Document:

Exhibit 10.8

 

VELODYNE CONFIDENTIAL INFORMATION

 

Velodyne
LiDAR, Inc.

 

Employment
Agreement

 

This Employment Agreement
(the “Agreement”) is made effective as of January 1, 2020 (the “Effective Date”), by and
between Anand Gopalan (“Executive”) and Velodyne LiDAR, Inc., a Delaware corporation (the “Company”).

 

RECITALS

 

WHEREAS, Executive
and the Company previously entered into an employment offer letter, dated as of May 20, 2016, which was subsequently amended on
August 9, 2017 and March 11, 2019 (such offer letter, as amended, the “Prior Agreement”); and

 

WHEREAS, the Company
wishes to continue to retain the services of Executive through a promotion to Chief Executive Officer of the Company and Executive
wishes to accept such promotion by the Company and continue his employment on the terms and subject to the conditions set forth
in this Agreement.

 

NOW THEREFORE, in consideration
of the foregoing recital and the respective undertakings of the Company and Executive set forth below, the Company and Executive
agree as follows:

 

1.             Duties and Scope of Employment.

 

(a)          
Positions and Duties. As of the Effective Date, Executive will serve as the Company’s Chief Executive Officer.
Executive will render such business and professional services in the performance of Executive’s authority, duties and responsibilities
consistent with Executive’s position as a Chief Executive Officer of a similarly sized company in the technology industry.
Executive will report to the Company’s Board of Directors (the “Board”). The period of Executive’s
employment under this Agreement is referred to herein as the “Employment Term.” For purposes of clarity, the
occurrence of vesting milestone events (e.g., a Sale Event), shall remain subject to any applicable approval of the Board or the
Company’s stockholders, as required under any applicable law or the Company’s governing documents and the existence
or absence of any such approval shall not constitute a reduction or change in Executive’s authority, duties or responsibilities.

 

(b)           Board Membership. In addition, for so long as the Company requires during the Employment Term, Executive shall also
serve as an employee-director of the Board, and with respect to such position during the Employment Term, Executive shall not be
eligible to receive fees, further equity grants or other compensation paid to the Company’s non-employee directors for his
service on the Board during the Employment Term; provided that Executive’s service as a member of the Board will be
subject to any requirements set forth in the Company’s governing documents and the requirements of any applicable securities
exchange. Upon the termination of Executive’s employment for any reason, unless otherwise requested by the Board, Executive
will be deemed to have resigned from the Board (and all other positions held at the Company and any of its Affiliates) voluntarily,
without any further required action by Executive, as of the end of Executive’s employment and Executive, at the Board’s
request, will execute an effective resignation in a form reasonably acceptable to the Company.

 

    

    

    

 

VELODYNE CONFIDENTIAL
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(c)           Obligations. During the Employment Term, Executive will perform his duties faithfully and to the best of his ability
and will devote his full business efforts and time to the Company. For the duration of the Employment Term, Executive agrees not
to actively engage in any other employment, occupation or consulting activity without the prior approval of the Board. Notwithstanding
the foregoing, Executive will be permitted to: (i) continue serving as a trustee to the Foundation for the Preservation of Knowledge
and/or its sister organization Tara Prakashana; (ii) engage in religious, charitable or other community activities; or (iii) serve
as a trustee to any family trust or managing any of Executive’s personal or family investments and affairs; provided,
however, that (1) without the prior approval of the Board, Executive may not serve on more than two boards of directors of (whether
the service is on behalf of non-profit or for-profit entities) at any time and Executive will be required to resign as a member
of the board of directors of any such outside non-profit or for-profit entity at the request of the Board if the Board determines
in its discretion that such service is materially interfering with the performance of his duties hereunder, and (2) the services
and activities set out in clauses (i), (ii), and (iii) do not and will not materially interfere with the Executive’s performance
of his duties as provided in this Agreement and such services and activities would not reasonably be expected to materially and
adversely affect the business or reputation of the Company. Executive further agrees to comply with all Company policies in existence
or that may be adopted by the Company during the Employment Term.

 

2.             At-Will Employment. Notwithstanding anything to the contrary herein, the parties agree that Executive’s employment
with the Company remains “at-will” employment and may be terminated at any time with or without cause or notice. Executive
understands and agrees that neither his job performance nor promotions, commendations, bonuses or the like from the Company give
rise to or in any way serve as the basis for modification, amendment, or extension, by implication or otherwise, of his employment
with the Company. However, as described in this Agreement, Executive may be entitled to severance benefits depending on the circumstances
of Executive’s termination of employment with the Company.

 

3.             Term of Agreement. This Agreement shall be effective and supersede the Prior Agreement as of the Effective Date and
will have an initial term of three (3) years commencing on the Effective Date (the “Initial Term”). On the third
anniversary of the Effective Date and each annual anniversary thereafter, this Agreement will renew automatically for additional
one (1) year terms (each an “Additional Term”), unless either party provides the other party with written notice
of non-renewal at least sixty (60) days prior to the date of automatic renewal. Notwithstanding the foregoing provisions of this
paragraph, if an initial occurrence of an act or omission by the Company constituting the grounds for “Good Reason”
in accordance with Section 11(h) hereof has occurred (the “Initial Grounds”), and the expiration date of the
Company cure period (as such term is used in Section 11(h)) with respect to such Initial Grounds could occur following the expiration
of the Initial Term or an Additional Term, the term of this Agreement will extend automatically through the date that is thirty
(30) days following the expiration of such cure period, but such extension of the term will only apply with respect to the Initial
Grounds.

 

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VELODYNE CONFIDENTIAL
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4.            
Compensation.

 

(a)           Base Salary. During the Employment Term, the Company will pay Executive an annual salary of $500,000 as compensation
for his services, with increases, if any, as may be approved by the Board or the Compensation Committee of the Board (the “Compensation
Committee”) (the base salary, as in effect, from time to time, shall hereinafter be referred to as the “Base
Salary”). The Base Salary will be paid periodically in accordance with the Company’s normal payroll practices and
be subject to the usual, required withholding. Executive’s Base Salary will be subject to review at least annually and shall
be subject to increases, if any, as may be approved from time to time by the Board or the Compensation Committee.

 

(b)           Target Bonus. Executive will have an annual target bonus of 100% of Executive’s Base Salary (the “Target
Bonus”), which will be based upon the achievement of performance objectives to be determined by the Board or the Compensation
Committee, in its sole discretion, after consultation with Executive. The annual bonus for any year (including the first year of
this Agreement) to be paid to Executive, if any, will be payable consistent with the Company’s past practices and policies,
but will be paid no later than the fifteenth (15th) day of the third (3rd) month following the end of the Company’s fiscal
year to which the bonus relates, so long as Executive was employed by the Company on the last day of such fiscal year. Such performance
objectives for the annual bonus for any particular years shall contain criteria applicable to the performance of the Company, which
may include reasonable financial, product development and other metrics, as determined by the Board or the Compensation Committee,
in its sole discretion, after consultation with Executive.

 

(c)           Equity.

 

(i)              General.
Within thirty (30) days following the Effective Date, the Company will grant Executive an option to purchase 150,000 shares of
the Company’s common stock (the “Promotion Option”) and two awards of restricted stock units. The first
award will be for 300,000 restricted stock units (the "Promotion RSUs") and the second award will up to 375,000
restricted stock units with a target award of 150,000 restricted stock units (the “Performance RSUs”). Neither
the granting of the Promotion RSUs, the Performance RSUs nor any other Equity Award shall confer Executive with any right to continued
employment.

 

(ii)             Promotion
Option. The Promotion Option will be subject to the terms and conditions of the Company’s 2016 Stock Plan (the “Plan”)
and a notice of stock option grant and stock option agreement (collectively, the “Promotion Option Agreement”).
As will be more fully described in the Promotion Option Agreement, Executive will vest in 25% of the total shares underlying the
Promotion Option after 12 months of continuous service following the Effective Date, and the balance will vest in equal monthly
installments over the next 36 months of continuous service, such that 100% of the shares subject to the Promotion Option shall
be vested and exercisable on the fourth annual anniversary of the Effective Date. 

 

(iii)            Promotion
RSUs. The Promotion RSUs will be subject to the terms and conditions of the Plan and a notice of restricted stock unit award
and restricted stock unit agreement (collectively, the “Promotion RSU Award Agreement”). Subject to further
input and approval of the vesting structure by the Company’s auditors, the Promotion RSU Award Agreement will provide that
the RSUs will be subject to vesting based on the satisfaction of a time-based service requirement. For these purposes, Executive
will satisfy the time-based service requirement, upon the first occurrence of either of the following: 

 

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VELODYNE CONFIDENTIAL
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(A)
(i) with respect to 25% of the total number of the Promotion RSUs if Executive remains in continuous service through the first
anniversary of the Effective Date (the “Initial Promotion RSU Vesting Date”) and a Sale Event
occurs on or prior to the Initial Promotion RSU Vesting Date, and (ii) with respect to an additional 6.25% of the Promotion RSUs
when Executive completes each of the next twelve (12) successive three-month periods of continuous service thereafter, but
only if a Sale Event has occurred on or prior to the Initial Promotion RSU Vesting Date; or

 

(B)
(i) with respect to 58.33% of the Promotion RSUs if Executive remains in continuous service through an IPO (the date the IPO occurs,
the “IPO Date”) and the IPO occurs on or prior to the Initial Promotion RSU Vesting Date, (ii)
with respect to an additional 6.25% of the Promotion RSUs when Executive completes each of the next six (10) successive three-month
periods of continuous service after the IPO Date, but only if the IPO has occurred on or prior to the Initial Promotion
RSU Vesting Date, and (iii) with respect to an additional 4.17% of the Promotion RSUs when Executive completes the seventh (7th)
successive three-month period of continuous service after the IPO Date, but only if the IPO has occurred on or prior
to the Initial Promotion RSU Vesting Date.

 

Notwithstanding anything
to the contrary herein, if a Liquidity Event does not occur on or prior to the Initial Promotion RSU Vesting Date, the Promotion
RSUs shall immediately terminate for no consideration on such date.

 

(iv)            Performance RSUs. The Performance RSUs will be subject to the terms and conditions of the Plan and a notice of restricted
stock unit award and restricted stock unit agreement (collectively, the “Performance RSU Award Agreement”).
Subject to further input and approval of the vesting structure by the Company’s auditors, the Performance RSU Award Agreement
will provide that the RSUs will be subject to vesting based on the satisfaction of a time-based service requirement and the actual
number of RSUs that may become eligible for vesting will be based on the appreciation in the price of the Company’s common
stock, as set forth below. For these purposes, Executive will satisfy the time-based service requirement if Executive remains
in continuous service through the third anniversary of the Effective Date (the “Performance RSU Vesting Date”)
and a Liquidity Event occurs on or prior to the Performance RSU Vesting Date, each subject to the acceleration of
vesting provisions in subsection (v) below, as applicable. Subject to the satisfaction of the service-based requirement or, as
applicable, the acceleration of vesting provisions in subsection (v) below, the number of Performance RSUs that will become vested
on the Performance RSU Vesting Date shall be as follows:

 

	Ending Price vs. Starting Price	Number of Performance RSUs

 Vested
	Ending Price is at least 75% of the Starting Price but is less than 100% of the Starting Price	112,500
	Ending Price is 100% of the Starting Price	135,000
	Ending Price is Greater than Starting Price up to 150% of the Starting Price	150,000
	Ending Price is Greater than 150% of the Starting Price up to 200% of the Starting Price	202,500
	Ending price is greater than 200% of the Starting Price up to 250% of the Starting Price	262,500
	Ending Price is greater than 250% of the Starting Price	375,000

 

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VELODYNE CONFIDENTIAL
INFORMATION

 

Notwithstanding anything
to the contrary herein, if a Liquidity Event does not occur on or prior to the Performance RSU Vesting Date, the Performance RSUs
shall immediately terminate for no consideration on such date.

 

(v)           Accelerated Vesting

 

A.               
Promotion Grants. For the Promotion Options and the Promotion RSUs (collectively, the “Promotion Grants”),
if Executive’s continuous service is terminated within one (1) month prior to or within twelve (12) months after a Sale Event
either: (1) by the Company (or successor entity) without Cause, or (2) by Executive for Good Reason and any of the Promotion
Grants are outstanding at such time, then 100% of such then-outstanding Promotion Grants shall immediately become vested prior
to the later of such Sale Event or termination of Executive’s continuous service. Notwithstanding the foregoing, if the Company
is subject to a Sale Event while Executive remains in continuous service and any of the then-outstanding Promotion Grants are not
assumed by the acquirer or its parent, continued by the surviving company, or substituted for an equivalent award or cash payment,
then 100% of such then-outstanding Promotion Grants shall become vested immediately prior to the Sale Event.

