On October 18, 2024, Jet.AI Inc., a Delaware-incorporated company listed on The Nasdaq Stock Market under the symbol JTAI, entered into a material definitive agreement with Ionic Ventures, LLC. The agreement, detailed in a Form 8-K filed with the SEC, outlines understandings related to a previous Securities Purchase Agreement (SPA) dated March 28, 2024. Ionic Ventures has agreed not to enforce its legal rights under the SPA and associated documents concerning a potential transaction involving a registration statement on Form S-3. In return, Jet.AI Inc. has agreed to modify the Conversion Measurement Period for the first 200 shares of Series B Convertible Preferred Stock that Ionic will hold upon exercising a warrant issued on March 29, 2024. This adjustment allows the period to commence on March 28, 2024, and conclude as per the Certificate of Designation (CoD). The rights and preferences of the Series B Convertible Preferred Stock have been previously reported in filings with the SEC. The Letter Agreement has been filed as Exhibit 10.1 with this current report.

On October 18, 2024, Jet.AI Inc., a Delaware-incorporated company listed on The Nasdaq Stock Market under the symbol JTAI, entered into a material definitive agreement with Ionic Ventures, LLC. The agreement, detailed in a Form 8-K filed with the SEC, outlines understandings related to a previous Securities Purchase Agreement (SPA) dated March 28, 2024. Ionic Ventures has agreed not to enforce its legal rights under the SPA and associated documents concerning a potential transaction involving a registration statement on Form S-3. In return, Jet.AI Inc. has agreed to modify the Conversion Measurement Period for the first 200 shares of Series B Convertible Preferred Stock that Ionic will hold upon exercising a warrant issued on March 29, 2024. This adjustment allows the period to commence on March 28, 2024, and conclude as per the Certificate of Designation (CoD). The rights and preferences of the Series B Convertible Preferred Stock have been previously reported in filings with the SEC. The Letter Agreement has been filed as Exhibit 10.1 with this current report.