SPONSOR SUPPORT AGREEMENT
Exhibit 10.2
EXECUTION
This Sponsor Support Agreement (this “Sponsor Agreement”) is dated as of July 9, 2019, by and among SCH Sponsor Corp., a Cayman Islands exempted company (the “Sponsor Holdco”), the Persons set forth on Schedule I hereto (together with the Sponsor Holdco, each, a “Sponsor” and, together, the “Sponsors”), Social Capital Hedosophia Corp., a Cayman Islands exempted company limited by shares (which shall domesticate as a Delaware corporation prior to the Closing (as defined in the Merger Agreement (as defined below))) (“Acquiror”), Vieco 10 Limited, a company limited by shares under the laws of the British Virgin Islands (the “Holder”), TSC Vehicle Holdings, Inc., a Delaware corporation (“TSCV”), Virgin Galactic Vehicle Holdings, Inc., a Delaware corporation (“VGVH”), and VGH, LLC, a Delaware limited liability company (“VGH” and, together with TSCV and VGVH, the “Companies” and each, a “Company”). Capitalized terms used but not defined herein shall have the respective meanings ascribed to such terms in the Merger Agreement.
RECITALS
WHEREAS, as of the date hereof, the Sponsors collectively are the holders of record and the “beneficial owners” (within the meaning of Rule 13d-3 under the Exchange Act) of 17,250,000 Acquiror Common Shares and 8,000,000 Acquiror Warrants in the aggregate as set forth on Schedule I attached hereto;
WHEREAS, contemporaneously with the execution and delivery of this Sponsor Agreement, Acquiror, Foundation Sub 1, Inc., a Delaware corporation (“Merger Sub A”), Foundation Sub 2, Inc., a Delaware corporation (“Merger Sub B”), Foundation Sub LLC, a Delaware limited liability company (“Merger Sub LLC” and, together with Merger Sub A and Merger Sub B, the “Merger Subs” and each, a “Merger Sub”), the Holder and the Companies, have entered into an Agreement and Plan of Merger (as amended or modified from time to time, the “Merger Agreement”), dated as of the date hereof, pursuant to which, among other transactions, (i) Merger Sub A is to merge with and into TSCV, with TSCV continuing on as the surviving entity, (ii) Merger Sub B is to merge with and into VGVH, with VGVH continuing on as the surviving entity and (iii) Merger Sub LLC is to merge with and into VGH, with VGH continuing on as the surviving entity, in each case, on the terms and conditions set forth therein; and
WHEREAS, as an inducement to Acquiror, the Holder and the Companies to enter into the Merger Agreement and to consummate the transactions contemplated therein, the parties hereto desire to agree to certain matters as set forth herein.
AGREEMENT
NOW, THEREFORE, in consideration of the foregoing and the mutual agreements contained herein, and intending to be legally bound hereby, the parties hereto hereby agree as follows:
ARTICLE I
SPONSOR SUPPORT AGREEMENT; COVENANTS
Section 1.1 Binding Effect of Merger Agreement.
(a) Each Sponsor hereby acknowledges that it has read the Merger Agreement and this Sponsor Agreement and has had the opportunity to consult with its tax and legal advisors. Each Sponsor shall be bound by and comply with Sections 8.4 (No Solicitation by Acquiror) and 13.11 (Publicity) of the Merger Agreement (and any relevant definitions contained in any such Sections) as if such Sponsor was an original signatory to the Merger Agreement with respect to such provisions.
