Document:

EX-10.24

 [***] Certain information in this document has been excluded pursuant to Regulation S-K,
Item (601)(b)(10). Such excluded information is not material and would likely cause competitive harm to the registrant if publicly disclosed. 

Exhibit 10.24 
 TRANSITIONAL SERVICES
AGREEMENT 
 Between 
 Virgin Management Limited
(“VML”) 
 The Battleship Building 

179 Harrow Road 
 London 

W2 6NB 
 United Kingdom; 

and 
 Virgin Galactic Limited (“VGL”) 

The Battleship Building 
 179
Harrow Road 
 London 
 W2 6NB

 United Kingdom 
 Dated
[                                         
       ] 2019 
 This agreement (“Agreement”) sets out the terms on which VML will allow VGL to
access services that VML receives from certain third parties and the respective obligations of VML and VGL. 
  

	1	 Services 

  

	1.1	 For the duration of the Term and subject to clause 1.2, VML shall use best endeavours to allow VGL to access
certain services that are provided by third party providers to VGL (“Third Party Providers”) as set out in Appendix 1 (Services) and based on the then-current applicable policies and agreements with any such Third Party
Providers as used by VML and its Group (“Services”), in accordance with the terms and conditions set out herein. 

  

	1.2	 Subject to clause 1.3, VML shall only be obliged to provide access to or procure the performance of any Service
to the extent that VML is: 

  

	 	1.2.1	 receiving such Service from the relevant Third Party Provider itself; 

 

	 	1.2.2	 permitted by the terms of its agreement with the Third Party Provider to allow VGL to receive the Service; and

  

	 	1.2.3	 not prevented by the Third Party Provider from providing VGL access to the Service. 

 

	1.3	 In the event that (i) a Third Party Provider notifies VML of an intention to stop providing a Service to
VML for any reason; or (ii) VML’s agreement with the relevant Third Party Provider is due for renewal during the Term, VML shall use commercially reasonable endeavours to: 

 

	 	1.3.1	 subject to VGL’s compliance with clause 6.3 below, ensure that VGL is able to access the successor
Service, or a similar service provided by a third party, which is adopted by VML for its own staff, for the Term; and 

  

	 	1.3.2	 in the event that despite VML’s compliance with clause 1.3.1 above, continued access to a Service for VGL
cannot be procured by VML, provide VGL with reasonable prior written notice of (i) cessation of provision of any Service by a Third Party Provider to VML, or (ii) the expiry or upcoming renewal of VML’s agreement with the relevant
Third Party Provider, as appropriate. 

  
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	1.4	 VML may from time to time change the Services where required in order to comply with applicable legal or
regulatory requirements or where a Third Party Provider changes the Services at its own discretion. VML will notify VGL of such changes as soon as reasonably practicable and this Agreement (including Appendix 1 (Services)) shall be deemed to be
amended accordingly as of the date of such notification (or such later date as set out in the notification). 

  

	2	 VGL’s Obligations 

 

	2.1	 VGL shall cooperate with VML and provide to VML (and its employees, agents, Third Party Providers and sub-contractors) in a timely fashion, such information and assistance (including access to people and facilities) as VML shall reasonably require to enable VML to allow VGL to access and receive the Services.

  

	2.2	 Subject to clauses 5.1 and 5.2, VML shall have no liability for any failure or delay in providing access to the
Services in accordance with this Agreement to the extent that VML considers that any failure or delay by VGL in meeting its obligations, responsibilities or dependencies under this Agreement will, or is likely to, have an adverse impact on the
ability of VML to provide VGL with access to the affected Services. VML shall promptly notify VGL in writing of any such failure or delay as soon as reasonably practicable upon becoming aware. 

 

	2.3	 In respect of each failure or delay notified to VGL pursuant to clause 2.2, VML shall use all reasonable
endeavours to continue providing access to the affected Services in accordance with the terms of this Agreement. Where such failure or delay has necessarily precluded VML from providing VGL with access to the affected Services, then VML shall:

  

	 	2.3.1	 be relieved from its obligation to provide access to or procure the performance of the affected Services;

  

	 	2.3.2	 be entitled to recover the reasonable additional costs and expenses it has incurred as a result of such failure
or delay; and 

  

	 	2.3.3	 not be in breach of this Agreement to the extent that its failure to perform its obligations under this
Agreement arises as a result of such failure or delay by VGL. 

  

	3	 Fees and Expenses 

 

	3.1	 In consideration of VML providing access to the Services, VGL shall: 

 

	 	3.1.1	 where the Service is specified as a “Reimbursable Service” in Appendix 1 (Services), reimburse
VML in full for all charges that VML incurs in providing VGL with access to the Services (whether based on actual usage by VGL or as a pro-rata amount of VML’s usage), on a pass through basis; or

  

	 	3.1.2	 where the Service is specified as a “Directly Billed Service” in Appendix 1 (Services), pay
the relevant Third Party Provider directly in accordance with the terms of any invoice issued by a Third Party Provider to VGL, 

(together, the “Fees”). 

  
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	3.2	 VGL shall pay the Fees set out in each invoice: 

 

	 	3.2.1	 where the invoice is issued by VML, within 30 days of receipt, in cleared funds to the bank account nominated
in writing by VML; or 

  

	 	3.2.2	 where the invoice is issued by a Third Party Provider, in accordance with the terms of such invoice.

  

	3.3	 Unless otherwise specified, the Fees exclude VAT. VGL shall, on receipt of a valid VAT invoice from VML, pay to
VML such additional amounts in respect of VAT as are chargeable on a supply of the Services. 

  

	3.4	 If VGL fails to pay any amount due to VML by the due date for payment, then (without prejudice to VML’s
other rights and remedies) VGL shall pay interest on any outstanding amount at the rate of 4 per cent per annum above the base rate of Lloyds TSB Bank plc from the due date for payment until payment is made in full (whether before or after
judgment). Any failure by VGL to pay any amount due directly to a Third Party Provider in respect of a Service shall be governed by the terms of the relevant Third Party Provider invoice. 

 

	3.5	 All amounts payable to VML under this Agreement shall, if they have not become due earlier and save as set out
otherwise herein, become due immediately on termination of this Agreement. 

  

	4	 Intellectual Property 

Nothing in this Agreement shall transfer ownership of any Intellectual Property Rights belonging to a party (or any third parties) prior to the
date of this Agreement, or any Intellectual Property Rights in any items which are independently developed otherwise than under this Agreement. 
  

	5	 Limitation of Liability 

 

	5.1	 Nothing in this Agreement shall limit or exclude the liability of VML for: 

 

	 	5.1.1	 death or personal injury resulting from negligence; 

 

	 	5.1.2	 fraud or fraudulent misrepresentation; or 

 

	 	5.1.3	 any other liability which cannot be excluded by applicable law. 

