<SUBMISSION>
<ACCESSION-NUMBER>0000893750-09-000501
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<PERIOD>20090929
<ITEMS>1.01
<ITEMS>2.01
<ITEMS>3.02
<ITEMS>3.03
<ITEMS>5.02
<ITEMS>5.03
<ITEMS>5.06
<ITEMS>8.01
<ITEMS>9.01
<FILING-DATE>20090929
<DATE-OF-FILING-DATE-CHANGE>20090929
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>Iridium Communications Inc.
<CIK>0001418819
<ASSIGNED-SIC>3669
<IRS-NUMBER>221344998
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
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<FILE-NUMBER>001-33963
<FILM-NUMBER>091093768
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>6707 DEMOCRACY BOULEVARD
<STREET2>SUITE 300
<CITY>BETHESDA
<STATE>MD
<ZIP>20817
<PHONE>301-571-6200
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>6707 DEMOCRACY BOULEVARD
<STREET2>SUITE 300
<CITY>BETHESDA
<STATE>MD
<ZIP>20817
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>GHL Acquisition Corp.
<DATE-CHANGED>20071119
</FORMER-COMPANY>
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<TYPE>8-K
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<FILENAME>form8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<TITLE>Form 8-k</TITLE>
<META NAME="date" CONTENT="09/29/2009">
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<P style="line-height:20pt; margin:0px; font-size:18pt" align=center><B>UNITED STATES</B></P>
<P style="line-height:20pt; margin:0px; font-size:18pt" align=center><B>SECURITIES AND EXCHANGE COMMISSION</B></P>
<P style="margin:0px" align=center><B>Washington, D.C. 20549</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="line-height:20pt; margin:0px; font-size:18pt" align=center><B>FORM&nbsp;8-K</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>CURRENT REPORT</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>Pursuant to Section&nbsp;13 or 15(d)</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>of the Securities Exchange Act of 1934</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><B>Date of Report (Date of earliest event reported) September 29, 2009 (September 23, 2009)</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="line-height:20pt; margin:0px; font-size:18pt" align=center><B>Iridium Communications Inc.</B></P>
<P style="margin:0px" align=center>(Exact name of registrant as specified in its charter)</P>
<P style="margin:0px" align=center><BR></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR style="font-size:0"><TD width=230.933></TD><TD width=14.467></TD><TD width=231></TD><TD width=14.467></TD><TD width=231></TD></TR>
<TR><TD valign=top width=230.933><P style="margin:0px" align=center><B>Delaware</B></P>
</TD><TD valign=bottom width=14.467><P>&nbsp;</P></TD><TD valign=top width=231><P style="margin:0px" align=center><B>001-33963</B></P>
</TD><TD valign=bottom width=14.467><P>&nbsp;</P></TD><TD valign=top width=231><P style="margin:0px" align=center><B>22-1344998</B></P>
</TD></TR>
<TR><TD valign=top width=230.933><P style="margin:0px" align=center>(State or other jurisdiction of</P>
</TD><TD valign=bottom width=14.467><P>&nbsp;</P></TD><TD valign=top width=231><P style="margin:0px" align=center>(Commission File Number)</P>
</TD><TD valign=bottom width=14.467><P>&nbsp;</P></TD><TD valign=top width=231><P style="margin:0px" align=center>(I.R.S. Employer</P>
</TD></TR>
<TR><TD valign=top width=230.933><P style="margin:0px" align=center>incorporation)</P>
</TD><TD valign=bottom width=14.467><P>&nbsp;</P></TD><TD valign=top width=231><P>&nbsp;</P></TD><TD valign=bottom width=14.467><P>&nbsp;</P></TD><TD valign=top width=231><P style="margin:0px" align=center>Identification No.)</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><B>6707 Democracy Boulevard</B></P>
<P style="margin:0px" align=center><B>Suite 300</B></P>
<P style="margin:0px" align=center><B>Bethesda, MD 20817</B></P>
<P style="margin:0px" align=center>(Address of principal executive offices)</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><B>(301) 571-6200</B></P>
<P style="margin:0px" align=center>(Registrant&#146;s telephone number, including area code)</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px">Check the appropriate box below if the Form&nbsp;8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px; font-family:Wingdings">o</P>
<P style="margin:0px; padding-left:48px">Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px; font-family:Wingdings">o</P>
<P style="margin:0px; padding-left:48px">Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px; font-family:Wingdings">o</P>
<P style="margin:0px; padding-left:48px">Pre-commencement communications pursuant to Rule&nbsp;14d-2(b)&nbsp;under the Exchange Act (17 CFR 240.14d-2(b))</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px; font-family:Wingdings">o</P>
<P style="margin:0px; padding-left:48px">Pre-commencement communications pursuant to Rule&nbsp;13e-4(c)&nbsp;under Exchange Act (17 CFR 240.13e-4(c))</P>
<P style="margin:0px; padding-bottom:4px; border-bottom:12px double #000000"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><BR>
<BR></P>
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<P style="margin:0px"><B>ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT</B></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:13.333px"><I>Registration Rights Agreement</I></P>
<P style="margin-top:0px; margin-bottom:13.333px; text-indent:48px">On September 29, 2009, in connection with the closing of the acquisition of Iridium Holdings LLC (&#147;Iridium Holdings&#148;), Iridium Communications Inc. (&#147;IRDM&#148; or the &#147;Company&#148;), a Delaware corporation, previously named GHL Acquisition Corp. (&#147;GHQ&#148;), entered into a Registration Rights Agreement with the sellers of the equity of Iridium Holdings. The material terms of such Registration Rights Agreement have been previously described and such agreement is included as Annex D in the Company&#146;s definitive proxy statement (SEC File No. 001-33963) filed August 28, 2009 (hereinafter referred to as the &#147;Proxy Statement&#148;), which is incorporated herein by reference. &nbsp;</P>
<P style="margin:0px"><I>Warrant Agreement</I></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:48px">On September 29, 2009, the Company executed a new warrant agreement with American Stock Transfer &amp; Trust Company with terms substantially identical to the terms set forth in the warrant agreement filed in the Current Report on Form 8-K filed on February 26, 2008. &nbsp;The new warrant agreement restructures approximately 14.4 million existing warrants issued in the Company&#146;s IPO to (i) increase their exercise price to $11.50, (ii) extend their exercise period by two years to February 2015 and (iii) increase the price of common stock, par value $0.001 per share (the &#147;Common Stock&#148;) at which the Company can redeem the restructured warrants to $18.00. &nbsp;A copy of the warrant agreement and a specimen warrant certificate are attached hereto as Exhibit 4.4 and Exhibit 4.5, respectively, each of which is incorporated herein by reference. &nbsp;&nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><I>Underwriting Agreement</I></P>
<P style="margin:0px"><BR></P>
<A NAME="OLE_LINK7"></A><P style="margin:0px; text-indent:48px">On September 23, 2009, the Company entered into an underwriting agreement (the &#147;Underwriting Agreement&#148;) with Iridium Holdings, Raymond James &amp; Associates, Inc., RBC Capital Markets Corporation and Stifel, Nicolaus &amp; Company, Incorporated, as representatives of the several underwriters named therein (the &#147;Underwriters&#148;), pursuant to which the Company (i) agreed to issue and sell to the Underwriters an aggregate of 16,000,000 shares (the &#147;Firm Shares&#148;) of the Company&#146;s Common Stock, par value $0.001 per share at a purchase price of $10.00 per share and (ii) granted the Underwriters an option exercisable for a period of 40 days to purchase up to 2,400,000 additional shares of the Company&#146;s Common Stock, par value $0.001 per share, to cover over-allotments, if any (the &#147;Additional Shares&#148; and, together with the Firm Shares, the &#147;Shares&#148;). &nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:48px">The offer and sale of the Firm Shares were registered under the Securities Act of 1933, as amended, pursuant to a shelf registration statement on Form S-3 (File No. 333-159673) declared effective by the Securities and Exchange Commission on August 31, 2009. &nbsp;The Company filed the final prospectus supplement (SEC File No. 333-159673) in connection with offer and sale on September 25, 2009 (hereinafter referred to as the &#147;Prospectus Supplement&#148;). &nbsp;The foregoing description of the Underwriting Agreement is only a summary and is qualified in its entirety by reference to the full text of the Underwriting Agreement, which is filed as Exhibit 1.1 to this Current Report on Form 8-K, and which is incorporated by reference into this Item 1.01.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>ITEM 2.01 COMPLETION OF ACQUISITION OR DISPOSITION OF ASSETS</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:48px">On September 29, 2009, the Company consummated the acquisition of Iridium Holdings pursuant to a Transaction Agreement (the &#147;Transaction Agreement&#148;) dated September 22, 2008, as amended on April 28, 2009, by and between GHQ, Iridium Holdings and the sellers named therein. The material terms of the Transaction Agreement are described in the Proxy Statement, in the section&nbsp;entitled &#147;Proposal I &#150; Approval of the Acquisition&#148; beginning on page 66 and &#147;The Transaction Agreement&#148; beginning on page 100, and are hereby incorporated herein by reference. The acquisition was approved by the Company&#146;s stockholders at the special meeting held on September&nbsp;23, 2009.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:48px">At the closing of the acquisition (the &#147;Closing&#148;), GHQ acquired, directly and indirectly, all of the outstanding units of Iridium Holdings. &nbsp;Iridium Holdings became a wholly-owned subsidiary of GHQ and GHQ was renamed Iridium Communications Inc. &nbsp;Iridium Holdings, through its subsidiaries, is a provider of mobile voice and data communications services via satellite. &nbsp;GHQ acquired all of Iridium Holdings&#146; equity in exchange for $77.1 million in cash and 29,443,500 shares of Common Stock. &nbsp;In addition, 90 days following the Closing, if Iridium Holdings has in effect a valid election under Section 754 of the Internal Revenue Code of 1986, as amended (the &#147;Code&#148;), with respect to the taxable year in which the Closing occurs, the Company will make a tax benefit payment of up to $25.5 million in aggregate to sellers (other than the sellers of the equity of Baralonco, N.V. and Syncom-Iridium Holdings Corp.) to compensate them for the tax basis step-up. &nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:48px">At the special meeting held on September&nbsp;23, 2009, 9,214,167 shares of Common Stock were voted against the proposal relating to the acquisition and elected to convert into a pro rata portion of the trust account resulting in a total payment to converting stockholders of approximately $92.1 million. In addition, as of the Closing, the Company repurchased an aggregate of 16,325,196 shares of its common stock from certain stockholders at a purchase price of $10.10 per share. </P>
<P style="margin:0px"><BR>
<BR></P>
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<P style="margin:0px; text-indent:48px; page-break-before:always">The total amount of deferred underwriting commissions to be paid to Banc of America Securities LLC and other underwriters in connection with GHQ&#146;s initial public offering is approximately $4.3 million after giving effect to the conversions.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:48px">On September 23, 2009, the Company&#146;s offering of 16,000,000 shares of its common stock pursuant to the Underwriting Agreement was consummated.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:48px">On a pro forma basis as of June 30, 2009, after giving effect to the Company&#146;s offering, the share repurchases, the conversions, the warrant exchange and the acquisition of Iridium Holdings, the total number of the shares of the Company&#146;s common stock outstanding would be 68,207,884, without giving effect to any shares that may be issued to Motorola Inc., any exercise of current or restructured warrants and the conversion of the $22.9 million note held by Greenhill Europe. &nbsp;In addition, on a pro forma basis as of June 30 2009, and after giving effect to the Company&#146;s offering, the share repurchases, the conversions, the warrant exchange, the acquisition of Iridium Holdings and the prepayment in full by Iridium Holdings of its credit agreements following the acquisition, the Company would have total cash and cash equivalents of approximately $75.2 million. &nbsp;The Company intends to prepay in full the approximately $120.0 million currently outstanding under its credit agreements following the acquisition.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:48px">Prior to the Closing, the Company was a shell company with no operations which was formed for the purpose of acquiring one or more operating businesses. The following information is provided about the business and securities of the post-Closing combined company reflecting consummation of the acquisition.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><B><I>FORWARD LOOKING STATEMENTS</I></B></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:11.133px; text-indent:24px">This Current Report on Form 8-K, including the documents incorporated by reference herein and therein, contain forward-looking statements within the meaning of the &#147;safe harbor&#148; provisions of the Private Securities Litigation Reform Act of 1995. In some cases you can identify these statements by forward-looking words such as &#147;may,&#148; &#147;might,&#148; &#147;will,&#148; &#147;will likely result,&#148; &#147;should,&#148; &#147;anticipates,&#148; &#147;expects,&#148; &#147;intends,&#148; &#147;plans,&#148; &#147;seeks,&#148; &#147;estimates,&#148; &#147;potential,&#148; &#147;continue,&#148; &#147;believes&#148; and similar expressions, although some forward-looking statements are expressed differently.</P>
<P style="margin-top:0px; margin-bottom:11.133px; text-indent:24px">These forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties that may cause our actual results, performance or achievements to differ materially from any expected future results, performance or achievements expressed or implied by such forward-looking statements. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. These risks and uncertainties include, but are not limited to:</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-24px; font-family:Symbol">&#183;</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px; text-indent:-1.333px">the level and type of demand for Iridium Holdings&#146; products and services;</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-24px; font-family:Symbol">&#183;</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px">Iridium Holdings&#146; ability to maintain the health, capacity, control and level of service of its satellite network;</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-24px; font-family:Symbol">&#183;</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px">Iridium Holdings&#146; ability to cost-effectively design, construct and launch Iridium NEXT;</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-24px; font-family:Symbol">&#183;</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px">Iridium Holdings&#146; ability to obtain capital to meet its future capital requirements, in particular the funding for Iridium NEXT and related ground infrastructure, products and services;</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-24px; font-family:Symbol">&#183;</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px">changes in general economic, business and industry conditions;</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-24px; font-family:Symbol">&#183;</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px">Iridium Holdings&#146; and its distributors&#146; ability to introduce innovative products, services and applications that satisfy market demand; </P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-24px; font-family:Symbol">&#183;</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px">the ability of Iridium Holdings&#146; distributors to market and sell Iridium Holdings&#146; products, services and applications effectively;</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-24px; font-family:Symbol">&#183;</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px">the ability of Iridium Holdings&#146; competitors to develop and offer similar services and products; </P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-24px; font-family:Symbol">&#183;</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px">Iridium Holdings&#146; ability to maintain its relationship with U.S. government customers, particularly the Department of Defense (&#147;DoD&#148;);</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-24px; font-family:Symbol">&#183;</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px">denials or delays in receipt of regulatory approvals or non-compliance with conditions imposed by regulatory authorities;</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-24px; font-family:Symbol">&#183;</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px">legal, regulatory and tax developments, including additional requirements imposed by changes in domestic and foreign laws and regulations; and</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-24px; font-family:Symbol">&#183;</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px">rapid and significant technological changes in the telecommunications industry.</P>
<P style="margin-top:0px; margin-bottom:13.333px"><BR>
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<P style="margin-top:0px; margin-bottom:11.133px; text-indent:24px; page-break-before:always">There is no assurance that our expectations will be realized. &nbsp;If one or more of these risks or uncertainties materialize, or if our underlying assumptions prove incorrect, actual results may vary materially from those expected, estimated or projected. &nbsp;Such risks and uncertainties also include those set forth under &#147;Risk Factors&#148; starting on page 39 of the Proxy Statement and page S-17 of the Prospectus Supplement, which are incorporated herein by reference. Our forward-looking statements speak only as of the time they are made and do not necessarily reflect our outlook at any other point in time. Except as required by law or regulation, we undertake no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or for any other reason.</P>
<P style="margin:0px"><B><I>Business</I></B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:48px">Iridium Holdings&#146; business is described in the Proxy Statement in the section&nbsp;entitled &#147;Information about Iridium Holdings&#148; beginning on page&nbsp;128, which is incorporated herein by reference. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B><I>Risk Factors</I></B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:48px">The risks associated with GHQ&#146;s and Iridium Holdings&#146; businesses as are described in the Proxy Statement in the section&nbsp;entitled &#147;Risk Factors&#148; beginning on page 39 and in the Prospectus Supplement beginning on page S-17, which are incorporated herein by reference.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B><I>Financial Information</I></B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:48px">Selected financial information and management&#146;s discussion and analysis of financial condition and results of operations of GHQ and Iridium Holdings are included in the Proxy Statement in the sections entitled &#147;Selected Historical Financial Data of GHQ&#148; beginning on page 24, &#147;Selected Historical Financial Data of Iridium Holdings&#148; beginning on page 25, &#147;GHQ Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations of GHQ&#148; beginning on page 124 and &#147;Iridium Holdings Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations of Iridium Holdings&#148; beginning on page 152, which are incorporated herein by reference.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:48px">Pro forma financial information and management&#146;s discussion and analysis of financial condition and results of operations of Iridium Holdings are included in the Prospectus Supplement in the sections entitled &#147;Unaudited Pro Forma Condensed Combined Financial Data&#148; beginning on page S-52 and &#147;Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations of Iridium Holdings&#148; beginning on page S-62, which are incorporated herein by reference.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B><I>Properties</I></B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:48px">The Company&#146;s principal executive office is located at 6707 Democracy Boulevard, Suite 300, Bethesda, MD 20817. Iridium Holdings&#146; facilities are described in the Proxy Statement in the section entitled &#147;Business of Iridium Holdings &#151; Properties&#148; beginning on page&nbsp;150 and in the Prospectus Supplement in the section entitled &#147;Iridium Holdings Business &#151; Properties&#148; beginning on page S-118, which is incorporated herein by reference.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B><I>Security Ownership of Certain Beneficial Owners and Management</I></B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:48px">Security Ownership of Certain Beneficial Owners and Management is included in the Prospectus Supplement in the section entitled &#147;Beneficial Ownership of Common Stock&#148; beginning on page S-125, which is incorporated herein by reference. &nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B><I>Directors and Executive Officers</I></B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:48px">The Company&#146;s directors and executive officers immediately after the consummation of the Acquisition are described in the Proxy Statement in the section&nbsp;entitled &#147;Management Following the Acquisition&#148; beginning on page&nbsp;185 and in the Prospectus Supplement in the section entitled &#147;Management Following the Acquisition&#148; beginning on page&nbsp;S-120, which is incorporated herein by reference.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B><I>Director and Executive Officer Compensation</I></B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:48px">The compensation of Iridium Holdings executive officers is generally described in the Proxy Statement in the sections entitled &#147;Iridium Holdings Compensation Discussion and Analysis&#148; beginning on page&nbsp;191 and &#147;Iridium Holdings Executive Compensation&#148; beginning on page&nbsp;196, which are incorporated herein by reference. &nbsp;The Company has not yet entered into any compensation arrangements with its directors in connection with their service as directors . The Company will promptly disclose any compensation arrangements with its directors in a Current Report on Form 8-K once approved by the board of directors</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B><I>Certain Relationships and Related Transactions</I></B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:48px">The description of certain relationships and related transactions is included in the Proxy Statement in the sections entitled &#147;Interests of Certain Persons in the Acquisition&#148; beginning on page 99 and &#147;Certain Relationships and Related Party Transactions&#148; beginning on page 203, which are each incorporated herein by reference.</P>
<P style="margin:0px"><BR>
<BR>
<BR></P>
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<P style="margin:0px; page-break-before:always"><BR></P>
<P style="margin:0px"><B><I>Independence of Directors</I></B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:48px">The Company&#146;s board of directors has determined that Messrs.&nbsp;Barros, Bok, Canfield, Jones, Krongard, Niehaus, Pfeiffer and Rush are each independent within the meaning of Rule 5606(a)(2) of the Nasdaq Stock Market LLC (&#147;Nasdaq&#148;). &nbsp;The Company&#146;s board of directors has also determined that each member of its Audit Committee, Compensation Committee and Nominating and Corporate Governance Committee is independent under Rule 5606(a)(2) of the Nasdaq. &nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B><I>Legal Proceedings</I></B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:48px">IRDM and Iridium Holdings are not currently a party to any material pending legal proceedings.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B><I>Market Price of and Dividends on the Registrant&#146;s Common Equity and Related Stockholder Matters</I></B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:48px">Information about the market price, number of stockholders and dividends for the Company&#146;s securities is described in the Proxy Statement in the section&nbsp;entitled &#147;Market Price of GHQ Common Stock&#148; beginning on page 98, which is incorporated herein by reference.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:48px">IRDM&#146;s common stock, warrants and units are listed on Nasdaq under the symbols &#147;IRDM,&#148; &#147;IRDMW&#148; and &#147;IRDMU,&#148; respectively.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:48px">The closing price of IRDM&#146;s common stock, warrants and units as reported on Nasdaq on September 28, 2009, was $10.70, $4.25 and $13.04, respectively.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B><I>Recent Sales of Unregistered Securities</I></B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:48px">Reference is made to the disclosure set forth under Item 3.02 of this Current Report concerning the unregistered sales of equity securities, which is incorporated herein by reference. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B><I>Description of the Company&#146;s Securities</I></B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:48px">The Company&#146;s Amended and Restated Certificate of Incorporation, or the Restated Certificate, authorizes the issuance of 300 million<B>&nbsp;</B>shares of common stock, par value $0.001 per share, and 2.0 million<B>&nbsp;</B>shares of preferred stock, par value $0.0001 per share.&nbsp;&nbsp;The following summary of the material terms of the Company&#146;s securities is not intended to be a complete summary of the rights and preferences of such securities. &nbsp;A complete description of the rights and preferences of the Company&#146;s securities is provided in the Restated Certificate, which is filed as Exhibit 3.1 to this Current Report on Form 8-K, the warrant agreement between American Stock Transfer &amp; Trust Company, as warrant agent, and the Company, which has been filed as exhibit 4.3 to the Company&#146;s Current Report on Form 8-K filed February 26, 2008 and the warrant agreement between American Stock Transfer &amp; Trust Company, as warrant agent, and the Company, which is filed as Exhibit 4.4 to this Current Report on Form 8-K, each of which is incorporated herein by reference.</P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px"><I>Units</I></P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px; text-indent:48px">Each unit consists of one share of Common Stock and one $7.00 Warrant, as described in more detail below under the caption &#148;Description of Securities&#151;Warrants&#148; of this Item 2.01.&nbsp;&nbsp;Each warrant entitles the holder to purchase one share of common stock at an exercise price of $7.00 per share of common stock, subject to adjustment.&nbsp;&nbsp;The units commenced trading on February 15, 2008.</P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px"><I>Common Stock</I></P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px; text-indent:48px">As of September 29, 2009 after the closing of the acquisition, the offering of 16 million shares of Common Stock and related transactions and giving effect to the conversion of shares held by stockholders who voted against the acquisition of Iridium Holdings and converted into a pro rata portion of the trust account, there were 68,207,884<B>&nbsp;</B>shares of Common Stock outstanding and no shares of preferred stock outstanding.&nbsp;&nbsp;The outstanding shares of the Company&#146;s Common Stock are duly authorized, validly issued, fully paid and non-assessable. &nbsp;Holders of Common Stock are entitled to one vote for each share held of record on all matters to be voted on by stockholders.&nbsp;&nbsp;Holders of Common Stock have exclusive voting rights for the election of the Company&#146;s directors and all other matters requiring stockholder action, except with respect to amendments to the Restated Certificate that alter or change the powers, preferences, rights or other terms of any outstanding preferred stock if the holders of such affected series of preferred stock are entitled to vote on such an amendment.</P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px"><BR>
<BR></P>
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<P style="margin:0px; text-indent:48px; page-break-before:always">Holders of Common Stock are entitled to receive such dividends, if any, as may be declared from time to time by the Company&#146;s board of directors in its discretion out of funds legally available therefor.&nbsp;&nbsp;The payment of dividends, if ever, on the Common Stock is subject to the prior payment of dividends on any outstanding preferred stock, of which there is currently none.</P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px; text-indent:48px">The Company has not paid any dividends on Common Stock to date.&nbsp;&nbsp;The payment of dividends in the future will depend on the Company&#146;s revenues and earnings, if any, capital requirements and general financial condition.&nbsp;&nbsp;The payment of any dividends will be within the discretion of the Company&#146;s board of directors.&nbsp;&nbsp;</P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px; text-indent:48px">In the event of any voluntary or involuntary liquidation, dissolution or winding up and after payment or provision for payment of the debts and other liabilities of the Company and of the preferential and other amounts, if any, to which the holders of any preferred stock will be entitled, the holders of all outstanding common shares will be entitled to receive the remaining assets of the Company available for distribution ratably in proportion to the number of common shares held by each stockholder.</P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px; text-indent:48px">The Restated Certificate allows the Company to restrict the ownership or proposed ownership of its Common Stock or preferred stock by any person, if such ownership or proposed ownership: (i) is or could be inconsistent with, or in violation of, any provision of the Communications Act of 1934 and the rules and regulations promulgated thereunder (&#147;FCC Laws&#148;); (ii) will or may limit or impair the Company&#146;s business activities under the FCC Laws; or (iii) will or could subject the Company to any specific rule, regulation or policy under the FCC Laws, to which the Company was not subject prior to such ownership or proposed ownership (collectively, &#147;FCC Limitation&#148;).&nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:48px">The Restated Certificate also gives the Company the right to request from its stockholders or proposed stockholders (by transfer of stock or otherwise), certain information, including information relating to such stockholder&#146;s or proposed stockholder&#146;s citizenship, affiliations and ownership or interest in other companies, if the Company believes that such stockholder&#146;s or proposed stockholder&#146;s ownership of its securities may result in an FCC Limitation.</P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px; text-indent:48px">If the Company does not receive the information it requests from any specific stockholder or concludes that a person&#146;s ownership or proposed ownership or the exercise by any person of any ownership right may result in an FCC Limitation, the Company will have the right to, and until the Company determines in its sole discretion that no FCC Limitation will occur: (i) refuse to permit a transfer of stock to a proposed stockholder; (ii) suspend rights of stock or equity ownership which could cause an FCC Limitation; and/or (iii) redeem the Common Stock or preferred stock of the Company held by any person.</P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px; text-indent:48px">Holders of Common Stock have no conversion, preemptive or other subscription rights and there are no sinking fund or redemption provisions applicable to the Common Stock.</P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px"><I>Founding Stockholder&#146;s Shares</I></P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px; text-indent:48px">As of September 29, 2009 after the Closing, GHQ&#146;s founding stockholders, owned 7,058,824 shares (not including any shares that may result from conversion of the convertible note), including 6,928,387 held by Greenhill &amp; Co., Inc (&#147;Greenhill&#148;). &nbsp;GHQ&#146;s founding stockholder&#146;s shares are identical to the shares of Common Stock included in the units sold in GHQ&#146;s initial public offering, except that Greenhill has agreed to certain transfer restrictions, including a one-year &#147;lock-up&#148; for the shares of Common Stock it holds, as described below.</P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px"><I>Preferred Stock</I></P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px; text-indent:48px">The Restated Certificate provides that shares of preferred stock may be issued from time to time in one or more series.&nbsp;&nbsp;The Company&#146;s board of directors is authorized to fix the voting rights, if any, designations, powers, preferences, the relative, participating, optional or other special rights and any qualifications, limitations and restrictions thereof, applicable to the shares of each series.&nbsp;&nbsp;The Company&#146;s board of directors may, without stockholder approval, issue preferred stock with voting and other rights that could adversely affect the voting power and other rights of the holders of the Common Stock and could have anti-takeover effects.&nbsp;&nbsp;The ability of the Company&#146;s board of directors to issue preferred stock without stockholder approval could have the effect of delaying, deferring or preventing a change of control of the Company or the removal of existing management.&nbsp;&nbsp;The Company has no preferred stock outstanding at the date hereof.&nbsp;&nbsp;Although the Company does not currently intend to issue any shares of preferred stock, the Company may do so in the future.</P>
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<P style="margin:0px"><I>Warrants</I></P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px; padding-left:48px"><U>$7.00 Warrants</U></P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px; text-indent:48px">As of September 29, 2009 after the Closing, 13,657,104 warrants issued in GHQ&#146;s initial public offering were outstanding (the &#147;$7.00 Warrants&#148;).&nbsp;&nbsp;Each $7.00 Warrant entitles the registered holder to purchase one share of Common Stock at a price of $7.00 per share, subject to adjustment, as discussed below, at any time commencing on the completion of GHQ&#146;s initial business </P>
<P style="margin:0px"><BR>
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<P style="margin:0px; page-break-before:always">combination, provided that the Company has an effective registration statement under the Securities Act covering the shares of Common Stock issuable upon exercise of the $7.00 Warrants and a current prospectus relating to them is available.</P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px; text-indent:48px">The warrants will expire on February 14, 2013 at 5:00 p.m., New York time, or earlier upon redemption. &nbsp;Once the $7.00 Warrants become exercisable, the Company may call the $7.00 Warrants for redemption, in whole and not in part, at a redemption price of $0.01 per $7.00 Warrant if, and only if, the reported last sale price of Common Stock equals or exceeds $14.25 per share for any 20 trading days within a 30-trading-day period ending on the third business day prior to the date on which the notice of redemption is given, and only if on the date the Company gives notice of redemption and during the entire period thereafter until the time the Company redeems the $7.00 Warrants the Company has an effective registration statement covering the shares of Common Stock issuable upon exercise of the $7.00 Warrants and a current prospectus relating to them is available.&nbsp;</P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px; text-indent:48px">If the foregoing conditions are satisfied and the Company issues a notice of redemption, each holder of $7.00 Warrants can exercise his or her $7.00 Warrant prior to the scheduled redemption date.&nbsp;&nbsp;However, there is no guarantee that the price of the Common Stock will exceed the $14.25 trigger price or the $7.00 exercise price after the redemption notice is issued.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:48px">If the Company calls the $7.00 Warrants for redemption as described above, the Company&#146;s management will have the option to adopt a plan of recapitalization pursuant to which all holders that wish to exercise $7.00 Warrants would be required to do so on a &#147;cashless basis.&#148; In such event, each exercising holder would surrender the $7.00 Warrants for that number of shares of Common Stock equal to the quotient obtained by dividing (x)&nbsp;the product of the number of shares of Common Stock underlying the $7.00 Warrants, multiplied by the difference between the exercise price of the $7.00 Warrants and the &#147;fair market value&#148; (defined below) by (y) the fair market value. The &#147;fair market value&#148; shall mean the average reported last sale price of the Common Stock for the 10 trading days ending on the third trading day before the date on which the notice of redemption is sent to the holders of $7.00 Warrants. If the Company&#146;s management takes advantage of this option, the notice of redemption will contain the information necessary to calculate the number of shares of Common Stock to be received upon exercise of the $7.00 Warrants, including the &#147;fair market value&#148; in such case. Requiring a cashless exercise in this manner will reduce the number of shares to be issued and thereby lessen the dilutive effect of a warrant redemption. The Company believes this feature is an attractive option to the Company if the Company does not need the cash from the exercise of the $7.00 Warrants after the Closing. If the Company calls its $7.00 Warrants for redemption and the Company&#146;s management does not take advantage of this option, Greenhill, which we refer to as GHQ&#146;s initial stockholder, and its permitted transferees, would still be entitled to exercise their founding stockholder&#146;s warrants for cash or on a cashless basis using the same formula described above that other warrant holders would have been required to use had all warrant holders been required to exercise their warrants on a cashless basis.</P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px; text-indent:48px">The exercise price and number of shares of Common Stock issuable on exercise of the $7.00 Warrants may be adjusted in certain circumstances including in the event of a stock dividend, or the Company&#146;s recapitalization, reorganization, acquisition or consolidation.&nbsp;&nbsp;However, the exercise price and number of shares of Common Stock issuable on exercise of the $7.00 Warrants will not be adjusted for issuances of Common Stock at a price below the $7.00 Warrant exercise price.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:48px">The $7.00 Warrants have been issued in registered form under a warrant agreement between American Stock Transfer &amp; Trust Company, as warrant agent, and the Company. The warrant agreement, which has been filed as exhibit 4.3 to the Company&#146;s Current Report on Form 8-K filed February 26, 2008, provides a complete description of the terms and conditions applicable to the $7.00 Warrants.</P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px; text-indent:48px">The $7.00 Warrants may be exercised upon surrender of the warrant certificate on or prior to the expiration date at the offices of the warrant agent, with the exercise form on the reverse side of the warrant certificate completed and executed as indicated, accompanied by full payment of the exercise price (or on a cashless basis, if applicable), by certified or official bank check payable to the Company, for the number of $7.00 Warrants being exercised.&nbsp;&nbsp;Holders of $7.00 Warrants will not be entitled to a net cash settlement upon exercise of the $7.00 Warrants.&nbsp;&nbsp;Holders of $7.00 Warrants do not have the rights or privileges of holders of Common Stock, including voting rights, until they exercise their $7.00 Warrants and receive shares of Common Stock.&nbsp;&nbsp;After the issuance of shares of Common Stock upon exercise of the $7.00 Warrants, each holder will be entitled to one vote for each share held of record on all matters to be voted on by stockholders.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:48px">No fractional shares will be issued upon exercise of the $7.00 Warrants. If, upon exercise of the $7.00 Warrants, a holder would be entitled to receive a fractional interest in a share, the Company will, upon exercise, round up to the nearest whole number the number of shares of Common Stock to be issued to the holder of $7.00 Warrants.</P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px; text-indent:48px">No $7.00 Warrants will be exercisable unless at the time of exercise the Company has an effective registration statement under the Securities Act covering the shares of Common Stock issuable upon exercise of the $7.00 Warrants and a current prospectus relating to them is available.&nbsp;&nbsp;Under the warrant agreement, the Company has agreed to use its best efforts to have an effective registration statement covering shares of Common Stock issuable on exercise of the $7.00 Warrants and to maintain a current prospectus relating to the Common Stock from the date the $7.00 Warrants become exercisable to the date the $7.00 Warrants expire or are redeemed.</P>
<P style="margin:0px"><BR>
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<P style="margin:0px; page-break-before:always">&nbsp;</P>
<P style="margin:0px; padding-left:48px"><U>$11.50 Warrants</U></P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px; text-indent:48px">As of September 29, 2009 after the Closing, there were 14,368,525 warrants, issued in privately negotiated transactions in exchange for $7.00 Warrants (the &#147;Exchanges&#148;), outstanding (the &#147;$11.50 Warrants&#148;). &nbsp;The $11.50 Warrants have been issued in registered form under a warrant agreement between American Stock Transfer &amp; Trust Company, as warrant agent, and the Company. The warrant agreement has terms substantially identical to the terms set forth in the warrant agreement with respect to the $7.00 Warrants issued in GHQ&#146;s initial public offering, except that (i) their exercise price is $11.50 per share, (ii) their exercise period ends February 2015 and (iii) the price of the Company&#146;s Common Stock at which the Company can redeem the $11.50 Warrants is $18.00. &nbsp;The warrant agreement for the $11.50 Warrants has been filed hereto as Exhibit 4.4 and provides a complete description of the terms and conditions applicable to the $11.50 Warrants.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:48px">The Company has agreed to file with the SEC, as soon as practicable following the issuance of the $11.50 Warrants, but in no event later than 15 business days following the issuance of the $11.50 Warrants, a resale registration statement to allow for the resale of shares of the Company&#146;s Common Stock issued in connection with the Exchanges, the $11.50 Warrants and the shares of the Company&#146;s Common Stock underlying such $11.50 Warrants (&#147;Shelf Registration Statement&#148;), as further described below.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:48px"><U>Founding Stockholder&#146;s Warrants</U></P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px; text-indent:48px">As of September 29, 2009 after the Closing, there were 130,437 warrants outstanding that Greenhill obtained in the unit purchase described above and transferred to GHQ&#146;s directors, Messrs. Rush, Canfield and Clarke.&nbsp;&nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:26.667px"><FONT style="background-color:#FFFFFF">The founding stockholder&#146;s warrants are identical to the warrants included in the units sold in GHQ&#146;s initial public offering, except that such warrants: </FONT></P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:74.667px; text-indent:-24px; font-family:Symbol"><FONT style="background-color:#FFFFFF">&#183;</FONT></P>
<P style="margin:0px; padding-left:74.667px"><FONT style="background-color:#FFFFFF">are subject to certain transfer restrictions, including a including a one-year &#147;lock-up&#148; for the shares of Common Stock it holds, as described below;</FONT></P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:74.667px; text-indent:-24px; font-family:Symbol"><FONT style="background-color:#FFFFFF">&#183;</FONT></P>
<P style="margin:0px; padding-left:74.667px"><FONT style="background-color:#FFFFFF">the founding stockholder&#146;s warrants are not redeemable by the Company so long as they are held by GHQ&#146;s initial stockholder and its permitted transferees;</FONT></P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:74.667px; text-indent:-24px; font-family:Symbol"><FONT style="background-color:#FFFFFF">&#183;</FONT></P>
<P style="margin:0px; padding-left:74.667px"><FONT style="background-color:#FFFFFF">are exercisable if (x) the last sale price of the Company&#146;s Common Stock equals or exceeds $14.25 for any 20 days within any 30-trading day period beginning 90 days after GHQ&#146;s initial business combination and (y) there is an effective registration statement covering the shares of Common Stock issuable upon exercise of the warrants contained in the units sold in GHQ&#146;s initial public offering; and</FONT></P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:74.667px; text-indent:-24px; font-family:Symbol"><FONT style="background-color:#FFFFFF">&#183;</FONT></P>
<P style="margin:0px; padding-left:74.667px"><FONT style="background-color:#FFFFFF">may be exercised at the option of the holder on a cashless basis.</FONT></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:48px"><FONT style="background-color:#FFFFFF">If the founding stockholder&#146;s warrants are held by holders other than GHQ&#146;s initial stockholder or its permitted transferees, the founding stockholder&#146;s warrants will be redeemable by the Company and exercisable by the holders on the same basis as the warrants included in the units sold in GHQ&#146;s initial public offering. </FONT></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:48px"><FONT style="background-color:#FFFFFF">If holders of the founding stockholder&#146;s warrants elect to exercise them on a cashless basis, they would pay the exercise price by surrendering their warrants for that number of shares of Common Stock equal to the quotient obtained by dividing (x) the product of the number of shares of Common Stock underlying the warrants, multiplied by the difference between the exercise price of the warrants and the &#147;fair market value&#148; (defined below) by (y) the fair market value. The &#147;fair market value&#148; shall mean the average reported last sale price of the Common Stock for the 10&nbsp;trading days ending on the third trading day before the date on which the warrant exercise notice is sent to the warrant agent. The founding stockholder&#146;s warrants are subject to different restrictions on exercise from the warrants being sold in GHQ&#146;s initial public offering. The founding stockholder&#146;s warrants may not be exercised unless and until (i) the last sale price of the Company&#146;s Common Stock equals or exceeds $14.25 for any 20 days within any 30-trading day period beginning 90 days after GHQ&#146;s initial business combination and (ii) there is an effective registration statement covering the shares of Common Stock issuable upon exercise of the warrants contained in the units sold in GHQ&#146;s initial public offering.</FONT></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><FONT style="background-color:#FFFFFF"><I>Certain Anti-Takeover Provisions of Delaware Law and the Company&#146;s Amended and Restated Certificate of Incorporation and By-Laws</I></FONT></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
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<P style="margin:0px; padding-left:48px; page-break-before:always"><U>Special Meeting of Stockholders</U></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:48px">The Company&#146;s bylaws provide that special meetings of its stockholders may be called only by a majority vote of its board of directors or by its chairman.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:48px"><U>Advance Notice Requirements for Stockholder Proposals and Director Nominations</U></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:48px">The Company&#146;s bylaws provide that stockholders seeking to bring business before its annual meeting of stockholders or a special meeting of stockholders, or to nominate candidates for election as directors at its annual meeting of stockholders must provide timely notice of their intent in writing and be a stockholder of record at the time of giving such notice. To be timely, a stockholder&#146;s notice will need to be delivered to the Company&#146;s principal executive offices not later than the close of business on the 90th day nor earlier than the close of business on the 120th day before the first anniversary of the preceding year&#146;s annual meeting of stockholders. For the first annual meeting of stockholders after the Closing, and in the case of a special meeting, a stockholder&#146;s notice shall be timely if delivered to the Company&#146;s principal executive offices not later than the 90th day before the scheduled date of the annual meeting of stockholders or the 10th day following the day on which public announcement of the date of the Company&#146;s annual meeting of stockholders is first made or sent by the Company. The Company&#146;s bylaws also specify certain requirements as to the form and content of a stockholders&#146; notice. These provisions may preclude the Company&#146;s stockholders from bringing matters before its annual meeting of stockholders or from making nominations for directors at its annual meeting of stockholders.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:48px"><U>Authorized but Unissued Shares</U></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:48px">The Company&#146;s authorized but unissued shares of Common Stock and preferred stock are available for future issuances without stockholder approval and could be utilized for a variety of corporate purposes, including future offerings to raise additional capital, acquisitions and employee benefit plans. The existence of authorized but unissued and unreserved Common Stock and preferred stock could render more difficult or discourage an attempt to obtain control of the Company by means of a proxy contest, tender offer, merger or otherwise.</P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px"><I>Limitations on Liability and Indemnification of Officers and Directors</I></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:48px">The Restated Certificate provides that the Company&#146;s directors and officers will be indemnified by the Company to the fullest extent authorized by Delaware General Corporation Law. In addition, the Restated Certificate provides that the Company&#146;s directors will not be liable for monetary damages to the Company for breaches of their fiduciary duty as directors, unless they violated their duty of loyalty to the Company or the Company&#146;s stockholders, acted in bad faith, knowingly or intentionally violated the law, authorized unlawful payments of dividends, unlawful stock purchases or unlawful redemptions, or derived an improper personal benefit from their actions as directors.</P>
<P style="margin:0px; text-indent:48px">&nbsp;</P>
<P style="margin:0px; text-indent:48px">The Company&#146;s bylaws also permit it to secure insurance on behalf of any officer, director or employee for any liability arising out of his or her actions, regardless of whether Delaware General Corporation Law would permit indemnification. The Company has purchased a policy of directors&#146; and officers&#146; liability insurance that insures the Company&#146;s directors and officers against the cost of defense, settlement or payment of a judgment in some circumstances and insures the Company against its obligations to indemnify the directors and officers.</P>
<P style="margin:0px; text-indent:48px">&nbsp;</P>
<P style="margin:0px; text-indent:48px">These provisions may discourage stockholders from bringing a lawsuit against the Company&#146;s directors for breach of their fiduciary duty. These provisions also may have the effect of reducing the likelihood of derivative litigation against directors and officers, even though such an action, if successful, might otherwise benefit the Company and its stockholders. Furthermore, a stockholder&#146;s investment may be adversely affected to the extent the Company pays the costs of settlement and damage awards against directors and officers pursuant to these indemnification provisions. The Company believes that these provisions, the insurance and the indemnity agreements are necessary to attract and retain talented and experienced directors and officers.</P>
<P style="margin:0px; text-indent:48px">&nbsp;</P>
<P style="margin:0px; text-indent:48px">Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to the Company&#146;s directors, officers and controlling persons pursuant to the foregoing provisions, or otherwise, the Company has been advised that in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><FONT style="background-color:#FFFFFF"><I>Transfer Agent and Warrant Agent</I></FONT></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:48px">The transfer agent for the Company&#146;s securities and warrant agent for the Company&#146;s $7.00 Warrants and $11.50 Warrants is American Stock Transfer &amp; Trust Company.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="margin:0px; page-break-before:always"><I>Listing</I></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:48px">The Company&#146;s units, Common Stock and $7.00 Warrants are listed on Nasdaq under the symbols &#147;IRDMU,&#148; &#147;IRDM&#148; and &#147;IRDMW,&#148; respectively. &nbsp;The Company&#146;s $11.50 Warrants have been authorized for listing on Nasdaq and the Company expects that the $11.50 Warrants will be listed following effectiveness of a shelf registration statement filed after the Closing (the &#147;Shelf Registration Statement&#148;).</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><I>Shares Eligible for Future Resale</I></P>
<P style="margin:0px"><B><I>&nbsp;</I></B></P>
<P style="margin:0px; text-indent:48px; font-family:MHFJP A+ Melior">As of September 29, 2009 after the Closing, the offering of 16 million shares of Common Stock and related transactions<FONT style="font-size:12pt"> </FONT>and giving effect to the conversion of shares held by stockholders who voted against the acquisition of Iridium Holdings and converted into a pro rata portion of the trust account, there were 68,207,884<B>&nbsp;</B>shares of Common Stock<FONT style="font-family:Times New Roman"> outstanding, of which 30,460,637 shares are freely tradable without restriction or further registration under the Securities Act, except for any shares purchased by one of the Company&#146;s affiliates within the meaning of Rule 144 under the Securities Act. All of the remaining 37,747,247 shares will be restricted securities under Rule 144, in that they were issued in private transactions not involving a public offering and 36,502,324 of these restricted shares of Common Stock are subject to a one-year &#147;lock-up agreement,&#148; as described below. In addition, shares of Common Stock are subject to a 90-day lock-up agreement and the Company has granted certain registration rights, as described below. </FONT></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:48px"><U>Rule 144 </U></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:48px">The SEC has adopted amendments to Rule 144 which became effective on February 15, 2008 and apply to securities acquired both before and after that date. Under these amendments, a person who has beneficially owned restricted shares of the Company&#146;s Common Stock for at least six months would be entitled to sell their securities provided that (i) such person is not deemed to have been one of the Company&#146;s affiliates at the time of, or at any time during the three months preceding, a sale and (ii) the Company is subject to the Exchange Act periodic reporting requirements for at least three months before the sale. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:48px">Persons who have beneficially owned restricted shares of the Company&#146;s Common Stock for at least six months but who are the Company&#146;s affiliates at the time of, or at any time during the three months preceding, a sale, would be subject to additional restrictions, by which such person would be entitled to sell within any three-month period only a number of securities that does not exceed the greater of either of the following: </P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-24px; font-family:Symbol">&#183;</P>
<P style="margin:0px; padding-left:48px">1% of the total number of securities of the same class then outstanding; or </P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-24px; font-family:Symbol">&#183;</P>
<P style="margin:0px; padding-left:48px">the average weekly trading volume of such securities during the four calendar weeks preceding the filing of a notice on Form 144 with respect to the sale; </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><I>provided</I>, in each case, that the Company is subject to the Exchange Act periodic reporting requirements for at least three months before the sale. Such sales must also comply with the manner of sale and notice provisions of Rule 144. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:48px"><U>Restrictions on the Use of Rule 144 by Shell Companies or Former Shell Companies </U></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:48px">Historically, the SEC staff has taken the position that Rule 144 is not available for the resale of securities initially issued by companies that are, or previously were, blank check companies like the Company, to their promoters or affiliates despite technical compliance with the requirements of Rule 144. The SEC has codified and expanded this position in the amendments discussed above by prohibiting the use of Rule 144 for resale of securities issued by any shell companies (other than business combination related shell companies) or any issuer that has been at any time previously a shell company. The SEC has provided an important exception to this prohibition, however, if the following conditions are met: </P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-24px; font-family:Symbol">&#183;</P>
<P style="margin:0px; padding-left:48px">the issuer of the securities that was formerly a shell company has ceased to be a shell company; </P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-24px; font-family:Symbol">&#183;</P>
<P style="margin:0px; padding-left:48px">the issuer of the securities is subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act; </P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-24px; font-family:Symbol">&#183;</P>
<P style="margin:0px; padding-left:48px">the issuer of the securities has filed all Exchange Act reports and material required to be filed, as applicable, during the preceding 12 months (or such shorter period that the issuer was required to file such reports and materials), other than Form 8-K reports; and </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-24px; font-family:Symbol; page-break-before:always">&#183;</P>
<P style="margin:0px; padding-left:48px">at least one year has elapsed from the time that the issuer filed current Form 10 type information with the SEC reflecting its status as an entity that is not a shell company. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:48px">As a result, if all of these conditions are met, GHQ&#146;s initial stockholder and its permitted transferees, the holders of $7.00 Warrants who received shares of Common Stock in the Exchanges and the sellers of Iridium Holdings units who receive shares of Common Stock at the Closing will be able to sell their restricted shares of Common Stock pursuant to Rule 144 without registration one year after the Company has completed the acquisition of Iridium Holdings. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:48px"><U>Registration Rights </U></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:48px">The Company granted registration rights in connection with the $11.50 Warrants and shares of Common Stock to be issued in the Exchanges, which requires the Company to file the Shelf Registration Statement as soon as practicable following the issuance of the $11.50 Warrants, but in no event later than 15 business days following the issuance of the $11.50 Warrants. The Shelf Registration Statement will be required to cover the exercise and resale of 14,368,525 $11.50 Warrants, the resale of 14,368,525 shares of Common Stock underlying such $11.50 Warrants and the resale of 1,244,923 shares of Common Stock issued in the Exchanges. The Company issued the $11.50 Warrants immediately following the Closing. If the Shelf Registration Statement is not declared effective by the SEC within 30 business days following the issuance of the $11.50 Warrants, the holders of the $11.50 Warrants have the right to sell to the Company, for cash, the $11.50 Warrants for a price equal to the difference between the weighted average price of the shares of Common Stock during a certain period over the exercise price of the $11.50 Warrants. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:48px">In addition, as soon as practicable following the Closing, the Company intends to file the Shelf Registration Statement to permit holders of 13,526,667 $7.00 Warrants to convert such $7.00 Warrants and receive 13,526,667 shares of Common Stock. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:48px">At the Closing, the Company entered into a registration rights agreement with each seller of Iridium Holdings units, GHQ&#146;s founding stockholder and GHQ&#146;s initial stockholder and its permitted transferees. Greenhill Europe has agreed to become a party to this registration rights agreement upon its conversion of the $22.9 million note it holds into shares of Common Stock, which may occur no earlier than October 24, 2009. Pursuant to this registration rights agreement, such persons will be granted certain registration rights with respect to the registration of 38,448,824 shares of Common Stock and 130,437 $7.00 Warrants, which includes shares of Common Stock received by holders of Iridium Holdings units in the acquisition of Iridium Holdings, shares of Common Stock and $7.00 Warrants held by GHQ&#146;s founding and GHQ&#146;s initial stockholder and its permitted transferees and the Common Stock issuable upon conversion of the note held by Greenhill Europe. Under this registration rights agreement, the Company will be required to file a shelf registration statement as soon as reasonably practicable after the Closing and related transactions, with a view to such registration statement becoming effective six months from the date of the Closing. However, pursuant to the Underwriting Agreement, the Company has agreed not to file this registration statement for a period of 90 days after the date of such Underwriting Agreement. &nbsp;<FONT style="font-family:MHFJP A+ Melior">The material terms of such registration rights agreement have been previously described in the Company&#146;s Proxy Statement. &nbsp;Such registration rights agreement will supersede the existing registration rights agreement to which GHQ&#146;s founding stockholder is a party.</FONT></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:48px">Certain holders of the registration rights, subject to certain limitations, may exercise a demand registration right in order to permit such holders to sell their registrable shares of Common Stock in an underwritten public offering under the shelf registration statement. Whenever the Company proposes to register any securities under the Securities Act, holders of registration rights will have the right to request the inclusion of their registrable shares of Common Stock in such registration. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:48px">The resale of shares of Common Stock in the public market upon exercise of these registration rights could adversely affect the market price of Common Stock or impact the Company&#146;s ability to raise additional equity capital. Except as set forth below, the Company&#146;s stockholders and warrant holders are not subject to any &#147;lock-ups&#148; restricting the transfer of the securities held by them. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:48px"><U>Lock-Up Agreements </U></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:48px">Substantially all of the sellers of Iridium Holdings units who receives shares of Common Stock at the Closing, GHQ&#146;s founding stockholder and GHQ&#146;s initial stockholder and its permitted transferees have agreed to a one-year &#147;lock-up&#148; for the shares of Common Stock they will hold following the Closing, except for underwritten secondary offerings approved by the Company&#146;s board of directors any time after six months from the Closing. Greenhill Europe has agreed to enter into a similar one-year &#147;lock-up,&#148; also subject to the exception described above, commencing on the date it converts the $22.9 million note it holds into shares of Common Stock and enters into the registration rights agreement described above. These lock-ups limit, to an extent, the volume of shares available for public trading, which may have an adverse effect on the market for the Company&#146;s Common Stock. Upon the termination, expiration or waiver of the lock-ups, a total of 37,502,324 shares of the Company&#146;s Common Stock (or 39,448,824 shares including the shares of the Company&#146;s Common Stock issuable upon conversion of Greenhill Europe&#146;s $22.9 million note) will </P>
<P style="margin:0px"><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="margin:0px; page-break-before:always">become available to trade on the public markets, which may have a material adverse effect on the market for the Company&#146;s Common Stock. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:48px">In addition, pursuant to the Underwriting Agreement, the Company, each of its directors and executive officers, and certain stockholders, have agreed to a lock-up for a period of 90 days after the date of such Underwriting Agreement.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B><I>Indemnification of Directors and Officers</I></B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:48px">Reference is made to the section entitled &#147;Description of Securities&#151;Limitations on Liability and Indemnification of Officers and Directors&#148; of this Item 2.01. &nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B><I>Financial Statements and Supplementary Data</I></B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:48px">See Item 9.01 of this Form 8-K, which is incorporated herein by reference. &nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B><I>Financial Statements and Exhibits</I></B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:48px">See Item 9.01 of this Form 8-K, which is incorporated herein by reference. &nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>ITEM 2.04 </B><FONT style="font-family:Times New Roman Bold"><B>TRIGGERING EVENTS THAT ACCELERATE OR INCREASE A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN OFF-BALANCE SHEET ARRANGEMENT</B></FONT></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:48px">Reference is made to the disclosure set forth in the Prospectus Supplement under &#147;Risk Factors - Iridium Holdings&#146; agreements with Motorola contain potential payment provisions which may apply to the acquisition; and Iridium Holdings and Motorola are in discussions with respect to such provisions, the outcome of which is uncertain&#148; beginning on page S-29, which is incorporated herein by reference. &nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>ITEM 3.02 UNREGISTERED SALES OF EQUITY SECURITIES</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:48px">Reference is made to the disclosure set forth in the Proxy Statement under the section entitled &#147;The Transaction Agreement&#148; beginning on page 100, which is incorporated herein by reference. &nbsp;The issuance of Common Stock pursuant to the Transaction Agreement was made in reliance upon an available exemption from registration under the Securities Act, by reason of Section&nbsp;4(2)&nbsp;thereof, to persons who are &#147;accredited investors&#148;, as defined in Regulation D promulgated under the Securities Act. &nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:48px">Reference is made to the disclosure set forth in the Proxy Statement under the section entitled &#147;Post-Closing Transactions&#148; beginning on page 21, which is incorporated herein by reference. &nbsp;Upon the Closing, the Company purchased 12,449,308 existing warrants for a total of $3,112,405 of cash and 1,244,923 shares of GHQ Common Stock. &nbsp;The shares of Common Stock were unregistered upon issuance, but the Company plans to file the Shelf Registration Statement covering these shares of Common Stock after the closing. &nbsp;In addition, upon the Closing, the Company issued<B><I> </I></B>14,368,525 existing warrants pursuant to a new warrant agreement described in Item 1.01 and incorporated herein by reference. &nbsp;The restructured warrants were unregistered upon issuance, but the Company plans to file the Shelf Registration Statement covering these restructured warrants after the closing. &nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>ITEM 3.03 MATERIAL MODIFICATION TO RIGHTS OF SECURITY HOLDERS</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:48px">On September 29, 2009, the Company filed an Amended and Restated Certificate of Incorporation, or the Restated Certificate, with the Secretary of State of the State of Delaware. &nbsp;The material terms of the Restated Certificate and the general effect upon the rights of holders of the Company&#146;s Common Stock have been previously described in the Proxy Statement under the section entitled &#147;Proposal II &#150; Approval of the Amended and Restated Certificate of Incorporation&#148; which is incorporated herein by reference. &nbsp;A copy of the Restated Certificate is filed as Exhibit 3.1 to this Current Report on Form 8-K and is incorporated herein by reference. &nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>ITEM 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS </B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:48px">On September 29, 2009, Matthew J. Desch, Alvin B. Krongard, Steven B. Pfeiffer, Terry Jones, J. Darrel Barros were appointed to the Company&#146;s Board of Directors by the existing members of the Company&#146;s Board of Directors. &nbsp;Upon the Closing, Kevin Clarke resigned from the Board of Directors, all of the existing officers of the Company resigned and the Board of Directors appointed the following executive officers:</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-24px; font-family:Symbol">&#183;</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px">Matthew J. Desch, Chief Executive Officer</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-24px; font-family:Symbol">&#183;</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px">Eric Morrison, Chief Financial Officer and Treasurer</P>
<P style="margin:0px"><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="margin:0px; page-break-before:always"><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-24px; font-family:Symbol">&#183;</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px">John S. Brunette, Chief Legal and Administrative Officer and Secretary</P>
<P style="margin:0px">Additional information with respect to the new directors and executive officers has been previously reported in the Proxy Statement under the section entitled &#147;Management Following the Acquisition&#148; beginning on page 185 and incorporated herein by reference. &nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>ITEM 5.03 AMENDMENTS TO ARTICLES OF INCORPORATION OR BYLAWS; CHANGE IN FISCAL YEAR </B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:48px">On September 29, 2009, the Company filed an Amended and Restated Certificate of Incorporation, or the Restated Certificate, discussed in Item 3.03 of this Form 8-K, which is incorporated herein by reference. &nbsp;A copy of the Restated Certificate is filed as Exhibit 3.1 to this Current Report on Form 8-K and is incorporated herein by reference.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:48px">On September 29, 2009, the board of directors of the Company adopted Amended and Restated Bylaws. &nbsp;A copy of the Amended and Restated Bylaws is filed as Exhibit 3.2 to this Current Report on Form 8-K and is incorporated herein by reference. &nbsp;The amendments to the bylaws provide that: (i) the board of directors of the Company may, in its sole discretion, determine that a meeting of stockholders be held by means of remote communication; (ii) any stockholder giving notice for the conduct of business at an annual meeting must be a stockholder of record at the time of giving such notice; (iii) notices sent by stockholders desiring to nominate directors or bring business before a meeting of the stockholders must meet certain requirements as to form and content; and (iv) an independent lead director may be appointed by the board of directors. &nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>ITEM 5.06 CHANGE IN SHELL COMPANY STATUS</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:48px">The material terms of the acquisition are described in the Proxy Statement in the sections entitled &#147;Proposal I &#150; Approval of the Acquisition&#148; beginning on page&nbsp;66 and &#147;The Transaction Agreement&#148; beginning on page&nbsp;100, which are both incorporated herein by reference.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>ITEM 8.01 OTHER EVENTS</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:48px">At the special meeting of stockholders held on September 23, 2009, the Iridium Communications Inc. 2009 Stock Incentive Plan was approved by the Company&#146;s stockholders. The 2009 Stock Incentive Plan is described in the Proxy Statement in the section&nbsp;entitled &#147;Proposal IV &#150; Adoption of the Stock Incentive Plan&#148; beginning on page&nbsp;91 and included as Annex E to the Proxy Statement, which is incorporated herein by reference. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:48px">The Company issued a press release upon the closing of the transaction which is attached hereto as Exhibit 99.1 and is incorporated herein by reference. &nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:48px">The financial statements of GHQ and Iridium Holdings included in the Proxy Statement beginning on page F-1 and the Unaudited Pro Forma Condensed Combined Financial Statements of GHQ and Iridium Holdings included in the Prospectus Supplement beginning on page S-52 are incorporated herein by reference. &nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">(d)&nbsp;Exhibits </P>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR style="font-size:0"><TD width=74></TD><TD width=660.4></TD></TR>