(b) Each Sponsor hereby agrees to use reasonable best efforts to (i) (A) as soon as practicable following the date hereof duly give notice of the Extension Shareholders’ Meeting and (B) convene and hold the Extension Shareholders’ Meeting no earlier than September 1, 2019 and no later than five (5) Business Days prior to the Extension Approval End Date and (ii) seek approval of the Extension Proposals. Without limiting each Sponsor’s other obligations set forth herein, each Sponsor shall (x) appear at the Extension Shareholders’ Meeting or otherwise cause all of its Acquiror Common Shares to be counted as present thereat for purposes of calculating a quorum and (y) vote (or cause to be voted), or execute and deliver a written consent (or cause a written consent to be executed and delivered) covering, all of its Acquiror Common Shares in favor of the Extension Proposals. The obligations under this Section 1.1(b) shall apply mutatis mutandis to any additional Extension Shareholders’ Meeting pursuant to Section 9.2(c)(vi) of the Merger Agreement.
Section 1.2 No Transfer. During the period commencing on the date hereof and ending on the earlier of (a) the consummation of the Closing and (b) the liquidation of Acquiror, each Sponsor shall not (i) sell, offer to sell, contract or agree to sell, hypothecate, pledge, grant any option to purchase or otherwise dispose of or agree to dispose of, directly or indirectly, file (or participate in the filing of) a registration statement with the SEC (other than the Joint Proxy Statement/Registration Statement) or establish or increase a put equivalent position or liquidate or decrease a call equivalent position within the meaning of Section 16 of the Exchange Act, with respect to any Acquiror Common Shares or Acquiror Warrants owned by such Sponsor, (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any shares of Acquiror Common Shares or Acquiror Warrants owned by such Sponsor or (iii) publicly announce any intention to effect any transaction specified in clause (i) or (ii).
Section 1.3 New Shares. In the event that (a) any Acquiror Common Shares, Acquiror Warrants or other equity securities of Acquiror are issued to a Sponsor after the date of this Sponsor Agreement pursuant to any stock dividend, stock split, recapitalization, reclassification, combination or exchange of Acquiror Common Shares or Acquiror Warrants of, on or affecting the Acquiror Common Shares or Acquiror Warrants owned by such Sponsor or otherwise, (b) a Sponsor purchases or otherwise acquires beneficial ownership of any Acquiror Common Shares, Acquiror Warrants or other equity securities of Acquiror after the date of this Sponsor Agreement, or (c) a Sponsor acquires the right to vote or share in the voting of any Acquiror Common Shares or other equity securities of Acquiror after the date of this Sponsor Agreement (such Acquiror Common Shares, Acquiror Warrants or other equity securities of Acquiror, collectively the “New Securities”), then such New Securities acquired or purchased by such Sponsor shall be subject to the terms of this Sponsor Agreement to the same extent as if they constituted the Acquiror Common Shares or Acquiror Warrants owned by such Sponsor as of the date hereof.
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Section 1.4 Closing Date Deliverables. On the Closing Date, the Sponsor Holdco and Xxxxxxx Xxxxxxxxxxxx shall deliver to Acquiror and the Holder a duly executed copy of that certain Amended and Restated Registration Rights Agreement and that certain Stockholders’ Agreement, in each case, by and among Acquiror, the Holder, the Sponsor Holdco and the XX Xxxxxx (as defined therein), in substantially the forms attached as Exhibit C and Exhibit D to the Merger Agreement.
Section 1.5 Sponsor Agreements.
(a) At any meeting of the shareholders of Acquiror, however called, or at any adjournment thereof, or in any other circumstance in which the vote, consent or other approval of the shareholders of Acquiror is sought, each Sponsor shall (i) appear at each such meeting or otherwise cause all of its Acquiror Common Shares to be counted as present thereat for purposes of calculating a quorum and (ii) vote (or cause to be voted), or execute and deliver a written consent (or cause a written consent to be executed and delivered) covering, all of its Acquiror Common Shares:
(i) in favor of each Transaction Proposal and/or Extension Proposal;
(ii) against any Business Combination Proposal or any proposal relating to a Business Combination Proposal (in each case, other than the Transaction Proposals and Extension Proposals);
(iii) against any merger agreement or merger (other than the Merger Agreement and the Merger), consolidation, combination, sale of substantial assets, reorganization, recapitalization, dissolution, liquidation or winding up of or by Acquiror;
(iv) against any change in the business, management or Board of Directors of Acquiror (other than in connection with the Transaction Proposals or the Extension Proposals); and
(v) against any proposal, action or agreement that would (A) impede, frustrate, prevent or nullify any provision of this Agreement, the Merger Agreement or any Merger, (B) result in a breach in any respect of any covenant, representation, warranty or any other obligation or agreement of Acquiror or a Merger Sub under the Merger Agreement, (C) result in any of the conditions set forth in Article X of the Merger Agreement not being fulfilled or (D) change in any manner the dividend policy or capitalization of, including the voting rights of any class of capital stock of, Acquiror.
