Company: KVACU
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0001213900-25-021314
Chunk: 512

Company: Keen Vision Acquisition Corp.
Filing Date: 2025-03-07
Form: 10-K
Item: Item 4
Chunk 512
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 pay actual or anticipated expenses in connection with our initial business combination.
Any such unpaid amount will accrue without interest and be due and payable no later than the date of the consummation of our initial business
combination. We believe that the fee charged by KVC Sponsor LLC is at least as favorable as we could have obtained from an unaffiliated
person.

As of December 31, 2024 and
2023, we had a temporary advance of $575,085 and $10,000 from our Sponsor, respectively. The balance is unsecured, interest-free and has
no fixed terms of repayment.

40

On each of October 28, 2024,
November 20, 2024, December 23, 2024, January 22, 2025 and February 24, 2025, the Company issued an unsecured promissory note in an amount
of $200,000 to the Sponsor, pursuant to which such amount has been deposited into the Trust Account in order to extend the amount of available
time to complete a business combination until March 27, 2025. The notes are non-interest bearing and are payable upon the closing of a
business combination. In addition, the notes may be converted, at the lender’s discretion, into additional Private Units at a price
of $10.00 per unit. As of December 31, 2024 and 2023, the note payable balance was $600,000 and $0, respectively.

Other than the fees described
above, no compensation or fees of any kind, including finder’s fees, consulting fees or other similar compensation, will be paid
to any of our initial shareholders, officers or directors who owned our ordinary shares prior to the IPO, or to any of their respective
affiliates, prior to or with respect to the business combination (regardless of the type of transaction that it is).

We will reimburse our officers
and directors for any reasonable out-of-pocket business expenses incurred by them in connection with certain activities on our behalf
such as identifying and investigating possible target businesses and business combinations. There is no limit on the amount of out-of-pocket
expenses reimbursable by us; provided, however, that to the extent such expenses exceed the available proceeds not deposited in the trust
account, such expenses would not be reimbursed by us unless we consummate an initial business combination. Our audit committee will review
and approve all reimbursements and payments made to any initial shareholder or member of our