Document:

EX-10.47

 Exhibit 10.47 

VIRGIN GALACTIC HOLDINGS, INC. 

NON-EMPLOYEE DIRECTOR COMPENSATION PROGRAM 

Eligible Directors (as defined below) on the board of directors (the “Board”) of Virgin Galactic Holdings, Inc. (the
“Company”) shall be eligible to receive cash and equity compensation as set forth in this Non-Employee Director Compensation Program (this “Program”). The cash
and equity compensation described in this Program shall be paid or be made, as applicable, automatically as set forth herein and without further action of the Board, to each member of the Board who is not an employee of the Company or any of its
parents, affiliates or subsidiaries, and who is determined by the Board to be eligible to receive compensation under this Program (each, an “Eligible Director”), who may be eligible to receive such cash or equity
compensation, unless such Eligible Director declines the receipt of such cash or equity compensation by written notice to the Company. The Eligible Directors are set forth on Schedule A attached hereto, as may be amended from time to time. 

This Program shall become effective upon the Effective Date, and shall remain in effect until it is revised or rescinded by further action of
the Board. This Program may be amended, modified or terminated by the Board at any time in its sole discretion. No Eligible Director shall have any rights hereunder, except with respect to equity awards granted pursuant to Section 2 of this
Program. For purposes of this Program, the “Effective Date” shall mean the date on which the closing of the transactions contemplated by that certain Agreement and Plan of Merger by and among Social Capital Hedosophia
Holdings Corp. and certain parties thereto, dated as of July 9, 2019, as amended on [date] (the “SPAC Merger”) are consummated. 

1.    Cash Compensation. 

a.    Annual Retainers. Each Eligible Director shall be eligible to receive an annual cash retainer
of $125,000 for service on the Board. 
 b.    Additional Annual Retainers. An Eligible Director
shall be eligible to receive the following additional annual retainers, as applicable: 

(ii)    Audit Committee. An Eligible Director serving as Chairperson of the Audit Committee shall
be eligible to receive an additional annual retainer of $40,000 for such service. An Eligible Director serving as a member of the Audit Committee (other than the Chairperson) shall be eligible to receive an additional annual retainer of $20,000 for
such service. 
 (iii)    Compensation Committee. An Eligible Director serving as Chairperson of
the Compensation Committee shall be eligible to receive an additional annual retainer of $10,000 for such service. An Eligible Director serving as a member of the Compensation Committee (other than the Chairperson) shall be eligible to receive an
additional annual retainer of $5,000 for such service. 
 (iv)    Nominating and Corporate Governance
Committee. An Eligible Director serving as Chairperson of the Nominating and Corporate Governance Committee shall be eligible to receive an additional annual retainer of $7,500 for such service. An Eligible Director serving as a member of the
Nominating and Corporate Governance Committee (other than the Chairperson) shall be eligible to receive an additional annual retainer of $3,750 for such service. 

c.    Payment of Retainers. The annual cash retainers described in Sections 1(a) and 1(b) shall be
earned on a quarterly basis based on a calendar quarter and shall be paid by the Company in arrears not later than 30 days following the end of each calendar quarter. Annual cash retainers will be pro-rated
for any partial calendar quarter of service. 

 2.    Equity Compensation. 

a.    General. Eligible Directors shall be granted the equity awards described below. The awards
described below shall be granted under and shall be subject to the terms and provisions of the Company’s 2019 Incentive Award Plan or any other applicable Company equity incentive plan then-maintained by the Company (such plan, as may be
amended from time to time, the “Equity Plan”) and may be granted subject to the execution and delivery of award agreements, including attached exhibits, in substantially the forms approved by the Board prior to or in
connection with such grants. All applicable terms of the Equity Plan apply to this Program as if fully set forth herein, and all grants of equity awards hereby are subject in all respects to the terms of the Equity Plan. Capitalized terms not
otherwise defined herein shall have the meanings ascribed to them in the Equity Plan. 

