Company: VEEAW
Filing Date: 2025-01-10
Form Type: S-1/A
Source: 0001213900-25-002701
Chunk: 227

Company: VEEA INC.
Filing Date: 2025-01-10
Form: S-1/A
Chunk 227
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 and Subsidiaries
Notes to Consolidated Financial Statements
Years Ended December 31, 2023 and 2022</div>

16 - EMPLOYEE 401(k) PLAN

The Company sponsors a 401(k) plan (the “Plan”)
to provide retirement benefits for its employees.

As allowed under Section 401(k) of the
Internal Revenue Code, the Plan provides for tax-deferred salary contributions and after-tax contributions for eligible employees. The
Plan provides for tax-deferred salary contributions and after-tax contributions for eligible employees. Employee contributions are limited
to a maximum annual amount as set periodically by the Internal Revenue Code. The Company matches pretax and Roth employee contributions
up to % of eligible earnings that are contributed by employees. All matching contributions vest immediately. The Company’s matching
contributions to the Plan for the years ended December 31, 2023 and December 31, 2022 totaled approximately $ and
$, respectively.

17 - SUBSEQUENT EVENTS

The Company evaluated subsequent events from December 31,
2023, the date of these financial statements, through May 8, 2024, the date on which the financial statements were issued (the “Issuance
Date”), for events requiring recording or disclosure in the financial statements as of and for the year ended December 31,
2023. The Company concluded that no events have occurred that would require recognition or disclosure in the financial statements, except
as described below.

On January 15, 2024, the Company entered into a
Purchase Agreement with iFREE Group Holdings Limited (“iFree”) to purchase up to next generation TROLLEE™ smart
retail carts (the “Units”), for a purchase price per unit not to exceed $. The Company paid iFree a deposit of $ million
for the Units, which shall be refunded to the Company if the Units are not delivered to the Company on or before June 30, 2024. iFree
granted the Company a security interest in the Units until delivery to the Company.

On February 1, 2024, the Company extended the maturity
date of the outstanding Bridge Notes held by NLabs until March 31, 2024; and on March 29, 2024, the maturity date was subsequently extended
to June 30, 2024. All other terms of the Bridge Notes remain the same.

On February 1, 2024, the Company extended the maturity
date of the outstanding Demand Notes held