 

B.                Performance RSUs. For the Performance RSUs, if Executive’s continuous service is terminated within one (1)
month prior to or within twelve (12) months after a Sale Event, either: (1) by the Company (or successor entity) without Cause,
or (2) by Executive for Good Reason and the Performance RSUs are still outstanding at such time, then the number of Performance
RSUs that would have become vested pursuant to the table in Section 4(c)(iv) above (i.e., with the Ending Price equal to the per
share purchase price applied to the Company in the Sale Event, which shall be determined prior to any contingencies, purchase price
adjustments, escrows and/or similar holdbacks), shall become vested on the later of such Sale Event or termination of Executive’s
continuous service. In addition, if the Company is subject to a Sale Event while Executive remains in continuous service and any
of the then-outstanding Performance RSUs are not assumed by the acquirer or its parent, continued by the surviving company, or
substituted for an equivalent award or cash payment, then the number of Performance RSUs that would have become vested pursuant
to the table in Section 4(c)(iv) above (i.e., with the Ending Price equal to the per share purchase price applied to the Company
in the Sale Event, which shall be determined prior to any contingencies, purchase price adjustments, escrows and/or similar holdbacks),
shall become vested immediately prior to the Sale Event.

 

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VELODYNE CONFIDENTIAL INFORMATION

 

C.                Release Requirement. Notwithstanding anything to the contrary herein, Executive’s right to any accelerated
vesting or any other benefit described in this Section 4(c)(v), shall be subject to Executive’s execution and non-revocation
of the Release described in Section 9(a), and if Executive fails to return the Release by the Release Deadline, as describe in
Section 9(a), or if Executive effectively revokes the Release, then Executive shall not be entitled to such accelerated vesting
or any other benefit described in this Section 4(c)(v).

 

(vi)          Additional Equity-Based Awards. Executive may be eligible to receive additional equity-based awards (which, if granted
to Executive, will constitute Equity Awards) pursuant to any plans or arrangements the Company may have in effect from time to
time. The Board or the Compensation Committee will review Executive’s equity grants annually (which, from time to time, will
include a comparison to market) and determine in its good faith discretion whether Executive will be granted any such additional
equity-based awards and the terms of any such additional equity-based awards in accordance with the terms of any applicable plan
or arrangement that may be in effect from time to time.

 

5.             Employee Benefits. During the Employment Term, Executive will be entitled to participate in executive benefit plans
and programs of the Company, if any, on the same terms and conditions as other senior executives of the Company to the extent that
Executive’s position, tenure, salary, age, health and other qualifications make Executive eligible to participate in such
plans or programs, subject to the rules and regulations applicable thereto. The Company reserves the right to cancel or change
the benefit plans and programs it offers to its employees at any time.

 

6.             Vacation. During the Employment Term, Executive shall continue to participate in the Company’s vacation and/or
paid time-off program in accordance with its terms; provided, that the Company reserves the right to cancel or change such
program at any time.

 

7.             Expenses.The Company will reimburse Executive for reasonable travel, entertainment or other expenses incurred
by Executive in the furtherance of or in connection with the performance of Executive’s duties hereunder, in accordance with
the Company’s expense reimbursement policy as in effect from time to time.

 

8.             Severance Benefits.

 

(a)           Termination without Cause or Resignation for Good Reason. If (i) the Company terminates Executive’s employment
with the Company without Cause or (ii) Executive resigns from such employment for Good Reason then, subject to Section 9, Executive
will receive the following severance benefits:

 

(i)            Cash Severance. Executive will receive continuing payments of severance pay at a rate equal to Executive’s
then-current Base Salary for twelve (12) months from the date of Executive’s termination of employment, which will be paid
in accordance with the schedule set forth in Section 9(b) and the Company’s normal payroll practices and be subject to the
usual, required withholding.

 

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VELODYNE CONFIDENTIAL INFORMATION

 

(ii)            Continued Employee Benefits. If Executive elects continuation coverage pursuant to the Consolidated Omnibus Budget
Reconciliation Act of 1985, as amended (“COBRA”) within the time period prescribed pursuant to COBRA for Executive
and Executive’s eligible dependents, the Company will reimburse Executive for the premiums necessary to continue group health
insurance benefits for Executive and Executive’s eligible dependents until the earlier of (A) a period of twelve (12) months
from the date of Executive’s termination of employment, (B) the date upon which Executive and/or Executive’s eligible
dependents becomes covered under similar plans or (C) the date upon which Executive ceases to be eligible for coverage under COBRA
(such reimbursements, the “COBRA Premiums”). However, if the Company determines in its sole discretion that
it cannot pay the COBRA Premiums without potentially violating applicable law (including, without limitation, Section 2716 of the
Public Health Service Act), the Company will in lieu thereof provide to Executive a taxable monthly payment payable on the last
day of a given month (except as provided by the following sentence), in an amount equal to the monthly COBRA premium that Executive
would be required to pay to continue Executive’s group health coverage in effect on the date of Executive’s termination
of employment (which amount will be based on the premium for the first month of COBRA coverage), which payments will be made regardless
of whether Executive elects COBRA continuation coverage and will end on the earlier of (x) the date upon which Executive obtains
other employment or (y) the date the Company has paid an amount equal to twelve (12) payments. Any such taxable monthly payment
will be paid in accordance with the schedule set forth in Section 9(b). For the avoidance of doubt, the taxable payments in lieu
of COBRA Premiums may be used for any purpose, including, but not limited to continuation coverage under COBRA, and will be subject
to all applicable tax withholdings. Notwithstanding anything to the contrary under this Agreement, if at any time the Company determines
in its sole discretion that it cannot provide the payments contemplated by the preceding sentence without violating applicable
law (including, without limitation, Section 2716 of the Public Health Service Act), Executive will not receive such payment or
any further reimbursements for COBRA premiums.

 

(b)           Voluntary Resignation; Termination for Cause. If Executive’s employment with the Company terminates (i) voluntarily
by Executive (other than for Good Reason) or (ii) for Cause by the Company, then Executive will not be entitled to receive severance
or other benefits, except for those (if any) as may then be established under the Company’s then existing severance and benefits
plans and practices or pursuant to other written agreements with the Company.

 

(c)           Disability; Death. If the Company terminates Executive’s employment as a result of Executive’s Disability,
or Executive’s employment terminates due to Executive’s death, then Executive will not be entitled to receive severance
or other benefits except for those (if any) as may then be established under the Company’s then existing written severance
and benefits plans and practices or pursuant to other written agreements with the Company.

 

(d)           Accrued Compensation. For the avoidance of any doubt, in the event of a termination of Executive’s employment
with the Company, Executive will be entitled to receive all expense reimbursements, wages, and other benefits due to Executive
under any Company-provided plans, policies, and arrangements.

 

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(e)           Exclusive Remedy. In the event of any termination of Executive’s employment with the Company, the provisions
of this Section 8 are intended to be and are exclusive and in lieu of any other rights or remedies to which Executive or the Company
may otherwise be entitled, whether at law, tort or contract, in equity. Executive will be entitled to no benefits, compensation
or other payments or rights upon termination of employment other than those benefits expressly set forth in this Section 8.

 

9.             Conditions to Receipt of Severance/Timing of Severance.

 

(a)           Separation Agreement and Release of Claims. The receipt of any severance pursuant to Sections 8(a) will be subject
to (i) Executive resigning from all positions Executive holds as an officer or director of the Company and any of its Affiliates
and executing all documents the Company determines, in its sole discretion, are necessary to effectuate such resignations prior
to the Release Deadline (as defined below) (such resignation and execution of applicable documents, the “Resignations”),
and (ii) Executive signing and not revoking a separation agreement and release of claims, substantially in the form attached hereto
as Exhibit A (the “Release”), which will be provided to Executive by the Company within five (5) days
following the termination of Executive’s employment, and provided that such Release becomes effective and irrevocable no
later than sixty (60) days following the termination date (such deadline, the “Release Deadline”). If the Resignations
and the Release do not become effective and irrevocable by the Release Deadline, Executive will forfeit any rights to severance
or benefits under this Agreement. In no event will severance payments or benefits be paid or provided until the Resignations and
the Release become effective and irrevocable.

 

(b)           Timing of Severance Payments. Provided that the Resignations and the Release becomes effective and irrevocable by
the Release Deadline, any severance payments or benefits under this Agreement will be paid on, or, in the case of installments,
will not commence until, the sixtieth (60th) day following Executive’s separation from service, or, if later, such time as
required by Section 9(c)(ii). Except as required by Section 9(c)(ii), any installment payments that would have been made to Executive
during the sixty (60) day period immediately following Executive’s separation from service but for the preceding sentence
will be paid to Executive on the sixtieth (60th) day following Executive’s separation from service and the remaining payments
will be made as provided in this Agreement. In no event will Executive have discretion to determine the taxable year of payment
for any Deferred Payments.

 

(c)           Section 409A.

 

(i)             Notwithstanding anything to the contrary in this Agreement, no Deferred Payments will be paid or otherwise provided until
Executive has a “separation from service” within the meaning of Section 409A. Similarly, no severance payable to Executive,
if any, pursuant to this Agreement that otherwise would be exempt from Section 409A pursuant to Treasury Regulation Section 1.409A-1(b)(9)
will be payable until Executive has a “separation from service” within the meaning of Section 409A.

 

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(ii)            Notwithstanding anything to the contrary in this Agreement, if Executive is a “specified employee” within the
meaning of Section 409A at the time of Executive’s separation from service (other than due to death), then the Deferred Payments,
if any, that are payable within the first six (6) months following Executive’s separation from service, will become payable
on the first payroll date that occurs on or after the date that is six (6) months and one (1) day following the date of Executive’s
separation from service. All subsequent Deferred Payments, if any, will be payable in accordance with the payment schedule applicable
to each payment or benefit. Notwithstanding anything herein to the contrary, if Executive dies following his separation from service,
but prior to the six (6) month anniversary of the separation from service, then any payments delayed in accordance with this Section
9(c)(ii) will be payable in a lump sum as soon as administratively practicable after the date of Executive’s death and all
other Deferred Payments will be payable in accordance with the payment schedule applicable to each payment or benefit. Each payment,
installment and benefit payable under this Agreement is intended to constitute a separate payment for purposes of Section 1.409A-2(b)(2)
of the Treasury Regulations.

 

(iii)          Any amount paid under this Agreement that satisfies the requirements of the “short-term deferral” rule set forth
in Section 1.409A-1(b)(4) of the Treasury Regulations will not constitute Deferred Payments. Any amount paid under this Agreement
that qualifies as a payment made as a result of an involuntary separation from service pursuant to Section 1.409A-1(b)(9)(iii)
of the Treasury Regulations that does not exceed the Section 409A Limit (as defined below) will not constitute Deferred Payments.

 

(iv)          The foregoing provisions and all compensation and benefits provided for under this Agreement are intended to comply with
or be exempt from the requirements of Section 409A so that none of the severance payments and benefits to be provided hereunder
will be subject to the additional tax imposed under Section 409A, and any ambiguities or ambiguous terms herein will be interpreted
to be exempt or so comply. The Company and Executive agree to work together in good faith to consider amendments to this Agreement
and to take such reasonable actions which are necessary, appropriate or desirable to avoid imposition of any additional tax or
income recognition prior to actual payment to Executive under Section 409A. In no event will the Company reimburse Executive for
any taxes that may be imposed on Executive as a result of Section 409A.

 

(d)           Other Requirements. Executive’s receipt of any payments or benefits under Section 8 will be subject to Executive
continuing to comply with the terms of the Inventions Agreement and the provisions of this Agreement.

 

(e)            No Duty to Mitigate. Executive will not be required to mitigate the amount of any payment contemplated by this Agreement,
nor will any earnings that Executive may receive from any other source reduce any such payment

 

10.           Limitation on Payments. In the event that the severance and other benefits provided for in this Agreement or otherwise
payable to Executive (i) constitute “parachute payments” within the meaning of Section 280G of the Internal Revenue
Code of 1986, as amended (the “Code”) and (ii) but for this Section 10, would be subject to the excise tax imposed
by Section 4999 of the Code, then Executive’s severance benefits under Section 8 will be either:

 

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(a)            delivered in full, or

 

(b)            delivered
as to such lesser extent which would result in no portion of such severance benefits being subject to excise tax under Section
4999 of the Code, whichever of the foregoing amounts, taking into account the applicable federal, state and local income taxes
and the excise tax imposed by Section 4999 of the Code, results in the receipt by Executive on an after-tax basis, of the greatest
amount of severance benefits, notwithstanding that all or some portion of such severance benefits may be taxable under Section
4999 of the Code. If a reduction in severance and other benefits constituting “parachute payments” is necessary so
that benefits are delivered to a lesser extent, reduction will occur in the following order: (i) reduction of cash payments, which
will occur in reverse chronological order such that the cash payment owed on the latest date following the occurrence of the event
triggering such excise tax will be the first cash payment to be reduced; (ii) reduction of acceleration of vesting of Equity Awards,
which will occur in the reverse order of the date of grant for such Equity Awards (i.e., the vesting of the most recently granted
Equity Awards will be reduced first); and (iii) reduction of other benefits paid or provided to Executive, which will occur in
reverse chronological order such that the benefit owed on the latest date following the occurrence of the event triggering such
excise tax will be the first benefit to be reduced. If more than one Equity Award was made to Executive on the same date of grant,
all such awards will have their acceleration of vesting reduced pro rata. In no event will Executive have any discretion with
respect to the ordering of payment reductions.

