letter of credit in an amount equal to $30,000,000 to backstop the Note (the “ Letter of Credit”). The Note contains certain representations and warranties, covenants and events of default. Upon the occurrence of certain events of default, the holders of the Note would have the right to draw upon the letter of credit.

On November 12, 2025, the Company also entered into an amendment to the Company’s existing reimbursement agreement, dated as of such date (as amended, the “ Reimbursement Agreement”), among the Company, the subsidiaries of the Company party thereto and Park Lane, to add the Letter of Credit to the scope of the Reimbursement Agreement. If the Letter of Credit is drawn upon, the Company will be required to reimburse Park Lane for the drawn amount of the letter of credit and pay interest to Park Lane at 15.00% per annum on such drawn amounts (subject to increase in the event of default). The Company is separately obligated to pay a fee of 1.00% per annum to Park Lane on the outstanding principal amount of the backstop letter of credit. In the event the Company raises capital in certain equity offerings, a portion of the net cash proceeds from such equity offerings is required to be remitted to Park Lane to be held in trust in accordance with the Reimbursement Agreement. The obligations under the Reimbursement Agreement are guaranteed by certain of the Company’s subsidiaries, and subject to a security interest on assets of the Company and the subsidiary guarantors, subject to certain exceptions. The Reimbursement Agreement contains certain representations and warranties, covenants and events of default. As consideration for Park Lane’s commitment to provide credit support for the Letter of Credit over a three year period, the Company has issued 2,025,000 shares of the Company’s common stock to Park Lane (the “ Park Lane Shares”).

The foregoing descriptions of the Purchase Agreements, the Warrants, the Note and the Reimbursement Agreement are qualified in their entirety by reference to the full text of the forms of Securities Purchase Agreement, Warrants, Note and Reimbursement Agreement, copies of which are filed as Exhibits 10.1, 10.2, 10.3 and 10.4 respectively, to this Current Report on Form 8-K and are incorporated by reference herein.

The Company notes that the representations, warranties and covenants made by the Company in any agreement that