On January 7, 2019, Veoneer, Inc. announced the entry by Veoneer US, Inc. a wholly-owned subsidiary of the company, into a License and Supply Agreement with Velodyne LiDAR, Inc. whereby the parties have agreed to enter into a business relationship to collaborate, along with their affiliates, in the area of LiDAR products. The License and Supply Agreement will be effective upon the date on which Veoneer US issues a purchase order to Velodyne for an agreed upon sum, the issuance of which will require Velodyne to transfer certain documents to Veoneer. If such purchase order is not issued prior to March 1, 2019, Velodyne may terminate the License and Supply Agreement. All references to “Veoneer US” and “Velodyne” in this summary include their affiliates as defined in the License and Supply Agreement. Velodyne will provide Veoneer US with materials and rights to certain Velodyne intellectual property so that Veoneer US may sell, distribute, promote, manufacture and modify (including related R&D) certain LiDAR products based on a Velodyne-authorized reference design in accordance with the License and Supply Agreement. Such rights include worldwide, non-exclusive and limited licenses for Velodyne-owned patents and patent applications and Velodyne trade secrets and know-how as well as other licenses reasonably necessary for Veoneer US to develop and manufacture LiDAR products. All such licenses granted from Velodyne to Veoneer US pursuant to the License and Supply Agreement are for the limited purpose of entering into binding purchase orders for LiDAR products with customers pre-approved by Velodyne. The License and Supply Agreement also includes exclusivity obligations which restrict Velodyne’s ability to sell LiDAR products or a license to sell such LiDAR products to a pre-approved customer for certain defined scenarios during the term of the applicable purchase order and Veoneer US’s ability to sell third-party or internally developed LiDAR technology to a pre-approved customer for the same defined scenarios during the term of the applicable purchase order. Subject to certain conditions, Velodyne will offer Veoneer US any updates or upgrades relating to the LiDAR products no later than the same are made available to any other licensee of Velodyne. Velodyne also agreed to provide Veoneer US with certain product development support and consulting services.