Company: VEEAW
Filing Date: 2025-08-12
Form Type: S-1/A
Source: 0001213900-25-074676
Chunk: 203

Company: VEEA INC.
Filing Date: 2025-08-12
Form: S-1/A
Chunk 203
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          | - |     |       |    327,679 |
| Total                    |     | $         | 14,750,000 |     |          | (422,321 | ) |     |          |   |     | $     | 14,327,679 |

| December 31, 2024        |     | Principal |            |     | Debt     
 Discount |            |   |     | Accrued  
 Interest |   |     | Total |            |
|:-------------------------|:----|:----------|-----------:|:----|:---------|:-----------|:--|:----|:---------|:--|:----|:------|-----------:|
| Revolving Loan Facility  |     | $         | 12,700,000 |     | $        | -          |   |     | $        | - |     | $     | 12,700,000 |
| Convertible note payable |     |           |  1,200,000 |     |          | (1,102,684 | ) |     |          | - |     |       |     97,316 |
| Total                    |     | $         | 13,900,000 |     | $        | (1,102,684 | ) |     | $        | - |     | $     | 12,797,316 |

Revolving Loan Facility

In June 2021, Private Veea entered
into a revolving loan agreement (the “2021 Revolving Loan Agreement”) with First Republic Bank, which was subsequently acquired
by JPMorgan Chase, (the “Bank”) providing up to $ million of advances (collectively, the “Loan”). The Loan
accrues interest at a variable rate based on an index rate established by reference to the average -month trailing one-year US treasuries
plus a spread of % per annum and a minimum floor rate of % per annum. Interest is payable monthly in cash. Private Veea was not
required to provide collateral for the advances or comply with any covenants. The advances were secured by a lien on certain personal
assets of the CEO. In consideration for the security provided by the CEO, Private Veea issued common stock warrants (the “Related
Party Common Stock Warrants”) to NLabs, a principal shareholder of the Company and affiliate of Allen Salmasi (“NLabs”),
in consideration for the CEO’s guaranteeing the advances. See