Company: VEEAW
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-111013
Chunk: 35

Company: VEEA INC.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 35
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 shares of the Company’s common stock (the “September 2025 Grants”), subject
to (i) with respect to September 2025 Grants to the NEOs and other officers of the Company, to the Company’s performance and time
vesting schedules and (ii) with respect to September 2025 Grant to non-NEO officer employees and consultants, time vesting schedules.
In addition, no portion of the September 2025 Grants may be exercised unless both (A) the Company’s stockholders approve the September
2025 Grants or approval of an amendment to increase the number of shares under the 2024 Plan to a sufficient number of shares such that
the full number of shares underlying the September 2025 Grants may be delivered from the Plan’s share reserve and (B) the Company
files a Form S-8 with the SEC to register the shares subject to the September 2025 Grants, and if either (A) or (B) is not satisfied,
the September 2025 Grants may be fully unwound and cancelled.

The fair value of each stock option
granted is estimated using the Black-Scholes option-pricing model using the single-option award approach. The range of weighted average
assumptions used to calculate the fair value of the options granted during the nine months ended September 30, 2025, were as follows:

    September 30,
2025

    Stock Price
     
    $
    0.66-1.34

    Expected term (years)

    4.2-5.0

    Volatility

    75
    %
  
    Risk-Free Rate

    3.74-3.84
    %

Stock compensation expense related
to the common stock options outstanding for the nine months ended September 30, 2025 and 2024, was $203,616 and $394,234, respectively,
which is included in general and administrative expenses in the Company’s condensed consolidated statements of operations and comprehensive
income (loss). Total unrecognized expense related to unvested options outstanding as of September 30, 2025, was $1,082,949, which will
be recognized over a weighted average period of 3.9 years.

18

Restricted Stock Units

RSU activity under the Plan was as
follows:

    Number of RSUs  
    Weighted- Average  Grant Date  Fair Value 
  
    Unvested at December 31, 2024