Company: VEEAW
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001213900-25-032215
Chunk: 1032

Company: VEEA INC.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 4
Chunk 1032
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 Working Capital Loans out of the
proceeds of the Trust Account released to it. In the event that a Business Combination did not close, the Company could use a portion
of the working capital held outside the Trust Account to repay the Working Capital Loans but no proceeds held in the Trust Account would
be used to repay the Working Capital Loans. Up to $1,500,000 of the Working Capital Loans were convertible into Private Placement Warrants
of the post Business Combination entity at a price of $1.50 per warrant at the option of the lender. Such warrants would be identical
to the Private Placement Warrants. Except as set forth above, the terms of such Working Capital Loans, if any, have not been determined
and no written agreements exist with respect to such loans.

80

On
April 17, 2023, Plum issued an unsecured promissory note, dated effective as of March 17, 2023 (the “March 2023 Note”), in
the principal amount of up to $1,500,000 to Sponsor, which may be drawn down by Plum from time to time prior to the consummation of Plum’s
Business Combination. An initial draw in the amount of $480,000 occurred on March 17, 2023. The March 2023 Note did not bear interest,
matured on the date of consummation of the Business Combination and was subject to customary events of default. The March 2023 Note would
be repaid only to the extent that Plum had funds available to it outside of the Trust Account and is convertible into Private Placement
Warrants of Plum at a price of $1.50 per warrant at the option of the Plum Sponsor.

On
July 25, 2023, Plum issued an unsecured promissory note (the “July 2023 Note”), in the principal amount of up to $1,090,000,
to Plum Sponsor, which may be drawn down by Plum from time to time prior to the consummation of Plum’s Business Combination. The
July 2023 Note did not bear interest, matured on the date of consummation of the Business Combination and was subject to customary events
of default. The July 2023 Note would be repaid only to the extent that Plum had funds available to it outside of the Trust Account and
was convertible into Private Placement Warrants of Plum at a price of $1.50 per warrant at the option of the Plum Sponsor