Company: VEEAW
Filing Date: 2025-05-21
Form Type: 10-Q
Source: 0001213900-25-046124
Chunk: 133

Company: VEEA INC.
Filing Date: 2025-05-21
Form: 10-Q
Item: Part I, Item 2
Chunk 133
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 limited exceptions.

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.

The foregoing description
of the Crowdkeep Lock-Up Agreement and Crowdkeep Noteholder Lock-Up Agreement do not purport to be complete and are qualified in its entirety
by the terms and conditions of the form of Crowdkeep Lock-Up Agreement and form of Crowdkeep Noteholder Lock-Up Agreement, copies of which
are attached hereto as Exhibit 10.4 and Exhibit 10.5, respectively, and are incorporated herein by reference.

Appointment of Chief Strategy Officer and
Senior Vice President, Finance

On May 1, 2025, Randal V. Stephenson was appointed
the Company’s Senior Vice President, Finance and Chief Strategy Officer.

Equity Line of Credit

On December 2, 2024, the
Company entered into a common stock purchase agreement (the “Common Stock Purchase Agreement”) and related registration rights
agreement (the “White Lion Registration Rights Agreement”) with White Lion Capital, LLC (“White Lion”). Pursuant
to the Common Stock Purchase Agreement, the Company has the right, but not the obligation, to direct White Lion to purchase up to $25.0
million in aggregate gross purchase price of newly issued shares of Common Stock, subject to certain limitations and conditions as described
below (the “ELOC Program”), 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 depends 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