Company: VEEAW
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001213900-25-032215
Chunk: 465

Company: VEEA INC.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1B
Chunk 465
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(1)All equity awards held by Mr., Salmasi are
                                            fully vested.

(2)All equity awards held by Ms. Smith are
                                            fully vested.

(3)All
                                            equity awards held by Mr. Tubinis are fully vested.

Narrative
Disclosure to Summary Compensation Table

Base Salaries

In 2024 and 2023, as applicable,
the named executive officers received annual base salaries to compensate them for services rendered to the Company. The base salary payable
to each named executive officer is intended to provide a fixed component of compensation reflecting the executive’s skill set, experience,
role and responsibilities.

In 2023 the annual base 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