Company: VEEAW
Filing Date: 2025-01-15
Form Type: 424B3
Source: 0001213900-25-003892
Chunk: 265

Company: VEEA INC.
Filing Date: 2025-01-15
Form: 424B3
Chunk 265
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 Stock Purchase Plan (the “ESPP”), which become effective upon the Closing. An aggregate
of 1,070,603 shares of the Company’s Common Stock has been reserved for issuance or transfer 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 first purchase period has not begun
as of September 30, 2024. 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.

The aggregate intrinsic value is the fair
market value on the reporting date less the exercise price for each option.

<div align='center'>F-57

Veea Inc. and Subsidiaries

Notes to the Condensed Consolidated Financial Statements

For the Three and Nine Months Ended September 30, 2024 and 2023</div>

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, 2024 and 2023, respectively, the weighted average estimated fair value using the Black-Scholes option pricing model
was $1.49 and $0.46 per option, respectively.

Stock compensation expense related
to the 2018 Plan common stock options for the three months ended September 30, 2024 and 2023 was $59,385 and $76,431, respectively and
for the nine months ended September 30, 2024 and 2023 was $394,234 and $404,761 respectively, which is included in general and administrative
in the Company’s consolidated statements of operations and comprehensive loss. Total unrecognized expense related to unvested options
outstanding as of September 30, 2024 was $218,324 which will be recognized over