<TR><TD valign=bottom width=74><P style="line-height:9pt; margin-top:0.867px; margin-bottom:1.8px; padding-bottom:4px; font-size:8pt; border-bottom:1px solid #000000" align=center><B>Exhibit No.</B></P>
</TD><TD valign=bottom width=660.4><P style="line-height:9pt; margin-top:0.867px; margin-bottom:1.8px; padding-bottom:4px; font-size:8pt; border-bottom:1px solid #000000" align=center><B>Document</B></P>
</TD></TR>
<TR><TD valign=top width=74><P style="margin:0px">1.1*</P>
</TD><TD valign=top width=660.4><P style="margin:0px">Underwriting Agreement, dated September 23, 2009, among GHL Acquisition Corp., Iridium Holdings LLC, Raymond James &amp; Associates, Inc., RBC Capital Markets Corporation and Stifel, Nicolaus &amp; Company, Incorporated*</P>
</TD></TR>
<TR><TD valign=top width=74><P style="margin:0px">2.1</P>
</TD><TD valign=top width=660.4><P style="margin:0px">Transaction Agreement dated September 22, 2008, incorporated herein by reference to Exhibit 1.01 of the Company&#146;s current report on Form 8-K filed with the SEC on September 25, 2008</P>
</TD></TR>
<TR><TD valign=top width=74><P style="margin:0px">2.2</P>
</TD><TD valign=top width=660.4><P style="margin:0px">Amendment to Transaction Agreement dated April 28, 2009, incorporated herein by reference to Exhibit 1.01 of the Registrant&#146;s current report on Form 8-K filed with the SEC on April 28, 2009</P>
</TD></TR>
<TR><TD valign=top width=74><P style="margin:0px">3.1*</P>
</TD><TD valign=top width=660.4><P style="margin:0px">Second Amended and Restated Certificate of Incorporation dated September 29, 2009*</P>
</TD></TR>
<TR><TD valign=top width=74><P style="margin:0px">3.2*</P>
</TD><TD valign=top width=660.4><P style="margin:0px">Amended and Restated Bylaws*</P>
</TD></TR>
<TR><TD valign=top width=74><P style="margin:0px">4.1</P>
</TD><TD valign=top width=660.4><P style="margin:0px">Specimen Common Stock Certificate, incorporated herein by reference to the Company&#146;s Registration Statement on Form S-1 (Registration No. 333-147722), which was declared effective on February 14, 2008</P>
</TD></TR>
<TR><TD valign=top width=74><P style="margin:0px">4.2</P>
</TD><TD valign=top width=660.4><P style="margin:0px">Amended and Restated Warrant Agreement between the Company and American Stock Transfer &amp; Trust Company, incorporated herein by reference to the Company&#146;s current report on Form&nbsp;8-K filed on February&nbsp;26, 2008</P>
</TD></TR>
<TR><TD valign=top width=74><P style="margin:0px">4.3</P>
</TD><TD valign=top width=660.4><P style="margin:0px">Specimen Warrant Certificate for $7.00 Warrants, incorporated herein by reference to the Company&#146;s Registration Statement on Form S-1 (Registration No. 333-147722), which was declared effective on February 14, 2008</P>
</TD></TR>
<TR><TD valign=top width=74><P style="margin:0px">4.4*</P>
</TD><TD valign=top width=660.4><P style="margin:0px">Warrant Agreement for $11.50 Warrants between the Company and American Stock Transfer &amp; Trust Company*</P>
</TD></TR>
<TR><TD valign=top width=74><P style="margin:0px">4.5*</P>
</TD><TD valign=top width=660.4><P style="margin:0px">Specimen Warrant Certificate for $11.50 Warrants*</P>
</TD></TR>
<TR><TD valign=top width=74><P style="margin:0px">5.1*</P>
</TD><TD valign=top width=660.4><P style="margin:0px">Opinion of Davis Polk &amp; Wardwell LLP, dated September 28, 2009*</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="margin:0px; page-break-before:always"><BR>
<BR>
<BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR style="font-size:0"><TD width=74></TD><TD width=660.4></TD></TR>
<TR><TD valign=top width=74><P style="margin:0px">10.1*</P>
</TD><TD valign=top width=660.4><P style="margin:0px">Indemnification Contract, dated December 5, 2000, among Iridium Satellite LLC, The Boeing Company, Motorola, Inc. and the United States*</P>
</TD></TR>
<TR><TD valign=top width=74><P style="margin:0px">10.2*</P>
</TD><TD valign=top width=660.4><P style="margin:0px">Transition Services, Products and Asset Agreement, dated as of December 11, 2000, by and among Motorola, Inc., Iridium Holdings LLC and Iridium Satellite LLC*</P>
</TD></TR>
<TR><TD valign=top width=74><P style="margin:0px">10.3*</P>
</TD><TD valign=top width=660.4><P style="margin:0px">Intellectual Property Rights Agreement, dated December 11, 2000, among Motorola Inc. and Iridium Services LLC*</P>
</TD></TR>
<TR><TD valign=top width=74><P style="margin:0px">10.4*</P>
</TD><TD valign=top width=660.4><P style="margin:0px">Subscriber Equipment Technology Agreement (Design), dated as of September 30, 2002, by and among Motorola Inc. and SE Licensing LLC*</P>
</TD></TR>
<TR><TD valign=top width=74><P style="margin:0px">10.5*</P>
</TD><TD valign=top width=660.4><P style="margin:0px">Subscriber Equipment Technology Agreement (Manufacturing), dated as of September 30, 2002, by and among Motorola Inc. and SE Licensing LLC*</P>
</TD></TR>
<TR><TD valign=top width=74><P style="margin:0px">10.6*</P>
</TD><TD valign=top width=660.4><P style="margin:0px">Senior Subordinated Term Loan Agreement, dated as of December 11, 2000, among Iridium Satellite LLC and Motorola Inc.*</P>
</TD></TR>
<TR><TD valign=top width=74><P style="margin:0px">10.7*</P>
</TD><TD valign=top width=660.4><P style="margin:0px">Amended and Restated Contract for Transition, Steady State Operations and Maintenance, and Re-Orbit of the Iridium Constellation System, dated as of January 1, 2003, among Iridium Constellation LLC, Iridium Satellite LLC and The Boeing Company, as amended April 15, 2006*</P>
</TD></TR>
<TR><TD valign=top width=74><P style="margin:0px">10.8</P>
</TD><TD valign=top width=660.4><P style="margin:0px">Form of Registration Rights Agreement, incorporated by reference to Annex D of the Company&#146;s Proxy Statement filed August 28, 2009</P>
</TD></TR>
<TR><TD valign=top width=74><P style="margin:0px">10.9*&#134;</P>
</TD><TD valign=top width=660.4><P style="margin:0px">Amended and Restated Agreement for Manufacture, dated January 1, 2007, among <FONT style="font-family:CG Times">Iridium Satellite LLC and Celestica Corporation*</FONT>&#134;</P>
</TD></TR>
<TR><TD valign=top width=74><P style="margin:0px">10.10*</P>
</TD><TD valign=top width=660.4><P style="margin:0px">Convertible Subordinate Promissory Note, dated October 24, 2008, of Iridium Holdings LLC for Greenhill &amp; Co. Europe Holdings Limited*</P>
</TD></TR>
<TR><TD valign=top width=74><P style="margin:0px">10.11*</P>
</TD><TD valign=top width=660.4><P style="margin:0px">Employment Agreement, dated September 18, 2006, among Iridium Holdings LLC, Iridium Satellite LLC and Matthew J. Desch, as amended April 20, 2007, January 21, 2008 and November 20, 2008*</P>
</TD></TR>
<TR><TD valign=top width=74><P style="margin:0px">10.12*&#134;</P>
</TD><TD valign=top width=660.4><P style="margin:0px">Offer Letter, dated December 6, 2007, for John S. Brunette*&#134;</P>
</TD></TR>
<TR><TD valign=top width=74><P style="margin:0px">10.13*&#134;</P>
</TD><TD valign=top width=660.4><P style="margin:0px">Offer Letter, dated April 25, 2006, for Eric Morrison*&#134;</P>
</TD></TR>
<TR><TD valign=top width=74><P style="margin:0px">10.14*</P>
</TD><TD valign=top width=660.4><P style="margin:0px">Offer Letter, dated September 30, 2004, for Gregory Ewert*</P>
</TD></TR>
<TR><TD valign=top width=74><P style="margin:0px">10.15*&#134;</P>
</TD><TD valign=top width=660.4><P style="margin:0px">Offer Letter, dated August 1, 2007, for John Roddy, as amended December 31, 2008*&#134;</P>
</TD></TR>
<TR><TD valign=top width=74><P style="margin:0px">21.1*</P>
</TD><TD valign=top width=660.4><P style="margin:0px">List of Subsidiaries*</P>
</TD></TR>
<TR><TD valign=top width=74><P style="margin:0px">23.1*</P>
</TD><TD valign=top width=660.4><P style="margin:0px">Consent of Davis Polk &amp; Wardwell LLP, dated September 28,2009 (included in Exhibit 5.1)*</P>
</TD></TR>
<TR><TD valign=top width=74><P style="margin:0px">99.1*</P>
</TD><TD valign=top width=660.4><P style="margin:0px">Press Release, dated September 29, 2009</P>
</TD></TR>
</TABLE>
<P style="margin:0px">__________________</P>
<TABLE style="font-size:10pt" cellspacing=0><TR style="font-size:0"><TD width=160.533></TD><TD width=573.333></TD></TR>
<TR><TD valign=top width=160.533><P style="margin-top:0px; margin-bottom:-16px; padding-left:46.667px; text-indent:-46.667px">*</P>
<P style="margin:0px; padding-left:46.667px">Filed herewith</P>
</TD><TD valign=top width=573.333><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=733.867 colspan=2><P style="margin-top:0px; margin-bottom:-16px; padding-left:46.667px; text-indent:-46.667px">&#134;</P>
<P style="margin:0px; padding-left:46.667px">Confidential treatment will be requested for certain portions omitted from this exhibit pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. Confidential portions of this exhibit have been separately filed with the Securities and Exchange Commission.</P>
</TD></TR>
</TABLE>
<P style="margin-top:0px; margin-bottom:13.333px"><BR></P>
<P style="margin:0px" align=center><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="margin:0px; page-break-before:always" align=center><B>SIGNATURES</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR style="font-size:0"><TD width=344.733></TD><TD width=23.933></TD><TD width=269></TD><TD width=84.2></TD></TR>
<TR><TD valign=top width=344.733><P style="margin:0px">Dated: &nbsp;September 29, 2009</P>
</TD><TD valign=top width=377.133 colspan=3><P style="margin:0px">IRIDIUM COMMUNICATIONS INC.</P>
</TD></TR>
<TR><TD valign=top width=344.733><P>&nbsp;</P></TD><TD valign=top width=377.133 colspan=3><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=344.733><P>&nbsp;</P></TD><TD valign=top width=23.933><P style="margin:0px">By:</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=269><P style="margin:0px; padding-left:26.667px; text-indent:-13.333px">/s/ Matthew J. Desch</P>
</TD><TD valign=top width=84.2><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=344.733><P>&nbsp;</P></TD><TD valign=top width=23.933><P>&nbsp;</P></TD><TD valign=top width=353.2 colspan=2><P style="margin:0px; padding-left:26.667px; text-indent:-13.333px">Matthew J. Desch</P>
</TD></TR>
<TR><TD valign=top width=344.733><P>&nbsp;</P></TD><TD valign=top width=23.933><P>&nbsp;</P></TD><TD valign=top width=353.2 colspan=2><P style="margin:0px; padding-left:26.667px; text-indent:-13.333px">Chief Executive Officer</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="margin:0px; page-break-before:always" align=center><BR></P>
<P style="margin:0px" align=center>EXHIBIT&nbsp;INDEX</P>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR style="font-size:0"><TD width=74></TD><TD width=660.4></TD></TR>
<TR><TD valign=bottom width=74><P style="line-height:9pt; margin-top:0.867px; margin-bottom:1.8px; padding-bottom:4px; font-size:8pt; border-bottom:1px solid #000000" align=center><B>Exhibit No.</B></P>
</TD><TD valign=bottom width=660.4><P style="line-height:9pt; margin-top:0.867px; margin-bottom:1.8px; padding-bottom:4px; font-size:8pt; border-bottom:1px solid #000000" align=center><B>Document</B></P>
</TD></TR>
<TR><TD valign=top width=74><P style="margin:0px">1.1*</P>
</TD><TD valign=top width=660.4><P style="margin:0px">Underwriting Agreement, dated September 23, 2009, among GHL Acquisition Corp., Iridium Holdings LLC, Raymond James &amp; Associates, Inc., RBC Capital Markets Corporation and Stifel, Nicolaus &amp; Company, Incorporated*</P>
</TD></TR>
<TR><TD valign=top width=74><P style="margin:0px">2.1</P>
</TD><TD valign=top width=660.4><P style="margin:0px">Transaction Agreement dated September 22, 2008, incorporated herein by reference to Exhibit 1.01 of the Company&#146;s current report on Form 8-K filed with the SEC on September 25, 2008</P>
</TD></TR>
<TR><TD valign=top width=74><P style="margin:0px">2.2</P>
</TD><TD valign=top width=660.4><P style="margin:0px">Amendment to Transaction Agreement dated April 28, 2009, incorporated herein by reference to Exhibit 1.01 of the Registrant&#146;s current report on Form 8-K filed with the SEC on April 28, 2009</P>
</TD></TR>
<TR><TD valign=top width=74><P style="margin:0px">3.1*</P>
</TD><TD valign=top width=660.4><P style="margin:0px">Second Amended and Restated Certificate of Incorporation dated September 29, 2009*</P>
</TD></TR>
<TR><TD valign=top width=74><P style="margin:0px">3.2*</P>
</TD><TD valign=top width=660.4><P style="margin:0px">Amended and Restated Bylaws*</P>
</TD></TR>
<TR><TD valign=top width=74><P style="margin:0px">4.1</P>
</TD><TD valign=top width=660.4><P style="margin:0px">Specimen Common Stock Certificate, incorporated herein by reference to the Company&#146;s Registration Statement on Form S-1 (Registration No. 333-147722), which was declared effective on February 14, 2008</P>
</TD></TR>
<TR><TD valign=top width=74><P style="margin:0px">4.2</P>
</TD><TD valign=top width=660.4><P style="margin:0px">Amended and Restated Warrant Agreement between the Company and American Stock Transfer &amp; Trust Company, incorporated herein by reference to the Company&#146;s current report on Form&nbsp;8-K filed on February&nbsp;26, 2008</P>
</TD></TR>
<TR><TD valign=top width=74><P style="margin:0px">4.3</P>
</TD><TD valign=top width=660.4><P style="margin:0px">Specimen Warrant Certificate for $7.00 Warrants, incorporated herein by reference to the Company&#146;s Registration Statement on Form S-1 (Registration No. 333-147722), which was declared effective on February 14, 2008</P>
</TD></TR>
<TR><TD valign=top width=74><P style="margin:0px">4.4*</P>
</TD><TD valign=top width=660.4><P style="margin:0px">Warrant Agreement for $11.50 Warrants between the Company and American Stock Transfer &amp; Trust Company*</P>
</TD></TR>
<TR><TD valign=top width=74><P style="margin:0px">4.5*</P>
</TD><TD valign=top width=660.4><P style="margin:0px">Specimen Warrant Certificate for $11.50 Warrants*</P>
</TD></TR>
<TR><TD valign=top width=74><P style="margin:0px">5.1*</P>
</TD><TD valign=top width=660.4><P style="margin:0px">Opinion of Davis Polk &amp; Wardwell LLP, dated September 28, 2009*</P>
</TD></TR>
<TR><TD valign=top width=74><P style="margin:0px">10.1*</P>
</TD><TD valign=top width=660.4><P style="margin:0px">Indemnification Contract, dated December 5, 2000, among Iridium Satellite LLC, The Boeing Company, Motorola, Inc. and the United States*</P>
</TD></TR>
<TR><TD valign=top width=74><P style="margin:0px">10.2*</P>
</TD><TD valign=top width=660.4><P style="margin:0px">Transition Services, Products and Asset Agreement, dated as of December 11, 2000, by and among Motorola, Inc., Iridium Holdings LLC and Iridium Satellite LLC*</P>
</TD></TR>
<TR><TD valign=top width=74><P style="margin:0px">10.3*</P>
</TD><TD valign=top width=660.4><P style="margin:0px">Intellectual Property Rights Agreement, dated December 11, 2000, among Motorola Inc. and Iridium Services LLC*</P>
</TD></TR>
<TR><TD valign=top width=74><P style="margin:0px">10.4*</P>
</TD><TD valign=top width=660.4><P style="margin:0px">Subscriber Equipment Technology Agreement (Design), dated as of September 30, 2002, by and among Motorola Inc. and SE Licensing LLC*</P>
</TD></TR>
<TR><TD valign=top width=74><P style="margin:0px">10.5*</P>
</TD><TD valign=top width=660.4><P style="margin:0px">Subscriber Equipment Technology Agreement (Manufacturing), dated as of September 30, 2002, by and among Motorola Inc. and SE Licensing LLC*</P>
</TD></TR>
<TR><TD valign=top width=74><P style="margin:0px">10.6*</P>
</TD><TD valign=top width=660.4><P style="margin:0px">Senior Subordinated Term Loan Agreement, dated as of December 11, 2000, among Iridium Satellite LLC and Motorola Inc.*</P>
</TD></TR>
<TR><TD valign=top width=74><P style="margin:0px">10.7*</P>
</TD><TD valign=top width=660.4><P style="margin:0px">Amended and Restated Contract for Transition, Steady State Operations and Maintenance, and Re-Orbit of the Iridium Constellation System, dated as of January 1, 2003, among Iridium Constellation LLC, Iridium Satellite LLC and The Boeing Company, as amended April 15, 2006*</P>
</TD></TR>
<TR><TD valign=top width=74><P style="margin:0px">10.8</P>
</TD><TD valign=top width=660.4><P style="margin:0px">Form of Registration Rights Agreement, incorporated by reference to Annex D of the Company&#146;s Proxy Statement filed August 28, 2009</P>
</TD></TR>
<TR><TD valign=top width=74><P style="margin:0px">10.9*&#134;</P>
</TD><TD valign=top width=660.4><P style="margin:0px">Amended and Restated Agreement for Manufacture, dated January 1, 2007, among <FONT style="font-family:CG Times">Iridium Satellite LLC and Celestica Corporation*</FONT>&#134;</P>
</TD></TR>
<TR><TD valign=top width=74><P style="margin:0px">10.10*</P>
</TD><TD valign=top width=660.4><P style="margin:0px">Convertible Subordinate Promissory Note, dated October 24, 2008, of Iridium Holdings LLC for Greenhill &amp; Co. Europe Holdings Limited*</P>
</TD></TR>
<TR><TD valign=top width=74><P style="margin:0px">10.11*</P>
</TD><TD valign=top width=660.4><P style="margin:0px">Employment Agreement, dated September 18, 2006, among Iridium Holdings LLC, Iridium Satellite LLC and Matthew J. Desch, as amended April 20, 2007, January 21, 2008 and November 20, 2008*</P>
</TD></TR>
<TR><TD valign=top width=74><P style="margin:0px">10.12*&#134;</P>
</TD><TD valign=top width=660.4><P style="margin:0px">Offer Letter, dated December 6, 2007, for John S. Brunette*&#134;</P>
</TD></TR>
<TR><TD valign=top width=74><P style="margin:0px">10.13*&#134;</P>
</TD><TD valign=top width=660.4><P style="margin:0px">Offer Letter, dated April 25, 2006, for Eric Morrison*&#134;</P>
</TD></TR>
<TR><TD valign=top width=74><P style="margin:0px">10.14*</P>
</TD><TD valign=top width=660.4><P style="margin:0px">Offer Letter, dated September 30, 2004, for Gregory Ewert*</P>
</TD></TR>
<TR><TD valign=top width=74><P style="margin:0px">10.15*&#134;</P>
</TD><TD valign=top width=660.4><P style="margin:0px">Offer Letter, dated August 1, 2007, for John Roddy, as amended December 31, 2008*&#134;</P>
</TD></TR>
<TR><TD valign=top width=74><P style="margin:0px">21.1*</P>
</TD><TD valign=top width=660.4><P style="margin:0px">List of Subsidiaries*</P>
</TD></TR>
<TR><TD valign=top width=74><P style="margin:0px">23.1*</P>
</TD><TD valign=top width=660.4><P style="margin:0px">Consent of Davis Polk &amp; Wardwell LLP, dated September 28,2009 (included in Exhibit 5.1)*</P>
</TD></TR>
<TR><TD valign=top width=74><P style="margin:0px">99.1*</P>
</TD><TD valign=top width=660.4><P style="margin:0px">Press Release, dated September 29, 2009</P>
</TD></TR>
</TABLE>
<P style="margin:0px">__________________</P>
<TABLE style="font-size:10pt" cellspacing=0><TR style="font-size:0"><TD width=160.533></TD><TD width=573.333></TD></TR>
<TR><TD valign=top width=160.533><P style="margin-top:0px; margin-bottom:-16px; padding-left:46.667px; text-indent:-46.667px">*</P>
<P style="margin:0px; padding-left:46.667px">Filed herewith</P>
</TD><TD valign=top width=573.333><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=733.867 colspan=2><P style="margin-top:0px; margin-bottom:-16px; padding-left:46.667px; text-indent:-46.667px">&#134;</P>
<P style="margin:0px; padding-left:46.667px">Confidential treatment will be requested for certain portions omitted from this exhibit pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. Confidential portions of this exhibit have been separately filed with the Securities and Exchange Commission.</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR>
<BR></P>
</DIV></BODY>
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<DOCUMENT>
<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>formofunderwritingagr11.htm
<DESCRIPTION>EXHIBIT 1.1
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>Form of Underwriting Agr</TITLE>
<META NAME="date" CONTENT="09/25/2009">
</HEAD>
<BODY style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">
<DIV style="width:624px"><P style="line-height:14pt; margin:0px; font-size:12pt" align=right>Exhibit 1.1</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>16,000,000 Shares </B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>GHL ACQUISITION CORP.</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>Common Stock</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>UNDERWRITING AGREEMENT</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=right><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=right>September 23, 2009</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Raymond James &amp; Associates, Inc.</P>
<A NAME="OLE_LINK3"></A><A NAME="OLE_LINK4"></A><P style="line-height:14pt; margin:0px; font-size:12pt">RBC Capital Markets Corporation</P>
<P style="line-height:14pt; margin:0px; font-size:12pt">Stifel, Nicolaus &amp; Company, Incorporated</P>
<P style="line-height:14pt; margin:0px; font-size:12pt">As Representatives of the Several Underwriters</P>
<P style="line-height:14pt; margin:0px; text-indent:24px; font-size:12pt" align=justify>listed on Schedule I hereto</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>c/o Raymond James &amp; Associates, Inc. </P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>880 Carillon Parkway</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=justify>St. Petersburg, Florida 33716</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=justify>Ladies and Gentlemen:</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:48px; font-size:12pt">GHL Acquisition Corp., a Delaware corporation (the &#147;Company&#148;), and, from and after the closing of the Company&#146;s acquisition of Iridium Holdings LLC, a Delaware limited liability company (&#147;Iridium&#148;), Iridium Communications Inc., proposes, subject to the terms and conditions stated herein, to issue and sell to the several Underwriters named in Schedule I hereto (the &#147;Underwriters&#148;), an aggregate of 16,000,000 shares of its common stock, par value $0.001 per share (the &#147;Common Stock&#148;), immediately after the closing of the Company&#146;s acquisition of Iridium. &nbsp;The aggregate of 16,000,000 shares to be purchased from the Company are called the &#147;Firm Shares.&#148; &nbsp;In addition, the Company has agreed to sell to the Underwriters, upon the terms and conditions set forth herein, up to an additional 2,400,000 shares of Common Stock (the &#147;Additional Shares&#148;) to cover over-allotments by the Underwriters, if any. &nbsp;The Firm Shares and the Additional Shares are collectively referred to in this Agreement as the &#147;Shares.&#148; &nbsp;Raymond James &amp; Associates, Inc., RBC Capital Markets Corporation and Stifel, Nicolaus &amp; Company, Incorporated are acting as the representatives of the several Underwriters and in such capacity are referred to in this Agreement as the &#147;Representatives.&#148; </P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:48px; font-size:12pt">The Company (other than with respect to Sections 6.2 and 8(b)) and Iridium (exclusively in respect to Sections 5(m), 6.2, 8 (other than 8(a)), 10, 12, 14, 15, 16, 17 and 18) each wish to confirm as follows their respective agreement with you and the other several Underwriters, on whose behalf you are acting, in connection with the several purchases of the Shares from the Company.</P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt; page-break-before:always">1.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:79.733px; font-size:12pt"><U>Registration Statement and Prospectus</U>. &nbsp;The Company has prepared and filed with the Securities and Exchange Commission (the &#147;Commission&#148;) in accordance with the provisions of the Securities Act of 1933, as amended, and the rules and regulations of the Commission thereunder (collectively, the &#147;Act&#148;), a registration statement on Form S-3 (File No. 333-159673) relating to securities to be issued from time to time by the Company, including the Shares. &nbsp;Such registration statement, as amended, including the financial statements, exhibits and schedules thereto or incorporated by reference therein, at the time it became effective and as thereafter amended by any post-effective amendment, is referred to in this Agreement as the &#147;Registration Statement.&#148; &nbsp;The prospectus in the form included in the Registration Statement at the time of the initial filing of such Registration Statement with the Commission and as such prospectus is amended from time to time is referred to in this Agreement as the &#147;Base Prospectus.&#148; &nbsp;The preliminary prospectus supplement relating to the offering of the Shares filed by the Company with the Commission pursuant to Rule 424(b) under the Act together with the Base Prospectus is referred to in this Agreement as the &#147;Pre-Pricing Prospectus.&#148; &nbsp;The final prospectus supplement relating to the offering of the Shares filed by the Company with the Commission pursuant to Rule 424(b) under the Act together with the Base Prospectus is referred to in this Agreement as the &#147;Prospectus.&#148; &nbsp;If the Company files another registration statement with the Commission to register a portion of the Shares pursuant to Rule 462(b) under the Act (the &#147;Rule 462 Registration Statement&#148;), then any reference to &#147;Registration Statement&#148; herein shall be deemed to include the registration statement on Form S-3 (File No. 333-159673) and the Rule 462 Registration Statement, as each such registration statement may be amended pursuant to the Act. &nbsp;&#147;Time of Sale Information&#148; shall mean the Pre-Pricing Prospectus, together with the information to be conveyed orally identified in Schedule II hereto. &nbsp;All references in this Agreement to the Registration Statement, the Rule 462 Registration Statement, the Base Prospectus, the Pre-Pricing Prospectus, the Prospectus or the Time of Sale Information, or any amendments or supplements to any of the foregoing, shall be deemed to refer to and include any documents incorporated by reference therein, and shall include any copy thereof filed with the Commission pursuant to its Electronic Data Gathering, Analysis and Retrieval System (&#147;EDGAR&#148;). &nbsp;Any reference in this Agreement to the Registration Statement, the Base Prospectus, the Pre-Pricing Prospectus or the Prospectus shall be deemed to refer to and include the documents incorporated by reference therein pursuant to Item 12 of Form S-3 under the Act, as of the date of the Registration Statement, the Base Prospectus, the Pre-Pricing Prospectus or the Prospectus, as the case may be, and any reference to any amendment or supplement to the Registration Statement, the Base Prospectus, the Pre-Pricing Prospectus or the Prospectus shall be deemed to refer to and include any documents filed after such date under the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;) that, upon filing, are incorporated by reference therein, as required by paragraph (b) of Item 12 of Form S-3. &nbsp;As used herein, the terms (i) &#147;Incorporated Documents&#148; means the documents that at the time of filing are incorporated by reference in the Registration Statement, the Base Prospectus, the Pre-Pricing Prospectus, the Prospectus or any amendment or supplement thereto; and (ii) &#147;Applicable Time&#148; means 8:30 a.m. (New York City time) September 24, 2009 or such other time as agreed by the Company, Iridium and the Underwriters.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:50.6px; font-size:12pt">2.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:99px; font-size:12pt"><U>Agreements to Sell and Purchase</U>. &nbsp;Upon the terms and conditions set forth herein, the Company hereby agrees to issue and sell the Firm Shares to the Underwriters and, upon the basis of the representations, warranties and agreements of the Company and Iridium herein </P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt; page-break-before:always">contained and subject to all the terms and conditions set forth herein, each Underwriter agrees, severally and not jointly, to purchase from the Company at a purchase price of $9.35 per Share (the &#147;purchase price per Share&#148;), the number of Firm Shares set forth opposite the name of such Underwriter in Schedule I hereto. &nbsp;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:48px; font-size:12pt">The Company hereby also agrees to sell to the Underwriters, and, upon the basis of the representations, warranties and agreements of the Company and Iridium herein contained and subject to all the terms and conditions set forth herein, the Underwriters shall have the right for 40 days from the date of the Prospectus to purchase from the Company up to 2,400,000 Additional Shares at the purchase price per Share for the Firm Shares. &nbsp;The Additional Shares may be purchased solely for the purpose of covering over-allotments, if any, made in connection with the offering of the Firm Shares. &nbsp;If any Additional Shares are to be purchased, each Underwriter, severally and not jointly, agrees to purchase the number of Additional Shares (subject to such adjustments as you may determine to avoid fractional shares) that bears the same proportion to the total number of Additional Shares to be purchased by the Underwriters as the number of Firm Shares set forth opposite the name of such Underwriter in Schedule I hereto bears to the total number of Firm Shares. &nbsp;The option to purchase Additional Shares may be exercised at any time within 40 days after the date of the Prospectus; provided, that if such date falls on a day that is not a business day, the option to purchase Additional Shares will expire on the next succeeding business day.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:50.867px; font-size:12pt">3.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt"><U>Terms of Public Offering</U>. &nbsp;The Company has been advised by you that the Underwriters propose to make a public offering of their respective portions of the Shares as soon after the date hereof as in your judgment is advisable and initially to offer the Shares upon the terms set forth in the Time of Sale Information; provided, that the closing of the sale of Shares under this Agreement shall not take place until the consummation of the acquisition by the Company, directly or indirectly, of all of the outstanding interests of Iridium (the &#147;Acquisition&#148;) pursuant to the terms and conditions of that certain Transaction Agreement dated as of September 22, 2008 among the Company, Iridium and each of the sellers (the &#147;Sellers&#148;) appearing on the signature page thereof, as amended prior to the date hereof (the &#147;Transaction Agreement&#148;). </P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:48px; font-size:12pt">Not later than 12:00 p.m. on the second business day following the date the Firm Shares are released by the Underwriters for sale to the public, the Company shall deliver or cause to be delivered electronic copies of the Prospectus to the Representatives and shall deliver or cause to be delivered hard copies as soon as reasonably practical thereafter in such quantities and at such places as the Representatives shall reasonably request.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">4.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt"><U>Delivery&nbsp;of&nbsp;the&nbsp;Shares&nbsp;and&nbsp;Payment&nbsp;Therefor</U>. &nbsp;Delivery to the Underwriters of the Firm Shares and payment therefor shall be made at the offices of Simpson Thacher &amp; Bartlett LLP, counsel to Iridium, 425 Lexington Avenue, New York, New York immediately following the closing of the Acquisition, on September&nbsp;29, 2009, or such other place, time and date not later than 1:30 p.m., New York, New York time, on October 5, 2009 as the parties shall agree (the time and date of such closing are called the &#147;Closing Date&#148;). &nbsp;The place of closing for the Firm Shares and the Closing Date may be varied by agreement between the Representatives and the Company. &nbsp;The Company hereby acknowledges that circumstances under which the </P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt; page-break-before:always">Representatives may provide notice to postpone the Closing Date as originally scheduled include any determination by the Company or the Representatives to recirculate to the public copies of an amended or supplemented Pre-Pricing Prospectus or Prospectus or a delay as contemplated by the provisions of Section 11 hereof.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:48px; font-size:12pt">Delivery to the Underwriters of and payment for any Additional Shares to be purchased by the Underwriters shall be made at the offices of Simpson Thacher &amp; Bartlett LLP, counsel to Iridium, at 425 Lexington Avenue, New York, New York at 10:00 a.m., New York time, on such date or dates (each an &#147;Additional Closing Date&#148;) (which may be the same as the Closing Date, in which case delivery and payment shall be made immediately following the closing of the Acquisition, but shall in no event be earlier than the Closing Date nor earlier than three nor later than 10 business days after the giving of the notice hereinafter referred to) as shall be specified in a written notice, from the Representatives on behalf of the Underwriters to the Company, of the Underwriters&#146; determination to purchase a number, specified in such notice, of Additional Shares. &nbsp;Such notice may be given at any time within 40 days after the date of the Prospectus and must set forth (i) the aggregate number of Additional Shares as to which the Underwriters are exercising the option and (ii) the names and denominations in which the certificates for which the Additional Shares are to be registered; provided, that if such date falls on a day that is not a business day, the option to purchase Additional Shares will expire on the next succeeding business day. &nbsp;The place of closing for the Additional Shares and the Additional Closing Date may be varied by agreement between you and the Company.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:50.6px; font-size:12pt">The Shares to be purchased hereunder shall be delivered to you on the Closing Date or the Additional Closing Date, as the case may be, against payment of the purchase price therefor by wire transfer of immediately available funds to an account specified in writing, not later than the close of business on the business day preceding the Closing Date or any Additional Closing Date, as the case may be, by the Company. &nbsp;Payment for the Shares sold by the Company hereunder shall be delivered by the Representatives to the Company. &nbsp;Delivery of the Shares shall be made through the facilities of The Depositary Trust Company unless the Underwriters shall otherwise instruct.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:48px; font-size:12pt">It is understood that the Representatives have been authorized, for their own account and the accounts of the several Underwriters, to accept delivery of and receipt for, and make payment of the purchase price per Share for the Firm Shares and Additional Shares, if any, that the Underwriters have agreed to purchase. &nbsp;Raymond James and Associates, Inc., individually and not as a Representative of the Underwriters, may, but shall not be obligated to, make payment for any Shares to be purchased by any Underwriter whose funds shall not have been received by it by the Closing Date or any Additional Closing Date, as the case may be, for the account of such Underwriter, but any such payment shall not relieve such Underwriter from any of its obligations under this Agreement.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:51.867px; font-size:12pt">5.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt"><U>Covenants and Agreements of the Company</U>. &nbsp;The Company covenants and agrees with the several Underwriters as follows:</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">(a)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:147.4px; font-size:12pt">The Company will use its best efforts to cause the Registration Statement and any amendments thereto to become effective, if it has not already become effective, and will </P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt; page-break-before:always">advise you promptly and, if requested by you, will confirm such advice in writing (i) when the Registration Statement has become effective and the time and date of any filing of any post-effective Registration Statement or any amendment or supplement to the Base Prospectus or the Pre-Pricing Prospectus and the time and date that any post-effective amendment to the Registration Statement becomes effective, (ii) if Rule 430A under the Act is employed, when the Prospectus has been timely filed pursuant to Rule 424(b) under the Act, (iii) of the receipt of any comments of the Commission, or any request by the Commission for amendments or supplements to the Registration Statement, the Base Prospectus, the Pre-Pricing Prospectus or the Prospectus or for additional information, (iv) of the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or of the suspension of qualification of the Shares for offering or sale in any jurisdiction or the initiation of any proceeding for such purposes and (v) within the period of time referred to in Section 5(g) below, of any material adverse change, or any development involving a prospective material adverse change, in the condition (financial or other), business, properties or results of operations of the Company, or of any event that comes to the attention of the Company that makes any statement made in the Registration Statement, the Pre-Pricing Prospectus or the Prospectus (as then amended or supplemented) untrue in any material respect or that requires the making of any additions thereto or changes therein in order to make the statements therein (in the case of the Pre-Pricing Prospectus and the Prospectus, in light of the circumstances under which they were made) not misleading in any material respect, or of the necessity to amend or supplement the Prospectus (as then amended or supplemented) to comply with the Act or any other law. &nbsp;If at any time the Commission shall issue any stop order suspending the effectiveness of the Registration Statement, the Company will make every reasonable effort to obtain the withdrawal or lifting of such order at the earliest possible time. &nbsp;The Company will provide the Underwriters with copies of the form of Prospectus, in such number as the Underwriters may reasonably request, and file with the Commission such Prospectus in accordance with Rule 424(b) of the Act.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">(b)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:147.4px; font-size:12pt">The Company will furnish to you, without charge, two conformed copies of the Registration Statement as originally filed with the Commission and of each amendment thereto, including financial statements and all exhibits thereto.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">(c)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">The Company will promptly file with the Commission any amendment or supplement to the Registration Statement, the Pre-Pricing Prospectus or the Prospectus that may, in the reasonable judgment of the Company, Iridium or the Representatives be required by the Act or requested by the Commission.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">(d)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">The Company will furnish a copy of any amendment or supplement to the Registration Statement, the Pre-Pricing Prospectus or to the Prospectus to you, counsel for Underwriters and Iridium and obtain your and Iridium&#146;s consent prior to filing any of those with the Commission; which consent will not be unreasonably withheld or delayed. </P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">(e)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">The Company will not make any offer relating to the Common Stock that constitutes or would constitute a free writing prospectus (as defined in Rule 405 of the Act) or a portion thereof required to be filed by the Company with the Commission or retained by the Company under Rule 433 of the Act.</P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:99px; font-size:12pt; page-break-before:always">(f)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:147.4px; font-size:12pt">Prior to the execution and delivery of this Agreement, the Company has delivered or will deliver to you, without charge, in such quantities as you have requested or may hereafter reasonably request, copies of each form of the Pre-Pricing Prospectus. &nbsp;Consistent with the provisions of Section 5(g) hereof, the Company consents to the use, in accordance with the provisions of the Act and with the securities or Blue Sky laws of the jurisdictions in which the Shares are offered by the several Underwriters and by dealers, prior to the date of the Prospectus, of each Pre-Pricing Prospectus so furnished by the Company.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:98.867px; font-size:12pt">(g)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:147.4px; font-size:12pt">As soon after the execution and delivery of this Agreement as is practicable and thereafter from time to time for such period as in the reasonable opinion of counsel for the Underwriters a Prospectus is required by the Act to be delivered in connection with sales by any Underwriter or a dealer (the &#147;Prospectus Delivery Period&#148;), and for so long a period as you may request for the distribution of the Shares, the Company will deliver to each Underwriter and each dealer, without charge, as many copies of the Prospectus and the Time of Sale Information (and of any amendment or supplement thereto) as they may reasonably request. The Company consents to the use of the Prospectus and the Time of Sale Information (and of any amendment or supplement thereto) in accordance with the provisions of the Act and with the securities or Blue Sky laws of the jurisdictions in which the Shares are offered by the several Underwriters and by all dealers to whom Shares may be sold, both in connection with the offering and sale of the Shares and for such period of time thereafter as the Prospectus is required by the Act to be delivered in connection with sales by any Underwriter or dealer. If at any time prior to the later of (i) the completion of the distribution of the Shares pursuant to the offering contemplated by the Registration Statement or (ii) the expiration of prospectus delivery requirements with respect to the Shares under Section 4(3) of the Act and Rule 174 thereunder, any event shall occur that in the reasonable judgment of the Company or in the opinion of counsel for the Underwriters is required to be set forth in the Prospectus (as then amended or supplemented) or should be set forth therein in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, or if it is necessary to supplement or amend the Prospectus to comply with the Act or any other law, the Company will forthwith prepare and, subject to Section 5(a)<I> </I>hereof, file with the Commission and use its best efforts to cause to become effective as promptly as possible an appropriate supplement or amendment thereto, and will furnish to each Underwriter who has previously requested Prospectuses, without charge, a reasonable number of copies thereof.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:98.867px; font-size:12pt">(h)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:147.4px; font-size:12pt">During the Prospectus Delivery Period, the Company will file all documents required to be filed with the Commission pursuant to Sections 13, 14 and 15 of the Exchange Act in the manner and within the time periods required by the Exchange Act.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:99px; font-size:12pt">(i)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:147.4px; font-size:12pt">The Company will cooperate with the Representatives and counsel for the Underwriters in connection with the registration or qualification of the Shares for offering and sale by the several Underwriters and by dealers under the securities or Blue Sky laws of such jurisdictions as the Representatives may reasonably designate and will file such consents to service of process or other documents as may be reasonably necessary in order to effect and maintain such registration or qualification for so long as required to complete the distribution of the Shares; provided, that in no event shall the Company be obligated to (i) qualify to do business in any jurisdiction where it is not now so qualified or to take any action that would </P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt; page-break-before:always">subject it to general service of process in suits, other than those arising out of the offering or sale of the Shares, as contemplated by this Agreement and the Prospectus, in any jurisdiction where it is not now so subject; or (ii) subject it to taxation in any jurisdiction where it is not now so subject. In the event that the qualification of the Shares in any jurisdiction is suspended, the Company shall so advise you promptly in writing. <B>&nbsp;</B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:99px; font-size:12pt">(j)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:147.4px; font-size:12pt">The Company will make generally available to its security holders a consolidated earnings statement (in form complying with the provisions of Rule 158), which need not be audited, covering a twelve-month period commencing after the effective date of the Registration Statement and the Rule 462 Registration Statement, if any, and ending not later than 15 months thereafter, as soon as practicable after the end of such period, which consolidated earnings statement shall satisfy the provisions of Section 11(a) of the Act.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:99px; font-size:12pt">(k)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:147.4px; font-size:12pt">Except in the case of termination under Section 11 or Section 12 hereof, if this Agreement shall terminate or shall be terminated after execution pursuant to any provision hereof, or if this Agreement shall be terminated by the Underwriters because of any inability, failure or refusal on the part of the Company to perform in all material respects any agreement herein or to comply in all material respects with any of the terms or provisions hereof or to fulfill in all material respects any of the conditions of this Agreement, the Company agrees to reimburse you and the other Underwriters for all out-of-pocket expenses (including travel expenses and reasonable fees and expenses of counsel for the Underwriters, but excluding wages and salaries paid by you) reasonably incurred by you in connection herewith.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">(l)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">The Company will apply the net proceeds from the sale of the Shares to be sold by it hereunder in accordance in all material respects with the statements under the caption &#147;Use of Proceeds&#148; in the Pre-Pricing Prospectus and the Prospectus.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:99px; font-size:12pt">(m)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:147.4px; font-size:12pt">For a period of 90 days after the date of the Prospectus (the &#147;Lock-Up Period&#148;), the Company will not, directly or indirectly, (1) offer for sale, sell, pledge, or otherwise dispose of (or enter into any transaction or device that is designed to, or could be expected to, result in the disposition by any person at any time in the future of) any shares of Common Stock or securities convertible into or exchangeable for Common Stock, (2) enter into any swap or other derivatives transaction that transfers to another, in whole or in part, any of the economic benefits or risks of ownership of such shares of Common Stock, whether any such transaction described in clause (1) or (2) above is to be settled by delivery of Common Stock or other securities, in cash or otherwise, or (3) publicly disclose the intention to do any of the foregoing, in each case without the prior written consent of Raymond James &amp; Associates, Inc., and the Company and Iridium agree to cause each officer, director or stockholder of the Company or Iridium, respectively,<B> </B>set forth on <U>Schedule III</U> hereto to furnish to the Representatives, prior to the Initial Delivery Date, a letter or letters, substantially in the form of <U>Exhibit A</U> hereto (the &#147;Lock-Up Agreements&#148;); notwithstanding the foregoing, if (1) during the last 17 days of the Lock-Up Period, the Company issues an earnings release or announces<A NAME="_DV_M82"></A> material news or a material event relating to the Company occurs or (2) prior to the expiration of the Lock-Up Period, the Company announces that it will release earnings results during the 16-day period beginning on the last day of the Lock-Up Period, then the restrictions imposed in the preceding paragraph shall continue to apply until the expiration of the 18-day period beginning on the<A NAME="_DV_M83"></A> date </P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt; page-break-before:always">of <A NAME="_DV_M84"></A>issuance of the earnings release or the announcement of the material news or the occurrence of the material event, unless Raymond James &amp; Associates, Inc., on behalf of the Underwriters, waives such extension in writing.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:99px; font-size:12pt">The foregoing restrictions shall not apply to: (a) the offer and sale of shares of Common Stock to the Underwriters pursuant to this Agreement, (b) the grant or the exercise of stock options or other securities convertible into or exchangeable for shares of Common Stock granted pursuant to the Company&#146;s stock option, stock bonus or other stock plans or arrangements in effect as of the date hereof and as contemplated for Iridium officers following the closing of the Acquisition (including, but not limited to, the Company&#146;s 401(k) plan and the 2009 Stock Incentive Plan), (c) the conversion into shares of Common Stock of the promissory note, which Greenhill &amp; Co. Europe Limited purchased from Iridium on or about October 24, 2008, (d) the offer and sale of shares of Common Stock or warrants as consideration for the purchase or exchange of the Company&#146;s warrants from certain warrantholders in the Exchanges (as defined in the Prospectus) and the Forward Purchases (as defined in the Prospectus), (e) the exercise of currently outstanding warrants, warrants issued in the Exchanges or securities convertible into or exchangeable for shares of Common Stock, (f) the issuance of shares of Common Stock to holders of common units in Iridium in connection with the Acquisition and (g)&nbsp;the issuance of Common Stock or warrants to Motorola Inc. (&#147;Motorola&#148;) or to any third party to which Motorola has assigned its intellectual property rights under certain license agreements between Motorola and Iridium (the &#147;Motorola Assignee&#148;); provided, that Motorola and/or the Motorola Assignee agree to similar lock-up agreements for the remainder of the Lock-Up Period.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:99px; font-size:12pt">The Company agrees not to file, or cause to be filed, during the Lock-Up Period any registration statement, including any amendments to a registration statement, with respect to the registration of any shares of Common Stock or securities convertible, exercisable or exchangeable into Common Stock or any other securities of the Company other than (i) a shelf registration statement that allows for the exercise and resale of 14,368,525 restructured warrants issued in connection with the Exchanges, the resale of 14,368,525 shares of Common Stock underlying such restructured warrants and the resale of 1,244,831 shares of Common Stock issued in the Exchanges, (ii)&nbsp;a shelf registration statement to permit holders of 13,526,667 warrants to convert such warrants and receive 13,526,667 shares of Common Stock and (iii)&nbsp;a shelf registration statement to provide for the resale of 3,655,500 shares of Common Stock currently held by Banc of America Securities LLC (&#147;Banc of America&#148;), if Banc of America makes a written demand for such registration statement.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:99px; font-size:12pt">(n)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:147.4px; font-size:12pt">The Company will not at any time, directly or indirectly, take any action designed, or which might reasonably be expected to cause or result in, or which will constitute, stabilization or manipulation of the price of the shares of Common Stock to facilitate the sale or resale of any of the Shares; provided, that any action by the Company, directly or indirectly, in compliance with the U.S. securities laws shall be deemed to be in compliance with this provision.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:102px; font-size:12pt">(o)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:147.4px; font-size:12pt">The Company will ensure that the Shares will, upon issuance, be listed on a national securities exchange selected by the Company and Iridium and will timely file with </P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt; page-break-before:always">such securities exchange all documents and notices required by such securities exchange of companies that have or will issue securities that are traded on such securities exchange.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">6.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt"><U>Representations and Warranties</U>.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:50.6px; font-size:12pt">6.1</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:99px; font-size:12pt"><U>Representations and Warranties of the Company</U>. &nbsp;For purposes of this Section 6.1, references to the &#147;Company&#148; shall refer only to GHL Acquisition Corp. and shall not include Iridium. &nbsp;The Company hereby represents and warrants to each Underwriter on the date hereof, and shall be deemed to represent and warrant to each Underwriter on the Closing Date and the Additional Closing Date, as the case may be, that: </P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">(a)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">The Registration Statement conformed, and any amendment to the Registration Statement filed after the date hereof will conform in all material respects when filed with the Commission, to the requirements of the Act. &nbsp;The Pre-Pricing Prospectus conformed, and the Prospectus will conform, in all material respects when filed with the Commission pursuant to Rule 424(b) to the requirements of the Act. &nbsp;The Company satisfies all of the requirements of the Act for use of Form S-3 for the offering of Shares contemplated hereby.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">(b)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">The Registration Statement does not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading and the Pre-Pricing Prospectus does not contain an untrue statement of material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances in which they were made, not misleading; provided, that no representation or warranty is made as to information contained in or omitted from the Registration Statement or the Pre-Pricing Prospectus in reliance upon and in conformity with written information furnished to the Company through the Representatives by or on behalf of any Underwriter specifically for inclusion therein and included therein as described in Section 8(c) (the &#147;Underwriter Information&#148;). </P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">(c)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">The Prospectus will not contain an untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, that no representation or warranty is made as to Underwriter Information contained in or omitted from the Prospectus. &nbsp;The Incorporated Documents heretofore filed, when they were filed (or, if any amendment with respect to any such document was filed, when such amendment was filed), conformed in all material respects with the requirements of the Exchange Act and the rules and regulations thereunder, and any further Incorporated Documents so filed will, when they are filed, conform in all material respects with the requirements of the Exchange Act and the rules and regulations thereunder; no such Incorporated Document when it was filed (or, if an amendment with respect to any such document was filed, when such amendment was filed), contained an untrue statement of a material fact or omitted to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; and no such further Incorporated Document, when it is filed, will contain an untrue statement of a material fact or will omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.</P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt; page-break-before:always">(d)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">The Time of Sale Information did not, as of the Applicable Time, contain an untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading<A NAME="_DV_M32"></A><A NAME="_DV_M33"></A><A NAME="_DV_M34"></A>; provided, that no representation or warranty is made as to Underwriter Information contained in or omitted from the Time of Sale Information.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">(e)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">The capitalization of the Company is as set forth in the Pre-Pricing Prospectus, and will be as contemplated by the Time of Sale Information. &nbsp;All the outstanding shares of Common Stock of the Company have been, and as of the Closing Date and the Additional Closing Date, as the case may be, will be, duly authorized and validly issued, are fully paid and nonassessable and are free of any preemptive or similar rights; except as set forth in or contemplated by the Time of Sale Information, the Company is not a party to or bound by any outstanding options, warrants or similar rights to subscribe for, or contractual obligations to issue, sell, transfer or acquire, any of its capital stock or any securities convertible into or exchangeable for any of such capital stock; the Shares to be issued and sold to the Underwriters by the Company hereunder have been duly authorized and, when issued and delivered to the Underwriters against full payment therefor in accordance with the terms hereof will be validly issued, fully paid and nonassessable and free of any preemptive or similar rights; the capital stock of the Company conforms to the description thereof in the Registration Statement, the Time of Sale Information and the Prospectus (or any amendment or supplement thereto); and the delivery of the Shares being sold by the Company against payment therefor pursuant to the terms of this Agreement will pass valid title to the Shares being sold by the Company, free and clear of any claim, encumbrance or defect in title, to the several Underwriters purchasing such shares in good faith and without notice of any lien, claim or encumbrance. &nbsp;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">(f)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">The Company is a corporation duly organized and validly existing as a corporation in good standing under the laws of the State of Delaware with full corporate power and authority to own, lease and operate its properties and to conduct its business as presently conducted and as described in the Registration Statement, the Time of Sale Information and the Prospectus (and any amendment or supplement thereto) and is duly registered and qualified to conduct its business and is in good standing in each jurisdiction or place where the nature of its properties or the conduct of its business requires such registration or qualification, except where the failure to so register or qualify has not had or will not have a material adverse effect on, or will not cause a prospective material adverse change to, the condition (financial or other), business, properties or results of operations of the Company (a &#147;Company Material Adverse Effect&#148;).</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">(g)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">The Company has no subsidiaries immediately prior to the Acquisition.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">(h)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">Except as would not reasonably be expected to have, individually or in the aggregate, a Company Material Adverse Effect, there are no legal or governmental proceedings pending or, to the Company&#146;s knowledge, threatened, against the Company, that are required to be described in the Registration Statement, the Time of Sale Information or the Prospectus (or any amendment or supplement thereto) but are not described as required. &nbsp;Except as described in the Registration Statement, the Time of Sale Information and Prospectus, there is no action, suit, proceeding or investigation by or before any court or governmental or other regulatory or </P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt; page-break-before:always">administrative agency or commission pending or, to the Company&#146;s knowledge, threatened, against the Company, which might individually or in the aggregate prevent or materially adversely affect the transactions contemplated by this Agreement or result in a Company Material Adverse Effect. &nbsp;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">(i)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">There are no agreements, contracts, indentures, leases or other instruments to which the Company is a party that are required to be described in the Registration Statement, the Time of Sale Information or the Prospectus (or any amendment or supplement thereto) or to be filed as an exhibit to the Registration Statement that are not described, filed or incorporated by reference in the Registration Statement, the Time of Sale Information or the Prospectus as required by the Act. &nbsp;All such contracts to which the Company is a party have been duly authorized, executed and delivered by the Company, constitute valid and binding agreements of the Company and are enforceable against the Company in accordance with the terms thereof, except to the extent enforceability may be limited by (i) the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws relating to or affecting creditors&#146; rights generally, (ii) general equitable principles (whether considered in a proceeding in equity or at law), (iii) an implied covenant of good faith and fair dealing, (iv) the effects of the possible judicial application of foreign laws or foreign governmental or judicial action affecting creditors&#146; rights, (v) considerations of public policy and (vi) by federal or state securities laws with respect to the provisions regarding indemnity and contribution hereunder. &nbsp;The Company has not received notice or been made aware that any other party is in breach of or default to the Company under any of such contracts.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">(j)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">The Company is not: (i) in violation of (A) its certificate of incorporation or bylaws, or other organizational documents, (B) any law, ordinance, administrative or governmental rule or regulation applicable to the Company, the violation of which would reasonably be expected to have, individually or in the aggregate, a Company Material Adverse Effect or (C) any decree of any court or governmental agency or body having jurisdiction over the Company that would not reasonably be expected to have, individually or in the aggregate, a Company Material Adverse Effect; or (ii) in default in any material respect in the performance of any obligation, agreement or condition contained in (A) any bond, debenture, note or any other evidence of indebtedness or (B) any agreement, indenture, lease or other instrument (each of (A) and (B), an &#147;Existing Instrument&#148;) to which the Company is a party or by which any of its properties may be bound, which default, in each of clauses (A) and (B), would not reasonably be expected to have, individually or in the aggregate, a Company Material Adverse Effect; and there does not exist any state of facts that constitutes an event of default on the part of the Company as defined in such Existing Instruments or that, with notice or lapse of time or both, would constitute such an event of default.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">(k)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">The Company&#146;s execution and delivery of this Agreement and the performance by the Company of its obligations under this Agreement have been duly and validly authorized by the Company and has been duly executed and delivered by the Company.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">(l)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">None of the issuance and sale of the Shares by the Company nor the execution, delivery or performance of this Agreement by the Company (i) requires any consent, approval, authorization or other order of or registration or filing with, any court, regulatory body, </P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt; page-break-before:always">administrative agency or other governmental body, agency or official (except such as may be required for the registration of the Shares under the Act, the listing of the Shares for trading on the NYSE Amex (the &#147;AMEX&#148;), the transfer of the listing of the Common Stock (including the Shares) from the AMEX to the Nasdaq Stock Market, Inc. (the &#147;NASDAQ<A NAME="OLE_LINK1"></A><A NAME="OLE_LINK2"></A>&#148;), the registration of the Common Stock under the Exchange Act and the rules and regulations of the Commission thereunder (the &#147;Exchange Act Rules&#148;) and compliance with the securities or Blue Sky laws of various jurisdictions, all of which will be, or have been, effected in accordance with this Agreement and except for the Financial Industry Regulatory Authority, Inc.&#146;s (&#147;FINRA&#148;) clearance of the underwriting terms of the offering contemplated hereby as required under FINRA&#146;s Rules of Fair Practice), (ii) conflicts with or will conflict with or constitutes or will constitute a breach of, or a default under, the Company&#146;s certificate of incorporation or the Company&#146;s bylaws or any agreement, indenture, lease or other instrument to which the Company is a party or by which any of its properties may be bound, (iii) violates any statute, law, regulation, ruling, filing, judgment, injunction, order or decree applicable to the Company or any of its properties, or (iv) results in a breach of, or default under, or results in the creation or imposition of any lien, charge or encumbrance upon any property or assets of the Company pursuant to, or requires the consent of any other party to, any Existing Instrument, except, in each of clauses (i), (ii), (iii) and (iv), for such conflicts, breaches, defaults, liens, charges or encumbrances that would not reasonably be expected to have, individually or in the aggregate, a Company Material Adverse Effect. </P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">(m)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">Except as described in or contemplated by the Time of Sale Information and the Prospectus and except as contemplated by clauses (b) and (f) to the second paragraph of Section 5(m), the Company does not have outstanding, and at the Closing Date and the Additional Closing Date, as the case may be, will not have outstanding, any options to purchase, or any warrants to subscribe for, or any securities or obligations convertible into, or any contracts or commitments to issue or sell, any shares of Common Stock or any such warrants or convertible securities or obligations. &nbsp;Except as set forth in or contemplated by the Registration Statement, the Time of Sale Information or the Prospectus, no holder of securities of the Company has rights to the registration of any securities of the Company, as a result of or in connection with the filing of the Registration Statement that have not been satisfied or heretofore waived in writing.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">(n)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">Each of Ernst &amp; Young LLP and Eisner LLP, the certified public accountants who have certified the Company&#146;s financial statements (including the related notes thereto and supporting schedules) filed as part of the Registration Statement, the Time of Sale Information and the Prospectus (or any amendment or supplement thereto), are independent public accountants as required by the Act and the Exchange Act.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">(o)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">The financial statements of the Company, together with related schedules and notes, included in the Registration Statement, the Time of Sale Information and the Prospectus (and any amendment or supplement thereto), present fairly in all material respects the financial condition, results of operations, cash flows and changes in financial position of the Company on the basis stated in the Registration Statement, the Time of Sale Information and the Prospectus at the respective dates or for the respective periods to which they apply; such statements and related schedules and notes have been prepared in accordance with generally </P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt; page-break-before:always">accepted accounting principles consistently applied throughout the periods involved, except as disclosed therein; and the other financial and statistical information and data set forth in the Registration Statement, the Time of Sale Information and the Prospectus (and any amendment or supplement thereto) is accurately presented and prepared on a basis consistent with such financial statements and the books and records of the Company. &nbsp;No other financial statements or schedules of the Company are required to be included in the Registration Statement.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">(p)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">Except as disclosed in or contemplated by the Registration Statement, the Time of Sale Information and the Prospectus (or any amendment or supplement thereto), (i) the Company has not incurred any material liabilities or obligations, indirect, direct or contingent, or entered into any transaction that is not in the ordinary course of business, (ii) the Company has not sustained any material loss or interference with its business or properties from fire, flood, windstorm, accident or other calamity, whether or not covered by insurance, (iii) the Company has not paid or declared any dividends or other distributions with respect to its capital stock and the Company is not in default under the terms of any class of capital stock of the Company or any outstanding debt obligations, (iv) there has not been any change in the authorized or outstanding capital stock of the Company or any material change in the indebtedness of the Company (other than in the ordinary course of business) and (v) there has not been any material adverse change, or any development involving or that would not reasonably be expected to have, individually or in the aggregate, a Company Material Adverse Effect.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">(q)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">All offers and sales by the Company of the Company&#146;s capital stock and other debt or other securities prior to the date hereof were made in compliance with or were the subject of an available exemption from the Act and all other applicable state and federal laws or regulations, or any actions under the Act or any other applicable state or federal laws or regulations in respect of any such offers or sales are effectively barred by effective waivers or statutes of limitation.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">(r)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">Other than excepted activity under the Exchange Act or any action by the Company, directly or indirectly, in compliance with the U.S. securities laws, the Company has not taken and will not take, directly or indirectly, any action that constituted, or any action designed to, or that might reasonably be expected to cause or result in or constitute, under the Act or otherwise, stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Shares or for any other purpose.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">(s)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">Except as would not reasonably be expected to have, individually or in the aggregate, a Company Material Adverse Effect, the Company has timely filed all tax returns required to be filed by the Company (or has requested extensions thereof) and the Company is not in default in the payment of any material taxes that were payable pursuant to said returns or any assessments with respect thereto (to the extent that any of the foregoing is due and payable), except for any such assessment that is currently being contested in good faith or where such non-payment would not reasonably be expected to have a Company Material Adverse Effect. &nbsp;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">(t)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">Except as set forth in the Time of Sale Information and the Prospectus, there are no transactions between the Company and any of its &#147;affiliates&#148; (as defined in Rule 405 promulgated under the Act) or between the Company and any officer, director or security holder </P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt; page-break-before:always">of the Company (whether or not an affiliate) that are required by the Act to be disclosed in the Registration Statement. &nbsp;Additionally, no relationship, direct or indirect, exists between the Company or any of its subsidiaries on the one hand, and the directors, officers, stockholders, customers or suppliers of the Company or any subsidiary on the other hand that is required by the Act to be disclosed in the Registration Statement, the Time of Sale Information and the Prospectus that is not so disclosed.