Document:

Exhibit 10.13

 

THIS INSTRUMENT AND THE SECURITIES ISSUABLE UPON
THE CONVERSION HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"). THEY MAY NOT BE SOLD,
OFFERED FOR SALE, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT
OR UPON RECEIPT BY THE COMPANY OF AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT REGISTRATION IS NOT REQUIRED UNDER THE ACT.

 

SURF AIR GLOBAL LIMTIED

 

SIMPLE AGREEMENT FOR FUTURE EQUITY (SAFE)

 

	Issue Price	Investment Date
	US$[____]	[____], 2022

 

THIS SIMPLE AGREEMENT FOR
FUTURE EQUITY (this “SAFE”) is issued by Surf Air Global Limited,
a BVI business company organized under the laws of the British Virgin Islands (the “Company”), to [Ÿ]
(“Investor”) in exchange for Investor’s payment of the issue price set forth above (the “Issue Price”).

 

1.
Definitions. Capitalized terms not otherwise defined in this SAFE will have the meanings set forth in this Section 1.

 

1.1
“Articles and Memorandum of Association” means the Articles and Memorandum of Association of the Company, as
the same may be amended and restated from time to time.

 

1.2
“Capital Shares” means the shares of capital stock of the Company, including, without limitation, the Ordinary
Shares and Preferred Shares.

 

1.3
“Change of Control” means (a) a transaction or series of related transactions in which any “person”
or “group” (within the meaning of Section 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended), becomes the
“beneficial owner” (as defined in Rule 13d-3 under the Securities Exchange Act of 1934, as amended), directly or indirectly,
of more than 50% of the outstanding voting securities of the Company having the right to vote for the election of members of the Company’s
board of directors; (b) any reorganization, merger, amalgamation or consolidation of the Company, other than a transaction or series of
related transactions in which the holders of the voting securities of the Company outstanding immediately prior to such transaction or
series of related transactions retain, immediately after such transaction or series of related transactions, at least a majority of the
total voting power represented by the outstanding voting securities of the Company or such other surviving or resulting entity; or (c)
a sale, lease or other disposition of all or substantially all of the assets of the Company.

 

1.4
“Common Shares” means shares of common stock of the Successor Company, which shares are listed on a national
stock exchange following the Effective Time.

 

1.5
“Effective Time” means the closing of the Exchange Event or Qualified Financing, as applicable; provided that,
in the case of a Change of Control, the Effective Time shall be deemed to occur immediately prior to the consummation of the Change of
Control.

 

1.6
“Exchange Event” means any of the following events: (i) the closing of the Company’s first firm commitment
underwritten initial public offering of Ordinary Shares pursuant to a registration statement filed under the Securities Act (an “IPO”),
(ii) the Company’s initial listing of its Ordinary Shares on a national stock exchange by means of a registration statement on Form
S-1 (or any applicable successor form) filed by the Company with the Securities and Exchange Commission that registers Ordinary Shares
for resale (a “Direct Listing”); provided that for the avoidance of doubt, a Direct Listing shall not include
an IPO, (iii) a business combination transaction or series of such related transactions (including transactions with affiliates of the
Company) with a special purpose acquisition company (a “SPAC Transaction”) which result in the Ordinary Shares
(or any equity securities issuable upon exchange of such Ordinary Shares) being listed on a national stock exchange, (iv) a Change of
Control, or (v) the Outside Date, if neither a Qualified Financing nor any of the events described in subclauses (i)-(iv) above has closed
on or prior to such date.

 

     

     

    

 

1.7
“Exchange Shares” means (a) in the case of a SPAC Transaction, Common Shares, (b) in the case of an IPO, Direct
Listing or Change of Control, Ordinary Shares, (c) in the case of a Qualified Financing, the same type and series of equity securities
of the Company issued to other investors in such Qualified Financing or, at the Company’s election, shares of SAFE Preferred, and
(d) in the case of subclause (v) of the definition of “Exchange Event”, the same type and series of equity security issued
to other investors in the Last Equity Financing.

 

1.8
“Exchange Value” means (a) in the case of a SPAC Transaction, $6.50 per Common Share, (b) in the case of an
IPO or Direct Listing, 65% multipled by the offering price per Ordinary Share or the opening trading price per Ordinary Share on the first
trading day of Common Stock on a national securities exchange, respectively, or (b) 80% multiplied by (i) in the case of a Change of Control,
the value of consideration per share payable to holders of Ordinary Shares in connection therewith, (ii) in the case of a Qualified
Financing, the price per equity security issued in such Qualified Financing, or (iii) in the case of subclause (v) of the definition
of “Exchange Event”, the price per equity security issued in the Last Equity Financing.

 

1.9
“Last Equity Financing” means, in the case of subclause (v) of the definition of “Exchange Event”,
the latest priced equity financing round of the Company which closed prior to the Outside Date.

 

1.10
“Outside Date” means the earlier of (a) [____], 2024 (the twenty-four (24) month anniversary of the Investment
Date), and (b) the date on which insolvency, receivership, reorganization or bankruptcy proceedings are commenced by or against the Company,
and such proceedings are not dismissed within sixty (60) days.

 

1.11
“Ordinary Shares” means the ordinary shares of the Company authorized for issuance pursuant to the Articles
and Memorandum of Association.

 

1.12
“Preferred Shares” means the preferred shares of the Company authorized for issuance pursuant to the Articles
and Memorandum of Association.

 

1.13
“Qualified Financing” means the closing of the Company’s first transaction or series of related transactions
following the Investment Date in which the Company sells shares of equity securities to one or more third party investors for primarily
capital raising purposes and raises aggregate gross proceeds of at least $50 million, but excluding an Exchange Event.

 

1.14
“SAFEs” mean any simple agreements for future equity (or other similar agreements) which are issued by the Company
for bona fide financing purposes and which may convert into Capital Shares in accordance with its terms.

 

    2

     

    

 

1.15
“SAFE Preferred” means a class of Preferred Shares with substantially the same rights, preferences and privileges
as the class of Preferred Shares issued in the Qualified Financing or Last Equity Financing, as applicable, except that the per share
liquidation preference of the SAFE Preferred will equal the Exchange Value, with corresponding adjustments to any price-based antidilution
and/or dividend rights provisions.

 

1.16
“Securities Act” means the Securities Act of 1933, as amended.

 

1.17
“Standard Preferred” means the class of Preferred Shares issued to the purchasers investing new money in the
Company in connection with the initial closing of the Qualified Financing or the Last Equity Financing, as applicable.

 

1.18
“Successor Company” means a company whose securities are publicly listed on a national stock exchange following
the Effective Time, with which the Company merges, consolidates, amalgamates or combines in a SPAC Transaction.

 

2.
Exchange.

 

2.1
Exchange Shares. At the Effective Time, Investor shall be entitled to receive a number of Exchange Shares from the Company
equal to (a) the Issue Price divided by (b) the Exchange Value. The issuance of Exchange Shares in a Qualified Financing or pursuant
to subclause (v) of the definition of “Exchange Event” will be on, and subject to, the same terms and conditions applicable
to the Preferred Shares issued in such Qualified Financing or the Last Equity Financing, as applicable (except that, in the event such
Preferred Shares have a liquidation preference, the Company may, at its election, issue shares of SAFE Preferred to Investor in lieu of
Standard Preferred).

 

2.2
Mechanics of Exchange.

 

(a)  Exchange
Documents. Investor acknowledges that the exchange of this SAFE into Exchange Shares pursuant to Section 2.1 may require
Investor’s execution of certain agreements and other documents relating to the purchase and sale of the Exchange Shares
(collectively, the “Exchange Documents”), and Investor agrees to execute all of the Exchange Documents in
connection with an Exchange Event. In the event of an exchange in a Qualified Financing or pursuant to subclause (v) of the
definition of “Exchange Event”, such Exchange Documents shall be the same documents to be entered into with the
purchasers of Standard Preferred, with appropriate variations for the SAFE Preferred, if applicable. At least five (5) days
prior to the closing of a Qualified Financing, the Company will notify Investor in writing of the terms of the Preferred Shares that
are expected to be issued in such financing.

