Company: VEEAW
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001213900-25-032215
Chunk: 1354

Company: VEEA INC.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 6
Chunk 1354
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3

10
- STOCK INCENTIVE PLANS

In September 2014, the Private Veea’s Board of Directors adopted
the Max2 Inc. Equity Incentive Plan (“2014 Plan”). Upon adoption of the 2014 Plan, the aggregate number of shares of common
stock reserved for awards under the Plan were 1,250,000. In September 2018, Private Veea’s Board of Directors adopted the Veea Inc.
2018 Equity Incentive Plan (“2018 Plan” and collectively with the 2014 Plan, the “Private Veea Plans”). Upon adoption
of the 2018 Plan, 4,900,000 shares of the Company’s common stock were reserved for the issuance of incentive awards. In January
2021, the 2018 Plan was amended to increase the total number of authorized shares reserved for issuance to 12,492,910. Under the Private
Veea Plans, option awards were generally granted with an exercise price equal to the fair market value of the Company’s 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 represents 10% of the aggregate number of shares of 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,