Document:

Exhibit 10.1

 

AMENDMENT NO. 1 TO

BUSINESS COMBINATION AGREEMENT

 

AMENDMENT NO.1 TO BUSINESS
COMBINATION AGREEMENT, dated as of September 1, 2022 (this “Amendment”), by and among Tuscan Holdings Corp. II, a Delaware
corporation (“SPAC”), Surf Air Global Limited, a BVI business company formed under the laws of the British Virgin Islands
(the “Company”), Surf Air Mobility Inc., a Delaware corporation and wholly-owned subsidiary of the Company (“Parentco”),
THCA Merger Sub Inc., a Delaware corporation and wholly-owned subsidiary of Parentco (“Merger Sub I”), and SAGL Merger
Sub Limited, a BVI business company formed under the laws of the British Virgin Islands and wholly-owned subsidiary of Parentco (“Merger
Sub II” and together with the Company, Parentco and Merger Sub I, the “Surf Entities”).

 

WHEREAS, the SPAC and the
Surf Entities are parties to that certain Business Combination Agreement, dated as of May 17, 2022 (as amended or supplemented from time
to time, the “BCA”; capitalized terms used but not defined herein have the meanings ascribed to them in the BCA), pursuant
to which (i) on the Closing Date, upon the terms and subject to the conditions of this Agreement and in accordance with Section 251 of
the DGCL, Merger Sub I will merge with and into SPAC (the “First Merger”), with SPAC surviving the First Merger as
a wholly-owned Subsidiary of Parentco, and (ii) on the Closing Date, simultaneously with the First Merger, upon the terms and subject
to the conditions of this Agreement and in accordance with Section 170 of the Companies Act, Merger Sub II will merge with and into the
Company (the “Second Merger” and together with the First Merger, the “Mergers”), with the Company
surviving the Second Merger as a wholly-owned Subsidiary of Parentco; and

 

WHEREAS, pursuant to Section
8.04 of the BCA, the BCA may be amended in writing by Tuscan and the Surf Entities, and the parties desire to amend the BCA and agree
as set forth herein.

 

NOW, THEREFORE, in consideration
of the mutual covenants, terms and conditions set forth herein, and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties agree as follows:

 

1. Amendments.

 

1.1. Section
8.01 of the BCA is hereby amended by deleting paragraph (i) thereof in its entirety and replacing it with:

 

“(i) by SPAC
if the Business Condition has not been satisfied prior to the earlier of the Closing Date and the Outside Date; provided, however, that
SPAC shall not be permitted to terminate this Agreement pursuant to this Section 8.01(i) unless the notice of termination pursuant to
this Section 8.01(i) is delivered by SPAC to the Company within ten (10) Business Days following the earlier of the Closing Date and the
Outside Date if the Business Condition is not satisfied prior to such date; or”

 

1.2. Section
8.03 of the BCA is hereby amended by replacing the reference to “$650,000” in paragraph (c) with “$400,000”.

 

2. Consent
to Indebtedness. For the purposes of Section 5.01 of the BCA, the Company hereby consents to the incurrence by the SPAC of
up to $250,000 of indebtedness from the Surf Entities.

 

     

     

    

 

3. No
Other Modifications. Except as expressly set forth herein, the BCA shall remain unchanged and in full force and effect. This
Amendment and the BCA shall be read together as one agreement, and all references to “this Agreement” in the Merger Agreement
shall be deemed to refer to the BCA as modified and amended by this Amendment (other than references to the “date of this Agreement”
or similar references which shall continue to refer to May 17, 2022).

 

4. Representations
and Warranties. Each of the parties hereby represents and warrants to the other parties that (a) such party has all necessary
power and authority to execute and deliver this Amendment, (b) the execution and delivery of this Amendment have been duly authorized
and approved, (c) no other entity or governing body action on the part of such party is necessary to authorize the execution and delivery
by such party of this Amendment; and (d) this Amendment has been duly executed and delivered by such party and, assuming due authorization,
execution and delivery of this Amendment by the other parties hereto, constitutes a legal, valid and binding obligation of such party,
enforceable against such party in accordance with its terms and conditions, subject to applicable bankruptcy, insolvency, moratorium,
or other similar Laws relating to creditors’ rights and general principles of equity.