 

(b)  Certificates.
As promptly as practicable after the Effective Time, the Company (at its expense) will issue and deliver a certificate or
certificates evidencing the Exchange Shares (if certificated) to Investor, or if the Exchange Shares are not certificated, will
deliver a true and correct copy of the Company’s share register reflecting the Exchange Shares held by Investor. The Company
will not be required to issue or deliver the Exchange Shares until Investor has surrendered this SAFE to the Company (or provided an
instrument of cancellation or affidavit of loss). The exchange of this SAFE pursuant to Section 2.1 may be made contingent upon the
closing of the applicable Exchange Event.

 

3.
No Rights as a Stockholder. Investor is not entitled by virtue of holding this SAFE to be deemed a holder of Capital Shares
for any purpose, nor will anything contained in this SAFE be construed to confer on Investor, as such, any of the rights of a member of
the Company or any right to vote for the election of directors or upon any matter submitted to members at any meeting thereof, or to give
or withhold consent to any company action or to receive notice of meetings, or to receive subscription rights or otherwise until Exchange
Shares have been issued upon the terms described in this SAFE.

 

    3

     

    

 

4.
Representations and Warranties of the Company. In connection with the transactions contemplated by this SAFE, the Company
hereby represents and warrants to Investor as follows:

 

4.1
Due Organization; Qualification and Good Standing. The Company is a business company duly organized, validly existing and
in good standing under the laws of the British Virgin Islands and has all requisite company power and authority to carry on its business
as now conducted. The Company is duly qualified to transact business and is in good standing in each jurisdiction in which the failure
to so qualify or to be in good standing would have a material adverse effect on the Company.

 

4.2
Authorization and Enforceability. Except for the authorization and issuance of the Exchange Shares, all company action has
been taken on the part of the Company and its officers, directors and members necessary for the authorization, execution and delivery
of this SAFE. Except as may be limited by applicable bankruptcy, insolvency, reorganization or similar laws relating to or affecting the
enforcement of creditors’ rights, the Company has taken all company action required to make all of the obligations of the Company
reflected in the provisions of this SAFE valid and enforceable in accordance with its terms.

 

5.
Representations and Warranties of Investor. In connection with the transactions contemplated by this SAFE, Investor hereby
represents and warrants to the Company as follows:

 

5.1
Authorization. Investor has full power and authority (and, if an individual, the capacity) to enter into this SAFE and to
perform all obligations required to be performed by it hereunder. This SAFE, when executed and delivered by Investor, will constitute
Investor’s valid and legally binding obligation, enforceable in accordance with its terms, except (a) as limited by applicable
bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance and any other laws of general application affecting enforcement
of creditors’ rights generally, and (b) as limited by laws relating to the availability of specific performance, injunctive relief
or other equitable remedies.

 

5.2
Purchase Entirely for Own Account. Investor acknowledges that this SAFE is made with Investor in reliance upon Investor’s
representation to the Company, which Investor hereby confirms by executing this SAFE, that this SAFE, the Exchange Shares, and any Ordinary
Shares issuable upon exchange of the Exchange Shares (collectively, the “Securities”) will be acquired for investment
for Investor’s own account, not as a nominee or agent (unless otherwise specified on Investor’s signature page hereto), and
not with a view to the resale or distribution of any part thereof, and that Investor has no present intention of selling, granting any
participation in, or otherwise distributing the same. By executing this SAFE, Investor further represents that Investor does not have
any contract, undertaking, agreement or arrangement with any person to sell, transfer or grant participations to such person or to any
third person, with respect to the Securities. If other than an individual, Investor also represents it has not been organized solely for
the purpose of acquiring the Securities.

 

5.3
Disclosure of Information; Non-Reliance. Investor acknowledges that it has received all the information it considers necessary
or appropriate to enable it to make an informed decision concerning an investment in the Securities. Investor further represents that
it has had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the offering of
the Securities. Investor confirms that the Company has not given any guarantee or representation as to the potential success, return,
effect or benefit (either legal, regulatory, tax, financial, accounting or otherwise) of an investment in the Securities. In deciding
to purchase the Securities, Investor is not relying on the advice or recommendations of the Company and has made its own independent decision
that the investment in the Securities is suitable and appropriate for Investor. Investor understands that no federal or state agency has
passed upon the merits or risks of an investment in the Securities or made any finding or determination concerning the fairness or advisability
of this investment.

 

    4

     

    

 

5.4
Investment Experience. Investor is an experienced investor in securities of companies of comparable development stage as
the Company and acknowledges that it is able to fend for itself, can bear the economic risk of its investment and has such knowledge and
experience in financial or business matters that it is capable of evaluating the merits and risks of the investment in the Securities.

 

5.5
Accredited Investor. Investor is an “accredited investor” within the meaning of Rule 501 of Regulation D promulgated
under the Securities Act. Investor agrees to furnish any additional information requested by the Company or any of its affiliates to assure
compliance with applicable U.S. federal and state securities laws in connection with the purchase and sale of the Securities.

 

5.6
Restricted Securities. Investor understands that the Securities have not been, and will not be, registered under the Securities
Act or state securities laws, by reason of specific exemptions from the registration provisions thereof which depend upon, among other
things, the bona fide nature of the investment intent and the accuracy of Investor’s representations as expressed herein. Investor
understands that the Securities are “restricted securities” under U.S. federal and applicable state securities laws and that,
pursuant to these laws, Investor must hold the Securities indefinitely unless they are registered with the Securities and Exchange Commission
and registered or qualified by state authorities, or an exemption from such registration and qualification requirements is available.
Investor acknowledges that the Company has no obligation to register or qualify the Securities for resale and further acknowledges that,
if an exemption from registration or qualification is available, it may be conditioned on various requirements including, but not limited
to, the time and manner of sale, the holding period for the Securities, and on requirements relating to the Company which are outside
of Investor’s control, and which the Company is under no obligation, and may not be able, to satisfy.

 

5.7
No Public Market. Investor understands that no public market now exists for the Securities and that the Company has made
no assurances that a public market will ever exist for the Securities.

 

5.8
Residence. If Investor is an individual, then Investor resides in the state or province identified in the address shown
on Investor’s signature page hereto. If Investor is a partnership, corporation, limited liability company or other entity, then
Investor’s principal place of business is located in the state or province identified in the address shown on Investor’s signature
page hereto.

 

5.9
Foreign Investors. If Investor is not a United States person (as defined by Section 7701(a)(30) of the Internal Revenue
Code of 1986, as amended), Investor hereby represents that it has satisfied itself as to the full observance of the laws of its jurisdiction
in connection with any invitation to subscribe for the Securities, including (a) the legal requirements within its jurisdiction for
the purchase of the Securities; (b) any foreign exchange restrictions applicable to such purchase; (c) any governmental or other
consents that may need to be obtained; and (d) the income tax and other tax consequences, if any, that may be relevant to the purchase,
holding, conversion, exchange, redemption, sale, or transfer of the Securities. Investor’s subscription and payment for and continued
beneficial ownership of the Securities will not violate any applicable securities or other laws of Investor’s jurisdiction. Investor
acknowledges that the Company has taken no action in foreign jurisdictions with respect to the Securities.

 

    5

     

    

 

6.
Miscellaneous.

 

6.1
Successors and Assigns. Neither party may assign this SAFE to any person without the prior consent of the other party; provided
that, in the event of a SPAC Transaction, this SAFE shall be automatically assigned to the Successor Company without any further action
by the parties, and the parties agree that the terms of this Agreement shall be construed to give effect to such assignment, including,
without limitation, that the term “Company” shall be construed as “Successor Company”. This SAFE shall
be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns, and nothing herein,
express or implied, is intended to or will confer upon any other person or entity any legal or equitable right, benefit or remedy of any
nature whatsoever under or by reason of this SAFE; provided that, for the avoidance of doubt, it is expressly agreed that the Successor
Company shall be a third-party beneficiary of Section 5 hereof.

 

6.2
Governing Law. This SAFE will be governed by the laws of the State of Delaware (without regard to its conflict of laws principles)
and the courts of the State of Delaware shall have exclusive jurisdiction.

 

6.3
Counterparts. This SAFE may be executed in counterparts, each of which will be deemed an original, but all of which together
will be deemed to be one and the same agreement. Counterparts may be delivered via facsimile, electronic mail (including PDF) or other
electronic signature, and any counterpart so delivered will be deemed to have been duly and validly delivered and be valid and effective
for all purposes.

