Families of those killed can seek additional money from a $1.9 million hardship fund, and more money was set aside for attorneys' fees and a fund for charities.
The settlement also will give the injured and victims' families a chance to meet with the governor and university officials several times to discuss the mass shootings and changes on campus since then.
Last October, the families and surviving victims received payments ranging from $11,500 to $208,000 from the Hokie Spirit Memorial Fund, set up in the days after the shootings to handle donations that poured into the school. That fund will remain open for contributions to scholarships for five years.
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