 

Unless the Company
and Executive otherwise agree in writing, any determination required under this Section 10 will be made in writing by a nationally
recognized firm of independent public accountants selected by the Company (the “Accountants”), whose determination
will be conclusive and binding upon Executive and the Company for all purposes. For purposes of making the calculations required
by this Section 10, the Accountants may make reasonable assumptions and approximations concerning applicable taxes and may rely
on reasonable, good faith interpretations concerning the application of Sections 280G and 4999 of the Code. The Company and Executive
will furnish to the Accountants such information and documents as the Accountants may reasonably request in order to make a determination
under this Section. The Company will bear all costs the Accountants may reasonably incur in connection with any calculations contemplated
by this Section 10.

 

11.           Definition of Terms. The following terms referred to in this Agreement will have the following meanings:

 

(a)            Affiliate. “Affiliate” means any parent or subsidiary corporation of the Company, as such terms
are defined in Section 424(e) and (1) of the Code.

 

(b)            Arbitration Agreement. “Arbitration Agreement” shall mean the Company’s current form of
Arbitration Agreement, substantially in the form attached hereto as Exhibit A.

 

(c)            Cause. “Cause” shall mean (i) Executive’s unauthorized use or disclosure of the Company’s
confidential information or trade secrets; (ii) a continuing material breach by Executive of any agreement between Executive and
the Company, which breach is results in or is reasonably likely to result in adverse consequences to the Company and continues
for more than twenty (20) calendar days after receiving specific written notification of such breach from the Board; (iii) a continuing
material failure by Executive to comply with the Company’s written policies or rules, which material failure continues for
more than twenty (20) calendar days after receiving specific written notification of such failure from the Board; (iv) Executive’s
conviction of, or plea of “guilty” or “no contest” to, a felony under the laws of the United States or
any State thereof; (v) Executive’s continuing gross negligence or willful misconduct, which gross negligence or willful misconduct
continues for more than twenty (20) calendar days after receiving specific written notification of such failure from the Board;
(vi) Executive’s continuing failure to perform reasonable and lawful assigned duties, which failure continues for more than
twenty (20) calendar days after receiving specific written notification of such failure from the Board; provided that any such
failure shall not constitute Cause if it is on account of any illness or disability resulting in Executive being on a short-term
or long-term leave under any of the Company’s applicable disability plans; or (vii) Executive’s continuing failure
to cooperate in good faith with a governmental or internal investigation of the Company or its directors, officers or employees,
if the Company has requested Executive’s cooperation, which failure continues for more than ten (10) calendar days after
receiving specific written notification of such failure from the Board.

 

    10

    

    

 

 

VELODYNE CONFIDENTIAL INFORMATION

 

(d)            Code. “Code” means the Internal Revenue Code of 1986, as amended.

 

(e)            Deferred Payment. “Deferred Payment” means any severance pay or benefits to be paid or provided
to Executive (or Executive’s estate or beneficiaries) pursuant to this Agreement and any other severance payments or separation
benefits, that in each case, when considered together, are considered deferred compensation under Section 409A.

 

(f)             Disability. “Disability” means that Executive is unable to engage in any substantial gainful activity
by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected
to last for a continuous period of not less than twelve (12) months.

 

(g)          
“Ending Price” shall mean, except as provided in Section 4(c)(v)(B), the closing price of the Company’s
common stock on the last trading day prior to the Performance RSU Vesting Date; provided that if the Company is not a public
company on the Performance RSU Vesting Date, it shall mean the fair market value of the Company’s common stock on such date,
as reasonably determined by the Board in good faith.

 

(h)            Equity Awards. “Equity Awards” means Executive’s outstanding stock options, stock appreciation
rights, restricted stock, restricted stock units, performance shares, performance stock units and any other Company equity compensation
awards.

 

(i)             Good Reason. “Good Reason” means Executive’s termination of employment following the occurrence
of one or more of the following, without Executive’s consent: (i) a material reduction in Executive’s Base Salary or
the amount of Executive’s Target Bonus opportunity, but not including a substantially similar and proportionate reduction
that applies to all officers of the Company; (ii) a material reduction in Executive’s authority, duties or responsibilities;
provided, that a reduction in Executive’s authorities, duties or responsibilities solely by virtue of the Company
being acquired and made part of a larger entity, whether as a subsidiary, business unit or otherwise (as, for example, when the
Chief Executive Officer of the Company remains the Chief Executive Officer of the Company following a Change of Control where the
Company becomes a wholly owned subsidiary of the acquiror, but is not made the Chief Executive Officer of the acquiring corporation)
will not, by itself, constitute “Good Reason;” (iii) an adverse relocation of Executive’s principal place of
employment to a place greater than 60 miles from Executive’s current principal place of employment; or (iv) the delivery
of a notice of non-renewal by the Company to Executive in accordance with Section 3 of this Agreement. Notwithstanding the foregoing,
Executive will not be entitled to resign for Good Reason without first providing the Company with written notice of the acts or
omissions constituting the grounds for “Good Reason” within ninety (90) days of the initial existence of such acts
or omissions and the Company fails to reasonably cure such grounds within thirty (30) days following the date of such notice. In
addition, Executive’s resignation will not qualify as a resignation for “Good Reason” unless: (A) the grounds
for “Good Reason” are not reasonably cured within the cure period specified in the preceding sentence; and (B) Executive
resigns within thirty (30) days following the end of such cure period.

 

    11

    

    

 

 

VELODYNE CONFIDENTIAL INFORMATION

 

(j)             IPO. “IPO” means the consummation of the first public offering (whether direct or underwritten)
pursuant to an effective registration statement under the Securities Act covering the offer and sale by the Company of its equity
securities.

 

(k)            Indemnification Agreement. “Indemnification Agreement” means the Indemnification Agreement between
the Company and Executive effective as of July 9, 2019.

 

(l)             Inventions Agreement. “Inventions Agreement” means the At-Will Employment, Confidential Information,
Invention Assignment and Arbitration Agreement, which Executive executed as of June 27, 2016.

 

(m)          
Liquidity Event. “Liquidity Event” means either an IPO or Sale Event.

 

(n)            Person. “Person” means any individual, corporation, partnership, joint venture, association, joint
stock company, trust, unincorporated organization, limited liability company or any other entity or organization of any kind, including
a governmental authority.

 

(o)            Sale Event. “Sale Event” means the consummation of the following transactions in which holders
of the Company’s common stock receive cash or marketable securities tradable on an established national or foreign securities
exchange: (i) a sale of all or substantially all of the assets of the Company determined on a consolidated basis to an unrelated
Person or entity; (ii) a merger, reorganization, or consolidation involving the Company in which the shares of voting stock of
the Company outstanding immediately prior to such transaction represent or are converted into or exchanged for securities of the
surviving or resulting entity immediately upon completion of such transaction which represent less than 50% of the outstanding
voting power of such surviving or resulting entity; or (iii) the acquisition of all or a majority of the outstanding voting stock
of the Company in a single transaction or series of related transactions by a Person or group of Persons. For the avoidance of
doubt, an initial public offering, any subsequent public offering, another capital raising event, and a merger effected solely
to change the Company’s domicile shall not constitute a “Sale Event.” In addition, a transaction shall not constitute
a Sale Event unless such transaction also qualifies as an event under Treasury Regulation Section 1.409A-3(i)(5)(v) (change in
the ownership of a corporation), Treasury Regulation Section 1.409A-3(i)(5)(vi) (change in the effective control of a corporation),
or Treasury Regulation Section 1.409A-3(i)(5)(vii) (change in the ownership of a substantial portion of a corporation’s assets).

 

    12

    

    

 

 

VELODYNE CONFIDENTIAL INFORMATION

 

(p)          
Section 409A. “Section 409A” means Section 409A of the Code and any final regulations and guidance
thereunder and any applicable state law equivalent, as each may be amended or promulgated from time to time.

 

(q)          
Section 409A Limit. “Section 409A Limit” will mean two (2) times the lesser of: (i) Executive’s
annualized compensation based upon the annual rate of pay paid to Executive during the Executive’s taxable year preceding
the Executive’s taxable year of Executive’s separation from service as determined under Treasury Regulation Section
1.409A-1(b)(9)(iii)(A)(1) and any Internal Revenue Service guidance issued with respect thereto; or (ii) the maximum amount that
may be taken into account under a qualified plan pursuant to Section 401(a)(17) of the Internal Revenue Code for the year in which
Executive’s separation from service occurred.

 

(r)           
Starting Price. “Starting Price” shall mean $29.04 per share.

 

12.          
Inventions Agreement; Confidential Information. The Company and Executive agree and acknowledge that the Inventions
Agreement will continue to remain in effect on and following the Effective Date.

 

13.         
Indemnification Agreement. The Company and Executive agree and acknowledge that the Indemnification Agreement will
continue to remain in effect on and following the Effective Date.

 

14.          
Assignment. This Agreement will be binding upon and inure to the benefit of (a) the heirs, executors and legal representatives
of Executive upon Executive’s death and (b) any successor of the Company. Any such successor of the Company will be deemed
substituted for the Company under the terms of this Agreement for all purposes. For this purpose, “successor” means
any person, firm, corporation or other business entity which at any time, whether by purchase, merger or otherwise, directly or
indirectly acquires all or substantially all of the assets or business of the Company. None of the rights of Executive to receive
any form of compensation payable pursuant to this Agreement may be assigned or transferred except by will or the laws of descent
and distribution. Any other attempted assignment, transfer, conveyance or other disposition of Executive’s right to compensation
or other benefits will be null and void.

 

15.          
Notices. All notices, requests, demands and other communications called for hereunder will be in writing and will
be deemed given (i) on the date of delivery if delivered personally, (ii) one (1) day after being sent by a well-established commercial
overnight service, or (iii) four (4) days after being mailed by registered or certified mail, return receipt requested, prepaid
and addressed to the parties or their successors at the following addresses, or at such other addresses as the parties may later
designate in writing:

 

    13

    

    

 

 

VELODYNE CONFIDENTIAL INFORMATION

 

If to the Company:

 

Velodyne LiDAR, Inc.

Attn: General Counsel

5521 Hellyer Ave.

San Jose, CA 95138

 

If to Executive:

 

at the last residential address known by the
Company.

 

16.          
Severability. In the event that any provision hereof becomes or is declared by a court of competent jurisdiction
to be illegal, unenforceable or void, this Agreement will continue in full force and effect without said provision.

 

17.          
Integration. As of the Effective Date of this Agreement, the Indemnification Agreement, the Inventions Agreement
and the award agreements with respect to Executive’s outstanding Equity Awards, represents the entire agreement and understanding
between the parties as to the subject matter herein and supersedes all prior or contemporaneous agreements whether written or oral,
including, but not limited to, the Offer Letter and the Severance Agreement. This Agreement may be modified only by agreement of
the parties by a written instrument executed by the parties that is designated as an amendment to this Agreement.

 

18.         
Waiver of Breach. The waiver of a breach of any term or provision of this Agreement, which must be in writing, will
not operate as or be construed to be a waiver of any other previous or subsequent breach of this Agreement.

 

19.         
Headings. All captions and section headings used in this Agreement are for convenient reference only and do not form
a part of this Agreement.

 

20.          
Tax Withholding. All payments made pursuant to this Agreement will be subject to withholding of applicable taxes.

 

21.          
Governing Law. This Agreement will be governed by the laws of the State of California (with the exception of its
conflict of laws provisions).

 

22.          
Acknowledgment. Executive acknowledges that he has had the opportunity to discuss this matter with and obtain advice
from his private attorney, has had sufficient time to, and has carefully read and fully understands all the provisions of this
Agreement, and is knowingly and voluntarily entering into this Agreement.

 

23.          
Gender Neutral. Wherever used herein, a pronoun in the masculine gender will be considered as including the feminine
gender unless the context clearly indicates otherwise.

 

24.          
Counterparts and Electronic Signature. This Agreement may be executed in counterparts, and each counterpart will
have the same force and effect as an original and will constitute an effective, binding agreement on the part of each of the undersigned.
Electronic signature by either party of this Agreement will be permitted and treated like handwritten signature for all purposes.

 

[Signature Page
Follows]

 

    14

    

    

 

VELODYNE
CONFIDENTIAL INFORMATION

 

IN WITNESS WHEREOF,
each of the parties has executed this Agreement, in the case of the Company by their duly authorized officers, as of the day and
year first written above.

 

	COMPANY:	
	 	 
	Velodyne LiDAR, Inc.	 
	 	 
