Company: VEEAW
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-111013
Chunk: 34

Company: VEEA INC.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 34
---
 Combination, each Exchanged
Option continues to be governed by the same terms and conditions (including vesting and exercisability terms) as were applicable to the
corresponding former Private Veea option immediately prior to the consummation of the Business Combination. Unvested Private Veea options
did not accelerate nor vest on the consummation of the Business Combination. All stock option activity was retroactively restated to reflect
the effect of the Exchange Ratio. Generally, stock options vest 25% on the first anniversary of the vesting commencement date and then
quarterly thereafter for 12 quarters, or pursuant to another vesting schedule as 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