 

6.4
Titles and Subtitles. The titles and subtitles used in this SAFE are included for convenience only and are not to be considered
in construing or interpreting this SAFE.

 

6.5
Notices. All notices and other communications given or made pursuant hereto will be in writing and will be deemed effectively
given: (a) upon personal delivery to the party to be notified; (b) when sent by email or confirmed facsimile; (c) five (5) days after
having been sent by registered or certified mail, return receipt requested, postage prepaid; or (d) one (1) day after deposit with a nationally
recognized overnight courier, specifying next day delivery, with written verification of receipt. All communications will be sent to the
respective parties at the addresses shown on the signature pages hereto (or to such email address, facsimile number or other address as
subsequently modified by written notice given in accordance with this Section 6.5).

 

6.6
No Finder’s Fee. Each party represents that it neither is nor will be obligated to pay any finder’s fee, broker’s
fee or commission in connection with the transactions contemplated by this SAFE. Investor agrees to indemnify and to hold the Company
harmless from any liability for any commission or compensation in the nature of a finder’s or broker’s fee arising out of
the transactions contemplated by this SAFE (and the costs and expenses of defending against such liability or asserted liability)
for which Investor or any of its officers, employees or representatives is responsible. The Company agrees to indemnify and hold Investor
harmless from any liability for any commission or compensation in the nature of a finder’s or broker’s fee arising out
of the transactions contemplated by this SAFE (and the costs and expenses of defending against such liability or asserted liability) for
which the Company or any of its officers, employees or representatives is responsible.

 

6.7
Expenses. Each party will pay all costs and expenses that it incurs with respect to the negotiation, execution, delivery
and performance of this SAFE.

 

    6

     

    

 

6.8
Attorneys’ Fees. If any action at law or in equity is necessary to enforce or interpret the terms of this SAFE, the
prevailing party will be entitled to reasonable attorneys’ fees, costs and necessary disbursements in addition to any other relief
to which such party may be entitled.

 

6.9
Entire Agreement; Amendments and Waivers. This SAFE constitutes the full and entire understanding and agreement between
the parties with regard to the subject hereof. Any term of this SAFE may be amended and the observance of any term may be waived (either
generally or in a particular instance and either retroactively or prospectively) with the written consent of the Company and Investor.
Any waiver or amendment effected in accordance with this Section 6.9 will be binding upon each future holder of this SAFE and the Company.

 

6.10
Severability. If one or more provisions of this SAFE are held to be unenforceable under applicable law, such provisions
will be excluded from this SAFE and the balance of the SAFE will be interpreted as if such provisions were so excluded and this SAFE will
be enforceable in accordance with its terms.

 

6.11
Transfer Restrictions.

 

(a)  Limitations
on Disposition. Without in any way limiting the representations and warranties set forth in this SAFE, Investor further agrees
not to make any disposition of all or any portion of the Securities unless and until the transferee has agreed in writing for the
benefit of the Company to make the representations and warranties set out in Section 5 and:

 

(i)
there is then in effect a registration statement under the Securities Act covering such proposed disposition, and such disposition
is made in connection with such registration statement; or

 

(ii)
Investor has (A) notified the Company of the proposed disposition; (B) furnished the Company with a detailed statement of the circumstances
surrounding the proposed disposition; and (C) if requested by the Company, furnished the Company with an opinion of counsel reasonably
satisfactory to the Company that such disposition will not require registration under the Securities Act.

 

Investor agrees not to make
any disposition of any of the Securities to the Company’s competitors, as determined in good faith by the Company.

 

(b)  Legends.
Investor understands and acknowledges that the Securities may bear the following legend:

 

THIS INSTRUMENT
AND THE SECURITIES ISSUABLE UPON THE CONVERSION HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”).
THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE ACT OR UPON RECEIPT BY THE COMPANY OF AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT REGISTRATION IS NOT REQUIRED UNDER
THE ACT OR UNLESS SOLD PURSUANT TO RULE 144 UNDER THE ACT.

 

    7

     

    

 

6.12
Each of the Company and the Investor agree to treat this SAFE as a forward contract for U.S. federal, state and local income tax
purposes, and will not take any position on any tax return, report, statement or other tax document that is inconsistent with such treatment,
unless otherwise required by a change in law occurring after the Investment Date, a closing agreement with an applicable tax authority
or a final non-appealable judgment of a court of competent jurisdiction.

 

6.13
Acknowledgment. For the avoidance of doubt, it is acknowledged that Investor will be entitled to the benefit of all adjustments
in the number of Capital Shares as a result of any splits, recapitalizations, combinations or other similar transactions affecting the
Capital Shares underlying the Exchange Shares that occur prior to the exchange of this SAFE.

 

6.14
Further Assurances. From time to time, the parties will execute and deliver such additional documents and will provide such
additional information as may reasonably be required to carry out the terms of this SAFE and any agreements executed in connection herewith.

 

6.15
Officers and Directors not Liable. In no event will any officer or director of the Company be liable for any amounts due
and payable pursuant to this SAFE.

 

6.16
Waiver of Jury Trial. EACH PARTY HEREBY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR
ARISING OUT OF THIS SAFE, THE SECURITIES OR THE SUBJECT MATTER HEREOF OR THEREOF. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING
OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING, WITHOUT LIMITATION,
CONTRACT CLAIMS, TORT CLAIMS (INCLUDING NEGLIGENCE), BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. THIS SECTION
HAS BEEN FULLY DISCUSSED BY EACH OF THE PARTIES HERETO AND THESE PROVISIONS WILL NOT BE SUBJECT TO ANY EXCEPTIONS. EACH PARTY HERETO HEREBY
FURTHER REPRESENTS AND WARRANTS THAT SUCH PARTY HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT SUCH PARTY KNOWINGLY AND VOLUNTARILY
WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL.

 

[signature pageS follow]

 

    8

     

    

 

		SURF AIR GLOBAL LIMITED
	 	 	 
		By:	 
	 	 	Sudhin Shahani
	 	 	Executive Chairman &
    CEO

 

		Address: 	12111 S. Crenshaw Blvd.
	 	 	Hawthorne, CA 90250

 

		Email Address: 	sudhin@surfair.com
	 	 	 
		with a copy to:	 legalnotices@surfair.com

 

Signature
Page to [9] (Surf Air) SAFE

 

     

     

    

 

Agreed
to and accepted:

 

	If an individual:	 	 
	 	 	 
	[___]	 	 
	 	 	 
	Address:_______________________________	 	 
	_______________________________	 	 
	 	 	 
	Email Address:__________________________	Address:	[Ÿ]
	 	[Ÿ]	 
	Email Address:_________________________________________
	If an entity:	 	 
	 	 	 
	[___]	 	 
	 	 	 
	By:____________________________________	 	 
	Name:__________________________________	 	 
	Title:___________________________________	 	 
	 	 	 
	Address:________________________________	 	 
	________________________________	 	 
	 	 	 
	Email Address:_________________________________________

 

Signature Page to [10] (Surf Air) SAFEExhibit 10.15

 

Confidential

 

[*****] = Pursuant to Item 601(b)(10) of Regulation S-K, portions of
this exhibit have been omitted as the registrant has determined that certain confidential information contained in this document, marked
by brackets, has been omitted because it is both (i) not material and (ii) the type of information that the company treats as private
and confidential.

 

COLLABORATION
& ENGINEERING

SERVICES AGREEMENT

 

Between

 

TEXTRON AVIATION INC.

 

And

 

SURF
AIR MOBILITY INC.

 

For

 

CESSNA
MODEL 208B GRAND CARAVAN EX

 

THIS
COLLABORATION & ENGINEERING SERVICES AGREEMENT (this “Agreement” or the “CESA”), dated as of September
15, 2022, but effective as of the Effective Date (as defined below), is by and between Textron Aviation Inc., a Kansas corporation,
with offices located at One Cessna Boulevard, Wichita, Kansas, U.S.A. 67215 (“TAI”) and Surf Air Mobility Inc., a
Delaware corporation, with offices located at 12111 Crenshaw Boulevard, Hawthorne, CA 90250 (“SAM” and together with
TAI, the “Parties”, and each a “Party”). “Effective Date” means the first trading date of shares
of common stock of SAM or its affiliate on a United States national securities exchange (which, for the avoidance of doubt, may
occur following a business combination with a special purpose acquisition company, or SPAC).

