Company: CRCL
Filing Date: 2025-02-13
Form Type: DRS/A
Source: 0000950123-25-001965
Chunk: 336

Company: Circle Internet Group, Inc.
Filing Date: 2025-02-13
Form: DRS/A
Chunk 336
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 Pursuant to the agreement, the Company agrees to pay the holder the principal amount together with any interest on the
unpaid principal balance for the two notes beginning on the date of the agreement. The first note has a principal amount of $24.0 million and is convertible into Series E preferred stock subject to the conversion provisions in the agreement
(collectively the “First Note”). The First Note matures on March 1, 2026, unless earlier converted, and has an annual interest rate of 2.9% due annually in arrears on the last day of each calendar year. At any time during the term and
at the sole discretion of the holder, all or a portion of the principal amount with any accrued and unpaid interest (collectively the “Conversion Amount”) can at the election of the holder be converted in Series E preferred shares. The
outstanding Conversion Amount will convert into a specified number of shares of Series E preferred stock at a conversion price per share equal to $16.23.

The second
note had a principal amount of $10.0 million and was convertible into new shares issued at the Company’s next equity financing subject to the conversion provision in the agreement (collectively the “Second Note”). The Second Note
had a maturity date of March 1, 2021 and had an annual interest rate of 6.0% due annually in arrears on the last day of each calendar year. On March 1, 2021, the Company repaid the remaining principal including capitalized amounts of
$10.7 million and interest of $0.1 million related to the Second Note.

In March 2021, the Company entered into an agreement with a private equity growth
fund to issue a convertible note (“2021 Convertible Note”). The 2021 Convertible Note had a principal amount of $50.7 million. There is no interest that shall accrue or be payable for the 2021 Convertible Note. The principal amount
shall be due and payable by the Company on demand by the Holder any time after March 8, 2023. During the second quarter of 2021, the Company raised an additional $400.3 million from multiple lenders with substantially the same terms as the
2021 Convertible Note (collectively the “2021 Convertible Notes”). In March 2022, holders of the 2021 Convertible Notes automatically converted their principal balance of $451.0 million into 27,789,557 shares of Series