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">(u)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">The Company is not, and after giving effect to the Acquisition, the offering and sale of the Shares and the application of the proceeds thereof as described in the Prospectus will not be, required to register as an &#147;investment company&#148; as such term is defined in the Investment Company Act of 1940, as amended.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">(v)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">The Company maintains a system of internal accounting controls sufficient to provide reasonable assurances that (i) transactions are executed in accordance with management&#146;s general or specific authorizations, (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting principles and to maintain accountability for assets, (iii) access to assets is permitted only in accordance with management&#146;s general or specific authorizations and (iv) the recorded accountability for assets is compared with existing assets at reasonable intervals and appropriate action is taken with respect to any differences.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">(w)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">Neither the Company nor to the Company&#146;s knowledge, any director, officer, agent, employee or other person associated with or acting on behalf of the Company has: (i)&nbsp;used any of the Company&#146;s corporate funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity; (ii)&nbsp;made any direct or indirect unlawful payment to any foreign or domestic government official or employee from the Company&#146;s corporate funds; or (iii)&nbsp;violated or is in violation of any provision of the Foreign Corrupt Practices Act of 1977, except, in each of clauses (i), (ii) and (iii), as would not reasonably be expected to have, individually or in the aggregate, a Company Material Adverse Effect.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">(x)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">Except as described in the Registration Statement, the Time of Sale Information or in the Prospectus, neither the Company nor, to the Company&#146;s knowledge, any director, officer, agent, employee or affiliate of the Company is currently listed on the Specially Designated Nationals and Blocked Persons list maintained by the Office of Foreign Assets Control of the United States Department of the Treasury (&#147;OFAC&#148;). &nbsp;The Company will not directly or indirectly use the proceeds of the offering of the Shares hereunder, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other person or entity, for the purpose of financing the activities of any person currently listed on the Specially Designated Nationals and Blocked Persons list maintained by OFAC.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">(y)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">The Transaction Agreement has been duly authorized, executed and delivered by the Company, and the Transaction Agreement constitutes a valid and legally binding agreement of the Company, enforceable against the Company in accordance with its terms, except to the extent enforceability may be limited by (i) the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws relating to or affecting creditors&#146; rights generally, (ii) general equitable principles (whether considered in a </P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt; page-break-before:always">proceeding in equity or at law), (iii) an implied covenant of good faith and fair dealing, (iv) the effects of the possible judicial application of foreign laws or foreign governmental or judicial action affecting creditors&#146; rights, (v) considerations of public policy and (vi) by federal or state securities laws with respect to the provisions regarding indemnity and contribution hereunder.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:50.6px; font-size:12pt">6.2</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt"><U>Representations and Warranties of Iridium</U>. &nbsp;Iridium hereby represents and warrants to each Underwriter on the date hereof, and shall be deemed to represent and warrant to each Underwriter on the Closing Date and the Additional Closing Date, as the case may be, that:</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">(a)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt">The Transaction Agreement has been duly authorized, executed and delivered by Iridium and constitutes a valid and legally binding agreement of Iridium, enforceable against Iridium in accordance with its terms, except to the extent enforceability may be limited by (i) the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws relating to or affecting creditors&#146; rights generally, (ii) general equitable principles (whether considered in a proceeding in equity or at law), (iii) an implied covenant of good faith and fair dealing, (iv) the effects of the possible judicial application of foreign laws or foreign governmental or judicial action affecting creditors&#146; rights, (v) considerations of public policy and (vi) by federal or state securities laws with respect to the provisions regarding indemnity and contribution hereunder.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">(b)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt">(i) The statements contained or incorporated by reference in the Registration Statement (including the Prospectus deemed to be a part thereof and the proxy statement filed as of August 28, 2009 on Schedule 14A (the &#147;Definitive Proxy Statement&#148;), but excluding GHQ&#146;s Annual Report on Form 10-K for the fiscal year ended December 31, 2008, as amended, GHQ&#146;s Quarterly Report on Form 10-Q for the period ended March 31, 2009, as amended, GHQ&#146;s Quarterly Report on Form 10-Q for the period ended June 30, 2009, GHQ&#146;s Current Reports on Form 8-K filed on January 22, 2009 (item 4.01 only), February 26, 2009, April 28, 2009, April 30, 2009, June 2, 2009, June 3, 2009, July 29, 2009 (items 1.01, 3.02 and 8.01 only), July 30, 2009, August 17, 2009, September 3, 2009, September 10, 2009, September 14, 2009, September 15, 2009, September 21, 2009 and any other Current Reports on Form 8-K filed without the prior written consent of Iridium (collectively, the &#147;Exchange Act Documents&#148;)) solely related to Iridium (A) in the Prospectus under the captions &#147;Prospectus Supplement Summary &#150; Iridium Holdings LLC,&#148; &#147;Summary Financial Data of Iridium Holdings,&#148; &#147;Risk Factors&#150;Risks Related to Iridium Holdings&#146; Business,&#148; &#147;Selected Historical Financial Data of Iridium Holdings,&#148; &#147;Unaudited Pro Forma Condensed Combined Financial Data,&#148; &#147;Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations for Iridium Holdings,&#148; and &#147;Iridium Holdings Business,&#148; and (B) in the Definitive Proxy Statement under the captions &#147;Selected Historical Financial Data of Iridium Holdings,&#148; &#147;Selected Unaudited Pro Forma Condensed Combined Financial Data,&#148; &#147;Risk Factors&#150;Risks Related to Iridium Holdings&#146; Business,&#148; &#147;Information About Iridium Holdings,&#148; &#147;Iridium Holdings Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations,&#148; &#147;Iridium Holdings Compensation Discussion and Analysis&#148; and &#147;Iridium Holdings Executive Compensation,&#148; in each case as of the date hereof, did not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, not misleading, (ii) the statements contained or incorporated by reference in the Pre-Pricing Prospectus (including the Definitive Proxy Statement but excluding the Exchange Act </P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt; page-break-before:always">Documents) solely related to Iridium (A) in the Pre-Pricing Prospectus under the captions &#147;Prospectus Supplement Summary &#150; Iridium Holdings LLC,&#148; &#147;Summary Financial Data of Iridium Holdings,&#148; &#147;Risk Factors&#150;Risks Related to Iridium Holdings&#146; Business,&#148; &#147;Selected Historical Financial Data of Iridium Holdings,&#148; &#147;Unaudited Pro Forma Condensed Combined Financial Data,&#148; &#147;Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations for Iridium Holdings,&#148; and &#147;Iridium Holdings Business,&#148; and (B) in the Definitive Proxy Statement (excluding the Exchange Act Documents) solely related to Iridium under the captions &#147;Selected Historical Financial Data of Iridium Holdings,&#148; &#147;Selected Unaudited Pro Forma Condensed Combined Financial Data,&#148; &#147;Risk Factors&#150;Risks Related to Iridium Holdings&#146; Business,&#148; &#147;Information About Iridium Holdings,&#148; &#147;Iridium Holdings Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations,&#148; &#147;Iridium Holdings Compensation Discussion and Analysis&#148; and &#147;Iridium Holdings Executive Compensation,&#148; in each case as of the date hereof, did not contain any untrue statement of a material fact or omit to state any material fact &nbsp;necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading, and (iii) the statements contained or incorporated by reference in the Prospectus (including the Definitive Proxy Statement but excluding the Exchange Act Documents) solely related to Iridium (A) in the Prospectus under the captions &#147;Prospectus Supplement Summary &#150; Iridium Holdings LLC,&#148; &#147;Summary Financial Data of Iridium Holdings,&#148; &#147;Risk Factors&#150;Risks Related to Iridium Holdings&#146; Business,&#148; &#147;Selected Historical Financial Data of Iridium Holdings,&#148; &#147;Unaudited Pro Forma Condensed Combined Financial Data,&#148; &#147;Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations for Iridium Holdings,&#148; and &#147;Iridium Holdings Business,&#148; and (B) in the Definitive Proxy Statement (excluding the Exchange Act Documents) solely related to Iridium under the captions &#147;Selected Historical Financial Data of Iridium Holdings,&#148; &#147;Selected Unaudited Pro Forma Condensed Combined Financial Data,&#148; &#147;Risk Factors&#150;Risks Related to Iridium Holdings&#146; Business,&#148; &#147;Information About Iridium Holdings,&#148; &#147;Iridium Holdings Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations,&#148; &#147;Iridium Holdings Compensation Discussion and Analysis&#148; and &#147;Iridium Holdings Executive Compensation&#148; (the captions listed in clauses (i) through (iii) being referred to collectively as the &#147;Iridium Sections&#148;), in each case as of the date hereof, did not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">(c)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt">Except as set forth in the Registration Statement, the Time of Sale Information and the Prospectus, all the outstanding interests of Iridium have been, and as of the Closing Date and the Additional Closing Date, as the case may be, will be, duly authorized and validly issued, fully paid and nonassessable.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">(d)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt">Each of Iridium and its subsidiaries is a corporation or limited liability company duly organized and validly existing as a corporation or a limited liability company, as applicable, in good standing (to the extent such concept exists in the jurisdiction in question) under the laws of the state of its organization with full power and authority to own, lease and operate its properties and to conduct its business as presently conducted and as described in the Registration Statement, the Time of Sale Information and the Prospectus (and any amendment or supplement thereto) and is duly registered and qualified to conduct its business and is in good standing (to the extent such concept exists in the jurisdiction in question) in each jurisdiction or place where </P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt; page-break-before:always">the nature of its properties or the conduct of its business requires such registration or qualification, except where the failure to so register or qualify has not had or will not have a material adverse effect on the condition (financial or other), business, properties or results of operations of Iridium (an &#147;Iridium Material Adverse Effect&#148;).</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">(e)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt">The issued interests of each of Iridium&#146;s subsidiaries have been duly authorized and validly issued, are fully paid and nonassessable and are owned by Iridium free and clear of any security interests, liens, encumbrances or claims, except for such interests, liens, encumbrances or claims that would not reasonably be expected to have, individually or in the aggregate, an Iridium Material Adverse Effect. &nbsp;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">(f)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt">Except as would not reasonably be expected to have, individually or in the aggregate, an Iridium Material Adverse Effect, there are no legal or governmental proceedings pending or, to Iridium&#146;s knowledge, threatened against Iridium that are required to be described in the Registration Statement, the Time of Sale Information or the Prospectus (or any amendment or supplement thereto) but are not described as required. &nbsp;Except as described in the Registration Statement, the Time of Sale Information and Prospectus, there is no action, suit, proceeding or investigation by or before any court or governmental or other regulatory or administrative agency or commission pending or, to Iridium&#146;s knowledge, threatened, against Iridium, which might individually or in the aggregate prevent or materially adversely affect the transactions contemplated by this Agreement or result in an Iridium Material Adverse Effect.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">(g)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt">There are no material agreements, contracts, indentures, leases or other instruments to which Iridium or any of its subsidiaries are a party that are required to be described in the Registration Statement, the Time of Sale Information or the Prospectus (or any amendment or supplement thereto) that are not described in the Registration Statement, the Time of Sale Information or the Prospectus as required by the Act. &nbsp;All material contracts set forth on Schedule&nbsp;IV hereto have been duly authorized, executed and delivered by Iridium or the applicable subsidiary, constitute valid and binding agreements of Iridium or the applicable subsidiary and are enforceable against Iridium or the applicable subsidiary in accordance with the terms thereof, except to the extent enforceability may be limited by (i) the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws relating to or affecting creditors&#146; rights generally, (ii) general equitable principles (whether considered in a proceeding in equity or at law), (iii) an implied covenant of good faith and fair dealing, (iv) the effects of the possible judicial application of foreign laws or foreign governmental or judicial action affecting creditors&#146; rights, (v) considerations of public policy and (vi) by federal or state securities laws with respect to the provisions regarding indemnity and contribution hereunder.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">(h)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt">Neither Iridium nor any of its subsidiaries is (i) in violation of (A) its certificate or articles of incorporation or formation, bylaws or other organizational documents, (B) any law, ordinance, administrative or governmental rule or regulation applicable to Iridium or any of its subsidiaries, the violation of which would reasonably be expected to have, individually or in the aggregate, an Iridium Material Adverse Effect or (C) any decree of any court or governmental agency or body having jurisdiction over Iridium or its subsidiaries, as applicable, the violation of which would reasonably be expected to have, individually or in the aggregate, an Iridium </P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt; page-break-before:always">Material Adverse Effect; or (ii) in default in any respect in the performance of any obligation, agreement or condition contained in (A) any bond, debenture, note or any other evidence of indebtedness or (B) any agreement, indenture, lease or other instrument (each of (A) and (B), an &#147;Iridium Existing Instrument&#148;) to which Iridium or any of its subsidiaries is a party or by which any of their properties may be bound, which default, in each of clauses (A) and (B), would reasonably be expected to have, individually or in the aggregate, an Iridium Material Adverse Effect; and there does not exist any state of facts that constitutes an event of default on the part of Iridium or any of its subsidiaries as defined in such Iridium Existing Instruments or that, with notice or lapse of time or both, would constitute such an event of default that would reasonably be expected to have, individually or in the aggregate, an Iridium Material Adverse Effect.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">(i)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt">Except as described in the Registration Statement, the Time of Sale Information or the Prospectus and except for options to purchase capital stock issued pursuant to the 2009 Stock Incentive Plan, neither Iridium nor any of its subsidiaries has outstanding, and at the Closing Date and the Additional Closing Date, as the case may be, will not have outstanding, any options to purchase, or any warrants to subscribe for, or any securities or obligations convertible into, or any contracts or commitments to issue or sell, any capital stock or any warrants or convertible securities or obligations. &nbsp;Other than the rights granted pursuant to the Registration Rights Agreement (as annexed to the Transaction Agreement and to be entered into upon the closing of the Acquisition) and to Banc of America in connection with the Company&#146;s initial public offering, no holder of securities of Iridium has rights to the registration of any securities of Iridium (or of the Company after the completion of the Acquisition) as a result of or in connection with the filing of the Registration Statement or the consummation of the transactions contemplated hereby that have not been satisfied or heretofore waived in writing. &nbsp;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">(j)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt">The financial statements of Iridium, together with related schedules and notes, included in the Registration Statement, the Time of Sale Information and the Prospectus (and any amendment or supplement thereto), present fairly in all material respects the financial condition, results of operations, cash flows and changes in financial position of Iridium on the basis stated in the Registration Statement, the Time of the Sale Information and the Prospectus at the respective dates or for the respective periods to which they apply; such statements and related schedules and notes have been prepared in accordance with generally accepted accounting principles consistently applied throughout the periods involved, except as disclosed therein; and the other financial and statistical information and data set forth in the Registration Statement, the Time of Sale Information and the Prospectus (and any amendment or supplement thereto) and derived or derivable from Iridium&#146;s financial statements included therein is accurately presented and prepared on a basis consistent with such financial statements and the books and records of Iridium. &nbsp;Except as disclosed in the Registration Statement, the Time of Sale Information and the Prospectus (or any amendment or supplement thereto), (i) neither Iridium nor any of its subsidiaries has sustained any material loss or interference with its business or properties from fire, flood, windstorm, accident or other calamity, whether or not covered by insurance, (ii) neither Iridium nor any of its subsidiaries has paid or declared any dividends or other distributions with respect to its capital stock and Iridium is not in default under the terms of any class of capital stock of Iridium or any outstanding debt obligations, and (iii) there has not been any material adverse change, or any development involving or that may reasonably be expected to have, individually or in the aggregate, an Iridium Material Adverse Effect.</P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt; page-break-before:always">(k)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt">Ernst &amp; Young LLP, the certified public accountant who has certified the Iridium&#146;s financial statements (including the related notes thereto and supporting schedules) filed as part of the Registration Statement, the Time of Sale Information and the Prospectus Supplement (or any amendment or supplement thereto), is an independent public accountant as required by the Act and the Exchange Act.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">(l)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt">The pro forma combined condensed financial statements relating to the Acquisition and the related notes thereto included in the Registration Statement, the Time of Sale Information and the Prospectus have been prepared in accordance with the Commission&#146;s rules with respect to pro forma financial information, and the adjustments used therein are appropriate to give effect to the Acquisition and the circumstances described therein. The pro forma combined condensed financial statements included in the Registration Statement, the Time of Sale Information and the Prospectus include assumptions that provide a reasonable basis for presenting the significant effects directly attributable to the Acquisition and the events described therein, the related pro forma adjustments give appropriate effect to those assumptions, and the pro forma adjustments reflect the proper application of those adjustments to the historical financial statement amounts in the pro forma combined condensed financial information included in the Registration Statement, the Time of Sale Information and the Prospectus. &nbsp;The pro forma combined condensed financial statements included in the Registration Statement, the Time of Sale Information and the Prospectus comply as to form in all material respects with the applicable accounting requirements of Regulation S-X under the Act and the pro forma adjustments have been properly applied to the historical amounts in the compilation of those statements. &nbsp;Notwithstanding the preceding three sentences, no representation or warranty is made in this Section as to information contained in or omitted from the pro forma combined condensed financial statements relating to the Acquisition and the related notes thereto included in the Registration Statement, the Time of Sale Information and the Prospectus (i) made in reliance upon information furnished to Iridium through, by or on behalf of the Company and/or (ii) regarding the Company.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">(m)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt">Other than excepted activity under the Exchange Act, Iridium has not taken and will not take, directly or indirectly, any action that constituted, or any action designed to, or that might reasonably be expected to cause or result in or constitute, under the Act or otherwise, stabilization or manipulation of the price of any security of Iridium to facilitate the sale or resale of the Shares or for any other purpose.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">(n)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt">Except as would not reasonably be expected to have, individually or in the aggregate, an Iridium Material Adverse Effect, all tax returns required to be filed by Iridium (or has requested extensions thereof) and each of its subsidiaries have been timely filed and neither Iridium nor any subsidiary is in default in the payment of any taxes that were payable pursuant to said returns or any assessments with respect thereto (to the extent that any of the foregoing is due and payable), except for any such assessment that is currently being contested in good faith or where such non-payment would not reasonably be expected to have an Iridium Material Adverse Effect. </P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">(o)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt">Except as set forth in the Time of Sale Information and the Prospectus, there are no transactions between Iridium and its &#147;affiliates&#148; (as defined in Rule 405 promulgated under </P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt; page-break-before:always">the Act) or between Iridium and any officer, director or security holder of Iridium (whether or not an affiliate) that were required to be disclosed in the Registration Statement and were not disclosed.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">(p)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt">Each of Iridium and its subsidiaries has good and valid title to all material property (real and personal) described in the Registration Statement, the Time of Sale Information and the Prospectus as being owned by it, free and clear of all liens, claims, security interests or other encumbrances except (i) such as are described in the Registration Statement, the Time of Sale Information and the Prospectus or (ii) such as are not materially burdensome and do not have or would not reasonably be expected to have, individually or in the aggregate, an Iridium Material Adverse Effect. &nbsp;All property (real and personal) held under lease by Iridium and its subsidiaries is held by it under valid, subsisting and enforceable leases with only such exceptions as in the aggregate are not materially burdensome and do not have or would not reasonably be expected to result in an Iridium Material Adverse Effect.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">(q)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt">Except as would not reasonably be expected to have, individually or in the aggregate, an Iridium Material Adverse Effect and except as described in the Registration Statement, the Time of Sale Information and the Prospectus: &nbsp;(i) each of Iridium and its subsidiaries has all permits, licenses, franchises, approvals, consents and authorizations of governmental or regulatory authorities (hereinafter &#147;permit&#148; or &#147;permits&#148;) as are necessary to own its properties and to conduct its business in the manner described in the Time of Sale Information and the Prospectus, subject to such qualifications as may be set forth in the Time of Sale Information and the Prospectus; (ii) each of Iridium and its subsidiaries has operated and is operating its business in compliance with and not in violation of all of its obligations with respect to each such permit and no event has occurred that allows, or after notice or lapse of time would allow, revocation or termination of any such permit or result in any other material impairment of the rights of any such permit, subject in each case to such qualification as may be set forth in the Time of Sale Information and the Prospectus; and (iii) except as described in the Time of Sale Information and the Prospectus, such permits contain no restrictions that are burdensome to Iridium or any of its subsidiaries.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">(r)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt">Iridium and its subsidiaries maintain a system of internal accounting controls sufficient to provide reasonable assurances that (i) transactions are executed in accordance with management&#146;s general or specific authorizations, (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting principles and to maintain accountability for assets, (iii) access to assets is permitted only in accordance with management&#146;s general or specific authorizations and (iv) the recorded accountability for assets is compared with existing assets at reasonable intervals and appropriate action is taken with respect to any differences.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">(s)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt">Iridium and its subsidiaries are (i) in compliance with any and all federal, state, local and foreign laws and regulations relating to the protection of human health and safety, the environment or hazardous or toxic substances or wastes, pollutants or contaminants (&#147;Environmental Laws&#148;), (ii) have received all permits, licenses or other approvals required of them under applicable Environmental Laws to conduct their respective businesses and (iii) are in compliance with all terms and conditions of any such permit, license or approval, except where </P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt; page-break-before:always">such noncompliance with Environmental Laws, failure to receive required permits, licenses or other approvals or failure to comply with the terms and conditions of such permits, licenses or other approvals would not, individually or in the aggregate, have an Iridium Material Adverse Effect. &nbsp;Except as would not, individually or in the aggregate, reasonably be expected to have an Iridium Material Adverse Effect, neither Iridium nor any of its subsidiaries has been named as a &#147;potentially responsible party&#148; under the Comprehensive Environmental Response Compensation and Liability Act of 1980, as amended. &nbsp;Except as would not, individually or in the aggregate, reasonably be expected to have an Iridium Material Adverse Effect, neither Iridium nor any of its subsidiaries owns, leases or occupies any property that appears on any list of hazardous sites compiled by any state or local governmental agency. &nbsp;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">(t)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt">Each of Iridium and its subsidiaries owns and has full right, title and interest in and to, or has valid licenses to use, each material trade name, trademark, service mark, patent, copyright, trade secret and other similar rights (collectively &#147;Iridium Intellectual Property&#148;) necessary to Iridium&#146;s and its subsidiaries&#146; conduct of all or any material part of their businesses, and neither Iridium nor any of its subsidiaries has created any lien or encumbrance on, or granted any right or license with respect to, any such Iridium Intellectual Property except, in each case, as would not reasonably be expected to have, individually or in the aggregate, an Iridium Material Adverse Effect. &nbsp;Except as would not, individually or in the aggregate, reasonably be expected to have an Iridium Material Adverse Effect, there is no claim pending against Iridium or its subsidiaries based upon any Iridium Intellectual Property and to its knowledge, neither Iridium nor any of its subsidiaries have received written notice or otherwise become aware that any Iridium Intellectual Property that they use or have used in the conduct of their businesses infringes upon or conflicts with the rights of any third party. &nbsp;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">(u)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt">Except as otherwise would not reasonably be expected to have, individually or in the aggregate, an Iridium Material Adverse Effect, Iridium and each of its subsidiaries are insured by insurers of recognized financial responsibility against such losses and risks and in such amounts as are prudent and customary in the businesses in which it is engaged.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">(v)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt">Except as would not reasonably be expected to have, individually or in the aggregate, an Iridium Material Adverse Effect, Iridium and its subsidiaries and any &#147;employee benefit plan&#148; (as defined in ERISA) established or maintained by Iridium, its subsidiaries or their &#147;ERISA Affiliates&#148; (as defined below) are in compliance in all material respects with ERISA and all other applicable state and federal laws. &nbsp;&#147;ERISA Affiliate&#148; means, with respect to Iridium or a subsidiary, any member of any group or organization described in Sections 414(b), (c), (m) or (o) of the Code of which Iridium or such subsidiary is a member. &nbsp;No &#147;reportable event&#148; (as defined in ERISA) has occurred or is reasonably expected to occur with respect to any &#147;employee benefit plan&#148; established or maintained by Iridium, its subsidiaries or any of their ERISA Affiliates. &nbsp;No &#147;employee benefit plan&#148; established or maintained by Iridium, its subsidiaries or any of their ERISA Affiliates, if such &#147;employee benefit plan&#148; were terminated, would have any &#147;amount of unfunded benefit liabilities&#148; (as defined in ERISA). &nbsp;Neither Iridium, its subsidiaries nor any of their ERISA Affiliates has incurred or reasonably expects to incur any liability under (i) Title IV of ERISA with respect to termination of, or withdrawal from, any &#147;employee benefit plan&#148; or (ii) Sections 412, 4971, 4975 or 4980B of the Code. &nbsp;Each &#147;employee benefit plan&#148; established or maintained by Iridium, its subsidiaries or any of their ERISA Affiliates that is intended to be </P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt; page-break-before:always">qualified under Section 401(a) of the Code has received a favorable determination letter from the IRS to the effect that the &#147;employee benefit plan&#148; satisfies the requirements of Section 401(a) of the Code and that its related trust is exempt from taxation under Section 501(a) of the Code and, to the knowledge of Iridium, there are no facts or circumstances that could reasonably be expected to result in the revocation of such letter or the imposition of any material liability, penalty or tax under ERISA, the Code or any other applicable laws. </P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">(w)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt">Except as would not reasonably be expected to have, individually or in the aggregate, an Iridium Material Adverse Effect and except as described in the Registration Statement, the Time of Sale Information and the Prospectus, (i) Iridium and its subsidiaries have the authorizations, licenses and permits issued by the U.S. Federal Communications Commission (the &#147;FCC&#148;) and the International Telecommunication Union (&#147;ITU&#148;), and any equivalent authority in each other jurisdiction in which Iridium operates (collectively, the &#147;Communications Licenses&#148;) set forth in Schedule 6.2(v) hereto and except at set forth in Schedule 6.2(v), the Communications Licenses are in full force and effect and constitute the only material authorizations, licenses and permits required or necessary for Iridium and its subsidiaries to operate a mobile satellite service, (ii) to Iridium&#146;s knowledge, (a) no adverse judgment, decree, or order of the FCC or any equivalent authority in each jurisdiction in which Iridium operates has been issued against Iridium or its subsidiaries, and (b) no litigation, proceeding, inquiry or investigation, except for proceedings of general applicability to the industry, has been commenced or threatened against Iridium or its subsidiaries before or by the FCC or any equivalent authority in each other jurisdiction in which Iridium operates, which would cause the termination, suspension, cancellation or non renewal of any of the Communications Licenses, or the imposition of a penalty or fine by any domestic or foreign regulatory authority. </P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">(x)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt">The execution, delivery and performance by Iridium of this Agreement does not and will not violate the Communications Act of 1934, as amended, or the rules, regulations written policies and orders promulgated thereunder by the FCC (after giving effect to the Acquisition).</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">(y)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt">Neither Iridium or any subsidiary nor, to Iridium&#146;s knowledge, any director, officer, agent, employee or affiliate of Iridium or any subsidiary is currently listed on the Specially Designated Nationals and Blocked Persons list maintained by OFAC.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">(z)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt">Neither Iridium nor any of its subsidiaries nor, to Iridium&#146;s knowledge, any director, officer, agent, employee or other person associated with or acting on behalf of Iridium or any of its subsidiaries has: (i)&nbsp;made any direct or indirect unlawful payment to any foreign or domestic government official or employee from corporate funds; or (ii)&nbsp;violated or is in violation of any provision of the Foreign Corrupt Practices Act of 1977, except, in each of clauses (i) and (ii), as would not be reasonably expected to have, individually or in the aggregate, an Iridium Material Adverse Effect.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">(aa)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt">The operations of Iridium and its subsidiaries are and have been conducted at all times in all material respects in compliance with applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the money laundering statutes of all jurisdictions, the rules and regulations thereunder </P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt; page-break-before:always">and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the &#147;Money Laundering Laws&#148;) and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving Iridium or any subsidiary with respect to the Money Laundering Laws is pending or, to Iridium&#146;s knowledge, threatened, except as would not reasonably be expected to have, individually or in the aggregate, an Iridium Material Adverse Effect.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">(bb)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt">Neither Iridium nor any of its subsidiaries nor, to Iridium&#146;s knowledge, any director, officer, agent, employee or other person associated with or acting on behalf of Iridium or any of its subsidiaries has violated the Arms Export Control Act, the International Traffic in Arms Regulations and the Export Administration Regulations and each of Iridium and its subsidiaries have obtained all of the specific authorizations required under the U.S. Department of State&#146;s Directorate of Defense Trade Controls in order to fulfill their respective obligations with non-U.S. entities, except as would not reasonably be expected to have, individually or in the aggregate, an Iridium Material Adverse Effect.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:50.6px; font-size:12pt">7.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:99px; font-size:12pt"><U>Expenses</U>. &nbsp;Whether or not the transactions contemplated hereby are consummated or this Agreement is terminated, the Company agrees to pay or cause to be paid the following: (i) the fees, disbursements and expenses of the Company&#146;s counsel and accountants in connection with the registration of the Shares under the Act and all other expenses in connection with the preparation, printing and filing of the Registration Statement, the Pre-Pricing Prospectus and the Prospectus and amendments and supplements thereto and the mailing and delivering of copies thereof and of any Pre-Pricing Prospectus or Prospectus to the Underwriters and dealers; (ii)&nbsp;the printing and delivery (including postage and air freight charges) of such copies of the Registration Statement, the Pre-Pricing Prospectus and the Prospectus and all amendments or supplements to any of them as may be reasonably requested for use in connection with the offering and sale of the Shares; (iii) consistent with the provisions of Section 5(i),<I> </I>all expenses in connection with the qualification of the Shares for offering and sale under state securities laws or Blue Sky laws; (iv) the filing fees incident to securing any required review by FINRA of the fairness of the terms of the sale of the Shares; (v) the fees and expenses associated with listing the Shares on the AMEX or NASDAQ, as applicable; (vi) the costs and charges of any transfer agent or registrar; (vii) the cost of the tax stamps, if any, in connection with the issuance and delivery of the Shares to the respective Underwriters; (viii) all other reasonable fees, costs and expenses referred to in Item 13 of the Registration Statement; and (ix) the transportation, lodging and other reasonable expenses incidental to the Company&#146;s preparation for and participation in the &#147;roadshow&#148; for the offering contemplated hereby. &nbsp;Except as provided in this Section 7 and in Section 8 hereof, the Underwriters shall pay their own expenses, including the fees and disbursements of their counsel. &nbsp;In addition, in the event that the proposed offering is terminated for the reasons set forth in Section 5(k) hereof, the Company agrees to reimburse the Underwriters as provided in Section 5(k).</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">8.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt"><U>Indemnification and Contribution</U>. &nbsp;(a) &nbsp;Subject to the limitations in this paragraph below and Section 13, the Company agrees to indemnify and hold harmless the Representatives and each other Underwriter, the directors, officers, employees and agents of each Underwriter, and each person, if any, who controls any Underwriter within the meaning of Section 15 of the Act or Section 20 of the Exchange Act from and against any and all losses, claims, damages, </P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt; page-break-before:always">liabilities and expenses, including reasonable costs of investigation and attorneys&#146; fees and expenses (collectively, &#147;Damages&#148;) arising out of or based upon any untrue statement of a material fact contained in the Registration Statement, the Time of Sale Information or the Prospectus or in any amendment or supplement thereto, or any omission to state therein a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, except to the extent that any such Damages arise out of or are based upon an untrue statement or omission or alleged untrue statement or omission that has been made therein or omitted therefrom in reliance upon and in conformity with the Underwriter Information furnished in writing to the Company by or on behalf of any Underwriter through the Representatives, expressly for use in connection therewith.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">(b)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt">Subject to the limitations in this paragraph below and Section 18, Iridium agrees to indemnify and hold harmless the Representatives and each other Underwriter, the directors, officers, employees and agents of each Underwriter, and each person, if any, who controls any Underwriter within the meaning of Section 15 of the Act or Section 20 of the Exchange Act from and against any and all Damages arising out of or based upon any untrue statement of a material fact contained in the Iridium Sections or omission to state therein a material fact required to be stated in the Iridium Sections or necessary to make the statements in the Iridium Sections (in the case of any Pre-Pricing Prospectus, and the Prospectus, in light of the circumstances under which they were made) not misleading. This indemnification shall be in addition to any liability that Iridium may otherwise have.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:50.6px; font-size:12pt">(c)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt">Each Underwriter agrees, severally and not jointly, to indemnify and hold harmless the Company and Iridium, their directors, their officers, employees and agents who sign the Registration Statement and any person who controls the Company or Iridium, within the meaning of Section 15 of the Act or Section 20 of the Exchange Act, to the same extent as the foregoing several (and not jointly) indemnity from the Company and Iridium to each Underwriter, but only with respect to the information set forth in (i) the fifth, twelfth, thirteenth, fourteenth, fifteenth and sixteenth paragraphs and the subsection entitled &#147;Selling Restrictions&#148; under the caption &#147;Underwriting&#148; in the Pre-Pricing Prospectus and (ii) the fifth, eighth, thirteenth, fourteenth, fifteenth, sixteenth and seventeenth paragraphs and the subsection entitled &#147;Selling Restrictions&#148; under the caption &#147;Underwriting&#148; in the Prospectus.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">(d)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt">No indemnified party will, without the prior written consent of the indemnifying party(s), settle or compromise or consent to the entry of any judgment in any proceeding or threatened claim, action, suit or proceeding in respect of which indemnification may be sought hereunder (whether or not the indemnifying party(s) or any person who controls the indemnifying party(s) within the meaning of Section 15 of the Act or Section 20 of the Exchange Act is a party to such claim, action, suit or proceeding) unless such settlement, compromise or consent includes an unconditional release of the indemnifying party(s) and such controlling persons from all liability arising out of such claim, action, suit or proceeding.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:50.6px; font-size:12pt">(e)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt">Promptly after receipt by an indemnified party under this Section&nbsp;8 of notice of the commencement of any action, such indemnified party will, if a claim in respect thereof is to be made against the indemnifying party under this Section&nbsp;8, notify the indemnifying party in writing of the commencement thereof; but the failure so to notify the indemnifying party (i)&nbsp;will </P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt; page-break-before:always">not relieve it from liability hereunder unless and to the extent it did not otherwise learn of such action and such failure results in the forfeiture by the indemnifying party of substantial rights and defenses and (ii)&nbsp;will not, in any event, relieve the indemnifying party from any obligations to any indemnified party other than the indemnification obligation provided in the above paragraphs. The indemnifying party shall be entitled to appoint counsel of the indemnifying party&#146;s choice at the indemnifying party&#146;s expense to represent the indemnified party in any action for which indemnification is sought (in which case the indemnifying party shall not thereafter be responsible for the fees and expenses of any separate counsel retained by the indemnified party or parties except as set forth below). &nbsp;Notwithstanding the indemnifying party&#146;s election to appoint counsel to represent the indemnified party in an action, the indemnified party shall have the right to employ one separate firm (in addition to any local counsel), and the indemnifying party shall bear the reasonable fees, costs and expenses of such separate counsel if representation of such indemnified party and any indemnifying party(s) by the same counsel would be inappropriate under applicable standards of professional conduct (whether or not such representation by the same counsel has been proposed) due to actual or potential differing interests between them (but the indemnifying party shall not be liable for the fees and expenses of more than one counsel for the indemnified party). The indemnifying party(s) shall not be liable for any settlement of any such action effected without its (their several) written consent, but if settled with such written consent, or if there be a final judgment for the plaintiff in any such action, the indemnifying party(s) agree(s) to indemnify and hold harmless any indemnified party from and against any loss, claim, damage, liability or expense by reason of such settlement or judgment, but in the case of a judgment only to the extent stated in Sections 8(a), 8(b) or 8(c), as applicable.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:50.6px; font-size:12pt">(f)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt">If the indemnification provided for in this Section 8 is unavailable or insufficient for any reason whatsoever to an indemnified party in respect of any Damages referred to herein, then an indemnifying party, in lieu of indemnifying such indemnified party, shall contribute to the amount paid or payable by such indemnified party as a result of such Damages (i) in such proportion as is appropriate to reflect the relative benefits received by the Company and Iridium on the one hand and the Underwriters on the other hand, from the offering and sale of the Shares or (ii) if the allocation provided by clause (i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative and several fault of the Company and Iridium on the one hand, and the Underwriters on the other hand, in connection with the statements or omissions that resulted in such Damages as well as any other relevant equitable considerations. The relative and several benefits received by the Company and Iridium on the one hand, and the Underwriters on the other hand, shall be deemed to be in the same proportion as the total proceeds from the offering (net of the underwriting fee but before deducting expenses) received by the Company bear to the total underwriting discounts and commissions received by the Underwriters, in each case as set forth in the table on the cover page of the Prospectus. &nbsp;The relative fault of the Company and Iridium on the one hand, and the Underwriters on the other hand, shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company or Iridium, on the one hand, or by the Underwriters on the other hand and the parties&#146; relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.</P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:50.867px; font-size:12pt; page-break-before:always">(g)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt">The Company, Iridium and the Underwriters agree that it would not be just and equitable if contribution pursuant to this Section 8 was determined by a pro rata allocation (even if the Underwriters were treated as one entity for such purpose) or by any other method of allocation that does not take into account the equitable considerations referred to in the immediately preceding paragraph. The amount paid or payable by an indemnified party as a result of the Damages referred to in the immediately preceding paragraph shall be deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim. &nbsp;Notwithstanding the provisions of this Section 8, no Underwriter shall be required to contribute any amount in excess of the amount of the underwriting commissions received by such underwriter in connection with the Shares underwritten by it and distributed to the public. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The Underwriters&#146; obligations to contribute pursuant to this Section 8 are several in proportion to the respective numbers of Shares set forth opposite their names in Schedule I hereto (or such numbers of Shares increased as set forth in Section 11 hereof) and not joint.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:50.6px; font-size:12pt">9.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt"><U>Conditions of Underwriters&#146; Obligations</U>. &nbsp;The several obligations of the Underwriters to purchase the Firm Shares hereunder are subject to the following conditions:</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:99px; font-size:12pt">(a)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:147.4px; font-size:12pt">The Registration Statement has become effective and all filings required by Rules 424(b), 430B and 462 under the Act shall have been timely made.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:99px; font-size:12pt">(b)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:147.4px; font-size:12pt">You shall be reasonably satisfied that since the respective dates as of which information is given in the Registration Statement, the Time of Sale Information and Prospectus, except as set forth or contemplated by the Registration Statement, the Time of Sale Information or the Prospectus, as the case may be, (i) there shall not have been any material change in the capital stock of the Company or any material change in the indebtedness (other than in the ordinary course of business) of the Company, (ii) no material oral or written agreement or other transaction shall have been entered into by the Company or Iridium that is not in the ordinary course of business or that would reasonably be expected to result in a material reduction in the future earnings of the Company or Iridium, (iii) no loss or damage (whether or not insured) to the property of the Company or Iridium shall have been sustained that had or would reasonably be expected to have a Company Material Adverse Effect or an Iridium Material Adverse Effect, (iv) no legal or governmental action, suit or proceeding affecting the Company, Iridium or any of their respective properties that is material to their respective business and that adversely affects, or would reasonably be expected to adversely affect, the transactions contemplated by this Agreement shall have been instituted or threatened and (v) there shall not have been any material change in the condition (financial or otherwise), business, management or results of operations of the Company or Iridium that makes it impractical or inadvisable to proceed with the public offering or purchase of the Shares as contemplated hereby.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:99px; font-size:12pt">(c)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:147.4px; font-size:12pt">You shall have received on the Closing Date and the Additional Closing Date, as the case may be, an opinion and 10b-5 statement of Davis Polk &amp; Wardwell LLP, </P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt; page-break-before:always">counsel to the Company, substantially in the forms attached hereto as <U>Exhibits&nbsp;B</U> and <U>C</U>, respectively.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:99px; font-size:12pt">(d)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:147.4px; font-size:12pt">You shall have received on the Closing Date and the Additional Closing Date, as the case may be, an opinion and a negative assurance letter of Simpson Thacher &amp; Bartlett LLP, counsel to Iridium, substantially in the forms attached hereto as <U>Exhibits&nbsp;D</U> and <U>E</U>, respectively. </P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:99px; font-size:12pt">(e)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:147.4px; font-size:12pt">You shall have received on the Closing Date and the Additional Closing Date, as the case may be, an opinion from Mr. John Brunette, Iridium&#146;s general counsel, substantially in the form attached hereto as <U>Exhibit&nbsp;F</U>. &nbsp;You shall have received on the Closing Date and the Additional Closing Date, as the case may be, an opinion of&nbsp;Wiley Rein LLP,&nbsp;Iridium&#146;s regulatory counsel, substantially in the form attached hereto as <U>Exhibit&nbsp;G</U>. </P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:99px; font-size:12pt">(f)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:147.4px; font-size:12pt">You shall have received on the Closing Date and the Additional Closing Date, as the case may be, an opinion of Morrison&nbsp;&amp; Foerster LLP, as counsel for the Underwriters, dated the Closing Date with respect to the issuance and sale of the Shares, the Registration Statement and other related matters as you may reasonably request, and the Company, Iridium and their respective counsel shall have furnished to your counsel such documents as they may reasonably request for the purpose of enabling them to pass upon such matters.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:99px; font-size:12pt">(g)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:147.4px; font-size:12pt">At the time of execution of this Agreement, the Representatives shall have received from each of Ernst &amp; Young LLP and Eisner LLP, a letter, in form and substance satisfactory to the Representatives addressed to the Underwriters and dated the date hereof (i) confirming that they are independent public accountants within the meaning of the Act and are in compliance with the applicable requirements relating to the qualification of accountants under Rule 2-01 of Regulation S-X of the Commission, and (ii) stating, as of the date hereof (or, with respect to matters involving changes or developments since the respective dates as of which specified financial information is given in the Pre-Pricing Prospectus, as of a date not more than five days prior to the date hereof), the conclusions and findings of such firm with respect to the financial information, including the pro forma information, and other matters ordinarily covered by accountants&#146; &#147;comfort letters&#148; to underwriters in connection with registered public offerings.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:99px; font-size:12pt">(h)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:147.4px; font-size:12pt">With respect to the letter of each of Ernst &amp; Young LLP and Eisner LLP referred to in the preceding paragraph and delivered to the Representatives concurrently with the execution of this Agreement (the &#147;initial letter&#148;), the Representatives shall have received from each of Ernst &amp; Young LLP and Eisner LLP, a letter (the &#147;bring-down letter&#148;) of such accountants, addressed to the Underwriters and dated as of the Closing Date and the Additional Closing Date, as the case may be, (i) confirming that they are independent public accountants within the meaning of the Act and are in compliance with the applicable requirements relating to the qualification of accountants under Rule 2-01 of Regulation S-X of the Commission, (ii) stating, as of the date of the bring-down letter (or, with respect to matters involving changes or developments since the respective dates as of which specified financial information is given in the Pre-Pricing Prospectus, as of a date not more than five days prior to the date of the bring-down letter), the conclusions and findings of such firm with respect to the financial information, </P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt; page-break-before:always">including pro forma information, and other matters covered by the initial letter and (iii) confirming in all material respects the conclusions and findings set forth in the initial letter.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">(i)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">(i) &nbsp;No stop order suspending the effectiveness of the Registration Statement shall have been issued by the Commission and no proceedings for that purpose shall be pending or, to the knowledge of the Company, shall be threatened or contemplated by the Commission at or prior to the Closing Date and the Additional Closing Date, as the case may be; (ii) to the Company&#146;s knowledge, no order suspending the qualification or registration of the Shares under the securities or Blue Sky laws of any jurisdiction shall be in effect and no proceeding for such purpose shall be pending or threatened or contemplated by the authorities of any jurisdiction; and (iii) all of the representations and warranties of the Company contained in this Agreement shall be true and correct in all material respects (except for such representations and warranties qualified by materiality, which representations and warranties shall be true and correct in all respects) on and as of the date hereof and on and as of the Closing Date and the Additional Closing Date, as the case may be, as if made on and as of the Closing Date and the Additional Closing Date, as the case may be, and you shall have received a certificate, dated the Closing Date and the Additional Closing Date, as the case may be, and signed by the chief executive officer and the chief financial officer of the Company (or such other officers as are acceptable to you) to the effect set forth in this Section 9(i) and in Section 9(b) (other than clause (v) thereof and only as it relates to the Company) hereof.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:98.867px; font-size:12pt">(j)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:147.4px; font-size:12pt">The Company shall not have failed in any material respect at or prior to the Closing Date or the Additional Closing Date, as the case may be, to have performed or complied with any of its agreements herein contained and required to be performed or complied with by it hereunder at or prior to the Closing Date.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:99px; font-size:12pt">(k)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:147.4px; font-size:12pt">At or prior to the Closing Date, you shall have received the written Lock-Up Agreements from each of the persons listed in Schedule III. &nbsp;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:98.867px; font-size:12pt">(l)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">No amendments or modifications shall have been made to the Transaction Agreement since the date hereof unless the Underwriters have been provided with prior notice of such amendments or modifications, which notice shall include a written copy of the proposed amendments or modifications.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:50.6px; font-size:12pt">All such opinions, certificates, letters and other documents will be in compliance with the provisions hereof only if they are reasonably satisfactory in form and substance to you and your counsel.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:50.6px; font-size:12pt">If any of the conditions hereinabove provided for in this Section 9 shall not have been satisfied when and as required by this Agreement, this Agreement may be terminated by you by notifying the Company and Iridium of such termination in writing or by telegram at or prior to such Closing Date, but you shall be entitled to waive any of such conditions.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:50.6px; font-size:12pt">10.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt"><U>Effective Date of Agreement</U>. &nbsp;This Agreement shall become effective upon the execution and delivery hereof by the parties hereto. </P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:50.6px; font-size:12pt; page-break-before:always">11.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt"><U>Defaulting Underwriters</U>. &nbsp;If any one or more of the Underwriters shall fail or refuse to purchase Firm Shares that it or they have agreed to purchase hereunder, and the aggregate number of Firm Shares that such defaulting Underwriter or Underwriters agreed but failed or refused to purchase is not more than one-tenth of the aggregate number of the Firm Shares, each non-defaulting Underwriter shall be obligated, severally, in the proportion in which the number of Firm Shares set forth opposite its name in Schedule I hereto bears to the aggregate number of Firm Shares set forth opposite the names of all non-defaulting Underwriters or in such other proportion as you may specify in the Master Agreement Among Underwriters, to purchase the Firm Shares that such defaulting Underwriter or Underwriters agreed, but failed or refused to purchase. &nbsp;If any Underwriter or Underwriters shall fail or refuse to purchase Firm Shares and the aggregate number of Firm Shares with respect to which such default occurs is more than one-tenth of the aggregate number of Firm Shares and arrangements satisfactory to you and the Company for the purchase of such Firm Shares are not made within 48 hours after such default, this Agreement will terminate without liability on the part of any non-defaulting Underwriter or the Company. In any such case that does not result in termination of this Agreement, either you or the Company shall have the right to postpone the Closing Date, but in no event for longer than seven days, in order that the required changes, if any, in the Registration Statement, the Time of Sale Information and the Prospectus or any other documents or arrangements may be effected. &nbsp;Any action taken under this paragraph shall not relieve any defaulting Underwriter from liability in respect of any such default of any such Underwriter under this Agreement.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:50.6px; font-size:12pt">12.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt"><U>Termination of Agreement</U>. &nbsp;Notwithstanding anything to the contrary herein, the Company shall have no obligation to sell, and the Underwriters shall have no obligation to purchase, the Shares under this Agreement until the consummation of the Acquisition, and this Agreement shall terminate if the Acquisition shall not be consummated within 30 days after the date of this Agreement. In addition, this Agreement shall be subject to termination in your absolute discretion, without liability on the part of any Underwriter to the Company by notice to the Company, if prior to the Closing Date, in your sole judgment, (i) trading in the Company&#146;s Common Stock shall have been suspended by the Commission or the national securities exchange on which the Common Stock is then traded, (ii) trading in securities generally the national securities exchange on which the Common Stock is then traded shall have been suspended or materially limited, or minimum or maximum prices shall have been generally established on such exchange, or additional material governmental restrictions, not in force on the date of this Agreement, shall have been imposed upon trading in securities generally by any such exchange or by order of the Commission or any court or other governmental authority, (iii) a general moratorium on commercial banking activities shall have been declared by either federal or New York State authorities, (iv) any downgrading shall have occurred in the rating accorded the Company&#146;s debt securities by any &#147;nationally recognized statistical rating organization,&#148; as that term is defined by the Commission for purposes of Rule 436(g)(2) under the Act, (v) any such organization shall have publicly announced that it has under surveillance or review, with possible negative implications, its rating of any of the Company&#146;s debt securities or (vi) there shall have occurred any outbreak or escalation of hostilities or other international or domestic calamity, crisis or change in political, financial or economic conditions or other material event the effect of which on the financial markets of the United States is such as to make it, in your judgment, impracticable or inadvisable to market the Shares or to enforce contracts for the sale of the Shares. &nbsp;Notice of such cancellation shall be promptly given to the </P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt; page-break-before:always">Company, Iridium and their counsel by telecopy or telephone and shall be subsequently confirmed by letter. &nbsp;If this Agreement is terminated pursuant to this Section 12<A NAME="_DV_M267"></A>, the Company and Iridium shall not have any liability to any Underwriter except as provided in Section 8 hereof.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:50.6px; font-size:12pt">13.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt"><U>Trust Account Waiver Acknowledgment</U>. &nbsp;Notwithstanding anything to the contrary in this Agreement, the Underwriters acknowledge that they do not have, directly or indirectly, any right, title, interest or claim of any kind in or to any monies in the trust account established by the Company in connection with the consummation of its initial public offering and into which the Company deposited a designated portion of the net proceeds from the initial public offering (the &#147;Trust Account&#148;) and waive any such claim they may have in the future as a result of, or arising out of, this Agreement or any negotiations, contracts or agreements with the Company or any of its affiliates or representatives and will not seek recourse, directly or indirectly, against the Trust Account for any reason whatsoever.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:50.6px; font-size:12pt">14.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt"><U>Free Writing Prospectuses</U>. &nbsp;The Underwriters and Iridium covenant and agree with the Company that they will not make any offer relating to the Common Stock that constitutes or would constitute a free writing prospectus (as defined in Rule 405 of the Act) or a portion thereof required to be filed by the Company with the Commission or retained by the Company under Rule 433 of the Act. </P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:50.867px; font-size:12pt">15.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:99px; font-size:12pt"><U>Miscellaneous</U>. &nbsp;Except as otherwise provided in Sections 5 and 12 hereof, notice given pursuant to any of the provisions of this Agreement shall be in writing and shall be delivered</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:53.733px; text-indent:42.267px; font-size:12pt">(i)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:53.733px; text-indent:90.267px; font-size:12pt">to the Company</P>
<P style="line-height:14pt; margin:0px; padding-left:54px; text-indent:90px; font-size:12pt">GHL Acquisition Corp.</P>
<P style="line-height:14pt; margin:0px; padding-left:54px; text-indent:90px; font-size:12pt">300 Park Avenue, 23rd Floor</P>
<P style="line-height:14pt; margin:0px; padding-left:54px; text-indent:90px; font-size:12pt">New York, NY 10022</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:53.733px; text-indent:90.267px; font-size:12pt">Attention: &nbsp;Robert H. Niehaus, Chief Executive Officer</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:53.733px; text-indent:90.267px; font-size:12pt">with a copy to</P>
<P style="line-height:14pt; margin:0px; padding-left:54px; text-indent:90px; font-size:12pt">Davis Polk &amp; Wardwell LLP</P>
<P style="line-height:14pt; margin:0px; padding-left:54px; text-indent:90px; font-size:12pt">450 Lexington Avenue</P>
<P style="line-height:14pt; margin:0px; padding-left:54px; text-indent:90px; font-size:12pt">New York, NY 10017</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:53.733px; text-indent:90.267px; font-size:12pt">Attention: &nbsp;Deanna L. Kirkpatrick</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:53.733px; text-indent:42.267px; font-size:12pt">(ii)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:53.733px; text-indent:90.267px; font-size:12pt">to Iridium</P>
<P style="line-height:14pt; margin:0px; padding-left:54px; text-indent:90px; font-size:12pt">Iridium Holdings LLC</P>
<P style="line-height:14pt; margin:0px; padding-left:54px; text-indent:90px; font-size:12pt">6707 Democracy Blvd, Suite 300</P>
<P style="line-height:14pt; margin:0px; padding-left:54px; text-indent:90px; font-size:12pt">Bethesda, MD &nbsp;20817</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:53.733px; text-indent:90.267px; font-size:12pt">Attention: &nbsp;John Brunette</P>
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<P style="line-height:14pt; margin:0px; font-size:12pt" align=center>- 30 -</P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:53.733px; text-indent:90.267px; font-size:12pt; page-break-before:always">With a copy to</P>
<P style="line-height:14pt; margin:0px; padding-left:54px; text-indent:90px; font-size:12pt">Simpson Thacher &amp; Bartlett LLP</P>
<P style="line-height:14pt; margin:0px; padding-left:54px; text-indent:90px; font-size:12pt">425 Lexington Avenue</P>
<P style="line-height:14pt; margin:0px; padding-left:54px; text-indent:90px; font-size:12pt">New York, NY 10017-3954</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:53.733px; text-indent:90.267px; font-size:12pt">Attention: &nbsp;Kenneth B. Wallach</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:53.733px; text-indent:42.267px; font-size:12pt">(iii)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:53.733px; text-indent:90.267px; font-size:12pt">to the Underwriters</P>
<P style="line-height:14pt; margin:0px; padding-left:54px; text-indent:90px; font-size:12pt">Raymond James &amp; Associates, Inc.</P>
<P style="line-height:14pt; margin:0px; padding-left:54px; text-indent:90px; font-size:12pt">880 Carillon Parkway</P>
<P style="line-height:14pt; margin:0px; padding-left:54px; text-indent:90px; font-size:12pt">St. Petersburg, FL &nbsp;33716</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:53.733px; text-indent:90.267px; font-size:12pt">Attention: &nbsp;Scott Cook</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:53.733px; text-indent:90.267px; font-size:12pt">with a copy to</P>
<P style="line-height:14pt; margin:0px; padding-left:53.733px; text-indent:90.267px; font-size:12pt">Morrison&nbsp;&amp; Foerster LLP</P>
<P style="line-height:14pt; margin:0px; padding-left:53.733px; text-indent:90.267px; font-size:12pt">1290 Avenue of the Americas</P>
<P style="line-height:14pt; margin:0px; padding-left:53.733px; text-indent:90.267px; font-size:12pt">New York, NY &nbsp;10104-0050</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:53.733px; text-indent:90.267px; font-size:12pt">Attention: &nbsp;Anna T. Pinedo</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:50.6px; font-size:12pt">This Agreement has been and is made solely for the benefit of the several Underwriters, the Company, Iridium and their respective directors and officers and controlling persons. </P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:50.6px; font-size:12pt">In all dealings hereunder, you shall act on behalf of each of the Underwriters, and the parties hereto shall be entitled to act and rely upon any statement, request, notice or agreement on behalf of any Underwriter made or given by you. Time shall be of the essence of this Agreement. &nbsp;As used herein, the term &#147;business day&#148; shall mean any day when the Commission&#146;s office in Washington, D.C. is open for business.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:50.6px; font-size:12pt">16.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:99px; font-size:12pt"><U>Applicable Law; Counterparts</U>. &nbsp;This Agreement shall be governed by and construed in accordance with the laws of the State of New York.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:50.6px; font-size:12pt">This Agreement may be signed in various counterparts, which together shall constitute one and the same instrument.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:50.6px; font-size:12pt">This Agreement shall be effective when, but only when, at least one counterpart hereof shall have been executed on behalf of each party hereto.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:50.6px; font-size:12pt">The Company, Iridium and the Underwriters each hereby irrevocably waive any right they may have to a trial by jury in respect to any claim based upon or arising out of this Agreement or the transactions contemplated hereby.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:50.867px; font-size:12pt">17.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt"><U>Iridium Liability</U>. &nbsp;Notwithstanding any of the foregoing provisions of this Agreement, Iridium will not have any liability under, with respect to or arising out of, any provision of this Agreement unless and until the Acquisition has been consummated in accordance with the provisions of the Transaction Agreement. &nbsp;</P>