b.    Existing Director Awards. Each Eligible Director serving on the Board as of the closing of the
SPAC Merger automatically shall be granted a Restricted Stock Unit award with a value of $300,000 (the “Existing Director Award”). The Existing Director Award shall be granted upon effectiveness of the Form S-8 with respect to the Company’s common stock issuable under the Plan, subject to continued service through the grant date, and shall cover a number of Restricted Stock Units equal to $300,000 divided by the
closing price of the Company’s common stock on the Effective Date. The Existing Director Award shall vest with respect to one-third of the Restricted Stock Units subject to the Existing Director Award on
each of the first three anniversaries of the closing of the SPAC Merger, subject to continued service through the applicable vesting date. 

c.    Initial Awards. Each Eligible Director who is initially elected or appointed to serve on the
Board after the Effective Date automatically shall be granted a Restricted Stock Unit award with a value of $150,000 (the “Initial Award”). The Initial RSU Award shall be granted on the date on which such Eligible Director is
initially elected or appointed to serve on the Board (the “Election Date”). The Initial Award may be pro-rated to reflect any partial year of service, as determined by the Board in its
sole discretion prior to the grant date. The Initial Award shall cover a number of Restricted Stock Units equal to $150,000 divided by the closing price of the Company’s common stock on the grant date, and shall vest with respect to one-third of the Restricted Stock Units subject to the Initial Award on each of the first three anniversaries of the applicable grant date, subject to continued service through the applicable vesting date. 

d.    Annual Awards. An Eligible Director who is serving on the Board as of the date of the annual
meeting of the Company’s stockholders (“Annual Meeting”) each calendar year beginning with calendar year 2020 shall be granted a Restricted Stock Unit Award with a value of $125,000 (the “Annual
Award”). Each Annual Award shall be granted on the date of the applicable Annual Meeting, shall cover a number of Restricted Stock Units equal to $125,000 divided by the closing price of the Company’s common stock on the grant
date, and shall vest in full on the earlier to occur of (i) the one-year anniversary of the applicable grant date and (ii) the date of the next Annual Meeting following the grant date, subject to
continued service through the applicable vesting date. 
 e.    Accelerated Vesting Events.
Notwithstanding the foregoing, an Eligible Director’s Existing Director Award, Initial Award and Annual Award(s) shall vest in full immediately prior to the occurrence of a Change in Control, in each case, to the extent outstanding and unvested
at such time. 
 3.    Compensation Limits. Notwithstanding anything to the contrary in this Program, all
compensation payable under this Program will be subject to any limits on the maximum amount of non-employee Director compensation set forth in the Equity Plan, as in effect from time to time. 

 SCHEDULE A 

ELIGIBLE DIRECTORS 
 Wanda Austin 

Craig Kreeger 
 George Mattson 

James RyansEX-10.48

 EXHIBIT 10.48 

SOCIAL CAPITAL HEDOSOPHIA HOLDINGS CORP. 

PROMISSORY NOTE 
  

			
	 Principal Amount: Not to Exceed U.S.$3,500,000.00

(See Schedule A)
	  	Dated as of October 2, 2019

 FOR VALUE RECEIVED and subject to the terms and conditions set forth herein, Social Capital Hedosophia
Holdings Corp., a Cayman Islands exempted company (the “Maker”), promises to pay to SCH Sponsor Corp. (the “Payee”), or order, the principal balance as set forth on Schedule A hereto in lawful money of
the United States of America; which schedule shall be updated from time to time by the parties hereto to reflect all advances and readvances outstanding under this promissory note (this “Note”); provided that at no time shall
the aggregate of all advances and readvances outstanding under this Note exceed 3,500,000.00 U.S. Dollars (U.S.$3,500,000.00). Any advance hereunder shall be made by the Payee upon a request of the Maker and shall be set forth on
Schedule A; which Schedule A reflects outstanding advances made by the Payee on behalf of the Maker as of the date hereof. All payments on this Note shall be made by check or wire transfer of immediately available
funds or as otherwise determined by the Maker to such account as the Payee may from time to time designate by written notice in accordance with the provisions of this Note. 

