Michael A. Colglazier - 17 Mar 2022 Form 4 Insider Report for Virgin Galactic Holdings, Inc (SPCE)

Role
Reporting person's title: Chief Executive Officer and President, Director
Signature
/s/ Michelle Kley, Attorney-in-fact for Michael Colglazier
Issuer symbol
SPCE
Transactions as of
17 Mar 2022
Net transactions value
$0
Form type
4
Filing time
21 Mar 2022, 21:49:41 UTC
Previous filing
21 Jan 2022
Next filing
28 Mar 2022
SEC
View on sec.gov

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction SPCE Common Stock Award $0 +473,818 +79% $0.000000 1,069,983 17 Mar 2022 Direct F1

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction SPCE Performance Stock Options Award $0 +405,680 $0.000000 405,680 17 Mar 2022 Common Stock 405,680 $8.99 Direct F2
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Represents an award of Restricted Stock Units (the "RSUs"), which will vest with respect to 25% of the RSUs on March 17, 2023, and the remaining 75% of the RSUs will vest in 12 quarterly installments thereafter, beginning June 17, 2023, subject to the reporting person's continued service through the applicable vesting date. The RSUs will be settled in shares of the Issuer's common stock upon vesting.
F2 Represents an award of Performance Stock Options ("PSOs"), each representing a contingent right to receive one share of the Issuer's common stock. The PSOs will vest with respect to (i) 25% of the PSOs when the volume weighted average price of the Issuer's common stock for a period of 20 consecutive trading days (the "20-day VWAP") equals or exceeds $10.00 per share, (ii) 25% of the PSOs when the 20-day VWAP equals or exceeds $12 per share, (iii) 25% of the PSOs when the 20-day VWAP equals or exceeds $15 per share and (iv) 25% of the PSOs when the 20-day VWAP equals or exceeds $18.00 per share, subject to the reporting person's continued service through the applicable vesting date. Any unvested PSOs will be forfeited on the fourth anniversary of the grant date.

Remarks:

Reporting person's title: Chief Executive Officer and President