 

5. Counterparts;
Electronic Delivery. This Amendment and each other document executed in connection with the transactions contemplated hereby,
and the consummation thereof, may be executed in counterparts, all of which shall be considered one and the same document and shall become
effective when one or more counterparts have been signed by each of the parties and delivered to the other party, it being understood
that all parties need not sign the same counterpart. Delivery by electronic transmission to counsel for the other party of a counterpart
executed by a party shall be deemed to meet the requirements of the previous sentence.

 

6. Miscellaneous.
Article IX of the BCA is hereby incorporated into this Amendment mutatis mutandis.

 

[Remainder of page intentionally
left blank]

 

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IN WITNESS WHEREOF, the parties
hereto have executed this Agreement as of the date first above written.

 

	 	TUSCAN HOLDINGS CORP. II
	 	 
	 	By:	/s/ Stephen Vogel
	 	Name: 	Stephen Vogel
	 	Title: 	Chief Executive Officer

 

	 	SURF AIR GLOBAL LIMITED
	 	 
	 	By: 	/s/ Sudhin Shahani
	 	Name: 	Sudhin Shahani
	 	Title: 	Chief Executive Officer
	 	 	 
	 	SURF AIR MOBILITY INC.
	 	 
	 	By: 	/s/ Sudhin Shahani
	 	Name: 	Sudhin Shahani
	 	Title: 	President, Chief Financial Officer,

Treasurer and Secretary
	 	 	 
	 	THCA MERGER SUB INC.
	 	 
	 	By: 	/s/ Sudhin Shahani
	 	Name: 	Sudhin Shahani
	 	Title: 	President, Chief Financial Officer,

Treasurer and Secretary
	 	 	 
	 	SAGL MERGER SUB LIMITED
	 	 
	 	By: 	/s/ Sudhin Shahani
	 	Name: 	Sudhin Shahani
	 	Title: 	Director

 

[Signature Page to Amendment No. 1 to BCA]

 

 

3Exhibit 10.2

 

PROMISSORY NOTE

 

September 1, 2022

 

	$250,000.00	 	 

 

Tuscan Holdings Corp. II (“Maker”)
promises to pay to the order of Surf Air Global Limited or its successors or assigns (“Payee”) the principal sum of Two Hundred
Fifty Thousand dollars and No Cents ($250,000.00) in lawful money of the United States of America, on the terms and conditions described
below.

 

1. Principal. The principal balance
of this Note shall be repayable on the consummation of the Maker’s initial merger, capital stock exchange, asset acquisition or
other similar business combination with one or more businesses or entities (a “Business Combination”). Payee understands that
if a Business Combination is not consummated, this Note will not be repaid and all amounts owed hereunder (including the principal balance
hereof, accrued and unpaid interest thereon and any other amounts due hereunder) will be forgiven except to the extent that the Maker
has funds available to it outside of its trust account established in connection with its initial public offering.

 

2. Interest. Interest shall accrue
on the unpaid principal balance of this Note from the date advanced at an annual rate of four percent (4%). Interest shall be payable
on the consummation of the Business Combination.

 

3. Application of Payments. All payments
shall be applied first to payment in full of any costs incurred in the collection of any sum due under this Note, including (without limitation)
reasonable attorneys’ fees, then to the payment in full of any late charges, then to accrued and unpaid interest on the principal
balance of this Note, and finally to the reduction of the unpaid principal balance of this Note.

 

4. Events of Default. The following
shall constitute Events of Default:

 

(a) Failure to Make Required Payments.
Failure by Maker to pay the principal of this Note within five (5) business days following the date when due.

 

(b) Voluntary Bankruptcy, Etc. The
commencement by Maker of a voluntary case under the Federal Bankruptcy Code, as now constituted or hereafter amended, or any other applicable
federal or state bankruptcy, insolvency, reorganization, rehabilitation or other similar law, or the consent by it to the appointment
of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator (or other similar official) of Maker or
for any substantial part of its property, or the making by it of any assignment for the benefit of creditors, or the failure of Maker
generally to pay its debts as such debts become due, or the taking of corporate action by Maker in furtherance of any of the foregoing.

