Company: VEEAW
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001213900-25-032215
Chunk: 618

Company: VEEA INC.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1C
Chunk 618
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secured promissory note (the “July 2023 Note”), in the principal amount of up to $1,090,000,
to Plum Sponsor, which may be drawn down by Plum from time to time prior to the consummation of Plum’s Business Combination. The
July 2023 Note did not bear interest, matured on the date of consummation of the Business Combination and was subject to customary events
of default. The July 2023 Note would be repaid only to the extent that Plum had funds available to it outside of the Trust Account and
was convertible into Private Placement Warrants of Plum at a price of $1.50 per warrant at the option of the Plum Sponsor.

On September 11, 2024 the Company entered into an amendment to the
Plum Partners Promissory Note where, upon consummation of a business combination, the outstanding principal balance in excess of $250,000
were converted into common stock of the post-closing entity in an amount of shares equal to the outstanding principal balance divided
by $5.00 per share.

On January 31, 2022, Plum
issued an unsecured promissory note (the “Dinsdale Note”) in the principal amount of $500,000 to Mike Dinsdale. The Dinsdale
Note did not bear interest and was repayable in full upon consummation of a Business Combination. Plum could draw on the Dinsdale Note
from time to time, in increments of not less than $50,000, until the earlier of March 18, 2023 or the date on which Plum consummates a
Business Combination. If Plum did not complete a Business Combination, the Dinsdale Note would not be repaid and all amounts owed under
it would be forgiven. Upon the consummation of a Business Combination, the Mr. Dinsdale had the option, but not the obligation, to convert
the principal balance of the Dinsdale 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 Dinsdale Note
was subject to customary events of default, the occurrence of which automatically trigger the unpaid principal balance of the Dinsdale
Note and all other sums payable with regard to the Dinsdale Note becoming immediately due and payable.