On March 19, 2021 the Company entered into a government grant contract with an independent nonprofit corporation under contract to the Central Intelligence Agency of the U.S. Government, under which it receives payments from in support of the development of its technology and future services offering. Upon submission of certain specified deliverables over the span of three to five months the Company will receive a total amount of $1.0 million from In connection with entering the government grant contract with

Joby issued to a warrant for 19,857 shares of its Series C Preferred Stock stock with exercise price of $0.1 per share and a term (the Warrant”). The fair value of the Warrant of $0.6 million was determined using the Black-Scholes valuation model with the following assumptions: preferred stock fair value $30.33, volatility of 60.2%, risk-free rate of 0.07%, probability weighted average expected term of 1.1 years, and dividend rate of 0%. At issuance the Company recgnized deferred cost for the amount of the issuance date fair value of the Warrant, included in prepaid expenses and other current assets. The deferred cost will be amortized to research and development expenses as the Company earns the $1.0 million in government grants from