Company: VEEAW
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001213900-25-032215
Chunk: 376

Company: VEEA INC.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1A
Chunk 376
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 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.

F-23

Veea
Inc. and Subsidiaries
Notes to the Consolidated Financial Statements 
For the Years ended December 31, 2024 and 2023

The outstanding obligations under each September 2024 Note are convertible
in whole or in part into shares of our common stock (the “Conversion Shares”) at a conversion price of $7.50 per share (subject
to equitable adjustment for stock splits, stock dividends and the like with respect to our 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 our common stock trades with an average daily VWAP of at least $10.00 (subject
to equitable adjustment for stock splits, stock dividends and the like with respect to our common stock after the Financing Closing) for
ten (10) consecutive trading days. The obligations under each September 2024 Note will also automatically convert in connection with a
Brokerage Transfer, as described below.

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