Company: VEEAW
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001213900-25-078177
Chunk: 280

Company: VEEA INC.
Filing Date: 2025-08-19
Form: 10-Q
Item: Part I, Item 8
Chunk 280
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. An
aggregate of 1,070,603 shares of Common Stock has been reserved for issuance or transfer pursuant to rights granted under the ESPP (“Aggregate
Number”). The Aggregate Number represented 3% of the aggregate number of shares of Common Stock outstanding immediately after the
Closing and is subject to increase each year over a ten-year period. The ESPP provides eligible employees with an opportunity to purchase
Common Stock from the Company at a discount through accumulated payroll deductions. The ESPP will be implemented through a series of offerings
of purchase rights to eligible employees. Under the ESPP, the Company’s Board of Directors may specify offerings but generally provides
for a duration of 12 months. The purchase price will be specified pursuant to the offering, but cannot, under the terms of the ESPP, be
less than 85% of the lower of the fair market value per share of the Common Stock on either the offering date or on the purchase date.
As of June 30, 2025, there have not yet been any offering periods available to purchase Common Stock under the ESPP.

In connection with the Business Combination,
each Private Veea option that was outstanding immediate prior to Closing, whether vested or unvested, was exchanged for a stock option
under the 2024 Plan (each an “Exchanged Option”) to acquire a number of shares of Common Stock equal to the product of (i)
the number of shares of Private Veea’s common stock subject to such Private Veea option immediately prior to the Business Combination
and (ii) the Exchange Ratio, at an exercise price per share equal to (A) the exercise price per share of such Private Veea option immediately
prior to the consummation of the Business Combination, divided by (B) the Exchange Ratio. Following the Business Combination, each Exchanged
Option continues to be governed by the same terms and conditions (including vesting and exercisability terms) as were applicable to the
corresponding former Private Veea option immediately prior to the consummation of the Business Combination. Unvested Private Veea options
did not accelerate nor vest on the consummation of the Business Combination. All stock option activity was retroactively restated to reflect
the effect of the Exchange Ratio. Generally, stock options vest 25% on the first anniversary of the vesting commencement date and then
quarterly thereafter for 12 quarters, or pursuant to another vesting schedule as approved by the Board and set forth in the option agreement.
Stock