Document:

Exhibit 4.7

   

  Private & confidential

   

   

  Dated: .....  2022

   

  ALPHA BANK S.A.

  (as lender)

   

  - and -

   

  GAMORA SHIPPING CO. and

   

  ROCKET SHIPPING CO.

  (as joint and several borrowers)

   

  - and -

   

  CASTOR MARITIME INC. and

  TORO CORP.

  (as Corporate Guarantors)

   

  	
           

          FIRST SUPPLEMENTAL AGREEMENT

           

          in relation to a Loan Agreement dated 27th April, 2021 for a secured loan facility of up to (originally) US$18,000,000

        

   

  

  

  Theo V. Sioufas & Co.

  Law Offices

  Piraeus

   

  
    

    
      
 

  

   

  TABLE OF CONTENTS

   

  	CLAUSE 	HEADINGS 	PAGE
	1.   	DEFINITIONS	2
	2.  	REPRESENTATIONS AND WARRANTIES	3
	3.   	AGREEMENT OF THE LENDER	4
	4.   	CONDITIONS	5
	5.   	VARIATIONS TO THE PRINCIPAL AGREEMENT	6
	6.   	CONTINUANCE OF PRINCIPAL AGREEMENT AND THE SECURITY DOCUMENTS	19
	7.   	ENTIRE AGREEMENT AND AMENDMENT	19
	8.  	FEES AND EXPENSES	19
	9.   	MISCELLANEOUS	20
	10.  	LAW AND JURISDICTION	20

   

  
    

    
      
 

  

  
   

  THIS SUPPLEMENTAL AGREEMENT (“this Supplemental Agreement”) is made
      this ....... day of  , 2022;

   

  B E T W E E N

   

  		(1)	ALPHA BANK S.A., a banking société anonyme incorporated in and pursuant to the laws of the Hellenic Republic with its head office at 40 Stadiou Street, Athens GR 102 52, Greece, acting through its office at 93 Akti Miaouli,
            Piraeus, Greece (the “Lender”); and

   

  	(2)	(a)	GAMORA SHIPPING CO., a corporation duly
            incorporated in the Republic of the Marshall Islands having its registered address at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH 96960 (and includes its successors) (the “Gamora Borrower”);
            and

   

  		(b)	ROCKET SHIPPING CO., a corporation duly incorporated in the Republic of the Marshall Islands
            having its registered address at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH 96960 (and includes its successors) (the “Rocket Borrower” and together with the Gamora Borrower hereinafter
            called the “Borrowers”)

   

  as joint and several borrowers (hereinafter together called the “Borrowers”
      and singly a “Borrower”); and

   

  		(3)	CASTOR MARITIME INC., a company duly incorporated and validly existing under the laws of the Republic of the Marshall Islands, having its registered address at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro,
            Marshall Islands MH 96960, as Corporate Guarantor (the “Existing Corporate Guarantor”, which expression shall include its successors); and

   

  		(4)	TORO CORP., a company duly incorporated in the Republic of the Marshall Islands having its registered office at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH 96960 and which is floating in
            the NASDAQ (hereinafter called the “New Corporate Guarantor”, which expression shall include its successors),

   

  IS SUPPLEMENTAL to a loan agreement dated 27th April, 2021 made between (i) the Lender as lender, and (ii) the Borrowers, as as joint and several borrowers (the said loan agreement hereinafter called the “Principal Agreement”) on the terms and
      conditions of which the Lender agreed to advance and has advanced to the Borrowers a secured floating interest rate term loan facility in the amount of up to United States Dollars Eighteen million ($18,000,000) (the “Loan”), for the
      purposes therein specified (the Principal Agreement as hereby amended and/or supplemented and as the same may hereinafter be amended and/or supplemented called the “Loan Agreement”).

   

  W H E R E A S:

   

  		(A)	the Corporate Guarantor has executed an irrevocable and unconditional Corporate Guarantee dated 6th May, 2021 in favour of the Lender by way of security for all monies now or hereafter due or payable by the Borrowers to the Lender under or pursuant to the Loan
            Agreement and the other Finance Documents (the “Existing Corporate Guarantee”); and

   

  		(C)	the Borrowers hereby acknowledge and confirm that (a) the Lender, as lender, has advanced to the
            Borrowers, as joint and several borrowers, the full amount of the Commitment in the principal amount of United States Dollars Eighteen million ($18,000,000) and (b) as the date hereof the principal amount of United States Dollars thirteen
              million two hundred thousand (US$13,250,000) in respect of the Loan remains outstanding; and

  

   

  
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  		(E)	the Borrowers and the other Security Parties have requested the Lender (the “Request”)
            to grant its consent to:

   

  		(a)	the transfer of the entire stock of the Borrowers from the Existing Corporate Guarantor to the New
            Corporate Guarantor; and

   

  		(b)	the release of the Existing Corporate Guarantor from all of its obligations and liabilities under the
            Loan Agreement and any other Finance Documents

   

  and the Lender has agreed thereto conditionally upon terms that
      the Principal Agreement shall be amended in the manner hereinafter set out in Clause 5 (Variations to the Principal Agreement) of this Supplemental Agreement.

   

  NOW THEREFORE IT IS HEREBY AGREED AS FOLLOWS:

   

  		1.	DEFINITIONS

   

  		1.1	Defined terms and expressions

   

  Words and expressions defined in the Principal Agreement and not otherwise defined
      herein (including the Recitals hereto) shall have the same meanings when used in this Supplemental Agreement.

   

  		1.2	Additional definitions

   

  In addition, in this Supplemental Agreement the words and expressions specified
      below shall have the meanings attributed to them below:

   

  “Effective Date” means the Spinoff Date ;

   

  “Loan Agreement” means the Principal Agreement as hereby amended and
      as the same may from time to time be further amended and/or supplemented;

   

  “Mortgage Amendment” in relation to each Vessel means the amendment
      No. 1 to the First Marshall Islands Ship Mortgage registered over such Vessel in favour of the Lender, whereby the said first mortgage shall be amended, executed or (as the context may require) to be executed by the Owner thereof as owner of the
      Vessel in favour of the Lender in form satisfactory to the Lender (together the “Mortgage Amendments”); and

   

  “New Corporate Guarantee” means the irrevocable and unconditional
      guarantee executed or (as the context may require) to be executed by the New Corporate Guarantor as security for the Outstanding Indebtedness and any and all other obligations of the Borrower under the Loan Agreement and the other Finance Documents,
      in form and substance satisfactory to the Lender, as the same may from time to time be amended and/or supplemented;

   

  “New Corporate Guarantor” means TORO CORP., a company duly incorporated and validly existing under the laws of the Republic of the Marshall Islands, having its registered office at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall
      Islands MH 96960 and includes its successors in title;

  

   

  
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  “New Shares Pledge Agreement” in relation to each Borrower, means the
      pledge agreement to be executed by the New Corporate Guarantor in favour of the Lender, whereby the New Corporate Guarantor shall pledge all Shares, in form and substance as the Lender may approve or require, as the same may from time to time be
      amended and/or supplemented;

   

  “New Transaction Documents” together means the New Corporate
      Guarantee, the New Shares Pledge Agreement and the Mortgage Amendments and “New Transaction Document” means any of them as the context may require.

   

  “Spin-Off” means the transfer of the shares of (inter alia)
      the Borrowers from the Existing Corporate Guarantor to the New Corporate Guarantor and the subsequent listing of the New Corporate Guarantor’s common shares on the Nasdaq Capital Market; and

   

  “Spinoff Date” means the date on which the Spin-Off occurs;

   

  		1.3	Application of interpretation provisions of Loan Agreement

   

  Clause 1.3 (Interpretation) and Clause 1.4 (Construction of
          certain terms) of the Loan Agreement applies to this Supplemental Agreement as if it were expressly incorporated in it with any necessary modifications.

   

  		2.	REPRESENTATIONS AND WARRANTIES

   

  		2.1	Representations and warranties of the Principal Agreement

   

  The Borrowers hereby, jointly and severally, represent and warrant to the Lender as
      at the date hereof that the representations and warranties set forth in the Principal Agreement and the Security Documents (updated mutatis mutandis to the date of this Supplemental Agreement) are (and will be on the Effective Date) true and correct
      as if all references therein to “this Agreement” were references to the Principal Agreement as amended and supplemented by this Supplemental Agreement.

   

  		2.2	Additional Representations and warranties

   

  In addition to the above, the Borrowers, jointly and severally, hereby represent and
      warrant to the Lender as at the date of this Supplemental Agreement that:

   

  		a.	each of the Security Parties is duly formed, is validly existing and in good standing under the laws
            of the place of its incorporation has full power to carry on its business as it is now being conducted and to enter into and perform its obligations under the Principal Agreement, this Supplemental Agreement and the New Transaction Documents,
            and has complied with all statutory and other requirements relative to its business;

   

  		b.	all necessary licences, consents and authorities, governmental or otherwise under this Supplemental
            Agreement, the Principal Agreement and the New Transaction Documents have been obtained and, as of the date of this Supplemental Agreement, no further consents or authorities are necessary for any of the Security Parties to enter into this
            Supplemental Agreement or otherwise perform its obligations hereunder;

  

   

  
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  		c.	this Supplemental Agreement and each of the New Transaction Documents constitutes, the legal, valid
            and binding obligations of the Security Parties thereto enforceable in accordance with its terms;

   

  		d.	the execution and delivery of, and the performance of the provisions of this Supplemental Agreement
            and each of the New Transaction Documents do not, and will not contravene any applicable law or regulation existing at the date hereof or any contractual restriction binding on any of the Security Parties or its respective constitutional
            documents;

   

  		e.	no action, suit or proceeding is pending or threatened against any of the Borrowers and the other
            Security Parties or their assets before any court, board of arbitration or administrative agency which could or might result in any material adverse change in the business or condition (financial or otherwise) of any of the Borrowers or the
            other Security Parties;

   

  		f.	each of the Borrowers is or as of the Spinoff Date shall become, a fully owned Subsidiary of the New
            Corporate Guarantor;

   

  		g.	the New Corporate Guarantor is not a US Tax Obligor;

   

  		h.	after the occurrence of the Spin-Off, the New Corporate Guarantor shall be listed on the NASDAQ
            Capital Market

   

  		i.	the New Corporate Guarantor:

   

  		i.	is not a Sanctions Restricted Person;

   

  		ii.	does not own or control directly or indirectly a Sanctions Restricted Person; and ;

   

  		iii.	does not have a Sanctions Restricted Person serving as a director, officer or, to the best of its
            knowledge, employee; and

   

  		j.	none of the Borrowers and the other Security Parties is and at the Effective Date will be in default
            under any agreement by which it is or will be at the Effective Date bound or in respect of any financial commitment, or obligation.

   

  		3.	AGREEMENT OF THE LENDER

   

  The Lender, relying upon each of the representations and warranties set out in
      Clause 2 (Representations and warranties) hereby agrees with the Borrowers, subject to and upon the terms and conditions of this Supplemental Agreement and in particular, but without limitation, subject to the fulfilment of the
      conditions precedent set out in Clause 4 (Conditions), to consent to the Request and that the Principal Agreement be amended in the manner more particularly set out in Clause 5 (Variations to the Principal Agreement). On
      the Effective Date the Lender shall, at Borrowers’ cost, sign a Deed of Release of the Existing Corporate Guarantor whereby the Existing Corporate Guarantor shall be released from its obligations under the Finance Documents.