 

RECITALS:

 

WHEREAS
TAI has the capability and capacity to provide certain aviation engineering services;

 

WHEREAS,
TAI is engaged in the business of designing, developing, manufacturing, and supporting the Cessna Model 208B Grand Caravan EX specified
on Type Certificate A37CE (individually and collectively as the context permits, the “Caravan”), and has, over the years,
acquired and developed substantial and valuable technical expertise, know-how, data, drawings, and specifications related to the Caravan;

 

WHEREAS,
SAM desires to develop and obtain Supplemental Type Certificates from the FAA including any foreign validation by any other aviation
authority (“STC”) for electrified propulsion upfits/retrofits of electric or hybrid-electric Caravans and may require the
services of TAI, as defined further below;

 

WHEREAS,
SAM has entered into an agreement with TAI for the purchase of 100 Caravan with an option to purchase an additional 50 Caravan to potentially
be modified by one or more of the STCs (the “Aircraft Purchase Agreement” or “APA”);

 

WHEREAS,
SAM has entered into an agreement with TAI and Textron Innovations Inc. (“TII”) for the licensing of certain data from TAI
and TII (the “Data License Agreement” or “DLA”);

 

WHEREAS,
SAM has entered into an agreement with TAI for sales and marketing (the “Sales and Marketing Agreement” or “SMA”);

 

    Page 1

     

    

 

WHEREAS,
SAM and TAI desire that this Agreement govern the collaboration between the Parties pursuant to the various agreements, namely the CESA,
the APA, the SMA, and the DLA (together the “Transaction Documents”);

 

WHEREAS,
SAM, TAI and others have entered into that certain Nondisclosure Agreement effective as of March 1, 2021 (the “NDA”); and

 

WHEREAS
SAM desires to retain TAI to provide the said services, and TAI is willing to perform such services under the terms and conditions hereinafter
set forth.

 

NOW,
THEREFORE, in consideration of the mutual covenants and agreements hereinafter set forth and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, TAI and SAM agree as follows:

 

1. Services.
TAI shall provide to SAM the services (the “Services”) set out in one or more statements of work issued by SAM if and when
accepted by TAI pursuant to this Section 1 (each, a “Statement of Work” or “SOW”). The initial accepted Statement
of Work is attached hereto as Exhibit B. Additional Statements of Work shall be deemed issued and accepted only if signed by the TAI
Contract Manager and the SAM Contract Manager, appointed pursuant to Section 2.1(a) and Section 3.1, respectively.

 

 2. TAI Obligations. TAI shall:

 

2.1 Designate
employees or contractors that it determines, in its sole discretion, to be capable of filling the following positions:

 

(a) A
primary contact to act as its authorized representative with respect to all matters pertaining to this Agreement (the “TAI Contract
Manager”).

 

(b) A
number of employees or contractors that it deems sufficient to perform the Services set out in each Statement of Work, (collectively,
with the TAI Contract Manager, “TAI Representatives”).

 

2.2 Require
that the TAI Contract Manager respond promptly to any reasonable requests from SAM for assistance in connection with the Services.

 

2.3 Cooperate
with SAM in its performance of the Services and provide reasonable access to TAI’s premises, employees, contractors, and equipment
as required in connection with the Services.

 

2.4 Maintain
records relating to the provision of the Services under this Agreement, including records of the time spent and materials used by TAI
in providing the Services.

 

 3. SAM Obligations. SAM shall:

 

3.1 Designate
one of its employees to serve as its primary contact with respect to this Agreement and to act as its authorized representative with
respect to matters pertaining to this Agreement (the “SAM Contract Manager”), with such designation to remain in force unless
and until a successor SAM Contract Manager is appointed.

 

    Page 2

     

    

 

3.2 Require
that the SAM Contract Manager respond promptly to any reasonable requests from TAI for instructions, information, or approvals required
by TAI to provide the Services.

 

3.3 Cooperate
with TAI in its performance of the Services and provide reasonable access to SAM’s premises, employees, contractors, and equipment
as required to enable TAI to provide the Services.

 

3.4 Take
all steps necessary, including obtaining any required licenses or consents, to prevent SAM-caused delays in TAI’s provision of
the Services.

 

 4. Fees and Expenses.

 

4.1 In
consideration of the provision of the Services by TAI and the rights granted to SAM under this Agreement, SAM shall pay the fees set
out in TAI’s then current fee schedule as it may be updated from time to time, with initial rates attached as Exhibit C, unless
otherwise set forth as a firm fixed price in the applicable Statement of Work. In the event of any joint development activity occurring
on a Statement of Work, the Parties shall enter into a joint development agreement prior to engaging in any such activity. Payment to
TAI of such fees and the reimbursement of expenses pursuant to this Section 4 shall constitute payment in full for the performance of
the Services. Unless otherwise provided in the applicable Statement of Work, said fee will be payable within 30 days of receipt by the
SAM of an invoice from TAI following completion of the Services performed pursuant to the applicable Statement of Work. The Agreement
is considered to be a commercial time and material contract, or firm fixed price as defined in the applicable SOW. Place of performance,
origin and FOB point shall be the applicable TAI facility in Wichita, Kansas, USA.

 

4.2 SAM
shall reimburse TAI for all reasonable expenses incurred in accordance with the applicable Statement of Work, within 30 days of receipt
by the SAM of an invoice from TAI accompanied by receipts and reasonable supporting documentation.

 

4.3 SAM
shall be responsible for all sales, use and excise taxes, and any other similar taxes, duties and charges of any kind imposed by any
federal, state or local governmental entity on any amounts payable by SAM hereunder; provided, that, in no event shall SAM pay or be
responsible for any taxes imposed on, or regarding, TAI’s income, revenues, gross receipts, personnel, or real or personal property
or other assets.

 

4.4
All late payments shall bear interest at the lesser of (a) the rate of 1.5% per month and (b) the highest rate permissible under
applicable law, calculated daily and compounded monthly. SAM shall also reimburse TAI for all costs incurred in collecting any late
payments, including, without limitation, attorneys’ fees. In addition to all other remedies available under this Agreement or
at law (which TAI does not waive by the exercise of any rights hereunder), TAI shall be entitled to suspend the provision of any
Services if the SAM fails to pay any amounts/fees when due hereunder and such failure continues for 15 days following written notice
thereof.

 

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4.5 All
payments are Net 30 and shall be made from SAM’s account, including SAM’s name as the originator or “By order of”
SAM and issued to TAI by electronic wire transfer to the following address:

 

[*****]

 

TAI
reserves the right to reject any other form of payment. TAI shall have the right to reject or accept payment-related transfers or requests
without prejudice that do not comply with its then-existing finance and anti-money laundering policies.

 

 5. Limited Warranty and Limitation of Liability.

 

 5.1 TAI warrants that it shall perform the Services:

 

(a) In
accordance with the terms and subject to the conditions set out in the respective Statement of Work and this Agreement.

 

(b)
Using personnel of commercially reasonable skill, experience, and qualifications.

 

(c) In
a workmanlike manner in accordance with generally recognized industry standards for similar services.

 

5.2 TAI’s
sole and exclusive liability and SAM’s sole and exclusive remedy for breach of this warranty shall be as follows:

 

(a) TAI
shall use reasonable commercial efforts to promptly cure any such breach; provided, that if TAI cannot cure such breach within a reasonable
time (but no more than 60 days) after SAM’s written notice of such breach, SAM may, at its option, terminate the Agreement by serving
written notice of termination in accordance with Section 9.2.

 

(b) In
the event the Agreement is terminated pursuant to Section 5.2(a) above, TAI shall within 90 days after the effective date of termination,
refund to SAM any fees paid by the SAM as of the date of termination for the Service or Deliverables (as defined in Section 6 below),
less a deduction equal to the fees for receipt or use of such Deliverables or Service up to and including the date of termination on
a pro-rated basis.

 

(c) The
foregoing remedy shall not be available unless SAM provides written notice of such breach within 60 days after delivery of such Service
or Deliverable to SAM.

 

5.3 TAI
MAKES NO WARRANTIES EXCEPT FOR THAT PROVIDED IN SECTION 5.1, ABOVE. ALL OTHER WARRANTIES, EXPRESS AND IMPLIED, ARE EXPRESSLY DISCLAIMED.

 

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 6. Intellectual Property.

