Company: VEEAW
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001213900-25-032215
Chunk: 381

Company: VEEA INC.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1A
Chunk 381
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 the Company’s
common stock outstanding immediately after the Closing plus the number of shares of common stock issuable under the 2014 Plan and the
2016 Plan and is subject to increase each year over a ten-year period. The 2024 Incentive Plan provides for the grant of stock options,
which may be ISOs or non-statutory stock options (“NSOs”), stock appreciation rights (“SARs”), restricted shares,
restricted stock units and other stock or cash-based awards that the Administrator determines are consistent with the purpose of the 2024
Incentive Plan. As of December 31, 2024, the Company had approximately 213,000 shares available for grant.

On
June 4, 2024, the stockholders of the Company approved Veea Inc. 2024 Employee Stock Purchase Plan (the “ESPP”), which become
effective upon the Closing. An aggregate of 1,070,603 shares of the Company’s Common Stock has been reserved for issuance or transfer
pursuant to rights granted under the ESPP (“Aggregate Number”). The Aggregate Number represents 3% of the aggregate number
of shares of the Company’s 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 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