<P style="margin-top:0px; margin-bottom:16px"><BR>
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<P style="line-height:14pt; margin:0px; font-size:12pt" align=center>- 31 -</P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:50.6px; font-size:12pt; page-break-before:always">18.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt"><U>No Fiduciary Relationship</U>. &nbsp;The Company and Iridium hereby acknowledge that the Underwriters are acting solely as underwriters in connection with the purchase and sale of the Shares. &nbsp;The Company and Iridium further acknowledge that the Underwriters are acting pursuant to a contractual relationship created solely by this Agreement entered into on an arm&#146;s length basis, and in no event do the parties intend that the Underwriters act or be responsible as a fiduciary to the Company, their respective management, stockholders or creditors or any other person in connection with any activity that the Underwriters may undertake or have undertaken in furtherance of the purchase and sale of the Shares, either before or after the date hereof. &nbsp;The Underwriters hereby expressly disclaim any fiduciary or similar obligations to the Company or Iridium, either in connection with the transactions contemplated by this Agreement or any matters leading up to such transactions, and the Company and Iridium hereby confirm their understanding and agreement to that effect. &nbsp;The Company, Iridium and the Underwriters agree that they are each responsible for making their own independent judgments with respect to any such transactions and that any opinions or views expressed by the Underwriters to the Company and Iridium regarding such transactions, including, but not limited to, any opinions or views with respect to the price or market for the Shares, do not constitute advice or recommendations to the Company or Iridium. &nbsp;The Company and Iridium hereby waive and release, to the fullest extent permitted by law, any claims that they may have against the Underwriters with respect to any breach or alleged breach of any fiduciary or similar duty to the Company and Iridium in connection with the transactions contemplated by this Agreement or any matters leading up to such transactions. &nbsp;The Company and Iridium hereby acknowledge that each of the Underwriters is a full service securities firm and as such from time to time, subject to applicable securities laws, may effect transactions for its own account or the account of its customers and hold long or short positions in debt or equity securities of the companies that may be the subject of the transactions contemplated by this Agreement.</P>
<P style="margin:0px"><BR></P>
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<P style="line-height:14pt; margin:0px; font-size:12pt" align=center>- 32 -</P>
<P style="line-height:10pt; margin:0px"><BR></P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:49.133px; font-size:12pt; page-break-before:always">Please confirm that the foregoing correctly sets forth the agreement among the Company, Iridium and the several Underwriters.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:32px; padding-left:279.333px; font-size:12pt" align=justify>Very truly yours,</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:48px; padding-left:278.4px; font-size:12pt" align=justify>GHL ACQUISITION CORP.</P>
<P style="line-height:14pt; margin:0px; text-indent:278.533px; font-size:12pt" align=justify><B><U>/s/ &nbsp;Robert H. Niehaus&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:288px; font-size:12pt" align=justify>Chief Executive Officer</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:48px; padding-left:278.4px; font-size:12pt" align=justify>IRIDIUM HOLDINGS LLC</P>
<P style="line-height:14pt; margin:0px; text-indent:278.533px; font-size:12pt" align=justify><B><U>/s/ &nbsp;Matthew J. Desch&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:288px; font-size:12pt" align=justify>Chief Executive Officer</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>CONFIRMED as of the date first above </P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>mentioned, on behalf of the Representatives </P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>and the other several Underwriters named in </P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=justify>Schedule I hereto.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:48px; font-size:12pt" align=justify>RAYMOND JAMES &amp; ASSOCIATES, INC.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-size:12pt" align=justify>By:</P>
<P style="line-height:14pt; margin:0px; text-indent:48px; font-size:12pt" align=justify><U>/s/ &nbsp;Kenneth M. Nelson&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:32px; padding-left:24.933px; text-indent:23.067px; font-size:12pt" align=justify>Authorized Representative</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:48px; font-size:12pt" align=justify>RBC CAPITAL MARKETS CORPORATION</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-size:12pt" align=justify>By:</P>
<P style="line-height:14pt; margin:0px; text-indent:48px; font-size:12pt" align=justify><U>Lance Tupper by /s/ Chad Hazelton&nbsp;&nbsp;&nbsp;</U></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:32px; padding-left:24.933px; text-indent:23.067px; font-size:12pt" align=justify>Authorized Representative</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:48px; font-size:12pt" align=justify>STIFEL, NICOLAUS &amp; COMPANY, INCORPORATED</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-size:12pt" align=justify>By:</P>
<P style="line-height:14pt; margin:0px; text-indent:48px; font-size:12pt" align=justify><U>/s/ Frank Gallagher&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P style="line-height:14pt; margin:0px; padding-left:24.933px; text-indent:23.067px; font-size:12pt" align=justify>Authorized Representative</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
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<DOCUMENT>
<TYPE>EX-3.(I)
<SEQUENCE>3
<FILENAME>exhibit31.htm
<DESCRIPTION>EXHIBIT 3.1 - CERTIFICATE OF INCORPORATION
<TEXT>
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<DIV style="width:528px"><P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=right>Exhibit 3.1</P>
<P style="margin-top:0px; margin-bottom:16px" align=center><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=center><B>AMENDED AND RESTATED CERTIFICATE OF INCORPORATION</B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=center><B>OF</B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=center><B>GHL ACQUISITION CORP.</B></P>
<P style="margin-top:0px; margin-bottom:16px" align=center><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt">GHL Acquisition Corp., a corporation organized and existing under the laws of the State of Delaware (hereinafter the &#147;Corporation&#148;), hereby certifies as follows:</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:48px; font-size:12pt">1. &nbsp;The name of the Corporation is GHL Acquisition Corp. &nbsp;A Certificate of Incorporation was filed with the Secretary of State of the State of Delaware on November 2, 2007 under the name &#147;GHL Acquisition Corp.&#148;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:48px; font-size:12pt">2. &nbsp;This Amended and Restated Certificate of Incorporation has been duly adopted by the board of directors of the Corporation (the &#147;<U>Board of Directors</U>&#148;) and by the stockholders of the Corporation in accordance with Sections 228, 242 and 245 of the Delaware General Corporation Law, as amended (&#147;<U>DGCL</U>&#148;), and amends and restates the provisions of the existing Amended and Restated Certificate of Incorporation of the Corporation.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:48px; font-size:12pt">3. &nbsp;The text of the Amended and Restated Certificate of Incorporation of the Corporation is hereby amended and restated in its entirety to read as follows:</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=center>ARTICLE ONE</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt">The name of the corporation is Iridium Communications Inc.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=center>ARTICLE TWO</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt">The registered office and registered agent of the Corporation is The Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=center>ARTICLE THREE</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt">The purpose of the Corporation is to engage in any lawful act or activity for which corporations may be organized under the DGCL.</P>
<P style="margin-top:0px; margin-bottom:16px" align=center><BR>
<BR></P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt; page-break-before:always" align=center>ARTICLE FOUR</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=center>A.&#160;&#160;AUTHORIZED SHARES</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt">The total number of shares of capital stock which the Corporation has authority to issue is 302,000,000 shares, consisting of:</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:48px; font-size:12pt">(A)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:96px; font-size:12pt">2,000,000 shares of Preferred Stock, par value $0.0001 per share (&#147;<U>Preferred Stock</U>&#148;); and</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:48px; font-size:12pt">(B)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:96px; font-size:12pt">300,000,000 shares of Common Stock, par value $0.001 per share (&#147;<U>Common Stock</U>&#148;).</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=center>B.&#160;&#160;PREFERRED STOCK</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt">The board of directors of the Corporation (the &#147;<U>Board of Directors</U>&#148;) is expressly authorized to provide for the classification and reclassification of any unissued shares of Preferred Stock and the issuance thereof in one or more classes or series without the approval of the stockholders of the Corporation. &nbsp;The stockholders of the Corporation may increase or decrease (but not below the number of shares of any class or classes then outstanding) the number of authorized shares of any such class or classes of stock by the affirmative approval of a majority of the stockholders entitled to vote thereon irrespective of the provisions of Section 242(b)(2) of the DGCL (or any successor provision thereto), including by a resolution of such stockholders, and no vote of the holders of Common Stock or Preferred Stock voting separately as a class shall be required therefore.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt">The Preferred Stock may be issued from time to time in one or more series, with such distinctive serial designations as may be stated or expressed in the resolution or resolutions providing for the issue of such stock adopted from time to time by the Board of Directors; and in such resolution or resolutions providing for the issuance of shares of each particular series, the Board of Directors is also expressly authorized to fix the right to vote, if any; the consideration for which the shares of such series are to be issued; the number of shares constituting such series, which number may be increased (except as otherwise fixed by the Board of Directors) or decreased (but not below the number of shares thereof then outstanding) from time to time by action of the Board of Directors; the rate of dividends upon which and the times at which dividends on shares of such series shall be payable, including a rate payable in shares of Preferred Stock, and the preference, if any, which such dividends shall have relative to dividends on shares of any other class or classes or any other series of capital stock of the Corporation; whether such dividends shall be cumulative or noncumulative, and if cumulative; the date or dates from which dividends on shares of such series shall be cumulative, the rights, if any, which</P>
<P style="margin-top:0px; margin-bottom:16px"><BR>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt; page-break-before:always">the holders of shares of such series shall have in the event of any voluntary or involuntary liquidation, merger, consolidation, distribution or sale of assets, dissolution or winding up of the affairs of the Corporation; the rights, if any, which the holders of shares of such series shall have to convert such shares into or exchange such shares for shares of any other class or classes or any other series of capital stock of the Corporation or for any debt securities of the Corporation and the terms and conditions, including price and rate of exchange, of such conversion or exchange; whether shares of such series shall be subject to redemption, and the redemption price or prices and other terms of redemption, if any, for shares of such series including, without limitation, a redemption price or prices payable in shares of Common Stock; the terms and amounts of any sinking fund for the purchase or redemption of shares of such series; and any and all other powers, preferences and relative, participating, optional or other special rights and qualifications, limitations or restrictions thereof pertaining to shares of such series permitted by law.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=center>C.&#160;&#160;COMMON STOCK</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt">Except as otherwise required by applicable law, all shares of Common Stock shall be identical in all respects and shall entitle the holders thereof to the same rights and privileges, subject to the same qualifications, limitations and restrictions.</P>
<P style="line-height:14pt; margin-top:16px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">Section 1.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:4px; text-indent:192px; font-size:12pt"><U>Voting Rights</U>. &nbsp;Except as otherwise required by applicable law, holders of Common Stock, voting together as if a single class, shall be entitled to one vote per share on all matters to be voted on by the Corporation&#146;s stockholders. &nbsp;Except as otherwise provided by law, the Common Stock, together as if a single class, shall possess full and complete voting power for the election of members of the Board of Directors.</P>
<P style="line-height:14pt; margin-top:16px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">Section 2.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:192px; font-size:12pt"><U>Dividends</U>. &nbsp;Subject to applicable law and the rights, if any, of the holders of any outstanding series of Preferred Stock or any class or series of stock having a preference over or the right to participate with the Common Stock with respect to the payment of dividends, dividends may be declared and paid on the Common Stock at such times and in such amounts as the Board of Directors in its discretion shall determine. &nbsp;Dividends shall be payable only as and when declared by the Board of Directors.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=center>ARTICLE FIVE</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt">The Corporation is to have perpetual existence.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=center>ARTICLE SIX</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt">In furtherance and not in limitation of the powers conferred by statute, the Board of Directors, acting by majority vote, is expressly authorized to make, adopt, alter, amend or repeal the by-laws of the Corporation, except as may be otherwise provided in the by-laws of the Corporation.</P>
<P style="margin-top:0px; margin-bottom:16px" align=center><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt; page-break-before:always" align=center>ARTICLE SEVEN</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt">Meetings of stockholders may be held within or without the State of Delaware, as the by-laws of the Corporation may provide. &nbsp;The books of the Corporation may be kept outside the State of Delaware at such place or places as may be designated from time to time by the Board of Directors or in the by-laws of the Corporation. &nbsp;Election of directors of the Corporation need not be by written ballot unless the by-laws of the Corporation so provide. &nbsp;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=center>ARTICLE EIGHT</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:48px; font-size:12pt">Any action required or permitted to be taken at any annual or special meeting of stockholders may be taken only upon the vote of stockholders at an annual or special meeting duly noticed and called in accordance with the DGCL, and may not be taken by written consent of stockholders without a meeting.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=center>ARTICLE NINE</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:48px; font-size:12pt">Special meetings of the stockholders may be called by the Board of Directors and the Chairman of the Board of Directors in accordance with the by-laws of the Corporation and may not be called by any other person.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=center>ARTICLE TEN</P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:16px; text-indent:96px; font-size:12pt">The business and affairs of the Corporation shall be managed by or under the direction of a Board of Directors consisting of not less than 3 and not more than 11 directors. &nbsp;The exact number of directors within such minimum and maximum shall be fixed solely by the Board of Directors. &nbsp;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=center>ARTICLE ELEVEN</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt"><U>Section 1.</U> &nbsp;&nbsp;<U>Limitation on Liability of Directors</U>. &nbsp;The directors of the Corporation shall be entitled to the benefits of all limitations on the liability of directors generally that are now or hereafter become available under the DGCL. Without limiting the generality of the foregoing, no director of the Corporation shall be liable to the Corporation or its stockholders for monetary damages for breach of fiduciary duty as a director, except for liability (i) for any breach of the director&#146;s duty of loyalty to the Corporation or its stockholders, (ii) for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, (iii) under Section 174 of the DGCL or (iv) for any transaction from which the director derived an improper personal benefit.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt"><U>Section 2.</U> &nbsp;&nbsp;<U>Right of Directors and Officers To Indemnity From the Corporation</U>. &nbsp;The Corporation shall indemnify, in a manner and to the fullest extent permitted by the DGCL, each person who is or was a party to or subject to, or is threatened to be made a party to or to be the subject of, any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative in nature (including any legislative or self-</P>
<P style="margin-top:0px; margin-bottom:16px"><BR>
<BR></P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt; page-break-before:always">regulatory proceeding), by reason of the fact that he or she is or was, or had agreed to become or is alleged to have been, a director or officer of the Corporation or is or was serving, or had agreed to serve or is alleged to have served, at the request of or to further the interests of the Corporation as a director, officer, manager, partner or trustee of, or in a similar capacity for, another corporation or any limited liability company, partnership, joint venture, trust or other enterprise, including any employee benefit plan of the Corporation or of any of its affiliates (any such person being sometimes referred to hereafter as an &#147;<U>Indemnitee</U>&#148;), or by reason of any action taken or omitted or alleged to have been taken or omitted by an Indemnitee in any such capacity, against, in the case of any action, suit or proceeding other than an action or suit by or in the right of the Corporation, all expenses (including court costs and attorneys&#146; fees) and amounts paid in settlement actually and reasonably incurred by him or her or on his or her behalf and all judgments, damages, fines, penalties and other liabilities actually sustained by him or her in connection with such action, suit or proceeding and any appeal therefrom and, in the case of an action or suit by or in the right of the Corporation, against all expenses and amounts paid in settlement actually and reasonably incurred by him or her in connection with such action or suit, if he or she acted in good faith and in a manner he or she reasonably believed to be in, or not opposed to, the best interests of the Corporation and, with respect to any criminal action or proceeding, without reasonable cause to believe that his or her conduct was unlawful; <U>provided</U>, <U>however</U>, that in an action by or in the right of the Corporation no indemnification shall be made in respect of any claim, issue or matter as to which such person shall have been adjudged to be liable to the Corporation unless, and then only to the extent that, the Court of Chancery of Delaware or the court in which such action or suit was brought shall determine upon application that, despite the adjudication of such liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity against such expenses or amounts paid in settlement as the Court of Chancery of Delaware or such other court shall deem proper. &nbsp;The termination of any action, suit or proceeding by judgment, order, settlement, conviction or upon a plea of nolo contendere or its equivalent shall not, of itself, create a presumption that the person did not act in good faith and in a manner which he or she reasonably believed to be in, or not opposed to, the best interests of the Corporation and, with respect to any criminal action or proceeding, without reasonable cause to believe that his or her conduct was unlawful. &nbsp;With respect to service by an Indemnitee on behalf of any employee benefit plan of the Corporation or any of its affiliates, action in good faith in what the Indemnitee reasonably believed to be the best interest of the beneficiaries of the plan shall be considered to be in or not opposed to the best interests of the Corporation. &nbsp;The Corporation shall indemnify an Indemnitee for expenses (including attorneys&#146; fees) reasonably incurred by the Indemnitee in connection with a proceeding successfully establishing his or her right to indemnification, in whole or in part, pursuant to this Article. &nbsp;However, notwithstanding anything to the contrary in this Article, the Corporation shall not be required to indemnify an Indemnitee against expenses incurred in connection with a proceeding (or part thereof) </P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt; page-break-before:always">initiated by the Indemnitee against the Corporation or any other person who is an Indemnitee unless the initiation of the proceeding was approved by the Board of Directors of the Corporation, which approval shall not be unreasonably withheld.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt"><U>Section 3.</U> &nbsp;&nbsp;<U>Advancement of Expenses</U>. &nbsp;Subject to the provisions of the last sentence of Section 2 of this Article, any advancement by the Corporation against expenses in advance of the final disposition of the proceeding shall be provided in accordance with the by-laws of the Corporation then in effect.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt"><U>Section 4.</U> &nbsp;&nbsp;<U>Procedural Matters</U>. &nbsp;The right to indemnification and advancement of expenses provided by this Article shall continue as to any person who formerly was an officer or director of the Corporation in respect of acts or omissions occurring or alleged to have occurred while he or she was an officer or director of the Corporation and shall inure to the benefit of the estate, heirs, executors and administrators of the Indemnitees. &nbsp;Unless otherwise required by law, the burden of proving that the Indemnitee is not entitled to indemnification or advancement of expenses under this Article shall be on the Corporation. &nbsp;The Corporation may, by provisions in its by-laws or by agreement with one or more Indemnitees, establish procedures for the application of the foregoing provisions of this Article, including a provision defining terms used in this Article. &nbsp;The right of an Indemnitee to indemnification or advances as granted by this Article shall be a contractual obligation of the Corporation and, as such, shall be enforceable by the Indemnitee in any court of competent jurisdiction.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt"><U>Section 5.</U> &nbsp;&nbsp;<U>Amendment</U>. &nbsp;No amendment, termination or repeal of this Article or of the relevant provisions of the DGCL or any other applicable laws shall affect or diminish in any way the rights of any Indemnitee to indemnification under the provisions hereof with respect to any action, suit, proceeding or investigation arising out of or relating to any actions, transactions or facts occurring prior to the final adoption of such amendment, termination or repeal.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt"><U>Section 6.</U> &nbsp;&nbsp;<U>Other Rights to Indemnity</U>. &nbsp;The indemnification and advancement of expenses provided by this Article shall not be exclusive of any other rights to which an Indemnitee seeking indemnification or advancement of expenses may be entitled under any law (common or statutory), agreement, vote of stockholders or action of the Board of Directors or otherwise, both as to action in his or her official capacity and as to action in any other capacity while holding office for the Corporation, and nothing contained in this Article shall be deemed to prohibit the Corporation from entering into agreements with officers and directors providing indemnification rights and procedures different from those set forth in this Article.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt"><U>Section 7.</U> &nbsp;&nbsp;<U>Other Indemnification and Advancement of Expenses</U>. In addition to indemnification by the Corporation of current and former officers and directors and advancement of expenses by the Corporation to current and former officers and directors as permitted by the foregoing provisions of this </P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt; page-break-before:always">Article, the Corporation may, by action of the Board of Directors, provide indemnification to such of the employees and agents of the Corporation to such extent and to such effect as the Board of Directors shall determine to be appropriate and authorized by the DGCL.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt"><U>Section 8.</U> &nbsp;&nbsp;<U>Insurance</U>. &nbsp;The Corporation may purchase and maintain insurance, at its expense, to protect itself and any current or former director, officer, employee or agent of the Corporation or of another corporation or a limited liability company, partnership, joint venture, trust or other enterprise (including any employee benefit plan) in which the Corporation has an interest against any expense, liability or loss incurred by the Corporation or such person in his or her capacity as such, or arising out of his or her status as such, whether or not the Corporation would have the power to indemnify such person against such liability under the DGCL.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=center>ARTICLE TWELVE</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt"><U>Section 1.</U> &nbsp;&nbsp;<U>Restrictions on Stock Ownership and Transfer</U>. &nbsp;As contemplated by this <A NAME="_DV_M228"></A>Article, the Corporation may restrict the ownership, or proposed ownership, of Common Stock or Preferred Stock of the Corporation by any person if such ownership or proposed ownership (i) is or could be inconsistent with, or in violation of, any provision of the Federal Communications Laws (as hereinafter defined); (ii) limits or impairs or could limit or impair any business activities or proposed business activities of the Corporation under the Federal Communications Laws; or (iii) subjects or could subject the Corporation to any law, regulation or policy under the Federal Communications Laws to which the Corporation would not be subject but for such ownership or proposed ownership (clauses (i), <A NAME="_DV_M229"></A>(ii) and (iii) collectively, &#147;<U>FCC Regulatory Limitations</U>&#148;). For purposes of this <A NAME="_DV_M230"></A>Article, the term &#147;<U>Federal Communications Laws</U>&#148; shall mean<A NAME="_DV_M231"></A> the Communications Act of 1934, as amended<A NAME="_DV_M232"></A>, and<A NAME="_DV_C239"></A> the rules,<A NAME="_DV_M233"></A> regulations or policies promulgated thereunde<A NAME="_DV_M234"></A>r.<A NAME="_DV_M235"></A></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt"><U>Section 2.</U> &nbsp;&nbsp;<U>Requests for Information</U>. &nbsp;If the Corporation believes that the ownership or proposed ownership of Common Stock or Preferred Stock of the Corporation by any person may result in an FCC Regulatory Limitation, such person shall furnish promptly to the Corporation such information (including, without limitation, information with respect to citizenship, other ownership interests and affiliations) as the Corporation shall request.<A NAME="_DV_M236"></A></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt"><U>Section 3.</U> &nbsp;&nbsp;<U>Denial of Rights, Refusal to Transfer</U>. &nbsp;If (i) any person from whom information is requested pursuant to <A NAME="_DV_M237"></A>Section 2 of this Article does not provide all the information requested by the Corporation, or (ii) the Corporation shall conclude in i<A NAME="_DV_C241"></A>ts sole discretion that a person&#146;s<A NAME="_DV_M238"></A> ownership or proposed ownership of, or that a person&#146;s exercise of any rights of ownership with respect to the Common Stock or Preferred Stock of the Corporation, results or could result in an FCC Regulatory Limitation, then, in the case of either clause (i) or clause (ii), the Corporation may (a) refuse to permit the transfer of Common </P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt; page-break-before:always">Stock or Preferred Stock of the Corporation to such person, (b) suspend those rights of stock or equity ownership the exercise of which causes or could cause such FCC Regulatory Limitation, (c) redeem the Common Stock or Preferred Stock of the Corporation held by such person in accordance with the terms and conditions set forth herein, and/or exercise any and all appropriate remedies, at law or in equity, in any court of competent jurisdiction, against any such person, with a view towards obtaining such information or preventing or curing any situation which causes or could cause an FCC Regulatory Limitation. &nbsp;Any refusal of transfer or suspension of rights pursuant to<A NAME="_DV_M242"></A> clauses (a) and (b), respectively, of the immediately preceding sentence shall remain in effect until the requested information has been received and the Corporation has determined in its sole discretion that such transfer, or the exercise of such suspended rights, as the case may be, will not result in an FCC Regulatory Limitation.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=center>ARTICLE THIRTEEN</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt">The Corporation expressly elects not to be governed by Section 203 of the DGCL.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=center>ARTICLE FOURTEEN</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt">The Corporation reserves the right to amend, alter, change or repeal any provision contained in this Amended and Restated Certificate of Incorporation in the manner now or hereafter prescribed herein and by the laws of the State of Delaware, and all rights conferred upon stockholders herein are granted subject to this reservation. &nbsp;</P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:24px; text-indent:96px; font-size:12pt; page-break-before:always">IN WITNESS WHEREOF, the undersigned has caused this Amended and Restated Certificate of Incorporation to be executed by Robert H. Niehaus, its chief executive officer, this 29th day of September, 2009.</P>
<P style="line-height:14pt; margin:0px; padding-left:288px; font-size:12pt">GHL Acquisition Corp.</P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:288px; font-size:12pt">By:</P>
<P style="line-height:14pt; margin:0px; padding-left:288px; text-indent:24px; font-size:12pt"><U>&nbsp;&nbsp;/s/ Robert H. Niehaus&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P style="line-height:14pt; margin:0px; padding-left:288px; text-indent:24px; font-size:12pt">Name: Robert H. Niehaus</P>
<P style="line-height:14pt; margin:0px; padding-left:288px; text-indent:24px; font-size:12pt">Title: &nbsp;&nbsp;Chief Executive Officer</P>
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<DOCUMENT>
<TYPE>EX-3.(I)
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<FILENAME>exhibit32.htm
<DESCRIPTION>EXHIBIT 3.2 - AMENDED & RESTATED BYLAWS
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<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; font-size:12pt" align=right><B>Exhibit 3.2</B></P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; font-size:12pt" align=right><B>Adopted as of September 29, 2009</B></P>
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<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>AMENDED &amp; RESTATED BYLAWS</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>OF</B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-family:Times New Roman Bold; font-size:12pt" align=center><B>IRIDIUM COMMUNICATIONS INC.</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>ARTICLE I</B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=center><B>OFFICES</B></P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; text-indent:48px; font-size:12pt">1.1 <U>Registered Office</U>. The registered office of Iridium Communications Inc. (the &#147;<B><I>Corporation</I></B>&#148;) in the State of Delaware shall be established and maintained at 2711 Centerville Road, Suite 400, Wilmington, County of New Castle, Delaware 19808 and Corporation Service Company shall be the registered agent of the Corporation in charge thereof. </P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; text-indent:48px; font-size:12pt">1.2 <U>Other Offices</U>. The Corporation may also have offices at such other places both within and without the State of Delaware as the board of directors of the Corporation (the &#147;<B><I>Board of Directors</I></B>&#148;) may from time to time determine or the business of the Corporation may require.</P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; text-indent:48px; font-size:12pt">1.3 <U>Books</U>. The books of the Corporation may be kept within or without the State of Delaware as the Board of Directors may from time to time determine or the business of the Corporation may require. </P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>ARTICLE II</B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=center><B>MEETINGS OF STOCKHOLDERS</B></P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; text-indent:48px; font-size:12pt">2.1 <U>Place of Meetings</U>. All meetings of the stockholders shall be held at such time and place, either within or without the State of Delaware, as shall be designated from time to time by the Board of Directors and stated in the notice of the meeting or in a duly executed waiver of notice thereof. &nbsp;The Board of Directors may, in its sole discretion, determine that the meeting shall not be held at any place, but may instead be held solely by means of remote communication as provided under the Delaware General Corporation Law (&#147;<B><I>DGCL</I></B>&#148;). &nbsp;</P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; text-indent:48px; font-size:12pt">2.2 <U>Annual Meetings</U>. </P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; text-indent:96px; font-size:12pt">(a) The annual meeting of stockholders shall be held on such date and at such time as may be fixed by the Board of Directors and stated in the notice of the meeting, for the purpose of electing directors and for the transaction of only such other business as is properly brought before the meeting in accordance with these Bylaws (the &#147;<B><I>Bylaws</I></B>&#148;). </P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; text-indent:96px; font-size:12pt">(b) Written notice of an annual meeting stating the place, date and time of the meeting, the means of remote communications, if any, by which stockholders and proxy holders may be deemed to be present in person and vote at such meeting, and the general nature of the</P>
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<P style="line-height:14pt; margin:0px; text-indent:310px; font-size:12pt">1</P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt">business to be considered, shall be given to each stockholder entitled to vote at such meeting at his or her or its address as it appears on the records of the Corporation not less than ten (10) nor more than sixty (60) days before the date fixed for the annual meeting. </P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt">(c) Nominations of persons for election to the Board of Directors of the Corporation and the proposal of business to be considered by the stockholders may be made at an annual meeting of stockholders: (i) pursuant to the Corporation&#146;s notice of meeting of stockholders (with respect to business other than nominations); (ii) brought specifically by or at the direction of the Board of Directors; or (iii) by any stockholder of the Corporation who was a stockholder of record at the time of giving the stockholder&#146;s notice provided for in Section 2.2(d) below, who is entitled to vote at the meeting and who complied with the notice procedures set forth in Section 2.2. For the avoidance of doubt, clause (iii) above shall be the exclusive means for a stockholder to make nominations and submit other business (other than matters properly included in the Corporation&#146;s notice of meeting of stockholders and proxy statement under Rule 14a-8 under the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder (the &#147;<B><I>1934 Act</I></B>&#148;)) before an annual meeting of stockholders.</P>
<A NAME="_Toc232565027"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt">(d) At an annual meeting of the stockholders, only such business shall be conducted as is a proper matter for stockholder action under Delaware law and as shall have been properly brought before the meeting. &nbsp;</P>
<A NAME="_Toc232565028"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">(i) For nominations for the election to the Board of Directors to be properly brought before an annual meeting by a stockholder pursuant to clause (iii) of Section&nbsp;2.2(c) of these Bylaws, the stockholder must deliver written notice to the Secretary at the principal executive offices of the Corporation on a timely basis as set forth in Section 2.2(d)(iii) and must update and supplement such written notice on a timely basis as set forth in Section 2.2(e). Such stockholder&#146;s notice shall set forth: &nbsp;(<A NAME="OLE_LINK12"></A>A) as to each nominee such stockholder proposes to nominate at the meeting: (1) the name, age, business address and residence address of such nominee, (2) the principal occupation or employment of such nominee, (3) the class and number of shares of each class of capital stock of the Corporation which are owned of record and beneficially by such nominee, (4) the date or dates on which such shares were acquired and the investment intent of such acquisition, and (5) such other information concerning such nominee as would be required to be disclosed in a proxy statement soliciting proxies for the election of such nominee as a director in an election contest (even if an election contest is not involved), or that is otherwise required to be disclosed pursuant to Section 14 of the 1934 Act and the rules and regulations promulgated thereunder (including such person&#146;s written consent to being named as a nominee and to serving as a director if elected); and (B) the information required by Section 2.2(d)(iv). The Corporation may require any proposed nominee to furnish such other information as it may reasonably require to determine the eligibility of such proposed nominee to serve as an independent director of the Corporation or that could be material to a reasonable stockholder&#146;s understanding of the independence, or lack thereof, of such proposed nominee.</P>
<A NAME="_Toc232565029"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">(ii) Other than proposals sought to be included in the Corporation&#146;s proxy materials pursuant to Rule 14(a)-8 under the 1934 Act, for business other than nominations for the election to the Board of Directors to be properly brought before an annual &nbsp;meeting by a stockholder pursuant to clause (iii) of Section&nbsp;2.2(c) of these Bylaws, the stockholder must deliver written notice to the Secretary at the principal executive offices of the Corporation on a </P>
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<P style="line-height:14pt; margin:0px; text-indent:310px; font-size:12pt">2</P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt">timely basis as set forth in Section 2.2(d)(iii), <A NAME="OLE_LINK4"></A><A NAME="OLE_LINK5"></A>and must update and supplement such written notice on a timely basis as set forth in Section 2.2(e). &nbsp;Such stockholder&#146;s notice shall set forth: &nbsp;(A) as to each matter such stockholder proposes to bring before the meeting, a brief description of the business desired to be brought before the meeting, the reasons for conducting such business at the meeting, and any material interest (including any anticipated benefit of such business to any Proponent (as defined below) other than solely as a result of its ownership of the Corporation&#146;s capital stock, that is material to any Proponent individually, or to the Proponents in the aggregate) in such business of any Proponent; and (B) the information required by Section 2.2(d)(iv). </P>
<A NAME="_Toc232565030"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">(iii) To be timely, the written notice required by Section 2.2(d)(i) or 2.2(d)(ii) must be received by the Secretary at the principal executive offices of the Corporation not later than the close of business on the ninetieth (90<SUP>th</SUP>) day nor earlier than the close of business on the one hundred twentieth (120<SUP>th</SUP>) day prior to the first anniversary of the preceding year&#146;s annual meeting; <I>provided, however,</I> that, subject to the last sentence of this Section 2.2(d)(iii), in the event that the date of the annual meeting is advanced more than thirty (30) days prior to or delayed by more than thirty (30) days after the anniversary of the preceding year&#146;s annual meeting, notice by the stockholder to be timely must be so received not earlier than the close of business on the one hundred twentieth (120<SUP>th</SUP>) day prior to such annual meeting and not later than the close of business on the later of the ninetieth (90<SUP>th</SUP>)<B> </B>day prior to such annual meeting or the tenth (10<SUP>th</SUP>) day following the day on which public announcement of the date of such meeting is first made. For the first annual meeting of stockholders, to be timely, a stockholder&#146;s notice must be delivered to or mailed and received at the principal executive offices of the Corporation no later than the close of business on the tenth (10th) day following the day on which public announcement of the date of the annual meeting of stockholders was first made. In no event shall an adjournment or a postponement of an annual meeting for which notice has been given, or the public announcement thereof has been made, commence a new time period for the giving of a stockholder&#146;s notice as described above.</P>
<A NAME="_Toc232565031"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">(iv) The written notice required by Section 2.2(d)(i) or 2.2(d)(ii) shall also set forth, as of the date of the notice and as to the stockholder giving the notice and the beneficial owner, if any, on whose behalf the nomination or proposal is made (each, a &#147;<B><I>Proponent</I></B>&#148; and collectively, the &#147;<B><I>Proponents</I></B>&#148;): (A) the name and address of each Proponent, as they appear on the Corporation&#146;s books; (B) the class, series and number of shares of the Corporation that are owned beneficially and of record by each Proponent; (C) a description of any agreement, arrangement or understanding (whether oral or in writing) with respect to such nomination or proposal between or among any Proponent and any of its affiliates or associates, and any others (including their names) acting in concert, or otherwise under the agreement, arrangement or understanding, with any of the foregoing; (D) a representation that the Proponents are holders of record or beneficial owners, as the case may be, of shares of the Corporation entitled to vote at the meeting and intend to appear in person or by proxy at the meeting to nominate the person or persons specified in the notice (with respect to a notice under Section 2.2(d)(i)) or to propose the business that is specified in the notice (with respect to a notice under Section 2.2(d)(ii)); (E) a representation as to whether the Proponents intend to deliver a proxy statement and form of proxy to holders of a sufficient number of holders of the Corporation&#146;s voting shares to elect such nominee or nominees (with respect to a notice under Section 2.2(d)(i)) or to carry such proposal (with respect to a notice under Section 2.2(d)(ii)); (F) to the extent known by any </P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt">Proponent, the name and address of any other stockholder supporting the proposal on the date of such stockholder&#146;s notice; and (G) a description of all Derivative Transactions (as defined below) by each Proponent during the previous twelve (12) month period, including the date of the transactions and the class, series and number of securities involved in, and the material economic terms of, such Derivative Transactions.</P>
<A NAME="_Toc232565032"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt">For purposes of Sections 2.2 and 2.3, a &#147;<B><I>Derivative Transaction</I></B>&#148; means any agreement, arrangement, interest or understanding entered into by, or on behalf or for the benefit of, any Proponent or any of its affiliates or associates, whether record or beneficial:</P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:48px; font-size:12pt">the value of which is derived in whole or in part from the value of any class or series of shares or other securities of the Corporation, </P>
<A NAME="_Toc232565034"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; font-size:12pt">(x) </P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:48px; font-size:12pt">which otherwise provides any direct or indirect opportunity to gain or share in any gain derived from a change in the value of securities of the Corporation, </P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:48px; font-size:12pt">the effect or intent of which is to mitigate loss, manage risk or benefit of security value or price changes, or </P>
<A NAME="_Toc232565036"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; font-size:12pt">(z) </P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:48px; font-size:12pt">which provides the right to vote or increase or decrease the voting power of, such Proponent, or any of its affiliates or associates, with respect to any securities of the Corporation, </P>
<A NAME="_Toc232565037"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt">which agreement, arrangement, interest or understanding may include, without limitation, any option, warrant, debt position, note, bond, convertible security, swap, stock appreciation right, short position, profit interest, hedge, right to dividends, voting agreement, performance-related fee or arrangement to borrow or lend shares (whether or not subject to payment, settlement, exercise or conversion in any such class or series), and any proportionate interest of such Proponent in the securities of the Corporation held by any general or limited partnership, or any limited liability company, of which such Proponent is, directly or indirectly, a general partner or managing member.</P>
<A NAME="_Toc232565038"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt">(e) A stockholder providing written notice required by Section 2.2(d)(i) or (ii) shall update and supplement such notice in writing, if necessary, so that the information provided or required to be provided in such notice is true and correct in all material respects as of (i) the record date for the meeting and (ii) the date that is five (5) business days prior to the meeting and, in the event of any adjournment or postponement thereof, five (5) business days prior to such adjourned or postponed meeting. &nbsp;In the case of an update and supplement pursuant to clause (i) of this Section 2.2(e), such update and supplement shall be received by the Secretary at the principal executive offices of the Corporation not later than five (5) business days after the record date for the meeting. &nbsp;In the case of an update and supplement pursuant to clause (ii) of this Section 2.2(e), such update and supplement shall be received by the Secretary at the principal executive offices of the Corporation not later than two (2) business days prior to the date for the meeting, and, in the event of any adjournment or postponement thereof, two (2) business days prior to such adjourned or postponed meeting.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt">(f) &nbsp;Notwithstanding anything in Section 2.2(d)(iii)<B> </B>to the contrary, in the event that the number of directors of the Board of Directors of the Corporation is increased and there is </P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt">no public announcement of the appointment of a director, or, if no appointment was made, of the vacancy, made by the Corporation at least ten (10) days before the last day a stockholder may deliver a notice of nomination in accordance with Section 2.2(d)(iii), a stockholder&#146;s notice required by this Section&nbsp;2.2 and which complies with the requirements in Section 2.2(d)(i), other than the timing requirements in Section 2.2(d)(iii), shall also be considered timely, but only with respect to nominees for any new positions created by such increase, if it shall be received by the Secretary at the principal executive offices of the Corporation not later than the close of business on the tenth (10th) day following the day on which such public announcement is first made by the Corporation.</P>
<A NAME="OLE_LINK8"></A><A NAME="OLE_LINK9"></A><A NAME="_Toc232565041"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt">(g) &nbsp;A person shall not be eligible for election or re-election as a director unless the person is nominated either in accordance with clause (ii) of Section 2.2(c), or in accordance with clause (iii) of Section 2.2(c). &nbsp;Except as otherwise required by law, the chairman of the meeting shall have the power and duty to determine whether a nomination or any business proposed to be brought before the meeting was made, or proposed, as the case may be, in accordance with the procedures set forth in these Bylaws and, if any proposed nomination or business is not in compliance with these Bylaws, or the Proponent does not act in accordance with the representations in Sections 2.2(d)(iv)(D) and 2.2(d)(iv)(E), to declare that such proposal or nomination shall not be presented for stockholder action at the meeting and shall be disregarded, notwithstanding that proxies in respect of such nominations or such business may have been solicited or<A NAME="_DV_M42"></A> received.</P>
<A NAME="OLE_LINK1"></A><A NAME="_Toc232565042"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt">(h) Notwithstanding the foregoing provisions of this Section&nbsp;2.2, in order to include information with respect to a stockholder proposal in the proxy statement and form of proxy for a stockholders&#146; meeting, a stockholder must also comply with all applicable requirements of the 1934 Act and the rules and regulations thereunder. Nothing in these Bylaws shall be deemed to affect any rights of stockholders to request inclusion of proposals in the Corporation&#146;s proxy statement pursuant to Rule 14a-8 under the 1934 Act; <I>provided, however, </I>that any references in these Bylaws to the 1934 Act or the rules and regulations thereunder are not intended to and shall not limit the requirements applicable to proposals and/or nominations to be considered pursuant to Section 2.2(c)(iii) of these Bylaws.</P>
<A NAME="_Toc232565043"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt">(i) For purposes of Sections&nbsp;2.2 and 2.3, </P>
<A NAME="_Toc232565044"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">(i) &#147;<B><I>public announcement</I></B>&#148; shall mean disclosure in a press release reported by the Dow Jones News Service, Associated Press or comparable national news service or in a document publicly filed by the Corporation with the Securities and Exchange Commission pursuant to Section&nbsp;13, 14 or 15(d) of the 1934 Act; and</P>
<A NAME="_Toc232565045"></A><P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; text-indent:144px; font-size:12pt">(ii) &#147;<B><I>affiliates</I></B>&#148; and &#147;<B><I>associates</I></B>&#148; shall have the meanings set forth in Rule 405 under the Securities Act of 1933, as amended (the &#147;<B><I>1933 Act</I></B>&#148;). </P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; text-indent:48px; font-size:12pt">2.3 <U>Special Meetings</U>. </P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; text-indent:96px; font-size:12pt">(a) Special meetings of the stockholders, for any purpose or purposes, unless otherwise prescribed by statute or by the Certificate of Incorporation of the Corporation (as </P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt">amended from time to time, the &#147;<B><I>Certificate of Incorporation</I></B>&#148;), may be called only by a majority of the entire Board of Directors or by the Chairman of the Board of Directors. </P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; text-indent:96px; font-size:12pt">(b) Unless otherwise provided by applicable law, written notice of a special meeting of stockholders, stating the time, place and purpose or purposes thereof and the means of remote communications, if any, by which stockholders and proxy holders may be deemed to be present in person and vote at such meeting, shall be given to each stockholder entitled to vote at such meeting, not less than ten (10) nor more than sixty (60) days before the date fixed for the special meeting. Business transacted at any special meeting of stockholders shall be limited to the purpose or purposes stated in the notice relating thereto.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt">(c) <A NAME="_Toc232565052"></A>Nominations of persons for election to the Board of Directors may be made at a special meeting of stockholders at which directors are to be elected (i) by or at the direction of the Board of Directors or (ii) by any stockholder of the Corporation who is a stockholder of record at the time of giving notice provided for in this paragraph, who shall be entitled to vote at the meeting and who delivers written notice to the Secretary of the Corporation setting forth the information required by Section 2.2(d)(i). In the event the Corporation calls a special meeting of stockholders for the purpose of electing one or more directors to the Board of Directors, any such stockholder of record may nominate a person or persons (as the case may be), for election to such position(s) as specified in the Corporation&#146;s notice of meeting, if written notice setting forth the information required by Section 2.2(d)(i) of these Bylaws shall be received by the Secretary at the principal executive offices of the Corporation not later than the close of business on the later of the ninetieth (90<SUP>th</SUP>) day prior to such meeting or the tenth (10<SUP>th</SUP>) day following the day on which public announcement is first made of the date of the special meeting and of the nominees proposed by the Board of Directors to be elected at such meeting. &nbsp;The stockholder shall also update and supplement such information as required under Section 2.2(e). &nbsp;In no event shall an adjournment or a postponement of a special meeting for which notice has been given, or the public announcement thereof has been made, commence a new time period for the giving of a stockholder&#146;s notice as described above.<A NAME="_Toc232565053"></A></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt">(d) Notwithstanding the foregoing provisions of this Section&nbsp;2.3, a stockholder must also comply with all applicable requirements of the 1934 Act and the rules and regulations thereunder with respect to matters set forth in this Section 2.3. Nothing in these Bylaws shall be deemed to affect any rights of stockholders to request inclusion of proposals in the Corporation&#146;s proxy statement pursuant to Rule 14a-8 under the 1934 Act; <I>provided, however, </I>that any references in these Bylaws to the 1934 Act or the rules and regulations thereunder are not intended to and shall not limit the requirements applicable to nominations for the election to the Board of Directors to be considered pursuant to Section 2.3(c) of these Bylaws.</P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:0px; text-indent:48px; font-size:12pt">2.4 <U>Quorum</U>. Except as otherwise required by law, by the Certificate of Incorporation or by these Bylaws, the presence, in person, by remote communication, if applicable, or by proxy, of stockholders holding a majority of the issued and outstanding stock of the Corporation entitled to vote shall constitute a quorum at all meetings of the stockholders. In case a quorum shall not be present at any meeting, a majority in interest of the stockholders entitled to vote thereat, present in person, by remote communication, if applicable, or by proxy, shall have the power to adjourn the meeting for 30 days or less from time to time, without notice other than announcement at the meeting of the date, time and place of the adjourned meeting, until a </P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt">quorum shall be present or represented. At any such adjourned meeting at which a quorum shall be present or represented, any business may be transacted which might have been transacted at the meeting as originally noticed. If the adjournment is for more than thirty (30) days, or if after the adjournment a new record date is fixed for the adjourned meeting, a notice of the adjourned meeting shall be given to each stockholder entitled to vote at the meeting. </P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; text-indent:48px; font-size:12pt">2.5 <U>Organization</U>. The Chairman of the Board of Directors shall act as chairman of meetings of the stockholders. The Board of Directors may designate any other officer or director of the Corporation to act as chairman of any meeting in the absence of the Chairman of the Board of Directors, and the Board of Directors may further provide for determining who shall act as chairman of any stockholders meeting in the absence of the Chairman of the Board of Directors and such designee. </P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; text-indent:48px; font-size:12pt">The Secretary of the Corporation shall act as secretary of all meetings of the stockholders, but in the absence of the Secretary the presiding officer may appoint any other person to act as secretary of any meeting. </P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; text-indent:48px; font-size:12pt">2.6 <U>Voting</U>. Unless otherwise required by law, the Certificate of Incorporation or these Bylaws, any question (other than the election of directors) brought before any meeting of stockholders shall be decided by the vote of the holders of a majority of the stock represented and entitled to vote thereat. At all meetings of stockholders for the election of directors, a plurality of the votes cast shall be sufficient to elect such directors. Each stockholder represented at a meeting of stockholders shall be entitled to cast one vote for each share of capital stock entitled to vote thereat held by such stockholder, unless otherwise provided by the Certificate of Incorporation. Each stockholder entitled to vote at a meeting of stockholders or to express consent or dissent to corporate action in writing without a meeting may authorize any person or persons to act for such stockholder by proxy. All proxies shall be executed in writing and shall be filed with the Secretary of the Corporation not later than the day on which exercised. No proxy shall be voted or acted upon after three (3) years from its date, unless the proxy provides for a longer period of time. The Board of Directors, in its discretion, or the officer of the Corporation presiding at a meeting of stockholders, in his or her discretion, may require that any votes cast at such meeting shall be cast by written ballot.</P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; text-indent:48px; font-size:12pt">2.7 <U>Voting List</U>. The officer who has charge of the stock ledger of the Corporation shall prepare and make, at least ten (10) days before every meeting of stockholders, a complete list of the stockholders entitled to vote at the meeting, arranged in alphabetical order, showing the address of each stockholder and the number of shares registered in the name of each stockholder. Such list shall be open to the examination of any stockholder, for any purpose germane to the meeting, during ordinary business hours, for a period of at least ten (10) days prior to the meeting, either at a place within the city, town or village where the meeting is to be held, which place shall be specified in the notice of the meeting, or, if not specified, at the place where said meeting is to be held. The list shall be produced and kept at the time and place of meeting during the whole time thereof, and may be inspected by any stockholder of the Corporation who is present. </P>
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<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; text-indent:48px; font-size:12pt">2.8 <U>Stock Ledger</U>. The stock ledger of the Corporation shall be the only evidence as to who are the stockholders entitled to examine the stock ledger, the list required by Section 2.7 or the books of the Corporation, or to vote in person, by remote communication, if applicable, or by proxy at any meeting of stockholders.</P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; text-indent:48px; font-size:12pt">2.9 <U>Adjournment</U>. Any meeting of the stockholders, including one at which directors are to be elected, may be adjourned for such periods as the presiding officer of the meeting or the stockholders present in person, by remote communication, if applicable, or by proxy and entitled to vote shall direct. </P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; text-indent:48px; font-size:12pt">2.10 <U>Ratification</U>. Any transaction questioned in any stockholders&#146; derivative suit, or any other suit to enforce alleged rights of the Corporation or any of its stockholders, on the ground of lack of authority, defective or irregular execution, adverse interest of any director, officer or stockholder, nondisclosure, miscomputation or the application of improper principles or practices of accounting may be approved, ratified and confirmed before or after judgment by the Board of Directors or by the holders of Common Stock and, if so approved, ratified or confirmed, shall have the same force and effect as if the questioned transaction had been originally duly authorized, and said approval, ratification or confirmation shall be binding upon the Corporation and all of its stockholders and shall constitute a bar to any claim or execution of any judgment in respect of such questioned transaction. </P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; text-indent:48px; font-size:12pt">2.11 <U>Inspectors</U>. The election of directors and any other vote by ballot at any meeting of the stockholders shall be supervised by at least one inspector. Such inspectors shall be appointed by the Board of Directors in advance of the meeting. If the inspector so appointed shall refuse to serve or shall not be present, such appointment shall be made by the officer presiding at the meeting. </P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>ARTICLE III</B></P>
