Company: KVACU
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0001213900-25-021314
Chunk: 60

Company: Keen Vision Acquisition Corp.
Filing Date: 2025-03-07
Form: 10-K
Item: Item 1
Chunk 60
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, 2025 and February 24, 2025, the Company issued an unsecured promissory note in an amount
of $200,000 to the Sponsor, pursuant to which such amount has been deposited into the Trust Account in order to extend the amount of available
time to complete a business combination until March 27, 2025. The notes are non-interest bearing and are payable upon the closing of a
business combination. In addition, the notes may be converted, at the lender’s discretion, into additional Private Units at a price
of $10.00 per unit. As of December 31, 2024 and 2023, the note payable balance was $600,000 and $0, respectively.

Other than the fees described
above, no compensation or fees of any kind, including finder’s fees, consulting fees or other similar compensation, will be paid
to any of our initial shareholders, officers or directors who owned our ordinary shares prior to the IPO, or to any of their respective
affiliates, prior to or with respect to the business combination (regardless of the type of transaction that it is).

We will reimburse our officers
and directors for any reasonable out-of-pocket business expenses incurred by them in connection with certain activities on our behalf
such as identifying and investigating possible target businesses and business combinations. There is no limit on the amount of out-of-pocket
expenses reimbursable by us; provided, however, that to the extent such expenses exceed the available proceeds not deposited in the trust
account, such expenses would not be reimbursed by us unless we consummate an initial business combination. Our audit committee will review
and approve all reimbursements and payments made to any initial shareholder or member of our management team, or our or their respective
affiliates, and any reimbursements and payments made to members of our audit committee will be reviewed and approved by our board of directors,
with any interested director abstaining from such review and approval.

All ongoing and future transactions
between us and any of our officers and directors or their respective affiliates will be on terms believed by us to be no less favorable
to us than are available from unaffiliated third parties. Such transactions, including the payment of any compensation, will require prior
approval by a majority of our uninterested “independent” directors (to the extent we have any) or the members of our board
who do not have an interest in the transaction, in either case who had access, at our expense, to