  

   

  
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  		4.	CONDITIONS

   

  		4.1	Conditions

   

  The agreement of the Lender contained in Clause 3 (Agreement of the Lender)
      shall be expressly subject to the condition that the Lender shall have received on or before the Effective Date in form and substance satisfactory to the Lender and its legal advisers:

   

  		a.	a duly certified true copy of the Articles of Incorporation and/or of any other constitutional
            documents, as the case may be, of the New Corporate Guarantor and of any corporate shareholder thereof;

   

  		b.	a statement to the Lender confirming the identity of the Beneficial Shareholder(s) of the New
            Corporate Guarantor in line with “know your customer” procedures of the Lender for opening account purposes, who should be acceptable in all respects to the Lender;

   

  		c.	a certificate of good standing or equivalent document issued by the competent authorities of the place
            of its incorporation in respect of the New Corporate Guarantor;

   

  		d.	a certificate of good standing or equivalent document issued by the competent authorities of the place
            of its incorporation in respect of each of the Borrowers and the other corporate Security Parties;

   

  		e.	a recent certificate of incumbency of each corporate Security Party issued by the appropriate
            authority or, as appropriate, signed by the secretary or a director thereof, stating the officers and the directors of each of them;

   

  		f.	certified and duly legalised copies of resolutions duly passed by the Board of Directors, or the Sole
            Director as the case may be, of each of the Borrowers and the other Security Parties and certified and duly legalised copies of the resolutions passed at a meeting of the shareholders of each of the Borrowers evidencing approval of this
            Supplemental Agreement and each of the New Transaction Documents to which the relevant Security Party is or is to be a party and authorising appropriate officers or attorneys to execute the same and to sign all notices required to be given
            under this Supplemental Agreement on its behalf or other evidence of such approvals and authorisations as shall be acceptable to the Lender;

   

  		g.	all documents evidencing any other necessary action or approvals or consents with respect to this
            Supplemental Agreement evidencing approval of this Supplemental Agreement and each of the New Transaction Documents and authorising appropriate officers or attorneys to execute the same and to sign all notices required to be given under this
            Supplemental Agreement on its behalf or other evidence of such approvals and authorisations as shall be acceptable to the Lender;

   

  		h.	the original of any power(s) of attorney issued in favour of any person executing this Supplemental
            Agreement and each of the New Transaction Documents;

   

  		i.	any and all documents evidencing the transfer of the entire stock of the Borrowers from the Existing
            Corporate Guarantor to the New Corporate Guarantor and any other evidence that each of the Borrowers is a fully owned Subsidiary of the New Corporate Guarantor;

  

   

  
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  		j.	all documents evidencing any other necessary action or approvals or consents with respect to this
            Supplemental Agreement and the New Transaction Documents;

   

  		k.	such favourable legal opinions from lawyers acceptable to the Lender and its legal advisors in this
            Supplemental Agreement and the New Transaction Documents as the Lender shall require;

   

  		l.	the New Transaction Documents duly executed by the respective parties thereto; and

   

  		m.	evidence that the fees referred to in Clause 9.1 (Arrangement fee) have been paid in
            full.

   

  		5.	VARIATIONS TO THE PRINCIPAL AGREEMENT

   

  		5.1	Amendments

   

  In consideration of the agreement of the
      Lender contained in Clause 3 (Agreement of the Lender), the Borrowers hereby agree with the Lender that (subject to the satisfaction of the conditions precedent contained in Clause 4 (Conditions), the provisions of the
      Principal Agreement shall be varied and/or amended and/or supplemented as follows:

   

  		a.	with effect as from the Effective Date, the following
              definitions of Clause 1.2 (Definitions) of the Principal Agreement shall be amended to read as follows:

   

  ““Group” means the Borrowers, the New Corporate Guarantor and their
        direct or indirect Subsidiaries and all other shipping companies now or in the future substantially directly or indirectly owned and/or controlled by same beneficial interests as the Borrowers from time to time during the Security Period and “member
          of the Group” means any member of the Group;

   

  “Pledgor” means the New Corporate Guarantor who has/have executed or
        (as the context may require) shall execute the Shares Pledge Agreement (together, the “Pledgors”);

   

  “Quotation Day” means, in respect of any Interest Period in respect
        of which an interest rate is to be determined, the date falling two (2) US Government Securities Business Days before the first day of that Interest Period unless market practice differs in the relevant loan market, in which case the Quotation Day
        will be determined by the Lender in accordance with market practice (and if quotations would normally be given on more than one day, the Quotation Date will be the last of those days); and

   

  		b.	with effect as from the Effective Date, the following new
              definitions shall be added to Clause 1.2 (Definitions) of the Principal Agreement reading as follows:

   

  “Business Day” means: 

   

  		(a)	a day (other than a Saturday or Sunday) on which banks are open for general business in Athens and
              Piraeus;

   

  		(b)	in New York and in each other country or place in or at which an act is required to be done under
              this Agreement; and

   

  		(c)	(in relation to the fixing of any interest rate which is required to be determined under this
              Agreement or any Finance Document), a US Government Securities Business Day;

  

   

  
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  “Compliance Certificate” means a certificate
        substantially in the form set out in Schedule 3 signed by the chief financial officer (“CFO”) of the New Corporate Guarantor or, if the CFO is not available, by a director of the New Corporate Guarantor;

   

  “First Supplemental Agreement” means the First Supplemental Agreement
        dated   , 2022 supplemental to this Agreement executed and made between the Borrowers and the Lender, whereby this Agreement has been amended as therein provided;”

   

  “Historic Term SOFR” means, in relation to the Loan or any part of the
      Loan, the most recent applicable Term SOFR for a period equal in length to the Interest Period of the Loan or that part of the Loan and which is as of a day which is no more than three US Government Securities Business Days before the Quotation Day;

   

  “Interpolated Historic Term SOFR” means, in relation
      to the Loan or any part of the Loan, the rate (rounded to the same number of decimal places as Term SOFR) which results from interpolating on a linear basis between:

   

  		(a)	either:

   

  		(i)	the most recent applicable Term SOFR (as of a day which is not more than three US Government
              Securities Business Days before the Quotation Day) for the longest period (for which Term SOFR is available) which is less than the Interest Period of the Loan or that part of the Loan; or

   

  		(ii)	if no such Term SOFR is available for a period which is less than the Interest Period of the Loan
              or that part of the Loan, SOFR for a day which is no more than five US Government Securities Business Days (and no less than two US Government Securities Business Days) before the Quotation Day; and

   

  		(b)	the most recent applicable Term SOFR (as of a day which is not more than three US Government
              Securities Business Days before the Quotation Day) for the shortest period (for which Term SOFR is available) which exceeds the Interest Period of the Loan or that part of the Loan;

   

  “Interpolated Term SOFR” means, in relation to the Loan or
        any part of the Loan, the rate (rounded to the same number of decimal places as Term SOFR) which results from interpolating on a linear basis between:

   

  (a)       either

   

  (i)       the applicable Term SOFR (as of the Quotation Date) for
        the longest period (for which Term SOFR is available) which is less than the Interest Period of the Loan or that part of the Loan; or

   

  (ii)       if no such Term SOFR is available for a period which
        is less than the Interest Period of the Loan or that part of the Loan, SOFR for the day which is two US Government Securities Business Days before the Quotation Day; and

   

  		(b)	the applicable Term SOFR (as of the Quotation Date) for the shortest period (for which Term SOFR is
              available) which exceeds the Interest Period of the Loan or that part of the Loan;

  

   

  
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  “Market Disruption Rate” means the Reference Rate;

   

  “Mortgage Amendment No. 1” in relation to each Vessel, means the
        amendment No. 1 to the First Marshall Islands Ship Mortgage registered over such Vessel in favour of the Lender, whereby the said first mortgage shall be amended, executed or (as the context may require) to be executed by the Owner thereof in
        favour of the Lender in form satisfactory to the Lender (together the “Mortgage Amendments”);

   

  “New Corporate Guarantee” means an irrevocable and unconditional
        guarantee given or, as the context may require, to be given by the New Corporate Guarantor in form and substance satisfactory to the Lender as security for the Outstanding Indebtedness and any and all other obligations of the Borrowers under this
        Agreement and the Security Documents, as the same may from time to time be amended and/or supplemented;”

   

  “New Corporate Guarantor” means TORO CORP., a corporation lawfully incorporated and validly existing under the laws of the Republic of the Marshall Islands, and includes its successors in title;

   

  “New Shares Pledge Agreement” means the pledge agreement to be
        executed by the New Corporate Guarantor in favour of the Lender, whereby the New Corporate Guarantor shall pledge all Shares, in form and substance as the Lender may approve or require, as the same may from time to time be amended and/or
        supplemented;”

   

  “Reference Rate” means, in relation to the Loan or any
        part of the Loan:

   

  		a.	the applicable Term SOFR as of the Quotation Day and for a period equal in length to the Interest
              Period of the Loan or that part of the Loan; or

   

  		b.	as otherwise determined pursuant to Clause 3.8 (Unavailability of Term SOFR),

   

  and if, in either case, that rate is less than zero, the Reference
        Rate shall be deemed to be zero;

   

  “SOFR” means the secured overnight financing rate (SOFR)
        administered by the Federal Reserve Bank of New York (or any other person which takes over the administration of that rate) published (before any correction, recalculation or republication by the administrator) by the Federal Reserve Bank of New
        York (or any other person which takes over the publication of that rate);

   

  “Spin-Off” means the transfer of the shares of (inter alia)
      the Borrowers to the New Corporate Guarantor and the subsequent listing of the New Corporate Guarantor’s common shares on the Nasdaq Capital Market; and

   

  “Term SOFR” means the term SOFR reference rate administered by
        CME Group Benchmark Administration Limited (or any other person which takes over the administration of that rate) for the relevant period published (before any correction, recalculation or republication by the administrator) by CME Group Benchmark
        Administration Limited (or any other person which takes over the publication of that rate);

   

  “Unpaid Sum” means any sum due and payable but unpaid
        by a Security Party under the Finance Documents;

  

   

  
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  “US Government Securities Business Day” means any day other than:

   

  		(a)	a Saturday or a Sunday; and

   

  		(b)	a day on which the Securities Industry and Financial Markets Association (or any successor
              organisation) recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in US Government securities; “

   

  		c.	with effect as from the Effective Date Clause 3 (INTEREST) of the Principal Agreement shall be
              replaced by the following:

   

  		“3.1	Calculation of interest

   

  The Borrowers shall pay interest on the Loan (or as the case may be, each portion
        thereof to which a different Interest Period relates) in respect of each Interest Period (or part thereof) on each Interest Payment Date. The interest rate for the calculation of interest on the Loan or any part of the Loan for each Interest Period
        shall be the percentage rate per annum determined by the Lender to be the aggregate of: 

   

  		(a)	the Margin; and

   

  		(b)	the Reference Rate for that Interest Period.

   

  		3.2	Selection of Interest Period

   

  		(a)	Notice: The Borrowers may by notice received by the Lender not later than 10:00 a.m. (New
              York time) on the second Business Day before the beginning of each Interest Period specify (subject to Clause 3.3 (Determination of Interest Periods) below) whether such Interest Period shall have a duration of one (1) or three (3)
              months (or such other period as may be requested by the Borrowers and as the Lender, in its sole discretion, may agree to).

   

  		(b)	Non-availability of matching deposits for Interest Period selected: If, after the Borrowers
              by notice to the Lender have selected an Interest Period longer that three (3) months, the Lender notifies the Borrowers on the same Business Day before the commencement of that Interest Period that it is not satisfied that deposits in
              Dollars for a period equal to that Interest Period will be available to it in the Relevant Market when that Interest Period commences, that Interest Period shall be of such duration as the Lender may advise the Borrowers in writing.

   

  		3.3	Determination of Interest Periods

   

  Every Interest Period shall, subject to market availability to be conclusively
        determined by the Lender, be of the duration specified by the Borrowers pursuant to Clause 3.2 (Selection of Interest Periods) but so that:

   

  		(a)	Initial Interest Period: the initial Interest Period applicable to the Loan will commence on
              the Drawdown Date and each subsequent Interest Period will commence forthwith upon the expiry of the preceding Interest Period; 

   

  		(b)	Interest Period overrunning Repayment Date(s): if any Interest Period would otherwise
              overrun one or more Repayment Dates, then, in the case of the last Repayment Date, such Interest Period shall end on such Repayment Date, and in the case of any other Repayment Date or Dates the Loan shall be divided into parts so that there
              is one part equal to the amount(s) of the Repayment Instalment(s) due on each Repayment Date falling during that Interest Period and having an Interest Period ending on the relevant Repayment Date and another part equal to the amount of the
              balance of the Loan having an Interest Period determined in accordance with Clause 3.2 (Selection of Interest Period) and the other provisions of this Clause 3.3 and the expression “Interest Period in respect of the Loan” when
              used in this Agreement refers to the Interest Period in respect of the balance of the Loan;

  

   

  
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  		(c)	Failure to notify: if the Borrowers fail to specify the duration of an Interest Period in
              accordance with the provisions of Clause 3.2 (Selection of Interest Period) and this Clause 3.3, such Interest Period shall have a duration of three (3) months unless another period shall be agreed between the Lender and the Borrowers
              provided, always, that such period (whether of three (3) months or of different duration) shall comply with this Clause 3.3;

   

  		(d)	Interest Period not readily available: if the Lender determines that the duration of an
              Interest Period specified by the Borrowers in accordance with Clause 3.2 (Selection of Interest Period) is not readily available, then that Interest Period shall have such duration as the Lender, may determine;

   

  		(e)	No Interest Period to extend beyond Final Maturity Date: No Interest Period for the Loan
              shall end after the Final Maturity Date and any such Interest Period which would otherwise extend beyond the Final Maturity Date shall instead end on the Final Maturity Date,

   

  provided, always, that:

   

  		(i)	any Interest Period which commences on the last day of a calendar month, and any Interest Period
              which commences on the day on which there is no numerically corresponding day in the calendar month during which such Interest Period is due to end, shall end on the last Business Day of the calendar month during which such Interest Period is
              due to end; and

   

  		(ii)	if the last day of an Interest Period is not a Business Day the Interest Period shall be extended
              until the next following Business Day unless such next following Business Day falls in the next calendar month in which case such Interest Period shall be shortened to expire on the preceding Business Day. 