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Each Sponsor hereby agrees that it shall not commit or agree to take any action inconsistent with the foregoing.
(b) Each Sponsor shall comply with, and fully perform all of its obligations, covenants and agreements set forth in, that certain Letter Agreement, dated as of September 13, 2017, by and among the Sponsors and Acquiror (the “Voting Letter Agreement”), including the obligations of the Sponsors pursuant to Section 1 therein to not redeem any Acquiror Common Shares owned by such Sponsor in connection with the transactions contemplated by the Merger Agreement.
(c) During the period commencing on the date hereof and ending on the earlier of the consummation of the Closing and the termination of the Merger Agreement pursuant to Article XI thereof, each Sponsor shall not modify or amend any Contract between or among such Sponsor, anyone related by blood, marriage or adoption to such Sponsor or any Affiliate of such Sponsor (other than Acquiror or any of its Subsidiaries), on the one hand, and Acquiror or any of Acquiror’s Subsidiaries, on the other hand, including, for the avoidance of doubt, the Voting Letter Agreement.
Section 1.6 Further Assurances. Each Sponsor shall take, or cause to be taken, all actions and do, or cause to be done, all things reasonably necessary under applicable Laws to consummate the Mergers and the other transactions contemplated by the Merger Agreement on the terms and subject to the conditions set forth therein and herein.
Section 1.7 No Inconsistent Agreement. Each Sponsor hereby represents and covenants that such Sponsor has not entered into, and shall not enter into, any agreement that would restrict, limit or interfere with the performance of such Sponsor’s obligations hereunder.
ARTICLE II
REPRESENTATIONS AND WARRANTIES
Section 2.1 Representations and Warranties of the Sponsors. Each Sponsor represents and warrants as of the date hereof to Acquiror, the Holder and the Companies (solely with respect to itself, himself or herself and not with respect to any other Sponsor) as follows:
(a) Organization; Due Authorization. If such Sponsor is not an individual, it is duly organized, validly existing and in good standing under the Laws of the jurisdiction in which it is incorporated, formed, organized or constituted, and the execution, delivery and performance of this Sponsor Agreement and the consummation of the transactions contemplated hereby are within such Sponsor’s corporate, limited liability company or organizational powers and have been duly authorized by all necessary corporate, limited liability company or organizational actions on the part of such Sponsor. If such Sponsor is an individual, such Sponsor has full legal capacity, right and authority to execute and deliver this Sponsor Agreement and to perform his or her obligations hereunder. This Sponsor Agreement has been duly executed and delivered by such Sponsor and, assuming due authorization, execution and delivery by the other parties to this Sponsor Agreement, this Sponsor Agreement constitutes a legally valid and binding obligation of such Sponsor, enforceable against such Sponsor in accordance with the terms hereof (except as enforceability may be limited by bankruptcy Laws, other similar Laws affecting creditors’ rights and general principles of equity affecting the availability of specific performance and other equitable remedies). If this Sponsor Agreement is being executed in a representative or fiduciary capacity, the Person signing this Sponsor Agreement has full power and authority to enter into this Sponsor Agreement on behalf of the applicable Sponsor.
