CEO Michael Colglazier renews contract with $2.25M retention bonus tied to first revenue Delta flight

Virgin Galactic Holdings, Inc

Base salary rises to $1.25M from $1.125M effective April 1, 2026; target bonus remains 150% of base.
$1.25M retention bonus paid by July 31, 2025; remaining $1M due upon first revenue-generating Delta spaceflight.
Annual long-term incentive target set at $6M beginning 2026; severance multiplier increased to 2x with 24-month healthcare.
Clawback of retention bonus applies if CEO terminated for cause or resigns without good reason before Dec 31, 2026 (waived upon change of control).
New five-year term with automatic 12-month renewals; CEO retains Spaceflight benefit for self and up to three guests.

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