 

6.1 All
intellectual property rights, including copyrights, patents, patent disclosures and inventions (whether patentable or not),
trademarks, service marks, trade secrets, know-how and other confidential information, trade dress, trade names, logos, corporate
names and domain names, together with all of the goodwill associated therewith, derivative works and all other rights (collectively,
“Intellectual Property Rights”) in and to all documents, work product and other materials that are delivered to SAM
under this Agreement or prepared by or on behalf of TAI in the course of performing the Services, including any items identified as
such in the Statement of Work (collectively, the “Deliverables”), except for any Confidential Information of TAI, shall
be owned by SAM. Without limiting the generality of the foregoing, SAM owns all of the Intellectual Property Rights related to or in
connection with the STCs being developed by, developed by and/or obtained by SAM. The Deliverables and the Services shall be deemed
a “work made for hire,” as such term is defined in the United States Copyright Act, for SAM as copyright owner; and to
the extent any of the Deliverables do not qualify as a “work made for hire” as defined by the United States Copyright
Act, TAI hereby irrevocably assigns and transfers to SAM and its successors and assigns all rights in and to the Deliverables and
the Services, including, but not limited to, all Intellectual Property Rights with respect thereto. If all or any part of the
Deliverables or the Services or any Intellectual Property Rights therein are not legally assignable by TAI, then TAI hereby grants
the Corporation an unlimited, perpetual, fully sub-licensable, royalty-free, fully paid-up license to use such Deliverables,
Services or Intellectual Property Rights for any purpose worldwide. TAI will cooperate with SAM by, among other things, signing any
documentation reasonably required by SAM to vest title to the Deliverables and the Services in SAM, and to prepare and file any
applications with any governmental authority to protect the Deliverables and the Services as “work made for hire” for
SAM. The Parties recognize that pursuant to other Transaction Documents, the foregoing license provided for above in this Section
only applies to the Deliverables, the Services and the Intellectual Property Rights with respect thereto under this
Agreement.

 

6.2 SAM
hereby grants to TAI and its Affiliates an irrevocable license to use all Intellectual Property Rights in the Deliverables and Services
free of additional charge and on a non-exclusive, worldwide, nontransferable (other than to Affiliates), nonsublicensable (other than
to Affiliates), fully paid-up, royalty-free and perpetual basis.

 

6.3 SAM
hereby irrevocably covenants that at no time will it, its Affiliates, successors, or its assigns, directly or indirectly, alone or by,
with, or through others, cause, induce, or authorize, or voluntarily assist, participate, or cooperate in the commencement, maintenance,
or prosecution of/commence, maintain, or prosecute any action or proceeding of any kind or nature whatsoever (including, but not limited
to, any suit, complaint, grievance, demand, claim, or cause of action in, of, or before any government authority) against TAI, or any
of its Affiliates or any of their past or present directors, officers, employees, successors, assigns, customers, manufacturers, distributors,
licensees, or other transferees based upon assertion of misappropriation, direct or indirect infringement of any claim of any Intellectual
Property Right in the Deliverables or Services by any product manufactured, used, offered for sale, sold, imported, or otherwise transferred
by TAI or any of its Affiliates at any time.

 

6.4 The
parties agree that any joint development shall be governed by a separate agreement as provided for in Section 4.1 and that in the absence
of any such agreement, the foregoing Section 6.1 shall govern the subject matter of each Statement of Work under this Agreement.

 

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7. Confidentiality;
Disclosure. From time to time during the Term of this Agreement, either Party (as the “Disclosing Party”) may
disclose or make available to the other Party (as the “Receiving Party”), non-public, proprietary, and confidential
information of Disclosing Party that, if disclosed in writing or other tangible form is clearly labeled as
“confidential,” or if disclosed orally, is identified as confidential when disclosed and within 10 days thereafter, is
summarized in writing and confirmed as confidential (“Confidential Information”); provided, however, that Confidential
Information does not include any information that: (a) is or becomes generally available to the public other than as a result of
Receiving Party’s breach of this Section 7; (b) is or becomes available to the Receiving Party on a non-confidential basis
from a third-party source, provided that such third party is not and was not prohibited from disclosing such Confidential
Information; (c) was in Receiving Party’s possession prior to Disclosing Party’s disclosure hereunder; or (d) was or is
independently developed by Receiving Party without using any Confidential Information. The Receiving Party shall: (x) protect and
safeguard the confidentiality of the Disclosing Party’s Confidential Information with at least the same degree of care as the
Receiving Party would protect its own Confidential Information, but in no event with less than a commercially reasonable degree of
care; (y) not use the Disclosing Party’s Confidential Information, or permit it to be accessed or used, for any purpose other
than to exercise its rights or perform its obligations under this Agreement; and (z) not disclose any such Confidential Information
to any person or entity, except to the Receiving Party’s Group who need to know the Confidential Information to assist the
Receiving Party, or act on its behalf, to exercise its rights or perform its obligations under this Agreement.

 

If
the Receiving Party is required by applicable law or legal process to disclose any Confidential Information, it shall, prior to making
such disclosure, use commercially reasonable efforts to notify Disclosing Party of such requirements to afford Disclosing Party the opportunity
to seek, at Disclosing Party’s sole cost and expense, a protective order or other remedy. For purposes of this Section only, Receiving
Party’s Group shall mean the Receiving Party’s Affiliates and its or their employees, officers, directors, shareholders,
partners, members, managers, agents, independent contractors, representatives, sublicensees, subcontractors, attorneys, accountants,
and financial advisors (together “Representatives”).

 

Notwithstanding
any other provision of this Agreement, the Receiving Party shall have the right, at any time during or after the term of this Agreement,
to disclose, publish, disseminate, and use Residual Information for any purpose in its business, provided that the Receiving Party does
not, and does not permit its Representatives to, breach its confidentiality obligations under this Agreement in using such Residual Information.
For purposes of this Agreement, the term “Residual Information” means any confidential information in intangible form (including,
without limitation, ideas, concepts, know-how, or techniques) that is retained in the memory of the Receiving Party’s Representatives
who use or have access to such Confidential Information. The Receiving Party shall not have any obligation to limit or restrict the work
assignments of any of its Representatives or to pay the Disclosing Party any royalties for any work product developed in reliance on
or through the use of, in whole or in part, any Residual Information, provided, however, that this Section shall not be deemed to grant
to the Recipient any right, title or interest (including, without limitation, any Intellectual Property Rights) in or to any Confidential
Information.

 

Notwithstanding
any other provision of this Agreement, SAM shall not publicly disclose any of the Transaction Documents or information relating thereto
except in the circumstances described in this paragraph. In the event that SAM determines upon the advice of counsel that it is required
by law or applicable regulations to disclose (each instance, a “Disclosure”) through filings with the SEC or disclosure to
investors of any of the Transaction Documents or any information related thereto, SAM shall (i) consult with TAI to mutually agree upon
the scope and substance of the required Disclosure; provided, however, that if SAM and TAI are unable to mutually agree on such scope
and substance, SAM’s reasonable determination (based upon the written advice of counsel) shall control, and (ii) deliver to TAI
a copy of the applicable Disclosure and notice of the date for making such Disclosure (the “Disclosure Date”) and use reasonable
best efforts to deliver such copy of the Disclosure at least ten (10) Business Days prior to the Disclosure Date. SAM shall modify such
Disclosure based upon the commercially reasonable comments of TAI and address any comments provided by TAI to TAI’s reasonable
satisfaction (provided such comments are delivered to SAM no later than two (2) Business Days prior to the Disclosure Date), , including
by making any commercially reasonable requests for confidential treatment or redactions to copies of the Transactions Documents required
to be included as an exhibit to an SEC filing, provided that, in the reasonable opinion of SAM (upon the written advice of counsel),
any such requests would not violate applicable laws or regulations with respect to the Disclosure. In addition, SAM shall promptly provide
to TAI copies of any correspondence from a governmental authority in respect of a Disclosure and shall cooperate in good faith with TAI
in responding to such correspondence and amending the Disclosure, to the extent necessary.

 

    Page 6

     

    

 

In
the event that there is deemed to be any conflict between the provisions of the NDA and this Agreement as to the subject matter hereof
and the parties hereto, the provisions of this Agreement shall control.

