Company: VEEAW
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001213900-25-078177
Chunk: 278

Company: VEEA INC.
Filing Date: 2025-08-19
Form: 10-Q
Item: Part I, Item 8
Chunk 278
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 voting power or shares of the Common Stock at any one point
in time, or the aggregate number of shares of common stock would not exceed 19.99% of the voting power of the issued and outstanding
Common Stock.

During the three and six months ended
June 30, 2025, the Company received $232,340 and $836,766, respectively, in proceeds and issued 117,500 and 358,000 shares, respectively,
of Common Stock, pursuant to the ELOC Program.

The Company agreed to issue to White
Lion shares of Common Stock as a commitment fee (the “Commitment Shares”). The fair value of the Commitment Shares was $25,000,
which pursuant to ASC 815, was recorded in transaction costs in the condensed consolidated statement of operations and comprehensive income
(loss) during the six months ended June 30, 2025. The Common Stock Purchaser has agreed that during the term of the Common Stock Purchase
Agreement, neither it nor any of its affiliates will engage in any short sales or hedging transactions involving the Common Stock. Further,
the Common Stock Purchase Agreement provided for the issuance of additional Commitment Shares to the Common Stock Purchaser if the Company
failed to sell at least $1,000,000 in gross proceeds to the Common Stock Purchaser by the sixth-month anniversary of signing of the Common
Stock Purchase Agreement. The Company and the Common Stock Purchaser amended the Common Stock Purchase Agreement effective of June 2,
2025 (the “ELOC Amendment”) to provide for (i) an extension of the time period to December 15, 2025 and (ii) an increase the
gross proceeds sold under the Common Stock Purchase Agreement to $1,250,000. If the Company fails to sell such amount of, the number of
additional Commitment Shares would be equal to $50,000 divided by the volume weighted average stock price of the Common Stock 10 days
prior to December 15, 2025.

11 - STOCK INCENTIVE PLANS

In September 2014, the Private Veea’s
Board of Directors adopted the Max2 Inc. Equity Incentive Plan (“2014 Plan”). Upon adoption of the 2014 Plan, the aggregate
number of shares of Common Stock reserved for awards under the Plan were 1,250,000. In September 2018, Private Veea’s Board of Directors
adopted the Veea Inc. 2018 Equity Incentive Plan