 

	5.2	 Subject to clause 5.1, VML shall have no liability whatsoever under this Agreement for any special, indirect or
consequential loss (whether arising in tort, contract, misrepresentation or otherwise). 

  

	5.3	 Subject to clauses 5.1, 5.2 and 5.4, VML’s total liability to VGL arising under or in connection with this
Agreement or the provision of access to the Services, whether arising in contract, tort (including negligence), breach of statutory duty or otherwise, shall be limited to: 

 

	 	5.3.1	 [***] 

  

	 	5.3.2	 [***] 

  

	5.4	 The parties acknowledge and agree that, without prejudice to clause 5.3: 

 

	 	5.4.1	 VML is not providing any Services or advice directly to VGL under this Agreement, and is instead using best
endeavours to provide VGL with access to the Services that it receives from Third Party Providers in accordance with clause 1; 

  
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	 	5.4.2	 as part of or in order to provide access to or procure the performance of the Services, VML shall procure
certain products and/or services from Third Party Providers (“Third Party Products and Services’’); and 

  

	 	5.4.3	 without prejudice to clauses 5.1 and 11, VML shall have no liability (whether in tort, contract,
misrepresentation or otherwise) in connection with the Third Party Products and Services. 

  

	5.5	 VML does not warrant that VGL’s access to the Services will be uninterrupted or error-free or give any
warranty or comfort as to the Services that VGL receives from the Third Party Providers. All conditions, warranties or other terms which might have effect between the parties or be implied or incorporated into this Agreement, whether by statute,
common law or otherwise, are hereby excluded, including the implied conditions, warranties or other terms as to satisfactory quality, fitness for purpose or the use of reasonable skill and care. 

 

	6	 Termination 

  

	6.1	 VML shall provide access to the Services from the Effective Date until the date of termination of those
Services or this Agreement (as applicable) in accordance with this clause 6 (the “Term”). 

  

	6.2	 Access to the Services and this Agreement may be terminated as follows: 

 

	 	6.2.1	 This Agreement shall automatically terminate when VML is no longer providing VGL with access to any of the
Services, provided that: 

  

	 	(i)	 VML will not provide access to any Services other than the “Registered office” Service for longer
than 12 months following the Effective Date; and 

  

	 	(ii)	 VML will only provide access to the “Registered office” Service for as long as the Licence to Occupy
between the parties dated 21 February 2017 (as amended) is in force. 

  

	 	6.2.2	 Either party may terminate this Agreement immediately on written notice, in the event that:

  

	 	(i)	 the other party is in material breach of this Agreement and either that breach is incapable of remedy or the
other party has failed to remedy the breach within 30 days of receipt of written notice requiring it to remedy the breach; or 

  

	 	(ii)	 the other party suffers an Insolvency Event. 

 

	6.3	 Without prejudice to the other terms of this Agreement, VGL shall use its best endeavours to put in place, as
soon as possible following the Effective Date, arrangements with third parties for the receipt of alternative services to replace the Services other than the “Registered office” Service (in their entirety). 

 

	6.4	 On termination of this Agreement, the following clauses shall survive and continue in full force and effect:
clauses 3 (Fees and Expenses), 4 (Intellectual Property), 5 (Limitation of Liability), 6 (Termination), 7 (Consequences of Termination), 8 (Indemnity), 10 (Confidentiality), 11 (Data Protection) and 16 (Governing Law and Jurisdiction).

  
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	7	 Consequences of Termination 

 

	7.1	 Any termination or expiry of this Agreement shall not affect any accrued rights or liabilities of either party
or the coming into force or continuance of any provision of this Agreement which is expressly or by implication intended to come into force or continue on or after termination. 

 

	7.2	 On termination of this Agreement, each party shall promptly: 

 

	 	7.2.1	 return to the other party all equipment, materials and property belonging to the other party that the other
party had supplied to it or a member of its Group in connection with the supply of the Services and all documents and materials (and any copies) containing the other party’s Confidential Information; 

 

	 	7.2.2	 erase all the other party’s Confidential Information from its computer systems (to the extent possible);
and 

  

	 	7.2.3	 on request, certify in writing to the other party that it has complied with the requirements of this clause
7.2. 

  

	7.3	 Upon termination or expiry of this Agreement in whole or as to any relevant Service(s), VML shall provide
reasonable assistance to VGL to enable VGL to transition from the relevant Service(s) to the replacement services. 

  

	8	 Indemnity 

VGL shall defend, indemnify and hold harmless VML and its Group, and VML’s (and all members of VML’s Group’s) trustees,
beneficiaries, directors, officers, employees and agents (and the successors and assigns of each of the foregoing) and any of their directors, officers, employees, independent contractors and agents (collectively, “Indemnified
Persons”) from [***]. 
  

	9	 Force Majeure 

 

	9.1	 Neither party shall be in breach of this Agreement or liable for any failure or delay in performing any
obligations under this Agreement arising from or attributable to any Force Majeure Event. 

  

	9.2	 If a Force Majeure Event occurs, the date(s) for performance of the affected obligation(s) shall be postponed
for so long as is made necessary by the Force Majeure Event, provided that if the Force Majeure Event continues for a period in excess of sixty (60) days, either party shall have the right to terminate this Agreement immediately on written
notice to the other party. 

  

	10	 Confidentiality 

 

	10.1	 Each party (the “Recipient’’) shall not at any time disclose to any person any
confidential information disclosed to it by the other party (the “Disclosing Party”) in connection with this Agreement concerning the business or affairs of the Disclosing Party or any member of its Group, including information
relating to the Disclosing Party’s operations, processes, plans, product information, know-how, designs, trade secrets, software, market opportunities and customers, (“Confidential
Information”) except as permitted by clause 10.2. 

  

	10.2	 A Recipient may disclose the Disclosing Party’s Confidential Information: 

 

	 	10.2.1	 to its employees, officers or agents (“Representatives”) who need to know such information for
the purposes of carrying out the Recipient’s obligations under this Agreement, provided that the Recipient requires that its Representatives agree to comply with confidentiality obligations equivalent to those contained in this clause 10;

  
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	 	10.2.2	 where such information is publicly available at the time of its disclosure or becomes publicly available (other
than as a result of disclosure by the Recipient or any of Its Representatives); 

  

	 	10.2.3	 where such information was lawfully in the possession of the Recipient (as can be demonstrated by its written
records or other reasonable evidence) from a source other than the Disclosing Party or its Representatives, which source is not bound by any duty of confidentiality owed (directly or indirectly) to the Disclosing Party in relation to such
information; and 

  

	 	10.2.4	 if and to the extent required by law or any applicable security exchange, supervisory regulatory or
governmental authority to which the relevant party is subject or submits, wherever situated, whether or not the requirement for disclosure has the force of law. 