1.        Principal. All unpaid principal under this Note shall be due and payable in full
on the earlier of (i) December 18, 2019 and (ii) the effective date of a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination, involving the Maker and one or more businesses (such
earlier date, the “Maturity Date”), unless accelerated upon the occurrence of an Event of Default (as defined below). Any outstanding principal amount to date under this Note may be prepaid at any time by the Maker, at its election
and without penalty. 
 2.        Interest. No interest shall accrue on the unpaid principal
balance of this Note. 
 3.        Application of Payments. All payments shall be applied first
to payment in full of any costs incurred in the collection of any sum due under this Note, including (without limitation) reasonable attorney’s fees, then to the payment in full of any late charges and finally to the reduction of the unpaid
principal balance of this Note. 
 4.        Events of Default. The occurrence of any of the
following shall constitute an event of default (“Event of Default”): 
 (a)    Failure to Make
Required Payments. Failure by the Maker to pay the principal amount due pursuant to this Note within five (5) business days of the date specified in Section 1 above. 

(b)    Voluntary Bankruptcy, Etc. The commencement by the Maker of a voluntary case under any applicable
bankruptcy, insolvency, reorganization, rehabilitation or other similar law, or the consent by it to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator (or other similar official) of the
Maker or for any substantial part of its property, or the making by it of any assignment for the benefit of creditors, or the failure of the Maker generally to pay its debts as such debts become due, or the taking of corporate action by the Maker in
furtherance of any of the foregoing. 
 (c)    Involuntary Bankruptcy, Etc. The entry of a decree or order for
relief by a court having jurisdiction in the premises in respect of the Maker in an involuntary case under any applicable bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator
(or similar official) of the Maker or for any substantial part of its property, or ordering the winding-up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect
for a period of sixty (60) consecutive days. 
 5.        Remedies. 

(a)    Upon the occurrence of an Event of Default specified in Section 4(a) hereof, the Payee may, by written notice
to the Maker, declare this Note to be due immediately and payable, whereupon the unpaid principal amount of this Note, and all other amounts payable thereunder, shall become immediately due and payable without presentment, demand, protest or other
notice of any kind, all of which are hereby expressly waived, anything contained herein or in the documents evidencing the same to the contrary notwithstanding. 

 (b)    Upon the occurrence of an Event of Default specified in Sections
4(b) or 4(c), the unpaid principal balance of this Note, and all other sums payable with regard to this Note, shall automatically and immediately become due and payable, in all cases without any action on the part of the Payee. 

6.        Waivers. The Maker and all endorsers and guarantors of, and sureties for, this Note waive
presentment for payment, demand, notice of dishonor, protest, and notice of protest with regard to the Note, all errors, defects and imperfections in any proceedings instituted by the Payee under the terms of this Note, and all benefits that might
accrue to the Maker by virtue of any present or future laws exempting any property, real or personal, or any part of the proceeds arising from any sale of any such property, from attachment, levy or sale under execution, or providing for any stay of
execution, exemption from civil process, or extension of time for payment; and the Maker agrees that any real estate that may be levied upon pursuant to a judgment obtained by virtue hereof, on any writ of execution issued hereon, may be sold upon
any such writ in whole or in part in any order desired by the Payee. 
 7.        Unconditional
Liability. The Maker hereby waives all notices in connection with the delivery, acceptance, performance, default, or enforcement of the payment of this Note, and agrees that its liability shall be unconditional, without regard to the
liability of any other party, and shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or modification granted or consented to by the Payee, and consents to any and all extensions of time, renewals, waivers, or
modifications that may be granted by the Payee with respect to the payment or other provisions of this Note, and agrees that additional makers, endorsers, guarantors, or sureties may become parties hereto without notice to the Maker or affecting the
Maker’s liability hereunder. 
 8.        Notices. All notices, statements or other
documents which are required or contemplated by this Note shall be: (i) in writing and delivered personally or sent by first class registered or certified mail, overnight courier service or facsimile or electronic transmission to the address
designated in writing, (ii) by facsimile to the number most recently provided to such party or such other address or fax number as may be designated in writing by such party and (iii) by electronic mail, to the electronic mail address most
recently provided to such party or such other electronic mail address as may be designated in writing by such party. Any notice or other communication so transmitted shall be deemed to have been given on the day of delivery, if delivered
personally, on the business day following receipt of written confirmation, if sent by facsimile or electronic transmission, one (1) business day after delivery to an overnight courier service or five (5) days after mailing if sent by mail.

