Company: VEEAW
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001213900-25-032215
Chunk: 1955

Company: VEEA INC.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 9A
Chunk 1955
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PP, be less than 85% of the lower of the fair market value
per share of the Company’s common stock on either the offering date or on the purchase date. As of December 31, 2024, 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 will continue
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 options
have a maximum term of ten years from the date of grant.

F-26

Veea
Inc. and Subsidiaries

Notes
to the Consolidated Financial Statements 

For
the Years ended December 31, 2024 and 2023

Option
Activity

Stock
option activity under the Plan was as follows for the year ended December 31, 2024:

     Number of Options   Weighted- Average  Exercise Price  per Share   Weighted- Average  Remaining  Contractual Term  (years)   Outstanding at December 31, 2023, recasted   1,202,724   $0.55    5.85   Granted   3,063,139