Company: VEEAW
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001213900-25-078177
Chunk: 31

Company: VEEA INC.
Filing Date: 2025-08-19
Form: 10-Q
Item: Part I, Item 1
Chunk 31
---
eea 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 options have a maximum term of ten years from the date of grant. 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 options granted during the six months ended June 30, 2025 and 2024, respectively, the weighted
average estimated fair value using the Black-Scholes option pricing model was $1.04 and $0.55 per option, respectively.

Stock Options

Stock option activity under
the Plan was as follows:

     Number of Options   Weighted- Average  Exercise Price  per Share   Weighted- Average  Remaining  Contractual Term  (years)   Outstanding at December 31, 2024   3,790,702   $1.04    5.98   Granted   178,937    1.64    -   Exercised   (477)   -    -   Forfeited / Expired   (33,055)   1.80    -   Outstanding at June 30, 2025   3,936,107   $3.60    8.5   Exercisable at June 30, 2025   3