   

  		3.4	Default Interest 

   

  		(a)	Default interest: If a Security Party fails to pay any amount payable by it under a Finance
              Document on its due date, interest shall accrue on the Unpaid Sum from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) below, is 2% per annum higher than the rate which
              would have been payable if the Unpaid Sum had, during the period of non-payment, constituted part of the Loan in the currency of the Unpaid Sum for successive Interest Periods, each of a duration selected by the Lender. Any interest accruing
              under this Clause 3.4 (Default interest) shall be immediately payable by the Security Party on demand by the Lender.

   

  

   

  
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  		(b)	If an Unpaid Sum consists of all or part of the Loan which became due on a day which was not the
              last day of an Interest Period relating to the Loan or that part of the Loan:

   

  		(i)	the first Interest Period for that Unpaid Sum shall have a duration equal to the unexpired portion
              of the current Interest Period relating to the Loan or that part of the Loan; and

   

  		(ii)	the rate of interest applying to that Unpaid Sum during that first Interest Period shall be 2.00%
              per annum higher than the rate which would have applied if that Unpaid Sum had not become due.

   

  		(c)	Payment of accrued default interest: Subject to the other provisions of this Agreement, any
              interest due under this Clause shall be paid on the last day of the period by reference to which it was determined.

   

  		(d)	Compounding of default interest: Any such interest which is not paid at the end of the
              period by reference to which it was determined shall be compounded every six (6) months and shall be payable on demand. 

   

  		3.5	Notification of duration of Interest Periods and interest rate

   

  The Lender shall notify the Borrowers promptly of the duration
        of each Interest Period and of each rate of interest determined by it under this Clause 3 without prejudice to the right of the Lender to make determinations at its sole discretion, but this shall not be taken to imply that the Borrowers is liable
        to pay such interest only with effect from the date of the Lender’s notification. However, omission of the Lender to make such notification (without the application of the Borrowers) will not constitute and will not be interpreted as if to
        constitute a breach of obligation of the Lender except in case of wilful misconduct.

   

  		3.6	Market disruption

   

  If before close of business in London on the Quotation Day for the relevant
        Interest Period, the Lender determines (in its sole discretion) that its cost of funds relating to the Loan would be in excess of the Market Disruption Rate, then Clause 3.7 (Cost of funds) shall apply to the Loan for the relevant Interest
        Period.

   

  		3.7	Cost of funds

   

  		(a)	If this Clause 3.7 (Cost of funds) applies, the rate of interest on the Loan or the relevant
              part of the Loan for the relevant Interest Period shall be the percentage rate per annum which is the sum of:

   

  		(i)	the Margin; and

   

  		(ii)	the rate notified by Lender to the Borrowers, which expresses as a percentage rate per annum the
              Lender’s cost of funds relating to the Loan or the relevant part thereof.

   

  		(b)	If this Clause 3.7 (Cost of funds) applies and the Lender or the Borrowers so require, the
              Lender and the Borrowers shall enter into negotiations (for a period of not more than 25 days) with a view to agreeing a substitute basis for determining the rate of interest or (as the case may be) an alternative basis for funding.

   

  		(c)	Subject to Clause 3.9 (Changes to reference rates), any substitute or alternative basis
              agreed pursuant to paragraph (b) above shall, with the prior consent of all the Lender and the Borrowers, be binding on all Parties.

  

   

  
    11

    
      
 

  

   

  

  		(d)	If any rate notified to the Lender under sub-paragraph (ii) of paragraph (a) above is less than
              zero, the relevant rate shall be deemed to be zero.

   

  		(e)	If no substitute or alternative basis agreed pursuant to paragraph (b) above, the Borrowers may
              give the Lender not less than 5 days’ notice of its intention to prepay the Loan at the end of the interest period set by the Lender.

   

  		(f)	A notice under paragraph (e) above shall be irrevocable; and on the last Business Day of the
              interest period set by the Lender the Borrowers shall prepay (without premium or penalty) the Loan, together with accrued interest thereon at the applicable interest rate and the balance of the Outstanding Indebtedness.

   

  		(g)	The provisions of Clause 4 (Repayment-Prepayment) shall apply in relation to the prepayment
              made hereunder.

   

  		3.8	Unavailability of Term SOFR

   

  		(a)	Interpolated Term SOFR: If no Term SOFR is available for the Interest Period of the Loan or
              any part of the Loan, the applicable Reference Rate shall be the Interpolated Term SOFR for a period equal in length to the Interest Period of the Loan or that part of the Loan.

   

  		(b)	Historic Term SOFR: If no Term SOFR is available for the Interest Period of the Loan or any
              part of the Loan and it is not possible to calculate the Interpolated Term SOFR, the applicable Reference Rate shall be the Historic Term SOFR for the Loan or that part of the Loan.

   

  		(c)	Interpolated Historic Term SOFR: If paragraph (b) above applies but no Historic Term SOFR is
              available for the Interest Period of the Loan or any part of the Loan, the applicable Reference Rate shall be the Interpolated Historic Term SOFR for a period equal in length to the Interest Period of the Loan or that part of the Loan.

   

  		(d)	Cost of funds: If paragraph (c) above applies but it is not possible to calculate the
              Interpolated Historic Term SOFR, there shall be no Reference Rate for the Loan or that part of the Loan (as applicable) and Clause 3.7 (Cost of Funds) shall apply to the Loan or that part of the Loan for that Interest Period.

   

  		3.9	Changes to reference rates

   

  		(a)	If a Published Rate Replacement Event has occurred in relation to any Published Rate, any amendment
              or waiver which relates to:

   

  		(i)	providing for the use of a Replacement Reference Rate; and

   

  (ii)

   

  		(A)	aligning any provision of any Finance Document to the use of that Replacement Reference Rate;

   

  		(B)	enabling that Replacement Reference Rate to be used for the calculation of interest under this
              Agreement (including, without limitation, any consequential changes required to enable that Replacement Reference Rate to be used for the purposes of this Agreement);

  

   

  
    12

    
      
 

  

   

  

  		(C)	implementing market conventions applicable to that Replacement Reference Rate;

   

  		(D)	providing for appropriate fallback (and market disruption) provisions for that Replacement
              Reference Rate; or

   

  		(E)	adjusting the pricing to reduce or eliminate, to the extent reasonably practicable, any transfer of
              economic value from one Party to another as a result of the application of that Replacement Reference Rate (and if any adjustment or method for calculating any adjustment has been formally designated, nominated or recommended by the Relevant
              Nominating Body, the adjustment shall be determined on the basis of that designation, nomination or recommendation),

   

  may be made with the consent of the
        Lender.

   

  		(b)	In this Clause 3.9 (Changes to reference rates):

   

  “Published Rate” means:

   

  		(a)	SOFR; or

   

  		(b)	Term SOFR for any Quoted Tenor.

   

  “Published Rate Contingency
          Period” means, in relation to:

   

  		(a)	Term SOFR (all Quoted Tenors), 10 US Government Securities Business Days; and

   

  		(b)	SOFR, 21 US Government Securities Business Days.

   

  “Published Rate Replacement Event” means, in
        relation to a Published Rate: 

   

  		(a)	the methodology, formula or other means of determining that Published Rate has, in the opinion of
              the Lender, materially changed;

   

  (b)       

   

  (i)

   

  		(A)	the administrator of that Published Rate or its supervisor publicly announces that such
              administrator is insolvent; or

   

  		(B)	information is published in any order, decree, notice, petition or filing, however described, of or
              filed with a court, tribunal, exchange, regulatory authority or similar administrative, regulatory or judicial body which reasonably confirms that the administrator of that Published Rate is insolvent,

   

  provided that, in each case, at that time, there is no
        successor administrator to continue to provide that Published Rate;

   

  		(i)	the administrator of that Published Rate publicly announces that it has ceased or will cease to
              provide that Published Rate permanently or indefinitely and, at that time, there is no successor administrator to continue to provide that Published Rate;

  

   

  
    13

    
      
 

  

   

  

  		(ii)	the supervisor of the administrator of that Published Rate publicly announces that such Published
              Rate has been or will be permanently or indefinitely discontinued; or 

   

  		(iii)	the administrator of that Published Rate or its supervisor announces that that Published Rate may
              no longer be used; or

   

  		(c)	the administrator of that Published Rate (or the administrator of an interest rate which is a
              constituent element of that Published Rate) determines that that Published Rate should be calculated in accordance with its reduced submissions or other contingency or fallback policies or arrangements and either:

   

  		(i)	the circumstance(s) or event(s) leading to such determination are not (in the opinion of the
              Lender) temporary; or

   

  		(ii)	that Published Rate is calculated in accordance with any such policy or arrangement for a period no
              less than the applicable Published Rate Contingency Period; or

   

  		(d)	in the opinion of the Lender, that Published Rate is otherwise no longer appropriate for the
              purposes of calculating interest under this Agreement.

   

  “Quoted Tenor” means, in relation to Term SOFR, any period for which
        that rate is customarily displayed on the relevant page or screen of an information service.

   

  “Relevant Nominating Body” means any applicable central bank, regulator
        or other supervisory authority or a group of them, or any working group or committee sponsored or chaired by, or constituted at the request of, any of them or the Financial Stability Board.

   

  “Replacement Reference Rate” means a reference rate which is:

   

  		(a)	formally designated, nominated or recommended as the replacement for a Published Rate by:

   

  		(i)	the administrator of that Published Rate; or

   

  		(ii)	any Relevant Nominating Body,

   

  and if replacements have, at the relevant time, been formally designated, nominated
        or recommended under both paragraphs, the “Replacement Reference Rate” will be the replacement under paragraph (ii) above;

   

  		(b)	in the opinion of the Lender, generally accepted in the international or any relevant domestic
              syndicated loan markets as the appropriate successor or alternative to a Published Rate; or

   

  		(c)	in the opinion of the Lender, an appropriate successor or alternative to a Published Rate.”

  

   

  
    14

    
      
 

  

   

  

  		d.	with effect as from the Effective Date, Clause 8.1(f) (Financial Statements) of the
              Principal Agreement shall be renamed into “Financial Statements-Compliance Certificate” and shall be amended to read as follows:

   

  		“(f)	Financial statements-Compliance Certificate: 

   

  		(i)	furnish the Lender with (i) audited annual consolidated financial statements of the Corporate
              Guarantor audited by the auditors acceptable to the Lender and (ii) management prepared accounts of the Borrowers attested by its Chief Financial Officer, in each case prepared in accordance with internationally accepted accounting principles
              and practices consistently applied in respect of each Financial Year as soon as practicable but not later than 180 days after the end of the Financial Year to which they relate, commencing with Financial Year ending on 31st December, 2022; 

   

  		(ii)	(in the case of Clause 8.10 (Financial covenants)) simultaneously with each of the audited
              financial statements, they will send to the Lender the Compliance Certificate, duly completed and supported by calculations setting out in reasonable detail the materials underling the statements made in such Compliance Certificate;”

   

  		e.	with effect as from the Effective Date, Clause 8.2(t) (No change of control) of the
              Principal Agreement shall be deleted and shall be replaced by the following:

   

  “(t) No change of control: ensure that after
        the occurrence of the Spin-Off (i) each Borrower shall become a wholly-owned Subsidiary of the Guarantor (ii) Mr. Petros Panagiotidis shall be the Chief Executive Officer and Chief Financial Officer of the Guarantor and shall control either
        directly or indirectly no less than 5% of the Series B Preferred Shares of Guarantor with super voting rights”

   

  		f.	with effect as from the Effective Date, a new Clause 8.10 under the heading “Financial
                  covenants) shall be inserted in the Principal Agreement reading as follows:

   

  “8.10 Financial covenants 

   

  The Borrowers will ensure that, for the duration of the
        Security Period, the New Corporate Guarantor’s consolidated financial position, based on the most recent Accounting Information to comply with the financial covenants set out below:

   

  		(a)	Adjusted Net Worth: the New Corporate Guarantor to maintain market
              value Adjusted Net Worth of at least $40,000,000 (Forty million Dollars); 

   

  		(b)	Liquidity: the Cash and Cash Equivalents of the New Corporate Guarantor
              on a consolidated basis will not at any time be in an amount of less than (i) United States Dollars Three hundred fifty thousand ($350,000) per owned Fleet Vessel mortgaged in favour of the Lender at any relevant time and/or (ii) Five million
              ($5,000,000) provided however that the amount of $350,000 per owned Fleet Vessel mortgaged in favour of the Lender will be included in the calculation for the Cash and Cash Equivalents of the New Corporate Guarantor on a consolidated basis;
              and

  

   

  
    15

    
      
 

  

   

  

  		(c)	Leverage: the Leverage Ratio of the Group shall not exceed seventy per
              cent (70%).

