Company: VEEAW
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001213900-25-032215
Chunk: 382

Company: VEEA INC.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1A
Chunk 382
---
 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    1.78    -   Exercised   (60,454)   -    -   Forfeited   (9,127)   0.54    -   Outstanding at December 31, 2024   4,196,282    1.04    5.98   Exercisable at December 31, 2024   4,145,552            

The
aggregate intrinsic value is the fair market value on the reporting date less the exercise price for each option.

The fair value of each stock option award is estimated on the date
of the grant using the Black-Scholes option-pricing model. For