 

	10.3	 Each party agrees to accord at least the same standard of care to the other party’s Confidential
Information and to follow practices and procedures at least as stringent as those used to protect its own Confidential Information. 

  

	11	 Data Protection 

 

	11.1	 The provisions attached as Appendix 2 hereto shall govern the Processing of the Personal Data (as such terms
are defined in the GDPR) of the other party in connection with the provision of access to Services hereunder. 

  

	11.2	 VGL shall use its best endeavours to minimize the amount of Personal Data that it provides to VML under this
Agreement and shall only provide Personal Data directly to VML to the extent required by VML and/or the relevant Third Party Provider(s) for VGL to receive the benefit of access to the Services. 

 

	12	 Notices 

  

	12.1	 All notices under this Agreement shall be in writing, sent by email or by prepaid first-class registered or
recorded delivery post or (if being served by post outside the country from which it is sent) by recorded delivery airmail to the party being served at the address as the parties may elect (by notification to the other party) from time to time.

  

	12.2	 Any notice shall be deemed to have been served (i) if sent by post, at 9 00 a.m on the second Business Day
after posting (ii) if sent by airmail, at 9 00 a m. on the fifth Business Day after posting or (iii) if sent by email, at the time of transmission or (if such time is not between 9.00 and 5.00pm on any Business Day) at 9.00 am. on the next
Business Day. All times in this clause 12 refer to local time in the place of deemed receipt. To prove delivery, it is sufficient to prove that the notice was transmitted by email to the email address of the party (provided a clear transmission
report has been received) or, in the case of post, that the envelope containing the notice was properly addressed and posted. 

  

	13	 Compliance and Audit 

 

	13.1	 Each Party shall comply with its obligations under applicable law and regulation in relation to the performance
of its obligations under this Agreement. 

  
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	13.2	 VML shall provide to VGL, upon request by VGL of at least five (5) Business Days’ notice, such
documentation as VGL reasonably requires for the purpose of verifying that the Fees are accurate. 

  

	14	 Definitions and Interpretation 

 

	14.1	 The following terms shall have the following meanings in this Agreement: 

‘‘Business Day’’ means a day (other than a Saturday, Sunday or public holiday) when banks in London are open for
business; 
 “Claims” means claims, demands, suits, criminal or civil actions or similar proceedings that might be alleged
by a third party, including any Third Party Provider, against any Indemnified Person, and all liabilities, damages, fines, penalties, costs or expenses (including reasonably incurred lawyers’ fees and expenses and other costs for defence,
settlement and appeal) that any Indemnified Person might incur or become responsible for; 
 “Confidential Information”,
“Disclosing Party” and “Recipient” have the meaning given in clause 10.1; 
 “Directly Billed
Service” has the meaning given in clause 3.1.2; 
 “Effective Date” means
[                                         
           ]; 
 “Fees” has the meaning given in clause 3.1; 

“Force Majeure Event” means any act, event, omission or accidents beyond the reasonable control of a party including: acts of
God, including fire, earthquake, flood, windstorm or other natural disaster, war, threat of or preparation for war, armed conflict, imposition of sanctions, embargo, breaking off of diplomatic relations or similar actions; terrorist attack, civil
war, civil commotion; or riots, sabotage; nuclear, chemical or biological contamination or sonic boom; compliance with any taw; fire. explosion or accidental damage; loss at sea; adverse weather conditions; collapse of building structures, failure
of plant machinery, machinery, computers or vehicles; labour disputes, including strikes, industrial action or lockouts; interruption or failure of utility services, including electric power, gas or water; 

“GDPR” means Regulation 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of
natural persons with regard to the processing of personal data and on the free movement of such data; 
 “Group” means in
relation to a party its subsidiaries and holding companies and the subsidiaries of such holding companies (as such terms are defined in section 1159 of the Companies Act 2006); 

“Indemnified Persons” has the meaning given in clause 8; 

“Intellectual Property Rights” means any and all rights (including moral rights) available under patent, copyright, trade
mark, service mark, trade name, product configuration, industrial design, rights in software, business names and domain names, database rights, or trade secret law or any other statutory provision or common law doctrine with respect to designs,
formulas, algorithms, procedures, methods, techniques, ideas, know-how, programs, subroutines, tools, inventions, creations, improvements, works of authorship, other similar materials, and all recordings,
graphs, drawings, reports, analyses, other writings, and any other embodiment of the foregoing, in any form, which may subsist in any part of the world, in each case whether registered or unregistered; 

  
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 “Insolvency Event” means, in relation to a party: 

 

	 	(i)	 such party suspends or threatens to suspend payment of its debts or is (or is deemed to be) insolvent or unable
to pay its debts as they fall due for payment or admits inability to pay its debts; 

  

	 	(ii)	 such party enters into any composition or arrangement with its creditors; 

 

	 	(iii)	 an order is made or resolution is passed, or any analogous proceedings are taken for the winding-up, administration or dissolution (other than for the purposes of a solvent amalgamation or reconstruction) of such party; 

 

	 	(iv)	 any liquidator, trustee in bankruptcy, receiver, administrative receiver, administrator or similar officer is
appointed over or in respect of such party or any part of its business or assets; 

  

	 	(v)	 a creditor or encumbrancer of such party attaches or takes possession of, or a distress, execution,
sequestration or other such process is levied or enforced on or sued against, the whole or any part of its assets and such attachment or process is not discharged within 14 days; 

 

	 	(vi)	 any event occurs or proceeding is taken with respect to such party in any jurisdiction to which it is subject
that has an effect equivalent or similar to any of the events mentioned in paragraphs (i) to (v) (inclusive) above; or 

  

	 	(vii)	 such party ceases or threatens to cease to carry on all or substantially the whole of its business;

 “Reimbursable Service” has the meaning given in clause 3.1.1; 

“Representatives” has the meaning given in clause 10.2; 

“Services” has the meaning given in clause 1.1; 

“Term” has the meaning given in clause 6.1; 

“Third Party Provider” has the meaning given in clause 1.1; 

“Third Party Products and Services” has the meaning given in clause 5.3.2; 

 

	14.2	 Clause, schedule and paragraph headings shall not affect the interpretation of this Agreement.

  

	14.3	 The Appendices form part of this Agreement for all purposes. 

 

	14.4	 A person includes a natural person, corporate or unincorporated body (whether or not having separate legal
personality). 

  

	14.5	 Words in the singular include the plural and vice versa. 

 

	14.6	 A reference to writing or written includes email. 

 

	14.7	 The words include(s), including or in particular in this Agreement are deemed to have the words “without
limitation’ following them. 

  

	14.8	 Any obligation in this Agreement on a person not to do something includes an obligation not to agree or allow
that thing to be done. 