   

  The Adjusted Net Worth, Leverage, Cash and
        Cash Equivalents of the New Corporate Guarantor to be tested and confirmed to the Lender quarterly (if available), semi-annually and annually on the basis of the Financial Statements to be delivered to the Lender as per Clause 8.1(f) (Financial
          statements).

   

  The expressions used in this Clause 8.10 shall be construed in
        accordance with law and accounting principles internationally accepted as used in the Accounting Information produced in accordance with Clause 8.1(f) (Financial statements-Compliance Certificate), and for the purposes of this Agreement:

   

  “Accounting Information” means the annual audited
        consolidated financial statements of the Group and the interim quarterly (if requested by the Lender) and semi-annual un-audited financial statements of the Group, to be provided by the Borrowers to the Lender in accordance with Clause 8.1(f) (Financial
          Statements - Compliance Certificate); 

   

  “Accounting Period” means each Financial Year and
        each half-year of each Financial Year falling during the Security Period for which the Accounting Information is required to be delivered to the Lender pursuant to Clause 8.1(f) (Financial Statements - Compliance Certificate);

   

  “Adjusted Net Worth” means, in respect of an
        Accounting Period, the amount by which the Market Value of the Fleet Vessels exceeds the Total Debt (after deducting all cash and cash equivalents and restricted cash); 

   

  “Cash” and “Cash Equivalents” means,
        at any relevant time, the aggregate of:

   

  		(a)	cash in hand or on deposit with any prime international bank;

   

  		(b)	Marketable Securities valued at their then published market value rates owned by the New Corporate
              Guarantor at that date; and

   

  		(c)	any other instrument, security or investment approved by the Lender, which are free from any
              security interest and/or restrictions. 

   

  “Fleet Market Value” means, as of the date of
        calculation, the aggregate market value of all the Fleet Vessels as determined in accordance with Clause 8.5(b) (Valuation of Vessels) of this Agreement;

   

  “Fleet Vessels” means, together, all of the
        vessels (including, but not limited to, the Vessel) from time to time owned or leased by members of the Group which, at the relevant time, are included within the Total Assets of the Group in the balance sheet of the Accounting Information (each a
        “Fleet Vessel”);

   

  “Leverage Ratio” means, in respect of an
        Accounting Period, the ratio of the Total Debt (after deducting all Cash and Cash Equivalents and restricted cash applicable as of the date of the Compliance Certificate) to the aggregate Market Value of all Fleet Vessels;

  

   

  
    16

    
      
 

  

   

  

  “Marketable Securities” means any bonds,
        stocks, notes or bills payable in a freely convertible and transferable currency and which are listed on a stock exchange acceptable to the Lender.

   

  “Total Assets” means, in respect of an
        Accounting Period, the aggregate value of all assets of the Group included in the Accounting Information as “current assets” and the value of all investments and all other tangible and intangible assets of the Group properly included in the
        Accounting Information as “fixed assets” in accordance with IFRS; and

   

  “Total Debt” means, in respect of an Accounting
        Period, the aggregate on a consolidated basis of the Group of all short term interest bearing bank debt included in the financial statements of the Group under current liabilities plus the long term interest bearing bank debt.”

   

  		g.	with effect as from the Effective Date, a new Schedule 3 (Form of Compliance Certificate) shall be added after Schedule 2 of the Principal Agreement to read as follows:

   

  “Schedule 3

   

  Form of Compliance Certificate

  (referred to in Clause 8.1(f) of the Loan Agreement)

   

  To:       ALPHA BANK S.A.,  

  93 Akti Miaouli, Piraeus, Greece 

  (the “Lender”)

   

  From: TORO CORP., of the Marshall
        Islands 

      (as the “Corporate
          Guarantor”)

   

  Dated: [●], 20[●]            

   

  	RE: US$18,000,000

            Loan Agreement (the “Loan Agreement”) dated 27 April, 2021 made between (1) the Lender, as lender and (2) (a) Gamora Shipping Co. of the Marshall Islands and Rocket Shipping Co., of the Marshall Islands (the “Borrowers”), as joint and several borrowers

   

  Terms defined in the Loan Agreement shall have the same meaning when used herein.

   

  I/We [●], [●] and [●], [each] being the Chief Financial Officer of the Borrowers and the
        Corporate Guarantor, refer to Clause 8.1(f) of the Loan Agreement and hereby certify that, during the Accounting Period 01.01.20[...] to 31.12.20[...] and on the date hereof the Financial Covenants (Clause 8.1(f) of the Loan Agreement), are fully
        complied with:

   

  		1.	Financial Covenants:

   

  		(a)	Adusted New Worth: is at least US$ 40,000,000;

   

  		(b)	Corporate Leverage Ratio: is below 70%; and

   

  		(c)	Cash and Cash Equivalents is at least US$ 5,000,000 

   

  2.       Default: [No Default has occurred and is continuing]

   

  or

   

  [The following Default has occurred and in continuing: [provide details of Default]. [The
        following steps are being taken to remedy it: [provide details of steps being taken to remedy Default]].

  

   

  
    17

    
      
 

  

   

  

  We attach hereto the necessary documents supported by calculations setting out in
        reasonable detail the materials underling the statements made in this Compliance Certificate. 

   

  Signed: ______________________ 

  Name: [...............................]

  

  Title: Chief Financial Officer/Director”

   

  		5.2.	Security Documents

   

  With effect as from the Effective Date (a) all obligations of the Existing Corporate Guarantor under the Loan
      Agreement shall be binding on the New Corporate Guarantor (b) the definition “Security Documents” shall be deemed to include (aa) the Security Documents as amended and/or supplemented in pursuance to the terms hereof, (bb) the New Corporate
      Guarantee and the New Shares Pledge Agreement and (cc) any document or documents (including if the context requires the Loan Agreement) that may now or hereafter be executed as security for the repayment of the Loan, interest thereon and any other
      moneys payable by the Borrowers under the Principal Agreement and the Security Documents (as herein defined) as well as for the performance by the Borrowers and the other Security Parties (as herein defined) of all obligations, covenants and
      agreements pursuant to the Principal Agreement, this Supplemental Agreement and/or the Security Documents.

   

  		5.3	Construction

   

  With effect from the date hereof all references in the
      Principal Agreement to: 

   

  		i.	the definitions and all references in the Principal Agreement and the Security Documents to “Alternative Rate”, and “LIBOR” shall
            be deleted;

   

  		ii.	the definition and all references in the Principal Agreement and the Security Documents to “Banking Day” shall be deleted and shall be
            replaced by “Business Day”;

   

  		iii.	all references in the Principal Agreement and the Security Documents to “this Agreement”, “hereunder” and the like and all
            references in the Security Documents to the “Loan Agreement” shall be construed as references to the Principal Agreement as amended and/or supplemented by this Agreement;

   

  		iv.	“Mortgage” in relation to each Vessel shall be construed as references to the respective First Preferred Marshall Islands Mortgages as
            amended by the Mortgage Amendment relevant thereto;

   

  		v.	“Corporate Guarantee” in the Principal Agreement shall be construed as references to the New Corporate Guarantee; and

   

  		vi.	“Corporate Guarantor” in the Principal Agreement shall be construed as references to the New Corporate Guarantor.

  

   

  
    18

    
      
 

  

   

  

  		6.	RECONFIRMATION

   

  		6.1	Reconfirmation of obligations

   

  Each of the Borrowers hereby reconfirms its obligations under the Principal
      Agreement and its compliance with the covenants contained therein, as amended herein, of the Principal Agreement.

   

  		6.2	Acknowledgement

   

  Each of the Security Parties acknowledges and agrees, for the avoidance of doubt,
      that each of the Security Documents to which it is a party and its obligations thereunder, shall remain in full force and effect notwithstanding the amendments made to the Principal Agreement by this Supplemental Agreement and the waivers and other
      amendments agreed by the Lender in this Supplemental Agreement.

   

  		7.	CONTINUANCE OF PRINCIPAL AGREEMENT AND THE SECURITY DOCUMENTS

   

  Save for the alterations to the Principal
      Agreement, and the Security Documents made or to be made pursuant to this Supplemental Agreement, and such further modifications (if any) thereto as may be necessary to make the same consistent with the terms of this Supplemental Agreement, the
      Principal Agreement shall remain in full force and effect and the security constituted by the Security Documents shall continue to remain valid and enforceable and the Borrowers hereby jointly and severally reconfirm their respective obligations
      under the Principal Agreement as hereby amended and under the Security Documents to which each of them is a party.

   

  		8.	ENTIRE AGREEMENT AND AMENDMENT

   

  		8.1	Entire Agreement

   

  The Principal Agreement, the other Security Documents, and this Supplemental
      Agreement represent the entire agreement among the parties hereto with respect to the subject matter hereof and supersede any prior expressions of intent or understanding with respect to this transaction and may be amended only by an instrument in
      writing executed by the parties to be bound or burdened thereby.

   

  		8.2	Supplemental Agreement - Application of Principal Agreement provisions

   

  This Supplemental Agreement is supplementary to and incorporated in the Principal
      Agreement, all terms and conditions whereof, including, but not limited to, provisions on payments, calculation of interest and Events of Default, shall apply to the performance and interpretation of this Supplemental Agreement.

   

  		9.	FEES AND EXPENSES

   

  		9.2	Costs and expenses

   

  The Borrowers covenant and agree to pay to the Lender upon demand and from time to
      time all reasonable and documented costs, charges, registration and recording fees, duties and expenses (including legal fees) incurred by the Lender in connection with the negotiation, preparation, execution and enforcement or attempted enforcement
      of this Supplemental Agreement and any document executed pursuant thereto and/or in preserving or protecting or attempting to preserve or protect the security created hereunder and/or under the Security Documents.

  

   

  
    19

    
      
 

  

   

  

  		9.3	Stamp Duty

   

  The Borrowers covenant and agree to pay and discharge all stamp duties, registration
      and recording fees and charges and any other charges whatsoever and wheresoever payable or due in respect of this Supplemental Agreement and/or any document executed pursuant hereto.

   

  		10.	ASSIGNMENT

   

  The provisions of Clause 14 (Assignment, Transfer, Participation, Lending
          Office) of the Principal Agreement shall apply to this Supplemental Agreement as if the same were set out herein in full.

   

  		11.	MISCELLANEOUS

   

  		11.1	Incorporation of Loan Agreement provisions

   

  Without prejudice to Clauses 6 (Reconfirmation), 7 (Continuance
          of Principal Agreement and the Security Documents) and 8 (Entire agreement and amendment) of this Supplemental Agreement, the provisions of Clauses 2.9 (Evidence), 15.7 (Invalidity of Terms)
      and 17.1 (Notices) of the Principal Agreement apply to this Supplemental Agreement as well and they are deemed to be repeated as if set forth in extenso herein.

   

  		11.2	Counterparts

   

  This Supplemental Agreement may be executed
      in any number of counterparts, all of which taken together shall constitute one and the same instrument.

   

  		12.	LAW AND JURISDICTION

   

  		12.1	Governing Law

   

  This Supplemental Agreement and any non-contractual obligations arising out of or in
      relation to it shall be governed by and construed in accordance with English law and the provisions of Clause 18 (Law and Jurisdiction) of the Principal Agreement shall apply mutatis mutandis to this Supplemental Agreement as if the
      same were set out herein in full.

   

  		12.2	Third Party Rights

   

  A person who is not a party to this Supplemental Agreement has no right under the
      Contracts (Rights of Third Parties) Act 1999 to enforce or to enjoy the benefit of any term of this Supplemental Agreement.

   

  IN WITNESS whereof the parties hereto have caused this Supplemental Agreement to be duly
      executed the date first above written.

