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8-K primary document
SPCE · Current Report (Form 8-K) · Filed April 21, 2026

Virgin Galactic Holdings Inc — 8-K exhibit

vgh-amendmenttodouglasahre.htm
Virgin Galactic Holdings Inc on Boardroom Alpha
Document
Exhibit 10.1

AMENDMENT TO EMPLOYMENT AGREEMENT
This Amendment to Employment Agreement (this “Amendment”) is made as of April 21, 2026 (the “Effective Date”) by Galactic Co., LLC (“OpCo”), Virgin Galactic Holdings, Inc. (“PubCo” and, together with OpCo, the “Company”) and Douglas Ahrens (the “Executive”). Capitalized terms used and not otherwise defined herein shall have the meanings ascribed to such terms in the Agreement (as defined below).
RECITALS
A.    The parties have entered into that certain Employment Agreement dated as of February 22, 2021 (the “Agreement”).
B.    The parties hereto wish to amend certain terms of the Agreement.
AMENDMENT
The parties hereto hereby amend the Agreement as follows, effective as of the Effective Date:
1.The first sentence of Section 4(b)(i) (Cash Severance) of the Agreement is hereby deleted and replaced in its entirety with the following:
“The Company shall pay the Executive an amount equal to 1.0 (the “Severance Multiplier”) multiplied by the sum of (i) the Base Salary and (ii) the Target Bonus (the “Severance”); provided, however, that in the event the Qualifying Termination occurs on or within 24 months following a Change in Control, then the Severance Multiplier instead shall be 1.5.”
2.Section 4(b)(ii) (Annual Bonus) of the Agreement is hereby deleted and replaced in its entirety with the following:
“(ii)    Prior Year Bonus; Annual Bonus. The Company shall pay to the Executive an amount equal to the Annual Bonus earned but unpaid for the calendar year prior to the calendar year in which such termination occurs (if any). In addition, the Executive shall remain eligible to be paid the Annual Bonus for the calendar year in which the Date of Termination occurs in accordance with Section 2(b)(ii), provided, however, that the magnitude of any such Annual Bonus shall be multiplied by a fraction which is equal to the number of days elapsed in such calendar year as of the Date of Termination divided by 365 (or 366 if the calendar year is a leap year).”
3.The last sentence of Section 4(b)(iii) (COBRA) of the Agreement is hereby deleted and replaced in its entirety with the following:
“For purposes of this Agreement, “COBRA Period” shall mean the period beginning on the Date of Termination and ending on the 12-month anniversary thereof; provided, however, if the Date of Termination occurs on or before the date that is 24 months following a Change in Control, then the COBRA Period instead shall end on the 18-month anniversary thereof.”


4.This Amendment shall be and, as of the Effective Date, is hereby incorporated in and forms a part of the Agreement.
5.Except as specifically set forth herein, the Agreement and all of its terms and conditions remain in full force and effect.
6.This Amendment may be executed in any number of counterparts, each of which shall be deemed an original and such counterpart together shall constitute one and the same instrument.
7.This Amendment shall be governed by and construed in accordance with the laws of the State of California, without reference to principles of conflicts of laws.
[remainder of page intentionally left blank; signature page follows]
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IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first written above.
                    Virgin Galactic Holdings, Inc.

    By: /s/ Michael Colglazier            
Name: Michael Colglazier
Title: Chief Executive Officer
                
    Galactic Co., LLC

By: /s/ Michael Colglazier            
Name: Michael Colglazier
Title: Chief Executive Officer

                    Executive
                    By: /s/ Douglas Ahrens            
                        Douglas Ahrens
[SIGNATURE PAGE TO AMENDMENT TO EMPLOYMENT AGREEMENT]

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