Company: VEEAW
Filing Date: 2025-05-21
Form Type: 10-Q
Source: 0001213900-25-046124
Chunk: 98

Company: VEEA INC.
Filing Date: 2025-05-21
Form: 10-Q
Item: Part I, Item 8
Chunk 98
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, respectively, and incorporated herein by reference.

Lock-Up Agreements

In connection with the Crowdkeep APA
and the Crowdkeep Note Purchase Agreements, the Seller and the Crowdkeep Investor entered into lock-up agreements pursuant to which the
Seller and the Crowdkeep Investor agreed not to effect any sale, distribution or transfer of any of the shares of Common Stock received
in the transaction or any Crowdkeep Conversion Shares will be subject to transfer restrictions and restrictions against selling short
or hedging the Company’s securities for a period of six (6) months following the applicable closing of the APA or the Crowdkeep
Note Purchase Agreement, respectively, subject to certain limited exceptions.

The form of lock-up agreement signed
by the Seller is herein referred to as the “Crowdkeep Lock-Up Agreement” and the form of lock-up agreement signed by the Investor
is herein referred to as the “Crowdkeep Noteholder Lock-Up Agreement.” The Crowdkeep Lock-Up Agreement and the Crowdkeep Noteholder
Lock-Up Agreement have substantially similar terms, but the Crowdkeep Lock-Up Agreement provides for distributions by the Seller to the
Seller’s stockholders, pro rata based on their ownership of Seller, subject to certain conditions.

The foregoing description of the Crowdkeep
Lock-Up Agreement and Crowdkeep Noteholder Lock-Up Agreement do not purport to be complete and are qualified in its entirety by the terms
and conditions of the form of Crowdkeep Lock-Up Agreement and form of Crowdkeep Noteholder Lock-Up Agreement, copies of which are attached
hereto as Exhibit 10.4 and Exhibit 10.5, respectively, and are incorporated herein by reference.

Appointment of Chief Strategy Officer
and Senior Vice President, Finance

On May 1, 2025, Randal V. Stephenson
was appointed the Company’s Senior Vice President, Finance and Chief Strategy Officer.

22

Item 2. Management’s Discussion and Analysis of Financial
Condition and Results of Operations

The following discussion and analysis of the
financial condition and results of operations of Veea should be read together with our audited consolidated financial statements and
unaudited consolidated condensed financial statements. In addition to our historical consolidated financial information, this discussion
includes forward-looking information regarding our business, results of operations and cash flows, and contractual obligations and arrangements
that involve risks, uncertainties, and assumptions. Our actual results may differ materially from any future results expressed or implied
by such forward-looking statements as a result of various factors, including, but not limited to, those discussed