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<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; text-indent:48px; font-size:12pt">3.1 <U>Powers; Number; Qualifications</U>. The business and affairs of the Corporation shall be managed by or under the direction of the Board of Directors, except as may be otherwise provided by law or in the Certificate of Incorporation. The number of directors that shall constitute the Board of Directors shall be not less than three (3) nor more than eleven (11). The exact number of directors shall be fixed from time to time, within the limits specified in this Section 3.1 or in the Certificate of Incorporation, by the Board of Directors. Directors need not be stockholders of the Corporation. </P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; text-indent:48px; font-size:12pt">3.2 <U>Election; Term of Office; Resignation; Removal; Vacancies</U>. Each director shall hold office until the next annual meeting of stockholders and until such director&#146;s successor shall be duly elected and shall qualify or until such director&#146;s earlier resignation, removal from office, death or incapacity. Unless otherwise provided in the Certificate of Incorporation, vacancies and newly created directorships resulting from any increase in the authorized number of directors or from any other cause may be filled by a majority of the directors then in office, although less than a quorum, or by a sole remaining director and each director so chosen shall hold office until </P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt">the next annual meeting and until such director&#146;s successor shall be duly elected and shall qualify, or until such director&#146;s earlier resignation, removal from office, death or incapacity.</P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; text-indent:48px; font-size:12pt">3.3 <U>Nominations</U>. Nominations of persons for election to the Board of Directors of the Corporation at a meeting of stockholders of the Corporation may be made only as provided in Sections 2.2(c) and 2.3(c).</P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; text-indent:48px; font-size:12pt">3.4 <U>Meetings</U>. The Board of Directors of the Corporation may hold meetings, both regular and special, either within or without the State of Delaware. The first meeting of each newly elected Board of Directors shall be held immediately after and at the same place as the meeting of the stockholders at which it is elected and no notice of such meeting shall be necessary to the newly elected directors in order to legally constitute the meeting, provided a quorum shall be present. Regular meetings of the Board of Directors may be held without notice at such time and place as shall from time to time be determined by the Board of Directors. Special meetings of the Board of Directors may be called by the Chairman of the Board of Directors, the Chief Executive Officer, the President, if any, or a majority of the entire Board of Directors. Notice thereof stating the place, date and hour of the meeting shall be given to each director either by mail not less than forty-eight (48) hours before the date of the meeting, by telephone, facsimile, telegram or e-mail on twenty-four (24) hours notice, or on such shorter notice as the person or persons calling such meeting may deem necessary or appropriate in the circumstances. </P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; text-indent:48px; font-size:12pt">3.5 <U>Quorum</U>. Except as may be otherwise specifically provided by law, the Certificate of Incorporation or these Bylaws, at all meetings of the Board of Directors or any committee thereof, a majority of the entire Board of Directors or such committee, as the case may be, shall constitute a quorum for the transaction of business. The act of a majority of the directors present at any meeting at which there is a quorum shall be the act of the Board of Directors. If a quorum shall not be present at any meeting of the Board of Directors or of any committee thereof, a majority of the directors present thereat may adjourn the meeting from time to time, without notice other than announcement at the meeting, until such time and place that a quorum is obtained.</P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; text-indent:48px; font-size:12pt">3.6 <U>Organization of Meetings</U>. The Board of Directors shall elect one of its members to be Chairman of the Board of Directors. The Chairman of the Board of Directors shall lead the Board of Directors in fulfilling its responsibilities as set forth in these Bylaws, including its responsibility to oversee the performance of the Corporation, and shall determine the agenda and perform all other duties and exercise all other powers which are or from time to time may be delegated to him or her by the Board of Directors. </P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; text-indent:48px; font-size:12pt">Meetings of the Board of Directors shall be presided over by the Chairman of the Board of Directors, or in his or her absence, by the Lead Independent Director, if one has been designated, or if not or in his or her absence, by the Chief Executive Officer, or in the absence of the Chairman of the Board of Directors, the Lead Director and the Chief Executive Officer by such other person as the Board of Directors may designate or the members present may select. </P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; text-indent:48px; font-size:12pt">3.7 &nbsp;<U>Lead Independent Director</U>. &nbsp;The Chairman of the Board of Directors, or if the Chairman is not an independent director, one of the independent directors, may be designated by </P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt">the Board of Directors as lead independent director to serve until replaced by the Board of Directors (&#147;<B><I>Lead Independent Director</I></B>&#148;). &nbsp;The Lead Independent Director will: with the Chairman of the Board of Directors, establish the agenda for regular Board meetings and serve as chairman of Board of Directors meetings in the absence of the Chairman of the Board of Directors; establish the agenda for meetings of the independent directors; coordinate with the committee chairs regarding meeting agendas and informational requirements; preside over meetings of the independent directors; preside over any portions of meetings of the Board of Directors at which the evaluation or compensation of the Chief Executive Officer is presented or discussed; preside over any portions of meetings of the Board of Directors at which the performance of the Board of Directors is presented or discussed; and perform such other duties as may be established or delegated by the Chairman of the Board of Directors<B>.</B></P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; text-indent:48px; font-size:12pt">3.8 <U>Actions of Board of Directors Without Meeting</U>. Unless otherwise restricted by the Certificate of Incorporation or these Bylaws, any action required or permitted to be taken at any meeting of the Board of Directors or of any committee thereof may be taken without a meeting, if all members of the Board of Directors or of such committee, as the case may be, consent thereto in writing or by electronic transmission, and the writing or writings or transmission or transmissions are filed with the minutes of proceedings of the Board of Directors or committee. </P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; text-indent:48px; font-size:12pt">3.9 <U>Removal of Directors by Stockholders</U>. The entire Board of Directors or any individual Director may be removed from office with or without cause by a majority vote of the holders of the outstanding shares then entitled to vote at an election of directors. In case the Board of Directors or any one or more Directors be so removed, new Directors may be elected at the same time for the unexpired portion of the full term of the Director or Directors so removed. </P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; text-indent:48px; font-size:12pt">3.10 <U>Resignations</U>. Any Director may resign at any time by submitting his or her written resignation to the Board of Directors or Secretary of the Corporation. Such resignation shall take effect at the time of its receipt by the Corporation unless another time be fixed in the resignation, in which case it shall become effective at the time so fixed. The acceptance of a resignation shall not be required to make it effective.</P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; text-indent:48px; font-size:12pt">3.11 <U>Committees</U>. The Board of Directors may designate one or more committees, each committee to consist of one or more of the directors of the Corporation. In the absence or disqualification of a member of a committee, the member or members thereof present at any meeting and not disqualified from voting, whether or not he or she or they constitute a quorum, may unanimously appoint another member of the Board of Directors to act at the meeting in the place of any such absent or disqualified member. Any such committee, to the extent provided by applicable law and in the resolution of the Board of Directors establishing such committee, shall have and may exercise all the powers and authority of the Board of Directors in the management of the business and affairs of the Corporation, and may authorize the seal of the Corporation to be affixed to all papers which may require it. No such committee shall in any event have the power or authority of the Board of Directors in reference to amending the Certificate of Incorporation, adopting an agreement of merger or consolidation, recommending to the stockholders the sale, lease or exchange of all or substantially all of the Corporation&#146;s property and assets, recommending to the stockholders a dissolution of the Corporation or a revocation of a dissolution or amending these Bylaws of the Corporation. In addition, unless the resolution, </P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt">these Bylaws or the Certificate of Incorporation expressly so provides no such committee shall have the power or authority to declare a dividend or to authorize the issuance of stock or to adopt a certificate of ownership and merger. Each committee shall keep regular minutes of its meetings and report the same to the Board of Directors when required. </P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; text-indent:48px; font-size:12pt">3.12 <U>Compensation</U>. Unless otherwise restricted by the Certificate of Incorporation or these Bylaws, the directors may be paid their expenses, if any, of attendance at each meeting of the Board of Directors or any committee and may be paid a stated amount (in cash or other form of consideration) for attendance at each meeting of the Board of Directors or any committee and/or a stated salary or retainer as a director or a member of any committee. No such payment shall preclude any director from serving the Corporation in any other capacity and receiving compensation therefor. Members of special or standing committees may be allowed like compensation for attending committee meetings. </P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; text-indent:48px; font-size:12pt">3.13 <U>Interested Directors</U>. No contract or transaction between the Corporation and one or more of its directors or officers, or between the Corporation and any other corporation, partnership, association, or other organization in which one or more of its directors or officers are directors or officers, or have a financial interest, shall be void or voidable solely for this reason, or solely because the director or officer is present at or participates in the meeting of the Board of Directors or committee thereof which authorizes the contract or transaction, or solely because his or her or their votes are counted for such purpose, if (i) the material facts as to his or her or their relationship or interest and as to the contract or transaction are disclosed or are known to the Board of Directors or the committee, and the Board of Directors or committee in good faith authorizes the contract or transaction by the affirmative votes of a majority of the disinterested directors, even though the disinterested directors be less than a quorum; or (ii) the material facts as to his or her or their relationship or interest and as to the contract or transaction are disclosed or are known to the stockholders entitled to vote thereon, and the contract or transaction is specifically approved in good faith by vote of the stockholders; or (iii) the contract or transaction is fair as to the Corporation as of the time it is authorized, approved or ratified, by the Board of Directors, a committee thereof or the stockholders. Common or interested directors may be counted in determining the presence of a quorum at a meeting of the Board of Directors or of a committee which authorizes the contract or transaction.</P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; text-indent:48px; font-size:12pt">3.14 <U>Meetings by Means of Conference Telephone</U>. Members of the Board of Directors or any committee designed by the Board of Directors may participate in a meeting of the Board of Directors or of a committee of the Board of Directors by means of conference telephone or similar communications equipment by means of which all persons participating in the meeting can hear each other, and participation in a meeting pursuant to this subsection shall constitute presence in person at such meeting.</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>ARTICLE IV</B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=center><B>OFFICERS</B></P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:0px; text-indent:48px; font-size:12pt">4.1 <U>General</U>. The officers of the Corporation shall be elected by the Board of Directors and may consist of: a Chairman of the Board, Vice Chairman of the Board, Chief Executive Officer, President, Chief Financial Officer, Secretary and Treasurer. The Board of Directors, in </P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt">its discretion, may also elect one or more Vice Presidents (including Executive Vice Presidents and Senior Vice Presidents), Assistant Secretaries, Assistant Treasurers, a Controller and such other officers as in the judgment of the Board of Directors may be necessary or desirable. Any number of offices may be held by the same person and more than one person may hold the same office, unless otherwise prohibited by law, the Certificate of Incorporation or these Bylaws. The officers of the Corporation need not be stockholders of the Corporation, nor need such officers be directors of the Corporation.</P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; text-indent:48px; font-size:12pt">4.2 <U>Election</U>. The Board of Directors at its first meeting held after each annual meeting of stockholders shall elect the officers of the Corporation who shall hold their offices for such terms and shall exercise such powers and perform such duties as shall be determined from time to time by the Board of Directors; and all officers of the Corporation shall hold office until their successors are chosen and qualified, or until their earlier resignation or removal. Except as otherwise provided in this Article IV, any officer elected by the Board of Directors may be removed at any time by the affirmative vote of a majority of the Board of Directors. Any vacancy occurring in any office of the Corporation shall be filled by the Board of Directors. Unless otherwise restricted by the Certificate of Incorporation or these Bylaws, the salaries of all officers who are directors of the Corporation shall be fixed by the Board of Directors or a committee of the Board of Directors. </P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; text-indent:48px; font-size:12pt">4.3 <U>Voting Securities Owned by the Corporation</U>. Powers of attorney, proxies, waivers of notice of meeting, consents and other instruments relating to securities owned by the Corporation may be executed in the name of and on behalf of the Corporation by the Chief Executive Officer, the President or any Vice President, and any such officer may, in the name and on behalf of the Corporation, take all such action as any such officer may deem advisable to vote in person or by proxy at any meeting of security holders of any corporation in which the Corporation may own securities and at any such meeting shall possess and may exercise any and all rights and powers incident to the ownership of such securities and which, as the owner thereof, the Corporation might have exercised and possessed if present. The Board of Directors may, by resolution, from time to time confer like powers upon any other person or persons. </P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; text-indent:48px; font-size:12pt">4.4 <U>Chief Executive Officer</U>. Subject to the provisions of these Bylaws and to the direction of the Board of Directors, the Chief Executive Officer shall have ultimate authority for decisions relating to the general management and control of the affairs and business of the Corporation and shall perform such other duties and exercise such other powers which are or from time to time may be delegated to him or her by the Board of Directors or these Bylaws, all in accordance with basic policies as established by and subject to the oversight of the Board of Directors. In the absence of a named President, the Chief Executive Officer shall also have the powers and duties of the President as hereinafter set forth. </P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; text-indent:48px; font-size:12pt">4.5 <U>President</U>. The President, if any, shall be the chief operating officer of the Corporation and shall, subject to the authority of the Chief Executive Officer and the Board of Directors, have general management and control of the day-to-day business operations of the Corporation and shall consult with and report to the Chief Executive Officer. The President shall put into operation the business policies of the Corporation as determined by the Chief Executive Officer and the Board of Directors and as communicated to the President by the Chief Executive Officer </P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt">and the Board of Directors. The President shall make recommendations to the Chief Executive Officer on all operational matters that would normally be reserved for the final executive responsibility of the Chief Executive Officer. In the absence (or inability or refusal to act) of the Chairman of the Board of Directors, the Chief Executive Officer and the Lead Independent Director, if one has been designated, the President (if he or she shall be a director) shall preside when present at all meetings of the stockholders and the Board of Directors. &nbsp;</P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; text-indent:48px; font-size:12pt">4.6 <U>Chief Financial Officer</U>. The Chief Financial Officer shall have general supervision, direction and control of the financial affairs of the Corporation and shall perform such other duties and exercise such other powers which are or from time to time may be delegated to him or her by the Board of Directors or these Bylaws, all in accordance with basic policies as established by and subject to the oversight of the Board of Directors. In the absence of a named Treasurer, the Chief Financial Officer shall also have the powers and duties of the Treasurer as hereinafter set forth and shall be authorized and empowered to sign as Treasurer in any case where such officer&#146;s signature is required. </P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; text-indent:48px; font-size:12pt">4.7 <U>Vice Presidents</U>. At the request of the President or in the absence of the President, or in the event of his or her inability or refusal to act, the Senior Vice President, the Vice President or the Vice Presidents if there is more than one (in the order designated by the Board of Directors) shall perform the duties of the President, and when so acting, shall have all the powers of and be subject to all the restrictions upon such office. Each Vice President shall perform such duties and have such powers as the Board of Directors, the Chief Executive Officer or the President from time to time may prescribe. If there be no Vice President, the Board of Directors shall designate the officer of the Corporation who, in the absence of the President or in the event of the inability or refusal of such officer to act, shall perform the duties of such office, and when so acting, shall have all the powers of and be subject to all the restrictions upon such office. </P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; text-indent:48px; font-size:12pt">4.8 <U>Secretary</U>. The Secretary shall attend all meetings of the Board of Directors and all meetings of stockholders and record all the proceedings thereat in a book or books to be kept for that purpose; the Secretary shall also perform like duties for the standing committees when required. The Secretary shall give, or cause to be given, notice of all meetings of the stockholders and special meetings of the Board of Directors, and shall perform such other duties as may be prescribed by the Board of Directors, the Chief Executive Officer or President, under whose supervision the Secretary shall be. If the Secretary shall be unable or shall refuse to cause to be given notice of all meetings of the stockholders and special meetings of the Board of Directors, then any Assistant Secretary shall perform such actions. If there be no Assistant Secretary, then the Board of Directors, the Chief Executive Officer or the President may choose another officer to cause such notice to be given. The Secretary shall have custody of the seal of the Corporation and the Secretary or any Assistant Secretary, if there be one, shall have authority to affix the same to any instrument requiring it and when so affixed, it may be attested by the signature of the Secretary or by the signature of any such Assistant Secretary. The Board of Directors may give general authority to any other officer to affix the seal of the Corporation and to attest the affixing by his or her signature. The Secretary shall see that all books, reports, statements, certificates and other documents and records required by law to be kept or filed are properly kept or filed, as the case may be. </P>
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<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; text-indent:48px; font-size:12pt">4.9 <U>Treasurer</U>. The Treasurer shall have the custody of the corporate funds and securities and shall keep full and accurate accounts of receipts and disbursements in books belonging to the Corporation and shall deposit all moneys and other valuable effects in the name and to the credit of the Corporation in such depositories as may be designated by the Board of Directors. The Treasurer shall disburse the funds of the Corporation as may be ordered by the Board of Directors, taking proper vouchers for such disbursements, and shall render to the Chief Executive Officer, the President and the Board of Directors, at its regular meetings, or when the Board of Directors so requires, an account of all his or her transactions as Treasurer and of the financial condition of the Corporation. If required by the Board of Directors, the Treasurer shall give the Corporation a bond in such sum and with such surety or sureties as shall be satisfactory to the Board of Directors for the faithful performance of the duties of his or her office and for the restoration to the Corporation, in case of his or her death, resignation, retirement or removal from office, of all books, papers, vouchers, money and other property of whatever kind in his or her possession or under his or her control belonging to the Corporation. </P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; text-indent:48px; font-size:12pt">4.10 <U>Assistant Secretaries</U>. Except as may be otherwise provided in these Bylaws, Assistant Secretaries, if there be any, shall perform such duties and have such powers as from time to time may be assigned to them by the Board of Directors, the Chief Executive Officer, the President, any Vice President, if there be one, or the Secretary, and in the absence of the Secretary or in the event of his or her disability or refusal to act, shall perform the duties of the Secretary, and when so acting, shall have all the powers of and be subject to all the restrictions upon the Secretary. </P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; text-indent:48px; font-size:12pt">4.11 <U>Assistant Treasurers</U>. Assistant Treasurers, if there be any, shall perform such duties and have such powers as from time to time may be assigned to them by the Board of Directors, the Chief Executive Officer, the President, any Vice President, if there be one, or the Treasurer, and in the absence of the Treasurer or in the event of his or her disability or refusal to act, shall perform the duties of the Treasurer, and when so acting, shall have all the powers of and be subject to all the restrictions upon the Treasurer. If required by the Board of Directors, an Assistant Treasurer shall give the Corporation a bond in such sum and with such surety or sureties as shall be satisfactory to the Board of Directors for the faithful performance of the duties of his or her office and for the restoration to the Corporation, in case of his or her death, resignation, retirement or removal from office, of all books, papers, vouchers, money and other property of whatever kind in his or her possession or under his or her control belonging to the Corporation. </P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; text-indent:48px; font-size:12pt">4.12 <U>Controller</U>. The Controller shall establish and maintain the accounting records of the Corporation in accordance with generally accepted accounting principles applied on a consistent basis, maintain proper internal control of the assets of the Corporation and shall perform such other duties as the Board of Directors, the Chief Executive Officer or any Vice President of the Corporation may prescribe.</P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; text-indent:48px; font-size:12pt">4.13 <U>Other Officers</U>. Such other officers as the Board of Directors may choose shall perform such duties and have such powers as from time to time may be assigned to them by the Board of Directors. The Board of Directors may delegate to any other officer of the Corporation the power to choose such other officers and to prescribe their respective duties and powers. </P>
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<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; text-indent:48px; font-size:12pt">4.14 <U>Vacancies</U>. The Board of Directors shall have the power to fill any vacancies in any office occurring from whatever reason. </P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; text-indent:48px; font-size:12pt">4.15 <U>Resignations</U>. Any officer may resign at any time by submitting his or her written resignation to the Corporation. Such resignation shall take effect at the time of its receipt by the Corporation, unless another time be fixed in the resignation, in which case it shall become effective at the time so fixed. The acceptance of a resignation shall not be required to make it effective. </P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; text-indent:48px; font-size:12pt">4.16 <U>Removal</U>. Subject to the provisions of any employment agreement approved by the Board of Directors or any committee of the Board of Directors, any officer of the Corporation may be removed at any time, with or without cause, by the Board of Directors. </P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>ARTICLE V</B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=center><B>CAPITAL STOCK</B></P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; text-indent:48px; font-size:12pt">5.1 <U>Form of Certificates</U>. The shares of the Corporation&#146;s capital stock may be certificated or uncertificated, as provided under Delaware law, and shall be entered in the books of the Corporation and registered as they are issued. Certificates representing shares of the Corporation&#146;s capital stock may be signed, in the name of the Corporation (i) by the Chairman of the Board, Chief Executive Officer, President or a Vice President and (ii) by the Treasurer or an Assistant Treasurer, or the Secretary or an Assistant Secretary of the Corporation, and bear the seal of the Corporation or a facsimile thereof or may be represented by a global certificate through the Depository Trust Company. </P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; text-indent:48px; font-size:12pt">5.2 <U>Signatures</U>. Any or all of the signatures on a certificate may be a facsimile, including, but not limited to, signatures of officers of the Corporation and countersignatures of a transfer agent or registrar. In case an officer, transfer agent or registrar who has signed or whose facsimile signature has been placed upon a certificate shall have ceased to be such officer, transfer agent or registrar before such certificate is issued, it may be issued by the Corporation with the same effect as if he, she or it were such officer, transfer agent or registrar at the date of issue.</P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; text-indent:48px; font-size:12pt">5.3 <U>Lost Certificates</U>. The Board of Directors may direct a new certificate or certificates, or uncertificated shares to be issued in place of any certificate or certificates previously issued by the Corporation alleged to have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming the certificate of stock to be lost, stolen or destroyed. When authorizing such issue of a new certificate, the Board of Directors may, in its discretion and as a condition precedent to the issuance thereof, require the owner of such lost, stolen or destroyed certificate, or his or her or its legal representative, to advertise the same in such manner as the Board of Directors shall require and/or to give the Corporation a bond in such sum as it may direct as indemnity against any claim that may be made against the Corporation with respect to the certificate alleged to have been lost, stolen or destroyed or the issuance of any such new certificate or uncertificated shares.</P>
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<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; text-indent:48px; font-size:12pt">5.4 <U>Transfers</U>. Stock of the Corporation shall be transferable in the manner prescribed by law and in these Bylaws. Transfers of stock shall be made on the books of the Corporation only by the person named in the certificate or by his or her attorney lawfully constituted in writing and upon the surrender of the certificate therefor, which shall be canceled before a new certificate shall be issued. Upon surrender to the Corporation or the transfer agent of the Corporation of a certificate for shares duly endorsed or accompanied by proper evidence of succession, assignment or authority to transfer, it shall be the duty of the Corporation to issue a new certificate to the person entitled thereto, cancel the old certificate and record the transactions upon its books, unless the Corporation has a duty to inquire as to adverse claims with respect to such transfer which has not been discharged. &nbsp;</P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; text-indent:48px; font-size:12pt">Upon the receipt of proper transfer instructions from the registered owner of uncertificated shares, such uncertificated shares shall be cancelled, issuance of new equivalent uncertificated shares or certificated shares shall be made to the stockholder entitled thereto and the transaction shall be recorded upon the books of the Corporation. If the Corporation has a transfer agent or registrar acting on its behalf, the signature of any officer or representative thereof may be in facsimile. </P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; text-indent:48px; font-size:12pt">The Corporation shall have no duty to inquire into adverse claims with respect to such transfer unless (a) the Corporation has received a written notification of an adverse claim at a time and in a manner which affords the Corporation a reasonable opportunity to act on it prior to the issuance of a new, reissued or re-registered share certificate or uncertificated shares and the notification identifies the claimant, the registered owner and the issue of which the share or shares is a part and provides an address for communications directed to the claimant; or (b) the Corporation has required and obtained, with respect to a fiduciary, a copy of a will, trust, indenture, articles of co-partnership, Bylaws or other controlling instruments, for a purpose other than to obtain appropriate evidence of the appointment or incumbency of the fiduciary, and such documents indicate, upon reasonable inspection, the existence of an adverse claim. The Corporation may discharge any duty of inquiry by any reasonable means, including notifying an adverse claimant by registered or certified mail at the address furnished by such adverse claimant or, if there be no such address, at such adverse claimant&#146;s residence or regular place of business that the security has been presented for registration of transfer by a named person, and that the transfer will be registered unless within thirty days from the date of mailing the notification, either (a) an appropriate restraining order, injunction or other process issues from a court of competent jurisdiction; or (b) an indemnity bond, sufficient in the Corporation&#146;s judgment to protect the Corporation and any transfer agent, registrar or other agent of the Corporation involved from any loss which it or they may suffer by complying with the adverse claim, is filed with the Corporation. </P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; text-indent:48px; font-size:12pt">The Board of Directors may appoint a transfer agent and one or more co-transfer agents and registrar and one or more co-registrars and may make or authorize such agent to make all such rules and regulations deemed expedient concerning the issue, transfer and registration of shares of the Corporation&#146;s capital stock. </P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; text-indent:48px; font-size:12pt">5.5 <U>Fixing Record Date</U>. In order that the Corporation may determine the stockholders entitled to notice or to vote at any meeting of stockholders or any adjournment thereof or &nbsp;</P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt">entitled to receive payment of any dividend or other distribution or allotment of any rights, or entitled to exercise any rights in respect of any change, conversion or exchange of stock or for the purpose of any other lawful action, the Board of Directors may fix a record date, which record date shall not precede the date upon which the resolution fixing the record is adopted by the Board of Directors, and which record date shall not be more than sixty (60) days nor less than ten (10) days before the date of such meeting nor more than sixty (60) days prior to any other action. If no record date is fixed:</P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; text-indent:96px; font-size:12pt">(a) The record date for determining stockholders entitled to notice of or to vote at a meeting of stockholders shall be at the close of business on the day next preceding the day on which notice is given, or, if notice is waived, at the close of business on the day next preceding the day on which the meeting is held. </P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; text-indent:96px; font-size:12pt">(b) The record date for determining stockholders for any other purpose shall be at the close of business on the day on which the Board of Directors adopts the resolution relating thereto. </P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; text-indent:48px; font-size:12pt">A determination of stockholders of record entitled to notice of or to vote at a meeting of stockholders shall apply to any adjournment of the meeting; provided, however, that the Board of Directors may fix a new record date for the adjourned meeting. </P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; text-indent:48px; font-size:12pt">5.6 <U>Registered Stockholders</U>. Prior to due presentment for transfer of any share or shares, the Corporation shall treat the registered owner thereof as the person exclusively entitled to vote, to receive notifications and to all other benefits of ownership with respect to such share or shares, and shall not be bound to recognize any equitable or other claim to or interest in such share or shares on the part of any other person, whether or not it shall have express or other notice thereof, except as otherwise provided by the laws of the State Delaware. </P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>ARTICLE VI</B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=center><B>NOTICES</B></P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; text-indent:48px; font-size:12pt">6.1 <U>Form of Notice</U>. Notices to directors and stockholders, other than notices to stockholders of stockholder meetings, which shall be given as stated in Article II, and other than notices to directors of special meetings of the Board of Directors, which may be given by any means stated in Section 3.4, shall be in writing and delivered personally or mailed to the directors or stockholders at their addresses appearing on the books of the Corporation. Notice by mail shall be deemed to be given at the time when the same shall be mailed. Notice to directors may also be given by telegram, by overnight courier, by facsimile or by electronic mail. </P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; text-indent:48px; font-size:12pt">6.2 <U>Waiver of Notice</U>. Whenever any notice is required to be given under the provisions of law or the Certificate of Incorporation or by these Bylaws of the Corporation, except as otherwise provided by law, a waiver in writing, signed by the person or persons entitled to notice, or by electronic transmission by such person or persons, whether before or after the time stated therein, shall be deemed equivalent to notice. Attendance of a person at a meeting in person, by remote communication, if applicable, or by proxy shall constitute a waiver of notice of such meeting, except when the person attends a meeting for the express purpose of objecting, </P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt">at the beginning of the meeting, to the transaction of any business because the meeting is not lawfully called or convened. Neither the business to be transacted at, nor the purpose of, any regular, or special meeting of the stockholders, Directors, or members of a committee of Directors need be specified in any written waiver of notice unless so required by the Certificate of Incorporation. </P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; text-indent:48px; font-size:12pt">6.3 &nbsp;<U>Notice to Stockholders Sharing an Address</U>. &nbsp;Except as otherwise prohibited under DGCL, any notice given under the provisions of DGCL, the Certificate of Incorporation or the Bylaws shall be effective if given by a single written notice to stockholders who share an address if consented to by the stockholders at that address to whom such notice is given. Such consent shall have been deemed to have been given if such stockholder fails to object in writing to the Corporation within sixty (60) days of having been given notice by the Corporation of its intention to send the single notice. Any consent shall be revocable by the stockholder by written notice to the Corporation.</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>ARTICLE VII</B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=center><B>GENERAL PROVISIONS</B></P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; text-indent:48px; font-size:12pt">7.1 <U>Indemnification; Insurance</U>. The Corporation shall, to the full extent permitted by Section 145 of the General Corporation Law of the State of Delaware, as amended from time to time, indemnify all persons whom it may indemnify pursuant thereto. The Corporation may also secure insurance on behalf of any officer, director or employee for any liability arising out of his or her actions, regardless of whether the General Corporation Law of the State of Delaware would permit indemnification. &nbsp;</P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; text-indent:48px; font-size:12pt">7.2 <U>Reliance on Books and Records</U>. Each Director, each member of any committee designated by the Board of Directors, and each officer of the Corporation, shall, in the performance of his or her duties, be fully protected in relying in good faith upon the books of account or other records of the Corporation, including reports made to the Corporation by any of its officers, by an independent certified public accountant, or by an appraiser selected with reasonable care. </P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; text-indent:48px; font-size:12pt">7.3 <U>Maintenance and Inspection of Records</U>. The Corporation shall, either at its principal executive office or at such place or places as designated by the Board of Directors, keep a record of its stockholders listing their names and addresses and the number and class of shares held by each stockholder, a copy of these Bylaws, as may be amended to date, minute books, accounting books and other records. </P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; text-indent:48px; font-size:12pt">Any such records maintained by the Corporation may be kept on, or by means of, or be in the form of, any information storage device or method, provided that the records so kept can be converted into clearly legible paper form within a reasonable time. The Corporation shall so convert any records so kept upon the request of any person entitled to inspect such records </P>
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<BR></P>
<P style="line-height:14pt; margin:0px; text-indent:310px; font-size:12pt">18</P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt">pursuant to the provisions of the Delaware General Corporation Law. When records are kept in such manner, a clearly legible paper form produced from or by means of the information storage device or method shall be admissible in evidence, and accepted for all other purposes, to the same extent as an original paper form accurately portrays the record. &nbsp;</P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; text-indent:48px; font-size:12pt">Any stockholder of record, in person or by attorney or other agent, shall, upon written demand under oath stating the purpose thereof, have the right during the usual hours for business to inspect for any proper purpose the Corporation&#146;s stock ledger, a list of its stockholders, and its other books and records and to make copies or extracts therefrom. A proper purpose shall mean a purpose reasonably related to such person&#146;s interest as a stockholder. In every instance where an attorney or other agent is the person who seeks the right to inspection, the demand under oath shall be accompanied by a power of attorney or such other writing that authorizes the attorney or other agent to so act on behalf of the stockholder. The demand under oath shall be directed to the Corporation at its registered office in Delaware or at its principal executive office. </P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; text-indent:48px; font-size:12pt">7.4 <U>Inspection by Directors</U>. Any director shall have the right to examine the Corporation&#146;s stock ledger, a list of its stockholders, and its other books and records for a purpose reasonably related to his or her position as a director. &nbsp;</P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; text-indent:48px; font-size:12pt">7.5 <U>Dividends</U>. Subject to the provisions of the Certificate of Incorporation, if any, dividends upon the capital stock of the Corporation may be declared by the Board of Directors at any regular or special meeting, pursuant to law. Dividends may be paid in cash, in property, or in shares of the capital stock, subject to the provisions of the Certificate of Incorporation. Before payment of any dividend, there may be set aside out of any funds of the Corporation available for dividends such sum or sums as the Directors from time to time, in their absolute discretion, think proper as a reserve or reserves to meet contingencies, or for equalizing dividends, or for repairing or maintaining any property of the Corporation, or for such other purpose as the Directors shall think conducive to the interest of the Corporation, and the Directors may modify or abolish any such reserve in the manner in which it was created.</P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; text-indent:48px; font-size:12pt">7.6 <U>Annual Statement</U>. The Board of Directors shall present at each annual meeting, and at any special meeting of the stockholders when called for by vote of the stockholders, a full and clear statement of the business and condition of the Corporation. </P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; text-indent:48px; font-size:12pt">7.7 <U>Checks</U>. All checks or demands for money and notes of the Corporation shall be signed by such officer or officers or such other persons as the Board of Directors may from time to time designate. </P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; text-indent:48px; font-size:12pt">7.8 <U>Fiscal Year</U>. The fiscal year of the Corporation shall be as determined by the Board of Directors. If the Board of Directors shall fail to do so, the Chief Executive Officer shall fix the fiscal year. </P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; text-indent:48px; font-size:12pt">7.9 <U>Seal</U>. The corporate seal shall have inscribed thereon the name of the Corporation, the year of its organization and the words &#147;CORPORATE SEAL DELAWARE&#148;. The seal may be used by causing it or a facsimile thereof to be impressed or affixed or in any manner reproduced. </P>
<P style="margin:6.667px"><BR>
<BR></P>
<P style="line-height:14pt; margin:0px; text-indent:310px; font-size:12pt">19</P>
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<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; text-indent:48px; font-size:12pt">7.10 <U>Execution of Corporate Contracts and Instruments</U>. Except as otherwise provided in these Bylaws, the Board of Directors of the Corporation, or any officers of the Corporation authorized thereby, may authorize any officer or officers, or agent or agents, to enter into any contract or execute any instrument in the name of and on behalf of the Corporation. Such authority may be general or confined to specific instances.</P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; text-indent:48px; font-size:12pt">7.11 <U>Amendments</U>. The original or other Bylaws may be adopted, amended or repealed by the stockholders entitled to vote thereon at any regular or special meeting or, if the Certificate of Incorporation so provides, by the Board of Directors. The fact that such power has been so conferred upon the Board of Directors shall not divest the stockholders of the power nor limit their power to adopt, amend or repeal these Bylaws.</P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; text-indent:48px; font-size:12pt">7.12 <U>Interpretation of Bylaws</U>. All words, terms and provisions of these Bylaws shall be interpreted and defined by and in accordance with the General Corporation Law of the State of Delaware, as amended, and as amended from time to time hereafter. </P>
<P style="margin:0px"><BR></P>
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<P style="line-height:14pt; margin:0px; text-indent:310px; font-size:12pt">20</P>
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<DOCUMENT>
<TYPE>EX-4.4
<SEQUENCE>5
<FILENAME>warrantagreement.htm
<DESCRIPTION>EXHIBIT 4.4
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN">
<HTML><HEAD><TITLE>Warrant Agreement</TITLE>
<META content=09/24/2009 name=date>
</HEAD>
<BODY
style="FONT-SIZE: 10pt; COLOR: #000000; LINE-HEIGHT: 12pt; FONT-FAMILY: Times New Roman">
<DIV style="WIDTH: 624px">
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">Exhibit
4.4</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px"><BR></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px"><BR></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px"><BR></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px"><BR></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px"><BR></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px"><BR></P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 48px; LINE-HEIGHT: 14pt"
align=center><B>WARRANT AGREEMENT</B></P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 48px; LINE-HEIGHT: 14pt"
align=center>IRIDIUM COMMUNICATIONS INC.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 48px; LINE-HEIGHT: 14pt"
align=center>and</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 48px; LINE-HEIGHT: 14pt"
align=center>AMERICAN STOCK TRANSFER &amp; TRUST COMPANY, as Warrant Agent</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 48px; LINE-HEIGHT: 14pt"
align=center>_______________________________</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 48px; LINE-HEIGHT: 14pt"
align=center>WARRANT AGREEMENT</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 48px; LINE-HEIGHT: 14pt"
align=center>Dated as of September 29, 2009</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px"><BR><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px">
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<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; LINE-HEIGHT: 14pt"
align=center>WARRANT AGREEMENT<BR>TABLE OF CONTENTS</P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"
align=right><U>Page</U></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px"><BR></P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; LINE-HEIGHT: 14pt">SECTION
1. &nbsp;Appointment of Warrant Agent</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 616px; LINE-HEIGHT: 14pt">1</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; LINE-HEIGHT: 14pt">SECTION
2. &nbsp;Warrant Certificates</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 616px; LINE-HEIGHT: 14pt">1</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; LINE-HEIGHT: 14pt">SECTION
3. &nbsp;Execution of Warrant Certificates</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 616px; LINE-HEIGHT: 14pt">1</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; LINE-HEIGHT: 14pt">SECTION
4. &nbsp;Registration and Countersignature</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 616px; LINE-HEIGHT: 14pt">2</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; LINE-HEIGHT: 14pt">SECTION
5. &nbsp;Registration of Transfers and Exchanges; Transfer Restrictions</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 616px; LINE-HEIGHT: 14pt">2</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; LINE-HEIGHT: 14pt">SECTION
6. &nbsp;Terms of Warrants</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 616px; LINE-HEIGHT: 14pt">2</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; LINE-HEIGHT: 14pt">SECTION
7. &nbsp;Payment of Taxes</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 616px; LINE-HEIGHT: 14pt">6</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; LINE-HEIGHT: 14pt">SECTION
8. &nbsp;Mutilated or Missing Warrant Certificates</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 616px; LINE-HEIGHT: 14pt">6</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; LINE-HEIGHT: 14pt">SECTION
9. &nbsp;Reservation of Warrant Shares</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 616px; LINE-HEIGHT: 14pt">6</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; LINE-HEIGHT: 14pt">SECTION
10. &nbsp;Obtaining Stock Exchange Listings; State Registration</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 616px; LINE-HEIGHT: 14pt">7</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; LINE-HEIGHT: 14pt">SECTION
11. &nbsp;Adjustment of Number of Warrant Shares</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 616px; LINE-HEIGHT: 14pt">7</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; LINE-HEIGHT: 14pt">SECTION
12. &nbsp;Fractional Interests</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 608px; LINE-HEIGHT: 14pt">17</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; LINE-HEIGHT: 14pt">SECTION
13. &nbsp;Notices to Warrant Holders</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 608px; LINE-HEIGHT: 14pt">17</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; LINE-HEIGHT: 14pt">SECTION
14. &nbsp;Merger, Consolidation or Change of Name of Warrant Agent</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 608px; LINE-HEIGHT: 14pt">18</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; LINE-HEIGHT: 14pt">SECTION
15. &nbsp;Warrant Agent</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 608px; LINE-HEIGHT: 14pt">19</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; LINE-HEIGHT: 14pt">SECTION
16. &nbsp;Change of Warrant Agent</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 608px; LINE-HEIGHT: 14pt">22</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; LINE-HEIGHT: 14pt">SECTION
17. &nbsp;Notices to Company and Warrant Agent</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 608px; LINE-HEIGHT: 14pt">22</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; LINE-HEIGHT: 14pt">SECTION
18. &nbsp;Supplements and Amendments</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 608px; LINE-HEIGHT: 14pt">23</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; LINE-HEIGHT: 14pt">SECTION
19. &nbsp;Successors</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 608px; LINE-HEIGHT: 14pt">24</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; LINE-HEIGHT: 14pt">SECTION
20. &nbsp;Termination</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 608px; LINE-HEIGHT: 14pt">24</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; LINE-HEIGHT: 14pt">SECTION
21. &nbsp;Governing Law</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 608px; LINE-HEIGHT: 14pt">24</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; LINE-HEIGHT: 14pt">SECTION
22. &nbsp;Benefits of This Agreement</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 608px; LINE-HEIGHT: 14pt">24</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px"><BR><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt" align=center>i</P>
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<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; LINE-HEIGHT: 14pt">SECTION
23. &nbsp;Counterparts</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 608px; LINE-HEIGHT: 14pt">24</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; LINE-HEIGHT: 14pt">SECTION
24. &nbsp;Force Majeure</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 608px; LINE-HEIGHT: 14pt">24</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; LINE-HEIGHT: 14pt">Exhibit
A</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">Form
of Warrant Certificate</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px"><BR></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px"><BR><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt" align=center>ii</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">This
Warrant Agreement (this &#147;<U>Agreement</U>&#148;) is made as of September 29, 2009, by
and between Iridium Communications Inc., a Delaware corporation (the
&#147;<U>Company</U>&#148;) and American Stock Transfer &amp; Trust Company, a New York
corporation (the &#147;<U>Warrant Agent</U>&#148;). </P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt"><B>WHEREAS</B>,
the Company and the Warrant Agent entered into that certain Amended and Restated
Warrant Agreement dated as of February 20, 2008 pursuant to which the Company
issued warrants (the &#147;<U>Current Warrants</U>&#148;) to purchase one share of its
common stock, par value $0.001 per share (the &#147;<U>Common Stock</U>&#148;); and</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt"><B>WHEREAS</B>,
the Company entered into warrant purchase and exchange agreements with certain
holders of Current Warrants, pursuant to which the Company agreed to purchase
Current Warrants from certain holders thereof in consideration for, <I>inter
alia</I>, new warrants to purchase one share of Common Stock at an exercise
price of $11.50 per share (the &#147;<U>Warrants</U>&#148;). &nbsp;The shares of Common
Stock issuable upon exercise of the Warrants are referred to as the &#147;<U>Warrant
Shares</U>&#148;; and</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt"><B>WHEREAS</B>,
the Company desires the Warrant Agent to act on behalf of the Company, and the
Warrant Agent is willing to so act, in connection with the issuance, transfer,
exchange and exercise of Warrants and other matters as provided herein.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt"><B>NOW,
THEREFORE</B>, in consideration of the premises and the mutual agreements herein
set forth, the parties hereto agree as follows:</P><A name=_Toc163467152></A>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt"><B>SECTION
1.</B> &nbsp;<U>Appointment of Warrant Agent</U>. &nbsp;The Company hereby
appoints the Warrant Agent to act as agent for the Company in accordance with
the instructions set forth hereinafter in this Agreement, and the Warrant Agent
hereby accepts such appointment.</P><A name=_Toc163467153></A>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt"><B>SECTION
2.</B> &nbsp;<U>Warrant Certificates</U>. &nbsp;The certificates evidencing the
Warrants (the &#147;<U>Warrant Certificates</U>&#148;) to be delivered pursuant to this
Agreement shall be in registered form only and shall be substantially in the
form set forth in <U>Exhibit A</U> attached hereto.</P><A
name=_Toc163467154></A>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt"><B>SECTION
3.</B> &nbsp;<U>Execution of Warrant Certificates</U>. &nbsp;Warrant
Certificates shall be signed on behalf of the Company by its Chairman of the
Board or its Chief Executive Officer or a Senior Vice President or its Treasurer
and by its Secretary or an Assistant Secretary. &nbsp;Each such signature upon
the Warrant Certificates may be in the form of a facsimile signature of the
present or any future Chairman of the Board, President, Chief Executive Officer,
Vice President, Secretary or Assistant Secretary and may be imprinted or
otherwise reproduced on the Warrant Certificates and for that purpose the
Company may adopt and use the facsimile signature of any person who shall have
been Chairman of the Board, President, Chief Executive Officer, Vice President,
Secretary or Assistant Secretary, notwithstanding the fact that at the time the
Warrant Certificates shall be countersigned and delivered or disposed of he or
she shall have ceased to hold such office.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">In
case any officer of the Company who shall have signed any of the Warrant
Certificates shall cease to be such officer before the Warrant Certificates so
signed shall have been countersigned by the Warrant Agent, or disposed of by the
Company, such Warrant Certificates nevertheless may be countersigned and
delivered or disposed of as though such person had not ceased to be such officer
of the Company; and any Warrant Certificate may be signed on behalf </P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px"><BR><BR></P>
<P style="MARGIN: 0px" align=center><BR></P>
<P style="FONT-SIZE: 7pt; MARGIN: 0px; LINE-HEIGHT: 9pt">&nbsp;</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; LINE-HEIGHT: 14pt">of
the Company by any person who, at the actual date of the execution of such
Warrant Certificate, shall be a proper officer of the Company to sign such
Warrant Certificate, although at the date of the execution of this Agreement any
such person was not such officer.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">Warrant
Certificates shall be dated the date of countersignature by the Warrant
Agent.</P><A name=_Toc163467155></A>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt"><B>SECTION
4.</B> &nbsp;<U>Registration and Countersignature</U>. &nbsp;Warrant
Certificates shall be countersigned by the Warrant Agent and shall not be valid
for any purpose unless so countersigned. &nbsp;The Warrant Agent shall, upon
written instructions of the Chairman of the Board, the President or Chief
Executive Officer, a Vice President, the Treasurer or the Chief Financial
Officer of the Company, countersign, issue and deliver Warrants as provided in
this Agreement.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">The
Company and the Warrant Agent may deem and treat the registered holder(s) of the
Warrant Certificates as the absolute owner(s) thereof (notwithstanding any
notation of ownership or other writing thereon made by anyone), for all
purposes, and neither the Company nor the Warrant Agent shall be affected by any
notice to the contrary.</P><A name=_Toc163467156></A>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt"><B>SECTION
5.</B> &nbsp;<U>Registration of Transfers and Exchanges; Transfer
Restrictions</U>. &nbsp;The Warrant Agent shall from time to time, subject to
the limitations of this Section 5, register the transfer of any outstanding
Warrant Certificates upon the records to be maintained by it for that purpose,
upon surrender thereof duly endorsed or accompanied (if so required by the
Warrant Agent) by a written instrument or instruments of transfer in form
satisfactory to the Warrant Agent, duly executed by the registered holder or
holders thereof or by the duly appointed legal representative thereof or by a
duly authorized attorney. &nbsp;Upon any such registration of transfer, a new
Warrant Certificate shall be issued to the transferee(s) and the surrendered
Warrant Certificate shall be cancelled by the Warrant Agent. Cancelled Warrant
Certificates shall thereafter be disposed of by the Warrant Agent in its
customary manner.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">Subject
to the terms of this Agreement, Warrant Certificates may be exchanged at the
option of the holder(s) thereof, when surrendered to the Warrant Agent at its
principal corporate trust office, which is currently located at the address
listed in Section 17 hereof, for another Warrant Certificate or other Warrant
Certificates of like tenor and representing in the aggregate a like number of
Warrants. &nbsp;Any holder desiring to exchange a Warrant Certificate shall
deliver a written request to the Warrant Agent, and shall surrender, duly
endorsed or accompanied (if so required by the Warrant Agent) by a written
instrument or instruments of transfer in form satisfactory to the Warrant Agent,
the Warrant Certificate or Certificates to be so exchanged. Warrant Certificates
surrendered for exchange shall be cancelled by the Warrant Agent. &nbsp;Such
cancelled Warrant Certificates shall then be disposed of by such Warrant Agent
in its customary manner.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">The
Warrant Agent is hereby authorized to countersign, in accordance with the
provisions of this Section 5 and of Section 4 hereof, the new Warrant
Certificates required pursuant to the provisions of this Section 5.</P><A
name=_Toc163467157></A>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt"><B>SECTION
6.</B> &nbsp;<U>Terms of Warrants</U>.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">(a)</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 144px; LINE-HEIGHT: 14pt"><U>Exercise
Price and Exercise Period</U>.</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px"><BR><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt" align=center>2</P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 7pt; MARGIN: 0px">&nbsp;</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">The
initial exercise price &nbsp;per share that Warrant Shares shall be purchasable
upon the exercise of Warrants (the &#147;<U>Exercise Price</U>&#148;) shall be $11.50 per
share, and each Warrant shall be initially exercisable to purchase one share of
Common Stock. </P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">Subject
to the terms of this Agreement (including without limitation Section 6(e)
below), each Warrant holder shall have the right, which may be exercised
commencing at the opening of business on the first day of the applicable Warrant
Exercise Period set forth below and until 5:00 p.m., New York time, on the last
day of such Warrant Exercise Period, to receive from the Company the number of
fully paid and nonassessable Warrant Shares which the holder may at the time be
entitled to receive on exercise of such Warrants and payment of the Exercise
Price then in effect for such Warrant Shares or on a cashless basis pursuant to
Section 6(d), if applicable. &nbsp;No adjustments as to dividends will be made
upon exercise of the Warrants.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt"
align=justify>The &#147;<U>Warrant Exercise Period</U>&#148; shall (x) commence (subject
to Section 6(e) below) on the date hereof, and (y) shall end on the earlier of:
(i) February 14, 2015, or (ii) the Business Day preceding the date on which such
Warrants are redeemed pursuant to Section 6(b) below or expire pursuant to
Section 6(f) below.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">The
&#147;<U>Last Reported Sale Price</U>&#148; of the Common Stock on any date of
determination means:</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 192px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: -48px; LINE-HEIGHT: 14pt">(i)</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 192px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; LINE-HEIGHT: 14pt">the
last reported sale price for the regular trading session (without considering
after hours or other trading outside regular trading session hours) of the
Common Stock (regular way) on the NASDAQ Stock Market (&#147;<U>Nasdaq</U>&#148;) on that
date,</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 192px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: -48px; LINE-HEIGHT: 14pt">(ii)</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 192px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; LINE-HEIGHT: 14pt">if
the Common Stock is not listed for trading on Nasdaq on that date, last reported
sale price as reported in the composite transactions for the principal United
States securities exchange on which the Common Stock is so listed,</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 192px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: -48px; LINE-HEIGHT: 14pt">(iii)</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 192px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; LINE-HEIGHT: 14pt">if
the Common Stock is not so reported, the last quoted bid price for the Common
Stock in the over-the-counter market as reported by the OTC Bulletin Board, the
National Quotation Bureau or similar organization, or</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 192px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: -48px; LINE-HEIGHT: 14pt">(iv)</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 192px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; LINE-HEIGHT: 14pt">if
the Common Stock is not so quoted, the average of the mid-point of the last bid
and ask prices for the Common Stock from at least three nationally recognized
investment-banking firms that the Company selects for this purpose.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">Each
Warrant not exercised or redeemed prior to 5:00 p.m., New York time, on the last
day of the Warrant Exercise Period shall become void and all rights thereunder
and all rights in respect thereof under this Agreement shall cease as of such
time.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">(b)</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 144px; LINE-HEIGHT: 14pt"><U>Redemption
of Warrants</U>.</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px"><BR><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt" align=center>3</P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 7pt; MARGIN: 0px">&nbsp;</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">The
Company may call the Warrants for redemption, in whole and not in part, at a
price of $.01 per Warrant, upon not less than 30 days&#146; prior written notice of
redemption to each Warrant holder, at any time after such Warrants have become
exercisable pursuant to Section&nbsp;6(a), if, and only if, (i) the Last
Reported Sale Price has equaled or exceeded $18.00 per share for any 20 trading
days within a 30-trading day period ending on the third Business Day prior to
the notice of redemption to Warrant holders and (ii) at all times between the
date of such notice of redemption and the redemption date a registration
statement is in effect covering the Warrant Shares issuable upon exercise of the
Warrants and a current prospectus relating to those Warrant Shares is
available.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">Upon
a call for redemption of Warrants by the Company, the Company shall have the
right to require all holders of Warrants subject to redemption who exercise such
Warrants after the Company&#146;s call for redemption to do so on a cashless basis in
accordance with the procedures set forth in Section 6(d).</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">(c)</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 144px; LINE-HEIGHT: 14pt"><U>Exercise
Procedure</U>.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">A
Warrant may be exercised upon surrender to the Company at the principal stock
transfer office of the Warrant Agent, which is currently located at the address
listed in Section 17 hereof, of the certificate or certificates evidencing the
Warrants to be exercised with the form of election to purchase on the reverse
thereof duly filled in and signed and such other documentation as the Warrant
Agent may reasonably request, and upon payment to the Warrant Agent for the
account of the Company of the Exercise Price (adjusted as herein provided if
applicable) or on a cashless basis pursuant to Section&nbsp;6(d), if applicable,
for the number of Warrant Shares in respect of which such Warrants are then
exercised. Payment of the aggregate Exercise Price (unless on a cashless basis
pursuant to Section 6(d)) shall be made by certified or official bank check
payable to the order of the Company in New York Clearing House Funds, or the
equivalent thereof. &nbsp;In no event will any Warrants be settled on a net cash
basis.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">Subject
to the provisions of Section 7 hereof, upon such surrender of Warrants and
payment of the Exercise Price or on a cashless basis pursuant to Section 6(d),
if applicable, the Company shall issue and cause to be delivered with all
reasonable dispatch to and in such name or names as the Warrant holder may
designate, a certificate or certificates for the number of full Warrant Shares
issuable upon the exercise of such Warrants. &nbsp;Such certificate or
certificates shall be deemed to have been issued and any person so designated to
be named therein shall be deemed to have become a holder of record of such
Warrant Shares as of the date of the surrender of such Warrants and payment of
the Exercise Price or on a cashless basis pursuant to Section 6(d), if
applicable.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">The
Warrants shall be exercisable, at the election of the holders thereof, either in
full or from time to time in part and, in the event that a certificate
evidencing Warrants is exercised in respect of fewer than all of the Warrant
Shares issuable on such exercise at any time prior to the date of expiration of
the Warrants, a new certificate evidencing the remaining Warrant or Warrants
will be issued, and the Warrant Agent is hereby irrevocably authorized to
countersign and to deliver the required new Warrant Certificate or Certificates
pursuant to the provisions of this Section 6 and of Section 4 hereof, and the
Company, whenever required by the Warrant Agent, shall supply the Warrant Agent
with Warrant Certificates duly executed on behalf of the </P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px"><BR><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt" align=center>4</P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 7pt; MARGIN: 0px">&nbsp;</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; LINE-HEIGHT: 14pt">Company
for such purpose. &nbsp;The Warrant Agent may assume that any Warrant presented
for exercise is permitted to be so exercised under applicable law and shall have
no liability for acting in reliance on such assumption.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">All
Warrant Certificates surrendered upon exercise of Warrants shall be canceled by
the Warrant Agent. &nbsp;Such canceled Warrant Certificates shall then be
disposed of by the Warrant Agent in its customary manner. &nbsp;The Warrant
Agent shall account promptly to the Company with respect to Warrants exercised
and concurrently pay to the Company all monies received by the Warrant Agent for
the purchase of the Warrant Shares through the exercise of such Warrants.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">The
Warrant Agent shall keep copies of this Agreement and any notices given or
received hereunder available for inspection by the holders with reasonable prior
written notice during normal business hours at its office. &nbsp;The Company
shall supply the Warrant Agent from time to time with such numbers of copies of
this Agreement as the Warrant Agent may request.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">(d)</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 144px; LINE-HEIGHT: 14pt"><U>Cashless
Exercise</U>. &nbsp;</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 144px; LINE-HEIGHT: 14pt">(i)</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 192px; LINE-HEIGHT: 14pt">Upon
a call for redemption of Warrants on a cashless basis by the Company pursuant to
Section 6(b) (the &#147;<U>Cashless Exercise Demand</U>&#148;), all holders of Warrants
subject to redemption who exercise such Warrants shall do so on a cashless
basis. </P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 144px; LINE-HEIGHT: 14pt">(ii)</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 192px; LINE-HEIGHT: 14pt">If
the Company makes a Cashless Exercise Demand with respect to the Warrants
subject to redemption that the holders thereof have elected to exercise after
the Company&#146;s call for redemption, then upon surrender of such Warrants in
accordance with Section 6(c), the Company shall issue and cause to be delivered
with all reasonable dispatch to and in such name or names as such Warrant holder
may designate, a certificate or certificates for the number of full Warrant
Shares to be issued upon such cashless exercise, computed by using the following
formula:</P>
<TABLE style="FONT-SIZE: 10pt" borderColor=transparent cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=319></TD>
<TD width=319></TD></TR>
<TR>
<TD width=319 rowSpan=2>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt" align=right>X =
&nbsp;</P></TD>
<TD width=319>
<P
style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"><U>(A)(Y)</U></P></TD></TR>
<TR>
<TD width=319>
<P
style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">&nbsp;&nbsp;&nbsp;(B)</P></TD></TR></TABLE>
<P style="MARGIN: 0px" align=center><BR></P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 144px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: -48px; LINE-HEIGHT: 14pt"
align=justify>X =</P>
<P style="PADDING-LEFT: 144px; FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"
align=justify>The Warrant Shares to be issued in connection with such cashless
exercise to the holder of the Warrants being exercised.</P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 144px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: -48px; LINE-HEIGHT: 14pt"
align=justify>Y =</P>
<P style="PADDING-LEFT: 144px; FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"
align=justify>The number of Warrant Shares underlying the Warrants being
exercised.</P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 144px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: -48px; LINE-HEIGHT: 14pt"
align=justify>A =</P>
<P style="PADDING-LEFT: 144px; FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"
align=justify>The value of one Warrant as of the date of the exercise, which
shall be determined by using the following formula:</P>
<P style="MARGIN: 0px"><BR></P>
<P
style="PADDING-LEFT: 144px; FONT-SIZE: 12pt; MARGIN: 0px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">A
= B - the Exercise Price</P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 144px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: -48px; LINE-HEIGHT: 14pt">B
=</P>
<P
style="PADDING-LEFT: 144px; FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">The
Fair Market Value of a share of Common Stock.</P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; LINE-HEIGHT: 14pt">For
purposes of this Section 6(d), the &#147;<U>Fair Market Value</U>&#148; of a share of
Common Stock shall mean the average of the Last Reported Sale Prices for the ten
trading days ending on the third </P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px"><BR><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt" align=center>5</P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 7pt; MARGIN: 0px">&nbsp;</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; LINE-HEIGHT: 14pt">trading
day prior to the date on which the notice of redemption is sent to the holders
of the Warrants. &nbsp;</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 144px; LINE-HEIGHT: 14pt">(iii)</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 192px; LINE-HEIGHT: 14pt">If
the Company makes a Cashless Exercise Demand, the notice of redemption shall
contain the information necessary to calculate the number of Warrant Shares to
be received by Warrant holders upon exercise of the Warrants, including the Fair
Market Value in such case.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">(e)</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 144px; LINE-HEIGHT: 14pt"><U>Registration
Requirement</U>. &nbsp;Notwithstanding anything else in this Section 6, no
Warrants may be exercised unless at the time of exercise (i) a registration
statement covering the Warrant Shares to be issued upon exercise is effective
under the Act and (ii) a prospectus thereunder relating to the Warrant Shares is
current. The Company shall use its best efforts to have a registration statement
in effect covering Warrant Shares issuable upon exercise of the Warrants from
the date the Warrants become exercisable but in no event later than 30 Business
Days from the date hereof and to maintain a current prospectus relating to those
Warrant Shares until the Warrants expire or are redeemed. &nbsp;In the event
that, at the end of the Warrant Exercise Period, a registration statement
covering the Warrant Shares to be issued upon exercise is not effective under
the Act, all the rights of holders hereunder shall terminate and all of the
Warrants shall expire unexercised and worthless. &nbsp;In no event shall the
Warrants be settled on a net cash basis nor shall the Company be required to
issue unregistered shares upon the exercise of any Warrant. &nbsp;</P><A
name=_Toc163467158></A>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt"><B>SECTION
7.</B> &nbsp;<U>Payment of Taxes</U>. &nbsp;The Company will pay all documentary
stamp taxes attributable to the initial issuance of Warrant Shares upon the
exercise of Warrants; <U>provided</U>, <U>however</U>, that the Company shall
not be required to pay any tax or taxes which may be payable in respect of any
transfer involved in the issue of any Warrant Certificates or any certificates
for Warrant Shares in a name other than that of the registered holder of a
Warrant Certificate surrendered upon the exercise of a Warrant, and the Company
shall not be required to issue or deliver such Warrant Certificates unless or
until the person or persons requesting the issuance thereof shall have paid to
the Company the amount of such tax or shall have established to the satisfaction
of the Company that such tax has been paid.</P><A name=_Toc163467159></A>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt"><B>SECTION
8.</B> &nbsp;<U>Mutilated or Missing Warrant Certificates</U>. &nbsp;In case any
of the Warrant Certificates shall be mutilated, lost, stolen or destroyed, the
Company shall issue and the Warrant Agent shall countersign, in exchange and
substitution for and upon cancellation of the mutilated Warrant Certificate, or
in lieu of and substitution for the Warrant Certificate lost, stolen or
destroyed, a new Warrant Certificate of like tenor and representing an
equivalent number of Warrants, but only upon receipt of evidence satisfactory to
the Company and the Warrant Agent of such loss, theft or destruction of such
Warrant Certificate and indemnity, also satisfactory to the Company and the
Warrant Agent. &nbsp;Applicants for such new Warrant Certificates must pay such
reasonable charges as the Company may prescribe.</P><A name=_Toc163467160></A>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt"><B>SECTION
9.</B> &nbsp;<U>Reservation of Warrant Shares</U>. &nbsp;The Company will at all
times reserve and keep available, free from preemptive rights, out of the
aggregate of its authorized but unissued Common Stock or its authorized and
issued Common Stock held in its treasury, for the purpose of enabling it to
satisfy any obligation to issue Warrant Shares upon exercise of Warrants, the
maximum number of shares of Common Stock which may then be deliverable </P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px"><BR><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt" align=center>6</P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 7pt; MARGIN: 0px">&nbsp;</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; LINE-HEIGHT: 14pt">upon
the exercise of all outstanding Warrants. &nbsp;The Warrant Agent shall have no
duty to verify availability of such shares set aside by the Company.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">The
Company or, if appointed, the transfer agent for the Common Stock (the &#147;Transfer
Agent&#148;) and every subsequent transfer agent for any shares of the Common Stock
issuable upon the exercise of any of the Warrants will be irrevocably authorized
and directed at all times to reserve such number of authorized shares as shall
be required for such purpose. &nbsp;The Company will keep a copy of this
Agreement on file with the Transfer Agent and with every subsequent transfer
agent for any shares of the Common Stock issuable upon the exercise of the
Warrants. The Warrant Agent is hereby irrevocably authorized to requisition from
time to time from such Transfer Agent the stock certificates required to honor
outstanding Warrants upon exercise thereof in accordance with the terms of this
Agreement. &nbsp;The Company will supply such Transfer Agent with duly executed
certificates for such purposes. &nbsp;The Company will furnish such Transfer
Agent a copy of all notices of adjustments and certificates related thereto,
transmitted to each holder pursuant to Section 13 hereof.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">Before
taking any action which would cause an adjustment pursuant to Section 11 hereof
to reduce the Exercise Price below the then par value (if any) of the Warrant
Shares, the Company will take any commercially reasonable corporate action which
may, in the opinion of its counsel (which may be counsel employed by the
Company), be necessary in order that the Company may validly and legally issue
fully paid and nonassessable Warrant Shares at the Exercise Price as so
adjusted.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">The
Company covenants that all Warrant Shares which may be issued upon exercise of
Warrants will, upon payment of the Exercise Price therefor or on a cashless
basis pursuant to Section 6(d), if applicable, and issue, be fully paid,
nonassessable, free of preemptive rights and free from all taxes, liens, charges
and security interests with respect to the issue thereof.</P><A
name=_Toc163467161></A>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt"><B>SECTION
10.</B> &nbsp;<U>Obtaining Stock Exchange Listings; State Registration</U>.
