Company: VEEAW
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001213900-25-032215
Chunk: 665

Company: VEEA INC.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1C
Chunk 665
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 for the years ended December 31, 2024 and 2023, was approximately
$5.5 million and $0.5 million, respectively, which is included in general and administrative expense, net in the Company’s consolidated
statements of operations. Total unrecognized expense related to unvested options outstanding as of December 31, 2024, was approximately
$161,000 which will be recognized over a weighted average period of 1.70 years.  

The Company estimates the fair value of each stock option award on
the grant date using the Black-Scholes option-pricing model. The assumptions used to calculate the fair value of the options granted during
the years ended December 31, 2024 are as follows: 

     December 31, 2024   Stock Price  $3.89   Expected term (years)   2.0   Volatility   75.0%  Risk-Free Rate   4.25% 

F-27

Veea
Inc. and Subsidiaries
Notes to the Consolidated Financial Statements 
For the Years ended December 31, 2024 and 2023

Restricted
Stock Unit Activity

Restricted
stock unit activity under the Plan was as follows for the year ended December 31, 2024:

    Number
    of units  
    Weighted-
    Average  Grant Date Fair Value per Unit 

    Outstanding at September 12, 2024 
     -  
    $- 
  
    RSUs granted 
     405,580  
     3.08 
  
    Vested 
     (405,580) 
     3.08 
  
    Outstanding at December 31, 2024 
     -  
     - 

The
Company recorded stock-based compensation expense of $1,250,000 related to the RSUs granted during the year ended December 31, 2024.
There were no RSUs granted during the year ended December 31, 2023. The grant date fair value of the RSUs granted in 2024 was calculated
based on the average closing price of the Company’s common stock for the ten-day period prior to the grant date.   

11
- WARRANTS 

As
part of Plum’s initial public offering (“IPO”),  Plum issued warrants to third-party investors where each whole
warrant entitles