Company: VEEAW
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001213900-25-032215
Chunk: 1078

Company: VEEA INC.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 4
Chunk 1078
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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 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.