 

 8. Restrictive Markings and Export Compliance

 

8.1 Markings.
Services and Deliverables subject to this Agreement may contain markings identifying such as proprietary to either Party or as being
subject to U.S. export control laws. Each Party shall not alter or remove any such restrictive markings. Any copies of the Services and
Deliverables authorized by this Agreement to be reproduced by either Party shall contain identical restrictive markings. Any compilations
or incorporation of the Services or Deliverables in part or in whole into documents created by a Party shall likewise carry identical
restrictive markings. Additionally, any Export-controlled Services or Deliverables furnished under this Agreement will be marked with
the following wording as applicable:

 

(a) For
items subject to the International Traffic in Arms Regulations (“ITAR”): “These commodities, technology, or software
are controlled under the International Traffic in Arms Regulations. Export or diversion contrary to U.S. law is strictly prohibited.”

 

(b) For
items subject to the Export Administration Regulations (“EAR”): “These commodities, technology, or software are controlled
under the Export Administration Regulations. Export or diversion contrary to U.S. law is strictly prohibited.”

 

8.2 Export
Compliance. The Parties shall not disclose any Technical Data furnished hereunder and neither Party shall make sales of products
using the Technical Data in any manner contrary to the laws and regulations of the USA or any applicable foreign export laws and regulations.
The information that the Parties may wish to disclose pursuant to this Agreement and any export of the Technical Data may be subject
to the provisions of the U.S. Export Administration Act of 1979 (50 USC 2401-2410), the U.S. Export Administration Regulations promulgated
thereunder (15 CFR 768-799), the U.S. International Traffic in Arms Regulations (22 CFR 120-130), the regulations of the Office of Foreign
Assets Control of the U.S. Department of the Treasury and the U.S. Foreign Corrupt Practices Act. The Parties acknowledge that these
statutes and regulations may impose restrictions on export, import, and transfer to third countries and persons and entities of certain
categories of data and articles, and that licenses and/or registrations from the US Department of State and/or the US Department of Commerce
and/or the US Department of Treasury’s Office of Foreign Assets Control may be required before such data and articles can be disclosed
or sold or exported hereunder or pursuant hereto, and that such licenses may impose further restrictions on use and further disclosure
or export or use of such data and articles. For these reasons, each Party agrees to share, upon request, information related to and including
the export classifications of technical data, commodities, or software transferred under this Agreement. Disclosure or export of such
data and articles to foreign persons is subject to the above regulations regardless if the export occurs in the USA or abroad. Each Party
agrees to comply with all applicable USA governmental regulations as they relate to the export, import and re-export of data, articles
and the subject matter hereof. Prior to any transfer of Technical Data, each Party shall ensure that all necessary authorizations are
obtained and that all the goods and documentation to be exported or delivered that are controlled under USA export laws and regulations
are accompanied by the required USA government authorizations. SAM shall immediately notify TAI if it or any of its subcontractors or
suppliers becomes listed on any Excluded or Denied Party List of an agency of the U.S. Government or its export or import privileges
are denied, suspended, or revoked.

 

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 9. Term, Termination, and Survival.

 

9.1 This
Agreement shall commence as of the Effective Date and shall continue thereafter until the completion of the Services under all Statements
of Work unless sooner terminated pursuant to Section 9.2 or Section 9.3.

 

9.2 Either
Party may terminate this Agreement, effective upon written notice to the other Party (the “Defaulting Party”) if the
Defaulting Party:

 

(a) Materially
breaches this Agreement, and such breach is incapable of cure, or with respect to a material breach capable of cure, the Defaulting Party
does not cure such breach within 30 days after receipt of written notice of such breach.

 

(b) Becomes
insolvent or admits its inability to pay its debts generally as they become due.

 

(c) Becomes
subject, voluntarily or involuntarily, to any proceeding under any domestic or foreign bankruptcy or insolvency law, which is not fully
stayed within seven business days or is not dismissed or vacated within 45 business days after filing.

 

 (d) Is dissolved or liquidated or takes any corporate action for such purpose.

 

 (e) Makes a general assignment for the benefit of creditors.

 

(f) Has
a receiver, trustee, custodian, or similar agent appointed by order of any court of competent jurisdiction to take charge of or sell
any material portion of its property or business.

 

9.3 Notwithstanding
anything to the contrary in Section 9.2(a), TAI may terminate this Agreement upon written notice to SAM upon the occurrence of any of
the following events (each of the following, a “Specified Event of Default”):

 

(a) SAM
fails to pay any undisputed amount when due hereunder and such failure continues for 30 days after SAM’s receipt of written notice
of nonpayment;

 

(b) SAM
fails to timely achieve, complete, or pass any of the SAM Caravan STC Milestone Requirements by the applicable SAM Completion Date
(subject to the applicable cure period) as set forth in Exhibit A as determined in the good faith discretion of TAI; provided that,
the applicable SAM Completion Dates shall be equitably adjusted to the extent SAM is not able to achieve, complete or pass any SAM
Caravan STC Milestone Requirement or such SAM Caravan STC Milestone Requirement is not otherwise met, in each case as a result of
(a) the material breach of TAI of its obligations hereunder or (b) the occurrence of a
Force Majeure Event, with an extension to the corresponding SAM Completion Date commensurate with the delay caused by such TAI
breach or Force Majeure Event, provided, however, that no extension related to a Force Majeure Event shall be longer than 45
days;

 

(c) the
occurrence of a “Change of Control”, which means (i) the acquisition by any Person of ownership or power to vote
more than 49% of the voting stock of SAM by means of any transaction or series of related transactions (including any
reorganization, merger or consolidation, but excluding any business combination with a SPAC by SAM or its Affiliate completed prior
to the one (1) year anniversary of the date hereof), (ii) the acquisition of ownership or power to vote more than 10% of the voting
stock of SAM by a TAI competitor, (iii) a sale of all or substantially all of the assets of SAM, (iv) a material change of
SAM’s senior leadership occurring prior to the five (5) year anniversary of the date hereof, in each case of the foregoing
clauses (i) – (iv), directly or indirectly, including as to any successor of SAM;

 

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(d) TAI
determines, in its reasonable discretion, that the market for SAM aircraft outside of the Caravan purchased pursuant to the APA is not
economically viable;

 

(e) TAI
determines, in its reasonable discretion, that the FAA is unlikely to approve an STC as contemplated by this Agreement;

 

(f) TAI
determines in its reasonable discretion, that SAM has failed to adequately develop its products offerings as compared to third-parties
pursuing similar or the same objectives, including the commercial availability of an alternative system prior to SAM obtaining the STC
contemplated by the initial Statement of Work;

 

 (g) TAI ceases to manufacture the Caravan;

 

 (h) if any of the Transaction Documents are terminated for any reason; or

 

 (i) if the Effective Date does not occur on or prior to March 31, 2023.

 

With
respect to Clauses 9.3(d), (e) and (f) above, TAI may exercise its termination right only upon ninety (90) days’ written notice
to SAM delivered during the month of December in any year during the term of this Agreement.

 

9.4 The
rights and obligations of the Parties set forth in this Section 9.4 and any right or obligation of the Parties in this Agreement which,
by its nature, should survive termination or expiration of this Agreement, will survive any such termination or expiration of this Agreement.

 

 10. Limitation of Liability.

 

10.1 IN
NO EVENT SHALL EITHER PARTY BE LIABLE TO THE OTHER PARTY FOR ANY LOSS OF USE, REVENUE, OR PROFIT OR LOSS OF DATA OR DIMINUTION IN VALUE,
OR FOR ANY CONSEQUENTIAL, INCIDENTAL, INDIRECT, EXEMPLARY, SPECIAL, OR PUNITIVE DAMAGES WHETHER ARISING OUT OF BREACH OF CONTRACT, TORT
(INCLUDING NEGLIGENCE), OR OTHERWISE, REGARDLESS OF WHETHER SUCH DAMAGE WAS FORESEEABLE AND WHETHER OR NOT SUCH PARTY HAS BEEN ADVISED
OF THE POSSIBILITY OF SUCH DAMAGES, AND NOTWITHSTANDING THE FAILURE OF ANY AGREED OR OTHER REMEDY OF ITS ESSENTIAL PURPOSE.

