Company: VLDXW
Filing Date: 2025-08-20
Form Type: 424B4
Source: 0001641172-25-024892
Chunk: 303

Company: Velo3D, Inc.
Filing Date: 2025-08-20
Form: 424B4
Chunk 303
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 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.

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

|                          |     | 2025               
 Three Months Ended 
 June 30,           
 2025               
 (In thousands)     |       |     | 2024 
 2024 |       |     | 2025             
 Six Months Ended 
 June 30,         
 2025             
 (In thousands)   |       |     | 2024 
 2024 |       |
|:-------------------------|:----|:-------------------|------:|:----|:-----|------:|:----|:-----------------|------:|:----|:-----|------:|
| Restricted stock units   |     | $                  | 1,834 |     | $    | 3,101 |     | $                | 5,425 |     | $    | 6,930 |
| Stock options            |     |                    |     1 |     |      |    39 |     |                  |     5 |     |      |    99 |
| Earnout shares–employees |     |                    |   574 |     |      | 1,107 |     |                  | 1,053 |     |      | 2,305 |
| Stock based compensation 
 expense                  |     | $                  | 2,409 |     | $    | 4,247 |     | $                | 6,483 |     | $    | 9,334 |

| F-75 |

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

|                            |     | 2025               
 Three Months Ended 
 June 30,           
 2025               
 (In thousands)     |       |     | 2024 
 2024 |