into account, among other factors it deems appropriate, whether the proposed related person transaction is on terms no less favorable than terms generally available to an unaffiliated third party
under the same or similar circumstances, the extent of the related persons interest in the transaction and, if applicable, the impact on a directors independence. Under the policy, if we discover any related person transaction that has
not been properly approved, our Audit Committee will be notified and will determine the appropriate action, including ratification, rescission or amendment of the transaction.
Related Person Transactions
Convertible Notes Transactions
As of December 31, 2019, Thorndale Farm Private Equity Fund 2, LLC (Thorndale), an entity affiliated with
Oakleigh Thorne, held $8 million in aggregate principal amount of our outstanding 6.00% Convertible Senior Notes due 2022 (the 2022 Convertible Notes). In 2019, we paid $472,000 in interest to Thorndale with respect to its 2022
Convertible Notes.
On March 1, 2020, our 3.75% Convertible Senior Notes due 2020 (the 2020 Convertible
Notes) matured in accordance with their terms. As of March 1, 2020, Millbrook Tribute Garden, Inc. (Millbrook), an entity affiliated with Oakleigh Thorne, held $250,000 in aggregate principal amount of the 2020 Convertible
Notes, and we paid $254,688 in aggregate amount of principal and accrued and unpaid interest on the 2020 Convertible Notes upon maturity to Millbrook. In 2019, we paid $9,375 in interest to Millbrook with respect to its 2020 Convertible Notes.
Secured Notes Transaction
On April 25, 2019, Thorndale purchased $13,375,000 in aggregate principal amount of 9.875% Senior Secured Notes due 2024
(the 2024 Secured Notes) issued by Gogo Intermediate Holdings LLC, a wholly owned subsidiary of the Company (GIH), and Gogo Finance Co. Inc., a wholly owned subsidiary of GIH (together, the Issuers) at a price
equal to 99.512% of the principal amount thereof, in an unregistered offering of securities pursuant to Rule 144A under the Securities Act of 1933, as amended. The 2024 Secured Notes mature on May 1, 2024, unless earlier redeemed or
repurchased. The Issuers pay interest on the 2024 Secured Notes semi-annually in arrears on November 1 and May 1 of each year, beginning on November 1, 2019. In 2019, the Issuers paid $682,404 in interest to Thorndale with respect to
its 2024 Secured Notes.
Registration Rights Agreement
On December 31, 2009, we entered into a registration rights agreement (the Registration Rights Agreement)
with certain of our stockholders, including certain entities