Company: VEEAW
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001213900-25-032215
Chunk: 990

Company: VEEA INC.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 4
Chunk 990
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 accrue interest at a rate equal to the Secured Overnight Financing
Rate plus 2% per annum, adjusted quarterly, but interest is only payable upon the maturity of the September 2024 Notes as long as there
is no event of default thereunder. Each September 2024 Note is unsecured and expressly subordinated to any senior debt of the Borrowers.
The September 2024 Notes and the Note Purchase Agreements do not include any operational or financial covenants for the Borrowers. Each
September 2024 Note includes customary events of default for failure to pay amounts due on the maturity date, for failure to otherwise
comply with the Borrowers’ covenants thereunder or for Borrower insolvency events, in each case, with customary cure periods, and
upon an event of default, the Investor may accelerate all obligations under its September 2024 Note and the Borrowers will be required
to pay for the Investor’s reasonable out-of-pocket collection costs.

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 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 the 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.

54

The September 2024 Notes and the Conversion Shares are subject to a
lock-up for a