Company: VEEAW
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-111013
Chunk: 111

Company: VEEA INC.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 111
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 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. The aggregate intrinsic value is the fair market value on the reporting
date less the exercise price for each option. The fair value of each stock option award is estimated on the date of the grant using the
Black-Scholes option-pricing model. For options granted during the nine months ended September 30, 2025 and 2024, respectively, the weighted
average estimated fair value using the Black-Scholes option pricing model was $0.81 and $1.49 per option, respectively.

Stock Options

Stock option activity under
the Plan was as follows:

     Number of Options   Weighted- Average  Exercise Price  per Share   Weighted- Average  Remaining  Contractual Term  (years)   Outstanding at December 31, 2024   3,790,702   $1.04    5.98   Granted   2,596,137    0.66        Exercised   (15,006)   -        Forfeited / Expired   (140,307)   2.64        Outstanding at September 30, 2025   6,231,526    2.47    9.03   Exercisable at September 30, 2025   3,766,429   $3.64    8.45  

On September 29, 2025, the compensation
committee of the Board of Directors approved equity awards to certain Named Executive Officers (“NEO”), employees, and consultants
in the form of options to purchase 2,375,000 shares of the Company’s common stock (the “September 2025 Grants”), subject
to (i) with respect to September 2025 Grants to the NEOs and other officers of the Company, to the Company’s performance and time
vesting schedules and (ii) with respect to September 2025 Grant to non-NEO officer employees and consultants, time vesting schedules.
In addition, no portion of the September 2025 Grants may be exercised unless both (A) the Company’s stockholders approve the September
2025 Grants or approval of an amendment to increase the number of shares under the 2024 Plan to a sufficient number