 

10.2 IN
NO EVENT SHALL TAI’s AGGREGATE LIABILITY ARISING OUT OF OR RELATED TO THIS AGREEMENT, WHETHER ARISING OUT OF OR RELATED TO BREACH
OF CONTRACT, TORT (INCLUDING NEGLIGENCE), OR OTHERWISE, EXCEED TWO (2) TIMES THE AGGREGATE AMOUNTS PAID OR PAYABLE TO TAI IN THE THREE-MONTH
PERIOD PRECEDING THE EVENT GIVING RISE TO THE CLAIM.

 

 11. Insurance.

 

11.1 SAM
shall acquire and maintain at its sole cost and expense, including any deductibles or self-insured retentions, throughout the Term of
this Agreement and for a period of five (5) years following the termination or expiration of this Agreement, the following insurance
coverages:

 

Comprehensive
General Liability insurance in the amount of [*****] per occurrence and [*****] in
aggregate;

 

    Page 9

     

    

 

Aviation Products Liability insurance for a Combined Single Limit (Bodily and Property Damage) in the amount of [*****], whichever is greater (as to this particular coverage only, it is not required until the activities
provided in any given Statement of Work include any high speed taxi or flight test activities, in which case such coverage shall be
bound no later than sixty (60) days prior to such activities occurring);

 

Property
Insurance against loss of or damage to any materials or tools in an amount equivalent to replacement cost value of the material and/or
tools in the event the aforesaid materials and tools are owned by or furnished by TAI and supplied to SAM; and

 

Workers
Compensation Insurance with statutory limits as required in the state(s) of operation and providing coverage for any employee entering
onto TAI premises, even if not required by statute. Employer’s Liability or “Stop Gap” insurance with limits of not less
than [*****] each accident, each person and each disease.

 

For
sake of clarity of expectations, should at some point in the future the Parties enter into a long- term supply agreement the insurance
limits set forth above shall be increased and/or adjusted to be comparable to TAI’s then current insurance requirements for suppliers
of similar type systems.

 

Insurance
policies shall (i) include TAI and its respective directors, officers, employees and agents as additional insured parties; (ii) contain
an endorsement which requires that thirty (30) days written notice be given to TAI prior to any material change, cancellation, nonrenewal,
or material change of the policy; and (iii) provide adequate protection for SAM, TAI, and their respective officers, employees, and agents
against the Claims, demands, causes of action or damages, including attorney’s fees, for liability hereunder, regardless of when
such Claims are made or when underlying injuries occur or manifest themselves. Insurance policies shall not contain crossclaim, cross-suit,
or other such exclusion clauses which would preclude additional insured parties from instituting causes of action against other insureds
under the policy or which would otherwise limit coverage of additional insureds. In the event SAM’s insurance is canceled or not
renewed and replacement insurance is not obtained prior to the effective date of such cancellation or nonrenewal, TAI shall have the
right to procure such coverage and charge the expenses incurred to SAM. Upon request, SAM shall furnish a copy of the insurance policy
to TAI. Failure to maintain this coverage shall be considered a material breach of this Agreement.

 

11.2 Certificate
of Insurance. Prior to the provision of any services under this Agreement, original signed certificates issued by SAM’s insurance
company or insurance broker evidencing the insurance required above shall be provided to TAI at the following address:

 

[*****]

 

Such
certificates shall set forth, minimally, the amount of insurance, the additional insured endorsement, the policy number, the date of
expiration, and an endorsement that TAI shall receive thirty (30) days written notice prior to termination, reduction or material modification
of the coverage. Certificates shall be furnished to TAI upon renewal of insurance. In the event SAM has not provided its certificate
of insurance as required herein, TAI shall have the right to procure such coverage and charge the expense incurred, plus any applicable
deductibles or self-insured retentions applied to a claim, to SAM. Failure to maintain the required insurance or to provide a certificate
of insurance that complies with this provision shall be considered a material breach of this Agreement.

 

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12. Notices.
All notices, requests, consents, claims, demands, waivers and other communications hereunder shall be in writing and shall be deemed
to have been given (a) when delivered by hand (with written confirmation of receipt); (b) when received by the addressee if sent by a
nationally recognized overnight courier (receipt requested); (c) on the date sent by facsimile or e-mail of a PDF document (with confirmation
of transmission) if sent during normal business hours of the recipient, and on the next Business Day if sent after normal business hours
of the recipient; or (d) on the third business day after the date mailed, by certified or registered mail, return receipt requested,
postage prepaid. Such communications must be sent to the respective parties at the following addresses (or at such other address for
a party as shall be specified in a notice given in accordance with this Section).

 

	If to TAI:	Textron Aviation Inc.
	 	 
	 	[*****]
	 	 
	with a copy to:	Textron Aviation Inc.
	 	 
	 	[*****]

     

	If to SAM:	Surf Air Mobility Inc.
	 	 
	 	[*****]
	 	 
	with a copy to:	Surf Air Mobility Inc.
	 	 
	 	[*****]

 

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13. Assignment.
Any purported assignment or delegation in violation of this Section 13 shall be null and void. No assignment or delegation shall relieve
SAM of any of its obligations under this Agreement. TAI may assign any of its rights or delegate any of its obligations to any Affiliate
or to any person acquiring all or substantially all of TAI’s assets without SAM’s consent. As used in this Agreement, “Affiliate”
means, with respect to any Person, any other Person that, directly or indirectly, controls, is controlled by or is under common control
with such Person, where control may be by either management authority, contract or equity interest. As used in this definition, “control”
and correlative terms mean the power to direct or cause the direction of the management and policies of a Person, directly or indirectly,
whether through the ownership of voting securities, by contract or otherwise.

 

14. Relationship
of the Parties. The relationship between the Parties is that of independent contractors. The details of the method and manner for
performance of the Services by TAI shall be under its own control, SAM being interested only in the results thereof. TAI shall be solely
responsible for supervising, controlling and directing the details and manner of the completion of the Services. Nothing in this Agreement
shall give the SAM the right to instruct, supervise, control, or direct the details and manner of the completion of the Services. The
Services must meet the SAM’s final approval and shall be subject to the SAM’s general right of inspection throughout the
performance of the Services and to secure satisfactory final completion. Nothing contained in this Agreement shall be construed as creating
any agency, partnership, joint venture or other form of joint enterprise, employment or fiduciary relationship between the parties, and
neither party shall have authority to contract for or bind the other party in any manner whatsoever.

 

15. Interpretation
and Rules of Construction. In this Agreement, except to the extent otherwise provided or that the context otherwise requires:
(a) the headings or captions for this Agreement are for reference purposes only and do not affect in any way the meaning or
interpretation of this Agreement; (b) whenever the words “include,” “includes” or
“including” are used in this Agreement, they are deemed to be followed by the words “without limitation”;
(c) the definitions contained in this Agreement are applicable to the singular as well as the plural forms of such terms; (d)
references to a Person are also to the Person’s successors and permitted assigns; and (e) references to agreements and laws
are also to the same as amended, restated or otherwise modified from time to time. “Person” means an individual,
corporation, partnership, joint venture, limited liability company, governmental authority, unincorporated organization, trust,
association, or other entity.

 

16. Governing
Law/Forum. The Parties agree this Agreement will be deemed made and entered into and will be performed wholly within the State of
Kansas and any dispute arising under, out of or related in any way to this Agreement, the legal relationship between TAI and SAM or the
transaction that is the subject matter of this Agreement (collectively “Dispute”) will be governed and construed under the
laws of the State of Kansas, USA, exclusive of conflicts of laws. Any Dispute will be adjudicated solely and exclusively in the United
States District Court for the State of Kansas, in Wichita, Kansas or, if that court lacks jurisdiction, Kansas state courts of the 18th
Judicial District. Each of the Parties (i) consent to the exclusive, personal jurisdiction of these courts and, by signing this Agreement,
waive any objection to venue of these Kansas courts and (ii) agree that final judgment brought in these courts will be conclusive and
binding upon the parties and may be enforced in any other courts with jurisdiction over the parties.

