Company: SRFM
Filing Date: 2025-05-02
Form Type: PRE 14A
Source: 0001140361-25-017136
Chunk: 61

Company: SURF AIR MOBILITY INC.
Filing Date: 2025-05-02
Form: PRE 14A
Chunk 61
---
 2020, SAGL issued a convertible secured promissory note to Park Lane, pursuant to which the $7.1 million in loans made by Park Lane to SAGL were exchanged for a secured convertible loan in the amount of $7.5 million, bearing interest of 6.0% per annum due 2022. On December 15, 2020, principal and accrued interest on the secured promissory note of $7.6 million were converted into a total of 14,276,406 SAGL redeemable convertible preferred shares. On May 24, 2021, Park Lane contributed the remaining $0.4 million of the $7.5 million secured promissory note, which was converted to 834,566 SAGL redeemable convertible shares. During 2021, Park Lane purchased an additional 9,442,871 SAGL redeemable convertible preferred shares for $5.0 million. In connection with the direct listing, Park Lane’s 24,553,832 SAGL redeemable convertible preferred shares were converted and Park Lane received 1,096,147 shares of our common stock. Park Lane SAFE On May 17, 2022, SAGL and Park Lane entered into a simple agreement for future equity (the “Park Lane SAFE”), pursuant to which Park Lane provided SAGL with an investment advance of $7.5 million (the “Issue Price”). Under the terms of the Park Lane SAFE, Park Lane would receive shares of our common stock upon the occurrence of (i) an initial public offering; (ii) a direct listing; (iii) the consummation of the business combination and related transactions; (iv) a change in control (as defined therein); or (v) by May 17, 2024. In the case of an initial public offering or direct listing, the number of shares of our common stock to be issued would be calculated based on a conversion price of 65% of the opening trading price of our common stock. In connection with the direct listing, the Park Lane SAFE was converted and Park Lane received 329,670 shares of our common stock. LamVen and LamJam LamVen LLC (“LamVen”) is an entity owned by Mr. Fayed, and LamJam II LLC (“LamJam”) is an entity co-owned by Mr. Fayed and a family member of Mr. Fayed. As of December 31, 2020, SAGL owed