&nbsp;The Company will from time to time take all commercially reasonable
actions which may be necessary so that the Warrant Shares, immediately upon
their issuance upon the exercise of Warrants, will be listed on the principal
securities exchanges and markets within the United States of America, if any, on
which other shares of Common Stock are then listed. &nbsp;To the extent that the
Common Stock is not listed on a national securities exchange or there is no
exemption from state &#147;blue sky&#148; securities laws for the issuance of the Warrant
Shares, the Company will take all commercially reasonable actions which may be
necessary so that the Warrant Shares are registered in all states in which the
holders of the Warrants reside. </P><A name=_Toc163467162></A>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt"><B>SECTION
11.</B> &nbsp;<U>Adjustment of Number of Warrant Shares</U>.&nbsp; The number of
Warrant Shares issuable upon the exercise of each Warrant is subject to
adjustment from time to time upon the occurrence of the events enumerated in
this Section 11. &nbsp;For purposes of this Section 11, &#147;Common Stock&#148; means
shares now or hereafter authorized of any class of common stock of the Company
and any other stock of the Company, however designated, that has the right
(subject to any prior rights of any class or series of preferred stock) to
participate in any distribution of the assets or earnings of the Company without
limit as to per share amount.</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px"><BR><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt" align=center>7</P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 7pt; MARGIN: 0px">&nbsp;</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">(a)</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 144px; LINE-HEIGHT: 14pt"><U>Adjustment
for Change in Capital Stock</U>.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">If
the Company: </P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 48px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">(1)</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 48px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 144px; LINE-HEIGHT: 14pt">pays
a dividend or makes a distribution on its Common Stock in either case in shares
of its Common Stock;</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 48px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">(2)</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 48px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 144px; LINE-HEIGHT: 14pt">subdivides
its outstanding shares of Common Stock into a greater number of shares;</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 48px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">(3)</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 48px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 144px; LINE-HEIGHT: 14pt">combines
its outstanding shares of Common Stock into a smaller number of shares;</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 48px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">(4)</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 48px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 144px; LINE-HEIGHT: 14pt">makes
a distribution on its Common Stock in shares of its capital stock other than
Common Stock; or</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 48px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">(5)</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 48px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 144px; LINE-HEIGHT: 14pt">issues
by reclassification of its Common Stock any shares of its capital stock,</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; LINE-HEIGHT: 14pt">then
the number of shares of Common Stock issuable upon exercise of each Warrant
immediately prior to such action shall be proportionately adjusted so that the
holder of any Warrant thereafter exercised shall receive the aggregate number
and kind of shares of capital stock of the Company which he would have owned
immediately following such action if such Warrant had been exercised immediately
prior to such action.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">The
adjustment shall become effective immediately after the record date in the case
of a dividend or distribution and immediately after the effective date in the
case of a subdivision, combination or reclassification.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">Such
adjustment shall be made successively whenever any event listed above shall
occur.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">(b)</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 144px; LINE-HEIGHT: 14pt"><U>Adjustment
for Rights Issue</U>.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">If
the Company distributes any rights, options or warrants to all holders of its
Common Stock entitling them to purchase shares of Common Stock at a price per
share less than the Last Reported Sale Price per share on the Business Day
immediately preceding the ex-dividend date for such distribution of rights,
options or warrants, the number of shares of Common Stock issuable upon exercise
of each Warrant shall be adjusted in accordance with the formula:</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px"><IMG
height=45 alt=[warrantagreement002.gif]
src="warrantagreement002.gif" width=168 align=middle></P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">where:</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">N&#146;
=</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">the
adjusted number of shares of Common Stock issuable upon exercise of each
Warrant.</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px"><BR><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt" align=center>8</P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 7pt; MARGIN: 0px">&nbsp;</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">N
=</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">the
current number of shares of Common Stock issuable upon exercise of each
Warrant.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">O
=</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">the
number of shares of Common Stock outstanding on the record date for such
distribution.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">A
=</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">the
number of additional shares of Common Stock issuable pursuant to such rights,
options or warrants.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">P
=</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">the
purchase price per share of the additional shares.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">M
=</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">the
Last Reported Sale Price per share of Common Stock on the record date.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">The
adjustment shall be made successively whenever any such rights, options or
warrants are issued and shall become effective immediately after the record date
for the determination of stockholders entitled to receive the rights, options or
warrants. &nbsp;If at the end of the period during which such rights, options or
warrants are exercisable, not all rights, options or warrants shall have been
exercised, the number of shares of Common Stock issuable upon exercise of each
Warrant shall be immediately readjusted to what it would have been if &#147;N&#148; in the
above formula had been the number of shares actually issued.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">(c)</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 144px; LINE-HEIGHT: 14pt"><U>Adjustment
for Other Distributions</U>.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">If
the Company distributes to all holders of its Common Stock any of its assets
(including cash) or debt securities or any rights, options or warrants to
purchase debt securities, assets or other securities of the Company (other than
Common Stock), the number of shares of Common Stock issuable upon exercise of
each Warrant shall be adjusted in accordance with the formula:</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px"><IMG
height=41 alt=[warrantagreement004.gif]
src="warrantagreement004.gif" width=110 align=middle></P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">where:</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">N&#146;
=</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">the
adjusted number of shares of Common Stock issuable upon exercise of each
Warrant.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">N
=</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">the
current number of shares of Common Stock issuable upon exercise of each
Warrant.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">M
=</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">the
Last Reported Sale Price per share of Common Stock on the Business Day
immediately preceding the ex-dividend date for such distribution.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">F
=</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">the
fair market value on the ex-dividend date for such distribution of the assets,
securities, rights, options or warrants distributable to one share of Common
Stock after taking into account, in the case of any rights, options or warrants,
the consideration required to be paid upon exercise thereof. &nbsp;The Board of
Directors shall reasonably determine the fair market value in good faith.</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px"><BR><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt" align=center>9</P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 7pt; MARGIN: 0px">&nbsp;</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">The
adjustment shall be made successively whenever any such distribution is made and
shall become effective immediately after the record date for the determination
of stockholders entitled to receive such distribution.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">This
subsection (c) does not apply to regular quarterly cash dividends including
increases thereof or rights, options or warrants referred to in subsection (b)
of this Section 11. &nbsp;If any adjustment is made pursuant to this subsection
(c) as a result of the issuance of rights, options or warrants and at the end of
the period during which any such rights, options or warrants are exercisable,
not all such rights, options or warrants shall have been exercised, the Warrant
shall be immediately readjusted as if &#147;F&#148; in the above formula was the fair
market value on the ex-dividend date for such distribution of the indebtedness
or assets actually distributed upon exercise of such rights, options or warrants
divided by the number of shares of Common Stock outstanding on the ex-dividend
date for such distribution. &nbsp;Notwithstanding anything to the contrary
contained in this subsection (c), if &#147;M-F&#148; in the above formula is less than
$1.00, the Company may elect to, and if &#147;M-F&#148; or is a negative number, the
Company shall, in lieu of the adjustment otherwise required by this subsection
(c), distribute to the holders of the Warrants, upon exercise thereof, the
evidences of indebtedness, assets, rights, options or warrants (or the proceeds
thereof) which would have been distributed to such holders had such Warrants
been exercised immediately prior to the record date for such distribution.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">(d)</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 144px; LINE-HEIGHT: 14pt"><U>Adjustment
for Common Stock Issue</U>.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">If
the Company issues shares of Common Stock for a consideration per share less
than the Last Reported Sale Price per share on the date the Company fixes the
offering price of such additional shares, the number of shares of Common Stock
issuable upon exercise of each Warrant shall be adjusted in accordance with the
formula:</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px"><IMG
height=45 alt=[warrantagreement006.gif]
src="warrantagreement006.gif" width=128 align=middle></P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">where:</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">N&#146;
=</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">the
adjusted number of shares of Common Stock issuable upon exercise of each
Warrant.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">N
=</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">the
current number of shares of Common Stock issuable upon exercise of each
Warrant.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">O
=</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">the
number of shares outstanding immediately prior to the issuance of such
additional shares.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">P
=</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">the
aggregate consideration received for the issuance of such additional shares.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">M
=</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">the
Last Reported Sale Price per share on the date of issuance of such additional
shares.</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px"><BR><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt" align=center>10</P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 7pt; MARGIN: 0px">&nbsp;</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">A
=</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">the
number of shares outstanding immediately after the issuance of such additional
shares.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">The
adjustment shall be made successively whenever any such issuance is made, and
shall become effective immediately after such issuance.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">This
subsection (d) does not apply to:</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 48px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">(1)</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 48px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 144px; LINE-HEIGHT: 14pt">any
of the transactions described in subsections (b) and (c) of this Section 11,</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 48px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">(2)</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 48px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 144px; LINE-HEIGHT: 14pt">the
exercise of Warrants, or the conversion or exchange of other securities
convertible or exchangeable for Common Stock, or the issuance of Common Stock
upon the exercise of rights or warrants issued to the holders of Common
Stock,</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 48px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">(3)</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 48px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 144px; LINE-HEIGHT: 14pt">Common
Stock (and options exercisable therefor) issued to the Company&#146;s employees,
officers, directors, consultants or advisors (whether or not still in such
capacity on the date of exercise) under bona fide employee benefit plans or
stock option plans adopted by the Board of Directors of the Company and approved
by the holders of Common Stock when required by law, if such Common Stock would
otherwise be covered by this subsection (d),</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 48px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">(4)</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 48px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 144px; LINE-HEIGHT: 14pt">Common
Stock issued in a bona fide public offering for cash,</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 48px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">(5)</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 48px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 144px; LINE-HEIGHT: 14pt">Common
Stock issued in a bona fide private placement to non-affiliates of the Company,
including without limitation the issuance of equity as consideration or partial
consideration for acquisitions from persons that are not affiliates of the
Company.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">(e)</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 144px; LINE-HEIGHT: 14pt"><U>Adjustment
for Convertible Securities Issue</U>.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">If
the Company issues any securities convertible into or exchangeable for Common
Stock (other than securities issued in transactions described in subsections (b)
and (c) of this Section 11) for a consideration per share of Common Stock
initially deliverable upon conversion or exchange of such securities less than
the Last Reported Sale Price per share on the date of issuance of such
securities, the number of shares of Common Stock issuable upon exercise of each
Warrant shall be adjusted in accordance with this formula:</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px"><IMG
height=45 alt=[warrantagreement008.gif]
src="warrantagreement008.gif" width=128 align=middle></P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">where:</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">N&#146;
=</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">the
adjusted number of shares of Common Stock issuable upon exercise of each
Warrant.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">N
=</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">the
current number of shares of Common Stock issuable upon exercise of each
Warrant.</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px"><BR><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt" align=center>11</P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 7pt; MARGIN: 0px">&nbsp;</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">O
=</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">the
number of shares outstanding immediately prior to the issuance of such
securities.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">P
=</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">the
aggregate consideration received for the issuance of such securities.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">M
=</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">the
Last Reported Sale Price per share on the date of issuance of such
securities.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">D
=</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">the
maximum number of shares deliverable upon conversion or in exchange for such
securities at the initial conversion or exchange rate.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">The
adjustment shall be made successively whenever any such issuance is made, and
shall become effective immediately after such issuance.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">If
all of the Common Stock deliverable upon conversion or exchange of such
securities have not been issued when such securities are no longer outstanding,
then the number of shares of Common Stock issuable upon exercise of each Warrant
shall promptly be readjusted to what it would have been had the adjustment upon
the issuance of such securities been made on the basis of the actual number of
shares of Common Stock issued upon conversion or exchange of such
securities.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">This
subsection (e) does not apply to:</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 48px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">(1)</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 48px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 144px; LINE-HEIGHT: 14pt">convertible
securities issued in a bona fide public offering for cash; or</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 48px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">(2)</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 48px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 144px; LINE-HEIGHT: 14pt">convertible
securities issued in a bona fide private placement to non-affiliates of the
Company, including the issuance of convertible securities as consideration or
partial consideration for acquisitions from persons that are not affiliates of
the Company.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">(f)</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 144px; LINE-HEIGHT: 14pt"><U>Adjustment
for Tender or Exchange Offer</U>. &nbsp;If the Company or any of its
subsidiaries makes a payment in respect of a tender offer or exchange offer for
the Common Stock, if the cash and value of any other consideration included in
the payment per share of the Common Stock exceeds the Last Reported Sale Price
of the Common Stock on the trading day next succeeding the last date on which
tenders or exchanges may be made pursuant to such tender or exchange offer, the
number of shares of Common Stock issuable upon exercise of each Warrant will be
increased based on the following formula:</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px"><IMG
height=21 alt=[warrantagreement010.gif]
src="warrantagreement010.gif" width=12 align=middle><IMG
height=45 alt=[warrantagreement012.gif]
src="warrantagreement012.gif" width=180 align=middle></P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">where,</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">N&#146;
= </P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">the
adjusted number of shares of Common Stock issuable upon exercise of each
Warrant;</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">No
=</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">the
current number of shares of Common Stock issuable upon exercise of each
warrant;</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px"><BR><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt" align=center>12</P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 7pt; MARGIN: 0px">&nbsp;</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">AC
=</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">the
aggregate value of all cash and any other consideration (as determined by the
Board of Directors of the Company) paid or payable for shares purchased in such
tender or exchange offer;</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">OSo
=</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">the
number of shares of Common Stock outstanding immediately prior to the date such
tender or exchange offer expires;</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">OS&#146;
=</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">the
number of shares of Common Stock outstanding immediately after the date such
tender or exchange offer expires; and</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">SP&#146;
=</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">the
Last Reported Sale Price of the Common Stock on the trading day next succeeding
the date such tender or exchange offer expires.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">The
adjustment shall be made successively and shall become effective immediately
following the date such tender or exchange offer expires.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">(g)</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 144px; LINE-HEIGHT: 14pt"><U>Consideration
Received</U>.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">For
purposes of any computation respecting consideration received pursuant to
subsections (d), (e) and (f) of this Section 11, the following shall apply:</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 48px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">(1)</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 48px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 144px; LINE-HEIGHT: 14pt">in
the case of the issuance of shares of Common Stock for cash, the consideration
shall be the amount of such cash, <U>provided</U> that in no case shall any
deduction be made for any commissions, discounts or other expenses incurred by
the Company for any underwriting or other sale or disposition of the issue or
otherwise in connection therewith;</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 48px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">(2)</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 48px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 144px; LINE-HEIGHT: 14pt">in
the case of the issuance of shares of Common Stock for a consideration in whole
or in part other than cash, the consideration other than cash shall be deemed to
be the fair market value thereof as reasonably determined by the Board of
Directors of the Company (irrespective of the accounting treatment thereof) and
described in a Board resolution which shall be filed with the Warrant Agent;
and</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 48px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">(3)</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 48px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 144px; LINE-HEIGHT: 14pt">in
the case of the issuance of securities convertible into or exchangeable for
shares, the aggregate consideration received therefor shall be deemed to be the
consideration received by the Company for the issuance of such securities plus
the additional minimum consideration, if any, to be received by the Company upon
the conversion or exchange thereof for the maximum number of shares used to
calculate the adjustment &nbsp;(the consideration in each case to be determined
in the same manner as provided in clauses (1) and (2) of this subsection).</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">(h)</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 144px; LINE-HEIGHT: 14pt"><U>Defined
Terms; When De Minimis Adjustment May Be Deferred</U>.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">As
used in this section 11:</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 48px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">(1)</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 48px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 144px; LINE-HEIGHT: 14pt">&#147;ex-dividend
date&#148; means the first date on which the shares of Common Stock trade on the
applicable exchange or in the applicable market, regular way, without the right
to receive the issuance or distribution in question;</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px"><BR><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt" align=center>13</P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 7pt; MARGIN: 0px">&nbsp;</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 48px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">(2)</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 48px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 144px; LINE-HEIGHT: 14pt">&#147;trading
day&#148; means, with respect to the Common Stock or any other security, a day during
which (i) trading in the Common Stock or such other security generally occurs,
(ii) there is no market disruption event (as defined below) and (iii) a Last
Reported Sale Price for the Common Stock or such other security (other than a
Last Reported Sale Price referred to in the next to last clause of such
definition) is available for such day; <U>provided</U> that if the Common Stock
or such other security is not admitted for trading or quotation on or by any
exchange, bureau or other organization, &#147;trading day&#148; will mean any Business
Day;</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 48px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">(3)</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 48px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 144px; LINE-HEIGHT: 14pt">&#147;market
disruption event&#148; means, with respect to the Common Stock or any other security,
the occurrence or existence of more than one-half hour period in the aggregate
or any scheduled trading day for the Common Stock or such other security of any
suspension or limitation imposed on trading (by reason of movements in price
exceeding limits permitted by the stock exchange or otherwise) in the Common
Stock or such other security or in any options, contract, or future contracts
relating to the Common Stock or such other security, and such suspension or
limitation occurs or exists at any time before 1:00 p.m. (New York time) on such
day; and</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 48px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">(4)</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 48px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 144px; LINE-HEIGHT: 14pt">&#147;Business
Day&#148; means, any day on which Nasdaq is open for trading and which is not a
Saturday, a Sunday or any other day on which banks in the City of New York, New
York, are authorized or required by law to close.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">No
adjustment in the number of shares of Common Stock issuable upon exercise of
each Warrant need be made unless the adjustment would require an increase or
decrease of at least 1% in such number. &nbsp;Any adjustments that are not made
shall be carried forward and taken into account in any subsequent
adjustment.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">All
calculations under this Section 11 shall be made to the nearest cent or to the
nearest 1/100th of a share, as the case may be.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">(i)</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 144px; LINE-HEIGHT: 14pt"><U>When
No Adjustment Required</U>.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">No
adjustment need be made for a transaction referred to in subsections (b), (c),
(d), (e) or (f) of this Section 11 if Warrant holders are to participate,
without requiring the Warrants to be exercised, in the transaction on a basis
and with notice that the Board of Directors of the Company reasonably determines
to be fair and appropriate in light of the basis and notice on which holders of
Common Stock participate in the transaction.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">No
adjustment need be made for a change in the par value or no par value of the
Common Stock.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">To
the extent the Warrants become convertible into cash, no adjustment need be made
thereafter as to the amount of cash into which such Warrants are exercisable.
&nbsp;Interest will not accrue on the cash.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">(j)</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 144px; LINE-HEIGHT: 14pt"><U>Notice
of Adjustment</U>.</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px"><BR><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt" align=center>14</P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 7pt; MARGIN: 0px">&nbsp;</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">Whenever
the number of shares of Common Stock issuable upon exercise of each Warrant is
adjusted, the Company shall provide the notices required by Section 13
hereof.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">(k)</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 144px; LINE-HEIGHT: 14pt"><U>Notice
of Certain Transactions</U>.</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 48px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">If:</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 48px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">(1)</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 48px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 144px; LINE-HEIGHT: 14pt">the
Company takes any action that would require an adjustment in the Exercise Price
pursuant to subsections (a), (b), (c), (d), (e) or (f) of this Section 11 and if
the Company does not arrange for Warrant holders to participate pursuant to
subsection (i) of this Section 11;</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 48px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">(2)</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 48px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 144px; LINE-HEIGHT: 14pt">the
Company takes any action that would require a supplemental Warrant Agreement
pursuant to subsection (l) of this Section 11; or</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 48px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">(3)</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 48px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 144px; LINE-HEIGHT: 14pt">there
is a liquidation or dissolution of the Company,</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 0px; LINE-HEIGHT: 14pt"
align=left>the Company shall mail to Warrant holders a notice stating the
proposed record date for a dividend or distribution or the proposed effective
date of a subdivision, combination, reclassification, consolidation, merger,
transfer, lease, liquidation or dissolution. &nbsp;The Company shall mail the
notice at least 15 days before such date. &nbsp;Failure to mail the notice or
any defect in it shall not affect the validity of the transaction.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">(l)</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 144px; LINE-HEIGHT: 14pt"><U>Reorganization
of Company</U>.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">If
the Company consolidates or merges with or into, or transfers or leases all or
substantially all its assets to, any person, upon consummation of such
transaction the Warrants shall automatically become exercisable for the kind and
amount of securities, cash or other assets which the holder of a Warrant would
have owned immediately after the consolidation, merger, transfer or lease if
such holder had exercised the Warrant immediately before the effective date of
the transaction; <U>provided</U> that (i) if the holders of Common Stock were
entitled to exercise a right of election as to the kind or amount of securities,
cash or other assets receivable upon such consolidation or merger, then the kind
and amount of securities, cash or other assets for which each Warrant shall
become exercisable shall be deemed to be the weighted average of the kind and
amount received per share by the holders of Common Stock in such consolidation
or merger that affirmatively make such election or (ii) if a tender or exchange
offer shall have been made to and accepted by the holders of Common Stock under
circumstances in which, upon completion of such tender or exchange offer, the
maker thereof, together with members of any group (within the meaning of Rule
13d-5(b)(1) under the Securities Exchange Act of 1934, as amended (the
&#147;<U>Exchange Act</U>&#148;)) of which such maker is a part, and together with any
affiliate or associate of such maker (within the meaning of Rule 12b-2 under the
Exchange Act) and any members of any such group of which any such affiliate or
associate is a part, own beneficially (within the meaning of Rule 13d-3 under
the Exchange Act) more than 50% of the outstanding shares of Common Stock, the
holder of a Warrant shall be entitled to receive the highest amount of cash,
securities or other property to which such holder would actually have been
entitled as a shareholder if such Warrant holder had exercised the Warrant prior
to the expiration of such tender or exchange offer, accepted such offer and all
of the Common Stock held by such holder had been purchased pursuant to such
tender or exchange offer, subject to adjustments (from and </P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px"><BR><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt" align=center>15</P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 7pt; MARGIN: 0px">&nbsp;</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; LINE-HEIGHT: 14pt">after
the consummation of such tender or exchange offer) as nearly equivalent as
possible to the adjustments provided for in this Section 11. &nbsp;Concurrently
with the consummation of any such transaction, the corporation or other entity
formed by or surviving any such consolidation or merger if other than the
Company, or the person to which such sale or conveyance shall have been made,
shall enter into a supplemental Warrant Agreement so providing and further
providing for adjustments which shall be as nearly equivalent as may be
practical to the adjustments provided for in this Section. &nbsp;The successor
Company shall mail to Warrant holders a notice describing the supplemental
Warrant Agreement.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">If
the issuer of securities deliverable upon exercise of Warrants under the
supplemental Warrant Agreement is an affiliate of the formed, surviving,
transferee or lessee corporation, that issuer shall join in the supplemental
Warrant Agreement.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">If
this subsection (l) applies, subsections (a), (b), (c), (d), (e) and (f) of this
Section 11 do not apply.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">(m)</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 144px; LINE-HEIGHT: 14pt"><U>Warrant
Agent&#146;s Disclaimer</U>.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">The
Warrant Agent has no duty to determine when an adjustment under this Section 11
should be made, how it should be made or what it should be. &nbsp;The Warrant
Agent has no duty to determine whether any provisions of a supplemental Warrant
Agreement under subsection (l) of this Section 11 are correct. &nbsp;The Warrant
Agent makes no representation as to the validity or value of any securities or
assets issued upon exercise of Warrants. &nbsp;The Warrant Agent shall not be
responsible for the Company&#146;s failure to comply with this Section.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">(n)</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 144px; LINE-HEIGHT: 14pt"><U>When
Issuance May Be Deferred</U>.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">In
any case in which this Section 11 shall require that an adjustment in the number
of shares of Common Stock issuable upon exercise of each Warrant be made
effective as of a record date for a specified event, the Company may elect to
defer until the occurrence of such event issuing to the holder of any Warrant
exercised after such record date the Warrant Shares and other capital stock of
the Company, if any, issuable upon such exercise over and above the Warrant
Shares and other capital stock of the Company, if any, issuable upon such
exercise on the basis of the number of shares of Common Stock issuable upon
exercise of each Warrant; <U>provided</U>, <U>however</U>, that the Company
shall deliver to such holder a due bill or other appropriate instrument
evidencing such holder&#146;s right to receive such additional Warrant Shares and
other capital stock upon the occurrence of the event requiring such
adjustment.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">(o)</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 144px; LINE-HEIGHT: 14pt"><U>Adjustment
in Exercise Price</U>.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">Upon
each event that provides for an adjustment of the number of shares of Common
Stock issuable upon exercise of each Warrant pursuant to this Section 11, each
Warrant outstanding prior to the making of the adjustment shall thereafter have
an adjusted Exercise Price (calculated to the nearest ten millionth) obtained
from the following formula:</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px"><IMG
height=41 alt=[warrantagreement014.gif]
src="warrantagreement014.gif" width=80 align=middle></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px"><BR><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt" align=center>16</P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 7pt; MARGIN: 0px">&nbsp;</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">where:</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">E&#146;
=</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">the
adjusted Exercise Price.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">E
=</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">the
Exercise Price prior to adjustment.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">N&#146;
=</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">the
adjusted number of Warrant Shares issuable upon exercise of a Warrant by payment
of the adjusted Exercise Price.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">N
=</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">the
number of Warrant Shares previously issuable upon exercise of a Warrant by
payment of the Exercise Price prior to adjustment.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">Following
any adjustment to the Exercise Price pursuant to this Section 11, the amount
payable, when adjusted and together with any consideration allocated to the
issuance of the Warrants, shall never be less than the par value per Warrant
Share at the time of such adjustment. &nbsp;Such adjustment shall be made
successively whenever any event listed above shall occur.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">(p)</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 144px; LINE-HEIGHT: 14pt"><U>Form
of Warrants</U>.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">Irrespective
of any adjustments in the number or kind of shares issuable upon the exercise of
the Warrants or the Exercise Price, Warrants theretofore or thereafter issued
may continue to express the same number and kind of shares and Exercise Price as
are stated in the Warrants initially issuable pursuant to this Agreement.</P><A
name=_Toc163467163></A>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt"><B>SECTION
12.</B> &nbsp;<U>Fractional Interests</U>. &nbsp;The Company shall not be
required to issue fractional Warrant Shares on the exercise of Warrants.
&nbsp;If more than one Warrant shall be presented for exercise in full at the
same time by the same holder, the number of full Warrant Shares which shall be
issuable upon the exercise thereof shall be computed on the basis of the
aggregate number of Warrant Shares purchasable on exercise of the Warrants so
presented. &nbsp;If any fraction of a Warrant Share would, except for the
provisions of this Section 12, be issuable on the exercise of any Warrants (or
specified portion thereof), the Company shall, upon such exercise, round up to
the nearest whole number of number of Warrant Shares to be issued to the Warrant
holder.</P><A name=_Toc163467164></A>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt"><B>SECTION
13.</B> &nbsp;<U>Notices to Warrant Holders</U>. &nbsp;Upon any adjustment of
the Exercise Price pursuant to Section 11, the Company shall promptly
thereafter, and in any event within five days, (i) cause to be filed with the
Warrant Agent a certificate executed by the Chief Financial Officer or principal
financial officer of the Company setting forth the number of Warrant Shares
issuable upon exercise of each Warrant after such adjustment and setting forth
in reasonable detail the method of calculation and the facts upon which such
calculations are based, and (ii) cause to be given to each of the registered
holders of the Warrant Certificates at his address appearing on the Warrant
register written notice of such adjustments by first-class mail, postage
prepaid. &nbsp;Where appropriate, such notice may be given in advance and
included as a part of the notice required to be mailed under the other
provisions of this Section 13. &nbsp;The Warrant Agent shall be fully protected
in relying on any such certificate and on any adjustment therein contained and
shall not be deemed to have knowledge of such adjustment unless and until it
shall have received such certificate.</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px"><BR><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt" align=center>17</P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 7pt; MARGIN: 0px">&nbsp;</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">In
case:</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">(a)</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 144px; LINE-HEIGHT: 14pt">the
Company shall authorize the issuance to all holders of shares of Common Stock of
rights, options or warrants to subscribe for or purchase shares of Common Stock
or of any other subscription rights or warrants; or</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">(b)</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 144px; LINE-HEIGHT: 14pt">the
Company shall authorize the distribution to all holders of shares of Common
Stock of evidences of its indebtedness or assets (other than regular cash
dividends or dividends payable in shares of Common Stock or distributions
referred to in subsection (b) of Section 11 hereof); or</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">(c)</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 144px; LINE-HEIGHT: 14pt">of
any consolidation or merger to which the Company is a party and for which
approval of any shareholders of the Company is required, or of the conveyance or
transfer of the properties and assets of the Company substantially as an
entirety, or of any reclassification or change of Common Stock issuable upon
exercise of the Warrants (other than a change in par value, or from par value to
no par value, or from no par value to par value, or as a result of a subdivision
or combination), or a tender offer or exchange offer for shares of Common Stock;
or</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">(d)</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 144px; LINE-HEIGHT: 14pt">of
the voluntary or involuntary dissolution, liquidation or winding up of the
Company; or</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">(e)</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 144px; LINE-HEIGHT: 14pt">the
Company proposes to take any action not specified above which would require an
adjustment of the Exercise Price pursuant to Section 11 hereof;</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; LINE-HEIGHT: 14pt">then
the Company shall cause to be filed with the Warrant Agent and shall cause to be
given to each of the registered holders of the Warrant Certificates at his
address appearing on the Warrant register, at least 10 calendar days prior to
the applicable record date hereinafter specified, or as promptly as practicable
under the circumstances in the case of events for which there is no record date,
by first-class mail, postage prepaid, a written notice stating (i) the date as
of which the holders of record of shares of Common Stock to be entitled to
receive any such rights, options, warrants or distribution are to be determined,
or (ii) the initial expiration date set forth in any tender offer or exchange
offer for shares of Common Stock, or (iii) the date on which any such
consolidation, merger, conveyance, transfer, dissolution, liquidation or winding
up is expected to become effective or consummated, and the date as of which it
is expected that holders of record of shares of Common Stock shall be entitled
to exchange such shares for securities or other property, if any, deliverable
upon such reclassification, consolidation, merger, conveyance, transfer,
dissolution, liquidation or winding up. &nbsp;The failure to give the notice
required by this Section 13 or any defect therein shall not affect the legality
or validity of any distribution, right, option, warrant, consolidation, merger,
conveyance, transfer, dissolution, liquidation or winding up, or the vote upon
any action.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">Nothing
contained in this Agreement or in any of the Warrant Certificates shall be
construed as conferring upon the holders thereof the right to vote or to consent
or to receive notice as shareholders in respect of the meetings of shareholders
or the election of Directors of the Company or any other matter, or any rights
whatsoever as shareholders of the Company.</P><A name=_Toc163467165></A>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt"><B>SECTION
14.</B> &nbsp;<U>Merger, Consolidation or Change of Name of Warrant Agent</U>.
&nbsp;Any corporation into which the Warrant Agent may be merged or with which
it may be consolidated, </P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px"><BR><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt" align=center>18</P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 7pt; MARGIN: 0px">&nbsp;</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; LINE-HEIGHT: 14pt">or
any corporation resulting from any merger or consolidation to which the Warrant
Agent shall be a party, or any corporation succeeding to all or substantially
all the corporate trust or agency business of the Warrant Agent, shall be the
successor to the Warrant Agent hereunder without the execution or filing of any
paper or any further act on the part of any of the parties hereto,
<U>provided</U> that such corporation would be eligible for appointment as a
successor warrant agent under the provisions of Section 16. &nbsp;In case at the
time such successor to the Warrant Agent shall succeed to the agency created by
this Agreement, and in case at that time any of the Warrant Certificates shall
have been countersigned but not delivered, any such successor to the Warrant
Agent may adopt the countersignature of the original Warrant Agent; and in case
at that time any of the Warrant Certificates shall not have been countersigned,
any successor to the Warrant Agent may countersign such Warrant Certificates
either in the name of the predecessor Warrant Agent or in the name of the
successor to the Warrant Agent; and in all such cases such Warrant Certificates
shall have the full force and effect provided in the Warrant Certificates and in
this Agreement.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">In
case at any time the name of the Warrant Agent shall be changed and at such time
any of the Warrant Certificates shall have been countersigned but not delivered,
the Warrant Agent whose name has been changed may adopt the countersignature
under its prior name, and in case at that time any of the Warrant Certificates
shall not have been countersigned, the Warrant Agent may countersign such
Warrant Certificates either in its prior name or in its changed name, and in all
such cases such Warrant Certificates shall have the full force and effect
provided in the Warrant Certificates and in this Agreement.</P><A
name=_Toc163467166></A>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt"><B>SECTION
15.</B> &nbsp;<U>Warrant Agent</U>. &nbsp;The Warrant Agent undertakes the
duties and obligations imposed by this Agreement (and no implied duties or
obligations shall be read into this Agreement against the Warrant Agent) upon
the following terms and conditions, by all of which the Company and the holders
of Warrants, by their acceptance thereof, shall be bound:</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">(a)</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 144px; LINE-HEIGHT: 14pt">The
statements contained herein and in the Warrant Certificates shall be taken as
statements of the Company and the Warrant Agent assumes no responsibility for
the correctness of any of the same except such as describe the Warrant Agent or
action taken or to be taken by it. &nbsp;The Warrant Agent assumes no
responsibility with respect to the distribution of the Warrant Certificates
except as herein otherwise provided.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">(b)</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 144px; LINE-HEIGHT: 14pt">The
Warrant Agent shall not be responsible for any failure of the Company to comply
with any of the covenants contained in this Agreement or in the Warrant
Certificates to be complied with by the Company.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">(c)</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 144px; LINE-HEIGHT: 14pt">The
Warrant Agent may consult at any time with counsel of its own selection (who may
be counsel for the Company) and the Warrant Agent shall incur no liability or
responsibility to the Company or to any holder of any Warrant Certificate in
respect of any action taken, suffered or omitted by it hereunder in good faith
and in accordance with the opinion or the advice of such counsel. &nbsp;The
Warrant Agent may execute any of the trusts or powers hereunder or perform any
duties hereunder either directly or through agents or attorneys and the Warrant
Agent shall not be responsible for any misconduct or negligence on the part of
any agent or attorney appointed with due care by it hereunder.</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px"><BR><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt" align=center>19</P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 7pt; MARGIN: 0px">&nbsp;</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">(d)</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 144px; LINE-HEIGHT: 14pt">The
Warrant Agent may conclusively rely, as to the truth of the statements and the
correctness of the opinions expressed therein, upon certificates or opinions
furnished to the Warrant Agent and conforming to the requirements of this
Agreement. &nbsp;The Warrant Agent shall incur no liability or responsibility to
the Company or to any holder of any Warrant Certificate for any action taken in
reliance on any Warrant Certificate, certificate of shares, notice, resolution,
waiver, consent, order, certificate, or other paper, document or instrument
(whether in its original or facsimile form) believed by it to be genuine and to
have been signed, sent or presented by the proper party or parties.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">(e)</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 144px; LINE-HEIGHT: 14pt">The
Company agrees to pay to the Warrant Agent such compensation for all services
rendered by the Warrant Agent in the administration and execution of this
Agreement as the Company and the Warrant Agent shall agree in writing and to
reimburse the Warrant Agent for all expenses, taxes and governmental charges and
other charges of any kind and nature incurred by the Warrant Agent in the
execution of this Agreement (including reasonable fees and expenses of its
outside counsel) and to indemnify the Warrant Agent (and any predecessor Warrant
Agent) and save it harmless against any and all claims (whether asserted by the
Company, a holder or any other person), damages, losses, expenses (including
taxes other than taxes based on the income of the Warrant Agent), liabilities,
including judgments, costs and reasonable outside counsel fees and expenses, for
anything done or omitted by the Warrant Agent in the execution of this Agreement
except as a result of its negligence or willful misconduct. &nbsp;The provisions
of this Section 15(e) shall survive the expiration of the Warrants and the
termination of this Agreement.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">(f)</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 144px; LINE-HEIGHT: 14pt">The
Warrant Agent shall be under no obligation to institute any action, suit or
legal proceeding or to take any other action likely to involve expense unless
the Company or one or more registered holders of Warrant Certificates shall
furnish the Warrant Agent with security and indemnity satisfactory to it for any
costs and expenses which may be incurred, but this provision shall not affect
the power of the Warrant Agent to take such action as it may consider proper,
whether with or without any such security or indemnity. &nbsp;All rights of
action under this Agreement or under any of the Warrants may be enforced by the
Warrant Agent without the possession of any of the Warrant Certificates or the
production thereof at any trial or other proceeding relative thereto, and any
such action, suit or proceeding instituted by the Warrant Agent shall be brought
in its name as Warrant Agent and any recovery of judgment shall be for the
ratable benefit of the registered holders of the Warrants, as their respective
rights or interests may appear.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">(g)</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 144px; LINE-HEIGHT: 14pt">The
Warrant Agent, and any stockholder, director, officer or employee of it, may
buy, sell or deal in any of the Warrants or other securities of the Company or
become pecuniarily interested in any transaction in which the Company may be
interested, or contract with or lend money to the Company or otherwise act as
fully and freely as though it were not Warrant Agent under this Agreement,
subject to compliance with applicable laws. &nbsp;Nothing herein shall preclude
the Warrant Agent from acting in any other capacity for the Company or for any
other legal entity.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">(h)</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 144px; LINE-HEIGHT: 14pt">The
Warrant Agent shall act hereunder solely as agent for the Company, and its
duties shall be determined solely by the provisions hereof. &nbsp;The Warrant
Agent shall not be liable for anything that it may do or refrain from doing in
connection with this Agreement </P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px"><BR><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt" align=center>20</P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 7pt; MARGIN: 0px">&nbsp;</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; LINE-HEIGHT: 14pt">except
for its own negligence or willful misconduct. &nbsp;Notwithstanding anything in
this Agreement to the contrary, in no event shall the Warrant Agent be liable
for special, indirect, punitive or consequential loss or damage of any kind
whatsoever (including but not limited to lost profits), even if the Warrant
Agent has been advised of the likelihood of the loss or damage and regardless of
the form of the action.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">(i)</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 144px; LINE-HEIGHT: 14pt">The
Warrant Agent shall not at any time be under any duty or responsibility to any
holder of any Warrant Certificate to make or cause to be made any adjustment of
the Exercise Price or number of the Warrant Shares or other securities or
property deliverable as provided in this Agreement, or to determine whether any
facts exist which may require any of such adjustments, or with respect to the
nature or extent of any such adjustments, when made, or with respect to the
method employed in making the same. &nbsp;The Warrant Agent shall not be
accountable with respect to the validity or value or the kind or amount of any
Warrant Shares or of any securities or property which may at any time be issued
or delivered upon the exercise of any Warrant or with respect to whether any
such Warrant Shares or other securities will when issued be validly issued and
fully paid and nonassessable, and makes no representation with respect
thereto.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">(j)</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 144px; LINE-HEIGHT: 14pt">Notwithstanding
anything in this Agreement to the contrary, neither the Company nor the Warrant
Agent shall have any liability to any holder of a Warrant Certificate or other
Person as a result of its inability to perform any of its obligations under this
Agreement by reason of any preliminary or permanent injunction or other order,
decree or ruling issued by a court of competent jurisdiction or by a
governmental, regulatory or administrative agency or commission, or any statute,
rule, regulation or executive order promulgated or enacted by any governmental
authority prohibiting or otherwise restraining performance of such obligation;
<U>provided</U> that (i) the Company must use its reasonable best efforts to
have any such order, decree or ruling lifted or otherwise overturned as soon as
possible and (ii) nothing in this Section 15(j) shall affect the Company&#146;s
obligation under Section 6(e) to use its best efforts to have a registration
statement in effect covering the Warrant Shares issuable upon exercise of the
Warrants and to maintain a current prospectus relating to those Warrant
Shares.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">(k)</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 144px; LINE-HEIGHT: 14pt">Any
application by the Warrant Agent for written instructions from the Company may,
at the option of the Warrant Agent, set forth in writing any action proposed to
be taken or omitted by the Warrant Agent under this Agreement and the date on
and/or after which such action shall be taken or such omission shall be
effective. &nbsp;The Warrant Agent shall not be liable for any action taken by,
or omission of, the Warrant Agent in accordance with a proposal included in such
application on or after the date specified in such application (which date shall
not be less than three Business Days after the date any officer of the Company
actually receives such application, unless any such officer shall have consented
in writing to any earlier date) unless prior to taking any such action (or the
effective date in the case of an omission), the Warrant Agent shall have
received written instructions in response to such application specifying the
action to be taken or omitted.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">(l)</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 144px; LINE-HEIGHT: 14pt">No
provision of this Agreement shall require the Warrant Agent to expend or risk
its own funds or otherwise incur any financial liability in the performance of
any of its duties hereunder or in the exercise of its rights.</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px"><BR><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt" align=center>21</P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 7pt; MARGIN: 0px">&nbsp;</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">(m)</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 144px; LINE-HEIGHT: 14pt">In
addition to the foregoing, the Warrant Agent shall be protected and shall incur
no liability for, or in respect of, any action taken or omitted by it in
connection with its administration of this Agreement if such acts or omissions
are not the result of the Warrant Agent&#146;s reckless disregard of its duty, gross
negligence or willful misconduct and are in reliance upon (i) the proper
execution of the certification concerning beneficial ownership appended to the
form of assignment and the form of the election attached hereto unless the
Warrant Agent shall have actual knowledge that, as executed, such certification
is untrue, or (ii) the non-execution of such certification including, without
limitation, any refusal to honor any otherwise permissible assignment or
election by reason of such non-execution.</P><A name=_Toc163467167></A>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt"><B>SECTION
16.</B> &nbsp;<U>Change of Warrant Agent</U>. &nbsp;The Warrant Agent may at any
time resign as Warrant Agent upon written notice to the Company. &nbsp;If the
Warrant Agent shall become incapable of acting as Warrant Agent, the Company
shall appoint a successor to such Warrant Agent. &nbsp;If the Company shall fail
to make such appointment within a period of 30 days after it has been notified
in writing of such resignation or of such incapacity by the Warrant Agent or by
the registered holder of a Warrant Certificate, then the registered holder of
any Warrant Certificate or the Warrant Agent may apply, at the expense of the
Company, to any court of competent jurisdiction for the appointment of a
successor to the Warrant Agent. &nbsp;Pending appointment of a successor to such
Warrant Agent, either by the Company or by such a court, the duties of the
Warrant Agent shall be carried out by the Company. &nbsp;The holders of a
majority of the unexercised Warrants shall be entitled at any time to remove the
Warrant Agent and appoint a successor to such Warrant Agent. &nbsp;If a
Successor Warrant Agent shall not have been appointed within 30 days of such
removal, the Warrant Agent may apply, at the expense of the Company, to any
court of competent jurisdiction for the appointment of a successor to the
Warrant Agent. &nbsp;Such successor to the Warrant Agent need not be approved by
the Company or the former Warrant Agent. &nbsp;After appointment the successor
to the Warrant Agent shall be vested with the same powers, rights, duties and
responsibilities as if it had been originally named as Warrant Agent without
further act or deed; but the former Warrant Agent upon payment of all fees and
expenses due it and its agents and counsel shall deliver and transfer to the
successor to the Warrant Agent any property at the time held by it hereunder and
execute and deliver any further assurance, conveyance, act or deed necessary for
the purpose. &nbsp;Failure to give any notice provided for in this Section 16,
however, or any defect therein, shall not affect the legality or validity of the
appointment of a successor to the Warrant Agent.</P><A name=_Toc163467168></A>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt"><B>SECTION
17.</B> &nbsp;<U>Notices to Company and Warrant Agent</U>. &nbsp;Any notice or
demand authorized by this Agreement to be given or made by the Warrant Agent or
by the registered holder of any Warrant Certificate to or on the Company shall
be sufficiently given or made when and if deposited in the mail, first class or
registered, postage prepaid, addressed (until another address is filed in
writing by the Company with the Warrant Agent), as follows:</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 95px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; LINE-HEIGHT: 14pt">Iridium
Communications Inc.<BR>6707 Democracy Boulevard, Suite 300<BR>Bethesda, Maryland
20817<BR>Fax No.: (301) 571-6250<BR>Attention: General Counsel</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px"><BR><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt" align=center>22</P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 7pt; MARGIN: 0px">&nbsp;</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">In
case the Company shall fail to maintain such office or agency or shall fail to
give such notice of the location or of any change in the location thereof,
presentations may be made and notices and demands may be served at the principal
corporate trust office of the Warrant Agent.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">Any
notice pursuant to this Agreement to be given by the Company or by the
registered holder(s) of any Warrant Certificate to the Warrant Agent shall be
sufficiently given when and if deposited in the mail, first-class or registered,
postage prepaid, addressed (until another address is filed in writing by the
Warrant Agent with the Company) to the Warrant Agent as follows:</P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 95px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; LINE-HEIGHT: 14pt">American
Stock Transfer &amp; Trust Company <BR>59 Maiden Lane, Plaza Level<BR>New York,
New York 10038<BR>Attention: Compliance Department</P><A name=_Toc163467169></A>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt"><B>SECTION
18.</B> &nbsp;<U>Supplements and Amendments</U>. &nbsp;The Company and the
Warrant Agent may from time to time supplement or amend this Agreement without
the approval of any holders of Warrant Certificates in order to cure any
ambiguity or to correct or supplement any provision contained herein which may
be defective or inconsistent with any other provision herein, or to make any
other provisions in regard to matters or questions arising hereunder which the
Company and the Warrant Agent may deem necessary or desirable and which shall
not in any way adversely affect the interests of the holders of Warrant
Certificates theretofore issued. &nbsp;Upon the delivery of a certificate from
an appropriate officer of the Company that states that the proposed supplement
or amendment is in compliance with the terms of this Section 18, the Warrant
Agent shall execute such supplement or amendment. &nbsp;Notwithstanding anything
in this Agreement to the contrary, the prior written consent of the Warrant
Agent must be obtained in connection with any supplement or amendment that
alters the rights or duties of the Warrant Agent. &nbsp;Subject to the following
sentence, the Company and the Warrant Agent may amend any provision herein with
the consent of the holders of Warrants exercisable for a majority of the Warrant
Shares issuable on exercise of all outstanding Warrants that would be affected
by such amendment. However, without the written consent of each holder of
Warrants affected, an amendment or supplement may not:</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">(a)</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 144px; LINE-HEIGHT: 14pt">increase
the Exercise Price except as contemplated herein or reduce the Warrant Exercise
Period;</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">(b)</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 144px; LINE-HEIGHT: 14pt">modify
the Company&#146;s right to call the Warrants for redemption, in whole, as
contemplated by Section 6(b), including the provisions related to cashless
exercise;</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">(c)</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 144px; LINE-HEIGHT: 14pt">modify
the Company&#146;s obligation to use its best efforts to have a registration
statement in effect covering Warrant Shares issuable upon exercise of the
Warrants from the date the Warrants become exercisable and to maintain a current
prospectus relating to those Warrant Shares until the Warrants expire or are
redeemed;</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">(d)</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 144px; LINE-HEIGHT: 14pt">reduce
the number of Warrant Shares issuable upon the exercise of a Warrant except as
contemplated by Section 11; </P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">(e)</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 144px; LINE-HEIGHT: 14pt">change
the currency of the Exercise Price in respect of any Warrant; or </P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px"><BR><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt" align=center>23</P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 7pt; MARGIN: 0px">&nbsp;</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt">(f)</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 144px; LINE-HEIGHT: 14pt">make
any change in the supplement and amendment provisions of this Section 18 which
require each holder&#146;s consent.</P><A name=_Toc163467170></A>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt"><B>SECTION
19.</B> &nbsp;<U>Successors</U>. &nbsp;All the covenants and provisions of this
Agreement by or for the benefit of the Company or the Warrant Agent shall bind
and inure to the benefit of their respective successors and assigns
hereunder.</P><A name=_Toc163467171></A>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt"><B>SECTION
20.</B> &nbsp;<U>Termination</U>. &nbsp;This Agreement will terminate on
February 14, 2015, or on any earlier date if all Warrants have been exercised or
expired without exercise. &nbsp;The provisions of Section 15 hereof shall
survive such termination.</P><A name=_Toc163467172></A>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt"><B>SECTION
21.</B> &nbsp;<U>Governing Law</U>. &nbsp;This Agreement and each Warrant
Certificate issued hereunder shall be deemed to be a contract made under the
laws of the State of New York and for all purposes shall be construed in
accordance with the internal laws of said State. &nbsp;The parties agree that,
all actions and proceedings arising out of this Agreement or any of the
transactions contemplated hereby, shall be brought in the United States District
Court for the Southern District of New York or in a New York State Court in the
County of New York and that, in connection with any such action or proceeding,
submit to the jurisdiction of, and venue in, such court. &nbsp;Each of the
parties hereto also irrevocably waives all right to trial by jury in any action,
proceeding or counterclaim arising out of this Agreement or the transactions
contemplated hereby.</P><A name=_Toc163467173></A>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt"><B>SECTION
22.</B> &nbsp;<U>Benefits of This Agreement</U>. &nbsp;Nothing in this Agreement
shall be construed to give to any person or corporation other than the Company,
the Warrant Agent and the registered holders of the Warrant Certificates any
legal or equitable right, remedy or claim under this Agreement, and this
Agreement shall be for the sole and exclusive benefit of the Company, the
Warrant Agent and the registered holders of the Warrant Certificates.</P><A
name=_Toc163467174></A>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt"><B>SECTION
23.</B> &nbsp;<U>Counterparts</U>. &nbsp;This Agreement may be executed in any
number of counterparts and each of such counterparts shall for all purposes be
deemed to be an original, and all such counterparts shall together constitute
but one and the same instrument.</P><A name=_Toc163467175></A>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt"><B>SECTION
24.</B> &nbsp;<U>Force Majeure</U>. &nbsp;In no event shall the Warrant Agent be
responsible or liable for any failure or delay in the performance of its
obligations under this Agreement arising out of or caused by, directly or
indirectly, forces beyond its reasonable control, including without limitation
strikes, work stoppages, accidents, acts of war or terrorism, civil or military
disturbances, nuclear or natural catastrophes or acts of God, and interruptions,
loss or malfunctions of utilities, communications or computer (software or
hardware) services.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; LINE-HEIGHT: 14pt"
align=center><I>[Remainder of Page Intentionally Left Blank]</I></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px"><BR><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt" align=center>24</P>
<P style="MARGIN: 0px"><BR></P>
<P style="FONT-SIZE: 7pt; MARGIN: 0px">&nbsp;</P>
<P style="MARGIN: 0px"><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px">
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=right><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly
executed, as of the day and year first above written.</P>
<TABLE style="FONT-SIZE: 10pt" borderColor=transparent cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=319></TD>
<TD width=39></TD>
<TD width=52></TD>
<TD width=6></TD>
<TD width=221></TD></TR>
<TR>
<TD vAlign=top width=319>
<P>&nbsp;</P></TD>
<TD vAlign=top width=319 colSpan=4>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">IRIDIUM
COMMUNICATIONS INC.</P></TD></TR>
<TR>
<TD vAlign=top width=319>
<P>&nbsp;</P></TD>
<TD vAlign=top width=319 colSpan=4>
<P style="MARGIN: 0px"><BR></P></TD></TR>
<TR>
<TD vAlign=top width=319>
<P>&nbsp;</P></TD>
<TD vAlign=top width=39>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">By:</P></TD>
<TD vAlign=top width=279 colSpan=3>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"><U>&nbsp;/s/
&nbsp;John
Brunette&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P></TD></TR>
<TR>
<TD vAlign=top width=319>
<P>&nbsp;</P></TD>
<TD vAlign=top width=39>
<P>&nbsp;</P></TD>
<TD vAlign=top width=58 colSpan=2>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">Name:</P></TD>
<TD vAlign=top width=221>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">John
Brunette</P></TD></TR>
<TR>
<TD vAlign=top width=319>
<P>&nbsp;</P></TD>
<TD vAlign=top width=39>
<P>&nbsp;</P></TD>
<TD vAlign=top width=52>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">Title:</P></TD>
<TD vAlign=top width=227 colSpan=2>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">Chief Legal and
Administrative Officer</P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="FONT-SIZE: 10pt" borderColor=transparent cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=319></TD>
<TD width=39></TD>
<TD width=52></TD>
<TD width=6></TD>
<TD width=221></TD></TR>
<TR>
<TD vAlign=top width=319>
<P>&nbsp;</P></TD>
<TD vAlign=top width=319 colSpan=4>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">AMERICAN STOCK
TRANSFER &amp; TRUST COMPANY, as Warrant Agent</P></TD></TR>
<TR>
<TD vAlign=top width=319>
<P>&nbsp;</P></TD>
<TD vAlign=top width=319 colSpan=4>
<P style="MARGIN: 0px"><BR></P></TD></TR>
<TR>
<TD vAlign=top width=319>
<P>&nbsp;</P></TD>
<TD vAlign=top width=39>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">By:</P></TD>
<TD vAlign=top width=279 colSpan=3>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"><U>&nbsp;/s/
&nbsp;Felix
Orihuela&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P></TD></TR>
<TR>
<TD vAlign=top width=319>
<P>&nbsp;</P></TD>
<TD vAlign=top width=39>
<P>&nbsp;</P></TD>
<TD vAlign=top width=58 colSpan=2>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">Name:</P></TD>
<TD vAlign=top width=221>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">Felix
Orihuela</P></TD></TR>
<TR>
<TD vAlign=top width=319>
<P>&nbsp;</P></TD>
<TD vAlign=top width=39>
<P>&nbsp;</P></TD>
<TD vAlign=top width=52>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">Title:</P></TD>
<TD vAlign=top width=227 colSpan=2>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">Vice
President</P></TD></TR></TABLE>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px"><BR></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px"><BR></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px"><BR></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px"><BR></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px"><BR></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px"><BR></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px"><BR></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px"><BR></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px"><BR></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px"><BR></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px"><BR></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px"><BR></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px"><BR></P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt"
align=center><I>(Signature page of Warrant Agreement)</I></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN: 0px"><BR></P></DIV></BODY>
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M'3ITZ-"A0X<.'3ITZ-"A0X<.'3ITZ-"A0X<.'3ITZ-"A0X<.'3ITZ-"A0X<.
