Company: VEEAW
Filing Date: 2025-05-21
Form Type: 10-Q
Source: 0001213900-25-046124
Chunk: 83

Company: VEEA INC.
Filing Date: 2025-05-21
Form: 10-Q
Item: Part I, Item 8
Chunk 83
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stock at the date of grant; those option awards generally vested with a range of one to four years of continuous service and had ten-year
contractual terms. Certain option awards provided for accelerated vesting if there was a change in control, as defined in the Private
Veea Plans. The Private Veea Plans also permitted the granting of restricted stock and other stock-based awards. Unexercised options were
cancelled upon termination of employment and became available for reissuance under the Private Veea Plans. 

On June 4, 2024, the stockholders of
the Company approved the Veea Inc. 2024 Incentive Award Plan (the “2024 Incentive Plan”, collectively with the Private Veea
Plans, the “Plans”), which became effective upon the Closing. The Company initially reserved 4,460,437 shares of Common Stock
for the issuance of awards under the 2024 Incentive Plan (“Initial Limit”). The Initial Limit represented 10% of the aggregate
number of shares of the 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 March 31, 2025, the Company had approximately 1,259,370 shares available for grant.

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