Company: VEEAW
Filing Date: 2025-01-15
Form Type: 424B3
Source: 0001213900-25-003888
Chunk: 214

Company: VEEA INC.
Filing Date: 2025-01-15
Form: 424B3
Chunk 214
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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 $179,075 and $789,575, respectively. During 2023, the Company paid the CEO $795,000 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 $150,000.

<div align='center'>F-29

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

11 - COMMITMENTS AND CONTINGENCIES

Purchase Commitments with Contract Manufacturers and Suppliers

As of December 31,
2023, the Company had no unconditional purchase obligations for the purchase of goods or services from suppliers and contract manufacturers.
Unconditional purchase obligations are obligations that are enforceable and legally binding on the Company and specify all significant
terms, including quantities to be purchased, fixed, minimum or variable price provisions and the approximate timing of the transaction.
Unconditional purchase obligations exclude agreements that are cancellable without penalty.

Leases

The Company leases office
space in the U.S., including office space from related parties as disclosed in Note 10 - Related Party Transactions. These
leases expire at various dates through 2025. Under the terms of the various lease agreements, the Company may bear certain costs such
as maintenance, insurance and taxes. Lease agreements may provide for increasing rental payments at fixed intervals. The Company’s
CEO has guaranteed the obligations under the office space leased in New Jersey. The Company also leases offices in the United Kingdom
and France, under short-term arrangements of twelve months or less.

| Lease cost:                                                            
 Operating lease cost                                                   |     | Years ended December 31, 
 2023                     |           |   |     | 2022 |           |   |
|:-----------------------------------------------------------------------|:----|:-------------------------|----------:|:--|:----|:-----|----------:|:--|
| Other than related parties                                             |     | $                        |   352,911 |   |     | $    |   352,911 |