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`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.5
<SEQUENCE>13
<FILENAME>specimenwarrant.htm
<DESCRIPTION>EXHIBIT 4.5
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN">
<HTML><HEAD><TITLE>Specimen Warrant</TITLE>
<META content=09/24/2009 name=date>
</HEAD>
<BODY
style="FONT-SIZE: 10pt; COLOR: #000000; LINE-HEIGHT: 12pt; FONT-FAMILY: Times New Roman">
<DIV style="WIDTH: 624px">
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; LINE-HEIGHT: 14pt">Exhibit
4.5</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; LINE-HEIGHT: 14pt"
align=center><B>SPECIMEN WARRANT CERTIFICATE</B></P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; LINE-HEIGHT: 14pt"
align=center>[Face]</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; LINE-HEIGHT: 14pt"
align=center><B>THIS WARRANT WILL BE VOID IF NOT EXERCISED PRIOR TO<BR>5:00 P.M.
NEW YORK CITY TIME, __________, 20___</B></P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; LINE-HEIGHT: 14pt"
align=center>No.________ <B>IRIDIUM COMMUNICATIONS INC.</B>
____WARRANT(S)<BR><I>Incorporated under the Laws of the State of
Delaware</I></P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; LINE-HEIGHT: 14pt"
align=center><B>&nbsp;WARRANT CERTIFICATE CUSIP____________</B></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px"><BR></P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">This
Warrant Certificate certifies that ________________________, or registered
assigns, is the registered holder of __________ warrants (the &#147;<U>Warrants</U>&#148;)
to purchase shares of Common Stock, $.001 par value (the &#147;<U>Common Stock</U>&#148;),
of Iridium Communications Inc., a Delaware corporation (the &#147;<U>Company</U>&#148;).
&nbsp;Each Warrant entitles the holder, upon exercise during the period set
forth in the Warrant Agreement referred to below, to receive from the Company
that number of fully paid and nonassessable shares of Common Stock (each, a
&#147;<U>Warrant Share</U>&#148;) as set forth below at the exercise price (the
&#147;<U>Exercise Price</U>&#148;) as determined pursuant to the Warrant Agreement payable
in lawful money of the United States of America upon surrender of this Warrant
Certificate and payment of the Exercise Price (or on a cashless basis, if
applicable, pursuant to the terms of the Warrant Agreement) at the office or
agency of the Warrant Agent, but only subject to the conditions set forth herein
and in the Warrant Agreement.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">Each
Warrant is initially exercisable for one share of Common Stock. &nbsp;The number
of Warrant Shares issuable upon exercise of the Warrants are subject to
adjustment upon the occurrence of certain events set forth in the Warrant
Agreement.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">The
initial Exercise Price per share of Common Stock for any Warrant is equal to
$11.50 per share. &nbsp;The Exercise Price is subject to adjustment upon the
occurrence of certain events set forth in the Warrant Agreement.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">Warrants
may be exercised only during the Warrant Exercise Period subject to the
conditions set forth in the Warrant Agreement and to the extent not exercised by
the end of such Warrant Exercise Period such Warrants shall become void.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">Reference
is hereby made to the further provisions of this Warrant Certificate set forth
on the reverse hereof and such further provisions shall for all purposes have
the same effect as though fully set forth at this place.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">This
Warrant Certificate shall not be valid unless countersigned by the Warrant
Agent, as such term is used in the Warrant Agreement.</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px"><BR><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; PAGE-BREAK-BEFORE: always; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">This
Warrant Certificate shall be governed and construed in accordance with the
internal laws of the State of New York, without regard to conflicts of laws
principles thereof.</P>
<TABLE style="FONT-SIZE: 10pt" borderColor=transparent cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=41></TD>
<TD width=277></TD>
<TD width=39></TD>
<TD width=59></TD>
<TD width=220></TD></TR>
<TR>
<TD vAlign=top width=319 colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=top width=319 colSpan=3>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">IRIDIUM
COMMUNICATIONS INC.</P></TD></TR>
<TR>
<TD vAlign=top width=319 colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=top width=319 colSpan=3>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=319 colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=top width=39>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">By:</P></TD>
<TD vAlign=top width=279 colSpan=2>
<P
style="FONT-SIZE: 12pt; MARGIN: 0px"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P></TD></TR>
<TR>
<TD vAlign=top width=319 colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=top width=39>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">Name:</P></TD>
<TD vAlign=top width=220>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=319 colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=top width=39>
<P>&nbsp;</P></TD>
<TD vAlign=top width=59>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">Title:</P></TD>
<TD vAlign=top width=220>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=319 colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=top width=319 colSpan=3>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=319 colSpan=2>
<P
style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">Countersigned:</P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">Dated:
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
20</P></TD>
<TD vAlign=top width=319 colSpan=3>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=319 colSpan=2>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">AMERICAN STOCK
TRANSFER &amp; TRUST COMPANY, as Warrant Agent</P></TD>
<TD vAlign=top width=319 colSpan=3>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=319 colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=top width=319 colSpan=3>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=319 colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=top width=319 colSpan=3>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=319 colSpan=2>
<P>&nbsp;</P></TD>
<TD vAlign=top width=319 colSpan=3>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=41>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"
align=center>By</P></TD>
<TD vAlign=top width=277>
<P
style="FONT-SIZE: 12pt; MARGIN: 0px"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P></TD>
<TD vAlign=top width=319 colSpan=3>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=41>
<P>&nbsp;</P></TD>
<TD vAlign=top width=277>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"
align=center>Authorized Signatory</P></TD>
<TD vAlign=top width=319 colSpan=3>
<P>&nbsp;</P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px" align=center><BR><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; PAGE-BREAK-BEFORE: always; LINE-HEIGHT: 14pt"
align=center>[Form of Warrant Certificate]</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; LINE-HEIGHT: 14pt"
align=center>[Reverse]</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">The
Warrants evidenced by this Warrant Certificate are part of a duly authorized
issue of Warrants entitling the holder on exercise to receive shares of Common
Stock, par value $0.001 per share, of the Company (the &#147;Common Stock&#148;), and are
issued or to be issued pursuant to a Warrant Agreement dated as of September 29,
2009 (the &#147;<U>Warrant Agreement</U>&#148;), duly executed and delivered by the
Company to American Stock Transfer &amp; Trust Company, a New York corporation,
as warrant agent (the &#147;<U>Warrant Agent</U>&#148;), which Warrant Agreement is hereby
incorporated by reference in and made a part of this instrument and is hereby
referred to for a description of the rights, limitation of rights, obligations,
duties and immunities thereunder of the Warrant Agent, the Company and the
holders (the words &#147;holders&#148; or &#147;holder&#148; meaning the registered holders or
registered holder) of the Warrants. &nbsp;A copy of the Warrant Agreement may be
obtained by the holder hereof upon written request to the Company. &nbsp;Defined
terms used in this Warrant Certificate but not defined herein shall have the
meanings given to them in the Warrant Agreement.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">Warrants
may be exercised at any time during the Warrant Exercise Period set forth in the
Warrant Agreement. &nbsp;The holder of Warrants evidenced by this Warrant
Certificate may exercise them by surrendering this Warrant Certificate, with the
form of election to purchase set forth hereon properly completed and executed,
together with payment of the Exercise Price as specified in the Warrant
Agreement (or on a cashless basis, if applicable, pursuant to the terms of the
Warrant Agreement) at the principal corporate trust office of the Warrant Agent.
&nbsp;In the event that upon any exercise of Warrants evidenced hereby the
number of Warrants exercised shall be less than the total number of Warrants
evidenced hereby, there shall be issued to the holder hereof or his assignee a
new Warrant Certificate evidencing the number of Warrants not exercised.
&nbsp;No adjustment shall be made for any dividends on any Common Stock issuable
upon exercise of this Warrant.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">Notwithstanding
anything else in this Warrant Certificate or the Warrant Agreement, no Warrant
may be exercised unless at the time of exercise (i) a registration statement
covering the Warrant Shares to be issued upon exercise is effective under the
Act and (ii) a prospectus thereunder relating to the Warrant Shares is current.
&nbsp;In no event shall the Warrants be settled on a net cash basis during the
Warrant Exercise Period nor shall the Company be required to issue unregistered
shares upon the exercise of any Warrant.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">The
Warrant Agreement provides that upon the occurrence of certain events the number
of Warrant Shares set forth on the face hereof may, subject to certain
conditions, be adjusted. &nbsp;No fractions of a share of Common Stock will be
issued upon the exercise of any Warrant, but the Company shall round up to the
nearest whole number the number of Warrant Shares to be issued as provided in
the Warrant Agreement.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">Warrant
Certificates, when surrendered at the principal corporate trust office of the
Warrant Agent by the registered holder thereof in person or by legal
representative or attorney duly authorized in writing, may be exchanged, in the
manner and subject to the limitations provided in the Warrant Agreement, but
without payment of any service charge, for another </P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px"><BR><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; PAGE-BREAK-BEFORE: always; LINE-HEIGHT: 14pt">Warrant
Certificate or Warrant Certificates of like tenor evidencing in the aggregate a
like number of Warrants.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">Upon
due presentation for registration of transfer of this Warrant Certificate at the
office of the Warrant Agent a new Warrant Certificate or Warrant Certificates of
like tenor and evidencing in the aggregate a like number of Warrants shall be
issued to the transferee(s) in exchange for this Warrant Certificate, subject to
the limitations provided in the Warrant Agreement, without charge except for any
tax or other governmental charge imposed in connection therewith.</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">The
Company and the Warrant Agent may deem and treat the registered holder(s)
thereof as the absolute owner(s) of this Warrant Certificate (notwithstanding
any notation of ownership or other writing hereon made by anyone), for the
purpose of any exercise hereof, of any distribution to the holder(s) hereof, and
for all other purposes, and neither the Company nor the Warrant Agent shall be
affected by any notice to the contrary. &nbsp;Neither the Warrants nor this
Warrant Certificate entitles any holder hereof to any rights of a stockholder of
the Company.</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px" align=center><BR><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; PAGE-BREAK-BEFORE: always; LINE-HEIGHT: 14pt"
align=center>Election to Purchase</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; LINE-HEIGHT: 14pt"
align=center>(To Be Executed Upon Exercise Of Warrant)</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 48px; LINE-HEIGHT: 14pt">The
undersigned hereby irrevocably elects to exercise the right, represented by this
Warrant Certificate, to receive __________ shares of Common Stock and herewith
tenders payment for such shares to the order of Iridium Communications Inc. in
the amount of $______ in accordance with the terms hereof. &nbsp;The undersigned
requests that a certificate for such shares be registered in the name of
________________, whose address is _______________________ and that such shares
be delivered to ________________ whose address is __________________. &nbsp;If
said number of shares is less than all of the shares of Common Stock purchasable
hereunder, the undersigned requests that a new Warrant Certificate representing
the remaining balance of such shares be registered in the name of
______________, whose address is ________________, and that such Warrant
Certificate be delivered to _________________, whose address is
__________________.</P>
<TABLE style="FONT-SIZE: 10pt" borderColor=transparent cellSpacing=0>
<TR style="FONT-SIZE: 0px">
<TD width=319></TD>
<TD width=319></TD></TR>
<TR>
<TD vAlign=top width=319>
<P>&nbsp;</P></TD>
<TD vAlign=top width=319>
<P
style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">Signature:</P></TD></TR>
<TR>
<TD vAlign=top width=319>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">Date:
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
20</P></TD>
<TD vAlign=top width=319>
<P>&nbsp;</P></TD></TR>
<TR>
<TD vAlign=top width=319>
<P>&nbsp;</P></TD>
<TD vAlign=top width=319>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">Signature
Guaranteed:</P></TD></TR></TABLE>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px"><BR></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 16px"><BR><BR></P></DIV></BODY>
<!-- EDGAR Validation Code: B1E08247 -->
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>14
<FILENAME>exhibit51.htm
<DESCRIPTION>EXHIBIT 5.1 - OPINION OF DAVIS POLK & WARDWELL LLP
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>Exhibit 5.1</TITLE>
<META NAME="author" CONTENT="STB">
<META NAME="date" CONTENT="09/28/2009">
</HEAD>
<BODY style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">
<DIV style="width:601.933px"><P style="line-height:12.5pt; margin-top:0px; margin-bottom:14px; padding-left:384px; font-family:Arial; font-size:10.5pt" align=right><B>Exhibit 5.1</B></P>
<P style="line-height:12.5pt; margin-top:0px; margin-bottom:16px; font-family:Arial; font-size:10.5pt" align=center><B>OPINION OF DAVIS POLK &amp; WARDWELL LLP</B></P>
<P style="margin-top:0px; margin-bottom:11.667px" align=center><BR></P>
<P style="line-height:12.5pt; margin-top:0px; margin-bottom:42px; font-family:Arial; font-size:10.5pt">September 28, 2009</P>
<P style="line-height:12.5pt; margin:0px; font-family:Arial; font-size:10.5pt">GHL Acquisition Corp.</P>
<P style="line-height:12.5pt; margin:0px; font-family:Arial; font-size:10.5pt">300 Park Avenue, 23rd Floor</P>
<P style="line-height:12.5pt; margin-top:0px; margin-bottom:11.667px; font-family:Arial; font-size:10.5pt">New York, NY 10022</P>
<P style="line-height:12.5pt; margin-top:0px; margin-bottom:11.667px; font-family:Arial; font-size:10.5pt">Ladies and Gentlemen:</P>
<P style="line-height:12.5pt; margin-top:0px; margin-bottom:11.667px; font-family:Arial; font-size:10.5pt">We have acted as counsel for GHL Acquisition Corp., a Delaware company (the &#147;<B>Company</B>&#148;) in connection with the Registration Statement on Form S-3 (File No. 333-159673) and Amendments Nos. 1 and 2 thereto (the &#147;<B>Registration Statement</B>&#148;) filed by the Company with the Securities and Exchange Commission pursuant to the Securities Act of 1933, as amended (the &#147;<B>Securities Act</B>&#148;) for the purpose of registering the sale of 18,400,000 shares of its common stock, par value $0.001 per share, which includes 2,400,000 shares subject to the Underwriters&#146; option to purchase additional shares (the &#147;<B>Common Stock</B>&#148;).</P>
<P style="line-height:12.5pt; margin-top:0px; margin-bottom:11.667px; font-family:Arial; font-size:10.5pt">We, as your counsel, have examined originals or copies, certified or otherwise identified to our satisfaction, of such documents, corporate records, certificates of public officials and other instruments as we have deemed necessary or advisable for the purpose of rendering this opinion.</P>
<P style="line-height:12.5pt; margin-top:0px; margin-bottom:11.667px; font-family:Arial; font-size:10.5pt">Based upon the foregoing, we are of the opinion that when the shares of Common Stock are issued and delivered to and paid for by the Underwriters pursuant to the Underwriting Agreement dated September 23, 2009 among the Company, Iridium Holdings LLC, Raymond James &amp; Associates, Inc., RBC Capital Markets Corporation and Stifel, Nicolaus &amp; Company, Incorporated, as representatives of the several Underwriters named in Schedule I thereto, such shares of Common Stock will be validly issued, fully paid and non-assessable.</P>
<P style="line-height:12.5pt; margin-top:0px; margin-bottom:11.667px; font-family:Arial; font-size:10.5pt">We are members of the Bar of the State of New York and the foregoing opinion is limited to the laws of the State of New York and the General Corporation Law of the State of Delaware.</P>
<P style="line-height:12.5pt; margin-top:0px; margin-bottom:11.667px; font-family:Arial; font-size:10.5pt">We hereby consent to the filing of this opinion as an exhibit to the Registration Statement referred to above and further consent to the reference to our name under the caption &#147;Validity of the Securities&#148; in the prospectus, which is a part of the Registration Statement. &nbsp;In giving this consent, we do not admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act.</P>
<P style="line-height:12.5pt; margin-top:0px; margin-bottom:11.667px; font-family:Arial; font-size:10.5pt">This opinion is rendered solely to you in connection with the above matter. &nbsp;This opinion may not be relied upon by you for any other purpose or relied upon by or furnished to any other person without our prior written consent.</P>
<P style="line-height:12.5pt; margin:0px; font-family:Arial; font-size:10.5pt">Very truly yours,</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:12.5pt; margin:0px; font-family:Arial; font-size:10.5pt">/s/ Davis Polk &amp; Wardwell LLP</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>15
<FILENAME>indemnification.htm
<DESCRIPTION>EXHIBIT 10.1 INDEMNIFICATION AGREEMENT
<TEXT>
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<DIV style="width:624px"><P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=right>Exhibit 10.1</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=right><U>DCA100-01-C-3001</U></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=center><U>Indemnification Contract</U></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:48px; font-size:12pt">Iridium Satellite LLC (&#147;IS&#148;) The Boeing Company (&#147;Boeing&#148;), Motorola, Inc. (&#147;Motorola&#148;) and the United States (&#147;the Government&#148;) make this contract to support the transfer of ownership and control of the Iridium Communications System (hereafter &#147;ICS&#148;). As used in this contract, the &#147;Iridium Communications System&#148; or &#147;ICS&#148; shall mean the complete integrated satellite-based digitally switched communications system originally deployed by Motorola, including some non-functioning satellites (i.e., those listed in Annex A) or components thereof in orbit. For purposes of this contract, the ICS does not include and shall in no event be interpreted to include (a) any subscriber equipment (b) activities of the Satellite Network Operation Center (SNOC) except those that are directly related to the operation, maintenance or de-orbit of satellites or (c) operations of the government&#146;s gateway under contract DCA100-97-D-0001.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:48px; font-size:12pt">WHEREAS IS has submitted a bid to the Bankruptcy Court for the Southern District of New York to acquire assets of Iridium LLC, and intends to contract with Boeing to serve as operator of the system; and IS, as the successor owner, and Boeing, as the successor operator, will continue to operate ICS, which will provide important communications services to the Government, as well as communications services to commercial users; and</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:48px; font-size:12pt">WHEREAS if this proposed transfer does not occur, Motorola intends to de-orbit ICS satellites immediately, a risk covered by insurance that will not continue after transfer of Iridium to IS; and Motorola will agree to support the transfer to IS only if the Government agrees to indemnify Motorola against certain risks arising from continued operation of ICS, and from the de-orbit of any or all, or any part, of the ICS satellites in the constellation after the transfer; and</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:48px; font-size:12pt">WHEREAS IS will obtain Satellite Liability Insurance (in substantially the same form as the copy attached hereto) naming IS, Boeing, Motorola and the Government as insureds and IS warrants that this policy represents the maximum insurance coverage available; and</P>
<P style="margin-top:0px; margin-bottom:16px"><BR>
<BR></P>
<P style="line-height:14pt; margin:0px; text-indent:310px; font-size:12pt">1</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:48px; font-size:12pt; page-break-before:always">WHEREAS Motorola will obtain Aviation Products-Completed Operations Liability Insurance (in substantially the same form as the copy attached hereto); and</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:48px; font-size:12pt">WHEREAS Boeing has an Aviation and Space Liability insurance policy (Certificate of insurance coverage attached hereto); and</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:48px; font-size:12pt">WHEREAS, subject to the execution of this contract, Motorola will agree to support the transfer of assets of ICS to IS, and IS, under a contract with Boeing, intends to operate ICS and to provide service to the Government under a separate contract the terms of which are to be negotiated; and</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:48px; font-size:12pt">WHEREAS Boeing, under an agreement with Motorola that has been executed and placed into escrow (copy attached), has agreed, in certain situations as defined in the agreement, to be responsible for third party liability and to indemnify Motorola, to the extent that the liability arises from Boeing&#146;s failure to properly perform its obligations under its contract with Iridium Constellation LLC, a subsidiary of IS, for operation of the ICS; and</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:48px; font-size:12pt">WHEREAS the Government has determined that this contract will facilitate the national defense.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:48px; font-size:12pt">NOW THEREFORE, the parties agree as follows:</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">1.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt">IS agrees to maintain satellite liability insurance at the maximum commercially available limits, but in no case less than the coverage represented in the attached policy, and, unless otherwise agreed to by the Government, with the same terms and conditions as the attached Satellite Liability Insurance policy, naming Motorola and the Government as additional insureds, until all ICS satellites (i.e., space vehicles as listed in Annex A) or any parts thereof have come to rest on the earth&#146;s surface.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">2.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt">Boeing agrees to maintain its Aviation and Space Liability insurance policy for as long as it is the operator of ICS for IS. Boeing also agrees that while it is the operator of the ICS for IS it will ensure that the insurance listed in paragraph 1., above is maintained by IS and, if for any reason its efforts are unsuccessful, Boeing agrees to pay the insurance premiums on behalf of IS.</P>
<P style="margin-top:0px; margin-bottom:16px"><BR>
<BR></P>
<P style="line-height:14pt; margin:0px; text-indent:310px; font-size:12pt">2</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt; page-break-before:always">3.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt">The Government may, in its sole discretion, require IS and Boeing, or either of them, to immediately de-orbit the satellites at no expense to the Government in the event of any of the following:</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:48px; font-size:12pt">a.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:8px; padding-left:48px; text-indent:96px; font-size:12pt">IS&#146;s failure to pay insurance premium,</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:48px; font-size:12pt">b.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:8px; padding-left:48px; text-indent:96px; font-size:12pt">IS&#146;s bankruptcy,</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:48px; font-size:12pt">c.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:8px; padding-left:48px; text-indent:96px; font-size:12pt">sale or transfer of IS or any major asset in the ICS,&#146;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:48px; font-size:12pt">d.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:8px; padding-left:48px; text-indent:96px; font-size:12pt">IS fails to maintain insurance as required in paragraph 1. above,</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:48px; font-size:12pt">e.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:8px; padding-left:48px; text-indent:96px; font-size:12pt">IS changes the operator of the system from Boeing,</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:48px; font-size:12pt">f.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:8px; padding-left:48px; text-indent:96px; font-size:12pt">IS fails to make a notification required by paragraph 4 below,</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:48px; font-size:12pt">g.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:8px; padding-left:48px; text-indent:96px; font-size:12pt">any time after eight years and six months after the effective date of this contract. Provided, however, the Government may consider a request by IS to postpone exercise of this right. Any postponement must be based on (i) a determination that the satellites that are requested to remain in orbit are unlikely to become uncontrollable during the postponement period, and (ii) a determination that IS has paid for and Motorola has acquired and will maintain Aviation Products-Completed Liability Insurance as provided under paragraph 5.(c)(1) of this contract (even if for a period beyond ten years from the effective date of this contract), or</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:48px; font-size:12pt">h.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:8px; padding-left:48px; text-indent:96px; font-size:12pt">the Government may require the de-orbit of any individual functioning satellite that has been on orbit for more than seven (7) years. Provided, however, the Government may consider a request by IS to postpone exercise of this right. Any such request must be accompanied by a written engineering opinion by Boeing, or the then authorized operator, that (i) the satellite&#146;s attitude control systems remain in good working order, (ii) the amount of fuel remaining is sufficient to maintain attitude control under normal working circumstances for at least one year and to complete de-orbit maneuvers; and (iii) the satellite has sufficient mission and system communication capability to enable the satellite to function within the ICS. IS and Boeing agree to notify the Government in writing of any material change in facts that would impact the conclusions of the opinion. Any postponement must (i) be based on a </P>
<P style="margin-top:0px; margin-bottom:16px"><BR>
<BR></P>
<P style="line-height:14pt; margin:0px; text-indent:310px; font-size:12pt">3</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; font-size:12pt; page-break-before:always">determination that the satellite that is requested to remain in orbit is unlikely to become uncontrollable during the postponement period, (ii) a determination that IS has paid for and Motorola has acquired and will maintain Aviation Products-Completed Liability Insurance as provided under paragraph 5.(c)(1) of this contract (even if for a period beyond ten years from the effective date of this contract), and (iii) contain a date certain when the satellite will be de-orbited, or reconsidered for postponement under this subsection.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">4.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt">IS agrees to notify the Government immediately of any filing for bankruptcy. IS also agrees to notify the Government no later than sixty (60) days before the sale or transfer of the company or of any major asset in the ICS. IS and Boeing agree to notify the Government as soon as they become aware that there is likely to be a change in the operator of ICS. Unless approved by the Government contracting officer, IS agrees that Boeing shall not be replaced as the operator until at least 60 days after IS notifies the Government of the proposed change. IS agrees to notify the Government at least ten (10) days prior to any action to de-orbit any satellite listed in Annex A. IS agrees to notify the Government ten days before a satellite is expected to return to earth and, in addition, no later that ten (10) days after a satellite comes to rest on the surface of the earth. It is understood that the notifications that a satellite is expected to return to earth and that a satellite has come to rest on the surface of the earth will require information from the U.S. Space. Command. Failure to make any notification required by this paragraph is a material breach of this contract except for delays caused by (i) acts of God; (ii) war or armed hostilities; (iii) government acts, or failure of the government to act, (iv) fires, floods, or earthquakes; (v) strikes or labor troubles causing cessation, slowdown, or interruption of work; or (vi) any other cause to the extent such cause is beyond the reasonable control of IS or Boeing.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">5.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt">After a determination by the contracting officer that the insurance documents and the Agreement between Motorola and Boeing referred to in this contract have been executed, and are in effect, in substantially the same form as the documents attached, the Government agrees to indemnify Motorola as provided in the following clause:</P>
<P style="margin-top:0px; margin-bottom:16px" align=center><BR>
<BR></P>
<P style="line-height:14pt; margin:0px; text-indent:310px; font-size:12pt">4</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt; page-break-before:always" align=center>Indemnification Under Public Law 85-804<BR>
FAR 52.250-1 (APR 1984) (Modified)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:120px; text-indent:-24px; font-size:12pt">(a)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:120px; font-size:12pt">Motorola&#146;s &#147;principal officials,&#148; as used in this clause, means directors, officers, managers, superintendents, or other representatives supervising or directing all or substantially all of Motorola&#146;s business.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:120px; text-indent:-24px; font-size:12pt">(b)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:120px; font-size:12pt">Under Public Law 85-804 (50 USC 1431-1435) and Executive Order 10789, as amended, the Government shall, regardless of the cause of the claim, loss or damage, except as otherwise provided in the other paragraphs of this clause, indemnify Motorola against -</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:168px; padding-right:120px; text-indent:-48px; font-size:12pt">(1)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:168px; padding-right:120px; font-size:12pt">Claims, including reasonable expenses of litigation or settlement by third persons (including employees of Motorola) for death; personal injury; or loss of, damage to, or loss of use of property;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:168px; padding-right:120px; text-indent:-48px; font-size:12pt">(2)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:168px; padding-right:120px; font-size:12pt">Loss of, damage to, or loss of use of Motorola property, excluding loss of profit; and</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:168px; padding-right:120px; text-indent:-48px; font-size:12pt">(3)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:168px; padding-right:120px; font-size:12pt">Loss of, damage to, or loss of use of Government property, excluding loss of profit.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:120px; text-indent:-24px; font-size:12pt">(c)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:120px; font-size:12pt">This indemnification applies only to the extent that the claim, loss, or damage (1) arises out of or results from a risk defined in this contract as unusually hazardous and (2) for which Motorola is not compensated for by insurance, by Boeing, or otherwise. Any such claim, loss, or damage, to the extent that it is within the deductible amounts of insurance held by Motorola, IS or Boeing, is not covered by this clause or contract.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:168px; text-indent:-48px; font-size:12pt">(1)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:168px; text-indent:24px; font-size:12pt">Motorola agrees to acquire and maintain on commercially reasonable terms and conditions Aviation Products-Completed </P>
<P style="margin-top:0px; margin-bottom:16px"><BR>
<BR></P>
<P style="line-height:14pt; margin:0px; text-indent:310px; font-size:12pt">5</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:168px; font-size:12pt; page-break-before:always">Operations Liability Insurance (&#147;Insurance&#148;) until all satellites listed in Annex A have come to rest on the earth&#146;s surface or for a period of ten (10) years from the effective date of this contract, whichever comes sooner.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:168px; text-indent:-48px; font-size:12pt">(2)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:168px; text-indent:24px; font-size:12pt">If the agency head, or authorized designee, determines that insurance (a) is not available on commercially reasonable terms and conditions or (b) the existing level of insurance cannot be maintained on commercially reasonable terms and conditions, the Government&#146;s indemnification under this clause shall cover the amount that would otherwise have been paid by insurance. Motorola shall submit documentation to the contracting officer of Motorola&#146;s good faith efforts and its inability to acquire or maintain insurance on commercially reasonable terms. In making this determination, the agency head will consider documentation submitted by Motorola and may consider information available from other sources.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:168px; text-indent:-48px; font-size:12pt">(3)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:168px; text-indent:24px; font-size:12pt">If this insurance is not maintained as required in paragraphs (1) and (2) above, the Government&#146;s obligation to indemnify does not apply for any claims, losses or damages, or portions thereof, up to the limits of the insurance policy that was not so maintained. The granting, or exercise by the Government, of the rights in paragraph (h) below shall not be considered a failure of Motorola&#146;s obligation to maintain insurance.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:120px; text-indent:-24px; font-size:12pt">(d)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:120px; font-size:12pt">When the claim, loss, or damage is caused by willful misconduct or lack of good faith on the part of any of Motorola&#146;s principal officials, Motorola shall not be indemnified for -</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:168px; text-indent:-48px; font-size:12pt">(1)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:168px; font-size:12pt">Government claims against Motorola (other than those arising through subrogation); or</P>
<P style="margin-top:0px; margin-bottom:16px"><BR>
<BR></P>
<P style="line-height:14pt; margin:0px; text-indent:310px; font-size:12pt">6</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:168px; text-indent:-48px; font-size:12pt; page-break-before:always">(2)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:168px; font-size:12pt">Loss or damage affecting Motorola&#146;s property.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:120px; text-indent:-24px; font-size:12pt">(e)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:120px; font-size:12pt">This contract shall not apply to any actions or inactions of Motorola under Contract No. DCA100-97-D-0001.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:120px; text-indent:-24px; font-size:12pt">(f)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:120px; font-size:12pt">The rights and obligations of the parties under this contract shall survive its termination, expiration, or completion. The Government shall make no payment under this clause unless the agency head determines that the amount is just and reasonable. Amounts that Motorola is obligated to pay pursuant to final court judgments that result from a claim for which Motorola has complied with (g) below, settlements entered into by the Government, and settlements that have been approved by the Government contracting officer shall be determined to be just and reasonable. The Government may pay Motorola, or may directly pay parties to whom Motorola may be liable.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:120px; text-indent:-24px; font-size:12pt">(g)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:120px; font-size:12pt">Motorola shall -</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:168px; text-indent:-48px; font-size:12pt">(1)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:168px; text-indent:24px; font-size:12pt">Promptly notify the Contracting officer of any claim or action against, or any loss by, Motorola that may reasonably be expected to involve indemnification under this clause;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:168px; text-indent:-48px; font-size:12pt">(2)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:168px; text-indent:24px; font-size:12pt">Immediately furnish to the Government copies of all pertinent papers Motorola receives;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:168px; text-indent:-48px; font-size:12pt">(3)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:168px; text-indent:24px; font-size:12pt">Furnish evidence or proof of any claim, loss, or damage covered by this clause in the manner and form the Government requires; and</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:168px; text-indent:-48px; font-size:12pt">(4)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:168px; text-indent:24px; font-size:12pt">Comply with the Government&#146;s directions and execute any authorization required in connection with settlement or defense of claims or actions</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:120px; text-indent:-24px; font-size:12pt">(h)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:120px; font-size:12pt">The Government may direct, control or assist in settling or defending any claim or action that may involve indemnification under this clause.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">6.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt">For purposes of indemnification, &#147;Unusually hazardous risks&#148; is any risk resulting from contact, </P>
<P style="margin-top:0px; margin-bottom:16px"><BR>
<BR></P>
<P style="line-height:14pt; margin:0px; text-indent:310px; font-size:12pt">7</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt; page-break-before:always">regardless of cause, with any or all, or any part, of the ICS satellites listed in Annex A.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">7.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt">Conditions on indemnification.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-right:48px; text-indent:48px; font-size:12pt">(a)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-right:48px; text-indent:96px; font-size:12pt"><U>Non-functioning satellites</U>. Notwithstanding any other provision of this contract, as to each respective non-functioning satellite or part thereof, the &#147;unusually hazardous risks&#148; end when the satellite or part thereof comes to rest on the surface of the earth. Indemnification does not apply to amounts that Motorola is obligated to pay as a result of any ownership interest in IS. In addition, and subject to the exception in the next sentence, indemnification does not apply to damages caused by actions of Motorola after the effective date of this contract. Indemnification does apply to non-negligent actions of Motorola in fulfilling its responsibilities as an FCC licensee for the ICS but only if they are taken within six months after the effective date of this contract, or such longer period so long as Motorola has not withdrawn its request to transfer FCC licenses for the ICS or reentered the commercial low earth orbit satellite system operation business.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-right:48px; text-indent:48px; font-size:12pt">(b)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-right:48px; text-indent:96px; font-size:12pt"><U>Functioning Satellites</U>. Notwithstanding any other provision of this contract, as to each respective functioning satellite or part thereof, the &#147;unusually hazardous risks&#148; end when the satellite or part thereof comes to rest on the surface of the earth. Indemnification does not apply to amounts that Motorola is obligated to pay as a result of any ownership interest in IS. In addition, and subject to the exception in the next sentence, indemnification does not apply to damages caused by actions of Motorola after the effective date of this contract. Indemnification does apply to non-negligent actions of Motorola in fulfilling its responsibilities as an FCC licensee for the ICS but only if they are taken within six months after the effective date of this contract, or such longer period so long as Motorola has not withdrawn its request to transfer FCC licenses for the ICS or reentered the commercial low earth orbit satellite system operation business.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-right:48px; text-indent:48px; font-size:12pt">(c)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-right:48px; text-indent:96px; font-size:12pt"><U>Satellites to be launched</U>. Indemnification applies to the satellites to be launched as listed in Annex A when the satellite reaches orbit but only if they are launched prior to January 1, 2003. Notwithstanding any other provision of this contract, as to each respective satellite to be launched, the &#147;unusually hazardous risks&#148; (i) do not </P>
<P style="margin-top:0px; margin-bottom:16px"><BR>
<BR></P>
<P style="line-height:14pt; margin:0px; text-indent:310px; font-size:12pt">8</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt; page-break-before:always">include risks associated with launch or with launch equipment and (ii) end when the satellite, or part thereof, comes to rest on the surface of the earth.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">8.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt">The following FAR clauses are incorporated herein by reference as though set forth in complete text:</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt">52.203-5 Covenant Against Contingent Fees (Apr 1984) <BR>
52.222-26 Equal Opportunity (Feb 1999) <BR>
52.232-23 Assignment of Claims (Jan 1986)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt">Audit and Access to Records Clause.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-right:48px; text-indent:48px; font-size:12pt">(a)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-right:48px; text-indent:96px; font-size:12pt">The Comptroller General of the United States or any of his duly authorized representatives shall, until the expiration of three years after final payment, have access to and the right to examine any books, documents, papers and records of the contractor, or any of its subcontractors engaged in performance of this agreement, that directly pertain to the incurrence of costs for which contractor seeks indemnification under this agreement. This shall constitute the government&#146;s exclusive audit authority related to this agreement.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-right:48px; text-indent:48px; font-size:12pt">(b)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-right:48px; text-indent:96px; font-size:12pt">In conjunction with billing the government for any costs other than those presumed to be just and reasonable under Paragraph 5(f), such as defense costs and expenses, the contractor shall provide the Agency Head or his duly authorized representative directly pertinent, non-privileged documents supporting a determination that those costs are just and reasonable.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-right:48px; text-indent:48px; font-size:12pt">10.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-right:48px; text-indent:96px; font-size:12pt"><U>Effective Date</U>. The effective date of this contract is the date of signature by the Government Contracting Officer.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt"><U>&nbsp;&nbsp;/s/ Dan Colussy&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR>
</U>Iridium Satellite LLC</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt"><U>&nbsp;&nbsp;/s/ Stephanie Hiel&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR>
</U>The Boeing Company</P>
<P style="margin-top:0px; margin-bottom:16px"><BR>
<BR></P>
<P style="line-height:14pt; margin:0px; text-indent:310px; font-size:12pt">9</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt; page-break-before:always"><U>&nbsp;&nbsp;/s/ T.W. Schaffner&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR>
</U>Motorola, Inc.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-size:12pt"><U>&nbsp;&nbsp;/s/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:336px; font-size:12pt"><U>December 5, 2000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR>
</U>Contracting Officer</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:336px; font-size:12pt">Effective Date<BR>
For United States of America</P>
<P style="line-height:14pt; margin:0px; font-size:12pt">Attachments:</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt">Insurance policies</P>
<P style="line-height:14pt; margin:0px; font-size:12pt">Annex A (List of Satellites)</P>
<P style="line-height:14pt; margin:0px; font-size:12pt">&nbsp;</P>
<P style="margin:0px"><BR>
<BR></P>
<P style="line-height:14pt; margin:0px; text-indent:310px; font-size:12pt">10</P>
<P style="margin:0px"><BR></P>
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<TYPE>EX-10.2
<SEQUENCE>16
<FILENAME>tsa.htm
<DESCRIPTION>EXHIBIT 10.2
<TEXT>
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<TITLE>Transition Services, Products and Asset Agreement</TITLE>
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<DIV style="width:624px"><P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt" align=right>Exhibit 10.2</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:29.333px; padding-left:450px; font-size:11pt"><B>EXECUTION COPY</B></P>
<P style="line-height:normal; margin-top:0px; margin-bottom:29.333px; font-size:11pt" align=center><B>T</B><FONT style="font-size:10pt"><B>RANSITION</FONT> S</B><FONT style="font-size:10pt"><B>ERVICES</FONT>, P</B><FONT style="font-size:10pt"><B>RODUCTS AND</FONT> A</B><FONT style="font-size:10pt"><B>SSET</FONT> A</B><FONT style="font-size:10pt"><B>GREEMENT</B></FONT></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:48px; font-size:11pt">This Iridium Transition Services, Products and Asset Agreement (the &#147;Transition Agreement&#148; or the &#147;Agreement&#148;) is entered into as of December 11, 2000, by and among Motorola, Inc., a Delaware corporation (&#147;Motorola&#148;), Iridium Holdings LLC, a Delaware limited liability company (&#147;Iridium Holdings&#148;), and Iridium Satellite LLC, a Delaware limited liability company (&#147;NewCo&#148;). Motorola, Iridium Holdings and NewCo are referred to collectively in this Agreement as the &#147;Parties&#148; and individually as a &#147;Party.&#148;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt" align=center>RECITALS:</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:48px; font-size:11pt">WHEREAS, NewCo has submitted a bid to Iridium LLC (&#147;Iridium&#148;) for NewCo to acquire substantially all of the assets of Iridium LLC and its subsidiaries (the &#147;Assets&#148;), including, but not limited to, the Satellite Network and Operations Center (&#147;SNOC&#148;), the three Telemetry, Tracking and Control centers, as well as the TTS (as defined in Section 6.A) (with these three centers and the TTS being the &#147;TTACs&#148;) and the on-orbit satellites now owned by Iridium Operating LLC (with the SNOC, TTACs, these satellites and related devices referred to as the &#147;Iridium System&#148;); and</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:48px; font-size:11pt">WHEREAS, NewCo has requested that Motorola provide, or offer to provide, certain services, products and assets to NewCo, as more fully described in this Agreement; and</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:48px; font-size:11pt">WHEREAS, Motorola, as a condition to entering into this Agreement, requires that NewCo and Boeing perform specified undertakings related to the Assets, prior to and after consummation of the acquisition of the Assets (the &#147;Acquisition&#148;), all as more fully described in this Agreement.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:48px; font-size:11pt">NOW, THEREFORE, in consideration of the agreements made herein and subject to the satisfaction of the conditions described in this Agreement prior to or on the date that this Agreement becomes effective (the &#147;Effective Date&#148;), which shall be the same date that the Acquisition is consummated, the Parties hereby agree as follows (with the agreements set forth in Sections 1.F, 1.G, 1.H and 1.1 being effective as of the execution of this Agreement, and all other agreements and obligations being effective as of the Effective Date):</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-size:11pt"><B>1.</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:48px; font-size:11pt"><B>Re-orbit and operational responsibility</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">A.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:96px; font-size:11pt">Prior to, and as a condition of, the Effective Date, all of the conditions precedent to the effectiveness of the agreement between Iridium Constellation LLC, a wholly-owned subsidiary of NewCo (&#147;Iridium Constellation&#148;) and Boeing (the &#147;Boeing Agreement&#148;), pursuant to which Boeing has agreed to take full responsibility for operation of the Iridium System (including Re-orbiting (as defined below), if necessary), shall have been satisfied, or waived by Boeing and NewCo, and the Boeing Agreement shall have become effective. A copy of the Boeing Agreement is attached hereto as Annex A.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:43.2px; font-size:11pt">As used in this Agreement, &#147;Re-orbit&#148; shall mean the removal of functional Iridium System satellites from operational or storage orbits, and preparation of the satellites for re-entry </P>
<P style="margin-top:0px; margin-bottom:14.667px"><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt; page-break-before:always">into the earth&#146;s atmosphere, including, without limitation, venting of all remaining fuel, depressurizing the batteries and turning off the electronics, all in a professionally competent manner and as described in Annex 4 of the Boeing Agreement.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:48px; font-size:11pt">As used in this Agreement, &#147;De-orbit&#148; shall mean the removal (whether in a controlled, uncontrolled, natural or spontaneous manner) of Iridium System satellites (both functional and non-functional) and related devices (such as mass frequency simulators), including, but not limited to, the orbit, Re-orbit, descent and re-entry through low earth orbit and the earth&#146;s atmosphere, and landing or falling on or near any part, surface, structure or other object, animate or inanimate, above, on, at, near, or below the earth&#146;s surface.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">B.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:96px; font-size:11pt"><U>Re-orbit</U>. Upon the occurrence of any of the following events, NewCo acknowledges that Boeing shall, and agrees to cause Iridium Constellation to direct Boeing to, immediately perform the tasks and activities set forth in Annex 4 to the Boeing Agreement and shall cause Iridium Constellation to cooperate fully with Boeing in that respect:</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:48px; font-size:11pt">(1)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; text-indent:96px; font-size:11pt">Iridium Constellation&#146;s failure to make the payment required by Section 4.A(2)(b);</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:38.4px; font-size:11pt">(2)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; text-indent:96px; font-size:11pt">the commencement of (x) a voluntary bankruptcy proceeding or (y) an involuntary bankruptcy proceeding that is not dismissed within 20 days of its filing, in each case against Iridium Holdings, Iridium Constellation or NewCo;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:38.4px; font-size:11pt">(3)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; text-indent:96px; font-size:11pt">prior to the transfer of the FCC Licenses, written notice from Motorola of reasonable <SUP>g</SUP>rounds to believe that Iridium Constellation or NewCo is insolvent or generally unable to pay its debts;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:38.4px; font-size:11pt">(4)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; text-indent:96px; font-size:11pt">the failure of the FCC to approve the transfer of the FCC Licenses to an acceptable licensee within twelve months of the Effective Date;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:38.4px; font-size:11pt">(5)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; text-indent:96px; font-size:11pt">a material breach by NewCo of this Agreement which has not been cured within 20 days of such breach;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:38.4px; font-size:11pt">(6)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; text-indent:96px; font-size:11pt">a material breach by Boeing of the Boeing Agreement or the Boeing Side Letter which has not been cured within 20 days of such breach;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:38.4px; font-size:11pt">(7)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; text-indent:96px; font-size:11pt">an order from the U.S. government ordering NewCo or Iridium Constellation to direct Boeing to commence Re-orbiting;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:38.4px; font-size:11pt">(8)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; text-indent:96px; font-size:11pt">upon written notice from Motorola that it has concluded that there are reasonable grounds to believe that an imminent change in law or regulation is reasonably likely to result in material claims, damages, obligations, costs, liabilities, penalties or expenses to Motorola in connection with or arising from the operation, maintenance, Re-orbiting and De-orbiting of the Iridium System, including any terrestrial-based portion of the Iridium System; <I>provided, however, </I>that there are reasonable grounds to believe that </P>
<P style="margin-top:0px; margin-bottom:14.667px"><BR>
<BR></P>
<P style="line-height:13pt; margin:0px; text-indent:310.867px; font-size:11pt">2</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; font-size:11pt; page-break-before:always">the prompt Re-orbit and De-orbit of the Iridium System will mitigate such claims, damages, obligations, costs, liabilities, penalties or expenses; and</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:48px; font-size:11pt">(9) </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; text-indent:96px; font-size:11pt">upon written notice from Motorola that (i) it is unable to obtain on commercially reasonable terms aviation product liability insurance sufficient to protect it from potential claims, damages, obligations, costs, liabilities, penalties or expenses in connection with the Iridium System, and (ii) the U.S. Government, pursuant to the U.S. Government Indemnification Contract, has not agreed to cover the amount that would otherwise have been paid by the Aviation Policy, despite Motorola&#146;s good faith efforts to comply with Paragraph 5(c)(2) of the U.S. Government Indemnification Contract. Motorola will not object to NewCo&#146;s participation in discussions with the U.S. Government.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-right:4.8px; text-indent:43.2px; font-size:11pt">C.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-right:4.8px; text-indent:91.2px; font-size:11pt">Prior to, and as a condition of, the Effective Date, NewCo will obtain (and pay the premium for) an in-orbit liability insurance policy (including the de-orbiting endorsement) in the amount of $500 million per occurrence, and $1 billion annually (the &#147;Insurance Policy&#148;). Motorola and all of its subsidiaries, the United States of America, the People&#146;s Republic of China, the Russian Federation and all contractors and subcontractors (at any tier), including suppliers of any kind, of Motorola will be named as additional insureds on the Insurance Policy. The Insurance Policy shall initially provide three years of coverage beginning on the Effective Date and shall be substantially in the form of the policy attached hereto as Annex B. NewCo agrees to prepay annually the full premium on the Insurance Policy, in order to always have one year of fully paid coverage under the Insurance Policy, and to maintain the Insurance Policy through the period ending eighteen months after the commencement of Re-orbit and thereafter, for as long as NewCo or a successor entity (either directly or indirectly through one or more of its subsidiaries, or one or more of its affiliates which operate a satellite communications system) are actively engaged in a business, until the completion of De-orbit of all Iridium System satellites and related devices (including, but not limited to, non-functional satellites and mass frequency simulators). Notwithstanding the foregoing, NewCo shall not adopt any plan of liquidation, dissolution or winding up of its business in any manner prior to the tenth anniversary of the Effective Date unless as part of such plan NewCo transfers to Motorola an amount equal to the premium necessary to maintain the Insurance Policy or a similar policy for the period from the date of the liquidation, dissolution or winding up to the tenth anniversary of the Effective Date.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-right:4.8px; text-indent:43.2px; font-size:11pt">D.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-right:4.8px; text-indent:91.2px; font-size:11pt">Prior to, and as a condition of, the Effective Date:</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:91.2px; padding-right:4.8px; text-indent:-48px; font-size:11pt">(1)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:91.2px; padding-right:4.8px; font-size:11pt">Motorola shall obtain an aviation products insurance policy which includes policy language and is in a form acceptable to Motorola (the &#147;Aviation Policy&#148;) and in the amount of $1 billion per occurrence and annually.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:91.2px; padding-right:4.8px; text-indent:-48px; font-size:11pt">(2)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:91.2px; padding-right:4.8px; font-size:11pt">NewCo shall pay to Motorola (i) the first annual premium for the Aviation Policy and (ii) a sum (the &#147;Aviation Policy Initial Deposit&#148;) equal to one hundred fifty percent (150%) of the first annual premium for the Aviation Policy.</P>
<P style="margin-top:0px; margin-bottom:14.667px"><BR>
<BR></P>