	By:	/s/ David Hall	 
	Title:	Chairman	 
	 	 	 
	EXECUTIVE:	 
	 	 
	/s/ Anand Gopalan	 
	Anand Gopalan	 

 

[SIGNATURE PAGE TO EMPLOYMENT AGREEMENT]

 

    15

    

    

 

EXHIBIT A

 

Form Release of Claims

 

    

    

    

 

Exhibit A

 

 

[DATE]

 

Mr. Anand Gopalan

[ADDRESS]

 

Dear Anand:

 

This letter (the “Agreement”)
confirms the agreement between you and Velodyne LiDAR, Inc., a Delaware corporation (the “Company”) regarding
the terms described below.

 

1.            
Termination Date. Your employment with the Company ended on [DATE] (the “Termination Date”).

 

2.            
Effective Date and Revocation. You have up to [21]/[45] days after you receive this Agreement to review it. You
are advised to consult an attorney of your own choosing (at your own expense) before signing this Agreement. Furthermore, you
have up to seven days after you sign this Agreement to revoke it. If you wish to revoke this Agreement after signing it, you may
do so by delivering a letter of revocation to me. If you do not revoke this Agreement, this Agreement will become effective on
the eighth day after the date you sign it (the “Effective Date”). Because of the seven-day revocation period,
no part of this Agreement will become effective or enforceable until the Effective Date.

 

3.             
All Earning Paid To You. You acknowledge that the Company has paid you all of your salary, vacation and all other
compensation earned by you through the Termination Date and that, prior to the execution of this Agreement, you were not entitled
to receive any additional money from the Company and that the only payments and benefits that you are entitled to receive from
the Company in the future are those specified in this Agreement.

 

4.            
Severance Pay. Upon your continued compliance with the requirements contained herein and the requirements set forth
in the employment agreement between you and the Company, effective as of [DATE] (the “Employment Agreement”), the
Company will provide you with the following severance payments in accordance with the applicable provisions of Section 8(a) of
the Employment Agreement: [DESCRIBE THE APPLICABLE SEVERANCE PAYMENTS AND BENEFITS AT TIME OF SEPARATION HERE].

 

5.            
Equity Rights. [DESCRIBE OUTSTANDING EQUITY-BASED AWARDS AT TIME OF SEPARATION AND ANY APPLICABLE VESTING RIGHTS]

 

6.             Release
of All Claims. In consideration for the additional benefits described in Paragraphs 4 and 5 above, to the fullest extent permitted
by law, you waive, release and promise never to assert any claims or causes of action under any federal, state, local or foreign
law, whether or not now known, against the Company or its respective predecessors, successors or past or present subsidiaries,
stockholders, directors, officers, employees, consultants, attorneys, agents, assigns and employee benefit plans (“Released
Parties”) with respect to any matter, including (without limitation) your employment with the Company or the termination
of that employment, including (without limitation) claims to attorneys’ fees or costs, claims of wrongful discharge, constructive
discharge, emotional distress, defamation, invasion of privacy, fraud, breach of contract or breach of the covenant of good faith
and fair dealing and any claims of discrimination or harassment based on sex, age, race, national origin, disability or any other
basis under Title VII of the Civil Rights Act of 1964, the California Fair Employment and Housing Act, the Age Discrimination
in Employment Act of 1967, the Americans with Disabilities Act, the Civil Rights Act of 1991, Section 1981 of U.S.C. Title 42,
and all other laws and regulations relating to employment. This Agreement shall not apply, however, to claims based on events
occurring after your execution of the Agreement or to claims for unemployment insurance benefits, claims for workers’ compensation
benefits, claims for indemnity pursuant to applicable law, vested compensation and/or benefits, and any rights and claims not
subject to waiver by law

 

    

    

    

 

NAME

DATE

Page 2

 

7.            
Waiver. You understand that you may later discover facts in addition to or different from those currently known
or believed by you but understand that this Agreement will nonetheless be binding notwithstanding the potential discovery of such
facts. You expressly waive and release any and all rights and benefits under Section 1542 of the California Civil Code (or
any analogous law of any other state), which reads as follows:

 

A general release
does not extend to claims that the creditor or releasing party does not know or suspect to exist in his or her favor at the time
of executing the release and that, if known by him or her, would have materially affected his or her settlement with the debtor
or released party.

 

8.            
No Admission/Concerted Activity. Nothing contained in this Agreement will constitute or be treated as an admission
by you or the Company of liability, any wrongdoing or any violation of law by either party. This Agreement shall not be construed
or applied in a manner that prohibits discussion or comment regarding working conditions or the terms and conditions of employment,
or otherwise interferes with employees’ rights under Section 7 of the National Labor Relations Act, including the right
to engage in concerted activity. This Agreement does not prohibit you from reporting alleged violations of applicable law to any
government agency or entity, however, including, but not limited to, the Equal Employment Opportunity Commission, the California
Department of Fair Employment and Housing, the Department of Justice, the Department of Labor, and the Securities and Exchange
Commission, or making other disclosures that are protected under applicable law, provided that you may not personally recover
any financial compensation in connection with such claims.

 

9.           
Other Agreements/No Reliance on Representations. At all times in the future, you will remain bound by your Proprietary
Information & Confidentiality Agreement with the Company, which you signed on [DATE], a copy of which is attached as Exhibit A.
Except as expressly provided in this Agreement, this Agreement renders null and void all prior agreements between you and the
Company, whether oral or written, and constitutes the entire agreement between you and the Company regarding the subject matter
of this Agreement. The Parties agree and confirm that
they have not relied and do not rely upon any representation or statement regarding the subject matter or effect of this Agreement
made by any other party to this Agreement or any party’s agents, attorneys or representatives. This Agreement may
be modified only in a written document signed by you and a duly authorized representative of the Company. Notwithstanding any
other provision of this Agreement or the Proprietary Information & Confidentiality Agreement, you may disclose confidential
information to (a) governmental entities or an attorney for the sole purpose of reporting or assisting in the investigation of
a suspected violation of law, or (b) in a document filed in a lawsuit if the filing is made under seal and protected from public
disclosure. Nothing in this Agreement is intended to conflict with 18 U.S.C. 1833(b) or create liability for disclosures of trade
secrets that are expressly allowed by 18 U.S.C. 1833(b).

 

    

    

    

 

NAME

DATE

Page 3

 

10.         
Company Property. You agree that you will deliver to the Company upon signing this Agreement all Company property
and all confidential information, as well as any copies or duplications thereof, in your possession, custody or control. To the
extent that information such as passwords or access codes may be necessary to access or use any Company property and such information
is known to you, you will provide the Company with such information promptly upon request. To the extent that you may possess
any confidential information in electronic form on devices or equipment owned by you (including, but not limited to, personal
computers, memory or storage devices, and cell phones), you will provide a written list of all such confidential information within
two business days of the date on which your employment terminates, then preserve (and not delete) all confidential information
until receiving direction from Company regarding the removal or deletion of such confidential information. You agree to cooperate
with Company in removing confidential information from any devices, accounts or equipment owned by you.

 

11.          
Confidentiality of Agreement. You agree that you will not disclose to others the existence or terms of this Agreement,
except that you may disclose such information to your spouse, attorney, or tax adviser if such individuals agree that they will
not disclose to others the existence or terms of this Agreement or as otherwise required by law. This confidentiality provision
is not intended to and does not prohibit you from disclosing information about unlawful or potentially unlawful acts in the workplace,
including but not limited to, sexual harassment.

 

12.          
Counsel. You acknowledge that you have been advised to, and given the opportunity to, consult with counsel with
respect to this Agreement and its terms and have executed and delivered this Agreement freely and voluntarily.

 

13.          
No Disparagement. You agree that you will not make any negative or disparaging statements (orally or in writing)
about the Company or its stockholders, directors, officers, employees, products, services or business practices, except as required
by law. The Company agrees that none of its Board members or officers will make any negative or disparaging statement (orally
or in writing) about you to any third party, except as required by law.

 

    

    

    

 

NAME

DATE

Page 4

 

14.         
Successors and Assigns. Each party represents that it has not transferred to any person or entity any of the rights
released or transferred through this Agreement. The Parties agree that this Agreement shall be binding upon the future successors
and assignees of Company, if any. The Employee may not delegate or assign any obligations pursuant to this Agreement.

 

15.          
Severability. If any term of this Agreement is held to be invalid, void or unenforceable, the remainder of this
Agreement will remain in full force and effect and will in no way be affected, and the Parties will use their best efforts to
find an alternate way to achieve the same result. If a court declares or determines that any of the release provisions set forth
in section 6 above are invalid, illegal or unenforceable, however, the Company shall have the option of declaring this Agreement
null and void and, in such event, you shall return to it all consideration provided to you pursuant to this Agreement within ten
days of the Company’s request

 

16.          
Choice of Law. This Agreement will be construed and interpreted in accordance with the laws of the State of California
(other than their choice-of-law provisions), except that the Agreement shall be interpreted as through drafted jointly by the
Parties.

 

17.          
Execution. This Agreement may be executed in counterparts, each of which will be considered an original, but all
of which together will constitute one agreement. Execution of a facsimile copy will have the same force and effect as execution
of an original, and a facsimile signature will be deemed an original and valid signature.

 

[Signature Page Follows]

 

    

    

    

 

NAME

DATE

Page 5

 

Please indicate your
agreement with the above terms by signing below.

 

	 	Sincerely,
	 	 
	 	VELODYNE LIDAR,
INC.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

I
agree to the terms of this Agreement, and I am voluntarily signing this release of all claims. I acknowledge that I have read and
understand this Agreement, and I understand that I cannot pursue any of the claims and rights that I have waived in this Agreement
at any time in the future.

 

 

	 	 
	Anand Gopalan	 
	 	 
	Dated:Exhibit 10.12

 

LICENSE AND SUPPLY AGREEMENT

 

By and Between

 

Velodyne LiDAR, Inc. AND Veoneer US,
Inc.

 

	Pursuant to SEC Release 34-85381, certain identified information has been excluded from this Exhibit because it is (i) not material and (ii) would be competitively harmful if publicly disclosed.	 

 

      

     

    

 

This License and Supply Agreement (hereinafter,
the “Agreement”) is entered into on the date that Velodyne LiDAR, Inc. receives from Veoneer US, Inc. a binding
purchase order for $[*] USD for the transfer of documents as set forth in Section 3.7 of this Agreement (provided that Velodyne
LiDAR, Inc. receives such purchase order prior to March 1, 2019) (hereinafter, the “Effective Date”) by and
between:

 

Velodyne LiDAR, Inc., a company
duly incorporated under the laws of California and having its principal place of business at 5521 Hellyer Avenue, San Jose, California
95138 (hereinafter, together with its Affiliates, “Velodyne”); and

 

Veoneer US, Inc., a company duly
incorporated under the laws of Delaware and having its principal place of business at 26545 American Drive, Southfield, Michigan
48034 (hereinafter, together with its Affiliates, “Veoneer”).

 

Velodyne and Veoneer are hereinafter referred
to separately as a “Party” and jointly as the “Parties”.

 

PREAMBLE:

 

WHEREAS, the Parties desire to collaborate
in the area of LiDAR products;

 

WHEREAS, effective as of the Effective
Date, the Parties have agreed to enter into a business relationship, where Velodyne will provide Veoneer with certain materials
and rights to certain Velodyne intellectual property so that Veoneer may, as described below, sell, distribute, promote, manufacture
and modify (including, related research and development) Licensed Products (as defined below), each of the foregoing solely, to
fulfill Programs as defined below (and for no other purpose) (hereinafter, the “Purpose”);

 

WHEREAS, Velodyne will provide a limited
patent license to Veoneer for any Velodyne-owned patents and patent applications that are or will be practiced by the then-current
reference design of the Licensed Product (as defined below) and as modified to meet Customer (as defined below) expectations;

 

WHEREAS, Velodyne will provide Veoneer
with the Velodyne trade secrets and know-how ([*]) as well as licenses for the same reasonably necessary for Veoneer to fulfill
the Purpose, including for Veoneer to develop and manufacture Licensed Products thereunder as applicable (as set forth herein);

 

NOW, THEREFORE, the Parties hereto agree as follows:

 

		1.	Definitions

 

The following terms and definitions will have the meanings set
forth below where used in this Agreement with initial capital letters:

 

	Pursuant to SEC Release 34-85381, certain identified information has been excluded from this Exhibit because it is (i) not material and (ii) would be competitively harmful if publicly disclosed.	2

 

      

     

    

 

1.1           “Affiliate” means as to; i) Velodyne LiDAR, Inc.: an entity directly or indirectly controlled by Velodyne
LiDAR, Inc.; and ii) Veoneer US, Inc.: an entity directly or indirectly controlled by or under common control with Veoneer US,
Inc., where in each case i) and ii) control means the ownership or control, directly or indirectly, of more than fifty percent
(50%) of all of the voting power of the shares (or other securities or rights) entitled to vote for the election of directors or
other governing authority, during the term of this Agreement; provided that such entity shall be considered an Affiliate only for
the time during which such control exists. For clarity, Veoneer US, Inc. and Velodyne LiDAR Inc. will be liable for any of their
respective Affiliates’ liabilities hereunder to the extent such Affiliate will not (or is not able to) satisfy their obligations
pursuant to such liabilities.