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(b) Ownership. Such Sponsor is the record and beneficial owner (as defined in the Securities Act) of, and has good title to, all of such Sponsor’s Acquiror Common Shares and Acquiror Warrants, and there exist no Liens or any other limitation or restriction (including any restriction on the right to vote, sell or otherwise dispose of such Acquiror Common Shares or Acquiror Warrants (other than transfer restrictions under the Securities Act)) affecting any such Acquiror Common Shares or Acquiror Warrants, other than Liens pursuant to (i) this Sponsor Agreement, (ii) the Acquiror Organizational Documents, (iii) the Merger Agreement, (iv) the Voting Letter Agreement or (v) any applicable securities Laws. Such Sponsor’s Acquiror Common Shares and Acquiror Warrants are the only equity securities in Acquiror owned of record or beneficially by such Sponsor on the date of this Sponsor Agreement, and none of such Sponsor’s Acquiror Common Shares or Acquiror Warrants are subject to any proxy, voting trust or other agreement or arrangement with respect to the voting of such Acquiror Common Shares or Acquiror Warrants, except as provided hereunder and under the Voting Letter Agreement. Other than the Acquiror Warrants, such Sponsor does not hold or own any rights to acquire (directly or indirectly) any equity securities of Acquiror or any equity securities convertible into, or which can be exchanged for, equity securities of Acquiror.
(c) No Conflicts. The execution and delivery of this Sponsor Agreement by such Sponsor does not, and the performance by such Sponsor of his, her or its obligations hereunder will not, (i) if such Sponsor is not an individual, conflict with or result in a violation of the organizational documents of such Sponsor or (ii) require any consent or approval that has not been given or other action that has not been taken by any Person (including under any Contract binding upon such Sponsor or such Sponsor’s Acquiror Common Shares or Acquiror Warrants), in each case, to the extent such consent, approval or other action would prevent, enjoin or materially delay the performance by such Sponsor of its, his or her obligations under this Sponsor Agreement.
(d) Litigation. There are no Actions pending against such Sponsor, or to the knowledge of such Sponsor threatened against such Sponsor, before (or, in the case of threatened Actions, that would be before) any arbitrator or any Governmental Authority, which in any manner challenges or seeks to prevent, enjoin or materially delay the performance by such Sponsor of its, his or her obligations under this Sponsor Agreement.
(e) Brokerage Fees. Except as described on Section 6.13 of the Acquiror Disclosure Letter, no broker, finder, investment banker or other Person is entitled to any brokerage fee, finders’ fee or other commission in connection with the transactions contemplated by the Merger Agreement based upon arrangements made by such Sponsor, for which Acquiror or any of its Affiliates or for which the Holder may become liable.
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(f) Affiliate Arrangements. Except as set forth on Schedule II attached hereto, neither such Sponsor nor any anyone related by blood, marriage or adoption to such Sponsor or, to the knowledge of such Sponsor, any Person in which such Sponsor has a direct or indirect legal, contractual or beneficial ownership of 5% or greater is party to, or has any rights with respect to or arising from, any Contract with Acquiror or its Subsidiaries.
(g) Acknowledgment. Such Sponsor understands and acknowledges that each of Acquiror, the Holder and the Companies is entering into the Merger Agreement in reliance upon such Sponsor’s execution and delivery of this Sponsor Agreement.
ARTICLE III
MISCELLANEOUS
Section 3.1 Termination. This Sponsor Agreement and all of its provisions shall terminate and be of no further force or effect upon the earlier of (a) the consummation of the Closing and (b) the liquidation of Acquiror. Upon such termination of this Sponsor Agreement, all obligations of the parties under this Sponsor Agreement will terminate, without any liability or other obligation on the part of any party hereto to any Person in respect hereof or the transactions contemplated hereby, and no party hereto shall have any claim against another (and no person shall have any rights against such party), whether under contract, tort or otherwise, with respect to the subject matter hereof; provided, however, that the termination of this Sponsor Agreement shall not relieve any party hereto from liability arising in respect of any breach of this Sponsor Agreement prior to such termination. This Article III shall survive the termination of this Agreement.