  

   

  
    20

    
      
 

  

   

  

  [Intentionally left blank]

   

  
    21

    
      
 

  

   

  EXECUTION PAGE

   

  	the Borrowers	 	 
	SIGNED by	)	 
	Mrs.	)	 
	for and on behalf of	)	 
	GAMORA SHIPPING CO.,	)	 
	of the Marshall Islands, in the presence of:	)	Attorney-in-fact
	 	 	 
	SIGNED by	)	 
	Mrs.	)	 
	for and on behalf of	)	 
	ROCKET SHIPPING CO.,	)	 
	of the Marshall Islands, in the presence of:	)	Attorney-in-fact
	 	 	 
	Witness to all above signatures:  ___________________________	 
	Name:	 	 
	Address: 13 Defteras Merarchias	 	 
	             Piraeus, Greece	 	 
	Occupation:  Attorney-at-Law	 	 
	 	 	 
	the CORPORATE GUARANTORS	 	 
	 	 	 
	SIGNED	)	 
	by Mrs.	)	 
	for and on behalf of	)	 
	CASTOR MARITIME INC.,	)	 
	of the Marshall Islands,	)	 
	its duly appointed attorney-in fact	)	 
	in the presence of:	)	Attorney-in-fact
	 	 	 
	SIGNED	)	 
	by Mrs.	)	 
	for and on behalf of	)	 
	TORO CORP.,	)	 
	of the Marshall Islands,	)	 
	its duly appointed attorney-in fact	)	 
	in the presence of:	)	Attorney-in-fact

   

  
    22

    
      
 

  

   

  

   

  

  	Witness to all above signatures:  	 	 
	 	 	 
	 	 	 
	Name:	 	 
	Address: 13 Defteras Merarchias	 	 
	Piraeus, Greece	 	 
	Occupation:  Attorney-at-Law	 	 
	 	 	 
	THE LENDER	 	 
	SIGNED by	)	 
	Mrs. Aikaterini Damianidou and	)	 
	Mrs. Chrysanthi Papathanasopoulou	)	Attorney-in-fact
	for and on behalf of	)	 
	ALPHA BANK S.A.,	)	 
	of Greece,	)	 
	in the presence of:	)	Attorney-in-fact

   

  	Witness: ___________________________	 
	Name:	 	 
	Address:	Defteras Merarchias 13 	 
	 	Piraeus, Greece	 
	Occupation:	Attorney-at-law 	 

   

   23Exhibit 10.1

 

MUTUAL TERMINATION AND RELEASE AGREEMENT

 

This
Mutual Termination and Release Agreement (the “Termination Agreement”) is made and entered into effective
as of November 14, 2022 (the “Effective Date”) by and among Tuscan Holdings Corp. II, a Delaware corporation (“Tuscan”),
and Tuscan Holdings Acquisition II LLC, a limited liability company organized under the laws of Delaware (“Sponsor”),
Surf Air Global Limited, a BVI business company formed under the laws of the British Virgin Islands (“Surf Air”), and
Surf Air Mobility Inc., a Delaware corporation and wholly-owned subsidiary of
Surf Air (“SAM”).

 

R E C I T A L S

 

 WHEREAS,
Reference is made to that certain Business Combination Agreement, dated as of May 17, 2022, as amended on September 1, 2022 (the “Agreement”),
by and among Tuscan, Surf Air, SAM, THCA Merger Sub Inc., a Delaware corporation
and wholly-owned subsidiary of SAM (“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 SAM (“Merger Sub II”); 

 

WHEREAS, Tuscan and
Surf Air desire to mutually terminate the Agreement; and

 

WHEREAS, Tuscan and
Sponsor, on the one hand, and Surf Air and SAM, on the other hand, desire to release each other from all rights, claims and actions each
has against the other in connection with the Agreement.

 

Now,
Therefore, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and for their
mutual reliance, the parties agree as follows:

 

1. Mutual
Termination. Pursuant to Section 8.01(a) of the Agreement, Tuscan and Surf Air hereby mutually terminate the Agreement, including
without limitation, all obligations under the Agreement, effective as of the Effective Date. Pursuant to Section 8.02 of the Agreement,
the parties hereto acknowledge and agree that, as of the Effective Date, the Agreement is void, and in accordance with Section 2 hereof,
there shall be no liability under the Agreement on the part of any party thereto. Tuscan and Sponsor acknowledge and agree that neither
Surf Air, SAM nor any of their respective Affiliates (as defined in the Agreement) shall be obligated to reimburse or pay to Tuscan, Sponsor
or any of their respective Affiliates any fees, costs or expenses pursuant to Section 8.03(b) or Section 8.03(c) of the Agreement. Nothing
in this Termination Agreement shall terminate or modify the terms and provisions of the Confidentiality Agreement (as defined in the Agreement).
Neither Surf Air, SAM nor any of their respective Affiliates shall have any obligation to issue or make any further loans or advances
to Tuscan, Sponsor or any of their respective Affiliates. The terms and provisions of this Section 1 shall take effect immediately prior
to the filing of a registration statement with the Securities and Exchange Commission (including any confidential filing) in connection
with a Direct Listing, an IPO or a SPAC Transaction or the entry into a written definitive agreement for a Sale Transaction (the “Termination
Date”).

 

     

    

    

 

2. Mutual
Release.

 

 (a)  Effective as of
the Termination Date, each of Tuscan and Sponsor, each on its behalf and on behalf of their respective subsidiaries, heirs, estates, successors
and assigns (the “Tuscan Releasors”), hereby knowingly, fully, unconditionally and irrevocably releases, effective
as of the Termination Date, any and all claims, rights, demands and causes of action that such Tuscan Releasor has or may have against
Surf Air, SAM, any of their respective Affiliates or any present or former director, officer, manager, employee, shareholder, member,
partner advisor, legal counsel, representative or agent of Surf Air, SAM or any of their respective Affiliates (collectively, the “Surf
Releasees”), whether asserted or unasserted, known or unknown, contingent or noncontingent, past or present, arising or resulting
from or relating, directly or indirectly, to any act, omission, event or occurrence prior to or as of the Termination Date relating to
the Agreement, any other Transaction Documents (as defined in the Agreement), any of the transactions contemplated by the Agreement or
any other Transaction Documents or any loans issued by Surf Air or any of its Affiliates to Tuscan or any of its Affiliates (the “Tuscan
Released Claims”), including that the Transactions will not be consummated and are being abandoned and terminated. For the avoidance
of doubt, neither Tuscan, the Sponsor nor any of their Affiliates shall have any obligation to repay the loans issued by Surf Air or any
of its Affiliates to Tuscan, the Sponsor or any of their Affiliates prior to the Effective Date. Notwithstanding anything to the contrary
in the foregoing, nothing in this Section 2(a) will be deemed to constitute a release or waiver by any Tuscan Releasor of any claim, demand
or cause of action, or of any right of, such Tuscan Releasor pursuant to (i) this Termination Agreement or (ii) the Confidentiality Agreement.

 

 (b)  Effective as of
the Termination Date, each of Surf Air and SAM, each on its behalf and on behalf of their respective subsidiaries (including Merger Sub
I and Merger Sub II), heirs, estates, successors and assigns (the “Surf Releasors” and together with the Tuscan Releasors,
the “Releasors”), hereby knowingly, fully, unconditionally and irrevocably releases, effective as of the Termination
Date, any and all claims, rights, demands and causes of action that such Tuscan Releasor has or may have against Tuscan, Sponsor, any
of their respective Affiliates or any present or former director, officer, manager, employee, shareholder, member, partner advisor, legal
counsel, representative or agent of Tuscan, Sponsor or any of their respective Affiliates (collectively, the “Tuscan Releasees”),
whether asserted or unasserted, known or unknown, contingent or noncontingent, past or present, arising or resulting from or relating,
directly or indirectly, to any act, omission, event or occurrence prior to or as of the Termination Date relating to the Agreement, any
other Transaction Documents (as defined in the Agreement), any of the transactions contemplated by the Agreement or any other Transaction
Documents or any loans issued by Surf Air or any of its Affiliates to Tuscan or any of its Affiliates (the “Surf Released Claims”),
including that the Transactions will not be consummated and are being abandoned and terminated. Notwithstanding anything to the contrary
in the foregoing, nothing in this Section 2(b) will be deemed to constitute a release or waiver by any Surf Releasor of any claim, demand
or cause of action, or of any right of, such Surf Releasor pursuant to (i) this Termination Agreement or (ii) the Confidentiality Agreement
(as defined in the Agreement).

 

(c) Each
Releasor acknowledges and agrees that it, he or she is familiar with Section 1542 of the Civil Code of the State of California (“Section
1542”), which provides as follows:

 

A GENERAL RELEASE DOES NOT
EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH
IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.

 

(d) Effective
as of the Termination Date each Releasor, on such Releasor’s behalf and on behalf of such Releasor’s other applicable Releasors,
hereby waives and relinquishes any rights and benefits that such Releasor may have under Section 1542 or any similar statute or common
law principle of any jurisdiction with respect to, in the case of the Tuscan Releasors, the Tuscan Released Claims and, in the case of
the Surf Releasors, the Surf Released Claims. Such Releasor acknowledges that it, he or she may hereafter discover facts in addition to
or different from those that such Releasor now knows or believes to be true with respect to the subject matter of, in the case of the
Tuscan Releasors, the Tuscan Released Claims and, in the case of the Surf Releasors, the Surf Released Claims, but it is such Releasor’s
intention to fully and finally and forever settle and release any and all, in the case of the Tuscan Releasors, the Tuscan Released Claims
and, in the case of the Surf Releasors, the Surf Released Claims (except as expressly set forth in the second sentence of each of Section
2(a) and Section 2(b)) that do now exist, may exist or heretofore have existed with respect to the subject matter thereof. In furtherance
of this intention, the release of, in the case of the Tuscan Releasors, the Tuscan Released Claims and, in the case of the Surf Releasors,
the Surf Released Claims (other than as expressly set forth in the second sentence of each of Section 2(a) and Section 2(b))) shall be
and remain in effect as full and complete releases notwithstanding the discovery or existence of any such additional or different facts.

 

    2

    

    

 

(e) Each
Releasor agrees that he, she or it will not bring, commence, institute, maintain, prosecute, participate in or voluntarily aid any Action
(as defined in the Agreement), in law or in equity, in any court or before any Governmental Authority (as defined in the Agreement), which,
in the case of the Tuscan Releasors, relates to any Tuscan Released Claims and, in the case of the Surf Releasors, relates to any Surf
Released Claims.

 

3. Share
Consideration.

 

 (a) In
consideration for the agreements and acknowledgements of Tuscan and Sponsor hereunder, immediately prior to the consummation of a Triggering
Event, SAM (or the surviving parent entity of Surf Air immediately prior to the consummation of the Triggering Event, or if no such entity,
Surf Air, “Surf Parent”) shall issue to Tuscan 600,000 shares of Common Stock (or an equivalent number of shares of
common equity of the Surf Parent, the “Termination Shares”). Notwithstanding anything herein to the contrary, if Surf
Parent has not consummated a Triggering Event within three years from the Effective Date, this Section 3 shall cease to be of any further
force or effect and Tuscan shall have no right to receive, and Surf Parent shall have no obligation to issue or pay, any Shares (as defined
below) or any Cash Expense Reimbursement even if a Triggering Event is consummated after such date that is three years after the Effective
Date. The Company shall use commercially reasonable efforts to include the Shares in the registration statement used in connection with
the consummation of a Direct Listing, IPO or SPAC Transaction, as applicable, or any resale registration statement filed in connection
with the consummation of any such transaction. For purposes hereof, a “Triggering Event” shall mean the consummation
of any of the following (a) a direct listing of shares of common stock of SAM, par value $0.0001 per share (or the common equity of the
Surf Parent, the “Common Stock”), for trading on a nationally recognized stock exchange (such national exchange on
which the Common Stock is initially listed, the “National Exchange”) and registration pursuant to Section 12(b) of
the Exchange Act (as defined in the Agreement) (a “Direct Listing”); (b) an initial public offering of shares of Common
Stock for trading on a National Exchange and registration pursuant to Section 12(b) of the Exchange Act (an “IPO”);
(c) a business combination involving a special purpose acquisition company and Surf Air or Surf Parent (a “SPAC Transaction”);
or (d) any (i) share exchange, share purchase, consolidation, merger, reorganization or other business combination of Surf Air or Surf
Parent, (ii) sale or other transfer in one transaction or a series of related transactions of all or substantially all of the consolidated
assets of Surf Air or Surf Parent and its subsidiaries, taken as a whole, to any person or entity other than one of Surf Air’s direct
or indirect subsidiaries; provided, however, that a transaction described in clauses (i) or (ii) of this clause (d) in which the holders
of Surf Air or Surf Parent’s outstanding capital shares immediately prior to such transaction own, directly or indirectly, more
than 50% of all of the outstanding capital shares of the continuing or surviving corporation or transferee or the parent thereof immediately
after such transaction shall not be a Triggering Event pursuant to clauses (i) or (ii) of this clause (d), or (iii) any purchase or issuance
of Common Stock following which a person or “group” (within the meaning of Section 13(d) of the Exchange Act) of persons has
direct or indirect beneficial ownership of securities (or rights convertible or exchangeable into securities) representing fifty percent
(50%) or more of the voting power of or economic rights or interests in Surf Parent (any transaction contemplated by this clause (d),
a “Sale Transaction”). Notwithstanding anything to the contrary, in no event shall any internal restructuring or reorganization
by Surf Air or any of its subsidiaries for tax purposes constitute a Triggering Event. For purposes hereof, a “Going Public Transaction”
shall mean the consummation of any of the transactions contemplated by clauses (a), (b) or (c) of the definition of Triggering Event.

