Company: VEEAW
Filing Date: 2025-01-15
Form Type: 424B3
Source: 0001213900-25-003888
Chunk: 256

Company: VEEA INC.
Filing Date: 2025-01-15
Form: 424B3
Chunk 256
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 received.

The Company and Private Veea are co-borrowers
under each September 2024 Note (together, the “Borrowers”) and are jointly responsible for the obligations to each Investor
thereunder. Each September 2024 Note has a maturity date of 18 months after the Financing Closing but is prepayable in whole or in part
by the Borrowers at any time without penalty. The outstanding obligations under each September 2024 Note accrues interest at a rate equal
to the Secured Overnight Financing Rate plus 2% per annum, adjusted quarterly, but interest is only payable upon the maturity date of
the September 2024 Note 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 Borrowers. The September 2024 Notes and the Note Purchase Agreements do not include any operational or financial
covenants for the 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 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 Borrowers will be required to pay for the Investor’s reasonable out-of-pocket collection costs.

The outstanding obligations under each
September 2024 Note are convertible in whole or in part into shares of Common Stock (the “Conversion Shares”) at a conversion
price of $7.50 per share (subject to equitable adjustment and the like with respect to the Common Stock after the Financing Closing)
(the “Conversion Price”) at any time after the Financing 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 the September 2024 Notes or (iii) the Common Stock trades with an average daily VWAP of at least $10