Company: VLDXW
Filing Date: 2025-08-20
Form Type: 424B4
Source: 0001641172-25-024892
Chunk: 258

Company: Velo3D, Inc.
Filing Date: 2025-08-20
Form: 424B4
Chunk 258
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                           |  1,050 |
| Balance as of December 31, 2024          |     |                  |  13 |   |     | $                     |   714.30 |     | $                         |    132 |
| Expected to vest as of December 31, 2024 |     |                  |  13 |   |     | $                     |   714.30 |     | $                         |    132 |

The aggregate intrinsic value of outstanding RSUs is calculated based on the closing price of the Company’s common stock as of the date outstanding. As of December 31, 2024, there was $11.0 million of unrecognized compensation cost related to 0.01 million unvested RSUs, which is expected to be recognized over a weighted average period of approximately 2.3 years. As of December 31, 2023, there was $35.8 million of unrecognized compensation cost related to 1.3 million unvested RSUs, which is expected to be recognized over a weighted average period of approximately 3.0 years.

Earnout Shares - Employees

The Earnout Shares issuable to holders of employee stock options are accounted as stock-based compensation expense as they are subject to forfeiture based on the satisfaction of certain employment 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'>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:

Schedule of Stock-Based Compensation Expense

|                          |     | 2024       
 December   
 31,        
 2024       
 (In        
 thousands) |        |     | 2023 
 2023 |        |
|:-------------------------|:----|:-----------|-------:|:----|:-----|-------:|
| Restricted               
 stock units              |     | $          |  9,637 |     | $    | 16,575 |
| Stock                    
 options                  |     |            |    121 |     |      |