 

 (b) In connection with
the incurrence of cost and expenses of Tuscan, immediately prior to the consummation of a Triggering Event, Surf Parent shall either (in
Surf Air’s sole discretion) (i) issue to Tuscan 35,000 shares of Common Stock (or an equivalent number of shares of common equity
of the Surf Parent, the “Expense Shares” and together with the Termination Shares, the “Shares”;
it being understood that if Surf Parent satisfies the obligations of this clause (b) by complying with clause (ii) (as opposed to clause
(i)), “Shares” shall just refer to the Termination Shares without regard to the Expense Shares) or (ii) shall pay to Tuscan,
by wire transfer of immediately available funds, an amount in cash equal to $700,000.00 (the “Cash Expense Reimbursement”).

 

 (c) The number of Shares
shall be adjusted to reflect appropriately the effect of any stock split, reverse stock split, stock dividend, reorganization, recapitalization,
reclassification, combination, exchange of shares or other like change with respect to the Common Stock occurring on or after the date
hereof and prior to the effective time of the Triggering Event.

 

    3

    

    

 

 (d) The parties agree
to negotiate in good faith with respect to any amendments to this Termination Agreement necessary or advisable in order to cause the Shares
to be issued in a manner that is more tax-efficient for Tuscan and its stockholders; provided, that such updated structure does not result
in an adverse tax consequence to Surf Air, SAM Surf Parent or any of their respective subsidiaries or equityholders.

 

4. Registration
Rights. If the Shares have not otherwise been registered for resale under the Securities Act, SAM agrees that it will use its
commercially reasonable efforts to file with the Securities and Exchange Commission (the “Commission”) (at SAM’s
sole cost and expense) a registration statement registering the resale of the Shares (the “Registration Statement”)
as soon as practicable after the consummation of the Going Public Transaction (the “Filing Date”), and SAM shall use
its commercially reasonable efforts to have the Registration Statement declared effective as soon as practicable after the filing thereof,
but no later than the earlier of (i) the 135th calendar day (or 180th calendar day if the Commission notifies SAM that it will “review”
the Registration Statement) following the Filing Date and (ii) the 10th Business Day after the date SAM is (x) notified (orally or in
writing, whichever is earlier) by the Commission that the Registration Statement will not be “reviewed” or will not be subject
to further review and (y) the receipt of The Financial Industry Regulatory Authority clearance, if applicable, (such earlier date, the
“Effectiveness Date”); provided, however, that SAM’s obligations to include the Shares in the Registration
Statement are contingent upon Tuscan furnishing in writing to SAM such information regarding Tuscan, the securities of SAM held by Tuscan
and the intended method of disposition of the Shares as shall be reasonably requested by SAM to effect the registration of the Shares,
and Tuscan shall execute such documents in connection with such registration as SAM may reasonably request that are customary of a selling
stockholder in similar situations, including providing that SAM shall be entitled to postpone and suspend the effectiveness or use of
the Registration Statement during any customary blackout or similar period or as permitted hereunder. Notwithstanding the foregoing, if
the Commission prevents SAM from including any or all of the Shares proposed to be registered under the Registration Statement due to
limitations on the use of Rule 415 under the Securities Act for the resale of the Shares held by Tuscan or otherwise, such Registration
Statement shall register for resale such number of shares of Common Stock which is equal to the maximum number of shares of Common Stock
as is permitted by the Commission. In such event, the number of shares of Common Stock to be registered for each selling shareholder named
in the Registration Statement shall be reduced pro rata among all such selling shareholders. In the event the Commission informs SAM that
all of such shares of Common Stock cannot, as a result of the application of Rule 415, be registered for resale on the Registration Statement,
SAM agrees to promptly inform Tuscan thereof and use its commercially reasonable efforts to file amendments to the Registration Statement
as required by the Commission, covering the maximum number of shares of Common Stock permitted to be registered by the Commission, on
Form S-1 or such other form available to register for resale such shares as a secondary offering. In the case of the registration effected
by SAM pursuant to this Termination Agreement, SAM shall, upon reasonable request, inform Tuscan as to the status of such registration.

 

 (a) At
its expense SAM shall:

 

(i) except
for such times as SAM is permitted hereunder to suspend the use of the prospectus forming part of a Registration Statement, use its commercially
reasonable efforts to keep such registration, and any qualification, exemption or compliance under state securities laws which SAM determines
to obtain, continuously effective with respect to Tuscan, and to keep the applicable Registration Statement or any subsequent shelf registration
statement free of any material misstatements or omissions, until the earlier of the following: (i) Tuscan ceases to hold any Shares, (ii)
the date all Shares held by Tuscan may be sold without any volume and manner of sale restrictions which may be applicable to affiliates
under Rule 144 and without the requirement for SAM to be in compliance with the current public information required under Rule 144(c)(1)
(or Rule 144(i)(2), if applicable), and (iii) two years from the Effectiveness Date of the Registration Statement;

 

(ii)
advise Tuscan within five (5) Business Days:

 

1. when
a Registration Statement or any post-effective amendment thereto has become effective;

 

2. of
the issuance by the Commission of any stop order suspending the effectiveness of any Registration Statement or the initiation of any proceedings
for such purpose;

 

    4

    

    

 

3. of
the receipt by SAM of any notification with respect to the suspension of the qualification of the Shares included therein for sale in
any jurisdiction or the initiation or threatening of any proceeding for such purpose; and

 

4. subject
to the provisions in this Termination Agreement, of the occurrence of any event that requires the making of any changes in any Registration
Statement or prospectus so that, as of such date, the statements therein are not misleading and do not omit to state a material fact required
to be stated therein or necessary to make the statements therein (in the case of a prospectus, in the light of the circumstances under
which they were made) not misleading;

 

(iii)  use
its commercially reasonable efforts to obtain the withdrawal of any order suspending the effectiveness of any Registration Statement as
soon as reasonably practicable;

 

(iv) upon the occurrence
of any event contemplated in Section 4(a)(ii)(4), except for such times as SAM is permitted hereunder to suspend, and has suspended, the
use of a prospectus forming part of a Registration Statement, use its commercially reasonable efforts to as soon as reasonably practicable
prepare a post-effective amendment to such Registration Statement or a supplement to the related prospectus, or file any other required
document so that, as thereafter delivered to purchasers of the Shares included therein, such prospectus will not include any untrue statement
of a material fact or omit to state any material fact necessary to make the statements therein, in the light of the circumstances under
which they were made, not misleading; and

 

(v) use its commercially
reasonable efforts to cause all Shares to be listed on each securities exchange or market, if any, on which SAM’s Common Stock is
then listed.

 

(b) Notwithstanding
anything to the contrary in this Termination Agreement, SAM shall be entitled to delay or postpone the effectiveness of the Registration
Statement, and from time to time to require Tuscan not to sell under the Registration Statement or to suspend the effectiveness thereof,
if the negotiation or consummation of a transaction by SAM or its subsidiaries is pending or an event has occurred, which negotiation,
consummation or event SAM’s board of directors reasonably believes, upon the advice of legal counsel (which may be in-house counsel),
would require additional disclosure by SAM in the Registration Statement of material information that SAM has a bona fide business purpose
for keeping confidential and the non-disclosure of which in the Registration Statement would be expected, in the reasonable determination
of SAM’s board of directors, upon the advice of legal counsel (which may be in-house counsel), to cause the Registration Statement
to fail to comply with applicable disclosure requirements (each such circumstance, a “Suspension Event”); provided,
however, that SAM may not delay or suspend the Registration Statement on more than three occasions or for more than sixty (60) consecutive
calendar days, or more than ninety (90) total calendar days, in each case during any twelve-month period. Upon receipt of any written
notice from SAM of the happening of any Suspension Event during the period that the Registration Statement is effective or if as a result
of a Suspension Event the Registration Statement or related prospectus contains any untrue statement of a material fact or omits to state
any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which
they were made (in the case of the prospectus) not misleading, Tuscan agrees that (i) it will immediately discontinue offers and sales
of the Shares under the Registration Statement until Tuscan receives copies of a supplemental or amended prospectus (which SAM agrees
to promptly prepare) that corrects the misstatement(s) or omission(s) referred to above and receives notice that any post-effective amendment
has become effective or unless otherwise notified by SAM that it may resume such offers and sales, and (ii) it will maintain the confidentiality
of any information included in such written notice delivered by SAM unless otherwise required by law or subpoena.

 

    5

    

    

 

 (c) SAM shall use commercially
reasonable efforts, if requested by the Tuscan, subject to compliance with federal and states securities laws, to (i) cause the removal
of any restrictive legend set forth on the Shares and (ii) issue Shares without any such legend in certificated or book-entry form or
by electronic delivery through The Depository Trust Company, at the Tuscan’s option, within five (5) Business Days of such deposit,
provided that in each case (A) such Shares are registered for resale under the Securities Act pursuant to an effective Registration Statement
and the Tuscan has sold or proposes to sell such Shares pursuant to such registration, (B) the Tuscan has sold or transferred, or proposes
to sell or transfer, Shares pursuant to Rule 144 and (C) SAM, its counsel and its transfer agent have received customary representations
and other documentation from the Tuscan that is reasonably necessary to establish that restrictive legends are no longer required as reasonably
requested by SAM, its counsel or its transfer agent. With respect to clause (A), while the Registration Statement is effective, SAM shall
cause its counsel to issue to the transfer agent a legal opinion to allow the legend on the Shares to be removed upon resale of the Shares
pursuant to the effective Registration Statement in accordance with this Section 4(b), and within five (5) Business Days of any request
therefor from the Tuscan accompanied by such customary and reasonably acceptable representations and other documentation establishing
that restrictive legends are no longer required, deliver to the transfer agent instructions that the transfer agent shall make a new,
unlegended entry for such book entry Shares.

 

(d) References in this Section
4 to SAM shall be deemed to refer to the Surf Parent to the extent that SAM is not the Surf Parent.

 

5. Tuscan
and Sponsor Representations.  Each of Tuscan and Sponsor hereby represent and warrant to Surf and SAM, as of the Effective
Date and as of the date that the Shares are issued pursuant to Section 3 hereof as follows:

 

(a) Tuscan
is a corporation duly incorporated, validly existing and in good standing under the laws of the jurisdiction of its incorporation. Sponsor
is a limited liability company duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization.

 

(b) Each
of Tuscan and Sponsor has all necessary power and authority to execute and deliver this Termination Agreement and to perform its obligations
hereunder. The execution and delivery by each of Tuscan and Sponsor of this Termination Agreement and the performance and compliance of
their obligations hereunder have been duly and validly authorized by all necessary action, and no other proceedings on the part of Tuscan
or Sponsor are necessary to authorize this Termination Agreement or to perform their obligations hereunder. This Termination Agreement
has been duly and validly executed and delivered by each of Tuscan and Sponsor and, assuming due authorization, execution and delivery
by the other parties hereto, constitutes legal, valid and binding obligations of each of Tuscan and Sponsor enforceable against each of
Tuscan and Sponsor in accordance with their terms, except as enforceability may be limited by the Enforceability Exceptions (as defined
in the Agreement).

 

    6

    

    

 

(c) No
Governmental Authority, administrative authority or other third party consents or approvals are required by or with respect to Tuscan
or Sponsor in connection with the execution and delivery of this Termination Agreement and performance of their respective obligations
hereunder.

 

(d) There
are no Actions pending or, to the actual knowledge of Tuscan or Sponsor, threatened against or by Tuscan or Sponsor that challenge or
seek to prevent, enjoin or otherwise delay the terms and transactions contemplated by this Termination Agreement.