  
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	14.9	 A reference to a statute or statutory provision is to such statute or provision as amended or re-enacted from time to time whether before or after the date of this Agreement and, in the case of a statute, includes any subordinate legislation made under that statute whether before or after the date of this
Agreement; and 

  

	14.10	 unless otherwise defined, terms used in their relevant business context shall be interpreted in accordance with
their generally understood meaning in that industry or business context. 

  

	15	 Miscellaneous 

 

	15.1	 Each party warrants that it has the corporate power and authority to enter into this Agreement and perform its
obligations hereunder. 

  

	15.2	 Save as set out herein, all warranties and other terms implied by law are, to the fullest extent permitted by
law, excluded from this Agreement. 

  

	15.3	 This Agreement constitutes the entire understanding and agreement between the parties with respect to its
subject matter and supersedes all prior written or oral understandings agreements and deeds relating to it. Except as set out otherwise herein, this Agreement may not be modified or amended except in writing executed by both parties.

  

	15.4	 To the extent that there is any conflict between the terms and conditions of this Agreement, and the terms and
conditions of any other agreement entered into between the parties with respect to the provision of access to the Services described hereunder, the terms and conditions of this Agreement shall prevail. 

 

	15.5	 Nothing in this Agreement shall be deemed to constitute a partnership between the parties, nor shall either
party constitute or become the agent of the other party for any purpose. 

  

	15.6	 If any provision of this Agreement (or part of a provision) is found by any court or administrative body of
competent jurisdiction to be invalid, unenforceable or illegal, the other provisions shall remain in force. If any invalid, unenforceable or illegal provision would be valid, enforceable or legal if some part of it were deleted, the provision shall
apply with the minimum modification necessary to make it legal, valid and enforceable. 

  

	15.7	 Any waiver of any right under this Agreement is only effective if it is in writing. No single or partial
exercise of any right or remedy under this Agreement shall prevent or restrict the further exercise of any such right or remedy or other rights or remedies. 

  

	15.8	 Neither party may assign or transfer any of its rights or obligations under this Agreement without the prior
written consent of the other, save that either party may assign or transfer its rights and obligations under this Agreement to another member of its Group. For the avoidance of doubt, nothing in this clause 15.8 shall restrict VML from procuring
services from (or sub-contracting services to) Third Party Providers or other third parties for the purposes of providing access to the Services. 

 

	15.9	 Each party shall (at its own expense) promptly execute and deliver all such documents and do all such things
(or procure the same) as are required to give full effect to this Agreement and the transactions contemplated by it. 

  

	15.10	 Each party shall pay its own costs in connection with the negotiation, preparation, execution and performance
of this Agreement and all documents ancillary to it. 

  
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	15.11	 No term of this Agreement shall be enforceable under the Contracts (Rights of Third Parties) Act 1999 by a
person who is not a party to this Agreement but this does not affect any right or remedy of a third party which exists or is available other than under that Act. 

 

	15.12	 This Agreement may be signed in any number of counterparts, each of which shall be deemed an original and
which, when taken together, shall constitute one and the same instrument. 

  

	16	 Governing Law and Jurisdiction 

This Agreement and any non-contractual obligations arising out of or in connection with it shall be
governed by and construed in accordance with the laws of England and Wales. The parties irrevocably agree that the courts of England and Wales shall have exclusive jurisdiction to settle any dispute or claim that arises out of or in connection with
this Agreement (including a dispute or claim relating to any non-contractual obligations arising out or in connection with this Agreement). 

IN WITNESS WHEREOF, this Agreement has been executed by the duly authorised representatives of the parties. 

 

	
	
	
	  
 Authorised signatory

for and on behalf of
 Virgin Management Limited

	
	
	  
 Authorised signatory

for and on behalf of
 Virgin Galactic Limited

  
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 APPENDIX 1 (SERVICES) 

 

							
	 Name
	  	 Third Party
Provider
	  	 Description of Service
	  	 Charging

mechanism

	Employee benefits
				
	Pension	  	[***]	  	Provision to employees of pension product.	  	Directly Billed Service Paid directly to Third Party Provider based on VGL employee usage.
				
	Dental Insurance	  	[***]	  	Provision to employees of dental insurance.	  	Directly Billed Service Paid directly to Third Party Provider based on VGL employee usage.
				
	Private Healthcare Scheme	  	[***]	  	Provision to employees of private healthcare scheme.	  	Reimbursable Service Costs of the scheme recharged by VML at start of each calendar year. Claims made under scheme recharged based on VGL employee usage initially and then at calendar year end, all claims are pooled across
participating companies in the scheme on a pro rata basis.
				
	Income Protection Insurance	  	[***]	  	Provision to employees of income protection insurance.	  	Reimbursable Service Recharged by VML based on number of VGL users at start of calendar year.
				
	Health Assessment	  	[***]	  	Provision to employees of a health assessment.	  	Directly Billed Service Paid directly to Third Party Provider based on VGL employee usage.
				
	Critical Illness Insurance	  	[***]	  	Provision to employees of a critical illness product.	  	Directly Billed Service Paid directly to Third Party Provider based on VGL employee usage.
				
	Life Assurance	  	[***]	  	Provision to employees of a life assurance product.	  	Directly Billed Service Paid directly to Third Party Provider based on VGL employee usage.

  
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	Cycle to Work	  	[***]	  	Acquiring bicycle through payroll with incentive.	  	Directly Billed Service Paid directly to Third Party Provider based on VGL employee usage.
				
	Free Flights	  	[***]	  	2 free flights per calendar year for employees with 2 calendar years’ service.	  	Reimbursable Service Recharged by VML based on VGL employee usage.
				
	Pension Advice	  	[***]	  	Provision to employers of advice on pension matters, including auto-enrolment	  	Reimbursable Service Pro rata allocation of fees based on VGL’s number of employees vs total group users.
				
	Holiday Tool	  	[***]	  	Usage of online platform to manage employee holiday records.	  	Reimbursable Service Pro rata allocation of fees based on VGL’s number of employees vs total group users.
				
	Tonic Platform	  	[***]	  	Usage of online platform to manage employee benefits selection.	  	Reimbursable Service Pro rata allocation of fees based on VGL’s number of employees vs total group users.
				
	Financial Education Platform	  	[***]	  	Use of online platform by employees to educate themselves on financial matters.	  	Reimbursable Service Pro rata allocation of fees based on VGL’s number of employees vs total group users.
				
	Workplace Health Platform	  	[***]	  	Use of online platform by employees to monitor and reward their health.	  	Reimbursable Service Pro rata allocation of fees based on VGL’s number of employees vs total group users.
	
	Mobile phone
				
	Mobile phones	  	[***]	  	Mobile phones, other equipment and services (including SIM cards and network coverage).	  	 Directly Billed Service
 Paid directly to
Third Party Provider based on VGL employees’ usage.

