Company: VEEAW
Filing Date: 2025-01-15
Form Type: 424B3
Source: 0001213900-25-003892
Chunk: 203

Company: VEEA INC.
Filing Date: 2025-01-15
Form: 424B3
Chunk 203
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 |       | 10,899,199 |
| Other related party debt (Note 10)         |     |           |              12,598,000 |     |                  | 2,272,993 |     |       | 14,870,993 |     |           |              10,350,000 |     |                  | 1,013,219 |     |       | 11,363,219 |
|                                            |     | $         |              21,598,000 |     | $                | 2,272,993 |     | $     | 23,870,993 |     | $         |              33,419,516 |     | $                | 2,842,902 |     | $     | 36,262,418 |

<div align='center'>F-20

Veea Inc. and Subsidiaries
Notes to Consolidated Financial Statements
Years Ended December 31, 2023 and 2022</div>

6 - DEBT (cont.)

Revolving Loan Facility

In June 2021, the Company
entered into a revolving loan agreement with First Republic Bank (the “Bank”) providing up to $14,000,000 of advances (the
“2021 Revolving Loan Agreement”). The advances accrue interest at a variable rate based on an index rate established by reference
to the average 12-month trailing one-year US treasuries plus a spread of 1.80% per annum and a minimum floor rate of 1.5% per annum.
The Company was not required to provide collateral for the advances or comply with any covenants. The advances were secured by a lien
on certain personal assets of the CEO.

The Company issued common
stock warrants to NLabs in consideration for the CEO’s guaranteeing the advances. Refer to Note 10 - Related Party Transactions, Common Stock Warrants.The 2021 Revolving Loan Agreement provided for an initial maturity date of May 15, 2022 with one (1) one-year
extension to May 15, 2023. The Company requested an extension of the maturity date to May 15, 2024. While the Company remains in discussions
with the Bank, the extension was not formalized prior to the maturity date and the Company is in default under the 2021 Revolving Loan
Agreement. The Company has received no notices of default from the Bank, nor has the Bank commenced enforcement actions.