Company: VEEAW
Filing Date: 2025-01-10
Form Type: S-1/A
Source: 0001213900-25-002716
Chunk: 263

Company: VEEA INC.
Filing Date: 2025-01-10
Form: S-1/A
Chunk 263
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 consummate one
or more additional financings for equity or equity-linked securities for at least $ 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 $ million,
(ii) the Investors holding a majority of the aggregate outstanding obligations under the September 2024 Notes expressly agree to convert
all obligations under the September 2024 Notes or (iii) the Common Stock trades with an average daily VWAP of at least $ (subject
to equitable adjustment and the like with respect to the Common Stock after the Financing Closing) for (10) consecutive trading.
The obligations under each September 2024 Note will also automatically convert in connection with a Brokerage Transfer, as described
below.

<div align='center'>F-56

Veea Inc. and Subsidiaries

Notes to the Condensed Consolidated Financial Statements

For the Three and Nine Months Ended September 30, 2024 and 2023</div>

The September 2024 Notes and the Conversion
Shares are subject to a lock-up for a period of 6 months after the Financing Closing (subject to early release for a liquidation, merger,
share exchange or other similar transaction that results in all of the Company’s stockholders having the right to exchange their
equity holdings in the Company for cash, securities or other property, and subject to customary permitted transfer exceptions). The Transferred
Shares are not be subject to any lock-up restrictions, but for a period of 6 months after the Closing they will be separately designated
by SPAC’s transfer agent and kept as book entry shares on the transfer agent’s records and will not be eligible to be held
by DTC without the Investor first notifying the Company of its intent to transfer any such Transferred Shares to a brokerage account
and/or to be held by DTC or another nominee (a “Brokerage Transfer”). If the Investor provides such notice or otherwise has
any Transferred Shares subject to a Brokerage Transfer within 6 months after the Closing, a portion of the outstanding obligations under
such Investor’s Note will automatically convert into a number of Conversion Shares equal to the number of Transferred Shares subject
to such Brokerage Transfer, and the lock-up period for such Conversion Shares will be extended for an additional 6 months to 12 months
after the Financing Closing.

The Company reviewed the conversion
feature granted in the notes under ASC 815 and concluded that the conversion price was