Section 3.2 Governing Law. This Sponsor Agreement, and all claims or causes of action (whether in contract or tort) that may be based upon, arise out of or relate to this Sponsor Agreement or the negotiation, execution or performance of this Sponsor Agreement (including any claim or cause of action based upon, arising out of or related to any representation or warranty made in or in connection with this Sponsor Agreement) will be governed by and construed in accordance with the internal Laws of the State of Delaware applicable to agreements executed and performed entirely within such State.
Section 3.3 CONSENT TO JURISDICTION AND SERVICE OF PROCESS; WAIVER OF JURY TRIAL.
(a) THE PARTIES TO THIS SPONSOR AGREEMENT SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE STATE COURTS LOCATED IN WILMINGTON, DELAWARE OR THE COURTS OF THE UNITED STATES LOCATED IN WILMINGTON, DELAWARE IN RESPECT OF THE INTERPRETATION AND ENFORCEMENT OF THE PROVISIONS OF THIS SPONSOR AGREEMENT AND ANY RELATED AGREEMENT, CERTIFICATE OR OTHER DOCUMENT DELIVERED IN CONNECTION HEREWITH AND BY THIS SPONSOR AGREEMENT WAIVE, AND AGREE NOT TO ASSERT, ANY DEFENSE IN ANY ACTION FOR THE INTERPRETATION OR ENFORCEMENT OF THIS SPONSOR AGREEMENT AND ANY RELATED AGREEMENT, CERTIFICATE OR OTHER DOCUMENT DELIVERED IN CONNECTION HEREWITH, THAT THEY ARE NOT SUBJECT THERETO OR THAT SUCH ACTION MAY NOT BE BROUGHT OR IS NOT MAINTAINABLE IN SUCH COURTS OR THAT THIS SPONSOR AGREEMENT MAY NOT BE ENFORCED IN OR BY SUCH COURTS OR THAT THEIR PROPERTY IS EXEMPT OR IMMUNE FROM EXECUTION, THAT THE ACTION IS BROUGHT IN AN INCONVENIENT FORUM, OR THAT THE VENUE OF THE ACTION IS IMPROPER. SERVICE OF PROCESS WITH RESPECT THERETO MAY BE MADE UPON ANY PARTY TO THIS SPONSOR AGREEMENT BY MAILING A COPY THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, TO SUCH PARTY AT ITS ADDRESS AS PROVIDED IN Section 3.8.
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(b) WAIVER OF TRIAL BY JURY. EACH PARTY HERETO HEREBY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS SPONSOR AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS SPONSOR AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS SPONSOR AGREEMENT. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (I) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (II) EACH SUCH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (III) EACH SUCH PARTY MAKES THIS WAIVER VOLUNTARILY, AND (IV) EACH SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS SPONSOR AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS Section 3.3.
Section 3.4 Assignment. This Sponsor Agreement and all of the provisions hereof will be binding upon and inure to the benefit of the parties hereto and their respective heirs, successors and permitted assigns. Neither this Sponsor Agreement nor any of the rights, interests or obligations hereunder will be assigned (including by operation of law) without the prior written consent of the parties hereto.
Section 3.5 Specific Performance. The parties hereto agree that irreparable damage may occur in the event that any of the provisions of this Sponsor Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the parties hereto shall be entitled to seek an injunction or injunctions to prevent breaches of this Sponsor Agreement and to enforce specifically the terms and provisions of this Sponsor Agreement in the chancery court or any other state or federal court within the State of Delaware, this being in addition to any other remedy to which such party is entitled at law or in equity.
Section 3.6 Amendment. This Sponsor Agreement may not be amended, changed, supplemented, waived or otherwise modified or terminated, except upon the execution and delivery of a written agreement executed by Acquiror, the Holder and the Sponsor Holdco.
