Amendment to Collaboration Agreement with PowerCo SE

QuantumScape Corporation, through its subsidiary QuantumScape Battery, Inc. (QS), has amended its collaboration agreement with PowerCo SE, a subsidiary of the Volkswagen Group. The amendment updates the joint development, validation, demonstration, and commercialization plan for QS's QSE-5 Technology battery cells. Key changes include a revised program structure and milestones focused on automotive cell development, larger cell formats, and QuantumScape's future technology roadmap. The agreement now shifts from a cost reimbursement structure to milestone-based payments. QuantumScape stands to receive a maximum of $75.4 million from PowerCo under this amended agreement, inclusive of past payments, over the next two years. This amendment also terminates the previous Statement of Work No. 1 and introduces a new Statement of Work No. 2, outlining the updated terms and milestones for the ongoing collaboration. The core terms of the intellectual property license agreement remain unaffected.