Virgin Galactic Holdings Inc. announced a new amended and restated employment agreement with CEO Michael Colglazier, effective July 29, 2025. The agreement includes an increase in his annual base salary from $1,125,000 to $1,250,000 starting April 1, 2026, and sets a target annual bonus of 150% of his base salary. Colglazier is also eligible for a retention bonus totaling $2,250,000, with $1,250,000 already paid by July 31, 2025, and the remaining $1,000,000 to be paid upon the completion of the first revenue-generating Delta spaceflight, contingent on his continued employment. Additionally, starting in 2026, Colglazier will be eligible for an annual long-term incentive compensation award valued at $6,000,000. The agreement runs for five years with automatic renewal for successive one-year periods unless either party opts out. In the event of a qualifying termination, Colglazier is entitled to severance payments, including a cash severance multiplier of 2x and 24 months of company-subsidized healthcare.