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Section 3.7 Severability. If any provision of this Sponsor Agreement is held invalid or unenforceable by any court of competent jurisdiction, the other provisions of this Sponsor Agreement will remain in full force and effect. Any provision of this Sponsor Agreement held invalid or unenforceable only in part or degree will remain in full force and effect to the extent not held invalid or unenforceable.
Section 3.8 Notices. All notices and other communications among the parties hereto shall be in writing and shall be deemed to have been duly given (a) when delivered in person, (b) when delivered after posting in the United States mail having been sent registered or certified mail return receipt requested, postage prepaid, (c) when delivered by FedEx or other nationally recognized overnight delivery service or (d) when e-mailed during normal business hours (and otherwise as of the immediately following Business Day), addressed as follows:
If to Acquiror:
Social Capital Hedosophia Holdings Corp.
000 Xxxxxxxxx Xxxxxx
Xxxx Xxxx, Xxxxxxxxxx
Attention: Xxxxx Xxxxx
Email: xxxxx@xxxxxxxxxxxxx.xxx
with a copy to (which will not constitute notice):
Skadden, Arps, Slate, Xxxxxxx & Xxxx LLP
Xxxx Xxxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Attention: Xxxxxx X. Xxxxx
Xxxxxxxxxxx X. Xxxxxx
Email: xxxxxx.xxxxx@xxxxxxx.xxx
xxxxxxxxxxx.xxxxxx@xxxxxxx.xxx
If to the Companies or the Holder:
x/x Xxxxx 00 Xxxxxxx
Xxxxxxxxx Xxxxxxxx
PO Box 71
Road Town
Tortola
British Virgin Islands
Email: xxxx@xxxxxxx.xxx
with a copy to (which will not constitute notice):
Virgin Management USA, Inc.
00 Xxxxxxxx Xxxxxx, 0xx Xxxxx
Xxx Xxxx, XX 00000
Attention: Xxxxx Xxxxxxxxx, General Counsel
Email: Xxxxx.Xxxxxxxxx@xxxxxx.xxx
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Xxxxxx & Xxxxxxx LLP
000 Xxxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Attention: Xxxx Xxxxxxxx
Xxxxxx X. Xxxxxx
Xxxxxxx X. Xxxx
Email: xxxx.xxxxxxxx@xx.xxx
xxxxxx.xxxxxx@xx.xxx
xxxxxxx.xxxx@xx.xxx
If to a Sponsor:
To such Sponsor’s address set forth in Schedule I
with a copy to (which will not constitute notice):
Skadden, Arps, Slate, Xxxxxxx & Xxxx LLP
Xxxx Xxxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Attention: Xxxxxx X. Xxxxx
Xxxxxxxxxxx X. Xxxxxx
Email: xxxxxx.xxxxx@xxxxxxx.xxx
xxxxxxxxxxx.xxxxxx@xxxxxxx.xxx
Section 3.9 Counterparts. This Sponsor Agreement may be executed in two or more counterparts (any of which may be delivered by facsimile or electronic transmission), each of which shall constitute an original, and all of which taken together shall constitute one and the same instrument.
Section 3.10 Entire Agreement. This Sponsor Agreement and the agreements referenced herein constitute the entire agreement and understanding of the parties hereto in respect of the subject matter hereof and supersede all prior understandings, agreements or representations by or among the parties hereto to the extent they relate in any way to the subject matter hereof.
[THE REMAINDER OF THIS PAGE IS INTENTIONALLY BLANK]
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IN WITNESS WHEREOF, the Sponsors, Acquiror, the Companies and the Holder have each caused this Sponsor Support Agreement to be duly executed as of the date first written above.