 

1.2           “[*]”
means [*].

 

1.3          
“Background IP” means any and all intellectual property rights including, without limitation, Copyright,
Patents, trademark rights and Trade Secrets, created, developed, invented, conceived or otherwise devised by or for a party prior
to the Effective Date.

 

1.4          
“[*]” means [*].

 

1.5          
“[*]” means [*].

 

1.6           “Competitor”
means a third party competing with Velodyne [*].

 

1.7           “Copyright”
means copyright (also including, without limitation, so called moral rights), rights in computer software code and other like
rights of authorship.

 

1.8           “Customer”
means a purchaser of a Licensed Product (including as modified to meet such purchaser’s expectations) that is pre-approved
in writing by Velodyne (including, without limitation, companies pre-approved in this Agreement). If a Customer desires [*], the
parties will enter into a mutually agreed Addendum to this Agreement to add that variant as an additional Licensed Product.

 

1.9           “Foreground
IP” means any and all intellectual property rights including, without limitation, Copyright, Patents and Trade Secrets:
(i) incorporated into, practiced by or otherwise embedded in Licensed Products (including as modified to meet customer expectations);
or (ii) created, developed, invented, or otherwise devised by Veoneer based on or developed with reference to intellectual property
or Confidential Information licensed or otherwise provided by Velodyne hereunder or otherwise improving the [*] reference design
as supplied by Velodyne to Veoneer after the Effective Date; except software developed by Veoneer including, without limitation,
software for cyber security, functional safety, localization or object detection.

 

1.10         To
 “Modify” means to modify, adapt, alter and/or to create derivative works of. Notwithstanding the above, the
definition of to “Modify” will not cover any activities falling under the definition of to “Sell”
or to “Use”.

 

	Pursuant to SEC Release 34-85381, certain identified information has been excluded from this Exhibit because it is (i) not material and (ii) would be competitively harmful if publicly disclosed.	3

 

      

     

    

 

1.11         “Licensed
Product” means: (i) the [*] LiDAR products and other [*] LiDAR products, which are based or derived from [*], and (ii)
all subsequent Velodyne authorized updates, upgrades, variants and new versions of [*] products, including, without limitation,
[*]. For clarity, any updated reference designs, and (i) and (ii) are only to the extent authorized by Velodyne in writing.

 

1.12         “Patent” means patents (including, without limitation, divisionals, continuations, continuations-in-part,
re-exams and re-issues), utility models (petty patents) and applications for the same.

 

1.13         “Program”
means a binding multi-year production agreement, i.e. a binding purchase order in the automotive industry, [*], for a specific
Licensed Product (for clarity, all production contracts of Licensed Products require a binding agreement) from a preapproved Customer.

 

1.14         “Related
Program” means an opportunity for [*].

 

1.15         
To “Sell” means to sell, offer to sell, market, lease, distribute, make available, import, export and/or
to otherwise dispose of in exchange for direct or indirect economic gain, subject to the restrictions set forth in this Agreement.
Notwithstanding anything to the contrary, all software is licensed and not sold. Notwithstanding the above, the definition of to
 “Sell” will not cover any activities falling under the definition of to “Modify” or to “Use”.

 

1.16         “Trade
Secret” means trade secrets, business secrets and other like know-how or other proprietary information entitled to similar
statutory protection under applicable laws.

 

1.17         To
 “Use” means to means to use, make, (if pre-approved in writing by Velodyne on a case by case basis) Have Made
(as defined below), install, combine, compile, reproduce, and/or incorporate. Notwithstanding the above, the definition of to
 “Use” will not cover any activities falling under the definition of to “Modify” or to “Sell”.
The right to “Have Made” is the right of Veoneer to have a contract manufacturer, subcontractor, or other like
third party to carry out manufacturing solely for or on behalf of Veoneer and does not include: a) the right to use for or on
such third party’s own behalf; or b) for or on behalf of any customer of such third party other than Veoneer.

 

		1.18	“[*]” means [*].

 

		1.19	“[*] Software”, “[*] Software”,
 “[*] Software” and “[*] Software” means [*].

 

		2.	Grant
                                         of Licenses

 

		2.1	Software
                                         License - [*]

 

Velodyne hereby grants to Veoneer, under
Copyright and Patents owned, controlled or otherwise licensable by Velodyne and embodied in the [*] Software, a worldwide, non-exclusive
and limited license to: (a) Sell [*] Software solely to Customers and solely in binary/object code form as incorporated into and
for use in the Licensed Products; and (b) to Use the [*] Software (in object code only) only for testing the [*] Software and/or
for manufacturing, modifying and developing the Licensed Products in accordance herewith. For clarity, Veoneer is not permitted
to Modify the [*] Software and is not entitled to any [*]. [*].

 

	Pursuant to SEC Release 34-85381, certain identified information has been excluded from this Exhibit because it is (i) not material and (ii) would be competitively harmful if publicly disclosed.	4

 

      

     

    

 

		2.2	Software
                                         License - [*]

 

Velodyne hereby grants Veoneer, under Copyright
and Patents owned, controlled or otherwise licensable by Velodyne and embodied in the [*] Software, a worldwide, non-exclusive
and limited license to: (a) Sell the [*] Software solely to Customers and solely in binary/object code form as incorporated into
and for use in the Licensed Products, and (b) to Use and to Modify the [*] Software ([*]) only for testing and modifying the [*]
Software and/or for manufacturing, modifying and developing the Licensed Products in accordance herewith. Any modifications by
Veoneer of the [*] Software that affect or impact the [*] Software will require prior agreement by both Parties, consent to which
agreement will not be unreasonably withheld by either Party. [*].

 

		2.3	Software
                                         License - [*]

 

Velodyne hereby grants to Veoneer, under
Copyright and Patents owned, controlled or otherwise licensable by Velodyne and embodied in the [*], a worldwide, non-exclusive
and limited license to Use the [*] provided by Velodyne (in binary/object code only) only for manufacturing, testing, modifying
and/or developing the Licensed Products in accordance herewith. [*].

 

		2.4	Software
                                         License - [*]

 

Velodyne hereby grants to Veoneer, under
Copyright and Patents owned, controlled or otherwise licensable by Velodyne and embodied in the [*], a worldwide, non-exclusive
and limited license to Use the [*] provided by Velodyne [*] only for manufacturing, testing, modifying and/or developing the Licensed
Products in accordance herewith. Velodyne will expose its [*] application programming interface (i.e. API) to Veoneer and
provide mutually agreed related documentation, each for the sole purpose of enabling Veoneer to control the alignment sequence
for the Licensed Products. [*].

 

		2.5	Trade
                                         Secret License

 

Subject to Veoneer keeping such Trade Secrets
confidential in accordance with this Agreement, Velodyne hereby grants to Veoneer a worldwide, non-exclusive and limited license
to Use Velodyne’s Trade Secrets, including but not limited to research and development purposes and for the purpose of manufacturing
Licensed Products (as set forth herein), each of the foregoing, solely as necessary for Veoneer to fulfill the Purpose. For clarity:
i) the only Trade Secrets that Velodyne is obligated to provide hereunder are those embodied in the deliverables set forth on Schedule
2; ii) [*]; and iii) Veoneer will have no obligation to provide any Trade Secrets, Confidential Information (as defined below)
or other documentation, articles or materials to Velodyne hereunder.

 

	Pursuant to SEC Release 34-85381, certain identified information has been excluded from this Exhibit because it is (i) not material and (ii) would be competitively harmful if publicly disclosed.	5

 

      

     

    

 

To the extent documents, files and other
materials embodying such Trade Secrets are labelled as being “Velodyne Confidential”, Veoneer will exercise
reasonable care to refrain from disclosing the same to any third parties (other than consultants and the like working for Veoneer
that have a need to know, are bound by a confidentiality agreement and are informed of the confidential nature of the information)
and will use at least reasonable efforts to secure such information, but in no event less care than it uses to prevent its own
similarly sensitive information from being disclosed to third parties.

 

On Schedule 1 attached hereto, Veoneer
has provided to Velodyne a list of employees that are currently approved to receive Trade Secret information, [*] (hereinafter,
the “Approved VNE Representatives”). For clarity, the number of Approved VNE Representatives shall be no less than
[*], and thereafter as meaningfully engaged with Velodyne. If Velodyne provides information or materials to any Approved VNE Representatives
and such information, given the nature and type is such that a reasonable person should understand the information to be Velodyne
confidential information, such information shall be treated as a Velodyne Trade Secret by Veoneer, regardless of whether such information
or materials are labeled as “Velodyne Confidential”.

 

		2.6	Patent
                                         License for Comprehensive Licensed Products

 

Subject to Section 2.8 below, Velodyne
hereby grants to Veoneer, under Patents owned, controlled or otherwise licensable by Velodyne and embodied in the [*], a worldwide,
non-exclusive and limited license to: (a) Sell comprehensive Licensed Products; and (b) to Modify and Use comprehensive Licensed
Products, in each case (a) and (b) only to Customers and in accordance with this Agreement. [*].

 

		2.7	Limitations
                                         to Licenses

 

Each of the foregoing licenses set forth
in Sections 2.1 to 2.6 above is non-exclusive, non-transferrable (save only for as permitted in Section 9.5 below), non-sublicensable,
worldwide and limited to the term of this Agreement (save only for as permitted in Section 4.4 below) and solely for the Purpose
and granted subject to the following limitations: Veoneer may only (i) offer to sell Licensed Products to preapproved Customers
(that have not been revoked or are irrevocable) for a Program and (ii) Sell, Use or Modify Licensed Products to fulfill Programs.

 

Veoneer may not sublicense any of the licenses
under this Agreement without Velodyne’s prior written consent. The parties acknowledge that certain Customers may require
certain sublicense rights.

 

Except as expressly set forth in this Agreement,
Veoneer shall not (and shall not knowingly permit any third party to), directly or indirectly: (i) reverse engineer, decompile,
disassemble, or otherwise attempt to discover the source code, or underlying structure, underlying ideas or underlying algorithms
(where underlying structure, ideas or algorithms are those that are not apparent from the documentation provided by Velodyne) of
the [*] Software, [*] Software or [*] Software (except to the extent applicable laws specifically prohibit such restriction); (ii)
Modify the Velodyne [*], [*], the [*] Software, the [*] Software, the [*] Software, the [*] Software and any other materials provided
by Velodyne hereunder) (collectively, “Velodyne Intellectual Property”) except as permitted herein; (iii) pledge, assign
(save only for as permitted under Section 9.5 below), or otherwise transfer or encumber rights to any Velodyne Intellectual Property;
(iv) use or exploit in any manner any Velodyne Intellectual Property or any Velodyne intellectual property right(including, without
limitation, for the benefit of a third party other than a Customer pursuant to a Program and in accordance herewith) except as
expressly set forth herein; (v) remove or otherwise alter any proprietary notices or labels from Velodyne Intellectual Property
or any portion thereof; (vi) [*]; or (vii) bypass any measures Velodyne may use to prevent or restrict access to the [*] Software,
the [*] Software or the [*] Software.

 

	Pursuant to SEC Release 34-85381, certain identified information has been excluded from this Exhibit because it is (i) not material and (ii) would be competitively harmful if publicly disclosed.	6

 

      

     

    

 

Each Party recognizes that neither Party
grants any license, by implication, by estoppel or otherwise, except for the licenses expressly set forth in this Agreement.

 

		2.8	Commercial
                                         Scope of Licenses

 

For clarity, Veoneer may only Sell, Use
or Modify the Licensed Products based on Velodyne’s [*] in accordance with this Agreement, provided that such reference design
may be modified by Veoneer solely to the extent necessary to meet Customer specifications.

 

Veoneer may Sell the Licensed Products
to each of: [*] in accordance with this Agreement.

 

Veoneer may Sell the Licensed Product to
each of: [*] in accordance with this Agreement (hereinafter, the “Revocable Customers”). With respect to each
Revocable Customer, at any time prior to Veoneer notifying Velodyne that it has made a binding proposal (subject to the below limitations)
to such Revocable Customer, Velodyne may revoke permission to Veoneer to Sell the Licensed Products to such Revocable Customer
by notice to Veoneer. Veoneer will notify Velodyne promptly after Veoneer having submitted any proposal (e.g. a RFQ) and such notice
shall include reasonable detail and state whether such proposal is binding, and Veoneer shall update such notice should any material
change occur, including, if such proposal is rejected or otherwise no longer binding. If Veoneer notifies Velodyne that a proposal
is binding, then Velodyne may not revoke permission with respect to such proposal unless and until the same is rejected or otherwise
no longer binding (at which point Velodyne may again revoke permission to Veoneer to Sell the Licensed Products to the applicable
Revocable Customer upon notice to Veoneer).

