Company: VLDXW
Filing Date: 2025-06-25
Form Type: DRS
Source: 0001641172-25-016496
Chunk: 251

Company: Velo3D, Inc.
Filing Date: 2025-06-25
Form: DRS
Chunk 251
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 conditions. The estimated fair values of the Earnout Shares associated with vested stock options are recognized as an expense and determined by the Monte Carlo simulation valuation model using a distribution of potential outcomes on a monthly basis over the five-year earnout period. The portion of the Earnout Shares associated with unvested stock options are recognized as an expense and considers the vesting continuing employment requirements.

| F-45 |

<div align='center'>Confidential Treatment Requested by Velo3D, Inc.

Pursuant to 17 CFR 200.83

Velo3D, Inc.

Notes to Consolidated Financial Statements</div>

Stock-based Compensation Expense

The following sets forth the total stock-based compensation expense by type of award included in operating expenses on the statements of operations:

|                            |     | December       
 31,            
 2024           
 (In thousands) |        |     | 2023 |        |
|:---------------------------|:----|:---------------|-------:|:----|:-----|-------:|
| Restricted stock units     |     | $              |  9,637 |     | $    | 16,575 |
| Stock options              |     |                |    121 |     |      |    515 |
| Earnout shares - employees |     |                |  3,958 |     |      |  5,783 |
|                            |     | $              | 13,716 |     | $    | 22,873 |

The following sets forth the total stock-based compensation expense for the stock options, RSUs, and earnout shares - employees included in operating expenses on the statements of operations:

|                            |     | December       
 31,            
 2024           
 (In thousands) |        |     | 2023 |        |
|:---------------------------|:----|:---------------|-------:|:----|:-----|-------:|
| Research and development   |     | $              |  4,256 |     | $    | 11,415 |
| Selling and marketing      |     |                |  2,708 |     |      |  5,689 |
| General and administrative |     |                |  6,752 |     |      |  5,769 |
|                            |     | $              | 13,716 |     | $    | 22,873 |

The following sets forth the total stock-based compensation expense by type of award included in cost