 9.        Construction. THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
LAWS OF NEW YORK APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED WITHIN THE STATE OF NEW YORK. 

10.        Severability. Any provision contained in this Note which is prohibited or unenforceable
in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not
invalidate or render unenforceable such provision in any other jurisdiction. 
 11.        Trust
Waiver. Notwithstanding anything herein to the contrary, the Payee hereby waives any and all right, title, interest or claim of any kind (“Claim”) in or to any distribution of or from the trust account established in which
proceeds of the Maker’s initial public offering of its securities (the “IPO”) (including the deferred underwriters discounts and commissions) and proceeds of the sale of the warrants issued by the Maker in a private placement
that occurred in connection with the IPO were deposited, as described in greater detail in the registration statement and prospectus filed with the Securities and Exchange Commission in connection with the IPO on September 15, 2017, and hereby
agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against the trust account for any reason whatsoever. 

12.        Amendment; Waiver. Any amendment hereto or waiver of any provision hereof may be made
with, and only with, the written consent of the Maker and the Payee. 
 13.        Successors and
Assigns. Subject to Section 14 below, the rights and obligations of the Maker and the Payee hereunder shall be binding upon and benefit the successors, assigns, heirs, administrators and transferees of any party hereto (by operation of
law or otherwise) with the prior written consent of the other party hereto and any attempted assignment without the required consent shall be void. 

  
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 14.        Transfer of this Note. No assignment
or transfer of this Note or any rights or obligations hereunder may be made by any party hereto (by operation of law or otherwise) without the prior written consent of the other party hereto and any attempted assignment without the required consent
shall be void. 
 15.        Acknowledgment. The Maker acknowledges that $1,266,676.47 is outstanding
under this Note as of the date hereof, reflecting advances that have been made by the Payee on behalf of the Maker. 
 [Signature page
follows] 

  
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 IN WITNESS WHEREOF, the Maker, intending to be legally bound hereby, has caused this
Note to be duly executed by the undersigned as of the day and year first above written. 
  

			
	SOCIAL CAPITAL HEDOSOPHIA HOLDINGS CORP.

 
			
		
	By:	 	 /s/ Steven Trieu

	Name:	 	Steven Trieu
	Title:	 	Chief Financial Officer

 Acknowledged and agreed as of the day and year first above written. 

 

			
	SCH SPONSOR CORP.

			
		
	By:	 	 /s/ Chamath Palihapitiya

	Name:	 	Chamath Palihapitiya
	Title:	 	Chief Executive Officer

  
 [Signature Page to
Promissory Note – Social Capital Hedosophia Holdings Corp.] 

 SCHEDULE A 

Subject to the terms and conditions set forth in the Note to which this schedule is attached to, the principal balance due under the Note
shall be set forth in the table below and shall be updated from time to time to reflect all advances and readvances outstanding under the Note. 
  

							
	 Date
	 	 Drawing
	 	 Interest Earned
	 	 Principal Balance

	 October 2, 2019
	 	$1,266,676.47	 	N/A	 	$1,266,676.47

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