Company: VEEAW
Filing Date: 2025-07-07
Form Type: DRS
Source: 0001213900-25-061586
Chunk: 314

Company: VEEA INC.
Filing Date: 2025-07-07
Form: DRS
Chunk 314
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”) and are jointly responsible
for the obligations to each 2024 Note Offering Investor thereunder. Each September 2024 Note has a maturity date of 18 months after the
closing but is prepayable in whole or in part by the 2024 Note Borrowers at any time without penalty. The outstanding obligations under
each September 2024 Note accrue interest at a rate equal to the Secured Overnight Financing Rate (as defined in the September 2024 Notes)
plus 2% per annum, adjusted quarterly, but interest is only payable upon the maturity of the September 2024 Notes as long as there is
no event of default thereunder. Each September 2024 Note is unsecured and expressly subordinated to any senior debt of the 2024 Note
Borrowers. The September 2024 Notes and the 2024 Note Purchase Agreements do not include any operational or financial covenants for the
2024 Note Borrowers. Each September 2024 Note includes customary events of default for failure to pay amounts due on the maturity date,
for failure to otherwise comply with the Borrowers’ covenants thereunder or for 2024 Note Borrower insolvency events, in each case,
with customary cure periods, and upon an event of default, the Investor may accelerate all obligations under its September 2024 Note
and the 2024 Note Borrowers will be required to pay for the 2024 Note Offering Investors’ reasonable out-of-pocket collection costs.

The outstanding obligations
under each September 2024 Note are convertible in whole or in part into shares of our common stock (the “2024 Note Conversion Shares”) at a conversion price of $7.50 per share (subject to equitable adjustment for stock splits, stock dividends and
the like with respect to our common stock after the closing) (the “2024 Note Conversion Price”) at any time
after the closing at the sole election of the Investor. The outstanding obligations under each September 2024 Note will automatically
convert at the Conversion Price if (i) the Company or its subsidiaries consummate one or more additional financings for equity or equity-linked
securities for at least $20 million in the aggregate or makes one or more significant acquisitions valued in the aggregate (based on
the consideration provided by the Company and its subsidiaries) to be at least $20 million, (ii) the Investors holding a majority of
the aggregate outstanding obligations under the September 2024 Notes expressly agree to convert all obligations under