 

Veoneer may engage consultants, subcontractors
and other like third parties to Modify the [*] Software and the comprehensive Licensed Products (e.g. for so called “application
engineering”) such that Veoneer becomes the owner of the Foreground IP generated by them and that such engaging complies
with this Agreement including, without limitation, Section 6.2 (Confidentiality) below. Absent Velodyne’s advance written
approval, (1) Veoneer shall not be allowed to share Trade Secrets with any consultants, subcontractors and other like third parties,
and (2) Veoneer shall not be permitted to add consultants, subcontractors and other like third parties to Schedule 1.

 

		2.9	No
                                         Trademark Licenses

 

Neither Party grants any license hereunder
for any of its trademarks, logos or other brands. Absent an advance written approval by Velodyne, the Licensed Products shall not
bear any trademark, logo or other brand of Velodyne or its Affiliates.

 

	Pursuant to SEC Release 34-85381, certain identified information has been excluded from this Exhibit because it is (i) not material and (ii) would be competitively harmful if publicly disclosed.	7

 

      

     

    

 

		2.10	Background
                                         and Foreground IP

 

Each Party shall solely own its Background
IP. Each Party shall solely own its Foreground IP.

 

During the term of this Agreement, Veoneer
may not: i) license any of its Foreground IP to a Competitor of Velodyne; or ii) provide, to the extent such Foreground IP is based
on or developedwith reference to Background IP or Confidential Information (excluding any Confidential Information that qualifies
for an exception set forth in Section 6.2(a), (b), (c) or (d)) of Velodyne, to any Veoneer personnel that are working on any other
time of flight LiDAR technology.

 

Veoneer will not permit any of its personnel
who: 1) are identified on Schedule 1; 2) have access to Trade Secrets, or 3) are personnel working on [*] LiDAR, to work on [*]
during the period of time that such personnel are working on or with the Licensed Product, and for such personnel working on “[*]
LiDAR” elements of the Licensed Product, such restrictions shall extend for [*] after such personnel’s work on [*]
LiDAR elements concludes.

 

“[*] LiDAR” means [*].

 

		2.11	Grant
                                         Back License

 

Veoneer hereby grants to Velodyne under:
(i) Foreground IP and (ii) any improvements in the product or manufacturing process or know-how related thereto disclosed or provided
to Velodyne a perpetual, irrevocable, worldwide, and royalty free (unless sublicensed) license to Modify, Use, Sell and otherwise
exploit the foregoing without restriction. The foregoing license is sublicensable for a running royalty at a fixed rate of [*].
Sections 3.6(A) and 3.6(B) will apply mutatis mutandis to the reporting, invoicing, payment and auditing of such royalties.

 

		3.	COMMERCIAL
                                         TERMS

 

		3.1	Exclusivity
                                         for Veoneer

 

During the term of each Program, Veoneer
may not Sell to said Program any third party or internally developed pulsed time-of-flight LiDAR technology. Veoneer may not Sell
any third party or internally developed pulsed time-of-flight LiDAR technology [*].

 

		3.2	Exclusivity
                                         for Velodyne

 

During the term of each Program, Velodyne
may not Sell to said Program: i) the Licensed Product or any other LiDAR products; or ii) a license to any other Party to sell
Licensed Products or any other LiDAR products. Velodyne may not Sell i) the Licensed Product or any other LiDAR products; or ii)
a license to any other Party to sell Licensed Products or any other LiDAR products, [*].

 

	Pursuant to SEC Release 34-85381, certain identified information has been excluded from this Exhibit because it is (i) not material and (ii) would be competitively harmful if publicly disclosed.	8

 

      

     

    

 

		3.3	Violations
                                         of Exclusivity

 

Without prejudice to other remedies that
may be available to a Party under contract or law, if a Party violates the exclusivity obligations hereunder (the non-violating
Party in this circumstance, the “Displaced Party”), the Displaced Party shall be entitled [*]. For clarity, this provision
survives termination of this Agreement until the termination of the Program or Related Program in question.

 

		3.4	Annual
                                         Minimum Royalty

 

Upon commencement of Veoneer serial production
for the first Licensed Product (including, as modified to meet Customer expectations), Veoneer commits that the total royalties
paid to Velodyne during each calendar year through December 31, 2024 (prorated for the calendar years where production for a Program
is commenced or ended) will achieve a minimum of [*] in the aggregate (the “AMR”)). Notwithstanding the foregoing,
the parties agree there will be no AMR [*], and the AMR [*] shall be equal to the royalties actually achieved during such calendar
year based on Veoneer sales of Licensed Products to Customers.

 

Starting in [*], Veoneer shall provide
an annual calendar year report to Velodyne by [*], confirming the actual amount of royalties paid to Velodyne during the reporting
calendar year) (the “Annual Royalty Payment Report”).

 

For calendar years 2021 and later, if the
actual royalties paid during a calendar year do not meet the AMR, the Parties will meet to discuss in good faith the reasons why
such AMR was not achieved and whether an adjustment to the AMR is warranted. Such meeting will occur no later than [*] after Veoneer
issues its Annual Royalty Payment Report and if Velodyne does not request such meeting within the [*], the requirement for such
meeting will be waived and the Agreement shall continue with the AMR automatically adjusted for the subject calendar year to an
amount equal to the actual royalties achieved during such calendar year (for clarity, this shall not affect, increase or reduce
any subsequent calendar years’ AMR). If the Parties are unable to close the discussion [*] after the date of the initial
meeting (by either agreeing no change to the Agreement is warranted, or by agreeing to mutually agreeable adjustments to this Agreement),
then: (i) the minimum royalty shall be equal to [*]; and (ii) Velodyne shall have the option to terminate this Agreement, without
penalty, exercisable only [*]. Veoneer may prior to such termination [*] and such termination right shall no longer be exercisable
for such calendar year. The option to terminate shall be subject to the termination rules set forth in this Agreement.

 

		3.5	Running
                                         Royalties

 

Veoneer will pay Velodyne a running royalty
at [*] of the sales price of each Licensed Product Sold by or on behalf of Veoneer hereunder (including, as modified to meet Customer
expectations).

 

		3.6(A)	Royalty
                                         Reporting, Invoicing and Payment Terms

 

Royalties shall be paid in US dollars against
invoices duly issued by Velodyne.

 

Within 20 days after the end of the preceding
full calendar quarter, Veoneer will send to Velodyne, using the contact details set forth in Section 9.3, a quarterly royalty report
with the following information about Licensed Products sold by Veoneer to Customers during the preceding full calendar quarter:
i) types of Licensed Products sold on a per Program basis; ii) quantity of each such type sold on per Program basis; iii) the sales
prices of such Licensed Products on a per Program basis; and iv) Veoneer’s calculation for the resulting total royalty payment.
For clarity, Velodyne is not bound to any erroneous royalty calculations made by Veoneer.

 

	Pursuant to SEC Release 34-85381, certain identified information has been excluded from this Exhibit because it is (i) not material and (ii) would be competitively harmful if publicly disclosed.	9

 

      

     

    

 

Upon having received the quarterly royalty
report, Velodyne will duly issue an invoice to Veoneer. For clarity, Veoneer is not bound to any erroneous royalty calculations
made by Velodyne.

 

Veoneer will pay the quarterly royalties
for Licensed Products to Velodyne within 10 days from having received the invoice duly issued by Velodyne. All payments to Velodyne
hereunder must be made by wire transfer to the following account (or to any other account indicated by Velodyne in writing):

 

	Payments to Veoneer:	Payments to Velodyne:

 

	Account Name:	[*]	Account Name:	[*]
	Account Number: Routing Number:	[*]	Account Number: Routing Number:	[*]
	Bank Address:	[*]	Bank Address:	[*]

 

If a Party is delinquent in remitting payment
to a Party hereunder, such payments shall begin accruing interest [*] following such payment due date at the rate of [*] (or, if
lower, the highest rate permitted by applicable law). All reasonable costs of collection shall be borne by the delinquent party,
notwithstanding anything to the contrary. During any period of time that Veoneer is delinquent beyond [*]. Veoneer will not discriminate
against the Licensed Products with the intent to reduce the royalties payable to Velodyne hereunder (including, without limitation,
using the Licensed Products as a “loss leader”).

 

		3.6(B)	Audits

 

Each Party will maintain all books and
records relevant to compliance with this Agreement for [*] since the original date of recording. A Party may designate an independent
third party auditor from a “Big Four” certified public accounting firm who agrees to the audited party’s reasonable
confidentiality agreement and processes, and such designee will be entitled to inspect, audit and make reasonable copies of the
books, records, procedures and facilities of the other party and its Affiliates required to assess compliance with this Agreement
during the business hours of the audited site. The audited Party will pay the reasonable audit costs, if the audit concludes that
the audited Party has underpaid the other Party by [*] for any audited period. If the audit reveals any overpayment, then the Party
having received the overpayment must promptly reimburse the other Party for the full amount of the overpayment.

 

	Pursuant to SEC Release 34-85381, certain identified information has been excluded from this Exhibit because it is (i) not material and (ii) would be competitively harmful if publicly disclosed.	10

 

      

     

    

 

		3.7	Document
                                         Transfer Fee

 

Veoneer will issue a P.O. for $[*] USD
to Velodyne connected to this Agreement and Velodyne will provide the deliverables set forth in Schedule 2 attached hereto and
issue an invoice to Veoneer at the time of delivery of such deliverables. Such invoice shall be paid within two business days of
receipt of such deliverables.

 

		3.8	[*]

 

		4.	TERM
                                         AND TERMINATION

 

		4.1	Term

 

This Agreement will automatically terminate
seven (7) years after the Effective Date. This Agreement will continue with respect to Programs awarded prior to the termination
of this Agreement and with respect to spare parts, replacements, support, services etc. for Licensed Products even after such Programs
terminate (if required under such Program).

 

		4.2	Termination
                                         for Inactivity or Failure to Reach the AMR; Termination for Specific Sales of Competitive
                                         LiDAR

 

Commencing [*] months after the Effective
Date, either Party may terminate this Agreement, if no Program has been awarded and further no Program is in the process of being
fulfilled or performed during any consecutive [*] period. For clarity, substantial pre-commercial activities (e.g., joint R&D
activities with OEMs, developing prototypes or validating the products) in collaboration with a Customer pursuant to a Program
(but preceding the commercial deliveries) will suffice for performing a Program.

 

If Veoneer fails to meet the AMR (as defined
in Section 3.4 above),

 

Velodyne’s sole remedy [*].

 

If Veoneer sells [*], then the parties
will promptly engage in good faith discussions for a minimum of [*] on how to appropriately modify this Agreement in light of such
development, and unless the parties have mutually agreed to the contrary, either may [*].

 

		4.3	Termination
                                         for Breach

 

Either Party may terminate this Agreement,
if the other Party materially breaches this Agreement and fails to cure such material breach within sixty (60) days of receipt
of written notice thereof from the non-breaching Party. Either Party may immediately terminate this Agreement on notice to the
other Party, if the other Party: (a) ceases to actively conduct its business without a successor; (b) files a voluntary petition
for bankruptcy or has filed against it an involuntary petition for bankruptcy and such involuntary petition is not dismissed within
180 days or files for other like form of insolvency; (c) makes a general assignment for the benefit of its creditors; (d) applies
for the appointment of a receiver or trustee for substantially all of its property or assets or permits the appointment of any
such receiver or trustee; or (e) becomes subject to some other form of therewith comparable insolvency.

 

	Pursuant to SEC Release 34-85381, certain identified information has been excluded from this Exhibit because it is (i) not material and (ii) would be competitively harmful if publicly disclosed.	11

 

      

     

    

 

		4.4	Effect
                                         of Termination

 

Upon any termination or other cessation
of this agreement: (i) all licenses terminate, except for licenses necessary to fulfill requirements under Programs awarded or
in progress as of the termination date (including, without limitation, support, replacement, spare part and service commitments)
(“Existing Programs”); (ii) any exclusivity between the Parties with respect to any Customer Programs terminates; (iii)
Veoneer will continue to make all royalty payments relating to any Programs awarded or in progress as of the termination date;
(iv) Velodyne will continue to make all royalty payments regarding the sublicensing of any Veoneer Foreground IP; and (v) the Parties
retain their rights (if any) to pursue damage claims.

 

However, with respect to Velodyne’s
termination solely due to [*], the exclusivity obligations of the parties cease and Velodyne’s support obligations hereunder
with respect to Existing Programs (excluding support for; (i) new requirements, and (ii) new, un-validated use cases for existing
requirements) shall continue until [*] following date of the notice of such termination.

 

If Velodyne terminates the Agreement due
to Veoneer’s unauthorized exploitation (e.g. use, sale, distribution, offer for sale, etc.) or unauthorized disclosure of
Velodyne intellectual property or Confidential Information, then as nonexclusive remedies: (i) the exclusivity and noncompetition
provisions shall immediately no longer bind or apply to Velodyne, and (ii) Velodyne shall be entitled to seek injunctive relief.
If Velodyne can demonstrate in writing [*].