 

(e) Each
of Tuscan and Sponsor has such knowledge and experience in financial and business matters so as to be capable of evaluating the merits
and risks of the transactions contemplated hereby (including Section 3 hereof), and each of Tuscan and Sponsor is capable of bearing the
economic risks of such transactions. Each of Tuscan and Sponsor is aware that it has had the opportunity to conduct its own investigation
of Surf Air, SAM, their respective subsidiaries and the Shares before engaging in the transactions contemplated hereby, including Section
3, and has been afforded the opportunity to ask such questions and request such information regarding Surf Air, SAM, their respective
subsidiaries and the Shares as it believes necessary of, and to receive answers and any such information from Surf Air and SAM concerning
Surf Air, SAM, their respective subsidiaries and the Shares or the terms and conditions of the herein, including Section 3. Each of Tuscan
and Sponsor has independently and without reliance upon Surf Air, SAM, any of their respective Affiliates or any agent of them, and based
on such documents and information as each of Tuscan and Sponsor has deemed appropriate, made its own appraisal of and made its own investigation
into the business, operations, property, financial and other conditions of Surf Air, SAM, their respective subsidiaries and the Shares,
and made its own decision with respect to the terms and transactions contemplated hereby, including Section 3. Each of Tuscan and Sponsor
has consulted, to the extent deemed appropriate by it, with its own advisers as to the financial, tax, legal and related matters concerning
the terms and transactions contemplated hereby, including Section 3. Each of Tuscan and Sponsor acknowledges that none of Surf Air, SAM,
their respective Affiliates or any of their respective officers, directors, employees, agents, advisors, legal counsel, successors or
assigns makes or has made any oral or written representation or warranty, either express or implied, as to the accuracy or completeness
of any of the information set forth in any materials made available to Tuscan or Sponsor.

 

(f) Tuscan
is an accredited investor as defined in Rule 501 under the Securities Act of 1933, as amended (the “Securities Act”).
Each of Tuscan and Sponsor acknowledges that the Shares are not registered under the Securities Act, or any state securities laws, and
that the Shares may not be transferred or sold except pursuant to the registration provisions of the Securities Act or pursuant to an
applicable exemption therefrom and subject to state securities laws and regulations, as applicable.

 

(g) Each
of Tuscan and Sponsor acknowledges that, except as provided herein, (i) neither Surf Air nor SAM has made any representation or warranty,
express or implied, regarding any aspect of the Shares or the transactions contemplated hereby, the operation or financial condition of
Surf Air, SAM or their respective subsidiaries, or the value of the Shares and (ii) each of Surf Air and SAM is relying upon the truth
of the representations and warranties in this Section 5 in connection with the terms and transactions contemplated hereby, including Section
3. Except for the representations and warranties expressly set forth in this Section 5, neither Tuscan nor Sponsor makes any representation
or warranty with respect to the terms and transactions contemplated hereby.

 

    7

    

    

 

6. Surf
Air and SAM Representations. Each of Surf Air and SAM hereby represent and warrant to Tuscan and Sponsor, as of the Effective
Date, as follows:

 

(a) Surf
Air is a company duly organized, validly existing and in good standing (to the extent applicable in such jurisdiction) under the laws
of the jurisdiction of its organization. SAM is a corporation duly incorporated, validly existing and in good standing under the laws
of the jurisdiction of its incorporation.

 

(b) The
Shares have been duly authorized and, when issued and delivered to Tuscan against full payment for the Shares in accordance with the terms
of this Termination Agreement and registered with SAM’s transfer agent, the Shares will be validly issued, fully paid and non-assessable
and will not have been issued in violation of or subject to any preemptive or similar rights created under SAM’s restated certificate
of incorporation or under the DGCL.

 

(c) The
authorized capital stock of Surf Air consists of (i) 801,996,399 Ordinary Shares (as defined in the Agreement) having a par value of US$0.001
each (“Ordinary Shares”); (ii) 1,866,056 Founder Preferred Shares (as defined in the Agreement) having a par value
of US$0.001 each (the “Founder Preferred Shares”); (iii) 1,930,155 Class A-1 Preferred Shares (as defined in the Agreement)
having a par value of US$0.001 each (the “Class A-1 Preferred Shares”); (iv) 2,820,319 Class A-2 Preferred Shares (as
defined in the Agreement) having a par value of US$0.001 each (the “Class A-2 Preferred Shares”); (v) 9,070,476 Class
A-3 Preferred Shares (as defined in the Agreement) having a par value of US$0.001 each (the “Class A-3 Preferred Shares”);
(vi) 552,804 Class A-4 Preferred Shares (as defined in the Agreement) having a par value of US$0.001 each (the “Class A-4 Preferred
Shares”); (vii) 15,646,415 Class A-5 Preferred Shares (as defined in the Agreement) having a par value of US$0.001 each (the
“Class A-5 Preferred Shares”); (viii) 14,934,552 Class B-1 Preferred Shares (as defined in the Agreement) having a
par value of US$0.001 each (the “Class B-1 Preferred Shares”); (ix) 25,000,000 Class B-2 Preferred Shares (as defined
in the Agreement) having a par value of US$0.001 each (the “Class B-2 Preferred Shares”); (x) 2,000,000 Class B-3 Preferred
Shares (as defined in the Agreement)having a par value of US$0.001 each (the “Class B-3 Preferred Shares”);(xi) 6,000,000
Class B-4 Preferred Shares (as defined in the Agreement) having a par value of US$0.001 each (the “Class B-4 Preferred Shares”);
(xii) 33,638,500 Class B-5 Preferred Shares (as defined in the Agreement) having a par value of US$0.001 each (the “Class B-5
Preferred Shares”); (xiii) 150,000,000 Class B-6a Preferred Shares (as defined in the Agreement) having a par value of US$0.001
each (the “Class B-6a Preferred Shares”); and (xiv) 108,242,028 Class B-6s Preferred Shares (as defined in the Agreement)
having a par value of US$0.001 each (the “Class B-6s Preferred Shares”, and, together with the other classes of preferred
shares of the Surf Air, the “Surf Air Preferred Shares”). As of the date of this Termination Agreement, (A) 279,366,268
Ordinary Shares (as defined in the Agreement) (the “Outstanding Surf Air Ordinary Shares”) are issued and outstanding,
(B) 1,866,056 Founder Preferred Shares, 1,380,217 Class A- 1 Preferred Shares, 1,197,296 Class A-2 Preferred Shares, 6,206,269 Class A-3
Preferred Shares, 552,804 Class A-4 Preferred Shares, 15,400,417 Class A-5 Preferred Shares, 14,934,552 Class B- 1 Preferred Shares, 24,194,129
Class B-2 Preferred Shares, 1,464,728 Class B-3 Preferred Shares, 3,671,818 Class B-4 Preferred Shares, 25,356,068 Class B-5 Preferred
Shares, 132,636,643 Class B-6a Preferred Shares, and 71,478,742 Class B-6s Preferred Shares are issued and outstanding (collectively,
the “Outstanding Surf Air Preferred Shares”), (C) no Ordinary Shares or Company Preferred Shares (as defined in the
Agreement) are held in the treasury of Surf Air, (D) 15,251,016 Ordinary Shares are reserved for issuance upon exercise of the Company
Options (as defined in the Agreement), (E) 4,937,534 Ordinary Shares are reserved for issuance upon exercise of the Company RSUs (as defined
in the Agreement), (F) 106,045,370 Ordinary Shares are reserved for issuance upon exercise of the Ordinary Warrants (as set forth in Section
3.03(b) of the Company Disclosure Schedule (as defined in the Agreement)), (G) 805,823 Class B-2 Preferred Shares are reserved for issuance
upon exercise of the Class B-2 Preferred Warrants (as set forth in Section 3.03(b) of the Company Disclosure Schedule), (H) 410,123 Class
B-3 Preferred Shares are reserved for issuance upon exercise of the Class B-3 Preferred Warrants (as set forth in Section 3.03(b) of the
Company Disclosure Schedule), (I) 1,493,015 Class B-4 Preferred Shares are reserved for issuance upon exercise of the Class B-4 Preferred
Warrants (as set forth in Section 3.03(b) of the Company Disclosure Schedule), (J) 8,282,432 Class B-5 Preferred Shares, 19,850,546 Class
B-6 Preferred Shares and 676,560 Ordinary Warrants are reserved for issuance upon conversion of the Company Notes (as defined in the Agreement),
and (K) 327,621,630 Ordinary Shares are issuable upon (I) conversion of the Outstanding Company Preferred Shares (as defined in the Agreement)
and the Company Preferred Shares issuable upon exercise of the Class B-2 Preferred Warrants, Class B-3 Preferred Warrants and Class B-4
Preferred Warrants, and (II) conversion of the Company Notes and exercise of the Ordinary Warrants issuable upon conversion of the Company
Notes. There are no other classes of share capital of the Surf Air.

 

    8

    

    

 

(d) SAM
or Surf Parent shall take all action necessary to at all times have authorized, and reserved for the purpose of issuance, a sufficient
number of shares of Common Stock as shall be necessary for the purposes of the issuance of the Shares. In the event that SAM or Surf Parent
determines that it does not have a sufficient number of authorized shares of Common Stock to reserve and keep available for issuance as
described in this Section 6(d), SAM or Surf Parent shall use all commercially reasonable efforts to increase the number of authorized
shares of Common Stock.

 

(e) Each
of Surf Air and SAM has all necessary power and authority to execute and deliver this Termination Agreement and to perform its obligations
hereunder. The execution and delivery by each of Surf Air and SAM of this Termination Agreement and the performance and compliance of
their obligations hereunder have been duly and validly authorized by all necessary action, and no other proceedings on the part of Surf
Air or SAM are necessary to authorize this Termination Agreement or to perform their obligations hereunder. This Termination Agreement
has been duly and validly executed and delivered by each of Surf Air and SAM and, assuming due authorization, execution and delivery by
the other parties hereto, constitutes legal, valid and binding obligations of each of Surf Air and SAM enforceable against each of Surf
Air and SAM in accordance with their terms, except as enforceability may be limited by the Enforceability Exceptions.

 

(f) No
Governmental Authority, administrative authority or other third party consents or approvals are required by or with respect to Surf Air
or SAM in connection with the execution and delivery of this Termination Agreement and performance of their respective obligations hereunder.

 

(g) There
are no Actions pending or, to the actual knowledge of Surf Air or SAM, threatened against or by Surf Air or SAM that challenge or seek
to prevent, enjoin or otherwise delay the terms and transactions contemplated by this Termination Agreement.

 

(h) There
are no Actions pending, or to the actual knowledge of Surf Air or SAM, threatened against or by Surf Air or SAM, or, to the knowledge
of Surf Air or SAM, any of their respective directors, managers, officers or employees (in their capacity as such). There are no investigations
or other inquiries pending or, to the knowledge of Surf Air or SAM, threatened by any Governmental Authority, against Surf Air or SAM,
their respective properties or assets, or, to the knowledge of Surf Air or SAM, any of their respective directors, managers, officers
or employees (in their capacity as such). There is no outstanding Governmental Order imposed upon Surf Air or SAM, nor are any assets
of Surf Air’s or SAM’s
respective businesses bound or subject to any Governmental Order (as defined in the Agreement) the violation of which would, individually
or in the aggregate, reasonably be expected to be material to Surf Air or SAM. Each of Surf Air and SAM is in compliance with all Laws
(as defined in the Agreement) in all material respects. For the past three (3) years through the date hereof, Surf Air and SAM have not
received any written notice of or been charged with the violation of any Laws, except where such violation has not been, individually
or in the aggregate, material to Surf Air or SAM.

 

(i) The
Financial Statements (defined below) shall have been prepared in accordance with GAAP applied on a consistent basis throughout the periods
involved. The Financial Statements are based on the books and records of Surf Air and its consolidated Subsidiaries, and fairly present
in all material respects the financial condition of Surf Air and its consolidated Subsidiaries as of the respective dates they were prepared
and the results of the operations of Surf Air and its consolidated Subsidiaries for the periods indicated, except, in the case of the
Interim Financial Statements, subject to normal audit adjustments and the absence of footnotes. “Financial Statements”
means: (i) consolidated audited financial statements consisting of the consolidated balance sheet of Surf Air and its consolidated Subsidiaries
(as defined in the Agreement) as of December 31, 2021, and December 31, 2020, and the related consolidated statements of income, changes
in equity, and cash flow for the respective twelve (12) month periods ended December 31, 2021, and December 31, 2020, (such financial
statements, “Audited Financial Statements”), and (ii) consolidated unaudited financial statements consisting of the
consolidated balance sheet of Surf Air and its Subsidiaries as of June 30, 2022 and the related consolidated statements of income, changes
in equity, and cash flow for the respective six (6) month periods ended June 30, 2022 (such financial statements, the “Interim
Financial Statements”).

