Company: KVACU
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0001213900-25-021314
Chunk: 1488

Company: Keen Vision Acquisition Corp.
Filing Date: 2025-03-07
Form: 10-K
Item: Item 8
Chunk 1488
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 and administrative support, as we may require from
time to time. We have agreed to pay $10,000 per month for these services commencing on the closing date of the Initial Public Offering
for 15 months (or 21 months if we extend the Combination Period) after we entered into a letter of intent on March 22, 2024. However,
pursuant to the terms of such agreement, we may delay payment of such monthly fee upon a determination by our audit committee that we
lack sufficient funds held outside the trust to pay actual or anticipated expenses in connection with our initial business combination.
Any such unpaid amount will accrue without interest and be due and payable no later than the date of the consummation of our initial business
combination. We believe that the fee charged by KVC Sponsor LLC is at least as favorable as we could have obtained from an unaffiliated
person.

As of December 31, 2024 and
2023, we had a temporary advance of $575,085 and $10,000 from our Sponsor, respectively. The balance is unsecured, interest-free and has
no fixed terms of repayment.

40

On each of October 28, 2024,
November 20, 2024, December 23, 2024, January 22, 2025 and February 24, 2025, the Company issued an unsecured promissory note in an amount
of $200,000 to the Sponsor, pursuant to which such amount has been deposited into the Trust Account in order to extend the amount of available
time to complete a business combination until March 27, 2025. The notes are non-interest bearing and are payable upon the closing of a
business combination. In addition, the notes may be converted, at the lender’s discretion, into additional Private Units at a price
of $10.00 per unit. As of December 31, 2024 and 2023, the note payable balance was $600,000 and $0, respectively.

Other than the fees described
above, no compensation or fees of any kind, including finder’s fees, consulting fees or other similar compensation, will be paid
to any of our initial shareholders, officers or directors who owned our ordinary shares prior to the IPO, or to any of their respective
affiliates, prior to or with respect to the business combination (regardless of the type of transaction that it is).

We will reimburse our officers
and directors for