SPONSORS: | |
SCH SPONSOR CORP. |
By: | /s/ Xxxxxxx Xxxxxxxxxxxx | |
Name: Xxxxxxx Xxxxxxxxxxxx | ||
Title: Chief Executive Officer |
/s/ Xxxxxxx Xxxxxxxxxxxx | ||
Name: | Xxxxxxx Xxxxxxxxxxxx | |
/s/ Xxx Xxxxxxx | ||
Name: | Xxx Xxxxxxx | |
/s/ Xxxxxx Xxxxx | ||
Name: | Xxxxxx Xxxxx | |
/s/ Xxxxx Xxxxxxxx | ||
Name: | Xxxxx Xxxxxxxx | |
/s/ Xxxxxxx Xxxxx | ||
Name: | Xxxxxxx Xxxxx | |
/s/ Xxxx Xxxx | ||
Name: | Xxxx Xxxx | |
/s/ Xxxxxx Xxxx | ||
Name: | Xxxxxx Xxxx | |
/s/ Xxxxxxxxxx X. Xxxxx | ||
Name: | Xxxxxxxxxx X. Xxxxx | |
/s/ Xxxxx Xxxxx | ||
Name: | Xxxxx Xxxxx |
[Signature Page to Sponsor Support Agreement]
ACQUIROR: | |
SOCIAL CAPITAL HEDOSOPHIA HOLDINGS CORP. |
By: | /s/ Xxxxxxx Xxxxxxxxxxxx | |
Name: Xxxxxxx Xxxxxxxxxxxx | ||
Title: CEO |
[Signature Page to Sponsor Support Agreement]
COMPANIES: | |
TSC VEHICLE HOLDINGS, INC. |
By: | /s/ Xxxxxx Xxxxxxxxxx | |
Name: Xxxxxx Xxxxxxxxxx | ||
Title: Authorized Signatory |
VIRGIN GALACTIC VEHICLE HOLDINGS, INC. |
By: | /s/ Xxxxxx Xxxxxxxxxx | |
Name: Xxxxxx Xxxxxxxxxx | ||
Title: Authorized Signatory |
VGH, LLC |
By: | /s/ Xxxxxx Xxxxxxxxxx | |
Name: Xxxxxx Xxxxxxxxxx | ||
Title: President |
HOLDER: | |
VIECO 10 LIMITED |
By: | /s/ Xxxxxx Xxxxxxxxxx | |
Name: Xxxxxx Xxxxxxxxxx | ||
Title: Director |
[Signature Page to Sponsor Support Agreement]
Schedule I
Sponsor Acquiror Common Shares and Acquiror Warrants
Sponsor | Acquiror Common Shares | Acquiror Warrants | ||||||
SCH Sponsor Corp. c/o Social Capital Hedosophia Holding Corp. 000 Xxxxxxxxx Xxxxxx, Xxxx Xxxx, XX 00000 | 17,250,000 | 8,000,000 | ||||||
Xxxxxxx Xxxxxxxxxxxx c/o Social Capital Hedosophia Holding Corp. 000 Xxxxxxxxx Xxxxxx, Xxxx Xxxx, XX 00000 | — | (1) | — | (1) | ||||
Xxx Xxxxxxx c/o Social Capital Hedosophia Holding Corp. 000 Xxxxxxxxx Xxxxxx, Xxxx Xxxx, XX 00000 | — | (1) | — | (1) | ||||
Xxxxxx Xxxxx c/o Social Capital Hedosophia Holding Corp. 000 Xxxxxxxxx Xxxxxx, Xxxx Xxxx, XX 00000 | — | — | ||||||
Xxxxx Xxxxxxxx c/o Social Capital Hedosophia Holding Corp. 000 Xxxxxxxxx Xxxxxx, Xxxx Xxxx, XX 00000 | — | — | ||||||
Xxxxxxx Xxxxx c/o Social Capital Hedosophia Holding Corp. 000 Xxxxxxxxx Xxxxxx, Xxxx Xxxx, XX 00000 | — | — | ||||||
Xxxx Xxxx c/o Social Capital Hedosophia Holding Corp. 000 Xxxxxxxxx Xxxxxx, Xxxx Xxxx, XX 00000 | — | — | ||||||
Xxxxxx Xxxx c/o Social Capital Hedosophia Holding Corp. 000 Xxxxxxxxx Xxxxxx, Xxxx Xxxx, XX 00000 | — | — | ||||||
Xxxxxxxxxx X. Xxxxx c/o Social Capital Hedosophia Holding Corp. 000 Xxxxxxxxx Xxxxxx, Xxxx Xxxx, XX 00000 | — | — | ||||||
Xxxxx Xxxxx c/o Social Capital Hedosophia Holding Corp. 000 Xxxxxxxxx Xxxxxx, Xxxx Xxxx, XX 00000 | — | — |
