Company: VEEAW
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001213900-25-032215
Chunk: 1350

Company: VEEA INC.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 6
Chunk 1350
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ers 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, and subject to customary permitted transfer exceptions). The Transferred Shares are not
be subject to any lock-up restrictions, but for a period of 6 months after the Closing they will be separately designated by the Transfer
Agent and kept as book entry shares on the Transfer Agent’s records and will not be eligible to be held by DTC without the Investor
first notifying the Company of its intent to transfer any such Transferred Shares to a