Company: VEEAW
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001213900-25-032215
Chunk: 473

Company: VEEA INC.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1B
Chunk 473
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 Officer, made a loan to Private Veea
in the aggregate principal amount of $50,000. The loan accrues interest on the outstanding principal amount at a rate of 10% per annum.
Principal and interest on the loans are repayable upon the earlier of demand and December 31, 2023. The loan was repaid in full in March
16, 2023.

In March and April 2025, the Company’s CEO and NLabs made loans
to the Company in the aggregate amount of $826,000. Interest on the loan accrues at a rate of 10% per annum, calculated on the basis of
a 365-day year. Principal and accrued interest is payable on the earlier of demand or June 30, 2025.

Common
Stock Warrants

In
consideration for the guarantee by the Company’s CEO of the Company’s obligations under the 2021 Revolving Loan Agreement
and a previously outstanding loan agreement with First Republic Bank, the Company issued warrants to purchase an aggregate of 2,430,000 shares
of the Company’s common stock (the “Loan Guarantee Warrants”). The exercise price of the warrants is $.01 per share.
The warrants are exercisable for a period of seven years. The warrants were equity classified and had a fair value of $2,189,014 on the
date of grant which is recognized as deferred cost and amortized to interest expense over the life of the loan agreements.

In
December 2021, the Company issued warrants to purchase 630,000 shares of common stock in connection with the Bridge Notes issued
to NLabs (the “Tranche 1 Bridge Note Warrants”). The exercise price of the warrants is $.01 per share. The warrants are exercisable
for a period of seven years. The warrants were equity classified and had a relative fair value of $499,416 on the date of grant which
was recognized as original issue discount on the Bridge Notes in the year ended December 31, 2021.

In
2022, the Company issued warrants to purchase 320,000 shares of common stock in connection with the Bridge Notes issued to NLabs
(the “Tranche 2 Bridge Note Warrants” and collectively with the Loan Guarantee Warrants and the Tranche 1 Bridge Note Warrants,
the “Related Party Common Stock Warrants”). The exercise price of the warrants is $.01 per share. The warrants are exercisable
for a period of seven years.