	
	Other
				
	Registered office	  	N/A	  	Use of Battleship office as registered office address for service of official documents, for as long as the Licence to Occupy between the parties dated 21 February 2017 (as amended) is in place.	  	Reimbursable Service £250 per annum

  
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 APPENDIX 2 (DATA PROCESSING) 

 

	1.	 DEFINITIONS 

The following terms have the following meanings when used in this Appendix 2: 

 

	 	1.1	 “Controller”, “Processor” and “Data Subject” have the
meaning given to them under the GDPR. 

  

	 	1.2	 “Data Protection Laws” means the following legislations to the extent applicable from time to
time: (a) the GDPR and any national law supplementing the GDPR (such as, in the UK, the Data Protection Act 2018), and (b) any other data protection or privacy laws, regulations, or regulatory requirements applicable to the Processing of
Personal Data (as amended and/or replaced from time to time); 

  

	 	1.3	 “Personal Data”, “Personal Data Breach”, “Processing” (and
its cognates) and “Supervisory Authority” have the meaning set out in the GDPR. 

  

	2.	 ROLES OF THE PARTIES 

 

	 	2.1	 VML shall provide access to or procure the performance of the Services in accordance with the provisions of
this Agreement. 

  

	 	2.2	 In relation to the Processing of Personal Data as more particularly described below (the “Agreement
Personal Data”), the parties acknowledge that VGL shall be the Controller and VML shall be the Processor under this Agreement. The particulars of the Processing are as follow: 

 

	 	(a)	 Subject Matter of the Processing: VML has agreed to provide under this Agreement access to the Services,
possibly involving the Processing of Personal Data. 

  

	 	(b)	 Nature and purpose of the Processing: To provide access to or procure the performance of the Services
described in this Agreement. 

  

	 	(c)	 Types of Personal Data Processed: VML will Process the following types of Personal Data during the
course of the provision of access to the Services: (i) biographical data (including title, first name, last name and other identification numbers) and (ii) contact data (including email addresses, billing and postal addresses and telephone
numbers). The Processing of special categories of Personal Data may also be involved. 

  

	 	(d)	 Categories of Data Subjects: The employees of VGL. 

 

	 	(e)	 Duration of the Processing: For the duration of the Term. 

 

	3.	 OBLIGATIONS OF THE PARTIES 

 

	 	3.1	 VML shall comply with the requirements of the Data Protection Laws in respect of the provision of access to or
procurement of the performance of the Services and otherwise in connection with this Agreement. 

  

	 	3.2	 Without prejudice to clause 3.2, VML shall: 

 

	 	(a)	 only Process the Agreement Personal Data on the documented instructions and directions of VGL (which shall
include without limitation the terms of this Agreement) and only to the extent reasonably necessary for the purpose of providing access to or procuring the performance of the Services and not Process the Agreement Personal Data for any other purpose
or in any other manner unless VML is required to Process such Agreement Personal Data otherwise under applicable Data Protection Laws. Where such a requirement is placed on VML it shall provide prior notice to VGL unless prohibited by applicable
law; 

  
 Page 13 

	 	(b)	 Process the Agreement Personal Data in accordance with the specified duration, purpose, type of Personal Data
and categories of Data Subjects as set out in clause 2.2 above; 

  

	 	(c)	 inform VGL if, in its reasonable opinion, any instruction or direction from VGL would be in breach of Data
Protection Laws; 

  

	 	(d)	 ensure that any employee, director, agent, contractor or affiliate of VML or any third party with access to
Agreement Personal Data only access such Agreement Personal Data in connection with the provision of access to or procurement of performance of the Services or where permitted by applicable law. VML shall further ensure that all persons authorised
by it to Process the Agreement Personal Data (i) have undergone training about Data Protection Laws and (ii) are subject to a duty of confidence; 

  

	 	(e)	 implement appropriate technical and organisational measures to protect the Agreement Personal Data against
accidental or unlawful destruction or accidental loss, alteration, unauthorised disclosure or access. 

  

	 	(f)	 promptly notify VGL if it receives a request from a Data Subject attempting to exercise their rights under Data
Protection Laws. VML shall act in accordance with VGL’s reasonable instructions when dealing with any such request; 

  

	 	(g)	 co-operate and provide reasonable assistance to VGL to respond to
(i) requests from any Data Subject exercising their rights under Data Protection Laws and (ii) any enquiry made, or investigation or assessment of Processing initiated by any Supervisory Authority; and 

 

	 	(h)	 assist VGL with the conduct of privacy impact assessments and in relation to the security of the Processing
where and as required under Data Protection Laws. 

  

	 	3.3	 At the request of VGL, VML shall provide all information necessary to demonstrate evidence of its compliance
with this Agreement and the Data Protection Laws and allow for and contribute to audits, including without limitation inspections, conducted by VGL or another auditor nominated by VGL to verify VML’s compliance with Data Protection Laws. Upon
request, VML shall submit to VGL its record of Processing activities carried out on behalf of VGL in accordance with Article 30.2 of the GDPR. 

  

	 	3.4	 VML shall notify VGL promptly of becoming aware of, or reasonably suspecting there has been a Personal Data
Breach affecting the Agreement Personal Data. As part of that notification, VML shall provide: 

  

	 	(a)	 a description of the nature of the Personal Data Breach, including without limitation the volume and type of
the Agreement Personal Data affected and the categories and approximate number of individuals concerned; 

  

	 	(b)	 the name and contact details of VML contact from whom more information can be obtained; 

 

	 	(c)	 the likely consequences of the Personal Data Breach; and 

 

	 	(d)	 a description of the measures taken or proposed to be taken to address the Personal Data Breach including,
where appropriate, measures to mitigate its possible adverse effects. 

  
 Page 14 

 VML shall co-operate with any investigation
regarding the Personal Data Breach and take without undue delay all necessary measures to limit further unauthorised disclosure of or unauthorised Processing of the Agreement Personal Data in connection with the Personal Data Breach. 

 

	 	3.5	 On termination or expiry of the Agreement or any part of it and at the option of VGL, VML shall promptly return
(in the format requested by VGL) or delete the Agreement Personal Data Processed in relation to the Services and certify in writing that it has done so. 

  

	 	3.6	 VML shall not transfer the Agreement Personal Data without (i) obtaining the VGL’s prior written
consent and (ii) taking such measures as VGL may reasonably request to ensure that such transfer complies with Data Protection Laws, which includes, at the VGL’s request, entering into (or procuring that such other persons as VGL may
reasonably specify enter into) a valid data transfer mechanism under Data Protection Laws. 