 

    9

    

    

 

(j) Each
of Surf Air and SAM acknowledges that, except as provided herein, (i) neither Tuscan nor Sponsor has made any representation or warranty,
express or implied, regarding any aspect of the terms or transactions contemplated hereby and (ii) each of Tuscan and Sponsor is relying
upon the truth of the representations and warranties in this Section 6 in connection with the terms and transactions contemplated hereby.
Except for the representations and warranties expressly set forth in this Section 6, neither Surf Air nor SAM makes any representation
or warranty with respect to the terms and transactions contemplated hereby.

 

7. Indemnification.
Each of Tuscan and Sponsor, on one hand, and each of Surf Air and SAM, on the other hand (the parties with the obligation to
indemnify, together with their respective successors and assigns, the “Indemnifying Parties”) agrees to, jointly and
severally, indemnify and hold harmless, to the fullest extent permitted by law, Surf Air, SAM and their respective officers, directors,
members, partners, shareholders, agents, subsidiaries, affiliates and employees, on the one hand, or Tuscan, the Sponsor and their respective
officers, directors, members, partners, shareholders, agents, subsidiaries, affiliates and employees, on the other hand (the parties with
the right to indemnification, the “Indemnified Parties”) against any and all losses, claims, actions, damages, liabilities,
obligations, taxes, penalties, fines, costs, fees, and expenses (including reasonable fees, costs and expenses of legal counsel) suffered,
sustained, accrued or incurred by any of the Indemnifying Parties (“Losses”) arising from, as a result of or in connection with
(i) the termination of the Agreement, (ii) the fact that the transactions contemplated by the Agreement will not be consummated, and/or
(iii) any other facts or circumstances arising from or relating to the Agreement and the transactions that were contemplated thereby (including
without limitation, any and all Losses arising from or in connection with any claims, suits or actions brought by or on behalf of any
shareholder of Tuscan and/or Sponsor); provided, that Surf Air and SAM shall have no obligation to indemnify or hold harmless Tuscan,
the Sponsor or their respective officers, directors, members, partners, shareholders, agents, subsidiaries, affiliates or employees unless
such Losses arise primarily from the gross negligence or intentional misconduct of Surf Air, SAM or any of their controlled Affiliates;
and provided further, Tuscan and the Sponsor shall have no obligation to indemnify or hold harmless Surf Air, SAM or their respective
officers, directors, members, partners, shareholders, agents, subsidiaries, affiliates or employees unless such Losses arise primarily
from the gross negligence or intentional misconduct of Tuscan, the Sponsor or any of their controlled Affiliates. An Indemnified Party
shall (a) give prompt written notice to any Indemnifying Party of any claim with respect to which it seeks indemnification hereunder (provided
that the failure to give prompt notice shall not impair, restrict or limit such Indemnified Party’s right to indemnification hereunder
except to the extent, and only to the extent, such failure has materially prejudiced such Indemnifying Party) and (b) unless in such Indemnified
Party’s reasonable judgment a conflict of interest between such Indemnified Party and any of the Indemnifying Parties may exist
with respect to such claim, permit such Indemnifying Party to assume the defense of such claim with counsel reasonably satisfactory to
such Indemnified Party. An Indemnifying Party who is not entitled to, or elects not to, assume the defense of a claim shall not be obligated
to pay the fees and expenses of more than one law firm (as well as one law firm per applicable local jurisdiction) for all Indemnified
Parties with respect to such claim. No Indemnifying Party, in the defense of such claim or litigation, shall, except with the prior consent
of each Indemnified Party, consent to the entry of any judgment or enter into any settlement or compromise unless such entry of judgement,
settlement or compromise (A) includes as an unconditional term thereof the giving by the claimant or plaintiff to the Indemnified Parties
of a full and irrevocable release from all liability (contingent or otherwise) and claims in respect to such claim or litigation, (B)
includes only monetary damage for which the Indemnifying Parties are fully liable and responsible, (C) does not include any admission
of wrongdoing by any Indemnified Party and (D) does not include any performance obligations on the part of any Indemnified Party or any
injunctive relief, specific performance or other equitable remedy applicable to any Indemnified Party.

 

    10

    

    

 

8. Acknowledgment.
Each party expressly acknowledges that each party has read and understood this Termination Agreement and has entered into it
voluntarily and without coercion.

 

9. Applicable
Law; Waiver of Jury Trial. This Termination Agreement shall be construed and any disputes as to its performance shall be determined
in accordance with the laws of the State of Delaware. All Actions arising out of or relating to this Termination Agreement shall be heard
and determined exclusively in any Delaware Chancery Court, or if such court does not have subject matter jurisdiction, any state or federal
court located in the State of Delaware. The parties hereto hereby (a) submit to the exclusive jurisdiction of the Delaware Chancery Court
(or, if such court does not have subject matter jurisdiction, any state or federal court located in the State of Delaware) for the purpose
of any Action arising out of or relating to this Termination Agreement, and (b) irrevocably waive, and agree not to assert by way of motion,
defense, or otherwise, in any such Action, any claim that it is not subject personally to the jurisdiction of the above-named courts,
that its property is exempt or immune from attachment or execution, that the Action is brought in an inconvenient forum, that the venue
of the Action is improper, or that this Termination Agreement or the terms hereof may not be enforced in or by any of the above-named
court. Each of the parties hereto hereby waives to the fullest extent permitted by applicable law any right it may have to a trial by
jury with respect to any litigation directly or indirectly arising out of, under or in connection with this Termination Agreement or the
transactions contemplated hereby. Each of the parties hereto (i) certifies that no representative, agent or attorney of any other party
has represented, expressly or otherwise, that such other party would not, in the event of litigation, seek to enforce that foregoing waiver
and (ii) acknowledges that it and the other parties hereto have been induced to enter into this Termination Agreement by, among other
things, the mutual waivers and certifications in this Section 9.

 

10. Counterparts.
This Termination Agreement may be executed in any number of counterparts, each of which shall be deemed an original but all
of which together shall constitute one and the same instrument.

 

11. Notices.
All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be given (and shall
be deemed to have been duly given upon receipt) by delivery in person, by telecopy or email or by registered or certified mail (postage
prepaid, return receipt requested) to the respective parties at the addresses set forth on the signature pages hereto (or at such other
address for a party as shall be specified in a notice given in accordance with this Section 12).

 

12. Entire
Agreement. This Termination Agreement, together with the Confidentiality Agreement, constitutes the entire agreement among
the parties with respect to the subject matter hereof and supersedes all prior agreements and undertakings, both written and oral, among
the parties, or any of them, with respect to the subject matter hereof. This Termination Agreement shall not be assigned (whether pursuant
to a merger, by operation of law or otherwise).

 

    11

    

    

 

13. Severability.
If any term or other provision of this Termination Agreement is invalid, illegal or incapable of being enforced by any rule
of law, or public policy, all other conditions and provisions of this Termination Agreement shall nevertheless remain in full force and
effect so long as the economic or legal substance of the terms and transactions contemplated hereby is not affected in any manner materially
adverse to any party hereto. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced,
the parties hereto shall negotiate in good faith to modify this Termination Agreement so as to effect the original intent of the parties
as closely as possible in a mutually acceptable manner in order that the terms and transactions contemplated hereby be consummated as
originally contemplated to the fullest extent possible.

 

14. No
Claims Against Trust Fund. Surf Air and SAM agree that, notwithstanding any other provision contained in this Termination Agreement,
Surf Air, SAM and their respective current or future Affiliates do not now have, and shall not at any time have, any claim to, or make
any claim against, the Trust Fund (as defined in the Agreement), regardless of whether such claim arises as a result of, in connection
with or relating in any way to, the business relationship between Surf Air, SAM or their respective Affiliates, on the one hand, and Tuscan,
the Sponsor or their respective Affiliates, on the other hand, this Termination Agreement, the Agreement, any other Transaction Document,
or any other agreement or any other matter, and regardless of whether such claim arises based on contract, tort, equity or any other theory
of legal liability (any and all such claims are collectively referred to as the “Claims”). Notwithstanding any other
provision contained in this Termination Agreement, the Agreement or any other Transaction Document, Surf Air and SAM, on behalf of themselves
and their respective current and future Affiliates, hereby irrevocably waive any Claim against the Trust Fund any of Surf Air, SAM or
their respective Affiliates may have, now or in the future, and will not seek recourse against the Trust Fund (including any distributions
therefrom) for any reason whatsoever in respect thereof. In the event that any of the Surf Entities commences any action or proceeding
based upon, in connection with, relating to or arising out of any matter relating to SPAC or its Representatives which proceeding seeks,
in whole or in part, relief against the Trust Fund (including any distribution therefrom) or SPAC’s public stockholders for funds
distributed from the Trust Fund, whether in the form of money damages or injunctive relief, SPAC and its Representatives, as applicable,
shall be entitled to recover from the Surf Entities the associated legal fees and costs in connection with any such action, in the event
SPAC or its Representatives, as applicable, prevails in such action or proceeding.

 

15. Assignability.
This Agreement shall not be assigned by any party hereto without the prior written consent of the other parties hereto; provided, however,
that Tuscan may assign its rights (in whole or in part) under this Termination Agreement to an Affiliate of Tuscan without consent of
the other parties hereto.

 

[Signature Page to Follow]

 

    12

    

    

 

In
Witness Whereof, Tuscan, Surf Air, SAM, and Sponsor have executed this Termination Agreement effective as of the date first
written above.

 

	 	TUSCAN HOLDINGS CORP. II:
	 	 	 
	 	By:
    	/s/ Stephen Vogel
	 	 	Stephen Vogel
	 	 	Chief Executive Officer
	 	 	 
	 	Address: 	135 E. 57th St.
	 	 	New York, NY 10023
	 	 	Attention: Stephen Vogel, Chief Executive Officer
	 	 	Email: Stephen@tuscanholdings.com
	 	 	 
	 	with a copy (which shall not constitute effective notice) to:
	 	 
	 	 	
    Graubard Miller

    The Chrysler Building

    405 Lexington Ave., 11th Fl.

    New York, NY 10174

    Attention: David Alan Miller / Jeffrey M. Gallant

    Email: dmiller@graubard.com

        jgallant@graubard.com

 

	 	TUSCAN HOLDINGS ACQUISITION II, LLC:
	 	 	 
	 	By:
    	/s/ Stephen Vogel
	 	 	Stephen Vogel
	 	 	Chief Executive Officer
	 	 	 
	 	Address: 	135 E. 57th St.
	 	 	New York, NY 10023
	 	 	Attention: Stephen Vogel, Chief Executive Officer
	 	 	Email: Stephen@tuscanholdings.com
	 	 	 
	 	with a copy (which shall not constitute effective notice) to:
	 	 	 
	 	 	Graubard Miller
	 	 	The Chrysler Building
	 	 	405 Lexington Ave., 11th Fl.
	 	 	New York, NY 10174
	 	 	Attention: David Alan Miller / Jeffrey M. Gallant
	 	 	Email: dmiller@graubard.com
	 	 	    jgallant@graubard.com

 

     

    

    

 

In
Witness Whereof, Tuscan, Surf Air, SAM, and Sponsor have executed this Termination Agreement effective as of the date first
written above.

 

	 	SURF AIR GLOBAL LIMITED:
	 	 	 
	 	By:	/s/ Sudhin Shahani
	 	 	Sudhin Shahani
	 	 	Chief Executive Officer
	 	 	 
	 	Address:	12111 S. Crenshaw Boulevard
	 	 	Hawthorne, California 90250
	 	 	 
	 	with a copy to:
	 	 
	 	 	
    O’Melveny & Myers LLP

    Two Embarcadero Center, 28th Floor

    San Francisco, California 94111

    Attn: C. Brophy Christensen, Jr. 

    Noah Kornblith

    E-mail: bchristensen@omm.com

        nkornblith@omm.com

 

	 	SURF AIR MOBILITY, INC.:
	 	 	 
	 	By:	/s/ Sudhin Shahani
	 	 	Sudhin Shahani
	 	 	President, Chief Financial Officer, Treasurer and Secretary
	 	 	 
	 	Address:	12111 S. Crenshaw Boulevard
	 	 	Hawthorne, California 90250
	 	 	 
	 	with a copy to:
	 	 
	 	 	
    O’Melveny & Myers LLP

    Two Embarcadero Center, 28th Floor

    San Francisco, California 94111

    Attn: C. Brophy Christensen, Jr. 

    Noah Kornblith

    E-mail: bchristensen@omm.com

        nkornblith@omm.com

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