Company: VEEAW
Filing Date: 2025-07-07
Form Type: DRS
Source: 0001213900-25-061586
Chunk: 123

Company: VEEA INC.
Filing Date: 2025-07-07
Form: DRS
Chunk 123
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 with the entry into the Crowdkeep
Note Purchase Agreements the Company issued to the Crowdkeep Investor unsecured convertible promissory notes (the “Crowdkeep Convertible Notes”). The Crowdkeep Convertible Notes have an aggregate principal amount of $1,000,000, and the interest
under the Crowdkeep Convertible Notes accrues at an annual rate of 8%. The maturity date of the Crowdkeep Convertible Notes are April
17, 2026, and May 13, 2026, respectively.

Pursuant to the terms of
the Convertible Notes, upon an event of default, the outstanding principal amount of the applicable Crowdkeep Convertible Note, plus
accrued but unpaid interest, will become immediately due and payable in full. Events of default include failure to pay any principal
or interest amounts under the Crowdkeep Convertible Notes, failure to perform covenants in the Crowdkeep Convertible Notes and certain
bankruptcy and insolvency conditions of the Company. The Company may prepay all or any portion of the Crowdkeep Convertible Notes at
any time. The Crowdkeep Convertible Notes are convertible, in whole or in part, into shares of common stock (the “Crowdkeep Conversion
Shares”) at the option of the Crowdkeep Investor, at a price per share of $5.00 subject to certain equitable adjustments. The Crowdkeep
Convertible Notes will automatically convert on the date that the closing price of the common stock is at $7.50 or above for ten (10)
consecutive trading days within any consecutive thirty (30) trading day period, equal to the lesser of (i) $7.50 per share and (ii) 20%
multiplied by the VWAP (calculated as set forth in the Crowdkeep Convertible Notes) for the prior consecutive thirty (30) trading day
period, in each case subject to certain equitable adjustments. The Crowdkeep Note Purchase Agreements and Crowdkeep Convertible Notes
include other customary terms and conditions.

<div align='center'>69</div>

Lock-Up Agreements

In connection with the Crowdkeep
APA and the Crowdkeep Note Purchase Agreements, the Seller and the Crowdkeep Investor entered into lock-up agreements pursuant to which
the Seller and the Crowdkeep Investor agreed not to effect any sale, distribution or transfer of any of the shares of common stock received
in the transaction or any Crowdkeep Conversion Shares will be subject to transfer restrictions and restrictions against selling short
or hedging the Company