Company: VEEAW
Filing Date: 2025-07-07
Form Type: DRS
Source: 0001213900-25-061586
Chunk: 174

Company: VEEA INC.
Filing Date: 2025-07-07
Form: DRS
Chunk 174
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The form of lock-up agreement
signed by the Seller is herein referred to as the “Crowdkeep Lock-Up Agreement” and the form of lock-up agreement signed
by the Investor is herein referred to as the “Crowdkeep Noteholder Lock-Up Agreement.” The Crowdkeep Lock-Up Agreement and
the Crowdkeep Noteholder Lock-Up Agreement have substantially similar terms, but the Crowdkeep Lock-Up Agreement provides for distributions
by the Seller to the Seller’s stockholders, pro rata based on their ownership of Seller, subject to certain conditions.

2025 NLab Note Financing

During the three months ended
March 31, 2025, NLabs made loans to the Company in the aggregate amount of $485,000 (the “March NLabs Notes”).
Interest on the loans accrue 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. In April 2025, NLabs made additional loans in the aggregate amount of $341,000 (collectively
with the March NLabs Notes, the “2025 NLabs Notes”).

Equity Line of Credit

On December 2, 2024, the
Company entered into the ELOC Purchase Agreement and the White Lion Registration Rights Agreement with White Lion. Pursuant to the ELOC
Purchase Agreement, the Company has the right, but not the obligation, to direct White Lion to purchase up to 25,000,000 shares of common
stock, subject to certain limitations and conditions as described below at a purchase price equal to (i) 96.5% of the volume weighted
average stock price for the three consecutive business days after a purchase notice is given, (ii) 98% of the volume weighted average
stock price on the day a notice is delivered, or (iii) the lowest traded price for a given purchase date.

The Company controls the
timing and amount of any sales to White Lion, which depended on a variety of factors including, among other things, market conditions,
the trading price of the Company’s common stock, and determinations by the Company as to appropriate sources of funding for its
business and operations. However, White Lion’s obligation to purchase shares is subject to certain conditions, including the daily
trading volume of the Company’s stock. In all instances, the Company may not sell shares of its common stock under the ELOC Purchase
Agreement if