Company: VEEAW
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001213900-25-078177
Chunk: 30

Company: VEEA INC.
Filing Date: 2025-08-19
Form: 10-Q
Item: Part I, Item 1
Chunk 30
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ive Plan (“Initial Limit”). The Initial Limit represented 10% of the aggregate
number of shares of the Common Stock outstanding immediately after the Closing plus the number of shares of Common Stock issuable under
the 2014 Plan and the 2016 Plan and is subject to increase each year 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 (“RSUs”) and other stock or cash-based awards that the Administrator determines
are consistent with the purpose of the 2024 Incentive Plan. As of June 30, 2025, the Company had approximately 429,724 shares available
for grant.

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On June 4, 2024, the stockholders of
the Company approved Veea Inc. 2024 Employee Stock Purchase Plan (the “ESPP”), which became effective upon the Closing. An
aggregate of 1,070,603 shares of Common Stock has been reserved for issuance or transfer pursuant to rights granted under the ESPP (“Aggregate
Number”). The Aggregate Number represented 3% of the aggregate number of shares of 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 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 Common Stock on either the offering date or on the purchase date.
As of June 30, 2025, there have not yet been any offering periods available to purchase Common Stock under the ESPP.

In connection with the Business Combination,
each Private Veea option that was outstanding immediate prior to Closing, whether vested or unvested, was exchanged for a stock option
under the 2024 Plan (each an “Exchanged Option”) to acquire a number of shares of Common Stock equal to the product of (i)
the number of shares of Private Veea’s common stock subject to such Private V