(1) Messrs. Palihapitiya and Xxxxxxx may be deemed to beneficially own securities held by SCH Sponsor Corp. by virtue of their shared control over SCH Sponsor Corp. Each of Messrs. Palihapitiya and Xxxxxxx disclaims beneficial ownership of securities held by SCH Sponsor Corp.
[Schedule I to Sponsor Support Agreement]
Schedule II
Affiliate Agreements
1. | Letter Agreement, dated September 13, 2017, among the Acquiror, SCH Sponsor Corp. and each of the other parties thereto. |
2. | Letter Agreement, dated February 5, 2018, between the Acquiror and Xxxxxxxxxx X. Xxxxx. |
3. | Letter Agreement, dated February 5, 2018, between the Acquiror and Xxxxx Xxxxx. |
4. | Letter Agreement, dated March 8, 2019, between the Acquiror and Xxxxxx Xxxxx. |
5. | Registration Rights Agreement, dated September 13, 2017, between the Acquiror and SCH Sponsor Corp. |
6. | Administrative Services Agreement, dated September 13, 2017, between the Acquiror and The Social+Capital Partnership, LLC, which shall terminate at Closing without further liability, cost, payment or other obligation of the Acquiror. |
7. | Indemnity Agreement, dated September 13, 2017, between the Acquiror and Xxxxxxx Xxxxxxxxxxxx. |
8. | Indemnity Agreement, dated September 13, 2017, between the Acquiror and Xxx Xxxxxxx. |
9. | Indemnity Agreement, dated September 13, 2017, between the Acquiror and Xxxxx Xxxxxxxx. |
10. | Indemnity Agreement, dated September 13, 2017, between the Acquiror and Xxxxxxx Xxxxx. |
11. | Indemnity Agreement, dated September 13, 2017, between the Acquiror and Xxxx Xxxx. |
12. | Indemnity Agreement, dated September 13, 2017, between the Acquiror and Xxxxxx Xxxx. |
13. | Indemnity Agreement, dated February 5, 2018, between the Acquiror and Xxxxxxxxxx X. Xxxxx. |
14. | Indemnity Agreement, dated February 5, 2018, between the Acquiror and Xxxxx Xxxxx. |
15. | Indemnity Agreement, dated March 8, 2019, between the Acquiror and Xxxxxx Xxxxx. |
16. | The Director Restricted Stock Unit Award Agreements, between the Acquiror and each of Xxxx Xxxx, Xxxxxx Xxxx, Xxxxxxxxxx X. Xxxxx and Xxxxx Xxxxx, related to the Director RSU Grants. |
17. | Advance from Related Party – As of March 31, 2019, there were outstanding advances in the amount of $405,124, as June 30, 2019 the preliminary balance is $588,372, owed to SCH Sponsor Corp., which were advanced by such party for working capital purposes and for costs associated with the formation of Acquiror and offering costs. Such advances will be repaid promptly following the Closing without payment of any interest, penalty, prepayment obligation or other additional amount. |
[Schedule II to Sponsor Support Agreement]