SEC Contract Filing

Filing Date: 2017-09-18

Document Content:
<DOCUMENT>
<TYPE>EX-10.5
<SEQUENCE>9
<FILENAME>v475333_ex10-5.htm
<DESCRIPTION>EXHIBIT 10.5
<TEXT>
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<P STYLE="margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 10.5</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>EXECUTION VERSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">SPONSOR WARRANTS PURCHASE AGREEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">THIS SPONSOR WARRANTS PURCHASE
AGREEMENT, dated as of September 13, 2017 (as it may from time to time be amended, this &ldquo;<B>Agreement</B>&rdquo;), is entered
into by and between Social Capital Hedosophia Holdings Corp., a Cayman Islands exempted company (the &ldquo;<B>Company</B>&rdquo;),
and SCH Sponsor Corp., a Cayman Islands exempted company (the &ldquo;<B>Purchaser</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">WHEREAS:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">The Company intends to consummate
an initial public offering of the Company&rsquo;s units (the &ldquo;<B>Public Offering</B>&rdquo;), each unit consisting of one
Class A Ordinary Share of the Company, par value $0.0001 per share (each, an &ldquo;<B>Ordinary Share</B>&rdquo;), and one-third
of one whole warrant;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">Each whole warrant entitles
the holder to purchase one Ordinary Share at an exercise price of $11.50 per Ordinary Share; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">The Purchaser has agreed
to purchase an aggregate of 8,000,000 warrants (the &ldquo;<B>Sponsor Warrants</B>&rdquo;), each Sponsor Warrant entitling the
holder to purchase one Ordinary Share at an exercise price of $11.50 per Ordinary Share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">NOW THEREFORE, in consideration
of the mutual promises contained in this Agreement and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties to this Agreement hereby, intending legally to be bound, agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><U>AGREEMENT</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><B>Section 1. Authorization,
Purchase and Sale; Terms of the Sponsor Warrants.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.5in">A. <U>Authorization
of the Sponsor Warrants</U>. The Company has duly authorized the issuance and sale of the Sponsor Warrants to the Purchaser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.5in">B. <U>Purchase
and Sale of the Sponsor Warrants</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(i) On the date of the
consummation of the Public Offering or on such earlier time and date as may be mutually agreed by the Purchaser and the Company
(the &ldquo;<B>Closing Date</B>&rdquo;), the Company shall issue and sell to the Purchaser, and the Purchaser shall purchase from
the Company, 8,000,000 Sponsor Warrants at a price of $1.50 per warrant for an aggregate purchase price of $12,000,000.00 (the
&ldquo;<B>Purchase Price</B>&rdquo;), which shall be paid by wire transfer of immediately available funds to the Company at least
one day prior to the Closing Date in accordance with the Company&rsquo;s wiring instructions. On the Closing Date, following the
payment by the Purchaser of the Purchase Price by wire transfer of immediately available funds to the Company, the Company, at
its option, shall deliver a certificate evidencing the Sponsor Warrants purchased on such date duly registered in the Purchaser&rsquo;s
name to the Purchaser or effect such delivery in book-entry form.</P>

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