Unless otherwise explicitly stated, all code in Visual Pinball is released under
the following license (derived from the MAME license):

Copyright Randy Davis and the Visual Pinball team
All rights reserved.

Redistribution and use of this code or any derivative works are permitted
provided that the following conditions are met:

* Redistributions may not be sold, nor may they be used in a commercial
product or activity.

* Redistributions that are modified from the original source must include the
complete source code, including the source code for all components used by a
binary built from the modified sources. However, as a special exception, the
source code distributed need not include anything that is normally distributed
(in either source or binary form) with the major components (compiler, kernel,
and so on) of the operating system on which the executable runs, unless that
component itself accompanies the executable.

* Redistributions must reproduce the above copyright notice, this list of
conditions and the following disclaimer in the documentation and/or other
materials provided with the distribution.

THIS SOFTWARE IS PROVIDED BY THE COPYRIGHT HOLDERS AND CONTRIBUTORS "AS IS"
AND ANY EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, THE
IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE
ARE DISCLAIMED. IN NO EVENT SHALL THE COPYRIGHT OWNER OR CONTRIBUTORS BE
LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL, EXEMPLARY, OR
CONSEQUENTIAL DAMAGES (INCLUDING, BUT NOT LIMITED TO, PROCUREMENT OF
SUBSTITUTE GOODS OR SERVICES; LOSS OF USE, DATA, OR PROFITS; OR BUSINESS
INTERRUPTION) HOWEVER CAUSED AND ON ANY THEORY OF LIABILITY, WHETHER IN
CONTRACT, STRICT LIABILITY, OR TORT (INCLUDING NEGLIGENCE OR OTHERWISE)
ARISING IN ANY WAY OUT OF THE USE OF THIS SOFTWARE, EVEN IF ADVISED OF THE
POSSIBILITY OF SUCH DAMAGE.

This program now requires FreeImage.DLL in order to load extra image types.
As required by the FreeImage Public License:
If it is not possible to put such notice in a particular Source Code file due to its structure, then you must include such notice in a location (such as a relevant directory file) where a user would be likely to look for such a notice. (such as this license file)
"The contents of this file are subject to the FreeImage Public License Version 1.0 (the "License"); you may not use this file except in compliance with the License. You may obtain a copy of the License at http://home.wxs.nl/~flvdberg/freeimage-license.txt
Software distributed under the License is distributed on an "AS IS" basis, WITHOUT WARRANTY OF ANY KIND, either express or implied. See the License for the specific language governing rights and limitations under the License."
No modifications were made to the freeimage.dll file, or internal freeimage source code, so that covers our use of the dll in a free capacity.