Company: VEEAW
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001213900-25-032215
Chunk: 1022

Company: VEEA INC.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 4
Chunk 1022
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 salaries
of Ms. Smith and Mr. Michael Salmasi were $250,000, $210,000 and $240,000, respectively and remained unchanged in 2024. Mr. Allen Salmasi
did not receive an annual salary in 2023 and 2024.

Cash Bonuses

In 2024 and 2024 we did not have
any formal arrangement swith our named executive officers providing for annual cash bonus awards. Ms. Smith received a discretionary cash
bonus in 2024, as discussed below.

CEO
Equity Award

On December 30, 2024, the Board approved an equity award to Mr. Salmasi
in the form of a non-qualified stock option to purchase 2,992,475 shares of common stock for an exercise price per share of $3.89, which
was the fair market value of a share of common stock on the grant date. The award was fully vested and exercisable at the time of grant
and expires December 30, 2028. The award was made in recognition of Mr. Salmasi’s exceptional performance and contributions to the
Company and its subsidiaries.

74

2024
Special Bonus to Ms. Smith

On November 11, 2024, the Compensation Committee approved a discretionary
special cash bonus in the amount of $40,000 to Ms. Smith, for her exceptional performance in fiscal year 2024. The special bonus was paid,
less applicable tax withholding in December 2024.

Equity
Compensation 

Veea maintains the Veea Inc.
2024 Incentive Award Plan (the “2024 Incentive Plan”), which became effective upon the Closing. 4,460,437 shares of Common
Stock were initially reserved for issuance of awards under the 2024 Incentive Plan (the “Initial Limit”). The Initial Limit
is subject to increase 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 December
31, 2024, the Company had 111,364 shares available for issuance under the 2024 Incentive Plan. 

Veea also maintains the 2024 Employee Stock