 

		5.	ROLES,
                                         RESPONSIBILITIES, WARRANTIES, LIABILITY AND INDEMNITIES

 

		5.1	Roles

 

Veoneer will be responsible for delivering
a Licensed Product that achieves Customer approval. Veoneer will be responsible for achieving generic performance of the Licensed
Product unless otherwise agreed to with Velodyne in writing. Veoneer will be responsible for automotive grade enhancements to the
Licensed Products. Velodyne will support the foregoing activities of Veoneer with updated [*] Software to meet Customer specification
in the manner set forth in this Agreement.

 

		5.2	Delivery
                                         Obligations

 

Velodyne will, within the later of (a)
two business days of the Effective Date and (b) January 16, 2019, provide Veoneer with the mutually agreed upon design, BOM and
other documentation as set forth in Schedule 2 attached hereto. Velodyne will also participate in a knowledge transfer workshop
at a time and location to be agreed upon by the parties.

 

		5.3	Veoneer’s
                                         Right to Make Changes

 

Veoneer may make any changes, [*], to the
[*] reference design necessary to meet a Customer’s specifications. Veoneer shall be solely responsible for and assume all
liability relating to any changes to the reference design and/or Licensed Product.

 

	Pursuant to SEC Release 34-85381, certain identified information has been excluded from this Exhibit because it is (i) not material and (ii) would be competitively harmful if publicly disclosed.	12

 

      

     

    

 

		5.4	Velodyne’s
                                         Support Obligations

 

Velodyne will use commercially reasonable
efforts at no cost to Veoneer to support Programs by making any changes in the [*] Software necessary to meet reasonable Customer
specifications. Velodyne and Veoneer will promptly meet and confer in the event: (i) a Customer provides unreasonable specifications,
or (ii) Velodyne is unable to make the necessary changes to meet reasonable Customer specifications despite its commercially reasonable
efforts, to determine alternative solutions, if any.

 

If Velodyne willfully breaches its material
obligations to support the Programs hereunder (including, without limitation, the obligations set forth above in this Section)
and Velodyne fails to cure such breach following a reasonable notice and cure period (but, in any event, no less than 60 days),
then as Veoneer’s sole remedy besides termination of this Agreement: (i) Velodyne shall be obligated to [*] for such Programs,
but in any event no less than $[*] USD and no greater than $[*] USD (in the aggregate); and (ii) Veoneer shall be permitted to
find support for such Velodyne obligations from a third party provider. For clarity, the Parties may agree to more specific support
obligations for Programs in mutually agreed upon addenda to this Agreement, and such addenda may contain certain “Chronic
Failures” by Velodyne that are subject to the above liquidated damages provision.

 

Without prejudice to the above, if Velodyne
is unable to resolve a technical issue (e.g. an issue with the [*] Software), then the Parties agree to escalate this to the highest
levels of their respective organizations to engage in good faith discussions on, whether and how the Parties can resolve such technical
issues to achieve success of the Programs.

 

Velodyne will provide reasonable cooperation
and support to Veoneer to investigate, defend and/or respond to actual and threatened product liability claims [*].

 

		5.5	Velodyne’s
                                         Consulting Obligations

 

For one year from the Effective Date, Velodyne
will make available up to [*] of engineering support to assist Veoneer in development of a product that meets [*] specifications.
Such engineering support shall consist of an average of [*] engineers working an average of [*]. Veoneer shall remain solely responsible
and liable for any final product sold to [*]. If Velodyne makes any changes to the [*] due to a Veoneer request, then such engineering
hours shall be debited against the above [*] hours.

 

Velodyne will permit and facilitate for
the co-location of up to [*] Veoneer personnel identified on Schedule 1 and changed only with mutual agreement at its site in San
Jose, CA for [*] immediately after the Effective Date hereof.

 

After agreed upon Product Development support
and included Consulting Services are exhausted, Velodyne may provide consulting services to Veoneer at Veoneer’s request,
subject to availability, at a cost of $[*] USD per person per day plus reasonable travel expenses.

 

	Pursuant to SEC Release 34-85381, certain identified information has been excluded from this Exhibit because it is (i) not material and (ii) would be competitively harmful if publicly disclosed.	13

 

      

     

    

 

The upfront payment and the [*] percent
([*]%) license fee includes a manufacturing transfer team, which will be made available by Velodyne to Veoneer as described in
the manufacturing transfer plan set forth in Schedule 3.

 

The upfront payment and the [*] percent
([*]%) license fee include an [*] transfer team made available by Velodyne to Veoneer as described in the manufacturing transfer
plan set forth in Schedule 3.

 

		5.6	[*]

 

Velodyne makes no warranty or representation
regarding the performance or use of the [*]. Manufacturing process for [*] will be transferred as agreed between the Parties. Velodyne
hereby authorizes Veoneer to purchase off-the-shelf [*] and parts directly from its suppliers, excluding Velodyne in-house-designed
parts, which will be handled in a mutually agreeable way. Velodyne will provide Veoneer with the software to run the [*] (in accordance
with the license described above).

 

		5.7	[*]

 

Manufacturing process for [*] will be transferred
as agreed between the Parties. Velodyne hereby authorizes Veoneer [*]. Velodyne will provide Veoneer with the software to run the
[*] (in accordance with the license described above).

 

		5.8	Veoneer’s
                                         Obligations Regarding Programs

 

Provided that Velodyne complies with its
obligations hereunder (but only to the extent Velodyne’s noncompliance adversely affects Veoneer’s ability to do the
following), Veoneer will use its commercially reasonable efforts to secure a Program award from [*] for Licensed Products within
30 days from the Effective Date. Once a Program is awarded for any Customer and provided that Velodyne complies with its obligations
hereunder, Veoneer will: (i) comply with all of its material obligations to the applicable pre-approved Customer with respect to
such Program, (ii) comply with any additional material performance requirements with respect to such Programs, (iii) otherwise
use its commercially reasonable efforts to fulfill such Program in accordance with the pre-approved Customer’s requirements,
(iv) use its commercially reasonable efforts to develop a Licensed Product meeting Customers’ specifications, (v) use its
commercially reasonable to develop a Licensed Product and manufacturing process that meets Customers’ cost requirements,
and (vi) use its commercially reasonable to meet Customers’ delivery schedule and capacity requirements for Licensed Products.

 

		5.9	Warranties

 

Velodyne makes no warranty or representations
regarding manufacturing costs or bill of materials costs.

 

Velodyne makes no warranty or representations
regarding manufacturing times or yields.

 

	Pursuant to SEC Release 34-85381, certain identified information has been excluded from this Exhibit because it is (i) not material and (ii) would be competitively harmful if publicly disclosed.	14

 

      

     

    

 

Velodyne represents and warrants that:
(i) the information, documents and other materials provided to Veoneer hereunder will conform materially to what has been agreed
between the Parties regarding the same (which shall be specified with particularity in the Definitive Agreement); and (ii) said
information, documents and other materials will be sufficient for reasonably qualified personnel to develop the initially targeted
Licensed Products meeting reasonable customer requirements, save for the automotive grade improvements (which will be the sole
responsibility of Veoneer). For clarity, it is agreed that the sole remedy for any breach of the above representation and warranty
other than willful misconduct or gross failure will be the providing of remedied information, documents and other materials to
support Veoneer and that, in no event, will any possible monetary liability on the part of Velodyne for the same exceed $[*] USD
in the aggregate.

 

Velodyne represents and warrants that the
[*] design and the Licensed Products, to the extent comprising the [*] design and excluding any automotive grade and other improvements
or modifications created by Veoneer, do not infringe any third-party intellectual property rights.

 

Notwithstanding anything to the contrary,
Velodyne does not provide any warranty and disclaims all liability with respect to products produced by Veoneer (including, without
limitation, Licensed Products) and, save for the warranties expressly provided above in this Section 5.9. EXCEPT AS SET FORTH IN
THE PRECEDING SENTENCE, VELODYNE MAKES NO WARRANTY WITH RESPECT TO ANY LICENSED PRODUCT, VELODYNE INTELLECTUAL PROPERTY, VELODYNE
SERVICES, VELODYNE INTELLECTUAL PROPERTY RIGHTS OR OTHER SUBJECT MATTER OF THIS AGREEMENT, ANY AND ALL OF THE FOREGOING ARE PROVIDED
ON AN “AS IS” BASIS AND VELODYNE HEREBY DISCLAIMS WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND
NONINFRINGEMENT WITH RESPECT TO ANY AND ALL OF THE FOREGOING.

 

		5.10	IP
                                         Indemnity

 

Velodyne will indemnify, defend and hold
harmless Veoneer, and their Customers from and against any Claims arising from or relating to the [*] design (and the Licensed
Products, to the extent based on the [*] design), but excluding any automotive grade and other improvements or modifications created
or otherwise provided by Veoneer, infringing any third-party intellectual property rights. Velodyne’s foregoing obligations
shall be conditioned upon Veoneer providing Velodyne with: (i) prompt notice of any Claim (provided that a failure to provide such
notice shall only relieve Velodyne of its indemnity obligations if Velodyne is materially prejudiced by such failure); reasonable
information and assistance in connection with such defense and settlement (at Velodyne’s expense). The foregoing obligations
of Velodyne do not apply with respect to any Claims arising from or relating to the [*] design, the Licensed Products or anything
else to the extent: (a) not provided by Velodyne and not based on designs or materials delivered by Velodyne, (b) arising from
modifications after delivery by Velodyne (where the claim would not arise absent such modification); (c) arising from combinations
with other products, processes or materials not provided by Velodyne (where the claim would not arise absent such combination),
(d) made in accordance to Veoneer or Customer specifications (excluding, the [*] design specifications), or (e) arising from or
relating to Veoneer’s violation of this Agreement. The foregoing obligations are Velodyne’s sole obligation and Veoneer’s
sole remedy with respect to any actual or alleged violation of third-party intellectual property rights. Notwithstanding anything
to the contrary, Velodyne is not responsible for any settlements it does not pre-approve in writing, and Velodyne will not unreasonably
withhold or delay such approval.

 

	Pursuant to SEC Release 34-85381, certain identified information has been excluded from this Exhibit because it is (i) not material and (ii) would be competitively harmful if publicly disclosed.	15

 

      

     

    

 

		5.11	Reverse
                                         Indemnity

 

Veoneer will indemnify, defend and hold
harmless Velodyne from and against any unaffiliated third party claim as well as losses, damages, costs, expenses and liabilities
actually awarded to such third party in connection therewith (including reasonable attorneys’ fees) (collectively, “Claims”)
arising from or relating to Veoneer’s: (i) breach of this Agreement or (ii) Veoneer’s commercialization or exploitation
of the Licensed Products (including, without limitation, Licensed Products as modified to meet Customer expectations, claims relating
to product liability, infringement due to changes to the Licensed Product by or on behalf of Veoneer), to the extent not covered
by the Velodyne indemnity obligation in Section 5.10 above.

 

		5.12	LIMITATION
                                         OF LIABILITY

 

EXCEPT FOR THE EXCLUSIONS SET FORTH BELOW,
NOTWITHSTANDING ANYTHING ELSE IN THIS AGREEMENT OR OTHERWISE, NEITHER PARTY WILL BE LIABLE WITH RESPECT TO ANY SUBJECT MATTER OF
THIS AGREEMENT UNDER ANY CONTRACT, NEGLIGENCE, STRICT LIABILITY, OR OTHER LEGAL OR EQUITABLE THEORY FOR (I) AMOUNTS THAT IN THE
AGGREGATE ARE IN EXCESS OF THE AMOUNTS PAID (OR PAYABLE) TO VELODYNE HEREUNDER DURING THE [*] PERIOD PRIOR TO THE DATE THE CAUSE
OF ACTION AROSE; (II) ANY INCIDENTAL OR CONSEQUENTIAL DAMAGES, LOST PROFITS OR LOST DATA OR (III) COST OF PROCUREMENT OF SUBSTITUTE
GOODS, TECHNOLOGY, OR SERVICES. THE LIMITATIONS IN THIS SECTION DO NOT APPLY TO: A PARTY’S INDEMNIFICATION OBLIGATIONS, VIOLATIONS
OF A PARTY’S EXCLUSIVITY OBLIGATIONS HEREUNDER, BREACHES OF CONFIDENTIALITY, INFRINGEMENT, VIOLATION OR MISAPPROPRIATION
OF THE OTHER PARTY’S INTELLECTUAL PROPERTY RIGHTS, GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OR BODILY INJURY TO OR DEATH OF
PERSON(S). THIS SECTION DOES NOT APPLY TO THE EXTENT NOT PERMITTED BY APPLICABLE LAW.

 

		6.	PUBLICITY
                                         AND CONFIDENTIALITY

 

		6.1	PUBLICITY

 

On a mutually agreed schedule, each party
will issue a mutually agreed press release. Subject to written approval from the applicable Customer, and approval from Veoneer,
Velodyne is permitted to issue press releases for each Program awarded hereunder with relevant Customer commitments.

