Company: VEEAW
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001213900-25-032215
Chunk: 478

Company: VEEA INC.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1B
Chunk 478
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 other sums payable with regard to the Dinsdale Note becoming immediately due and payable. The Dinsdale Note was issued pursuant
to the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933, as amended. On September 11, 2024 the Dinsdale
Note was amended to provided that upon consummation of the Business Combination, the outstanding principal balance would convert into
common stock of the Company in an amount of shares equal to the outstanding principal balance divided by $5.00 per share.

On July 11, 2022, Plum issued an unsecured promissory note (the “Burns
Note”) in the principal amount of $500,000 to Ursula Burns. The Burns Note did not bear interest and was repayable in full upon
consummation of Plum’s initial business combination. Up to fifty percent (50%) of the principal of the Burns Note could be drawn
down from time to time at Plum’s option prior to August 25, 2022 and any or all of the remaining undrawn principal of the Burns
Note could be drawn down from time to time at the Company’s option after August 25, 2022, in each case in increments of not less
than $50,000. If Plum did not complete a Business Combination, the Burns Note would not be repaid and all amounts owed under it would
be forgiven. Upon the consummation of a Business Combination, Ms. Burns had the option, but not the obligation, to convert the principal
balance of the Burns Note, in whole or in part, into Private Placement Warrants (as defined in that certain Warrant Agreement, dated March
18, 2021, by and between Plum and the Transfer Agent), at a price of $1.50 per Private Placement Warrant. The Burns Note was subject to
customary events of default, the occurrence of which automatically trigger the unpaid principal balance of the Burns Note and all other
sums payable with regard to the Burns Note becoming immediately due and payable. On September 11, 2024 the Burns Note was amended to provided
that upon consummation of the Business Combination, the outstanding principal balance would convert into common stock of the Company in
an amount of shares equal to the outstanding principal balance divided by $5.00 per share.

81

On March 16, 2023, Plum issued an unsecured promissory note in the
total principal amount of