Company: GAUZ
Filing Date: 2025-03-11
Form Type: 20-F
Source: 0001213900-25-022437
Chunk: 68

Company: Gauzy Ltd.
Filing Date: 2025-03-11
Form: 20-F
Item: Item 5
Chunk 68
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 thereof. On July 1, 2024, we repaid the 2023 Notes in full, in the amount of $38.6 million.

The amounts owing under the
Note Purchase Agreement, including the principal, interest and fees payable on any issued 2023 Notes, are secured by liens on the assets
of Vision Lite, including a pledge of 100% of the equity interests in Gauzy SAS, and liens on all of our assets (including intellectual
property), including a pledge of 100% of the equity interests in Vision Lite, Gauzy USA Inc. and Gauzy GmbH, which liens are second ranking
and subject to the first ranking liens granted to the 2024 Note Purchasers and the obligations under the Note Purchase Agreement shall
be junior and subordinated to the obligations under the 2024 Note Purchase Agreement.

In connection with the Note
Purchase Agreement, we entered into (i) a debenture pursuant to which we granted, as security for amounts owing by us under the Note
Purchase Agreement and any guarantee, a second ranking floating charge, over all of our rights and property currently existing and/or
to be existing in the future and a second ranking fixed charge, over, inter alia, our authorized share capital and our reputation, rights
under a certain shareholder loan agreement between us and Vision Lite, our fixed assets, our intellectual property, and shares held by
us in certain subsidiaries; (ii) pledge agreements, pursuant to which we granted the 2023 Note Purchaser a second ranking pledge and
security interest over the shares we hold in Vision Lite and over receivables owed to us by Vision Lite; and (iii) a pledge agreement,
pursuant to which we granted to the 2023 Note Purchaser a second ranking pledge and security interest over the shares we hold in Gauzy
GmbH. The security that we and Vision Lite granted to the 2023 Note Purchaser under the debenture and the various pledge agreements was
junior and subordinate to the security that we and Vision Lite granted to the lenders under the Facility Agreement.

In connection with the Note
Purchase Agreement, we issued (i) warrants to purchase up to 686,400 series D-5 preferred shares, or the D-5 Warrants, and (ii) warrants
to purchase up to 274,559 series D-6 preferred shares, or the D-6 Warrants. The D-5 Warrants and the