Company: VEEAW
Filing Date: 2025-01-15
Form Type: 424B3
Source: 0001213900-25-003888
Chunk: 94

Company: VEEA INC.
Filing Date: 2025-01-15
Form: 424B3
Chunk 94
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 subsequently
extended to December 15, 2024. On December 31, 2024, the Company and the convertible note purchaser entered into a mutual Settlement
and Release Agreement, terminating the purchaser’s obligation for the remaining unfunded amount of $13.55 million in exchange for
a payment to the Company of $5,364,159, which includes amounts previously paid to the Company. In addition to a September 2024 Note,
each Investor received as a transfer from NLabs immediately prior to the Financing Closing a number of shares of Private Veea Series
A-1 Preferred Stock that upon the Closing became a number of registered shares of Common Stock equal to such Investors’ loan amount
under their respective notes divided by $7.50 (the “Transferred Shares”).

The Company and Private Veea
are co-borrowers under each September 2024 Note (together, the “Borrowers”) and are jointly responsible for the obligations
to each Investor thereunder. Each September 2024 Note has a maturity date of 18 months after the Financing Closing but is prepayable
in whole or in part by the Borrowers at any time without penalty. The outstanding obligations under each September 2024 Note accrues
interest at a rate equal to the Secured Overnight Financing Rate plus 2% per annum, adjusted quarterly, but interest is only payable
upon the maturity date of the September 2024 Note as long as there is no event of default thereunder. Each September 2024 Note is unsecured
and expressly subordinated to any senior debt of the Borrowers. The September 2024 Notes and the Note Purchase Agreements do not include
any operational or financial covenants for the Borrowers. Each September 2024 Note includes customary events of default for failure to
pay amounts due on the maturity date, for failure to otherwise comply with the Borrowers’ covenants thereunder or for Borrower
insolvency events, in each case, with customary cure periods, and upon an event of default, the Investor may accelerate all obligations
under its September 2024 Note and the Borrowers will be required to pay for the Investor’s reasonable out-of-pocket collection
costs.

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The outstanding obligations
under each September 2024 Note are convertible in whole or in part into shares of Common Stock (the “Conversion Shares”)
at a conversion price of $7.50 per share (subject to equitable adjustment for