  

	 	3.7	 During the Term, VML shall not engage any sub-Processors to Process the
Agreement Personal Data that are not listed in Appendix 1 as at the Effective Date without VGL’s prior written consent. VGL otherwise consents to VML’s engagement of the Third Party Providers specified in Appendix 1 who may Process any
Agreement Personal Data as sub-Processors under this Agreement. VML shall ensure that it has a written contract with any authorised sub-Processor that contains terms for
the protection of the Agreement Personal Data which are no less protective than the terms set out in this Agreement. For the avoidance of doubt, if VML engages a sub-Processor, where that sub-Processor fails to fulfil its obligations under Data Protection Laws, VML remains liable to VGL for the performance of the sub-Processor’s obligations under Data
Protection Laws. 

  
 Page 15EX-10.26

 Exhibit 10.26 

SOCIAL CAPITAL HEDOSOPHIA HOLDINGS CORP. 

DIRECTOR RESTRICTED STOCK UNIT AWARD AGREEMENT 

This Director Restricted Stock Unit Award Agreement (this “RSU Award Agreement”), dated as of
                    ,              (the “Grant Date”), is made by and
between Social Capital Hedosophia Holdings Corp., an exempted company incorporated under the laws of the Cayman Islands (which is expected to domesticate (the “Domestication”) as a Delaware corporation prior to the consummation of
the VG Business Combination) (the “Company”), and              (the “Participant”). The terms of this RSU Award Agreement shall be governed by the terms of
the omnibus equity incentive plan to be adopted by the Company and submitted for approval by the Company’s shareholders in connection with the VG Business Combination (the “Plan”). Certain capitalized terms used herein and not
otherwise defined are defined in Section 6 hereof. 
 1.    Grant of Restricted Stock Units. The Company hereby
grants to the Participant              restricted stock units (the “RSUs”), subject to all of the terms and conditions of this RSU Award Agreement, the Plan and
Section 8.8 of the Merger Agreement. 
 2.    Vesting. 

(a)    Subject to Sections 2(b) and 7, the RSUs shall become vested in full upon the consummation of the VG Business
Combination; provided that (x) the Participant remains in continuous service as a member of the Board of Directors of the Company (the “Board”) through the time that is immediately prior to the consummation of the
VG Business Combination and (y) the Class B Shares shall have converted into Common Stock in accordance with Section 8.8 of the Merger Agreement. 

(b)    If the Participant’s service as a member of the Board is terminated for any reason prior to the date on which
the VG Business Combination is consummated, then on the date of such termination from service (i) this RSU Award Agreement shall terminate and all rights of the Participant with respect to the RSUs shall immediately terminate, (ii) the
RSUs shall be forfeited without payment of any consideration, and (iii) neither the Participant nor any of the Participant’s successors, heirs, assigns, or personal representatives shall thereafter have any further rights or interests in
the RSUs. 
 3.    Settlement. Each RSU granted hereunder shall represent the notional right to receive a single
Ordinary Share and, upon the Domestication, each RSU will be converted into the notional right to receive a single share of Common Stock. Vested RSUs will be settled in shares of Common Stock on a date determined in the sole discretion of the
Company that shall occur between January 1 and December 31 of the year following the year in which vesting occurs. 

4.    Equitable Adjustment. In the event of any Change in Capitalization (other than in connection with the VG
Business Combination), an equitable substitution or proportionate adjustment shall be made in (i) the kind and number of Shares or other securities or the amount of cash or amount or type of other property subject to outstanding RSUs granted
under this Agreement; and/or (ii) the terms and conditions of this RSU Award Agreement; provided, however, that any fractional shares resulting from the adjustment shall be eliminated. The Company is further authorized to make
adjustments in the terms and conditions of, and the criteria included in, this RSU Award Agreement in recognition of unusual or infrequent events (including, without limitation, the events described in this Section 4, but excluding the VG
Business Combination) affecting the Company or the financial statements of the Company, including but not limited to changes in the number or conversion rights associated with the Class B Shares or Warrants other than as contemplated hereby, or
of changes in applicable laws, regulations, or accounting principles, whenever the Company determines that such adjustments are appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made
available under this RSU Award Agreement. 

  
 1 

 5.    Voting and Other Rights. The Participant shall have no
rights of a stockholder with respect to the RSUs (including the right to vote and the right to receive distributions or dividends) unless and until Shares are issued in respect thereof following the date on which they vest in accordance with
Section 2(a) hereof; provided, that with respect to the period commencing on the Grant Date and ending on the date the Shares subject to such RSUs are issued pursuant to this RSU Award Agreement, the Participant shall be eligible to
receive an amount equal to the product of (i) the number of Shares to be delivered as a result of such vesting, and (ii) the amount of cash distributed by the Company with respect to an outstanding Share during such period, which amount
shall be paid to the Participant on the date such Shares are issued (provided that such amount shall not be paid to the extent that any RSUs do not become vested and Shares are not delivered). No interest or other earnings will be credited with
respect to such payment. 
 6.    Definitions. As used herein, the following defined terms have the definitions
set forth below: 
  

	 	i.	 “Change in Capitalization” means any (a) merger, consolidation, reclassification,
recapitalization, spin-off, spin-out, repurchase or other reorganization or corporate transaction or event, (b) special or extraordinary dividend or other
extraordinary distribution (whether in the form of cash, Shares or other property), stock split, reverse stock split, share subdivision or consolidation, (c) combination or exchange of Shares or (d) other change in corporate structure,
which, in any such case, the Company determines, in its sole discretion, affects the Shares such that an adjustment pursuant to Section 4 is appropriate. 

 

	 	ii.	 “Class B Shares” shall mean the Class B ordinary shares of the Company, par value
$0.0001 per share. 

  

	 	iii.	 “Common Stock” shall mean the common stock, par value $0.0001 per share, of the Company
following the Domestication. 

  

	 	iv.	 “Merger Agreement” means that certain Agreement and Plan of Merger, dated as of July 9,
2019, by and among the Company, Vieco 10 Limited, a company limited by shares under the laws of the British Virgin Islands, Foundation Sub 1, a Delaware corporation, Foundation Sub 2, a Delaware corporation, Foundation Sub LLC, a Delaware limited
liability company, TSC Vehicle Holdings, Inc., a Delaware corporation, Virgin Galactic Vehicle Holdings, Inc., a Delaware corporation, and VGH, LLC, a Delaware limited liability company. 

 

	 	v.	 “Ordinary Shares” shall mean the Class A ordinary shares of the Company, par value
$0.0001 per share. 

  

	 	vi.	 “Shares” shall mean, collectively, Ordinary Shares, shares of Common Stock and Class B
Shares, as applicable. 

  

	 	vii.	 “Trust Account” shall mean the trust fund into which a portion of the net proceeds of the
Company’s initial public offering were deposited for the benefit of the Company, certain of its public shareholders and the underwriters of the Company’s initial public offering. 

 

	 	viii.	 “VG Business Combination” shall mean the consummation of the Domestication and the Mergers
(each as defined in the Merger Agreement) and the other transactions contemplated by the Merger Agreement. 

