Company: VEEAW
Filing Date: 2025-01-15
Form Type: 424B3
Source: 0001213900-25-003892
Chunk: 217

Company: VEEA INC.
Filing Date: 2025-01-15
Form: 424B3
Chunk 217
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 into a lease agreement with 83 Street LLC to lease office space for an initial term of 2 years. In 2018, the Company
renewed the lease for an additional 5-year term, with all other terms and conditions of the lease remaining the same. The renewal term
expires February 28, 2024. The expiration date of Lease Agreement was extended to June 30, 2024. Refer to Note 17 - Subsequent Events.The sole member of 83 Street is the Salmasi 2004 Trust (the “Trust”). As of December 31, 2023, the Trust
holds approximately 15% of the Company’s outstanding capital stock. The Company’s CEO is the grantor of the Trust. The Company
accrues rent for the office space. The Company recognized rent expense of $246,567 in each of the years ended December 31, 2023 and 2022,
all of which is classified as general and administrative expenses in the Company’s consolidated statements of operations and comprehensive
loss. Accrued and unpaid rent expense included in the Company’s consolidated balance sheet was $1,656,000 and $1,368,000, as of
December 31, 2023 and 2022, respectively.

Convertible Notes, related party

In February 2023, convertible
notes issued to Korea Information and Communications Co., Ltd. (“KICC”) totaling $10,949,199, which included interest accrued
and compounded through December 31, 2022, converted into 5,474,599 shares of Series A-1 Preferred Stock. The convertible notes
were issued to KICC under convertible note purchase agreement entered into in 2019 with other holders, including NLabs, and in exchange
for deposits made by KICC under certain agreements between KICC and the Company covering the purchase by KICC of VeeaHubunits.
The convertible notes issued to the other holders under the 2019 purchase agreement previously converted into shares of Series A-1
Preferred Stock on December 21, 2022.

Other Related Party Debt

|                       |     |           | December 31, 2023 |     |          |           |     |       |            |     |           | December 31, 2022 |     |          |           |     |       |            |
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