 

    Page 12

     

    

 

17. WAIVER
OF JURY TRIAL. EACH PARTY ACKNOWLEDGES THAT ANY CONTROVERSY THAT MAY ARISE UNDER THIS AGREEMENT INCLUDING EXHIBITS, SCHEDULES,
ATTACHMENTS, AND APPENDICES ATTACHED TO THIS AGREEMENT, IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES AND, THEREFORE, EACH
SUCH PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LEGAL ACTION ARISING
OUT OF OR RELATING TO THIS AGREEMENT, INCLUDING ANY EXHIBITS, SCHEDULES, ATTACHMENTS OR APPENDICES ATTACHED TO THIS AGREEMENT, THE
TRANSACTION DOCUMENTS, OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

18. Entire
Agreement. This Agreement and any attached statements of work, schedules and exhibits constitute the entire agreement between the
Parties pertaining to the subject matter contained herein and supersedes all prior and contemporaneous agreements, representations, communications
and understandings of the Parties. Each of the Parties acknowledges that no other party, nor any agent or attorney of any other party,
has made any promise, representation, or warranty whatsoever, express or implied, and not contained herein, concerning the subject matter
hereof to induce the Party to execute or authorize the execution of this Agreement, and acknowledges that the Party has not executed
or authorized the execution of this instrument in reliance upon any such promise, representation, or warranty not contained herein. For
the avoidance of doubt, each of the Transaction Documents govern as to their respective subject matter independently, and without integration.

 

19. Force
Majeure. Neither Party shall be deemed in default or otherwise liable hereunder due to its inability to perform (except for any obligations
of SAM to pay TAI hereunder) by reason of any act of God, fire, earthquake, flood, epidemic, pandemic, quarantine, accident, explosion,
casualty, strike, lockout, slowdown, labor controversy or other industrial disturbances, riot, civil disturbance, act of public enemy,
embargo, war, any municipal, county, state, national or international ordinance or law, any executive, administrative, judicial or similar
order (which order is not the result of any act or omission to act which would constitute a default under this Agreement), government
action or inaction (other than any action or inaction by the FAA related to the STC), delay in supplier deliveries, any failure or delay
of any transportation, power, or other essential thing required, or similar causes beyond the Party’s control (each a “Force
Majeure Event”). In such case, the Party affected by the Force Majeure Event shall notify the other Party of its inability
to perform. Any delay in performance shall be no greater than the Force Majeure Event causing the delay.

 

20. Joint
Drafting. This Agreement is to be construed as if drafted jointly by the Parties and no presumption will arise favoring or disfavoring
either Party by virtue of the authorship of any provision of this Agreement.

 

21. Amendments.
No modification to this Agreement will be effective unless in writing as an amendment to this Agreement, which specifically references
this Agreement, and is signed by both Parties.

 

22. Successors
and Assigns. This Agreement is binding on and inures to the benefit of the Parties to this Agreement and their respective permitted
successors and permitted assigns.

 

23. No
Third-Party Beneficiaries. This Agreement benefits solely the Parties to this Agreement and their respective permitted successors
and assigns and nothing in this Agreement, express or implied, confers on any other Person any legal or equitable right, benefit or remedy
of any nature whatsoever under or by reason of this Agreement.

 

24. Severability.
The provisions of this Agreement shall be severable, and if any provision of this Agreement shall be held or declared to be illegal,
invalid, or unenforceable in any jurisdiction, such illegality, invalidity or unenforceability shall not affect any other provision hereof
or the interpretation and effect of the Agreement as to any other jurisdiction, and the remainder of the Agreement, disregarding such
illegal, invalid or unenforceable provision, shall continue in full force and effect as though such illegal, invalid, or unenforceable
provision had not been contained herein.

 

    Page 13

     

    

 

25. Waiver.
No waiver by any Party of any of the provisions of this Agreement shall be effective unless explicitly set forth in writing and
signed by the Party so waiving. Except as otherwise set forth in this Agreement, no failure to exercise, or delay in exercising, any
right, remedy, power or privilege arising from this Agreement shall operate or be construed as a waiver thereof, nor shall any
single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the
exercise of any other right, remedy, power or privilege. No waiver shall constitute a continuing waiver.

 

26. Counterparts/Electronic
Signatures. This Agreement may be executed in counterparts, each of which shall be deemed to be an original and both together shall
be deemed to be one and the same agreement. Counterpart signature pages to this Agreement transmitted by facsimile transmission, by electronic
mail in “portable document format” (.pdf) form, or by any other electronic means intended to preserve the original graphic
and pictorial appearance of a document will have the same effect as physical delivery of the paper document bearing an original signature.
By signing below, the signatories to this Agreement verify they have full authority to bind and do hereby bind their respective Parties.

 

[SIGNATURE
PAGE FOLLOWS]

 

    Page 14

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the Effective Date by their respective duly authorized
officers.

 

	 	Surf Air Mobility Inc.
	 	 	 
	 	By	/s/
Sudhin Shahani
	 	Name:	Sudhin
    Shahani
	 	Title:	CEO
	 	 	 
	 	Textron Aviation Inc.
	 	 
	 	By	[*****]
	 	Name: 
    	[*****]
	 	Title:
    	[*****]

 

Signature
Page to Collaboration and Engineering Services Agreement

 

    Page 15

     

    

 

EXHIBIT
A

 

SAM
CARAVAN STC MILESTONE REQUIREMENTS

 

	No.	SAM
    Caravan STC Milestone Requirement	SAM

    Completion
    Date
	Cure
    Period	SAM
    Completion Standard1
	1	Source
    selection of [*****]	[*****]	90
    Days	[*****]
	2	Certification
    plan submittal.	[*****]	90
    Days	[*****]
	3	[*****]	[*****]	90
    Days	[*****]
	4	[*****]	[*****]	90
    Days	[*****]
	5	[*****]	[*****]	90
    Days	[*****]
	6	[*****]	[*****]	90
    Days	[*****]
	7	Type
    Inspection Authorization.	[*****]	90
    Days	Per
    FAA Issued ACO Authorization Letter
	8	[*****]	[*****]	90
    Days	[*****]
	9	Issuance
    of Supplemental Type Certificate.	[*****]	90
    Days	Per
    FAA Issued Supplemental Type Certificate

  

 

		1	In
each case followed by Notice of verification by TAI to SAM. TAI’s verification of each STC Milestone Requirement shall not be construed
as an endorsement, engineering validation, or shift in responsibility from SAM to TAI of any obligations or duties of SAM under this
Agreement or to any aviation authority, including, without limitation, the FAA unless otherwise agreed to in writing signed by a TAI
senior vice president of engineering.

 

    Page 16

     

    

 

EXHIBIT
B

 

INITIAL
STATEMENT OF WORK

 

This
Initial Statement of Work shall be titled: OEM Review and Comment Concerning Aircraft Series Hybrid Propulsion System Development Process

 

Statement
of Work Scope: This SOW shall be limited to a Series Hybrid-Electric Propulsion System for the Caravan.

 

The
TAI Contract Manager for this SOW shall be identified by TAI to SAM.

 

The SAM Contract Manager for this SOW shall be identified by SAM
to TAI.

 

	No.	TAI
    Activity/Service	SAM
    Activity	Fees
	1	Review
    and comment regarding SAM Activity.	Source
    selection of [*****]	time
    and materials
	2	Review
    and comment regarding SAM Activity.	Certification
    plan submittal.	time
    and materials
	2(a)	Drawings
    and Data Support pursuant to Data License Agreement Begins	No.
    1 & 2	time
    and materials
	3	Review
    and comment regarding SAM Activity.	[*****]	time
    and materials
	4	Review
    and comment regarding SAM Activity.	[*****]	time
    and materials
	5	Review
    and comment regarding SAM Activity.	[*****]	time
    and materials
	6	Review
    and comment regarding SAM Activity.	[*****]	time
    and materials
	7	Review
    and comment regarding SAM Activity.	Type
    Inspection Authorization.	time
    and materials
	8	Review
    and comment regarding SAM Activity.	[*****]	time
    and materials
	9	Review
    and comment regarding SAM Activity.	Issuance
    of Supplemental Type Certificate.	time
    and materials

 

The
bailment of 2 Caravan airframes selected by TAI pursuant to a bailment agreement negotiated in good faith.

 

    Page 17

     

    

 

EXHIBIT
C

 

		●	[*****]
                                            2022-2023 RATES FOR ENGINEERING SUPPORT.

 

		●	[*****]
                                            FOR ON REQUEST ENGINEERING DIRECTOR SUPPORT FOR ENGINEERING ACTIVITIES, PROGRAM REVIEWS AND
                                            MILESTONE GATES.

 

		●	[*****]
                                            FOR ON REQUEST ENGINEERING VP SUPPORT FOR PROGRAM REVIEWS AND MILESTONE GATES.

 

 

Page 18

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