  

	 	ix.	 “Warrants” shall mean warrants to purchase Shares. 

7.    RSU Award Agreement Subject to Plan and Shareholder Approval. This RSU Award Agreement is made pursuant to
all of the provisions of the Plan, which is incorporated herein by this reference, and is intended, and shall be interpreted in a manner, to comply therewith. In the event of any conflict between the provisions of this RSU Award Agreement and the
provisions of the Plan, the provisions of this RSU Award Agreement shall govern. The Participant hereby acknowledges that all decisions, determinations and interpretations of the Administrator in respect of the Plan, this RSU Award Agreement and the
RSUs shall be final and conclusive. This RSU Award Agreement and the grant of RSUs hereunder is expressly contingent upon approval of the Plan 

  
 2 

 
and its Overall Share Limit (as defined in the Plan) by the Company’s Board (or a designated committee thereof) and the Company’s shareholders. If the Plan is not so approved on or
prior to the Closing of the VG Business Combination, this RSU Award Agreement shall be null and void ab initio on the Closing of the VG Business Combination. Any issuance of Shares in respect of RSUs shall be issued under and pursuant to the terms
of the Plan. 
 8.    Regulations and Other Approvals. 

 

	 	i.	 Any resale of the Shares received in respect of RSUs shall be made in compliance with the registration
requirement of the Securities Act of 1933, as amended (the “Securities Act”), or an applicable exemption therefrom, including, without limitation, the exemption provided by Rule 144 promulgated thereunder (or any successor rule,
“Rule 144”). 

  

	 	ii.	 The obligation of the Company to sell or deliver Shares with respect to any RSU granted hereunder shall be
subject to all applicable laws, rules and regulations, including all applicable federal and state securities laws, and the obtaining of all such approvals by governmental agencies as may be deemed necessary or appropriate by the Company.

  

	 	iii.	 Each RSU is subject to the requirement that, if at any time the Company determines, in its absolute discretion,
that the listing, registration or qualification of Shares issuable hereunder is required by any securities exchange or under any state or federal law, or the consent or approval of any governmental regulatory body is necessary or desirable as a
condition of, or in connection with, the grant of an RSU or the issuance of Shares, no such RSU shall be granted or payment made or Shares issued, in whole or in part, unless such listing, registration, qualification, consent or approval has been
effected or obtained free of any conditions not acceptable to the Company. 

 9.    Participant
Representations and Warranties. This RSU Award Agreement and the grant of RSUs hereunder is expressly conditioned on the Participant’s acceptance and agreement to the representations and warranties set forth in Annex A hereto. All
representations and warranties contained in Annex A shall survive the execution of this RSU Award Agreement and the grant of the RSUs contemplated hereby. The Participant agrees to indemnify and hold harmless the Company from any liability, loss or
expense (including, without limitation, reasonable attorneys’ fees) if the Participant has breached any representation or warranty hereunder. 

10.    No Rights to Continuation of Service. Nothing in the Plan or this RSU Award Agreement shall confer upon the
Participant any right to continue in the service of the Company or any Affiliate thereof or shall interfere with or restrict the right of the Company or its Affiliates to terminate the Participant’s service at any time for any reason
whatsoever. 
 11.    Taxes. The Participant understands that the Participant (and not the Company) shall be
responsible for any tax liability that may arise as a result of the transactions contemplated by this RSU Award Agreement. 

12.    Section 409A and Section 457A. The intent of the parties is that the payments and benefits under this
RSU Award Agreement comply with Section 409A of the Code and be exempt from Section 457A of the Code, to the extent subject thereto, and accordingly, to the maximum extent permitted, this RSU Award Agreement shall be interpreted and
administered to be in compliance therewith or exempt therefrom, as applicable. Notwithstanding anything contained herein to the contrary, the Participant shall not be considered to have terminated service with the Company for purposes of any
payments under this RSU Award Agreement which are subject to Section 409A of the Code until the Participant would be considered to have incurred a “separation from service” from the Company within the meaning of Section 409A of
the Code. Each amount to be paid or benefit to be provided under this RSU Award Agreement shall be construed as a separate identified payment for purposes of Section 409A of the Code. Without limiting the foregoing and notwithstanding anything
contained herein to the contrary, to the extent required in order to avoid accelerated taxation and/or tax penalties under Section 409A of the Code, amounts that would otherwise be payable and benefits that would otherwise be

  
 3 

 
provided pursuant to this RSU Award Agreement or any other arrangement between the Participant and the Company during the six-month period immediately
following the Participant’s separation from service shall instead be paid on the first business day after the date that is six months following the Participant’s separation from service (or, if earlier, the Participant’s date of
death). The Company makes no representation that any or all of the payments described in this RSU Award Agreement will be exempt from or comply with Section 409A or Section 457A of the Code and makes no undertaking to preclude
Section 409A or Section 457A of the Code from applying to any such payment. The Participant shall be solely responsible for the payment of any taxes and penalties incurred under Section 409A or Section 457A of the Code. 

13.    Governing Law. This RSU Award Agreement shall be governed by and construed in accordance with the laws of
the State of Delaware. 
 14.    RSU Award Agreement Binding on Successors. The terms of this RSU Award Agreement
shall be binding upon the Participant and upon the Participant’s heirs, executors, administrators, personal representatives, transferees, assignees and successors in interest, and upon the Company and its successors and assignees, subject to
the terms of the Plan. 
 15.    No Assignment. Notwithstanding anything to the contrary in this RSU Award
Agreement, neither this RSU Award Agreement nor any rights granted herein shall be assignable by the Participant. 

16.    Necessary Acts. The Participant hereby agrees to perform all acts, and to execute and deliver any other
documents that may be reasonably necessary to carry out the provisions of this RSU Award Agreement, including but not limited to all acts and documents related to compliance with federal and/or state securities and/or tax laws. 

17.    Severability. Should any provision of this RSU Award Agreement be held by a court of competent jurisdiction
to be unenforceable, or enforceable only if modified, such holding shall not affect the validity of the remainder of this RSU Award Agreement, the balance of which shall continue to be binding upon the parties hereto with any such modification (if
any) to become a part hereof and treated as though contained in this original RSU Award Agreement. Moreover, if one or more of the provisions contained in this RSU Award Agreement shall for any reason be held to be excessively broad as to scope,
activity, subject or otherwise so as to be unenforceable, in lieu of severing such unenforceable provision, such provision or provisions shall be construed by the appropriate judicial body by limiting or reducing it or them, so as to be enforceable
to the maximum extent compatible with the applicable law as it shall then appear, and such determination by such judicial body shall not affect the enforceability of such provisions or provisions in any other jurisdiction. 

18.    Entire Agreement. This RSU Award Agreement, the Plan and the Merger Agreement contain the entire agreement
and understanding among the parties as to the subject matter hereof, and supersedes any other agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof. 

