Company: VEEAW
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001213900-25-032215
Chunk: 96

Company: VEEA INC.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1
Chunk 96
---
 trades with an average daily VWAP of at least $10.00 (subject
to equitable adjustment for stock splits, stock dividends and the like with respect to the Common Stock after the Financing Closing) for
ten (10) consecutive trading days. The obligations under each September 2024 Note will also automatically convert in connection with a
Brokerage Transfer, as described below.

54

The September 2024 Notes and the Conversion Shares are subject to a
lock-up for a period of 6 months after the Financing Closing (subject to early release for a liquidation, merger, share exchange or other
similar transaction that results in all of the Company’s stockholders having the right to exchange their equity holdings in the
Company for cash, securities or other property, and subject to customary permitted transfer exceptions). The Transferred Shares are not
be subject to any lock-up restrictions, but for a period of 6 months after the Closing they will be separately designated by SPAC’s
transfer agent and kept as book entry shares on the transfer agent’s records and will not be eligible to be held by Depository Trust
Company (“DTC”) without the Investor first notifying the Company of its intent to transfer any such Transferred Shares to
a brokerage account and/or to be held by DTC or another nominee (a “Brokerage Transfer”). If the Investor provides such notice
or otherwise has any Transferred Shares subject to a Brokerage Transfer within 6 months after the Closing, a portion of the outstanding
obligations under such Investor’s Note will automatically convert into a number of Conversion Shares equal to the number of Transferred
Shares subject to such Brokerage Transfer, and the lock-up period for such Conversion Shares will be extended for an additional 6 months
to 12 months after the Financing Closing. As of December 31, 2024 $250,000 in aggregate principal amount of the September 2024 Notes,
together with associated interest, had automatically converted upon the occurrence of a Brokerage Transfer.

Equity
Line of Credit

On December 2, 2024, the Company entered into a common stock purchase
agreement (“Common Stock Purchase Agreement”) and related registration rights agreement (the “White Lion Registration
Rights Agreement”) with White Lion Capital, LLC ( “White Lion”). Pursuant to the Common Stock Purchase Agreement, the
Company has the right, but not the obligation, to direct White Lion to purchase up to 25,000,000 shares of Common Stock, subject to certain