On September 12, 2024, Velo3D, Inc. entered into an Intellectual Property License and Support Services Agreement with Space Exploration Technologies Corp. (SPACEX) granting SpaceX a non-exclusive license to the Company?s additive manufacturing technologies. In consideration for the license, SPACEX has agreed to pay the company a license fee of $5,000,000 in the aggregate payable in two tranches as follows: (a) $2,500,000 to be paid within three business days of the company initiating delivery of the technologies; and (b) $2,500,000 to be paid within three business days following completion by the company of delivery of the technologies.

Further, for the provision of certain related engineering and other support services by the Company under the Agreement, SPACEX will pay the company $3,000,000 in the aggregate, which amount will be invoiced by the Company in arrears, based on actual services provided to SPACEX. The Agreement is effective until terminated in accordance with its terms as provided in the Agreement.