19.    Headings. Headings are used solely for the convenience of the parties and shall not be deemed to be a
limitation upon or descriptive of the contents of any such Section. 
 20.    Counterparts; Electronic Signature.
This RSU Award Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original and all of which together shall be deemed to be one and the same instrument. The Participant’s electronic signature of this
RSU Award Agreement shall have the same validity and effect as a signature affixed by the Participant’s hand. 

21.    Amendment; Third Party Beneficiary. No amendment or modification hereof (including with respect to any of
the conditions set forth in Section 2(b) or Section 7) shall be valid unless it shall be in writing and signed by all parties hereto and, prior to the Closing, by Vieco 10 Limited (“Vieco 10”). Vieco 10 shall be a third
party beneficiary of this Agreement. 

  
 4 

 22.    Waiver against Trust Account. The Participant acknowledges
that he or she has no right, title, interest or claim of any kind in or to any monies held in the Trust Account or any other asset of the Company as a result of any liquidation of the Company with respect to the RSUs. The Participant hereby further
acknowledges that he or she shall have no right of set-off or any other right, title, interest or claim of any kind (“Claim”) in, or to any distribution of, the Trust Account and hereby agrees
not to seek recourse, reimbursement, payment or satisfaction for any Claim against the Trust Account for any reason whatsoever. The Participant hereby waives any and all Claims against the Trust Account and any and all rights to seek access to the
Trust Account. 
 [Signature Pages Follow] 

  
 5 

 IN WITNESS WHEREOF, the parties hereto have executed this RSU Award Agreement as of the date
set forth above. 
  

			
	SOCIAL CAPITAL HEDOSOPHIA HOLDINGS CORP.
		
	By:	 	  

		
	Print Name:  	 	  

		
	Title:	 	  

  
  
  

[Signature Page to Director RSU Award Agreement] 

  
 6 

 The undersigned hereby accepts and agrees to all the terms and provisions of the foregoing
RSU Award Agreement, including Annex A. 
  

			
	PARTICIPANT
		
	Signature:	 	  

		
	Print Name:  	 	  

		
	Address:	 	  

		
		 	  

  
  
  

[Signature Page to Director RSU Award Agreement] 

  
 7 

 ANNEX A 

REPRESENTATIONS AND WARRANTIES OF THE PARTICIPANT 

The Participant hereby represents and warrants to the Company as of the date of this RSU Award Agreement as follows: 

 

	1.	 The Participant’s domicile is the State of [DOMICILE], all discussions related to this Agreement, the
RSUs, and the offer and acceptance of this RSU Award Agreement, and the RSUs granted hereunder, occurred in the State of [DOMICILE]. 

  

	2.	 The Participant has such knowledge and experience in financial and business matters that he or she is capable
of evaluating the merits and risks of the investment to be made by the Participant hereunder. The Participant understands and has taken cognizance of all the risk factors related to the investment in the RSUs. 

 

	3.	 The Participant is acquiring the RSUs for his or her own account for investment and not with any view to, or
for resale in connection with, any distribution or public offering thereof within the meaning of the Securities Act. 

  

	4.	 The Participant understands that (i) the RSUs have not been, and any Shares received in respect of RSUs
will not be, registered under the Securities Act or applicable state securities laws, in reliance on exemptions from registration under the Securities Act and applicable state securities laws, (ii) the RSUs and any Shares received in respect of
RSUs may not be sold, transferred, offered for sale, pledged, hypothecated or otherwise disposed of without registration under the Securities Act, except: (a) to the Company or a subsidiary thereof, (b) to
non-U.S. persons pursuant to offers and sales that occur outside the United States within the meaning of Regulation S under the Securities Act or (c) pursuant to another applicable exemption from the
registration requirements of the Securities Act, and in each of cases (a) and (c) in accordance with any applicable securities laws of the states and other jurisdictions of the United States, and that any certificates representing the Shares
shall contain a legend to such effect, (iii) the availability of an exemption from registration may depend on factors over which the Participant has no control, that unless so registered or exempt from registration the RSUs and any Shares
received in respect of RSUs may be required to be held for an indefinite period and (iv) no federal or state agency has made any finding or determination as to the fairness for investment, nor any recommendation or endorsement, of the RSUs or
any Shares received in respect of RSUs. 

  

	5.	 The Participant understands that an exemption from registration is not presently available pursuant to Rule
144, that there is no assurance that such exemption will ever become available to the Participant and that even if it were to become available, sales pursuant to Rule 144 would be limited in amount and could only be made in full compliance with the
provisions of Rule 144. 

  

	6.	 The Participant acknowledges and agrees that (i) except as expressly provided for in this RSU Award
Agreement, no representations or warranties have been made to the Participant by the Company, any manager, officer, agent, employee or affiliate of the Company, or any other persons with respect to the Participant’s investment in the RSUs,
(ii) except for this RSU Award Agreement and the Plan, there are no agreements, contracts, understandings or commitments between the Participant on the one hand and the Company, any director, manager, officer, agent, employee or affiliate of
the Company on the other hand, with respect to the Participant’s investment in the RSUs, (iii) in entering into this transaction the Participant is not relying upon any information, other than that contained in the Plan, this RSU Award
Agreement and the results of the Participant’s own independent investigation, (iv) the Participant’s financial situation is such that the Participant can afford to hold the RSUs and any Shares received in respect of RSUs for an
indefinite period of time, has adequate means for providing for his or her current needs and personal contingencies, and can afford the eventuality that the RSUs and any Shares received in respect of RSUs may ultimately have no value, (v) the
future value of the RSUs and any Shares received in respect of RSUs is speculative, and (vi) the Participant’s investment in the RSUs and any Shares received in respect of RSUs is subject to dilution by the issuance of additional equity
securities by the Company and the Participant is not 

  
 8 

	 	
entitled to any preemptive, tag-along, information or other minority investor rights with respect to the RSUs and any Shares received in respect of RSUs,
other than as expressly set forth in this RSU Award Agreement, the Plan or as otherwise provided under applicable law. 

  

	7.	 The Participant understands that he or she must bear the economic risk of his or her investment in the RSUs for
an indefinite period of time. 

  

	8.	 The Participant understands that the grant of RSUs to the Participant is predicated, in part, on the
representations, warranties and covenants of the Participant contained herein. 

  

	9.	 The Participant hereby acknowledges that neither the Company nor any representative of the Company has
provided, or will provide, the Participant with tax advice regarding the RSUs, the Company or the execution of this Agreement, and the Company has advised the Participant to consult the Participant’s own tax advisor with respect to the tax
consequences of each of the foregoing, including but not limited to any applicable elections, withholdings or other matters relating to the RSUs, the Company or the execution of this Agreement. 

  
 9

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