Company: VEEAW
Filing Date: 2025-01-10
Form Type: S-1/A
Source: 0001213900-25-002716
Chunk: 221

Company: VEEA INC.
Filing Date: 2025-01-10
Form: S-1/A
Chunk 221
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 interest on the loans are repayable upon the earlier of
demand and December 31, 2023. The Company repaid the outstanding principal amount of the loan on March 16, 2023 in the amount
of $.

Common Stock Warrants

In consideration for the
guarantee by the Company’s CEO of the Company’s obligations under the 2021 Revolving Loan Agreement and a previously outstanding
loan agreement with First Republic Bank, the Company issued warrants to purchase an aggregate of shares of the Company’s
common stock. The exercise price of the warrants is $ per share. The warrants are exercisable for a period of seven years. The
warrants were equity classified and had a fair value of $ on the date of grant which is recognized as deferred cost and amortized
to interest expense over the life of the loan agreements.

In December 2021, the
Company issued warrants to purchase shares of common stock in connection with the Bridge Notes issued to NLabs. The exercise
price of the warrants is $ per share. The warrants are exercisable for a period of seven years. The warrants were equity classified
and had a relative fair value of $ on the date of grant which was recognized as original issue discount on the Bridge Notes in
the year ended December 31, 2021.

In 2022, the Company issued
warrants to purchase shares of common stock in connection with the Bridge Notes issued to NLabs. The exercise price of the warrants
is $ per share. The warrants are exercisable for a period of seven years. The warrants were equity classified and had a fair
value of approximately $ on the date of grant which was recognized as original issue discount on the Bridge Notes in the year
ended December 31, 2022.

CEO Expenses

The Company incurred expenses
relating to ordinary course travel expenses of the Company’s Chief Executive Officer and founder (“CEO”) for travel
made by the CEO on behalf of the Company. As of December 31, 2023 and 2022, the Company had accrued expenses reimbursable to the
CEO in the aggregate amount of $ and $, respectively. During 2023, the Company paid the CEO $ in reimbursement of
these expenses. The Company records the expenses as accrued expenses in the Company’s consolidated balance sheet. In January 2024,
the Company reimbursed the CEO for his previously incurred travel expenses in an amount equal to $.

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Veea Inc.