UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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| Item 1.01 | Entry into a Material Definitive Agreement. |
On October 31, 2024, Galilee, LLC, a wholly-owned subsidiary of Jet.AI Inc., a Delaware corporation (the “Company”), entered into an Aircraft Purchase Agreement (the “Purchase Agreement”) with Textron Aviation Inc., for the purchase of three Cessna Citation CJ4 aircraft. The aircraft are expected to be delivered to Galilee LLC in the third and fourth quarter of 2026. Upon execution of the Purchase Agreement an initial deposit was paid for each aircraft, and three additional deposits are due on each aircraft and payable on defined intervals starting in November 2024 through August 2025. Upon delivery of the aircraft the remainder of the purchase price will become due and payable. The Purchase Agreement includes obligations with respect to aircraft specifications and configurations, and defines aircraft delivery and acceptance conditions. In addition, the Purchase Agreement sets forth various other covenants and obligations on the parties and prescribes potential remedies that are customary for an agreement of this nature.
The Purchase Agreement is filed as Exhibit 10.1 to this Current Report on Form 8-K. The foregoing summary of the terms of the Purchase Agreement is subject to, and qualified in its entirety by, the Purchase Agreement, which is incorporated herein by reference.
| Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits.
| Exhibit No. | Description | |
| 10.1+ | Aircraft Purchase Agreement, dated October 31, 2024, between Galilee, LLC and Textron Aviation Inc. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
| + | Portions of this exhibit have been omitted as being both (i) not material and (ii) the type of information that the registrant treats as private or confidential. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| JET.AI INC. | ||
| By: | /s/ George Murnane | |
| George Murnane | ||
| Interim Chief Financial Officer | ||
| November 5, 2024 | ||