 

(c) Involuntary Bankruptcy, Etc. The
entry of a decree or order for relief by a court having jurisdiction in the premises in respect of maker in an involuntary case under
the Federal Bankruptcy Code, as now or hereafter constituted, or any other applicable federal or state bankruptcy, insolvency or other
similar law, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official) of Maker or for any
substantial part of its property, or ordering the winding-up or liquidation of its affairs, and the continuance of any such decree or
order unstayed and in effect for a period of 60 consecutive days.

 

     

     

    

 

5. Remedies.

 

(a) Upon the occurrence of an Event of Default
specified in Section 4(a), Payee may, by written notice to Maker, declare this Note to be due and payable, whereupon the principal amount
of this Note, and all other amounts payable thereunder, shall become immediately due and payable without presentment, demand, protest
or other notice of any kind, all of which are hereby expressly waived, anything contained herein or in the documents evidencing the same
to the contrary notwithstanding.

 

(b) Upon the occurrence of an Event of Default
specified in Sections 4(b) and 4(c), the unpaid principal balance of, and all other sums payable with regard to, this Note shall automatically
and immediately become due and payable, in all cases without any action on the part of Payee.

 

6. Waivers. Maker and all endorsers
and guarantors of, and sureties for, this Note waive presentment for payment, demand, notice of dishonor, protest, and notice of protest
with regard to the Note, all errors, defects and imperfections in any proceedings instituted by Payee under the terms of this Note, and
all benefits that might accrue to Maker by virtue of any present or future laws exempting any property, real or personal, or any part
of the proceeds arising from any sale of any such property, from attachment, levy or sale under execution, or providing for any stay of
execution, exemption from civil process, or extension of time for payment; and Maker agrees that any real estate that may be levied upon
pursuant to a judgment obtained by virtue hereof, on any writ of execution issued hereon, may be sold upon any such writ in whole or in
part in any order desired by Payee.

 

7. Unconditional Liability. Maker hereby
waives all notices in connection with the delivery, acceptance, performance, default, or enforcement of the payment of this Note, and
agrees that its liability shall be unconditional, without regard to the liability of any other party, and shall not be affected in any
manner by any indulgence, extension of time, renewal, waiver or modification granted or consented to by Payee, and consents to any and
all extensions of time, renewals, waivers, or modifications that may be granted by Payee with respect to the payment or other provisions
of this Note, and agree that additional makers, endorsers, guarantors, or sureties may become parties hereto without notice to them or
affecting their liability hereunder.

 

8. Notices. Any notice called for hereunder
shall be deemed properly given if (i) sent by certified mail, return receipt requested, (ii) personally delivered, (iii) dispatched by
any form of private or governmental express mail or delivery service providing receipted delivery, (iv) sent by telefacsimile or (v) sent
by e-mail, to the following addresses or to such other address as either party may designate by notice in accordance with this Section:

 

If to Maker:

 

Tuscan Holdings Corp. II

135 E. 57th Street, 17th Floor

New York, New York 10022

 

If to Payee:

 

Surf Air Global Limited

12111 Crenshaw Boulevard

Hawthorne, CA 90250

 

Notice shall be deemed given on the earlier of (i) actual receipt by
the receiving party, (ii) the date shown on a telefacsimile transmission confirmation, (iii) the date on which an e-mail transmission
was received by the receiving party’s on-line access provider (iv) the date reflected on a signed delivery receipt, or (vi) two
(2) Business Days following tender of delivery or dispatch by express mail or delivery service.

 

9. Construction. This Note shall be
construed and enforced in accordance with the domestic, internal law, but not the law of conflict of laws, of the State of New York.

 

10. Severability. Any provision contained
in this Note which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability
in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

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IN WITNESS WHEREOF, Maker, intending to be legally
bound hereby, has caused this Note to be duly executed the day and year first above written.

 

	 	TUSCAN HOLDINGS CORP. II
	 	 	 
	 	By:	/s/ Stephen Vogel
	 	Name: 	Stephen Vogel
	 	Title:	Chief Executive Officer

 

 

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