 

	Pursuant to SEC Release 34-85381, certain identified information has been excluded from this Exhibit because it is (i) not material and (ii) would be competitively harmful if publicly disclosed.	16

 

      

     

    

 

		6.2	CONFIDENTIALITY

 

“Disclosing Party” means a
party hereto that discloses its Confidential Information to the other party.

 

“Receiving Party” means a party
hereto that receives Confidential Information of the other party.

 

“Confidential Information”
of a Disclosing Party shall mean the following, to the extent previously, currently or subsequently disclosed to the other party
hereunder or otherwise: information relating to Licensed Products, the properties, composition or structure thereof or the manufacture
or processing thereof or machines therefor or to the Disclosing Party’s business (including, without limitation, software,
firmware, algorithms, names and expertise of employees and consultants, know-how, formulas, processes, ideas, inventions (whether
patentable or not), schematics and other technical, business, financial, customer and product development plans, forecasts, strategies
and information).

 

The Receiving Party agrees (i) to hold
the Disclosing Party’s Confidential Information in confidence and to take all reasonable precautions to protect such Confidential
Information (including, without limitation, all precautions the Receiving Party employs with respect to its similarly sensitive
confidential materials), (ii) not to divulge (except as expressly authorized in this Agreement) any such Confidential Information
or any information derived therefrom to any third person other than its consultants, subcontractors and the like provided that
such consultants and subcontractors are subject to confidentiality restrictions that are at least as restrictive as set forth in
this agreement (subject to the below requirements), (iii) not to make any use whatsoever at any time of such Confidential Information
except as expressly authorized in this Agreement, and (iv) not to remove or export from the United States or reexport any such
Confidential Information or any direct product thereof (e.g., Licensed Products by whomever made) except in compliance with and
with all licenses and approvals required under applicable U.S. and foreign export laws and regulations, including without limitation,
those of the U.S. Department of Commerce. Any employee, consultant or subcontractor given access to any such Confidential Information
must have a legitimate “need to know” and shall be similarly bound in writing. Without granting any right or license,
the Disclosing Party agrees that the foregoing clauses (i), (ii) and (iii) shall not apply with respect to information the Receiving
Party can evidence: (a) is in or (through no improper action or inaction by the Receiving Party or any of its Affiliates, agents,
licensees or employee) enters the public domain (and is readily available), or (b) was rightfully in its possession or known by
it prior to receipt from the Disclosing Party, or (c) was rightfully disclosed to it by another person without restriction, or
(d) was independently developed by it by persons without access to such information and without use of any Confidential Information
of the Disclosing Party. The Receiving Party will bear the burden of proving the existence of any such circumstance by written
evidence. Each party’s obligations under this Section will survive any termination of this Agreement.

 

Veoneer may not (nor permit any third party
to) provide Velodyne Confidential Information to a Competitor of Velodyne.

 

Immediately upon termination of this Agreement,
the Receiving Party will turn over to the Disclosing Party all Confidential Information of the Disclosing Party and all documents
or media containing or derived from any such Confidential Information and any and all copies or extracts thereof and shall not
retain any copies of the foregoing (for clarity, Veoneer may retain certain Velodyne Confidential Information to the extent necessary
to fulfill Veoneer’s authorized post-termination obligations for Program, provided that Veoneer shall promptly return such
retained Confidential Information when such Confidential Information is no longer necessary).

 

	Pursuant to SEC Release 34-85381, certain identified information has been excluded from this Exhibit because it is (i) not material and (ii) would be competitively harmful if publicly disclosed.	17

 

      

     

    

 

The Receiving Party will notify the Disclosing
Party in writing immediately upon the occurrence of any unauthorized release or use of Confidential Information or other breach
of this Section.

 

Each party recognizes the importance to
the other of the other’s Confidential Information. In particular the Parties recognize that the designs, techniques, software
and technology underlying the Licensed Products and other of the Parties’ Confidential Information (and the confidential
nature thereof) are critical to the business of the Parties would not enter into this Agreement without assurance that such designs,
techniques, software, technology and information and the value thereof will be protected as provided in this Section and elsewhere
in this Agreement.

 

		7.	Non-Solicitation

 

The Parties agree that during the term
of this Agreement and for a period of [*] following the expiration or termination of this Agreement (and all Programs), without
the other Party’s prior written consent:

 

i) Veoneer (and any Affiliate that has
had access to any Velodyne Confidential Information or intellectual property) will not actively solicit for employment any employee
or independent contractor of Velodyne or its Affiliates having collaborated with Veoneer hereunder; and

 

ii) Velodyne will not actively solicit
for employment any employee or independent contractor of Veoneer or its Affiliates having been listed at any time on Schedule 1
hereto.

 

For the purpose of this section, “solicit
for employment” shall not be deemed to include any general solicitation of employment by Veoneer that is not directed in
any way towards any officers, directors or employees of Velodyne, including any such general solicitation via the internet, newspaper
advertisements and the like and provided further that Veoneer shall not be restricted in hiring any such person who (i) responds
to any such general solicitation, (ii) contacts Veoneer on their own initiative without Veoneer’s prior solicitation, or
(iii) ceases to be employed by Velodyne without Veoneer’s prior solicitation.

 

		8.	ARBITATION
                                         AND APPLICABLE LAW

 

This Agreement shall be governed by and
construed pursuant to the laws of the State of New York and the United States without regard to conflicts of laws provisions thereof.
Any dispute arising from or relating to the subject matter of this Agreement shall be finally settled by arbitration in New York
City, New York, using the English language in accordance with rules and procedures of the American Arbitration Association (“AAA”)
then in effect, by three (3) arbitrator(s) with substantial experience in resolving complex intellectual property and commercial
contract disputes, who shall appointed in keeping with the AAA rules. Any arbitrator so selected shall have substantial experience
in intellectual property licensing and the commercial supply of devices. The arbitrator(s) shall have the authority to grant specific
performance and to allocate between the parties the costs of arbitration (including service fees, arbitrator fees and all other
fees related to the arbitration) in such equitable manner as the arbitrator(s) may determine. The prevailing party in the arbitration
shall be entitled to receive reimbursement of its reasonable expenses (including reasonable attorneys’ fees, expert witness
fees and all other expenses) incurred in connection therewith. Judgment upon the award so rendered may be entered in a court having
jurisdiction or application may be made to such court for judicial acceptance of any award and an order of enforcement, as the
case may be. Notwithstanding the foregoing, each party shall have the right to seek equitable relief from any court of competent
jurisdiction. For all purposes of this Agreement, the parties consent to exclusive jurisdiction and venue of the state courts in
New York City, New York and the United States Federal Courts located in the Southern District of New York.

 

	Pursuant to SEC Release 34-85381, certain identified information has been excluded from this Exhibit because it is (i) not material and (ii) would be competitively harmful if publicly disclosed.	18

 

      

     

    

 

		9.	MISCELLANEOUS

 

		9.1	Force
                                         Majeure

 

Neither party hereto shall be responsible
for any failure to perform its obligations under this Agreement (obligations relating to indemnification or confidentiality) if
such failure is caused by acts of God, war, strikes (other than those involving employees or service providers of such party),
revolutions, lack or failure of transportation facilities or other causes that are beyond the reasonable control of such party.
Obligations hereunder, however, shall in no event be excused but shall be suspended only until the cessation of any cause of such
failure. In the event that such force majeure should obstruct performance of this Agreement [*], the parties hereto shall consult
with each other in good faith to determine whether this Agreement should be modified, and if such good faith consultations do not
result in either the modification of this Agreement or the ending of the force majeure event, then the non-affected party may terminate
this Agreement upon notice. The party facing an event of force majeure shall use its best efforts to remedy that situation as well
as to minimize its effects. A case of force majeure shall provide notice within five (5) days after its occurrence and shall be
confirmed by a letter.

 

		9.2	Survival

 

The following Sections shall survive termination
or expiration of this Agreement: 1, 2.7 (the restrictions therein), 2.10, 2.11, 3.3, 3.5, 3.6, 4.4, 5.9-5.12, 6.2, 7, 8, and 9.

 

		9.3	Notices

 

Any notice, report, approval or consent
required or permitted hereunder shall be in writing and will be deemed to have been duly given to a party if delivered personally
or mailed by first-class, registered or certified US mail, postage prepaid to the address of that party as set forth below; or
such other address as is provided by that Party to the other upon ten (10) days written notice. If not received sooner, notice
by mail shall be deemed received five (5) days following deposit in the mail in accordance with the foregoing.

 

	Pursuant to SEC Release 34-85381, certain identified information has been excluded from this Exhibit because it is (i) not material and (ii) would be competitively harmful if publicly disclosed.	19

 

      

     

    

 

		·	Velodyne: 5521 Hellyer Avenue, San Jose, California 95138; ATTN: General Counsel, Legal Notice

 

		·	Veoneer: 26360 American Drive, Southfield, Michigan 48034; ATTN: General Counsel, Legal Notice

 

		9.4	Export
                                         Control

 

Notwithstanding anything else, Veoneer
may not provide to any person or export or re-export or allow the export or re-export of the Licensed Products or any software,
firmware or anything related thereto or any direct product thereof, if and to the extent it constitutes controlled subject matter
in violation of any restrictions, laws or regulations of any jurisdiction, including those promulgated by the United States Department
of Commerce, the United States Department of Treasury Office of Foreign Assets Control, or any other United States or foreign agency
or authority (collectively “Controlled Subject Matter”). Both Parties will comply with the U.S. Foreign Corrupt Practices
Act (including, without limitation, not offering any inducement, whether money or goods or services, to any government official,
employee, candidate or party), and similar foreign laws and regulations. Without limiting the foregoing, Veoneer acknowledges and
agrees that, to the extent required by applicable law, the Controlled Subject Matter will not be used or transferred or otherwise
exported or re-exported to countries as to which the United States maintains an embargo (collectively, “Embargoed Countries”),
or to or by a national or resident thereof, or any person or entity on the U.S. Department of Treasury’s List of Specially
Designated Nationals or the U.S. Department of Commerce’s Table of Denial Orders (collectively, “Designated Nationals”).
The lists of Embargoed Countries and Designated Nationals are subject to change without notice. Veoneer shall obtain and bear all
expenses relating to any necessary licenses and/or exemptions with respect to the export from the U.S. of any products, technology
or information to any location in compliance with all applicable laws and regulations.

 

		9.5	Assignment

 

This Agreement is not assignable or transferable
by either Party without the prior written consent of the other.

 

Notwithstanding the above, either Party
may assign this Agreement: (i) to its Affiliate in connection with a re-structuring within the consolidated group of said party;
and/or (ii) to a third party in connection with the sale of substantially all of the business of the assigning Party relating to
the subject matter of this Agreement, provided in each case (i) and (ii) that the assignee agrees to fully comply with the terms
and conditions of this Agreement. The terms of this Agreement shall be binding upon assignees.

 

		9.6	Miscellaneous

 

No failure to exercise, and no delay in
exercising, on the part of either party, any privilege, any power or any rights hereunder will operate as a waiver thereof, nor
will any single or partial exercise of any right or power hereunder preclude further exercise of any other right hereunder. Unless
expressly specified to the contrary, all amounts listed herein are in United States dollars. If any provision of this Agreement
shall be adjudged by any court of competent jurisdiction to be unenforceable or invalid, that provision shall be limited or eliminated
to the minimum extent necessary so that this Agreement shall otherwise remain in full force and effect and enforceable. Except
as expressly set forth herein, all remedies shall be cumulative and not exclusive. Any waivers or amendments shall be effective
only if made in writing and signed by authorized representatives of the parties. This Agreement is the complete and exclusive statement
of the mutual understanding of the parties and supersedes and cancels all previous written and oral agreements and communications
relating to the subject matter of this Agreement. In any action or proceeding to enforce rights under this Agreement, the prevailing
party will be entitled to recover costs and attorneys’ fees.

 

(SIGNATURE PAGE FOLLOWS)

 

	Pursuant to SEC Release 34-85381, certain identified information has been excluded from this Exhibit because it is (i) not material and (ii) would be competitively harmful if publicly disclosed.	20

 

      

     

    

 

IN WITNESS WHEREOF, the parties hereto
have executed this Agreement as of the last date set forth below:

 

Velodyne LiDAR, Inc.

 

	By:	/s/ J.M. Jellen	 
	 	 	 
	Name:	J.M. Jellen	 
	 	 	 
	Title:	President	 
	 	 	 
	Date:	January 7, 2019	 

 

 

 

 

 

Veoneer US, Inc.

 

	By:	/s/ Eric R. Swanson	 
	 	 	 
	Name:	Eric R. Swanson	 
	 	 	 
	Title:	President and Secretary	 
	 	 	 
	Date:	January 7, 2019	 

 

	Pursuant to SEC Release 34-85381, certain identified information has been excluded from this Exhibit because it is (i) not material and (ii) would be competitively harmful if publicly disclosed.	21

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