Item 4 — Purpose of Transaction
Item 4 of the Schedule 13D is hereby amended and restated as follows: Business Combination Agreement On September 13, 2024, the Issuer consummated the Business Combination (as defined below), pursuant to the terms of the Business Combination Agreement dated November 27, 2023 (the "Business Combination Agreement") with Plum Acquisition Corp. I, a Cayman Islands exempted company ("Plum") and Plum SPAC Merger Sub, Inc., a Delaware corporation and wholly-owned subsidiary of Plum ("Merger Sub"). The transactions described in the Business Combination Agreement collectively herein are described as the "Business Combination." At the closing of the Business Combination (the "Closing"), Plum changed its name to "Veea Inc." At Closing, pursuant to the terms of the Business Combination Agreement and after giving effect to the redemptions of Plum Class A Common Stock (as defined below) by public stockholders of Plum: each of the options to subscribe for any capital stock of Veea Inc. (including Common Stock, Series A Preferred Stock and Series A-1 Preferred Stock of Private Veea (collectively, "Private Veea Shares")) prior to the consummation of the Business Combination ("Private Veea") were converted into an option to acquire, subject to substantially the same terms and conditions as were applicable under such options of Private Veea, the number of shares of Common Stock, determined by multiplying the number of shares of Private Veea Shares subject to such options of Private Veea as of immediately prior to the effective time of the Business Combination by 0.1962; each other convertible securities of Private Veea outstanding immediately prior to the effective time of the Business Combination ceased to represent a right to acquire Private Veea Shares, were assumed by Plum, and were cancelled in exchange for a convertible security to acquire shares of Common Stock, on the same contractual terms and conditions as were in effect with respect to the convertible securities of Private Veea immediately prior to the effective time of the Business Combination under the terms of the relevant agreements governing such convertible securities of Private Veea, except for terms rendered inoperative by reason of the transactions contemplated by the Business Combination Agreement or for such other immaterial administrative or ministerial changes as the board of directors of Plum may determine in good faith are appropriate to effectuate the administration of the convertible securities; each Private Veea Share was automatically converted into the right to receive 0.1962 shares of Common Stock; and each share of Series A-2 Preferred Stock of Private Veea was automatically converted into the right to receive 0.2440 shares of Common Stock on September 13, 2024, in connection with the consummation of the Business Combination, Veea, Plum and the holders of certain notes (the "Noteholders") issued by Veea entered into Note Conversion Agreements, pursuant to which each Noteholder agreed that principal and accrued interest under such notes shall convert into Common Stock at Closing at a per share value of $5.00, and that such shares shall be subject to a five-month lock-up period. At the Closing, notes having an aggregate of $15,739,897 in principal and accrued interest were converted into 3,147,970 shares of Common Stock. At Closing, each Reporting Person's Private Veea Shares were automatically converted into 0.1962 shares of Common Stock of the Issuer per share of Private Veea Shares (as they held no shares of Series A-2 Preferred Stock of Private Veea). As a result, Mr. Salmasi received 437,029 shares of Common Stock, and NLabs received 12,148,921 shares of Common Stock. Option Grant On December 30, 2024, the Issuer issued a fully-vested option to purchase 3,036,308 shares of Common Stock at an exercise price of $3.89 per share to the Reporting Person. The Option was granted pursuant to the Issuer's 2024 Incentive Equity Plan, and expires on December 29, 2028. Item 3 above is hereby incorporated into this Item 4 by reference. Certain Reporting Persons hold a substantial position in the Issuer, which was acquired at the Closing. Mr. Salmasi serves as Chief Executive Officer and chairman of the board of directors of the Issuer, and in such capacity may have the ability to influence the Issuer's management and operations directly in his position. Although the Reporting Persons do not have any specific plan or proposal to acquire additional shares or to dispose of Common Stock, consistent with their investment purpose, the Reporting Persons may at any time and from time to time acquire additional shares of Common Stock or, subject to the Lock-Up Agreement (as defined below), dispose of shares of Common Stock, depending upon their ongoing evaluation of their investment, prevailing market conditions, other investment opportunities, and/or other investment considerations. Except as disclosed in this Amendment No. 1, the Reporting Persons currently do