<P style="line-height:13pt; margin:0px; text-indent:310.867px; font-size:11pt">3</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt; page-break-before:always">On each anniversary of the Effective Date prior to the earlier of (x) the completion of Re-orbit and De-orbit of all Iridium System satellites and related devices (including, but not limited to, non-functional satellites and mass frequency simulators) and (y) the date on which NewCo and all successor entities (directly or indirectly through their subsidiaries, and their affiliates which operate satellite communication systems) cease to be actively engaged in a business (the &#147;Aviation Policy Period&#148;), NewCo will pay to Motorola an amount equal to (i) the annual premium for the Aviation Policy for the current annual period plus or minus, as the case may be, (ii) any Deposit Adjustment for such annual period. &#147;Deposit Adjustment&#148; for any annual period means the excess or deficiency, as the case may be, determined by subtracting (A) the sum of (x) the Aviation Policy Initial Deposit and (y) all Deposit Adjustments made for prior annual periods from (B) one hundred fifty percent (150%) of the annual premium for the Aviation Policy for the current annual period. Motorola will use the amount paid by NewCo under this Section 1.D to pay the annual premiums for the Aviation Policy during the Aviation Policy Period. Upon the completion of Re-orbit and De-orbit of all Iridium System satellites and related devices (including, but not limited to, non-functional satellites and mass frequency simulators): (a) Motorola will refund to NewCo the amount, if any, by which the sum of (i) the Aviation Policy Initial Deposit and (ii) all Deposit Adjustments made for prior annual periods exceeds the annual premium for the current annual period, if any, or (b) NewCo will pay to Motorola the amount, if any, by which the annual premium for the current annual period, if any, exceeds the sum of (i) the Aviation Policy Initial Deposit and (ii) all Deposit Adjustments made for prior annual periods. Notwithstanding the foregoing, NewCo shall not adopt any plan of liquidation, dissolution or winding up of its business in any manner prior to the tenth anniversary of the Effective Date unless as part of such plan NewCo transfers to Motorola an amount equal to the premium necessary to maintain the Aviation Policy for the period from the date of the liquidation, dissolution or winding up to the tenth anniversary of the Effective Date.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:43.2px; font-size:11pt">E.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:91.2px; font-size:11pt">Prior to the launch of any additional satellites pursuant to Section 4 below, (1) NewCo shall cause such additional satellites to be included under the Insurance Policy and (2) Motorola shall cause such additional satellites to be included under the Aviation Policy.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:43.2px; font-size:11pt">F.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:91.2px; font-size:11pt">As soon as this Agreement is mutually executed, NewCo shall promptly prepare and file an application to the FCC for authorization for Motorola (or a subsidiary) to transfer the space segment and the related U.S. system control segment licenses of the Iridium System (the &#147;FCC Licenses&#148;) to NewCo (contingent on the consummation of the Acquisition), with NewCo being responsible for paying any regulatory and related fees and expenses due and payable from the date this application is filed. The FCC license held by Motorola Pacific Communications, Inc. for INA-Hawaii, any common carrier authorizations held by Motorola (or a subsidiary) and any licenses held by Iridium North America or a subsidiary will not be transferred under this Section 1.F. NewCo will aggressively pursue and prosecute this application (including, without limitation, executing and filing any additional documents which are advisable, requested or required) until approval is received. The Effective Date hereunder and consummation of the Acquisition will occur even if FCC authorization for transfer of the FCC Licenses has not been received. Until such transfer has occurred, NewCo agrees that Motorola retains the right of full access to, and use of, at no cost to Motorola, the SNOC and TTACs and the Iridium System in order to comply with its obligations as FCC licensee.</P>
<P style="margin-top:0px; margin-bottom:14.667px"><BR>
<BR></P>
<P style="line-height:13pt; margin:0px; text-indent:310.867px; font-size:11pt">4</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-right:4.8px; text-indent:43.2px; font-size:11pt; page-break-before:always">G.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-right:4.8px; text-indent:91.2px; font-size:11pt">Within five (5) days after the Effective Date, NewCo shall file an application with the Canadian regulatory authorities to assign to a Canadian affiliate or designee of NewCo the RF licenses held by a subcontractor for Motorola for the TTACs in Canada and, if NewCo or one of its affiliates may hold the RF license for the TTS, shall file an application with the regulatory authorities in Iceland for the transfer of such license to NewCo or such affiliate. NewCo will aggressively pursue these applications (including, without limitation, executing and filing any additional documents which are advisable, requested or required) until approval is received. The receipt of these approvals shall not be a condition to the Effective Date or consummation of the Acquisition.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-right:4.8px; text-indent:43.2px; font-size:11pt">H.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-right:4.8px; text-indent:91.2px; font-size:11pt">Until the transfer of the FCC Licenses from Motorola, Motorola shall ultimately be responsible for the operation of the Iridium System and shall operate and maintain it for the exclusive and beneficial use of Iridium or NewCo, as applicable.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-right:4.8px; text-indent:43.2px; font-size:11pt">I.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-right:4.8px; text-indent:91.2px; font-size:11pt">NewCo hereby agrees to structure itself, as the applicant for the FCC Licenses, so as to be, and remain in, compliance with the Communications Act of 1934, as amended, the FCC&#146;s rules and regulations and the Communications Assistance for Law Enforcement Act, including, but not limited to, the applicable restrictions on foreign ownership (government and non-government), and the relevant FCC financial and technical qualifications requirements. Such compliance shall include any reasonably foreseeable changes in the law and policies at the time said applications are filed with the FCC, including, but not limited to, any changes in the foreign ownership restrictions being debated in the U.S. Congress.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; padding-right:4.8px; text-indent:-48px; font-size:11pt"><B>2.</B> </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; padding-right:4.8px; font-size:11pt"><B>Secure Voice Capability and Relationship with U.S. Government</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-right:4.8px; text-indent:48px; font-size:11pt">A.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-right:4.8px; text-indent:96px; font-size:11pt">Under and subject to the terms of this Agreement and Motorola&#146;s agreement with the U.S. Department of Defense (the &#147;U.S. Government&#148;), Motorola will use commercially reasonable efforts to complete development of secure voice capability for the Iridium System, which provides the ability to place secure two-party calls from subscriber unit to subscriber unit, or to/from subscriber unit to/from STU-III (but excluding the ability to place secure conference calls), as follows:</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:96px; padding-right:4.8px; text-indent:-48px; font-size:11pt">(i)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:96px; padding-right:4.8px; font-size:11pt">making available to the U.S. Government for demonstration purposes samples of the secure cassette for the Phase II units (which are Satellite Series Model 9505 portable units, modified as required for use by the U.S. Government) and Phase II units by the end of October, 2000;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:96px; padding-right:4.8px; text-indent:-48px; font-size:11pt">(ii)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:96px; padding-right:4.8px; font-size:11pt">being prepared for production of the secure cassette for the Phase II units within six (6) months following the U.S. Government&#146;s resumption of funding, recognizing the availability of long lead material may affect actual production; and</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:96px; padding-right:4.8px; text-indent:-48px; font-size:11pt">(iii)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:96px; padding-right:4.8px; font-size:11pt">completing installation and testing of the interworking function (which would allow, at that point, for only approximately 30 concurrent calls and which would require additional software and upgrades to be made available by Motorola after that date for final capability) for secure voice capability in the Iridium North </P>
<P style="margin-top:0px; margin-bottom:14.667px"><BR>
<BR></P>
<P style="line-height:13pt; margin:0px; text-indent:310.867px; font-size:11pt">5</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:96px; padding-right:4.8px; font-size:11pt; page-break-before:always">America-Hawaii (INA-H) gateway within ninety (90) days following the U.S. Government&#146;s authorization to resume installation.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt">The completion of development of the secure voice capability for the Iridium System discussed above is subject to, among other things, the U.S. Government&#146;s continued funding of this development, the U.S. Government&#146;s completion of all testing and evaluation according to Motorola&#146;s internal schedule, the U.S. Government&#146;s acceptance of any items according to Motorola&#146;s internal schedule, the U.S. Government&#146;s not issuing any stop or change orders affecting these items and the U.S. Government&#146;s cooperating with Motorola and timely providing to Motorola all required access to the Iridium North America-Hawaii site.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:43.2px; font-size:11pt">B.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:91.2px; font-size:11pt">NewCo understands that Motorola can only sell the secure cassette to the U.S. Government at this time. If the U.S. Government and the law subsequently permit sales to others (NATO, etc.), Motorola agrees that it will (through its Space Systems and Services Division) pursue such sales to the extent commercially reasonable. NewCo also understands that it will be responsible, at its expense, for developing and implementing command authentication on the satellites after the Effective Date.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:43.2px; font-size:11pt">C.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:91.2px; font-size:11pt">The Parties understand that, as of the execution date of this Agreement, Motorola acts as the exclusive Iridium service provider to DISA/DITCO. NewCo desires to act in such capacity either on its own or through the appointment of a third party, and Motorola is willing to relinquish its role as a service provider to DISA/DITCO. However, the Parties recognize that a change to Motorola&#146;s contract with DISA/DITCO and a new contract from DISA/DITCO to NewCo or its appointed third party would be necessary prior to Motorola&#146;s relinquishment, and NewCo&#146;s assumption, of service provider responsibilities to DISA/DITCO. To that extent, the Parties will request that DISA/DITCO modify Motorola&#146;s contract by removing Motorola&#146;s service provider responsibilities and that DISA/DITCO award a new contract to NewCo or its appointee to act as an exclusive service provider to DISA/DITCO. If DISA/DITCO takes such contractual action and NewCo or its appointee becomes the exclusive Iridium service provider to DISA/DITCO, NewCo acknowledges that neither it nor its appointee will be in a position to provide immediately certain service provider functions (e.g. call care, customer support, SIM provisioning, and database maintenance). Therefore, it intends to subcontract, subject to government approval, call care, customer support, SIM provisioning and database maintenance responsibilities to Motorola at $265,000 per month for a period of three months. This figure shall be reduced to $183,000 per month if billing and call record submittals are not required by DISA/DITCO.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:43.2px; font-size:11pt">D.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:91.2px; font-size:11pt">The Parties understand that, as of the execution date of this Agreement, Motorola sells Iridium equipment to DISA/DITCO. NewCo desires to act in such capacity either on its own or through the appointment of a third party, and Motorola is willing to relinquish its role as a reseller of such equipment to DISA/DITCO (except for the secure cassette which the Parties recognize can only be sold by Motorola and for any government specific modifications that are required of Motorola to the Satellite Model 9505 to facilitate use with the secure cassette). However, the Parties recognize that a modification to Motorola&#146;s contract with DISA/DITCO and a new contract from DISA/DITCO to NewCo or its appointed third party would be necessary </P>
<P style="margin-top:0px; margin-bottom:14.667px"><BR>
<BR></P>
<P style="line-height:13pt; margin:0px; text-indent:310.867px; font-size:11pt">6</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt; page-break-before:always">prior to Motorola&#146;s relinquishment, and NewCo&#146;s assumption, of Iridium equipment sales (except for the secure cassette and required changes to Model 9505) to DISA/DITCO. To that extent, the Parties will request that DISA/DITCO modify Motorola&#146;s contract by removing, from Motorola&#146;s contract, line items corresponding to Iridium equipment and that DISA/DITCO award a new contract to NewCo or its appointee to sell Iridium equipment to DISA/DITCO. Until such time as DISA/DITCO takes the appropriate contractual action in response to the Parties&#146; request, the Parties recognize that Motorola&#146;s current contract may be the only vehicle for DISA/DITCO to purchase Iridium equipment. Therefore, rather than delay equipment sales pending a new DISA/DITCO contract to NewCo or its appointee, Motorola is willing to continue selling Iridium equipment to DISA/DITCO as NewCo&#146;s consignee, subject to U.S. Government approval. By consignee it is meant that Motorola will not purchase Iridium equipment from NewCo for resale to the U.S. Government. Rather, NewCo will transfer Iridium equipment to Motorola at no cost to Motorola and upon payment from DISA/DITCO Motorola will transfer such payment to NewCo minus a mutually agreed to sum for Motorola value added activities. For example, in regards to the Satellite Model 9505, Motorola would retain $200 for value added activities such as software revision, disabling, tamper seal application, and shipping/handling.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-size:11pt"><B>3.</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:48px; font-size:11pt"><B>Sale of Transition Services</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-right:4.8px; text-indent:43.2px; font-size:11pt">A.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-right:4.8px; text-indent:91.2px; font-size:11pt">Subject to the terms of this Agreement and for a portion of the amount specified in Section 10.A(1), Motorola shall sell, and provide for the benefit of NewCo and Boeing for a period of thirty (30) days following the Effective Date, the services of Motorola&#146;s then-existing employees at the SNOC to assist in the transition of the responsibilities for the operation and maintenance of the Iridium System to Boeing, as more fully described in Annex C hereto. <B>Motorola makes no warranties of any kind related to these services, including, but not limited to, WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE.</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-right:4.8px; text-indent:43.2px; font-size:11pt">B.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-right:4.8px; text-indent:91.2px; font-size:11pt">Except as set forth in Section 3.D, Motorola shall pay the subcontractor and supplier costs related to the SNOC, the TTACs and the operation of the Iridium System at the Chandler, AZ GTSS facility (the &#147;Subcontract Costs&#148;), or reimburse NewCo for payments by NewCo of the Subcontract Costs, for the period from the Effective Date to the date that is sixty (60) days following the Effective Date. Any reimbursement of NewCo is subject to Motorola&#146;s receipt of proper invoices for the Subcontract Costs and a record of their payment by NewCo, up to a maximum total of $4.0 million. After the date that is sixty (60) days following the Effective Date, NewCo agrees that it, rather than Motorola, shall be responsible for, and shall timely pay, all Subcontract Costs. <B>Motorola makes no warranties of any kind related to the performance of any subcontractor or supplier, including, but not limited to, WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE.</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-right:4.8px; text-indent:43.2px; font-size:11pt">C.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-right:4.8px; text-indent:91.2px; font-size:11pt">Subject to the terms of this Agreement, and for a portion of the amount specified in Section 10.A(1), Motorola agrees to sell and provide to Boeing and NewCo for a period of ninety (90) days following the Effective Date, the training services and engineering support described in the attached Annex D with Motorola&#146;s then-existing staff at Motorola&#146;s Chandler, </P>
<P style="margin-top:0px; margin-bottom:14.667px"><BR>
<BR></P>
<P style="line-height:13pt; margin:0px; text-indent:310.867px; font-size:11pt">7</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-right:4.8px; font-size:11pt; page-break-before:always">AZ GTSS facility, as more specifically described in Annex D. NewCo agrees that it, rather than Motorola, shall be solely responsible for, and shall timely perform and pay, any costs and expenses described in Annex D hereto after the date that is ninety (90) days following the Effective Date. <B>Motorola makes no warranties of any kind related to these services and support, including but not limited to, WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE.</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">D.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:96px; font-size:11pt">Except as provided above, as of the Effective Date, NewCo shall be responsible for (i) all costs related to the operation and maintenance of the Iridium System, and (ii) any costs for which Motorola is currently responsible related to operation and maintenance of the gateways, including, without limitation, any such costs included in the Subcontract Costs. To the extent that any such costs are paid by Motorola, NewCo shall promptly reimburse Motorola for such payments.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-size:11pt"><B>4.</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:48px; font-size:11pt"><B>Satellites </B>/ <B>Launch Services</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:96px; text-indent:-48px; font-size:11pt">A.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:96px; font-size:11pt"><U>Transfer of Satellite/Launch Services.</U></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:48px; font-size:11pt">(1)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; text-indent:96px; font-size:11pt"><U>On-Orbit Satellites</U>. Subject to the terms of this Agreement, Motorola transfers to NewCo, and NewCo accepts without reservation, as of the Effective Date, all rights which Motorola has in any Iridium System satellites and mass frequency simulators in orbit irrespective of their condition (including but not limited to satellites which are fully or partially defective or which otherwise have fully or partially failed), which satellites and mass frequency simulators shall be transferred in orbit, AS IS, <B>without any warranties of any sort, whether express, statutory or implied, including but not limited to, any WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. </B>The Parties agree that title and risk of loss to or from all such satellites and mass frequency simulators, and all responsibility for all such satellites and mass frequency simulators, shall pass to NewCo on the Effective Date.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:48px; font-size:11pt">(2)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; text-indent:96px; font-size:11pt"><U>Assignment of O&amp;M Launch Service No. 4 Under Boeing Launch</U> <U>Services Agreement; NewCo Payment Agreement and Provision of Investor Guaranties</U>.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:96px; text-indent:48px; font-size:11pt">(a)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:96px; text-indent:96px; font-size:11pt">Prior to and as a condition of the Effective Date, the Parties and Boeing will have executed and delivered a partial assignment and consent (the &#147;LSA Assignment<SUP>&#148;</SUP>) to Contract No. C450th (as amended from time to time, the &#147;Launch Services Agreement&#148;) between Motorola and Boeing, as successor to McDonnell Douglas Corporation. The LSA Assignment will be in form and substance acceptable to the Parties and Boeing and shall provide that: (i) Motorola assigns and delegates to NewCo, and NewCo accepts, AS IS and without warranties of any sort, whether express, statutory or implied, including but not limited to, any WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, Motorola&#146;s rights and liabilities related to O&amp;M Launch Service No. 4 (as such term is used in the Launch Services Agreement) under the Launch Services Agreement except as may otherwise be provided in the LSA Assignment; and (ii) Boeing consents to the assignment and </P>
<P style="margin-top:0px; margin-bottom:14.667px"><BR>
<BR></P>
<P style="line-height:13pt; margin:0px; text-indent:310.867px; font-size:11pt">8</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:96px; font-size:11pt; page-break-before:always">delegation and the novation of Motorola&#146;s obligations related to O&amp;M Launch Service No. 4 (except as may be specified in the LSA Assignment). The Parties understand that Boeing and Motorola will not provide any launch vehicle or launch insurance or relaunches related to O&amp;M Launch Service No. 4.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:96px; text-indent:48px; font-size:11pt">(b)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:96px; text-indent:96px; font-size:11pt">NewCo hereby agrees that, in the event that O&amp;M Launch Service No. 4 is cancelled or terminated for any reason, then NewCo will thereupon promptly pay Motorola U.S. $25.59 million.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:96px; text-indent:48px; font-size:11pt">(c)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:96px; text-indent:96px; font-size:11pt">In addition, NewCo hereby acknowledges that it has agreed with Boeing to make the U.S. $22.0 million prepayment described in Article 9.2.1 of the Boeing Agreement on the date which is two months before the scheduled launch date for O&amp;M Launch Service No. 4. The Boeing Agreement and the letter agreement between Motorola and Boeing (the &#147;Boeing Side Letter&#148;) shall provide that NewCo&#146;s failure to promptly make this prepayment will be an event requiring Boeing to promptly Re-orbit the Iridium System, notwithstanding any subsequent payment by the Investors.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-right:4.8px; text-indent:48px; font-size:11pt">B.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-right:4.8px; text-indent:96px; font-size:11pt"><U>Initial Satellites Manufacture and Final Processing.</U> Subject to the terms of this Agreement and to the transfer of the FCC Licenses as provided for in Section 1.F above, and for a portion of the amount specified in Section 10.A.(l), Motorola hereby agrees to (i) build and test (to existing specifications) five satellites for NewCo, for its use in connection with the Iridium System and (ii) support the O&amp;M Launch Service No. 4 described in Section 4.A above, which consists of one launch by Boeing of those satellites on a Delta II launch vehicle from Vandenberg Air Force base in California during a launch period of July through October of 2001, as more fully described in Annex E to this Agreement. Subject to the terms of this Agreement and to the transfer of the FCC Licenses as provided for in Section 1.F above, Motorola and NewCo shall also perform the other activities described in Annex E. Motorola has no obligation to provide any satellite insurance related to such satellites or any replacement satellites if the launch is unsuccessful for any reason (but will provide customary third-party in-transit and pre-launch insurance covering the satellites after they leave Motorola&#146;s plant and ending at the intentional ignition of the launch vehicle), and Motorola will have no responsibility for any loss or damage to any such satellite after it leaves Motorola&#146;s plant, except if the damage results from Motorola&#146;s active negligence during the loading of the launch software on a satellite or during the conduct of the final processing of the satellites. Acceptance of delivery of the satellites and the launch, and passing of title and any remaining risk of loss, will occur upon intentional ignition of the launch vehicle. Motorola makes no warranties about the satellites or the support, which are transferred or provided AS <B>IS, without any warranties of any sort, whether express, statutory or implied, including but not limited to, any WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. </B>Motorola (subject to NewCo&#146;s performance of its activities in Annex E) will test the satellites against Motorola&#146;s internal satellite system specifications and will provide the results of such test in connection with the conduct of the consent to ship activity described in Annex E. Notwithstanding the foregoing, the preceding sentence is not an express warranty nor an expansion in any manner of the agreement by the Parties that the satellites and services will be provided &#147;AS IS.&#148; However, Motorola will assist NewCo to identify suppliers with which </P>
<P style="margin-top:0px; margin-bottom:14.667px"><BR>
<BR></P>
<P style="line-height:13pt; margin:0px; text-indent:310.867px; font-size:11pt">9</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-right:4.8px; font-size:11pt; page-break-before:always">NewCo can contract directly to correct defects that may be identified during testing. NewCo shall provide Motorola with full access to its facilities for Motorola to perform the obligations described in this Section 4.B.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-right:4.8px; text-indent:48px; font-size:11pt">C.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-right:4.8px; text-indent:96px; font-size:11pt"><U>Option</U>.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; padding-right:4.8px; text-indent:48px; font-size:11pt">(1)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; padding-right:4.8px; text-indent:96px; font-size:11pt"><U>Phase A</U>. Subject to the work described in Section 4.B being in process and subject to NewCo&#146;s providing Motorola with irrevocable written notice of its exercise received on or before March 1, 2001 of this option for Motorola to perform the Phase A activities under this Option, which are described below and in Annex F attached hereto (which option can be exercised only in full), Motorola hereby agrees to initiate actions to build (using only existing materials at Motorola&#146;s Chandler, AZ GTSS facility), test (to existing specifications) and integrate two satellites for NewCo (but not to complete those satellites or to transfer those satellites to anyone), subject to the terms of this Agreement. Subject to the terms of this Agreement, Motorola and NewCo shall also perform the other activities described in Annex F as appropriate for this phase. The price of the activities described in this Section 4.C.(1) is U.S. Six Hundred Thousand Dollars (US. $600,000), payable as described in Annex F and Section 10, with NewCo also providing Motorola, upon and as a condition to the option exercise, with the letter of credit described in Section 10.D.(5) and with NewCo also promptly paying (or reimbursing Motorola for) those other amounts described in Annex F. Motorola has no obligation to provide any satellite or launch vehicle insurance related to such satellites or activities or any replacement satellites for any reason. Motorola makes no warranties about the satellites or services, which are provided AS <B>IS, without any warranties of any sort, whether express, statutory or implied, including but not limited to, any WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. </B>Motorola has no responsibility to initiate or perform the actions above with respect to such satellites if they cannot be built solely using Motorola&#146;s existing materials at its Chandler, AZ GTSS facility. Motorola (subject to NewCo&#146;s performance of its activities in Annex F) will test the satellites against Motorola&#146;s internal satellite system specifications and will provide the results of such test in connection with the conducting of the consent to ship activity described in Annex F. Notwithstanding the foregoing, the preceding sentence is not an express warranty nor an expansion in any manner of the agreement by the Parties that the satellites and services will be provided &#147;AS IS.&#148; However, Motorola will assist NewCo to identify suppliers with which NewCo can contract directly to correct defects that may be identified during testing. Motorola has no responsibility if any approvals or licenses needed for these activities are not obtained timely or at all. NewCo shall provide Motorola with full access to its facilities for Motorola to perform the obligations described in this Section 4.C.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; padding-right:4.8px; text-indent:48px; font-size:11pt">(2)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; padding-right:4.8px; text-indent:96px; font-size:11pt"><U>Phase B</U>. Subject to NewCo&#146;s exercising the option in Section 4.C.(1) in full on a timely basis, and subject to NewCo&#146;s providing Motorola with irrevocable written notice of its exercise received on or before July 1, 2001 of this option for Motorola to perform the Phase B activities under this Option, which are described below and in Annex F attached hereto (which option can be exercised only in full), Motorola</P>
<P style="margin-top:0px; margin-bottom:14.667px"><BR>
<BR></P>
<P style="line-height:13pt; margin:0px; text-indent:310.867px; font-size:11pt">10</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; padding-right:4.8px; font-size:11pt; page-break-before:always">hereby agrees to complete the production of the two satellites described in Section 4.C.(1) for NewCo, and to enter into a contract with Eurockot or China Great Wall Industries for one launch of those satellites from a site in Russia or China during the launch period of April, 2002 through June, 2002 and to transport those two satellites to Eurockot or China Great Wall Industries launch site, as applicable, as more fully described in Annex F to this Agreement. Subject to the terms of this Agreement, Motorola and NewCo shall also perform the other activities described in Annex F. The price of the activities described in this Section 4.C.(2) is U.S. Thirteen Million One Hundred Thousand Dollars (U.S. $13.1 million), payable as described in Annex F and Section 10, with NewCo also providing Motorola, upon and as a condition to the option exercise, with the letter of credit described in Section 10.D.(5) and NewCo also promptly paying (or reimbursing Motorola for) those other amounts described in Annex F. Motorola has no obligation to provide any satellite or launch vehicle insurance related to such satellites or any relaunch or any replacement satellites if the launch is unsuccessful for any reason (but will provide customary third-party in-transit and pre-launch insurance covering the satellites after they leave Motorola&#146;s plant and ending at the intentional ignition of the launch vehicle), and Motorola will have no responsibility for any loss or damage to any such satellite after it leaves Motorola&#146;s plant, except if the damage results from Motorola&#146;s active negligence during the loading of the launch software on a satellite or during the conduct of the final processing of the satellites. Motorola will also have no responsibility to provide storage for the satellites after they leave Motorola&#146;s plant except for normal storage associated with routine processing. Acceptance of delivery of the satellites and the launch service, and passing of title and any remaining risk of loss, will occur upon intentional ignition of the launch vehicle. <B>Motorola makes no warranties about the satellites, launch or services, which are transferred or provided AS IS, without any warranties of any sort, whether express, statutory or implied, including but not limited to, any WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. </B>Motorola has no responsibility to initiate or perform the actions above with respect to such satellites, or to deliver such satellites, if they cannot be built to Motorola&#146;s existing specifications solely using Motorola&#146;s existing materials at its Chandler, AZ GTSS facility and has no responsibility under Section 4.C(l) or this Section 4.C(2) if any approvals or licenses needed for these activities are not obtained timely or at all or if the launch services are not performed timely or at all for any reason beyond Motorola&#146;s control. If requested by NewCo, Motorola will, at NewCo&#146;s sole expense, use commercially reasonable efforts to obtain Eurockot&#146;s or China Great Wall Industries&#146;, as the case may be, compliance with its obligations under the launch contract; <I>provided, however, </I>that Motorola shall not be required to institute legal proceedings or to engage in any formal mediation or arbitration process. NewCo shall provide Motorola with full access to its facilities for Motorola to perform the obligations described in this Section 4.C. NewCo shall also execute and deliver, and shall require its subcontractors to execute and deliver, waivers of liability for claims arising out of launch activities, to the extent required by Eurockot or China Great Wall Industries or applicable law.</P>
<P style="margin-top:0px; margin-bottom:14.667px"><BR>
<BR></P>
<P style="line-height:13pt; margin:0px; text-indent:310.867px; font-size:11pt">11</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-right:4.8px; text-indent:48px; font-size:11pt; page-break-before:always">D.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-right:4.8px; text-indent:96px; font-size:11pt">Notwithstanding any provision herein to the contrary, Motorola shall have no obligation to provide launch services pursuant to this Section 4 after December 31, 2002 Notwithstanding the release of Motorola&#146;s obligation pursuant to this Section 4.D to provide launch services, NewCo shall remain liable for any payments due pursuant to this Section 4 and Motorola shall be under no obligation to reimburse payments previously made pursuant to this Section 4 provided that the reason for the failure to provide such launch services was beyond the reasonable control of Motorola. Furthermore, NewCo shall be entitled as liquidated damages to reimbursement of the portion of the $13.7 million paid by it pursuant to Section 4.C above in the event that (1) Motorola has not provided the launch services described in Section 4.C above on or before December 31, 2002 and (2) such failure to provide launch services is a direct result of an event within Motorola&#146;s reasonable control.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-size:11pt"><B>5.</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:48px; font-size:11pt"><B>Subscriber Equipment</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:43.2px; font-size:11pt">A.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:91.2px; font-size:11pt">Motorola shall provide or sell any existing or newly-manufactured Satellite Series portable or mobile units, docking stations, MXUs, L-band transceivers (&#147;LBTs&#148;) or accessories (&#147; Subscriber Equipment&#148;) at the prices listed in Annexes H-1 and I-1 and pursuant to Existing Subscriber Equipment Agreements and Newly Manufactured Subscriber Equipment Agreements, which shall be substantially in the forms attached hereto as Annex H-2 and Annex 1-2, respectively (except for LBTs, which will be sold pursuant to a VAM-specific agreement). Notwithstanding the foregoing, the Newly Manufactured Subscriber Equipment Agreement with NewCo shall provide that the first 5,000 Satellite Series Model 9505 portable units sold in each of (i) the Production Period (as defined below) and (ii) the twelve-month period following the Production Period will be sold at a discount of $250 per unit to the then current price of such units as specified in the Newly Manufactured Subscriber Equipment Agreement with NewCo.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:43.2px; font-size:11pt">B.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:91.2px; font-size:11pt">Subject to the conditions in this Agreement and the applicable Newly Manufactured Subscriber Equipment Agreement, and so long as the Newly Manufactured Subscriber Equipment Agreement with NewCo is executed and binding by the Effective Date, Motorola shall provide the following items of Subscriber Equipment to NewCo, service providers, value added manufacturers (&#147;VAMs&#148;), distributors and other third parties acceptable to Motorola, except as indicated. Such items shall be ordered for delivery during the periods indicated, and with a minimum of one hundred twenty (120) days lead time before delivery (except for any data capable products, for which NewCo must successfully complete all data trials before such products or their software can be produced). NewCo must additionally provide Motorola with (i) Firm Orders satisfying any applicable minimum quantity commitment and (ii) the Subscriber Equipment L/C (as defined in Section 10.D) before Motorola shall have any obligation to provide the following items of Subscriber Equipment (with the Model 9505 and 9520 transceivers being the &#147;New Products&#148;):</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:134.4px; text-indent:-24px; font-family:Symbol; font-size:11pt">&#183;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:134.4px; font-size:11pt">The Satellite Series Model 9505 version of the LBT with data capable software for sale and delivery only to VAMs and NewCo during the 12&shy;month period beginning 120 days from the Effective Date (the &#147;Production Period&#148;).</P>
<P style="margin-top:0px; margin-bottom:14.667px"><BR>
<BR></P>
<P style="line-height:13pt; margin:0px; text-indent:310.867px; font-size:11pt">12</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:134.4px; text-indent:-24px; font-family:Symbol; font-size:11pt; page-break-before:always">&#183;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:134.4px; font-size:11pt">The Satellite Series Model 9505 portable unit with data capable software for delivery during the Production Period.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:134.4px; text-indent:-24px; font-family:Symbol; font-size:11pt">&#183;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:134.4px; font-size:11pt">The Satellite Series Model 9520 mobile unit with data capable software for delivery during the Production Period.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:134.4px; text-indent:-24px; font-family:Symbol; font-size:11pt">&#183;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:134.4px; font-size:11pt">The Satellite Series Model 9500 or 9505 ultra high-cap battery for delivery during the Production Period.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:134.4px; text-indent:-24px; font-family:Symbol; font-size:11pt">&#183;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:134.4px; font-size:11pt">The Solar Charger for delivery during the Production Period.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:134.4px; text-indent:-24px; font-family:Symbol; font-size:11pt">&#183;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:134.4px; font-size:11pt">The Portable Docking Station for the Satellite Series Model 9500 for delivery during the Production Period.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:134.4px; text-indent:-24px; font-family:Symbol; font-size:11pt">&#183;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:134.4px; font-size:11pt">The Portable Docking Station for the Satellite Series Model 9505 for delivery once Motorola provides notice that its development has been completed, which is estimated to be approximately four months after the Effective Date.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:134.4px; text-indent:-24px; font-family:Symbol; font-size:11pt">&#183;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:134.4px; font-size:11pt">The Satellite Series Data Kit Accessory for a price to be established by Motorola and for delivery once Motorola provides notice that its development has been completed, which is estimated to be approximately four months after the Effective Date subject to NewCo&#146;s successful completion of the data trials.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">C. </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:96px; font-size:11pt">Subject to the applicable conditions in this Agreement and the applicable Existing Subscriber Equipment Agreement, and so long as the Existing Subscriber Equipment Agreement with NewCo is executed and binding by the Effective Date, Motorola shall provide the following items of Subscriber Equipment to NewCo, service providers, VAMs, distributors and other third parties acceptable to Motorola, except as indicated. All orders for such products by NewCo, service providers, VAMs, distributors or other third parties must be placed with Motorola within three months after the Effective Date, for delivery within 180 days after the Effective Date, and with a minimum of 90 days lead time before delivery (except as otherwise provided and except in the case of any data capable products, for which NewCo must successfully complete all data trials before such products or their software can be produced). NewCo must additionally provide Motorola with the Subscriber Equipment L/C before Motorola shall have any obligation to provide the following items of Subscriber Equipment (with such items being the &#147;Existing Products&#148;):</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:129.6px; text-indent:-19.2px; font-family:Symbol; font-size:11pt">&#183;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:129.6px; font-size:11pt">An estimated 7,500 new, unsold Satellite Series Model 9500 portable units for sale as new portable units, with their L-band transceivers (&#147;LBTs&#148;) upgraded with data capable software (but with those units not being compatible with the Iridium secure cassette).</P>
<P style="margin-top:0px; margin-bottom:14.667px"><BR>
<BR></P>
<P style="line-height:13pt; margin:0px; text-indent:310.867px; font-size:11pt">13</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:129.6px; text-indent:-19.2px; font-family:Symbol; font-size:11pt; page-break-before:always">&#183;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:129.6px; font-size:11pt">An estimated 7,500 new, unsold Satellite Series Model 9500 portable units (after conversion to L-band transceivers with data capable software) for sale only to NewCo and VAMs as new L-band transceivers (but with those units not being compatible with the Iridium secure cassette).</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:129.6px; text-indent:-19.2px; font-family:Symbol; font-size:11pt">&#183;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:129.6px; font-size:11pt">An estimated 2,500 &#145;used&#146; Satellite Series Model 9500 portable units (after conversion to L-band transceivers with data capable software) for sale only to NewCo and VAMs as used L-band transceivers (but with those units not being compatible with the Iridium secure cassette), so long as those transceivers pass Motorola&#146;s internal quality control, approval and screening standards (but with those units not being compatible with the Iridium secure cassette).</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:129.6px; text-indent:-19.2px; font-family:Symbol; font-size:11pt">&#183;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:129.6px; font-size:11pt">An estimated 2,500 &#145;used&#146; Satellite Series Model 9500 portable units in Motorola&#146;s inventory for sale only to NewCo (and not any service providers, VAMs, distributors or other third parties) as used, AS IS, portable units (without refurbishing or warranty of any type, other than the limited out-of-box warranty described in the applicable Existing Subscriber Equipment Agreement), so long as those units pass Motorola&#146;s internal quality control, approval and screening standards (but with those units not being compatible with the Iridium secure cassette).</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:129.6px; text-indent:-19.2px; font-family:Symbol; font-size:11pt">&#183;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:129.6px; font-size:11pt">An estimated 3,000 new, unsold Satellite Series Model 9505 units in Motorola&#146;s existing inventory for sale as new units, with those units having been upgraded with data capable software and re-tested by Motorola (but with those units not being compatible with the Iridium secure cassette without additional modifications).</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:129.6px; text-indent:-19.2px; font-family:Symbol; font-size:11pt">&#183;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:129.6px; font-size:11pt">An estimated 1,000 new, unsold Satellite Series Model 9520 mobile units in Motorola&#146;s existing inventory with data capable software for sale as new units (but with those units not being compatible with the Iridium secure cassette).</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt">The quantities listed above are only estimates and the actual quantities may be different depending on the number and usability of units actually collected by Motorola.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">D. </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:96px; font-size:11pt">Subject to the applicable conditions described below, NewCo hereby irrevocably commits to purchase from Motorola, as of the Effective Date, all of the Existing Products listed in Section 5.C above that are remaining in Motorola&#146;s inventory for sale (as defined below), at the prices listed in Annex H-1. On or before the Effective Date, and as a condition to the Effective Date, as more fully described in Section 10.D, NewCo shall provide Motorola with the Subscriber Equipment L/C described in Section 10.D(2) below. Subject to the applicable conditions in, and NewCo&#146;s full compliance with, this Agreement and the Existing Subscriber Equipment Agreement (which conditions Motorola may waive in its sole discretion), Motorola </P>
<P style="margin-top:0px; margin-bottom:14.667px"><BR>
<BR></P>
<P style="line-height:13pt; margin:0px; text-indent:310.867px; font-size:11pt">14</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt; page-break-before:always">hereby agrees to sell to NewCo all of the Existing Products listed in Section 5.C above at the prices and with the lead times listed in Section 5.C above.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt">For purposes of this Section 5.D, the term &#147;remaining in Motorola&#146;s inventory for sale&#148; shall mean all units originally manufactured before the Effective Date that currently are, or subsequently come into, Motorola&#146;s possession or control whether or not such units were included in the estimates provided in Section 5.C above. Effective 180 days after the Effective Date, payment in full from NewCo for all Existing Products remaining in Motorola&#146;s inventory for sale shall be due and payable, except that the amount owed by NewCo shall be reduced to the extent that service providers, VAMs, distributors and other third parties have already purchased and paid for such items on the terms and conditions described in Section 5.C.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:43.2px; font-size:11pt">E.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:91.2px; font-size:11pt">Motorola will not begin, and once it has begun may subsequently cease, its manufacturing, production, and delivery of any or all of the products described in this Section 5 at any time without penalty and draw upon the letter(s) of credit as described in Section 10.D below unless it has received Firm Orders for at least the Period Minimum volume of New Products for delivery during the then current Measurement Period. Further, in the event that Motorola has not received Firm Orders for at least the Period Minimum volume of New Products for delivery during the then current Measurement Period, then NewCo will, within ten (10) days after written demand from Motorola, book a Firm Order for the Period Shortfall, accompanied by a satisfactory Order L/C for the full amount of that order at invoice price(s). Aftermarket accessories will not count for purposes of calculating whether the 15,000 or 10,000 unit minimum order backlog requirement described in Section 10.D has been met.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:48px; font-size:11pt">NewCo hereby irrevocably commits to purchase from Motorola a minimum of 50,000 units of New Products for delivery during the Production Period, as more fully described in Section 10 (&#147;NewCo&#146;s Minimum Annual Volume Purchase Commitment&#148;). Further, in the event that by the end of the eighth month of the Production Period Motorola has not received Firm Orders for at least NewCo&#146;s Minimum Annual Volume Purchase Commitment, then NewCo will, within ten (10) days after written demand from Motorola, book a Firm Order for the Annual Shortfall (as described in Section 10.D below), accompanied by a satisfactory Order L/C for the full amount of that order at invoice price(s). Aftermarket accessories will not count for purposes of calculating whether NewCo&#146;s Minimum Annual Volume Purchase Commitment has been met. If Motorola does not receive by the end of the eighth month of the Production Period Firm Orders for at least NewCo&#146;s Minimum Annual Volume Purchase Commitment and NewCo does not fulfill its obligation to place Firm Orders for the Annual Shortfall, Motorola may cease its manufacturing, production, and delivery of the products described in this Section 5 at any time without penalty and draw on the letter(s) of credit as described in Section 10.D below. All capitalized terms not otherwise defined in this Section 5.E shall have the meaning defined in Section 10.D below.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:43.2px; font-size:11pt">F.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:91.2px; font-size:11pt">Motorola shall also allow NewCo to pick up, at NewCo&#146;s expense, from Motorola&#146;s Chandler, AZ GTSS facility at no charge (and F.O.B. such facility), during a mutually acceptable date within sixty calendar days after the Effective Date, (a) all existing MXUs (or existing portions of such MXUs), currently estimated at 486, in whatever form and </P>
<P style="margin-top:0px; margin-bottom:14.667px"><BR>
<BR></P>
<P style="line-height:13pt; margin:0px; text-indent:310.867px; font-size:11pt">15</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt; page-break-before:always">condition (working or not) that such items are then in; (b) four LBT simulators, in whatever form and condition (working or not) that such items are then in; and (c) currently available design information about the MXU, updated to take account (to the extent of readily available published information, but without any verification or testing of the updated information) of part obsolescence, and currently available proof of concept hardware platform design information for a Data Unit/Asset Manager, updated to allow for full scale manufacturing (to the extent of readily available published information, but without any verification or testing of the updated information) but otherwise in whatever form or condition that such items are then in. Motorola may, however, remove from such MXUs or portions any identifying marking, statement or other item which identifies or pertains to Motorola. <B>MOTOROLA MAKES NO WARRANTIES, EXPRESS OR IMPLIED, OF ANY TYPE RELATED TO THE ITEMS OR INFORMATION IN THIS SECTION 5.F, INCLUDING BUT NOT LIMITED TO, THOSE OF MERCHANTABILITY OR SUITABILITY FOR A PARTICULAR PURPOSE, ALL OF WHICH ARE TAKEN &#145;AS IS&#146;, &#145;WHERE IS&#146;.</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:43.2px; font-size:11pt">G.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:91.2px; font-size:11pt">Notwithstanding anything to the contrary in this Agreement or any related agreement(s), Motorola shall have no obligation to manufacture, provide or sell any New Products or Existing Products under Sections 5.A, 5.B, 5.C, or 5.D unless and until it receives non-cancelable Firm Orders (in acceptable minimum order quantities) accompanied by satisfactory Order L/Cs (as defined in Section 10.D(1)).</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:43.2px; font-size:11pt">H.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:91.2px; font-size:11pt">Notwithstanding anything to the contrary in this Agreement or any related agreement(s), NewCo is responsible for collecting and aggregating all orders and Order L/Cs from service providers, VAMs, distributors and other third parties for the purchase of Subscriber Equipment under this Section 5, and for providing such orders and Order L/Cs to Motorola. Motorola will fulfill such orders solely on behalf of, and as an accommodation to, NewCo and shall have no further obligations with respect to such Subscriber Equipment except as expressly provided in this Agreement.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:43.2px; font-size:11pt">I.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:91.2px; font-size:11pt">Notwithstanding anything to the contrary in this Agreement or any related agreements(s), all prices referenced in Annexes H-1 and 1-1 are wholesale prices (Ex Works Motorola&#146;s U.S. plant, in minimum order quantities), and do not include shipping, customs and insurance costs or taxes of any kind (among other items). These prices are subject to adjustment at any time if Motorola incurs unexpected non-recurring expenses or price increases by its component vendors, or if Motorola incurs additional costs and penalties in transacting business with service providers, VAMs, distributors or other third parties, or for prices listed in Annex I&shy;1, if Motorola incurs any additional product cost increases. The availability of any of the items in Sections 5.A, 5.B, 5.C, and 5.D is also subject to the ability of Motorola to reach a satisfactory agreement (in Motorola&#146;s good faith opinion) with its component vendors. Motorola is willing to ship the Subscriber Equipment listed in Sections 5.A, 5.B, 5.C and 5.D to different locations at NewCo&#146;s direction, but the shipping, customs, handling and insurance costs (among other items) for any equipment would be at NewCo&#146;s expense.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-right:4.8px; text-indent:43.2px; font-size:11pt"><B>J.</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-right:4.8px; text-indent:91.2px; font-size:11pt"><B>MOTOROLA MAKES NO WARRANTIES, EXPRESS OR IMPLIED, RELATED TO THE PRODUCTS IN SECTIONS 5.A, 5.B., 5.C or 5.D, INCLUDING, </B></P>
<P style="margin-top:0px; margin-bottom:14.667px"><BR>
<BR></P>
<P style="line-height:13pt; margin:0px; text-indent:310.867px; font-size:11pt">16</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-right:4.8px; font-size:11pt; page-break-before:always"><B>WITHOUT LIMITATION, WARRANTIES OF MERCHANTABILITY OR SUITABILITY FOR A PARTICULAR PURPOSE, OTHER THAN THOSE WARRANTIES CONTAINED IN THE EXISTING SUBSCRIBER EQUIPMENT AGREEMENTS OR THE NEWLY MANUFACTURED SUBSCRIBER EQUIPMENT AGREEMENTS, AS APPLICABLE, AND THE LIMITED WARRANTY THAT MOTOROLA SHIPS WITH THE PRODUCTS (WHICH SHALL BE SUBSTANTIALLY SIMILAR TO THOSE SET FORTH IN ANNEX 1-3 EXCEPT THAT LBTs ARE WARRANTED PURSUANT TO A VAM-SPECIFIC AGREEMENT). <U>ALL SUBSCRIBER EQUIPMENT IN SECTIONS 5.A, 5.B, 5.C AND 5.D IS SOLD &#147;AS IS,&#148; EXCEPT AS OTHERWISE PROVIDED IN THE EXISTING SUBSCRIBER EQUIPMENT AGREEMENTS OR THE NEWLY MANUFACTURED SUBSCRIBER EQUIPMENT AGREEMENTS, AS APPLICABLE, AND THE LIMITED WARRANTY THAT MOTOROLA SHIPS WITH SUCH SUBSCRIBER EQUIPMENT</U>. THERE WILL BE NO PENALTIES, LIQUIDATED DAMAGES OR LATE DELIVERY CHARGES OF ANY SORT IF THESE ITEMS ARE DELIVERED LATE OR NOT AT ALL.</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-right:4.8px; text-indent:43.2px; font-size:11pt">K.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-right:4.8px; text-indent:91.2px; font-size:11pt">NewCo shall be solely responsible for conducting any and all data trials for data-capable subscriber equipment. Motorola will perform bug fixes, if any are identified as necessary during such trials, but will not perform any data-related development work. Changes to gateways required to support data will be the sole responsibility of NewCo.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-right:4.8px; text-indent:43.2px; font-size:11pt">L.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-right:4.8px; text-indent:91.2px; font-size:11pt">NewCo agrees to enter into a license agreement with Motorola, before Motorola begins manufacturing, production and delivery of the products described in this Section 5, to allow Motorola to use NewCo&#146;s trademarks, trade names, corporate slogans, corporate logos, good will and product designations; the use of such items shall be on the same terms as was provided in the previous agreement between Motorola and Iridium LLC.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-right:4.8px; text-indent:43.2px; font-size:11pt">M.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-right:4.8px; text-indent:91.2px; font-size:11pt">Motorola agrees to use commercially reasonable efforts to update all type approvals currently held by Motorola relating to the Subscriber Equipment. NewCo acknowledges that Motorola has no obligation to obtain any new or additional type approvals.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-right:4.8px; text-indent:43.2px; font-size:11pt">N.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-right:4.8px; text-indent:91.2px; font-size:11pt">Except as otherwise permitted herein or in the Newly Manufactured Subscriber Equipment Agreement or the Existing Subscriber Equipment Agreement, Motorola agrees to provide NewCo with at least 12 months notice in the event that Motorola decides to discontinue the manufacture of the Subscriber Equipment (including LBTs). Upon delivery of such notice by Motorola, Motorola shall:</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:144px; padding-right:4.8px; text-indent:-48px; font-size:11pt">(1) </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:144px; padding-right:4.8px; font-size:11pt">promptly negotiate in good faith a license agreement with one responsible and competent alternative supplier (the &#147;Alternative Supplier&#148;) in accordance with the provisions of Sections 2.3 and 2.7 of the Intellectual Property Rights Agreement; and</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:144px; padding-right:4.8px; text-indent:-48px; font-size:11pt">(2) </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:144px; padding-right:4.8px; font-size:11pt">provide to NewCo and the Alternative Supplier transition services on an appropriate time and materials basis for up to 12 months following the date of delivery of the notice on terms mutually acceptable to Motorola, NewCo and the Alternative Supplier so long as Motorola has the staff and </P>
<P style="margin-top:0px; margin-bottom:14.667px"><BR>
<BR></P>
<P style="line-height:13pt; margin:0px; text-indent:310.867px; font-size:11pt">17</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:144px; padding-right:4.8px; font-size:11pt; page-break-before:always">resources reasonably available to provide such services and the provision of such services is not disruptive to Motorola&#146;s other business operations.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-right:4.8px; font-size:11pt">As promptly as practicable following the cessation of Motorola&#146;s obligation to manufacture Subscriber Equipment (including LBTs):</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:144px; padding-right:4.8px; text-indent:-43.2px; font-size:11pt">(A)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:144px; padding-right:4.8px; text-indent:-14.4px; font-size:11pt">Motorola shall sell to NewCo or the Alternative Supplier at net book value (plus reasonable shipping and handling charges) the appropriate special equipment, including tooling and dies, relating exclusively to Motorola&#146;s manufacture of Subscriber Equipment (including LBTs) and shall dismantle, package and ship such special equipment to the purchaser thereof; and</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:144px; padding-right:4.8px; text-indent:-43.2px; font-size:11pt">(B)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:144px; padding-right:4.8px; text-indent:-14.4px; font-size:11pt">NewCo shall purchase, or cause the Alternative Supplier to purchase, the raw materials then in Motorola&#146;s possession or control at Motorola&#146;s cost (plus reasonable shipping and handling charges).</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-right:4.8px; font-size:11pt">At any time hereafter, if Motorola increases the prices of the Subscriber Equipment (including LBTs) by more than the sum of (i) the increase in the prices of the component parts and materials of such Subscriber Equipment (including LBTs) charged to Motorola by the supplier of such parts and materials and (ii) five percent (5%) per annum of the existing price of such Subscriber Equipment (including LBTs), NewCo shall be entitled to notify Motorola that NewCo desires to pursue an alternative supplier of the Subscriber Equipment (including LBTs). Upon receipt of such notice from NewCo; Motorola shall perform the actions specified in Sections 5.N(I) and (2) above and upon the consequent cessation of Motorola&#146;s obligation to manufacture Subscriber Equipment (including LBTs), Motorola shall perform the actions specified in Section 5.N(A) above and NewCo shall perform the actions specified in Section 5.N(B) above; <I>provided, however, </I>that any Subscriber Equipment (including LBTs) sold to NewCo during such transition period shall be at the increased price identified to NewCo prior to the giving of such notice.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-right:4.8px; font-size:11pt">Notwithstanding anything herein to the contrary, Motorola shall have no obligation to (x) manufacture or deliver any Subscriber Equipment (including LBTs) to NewCo or any service providers, VAMs, distributors or other third parties after the earlier of (i) the date that is 12 months following the date of delivery of a notice by Motorola or by NewCo pursuant to this Section 5.N and (ii) the date that the special equipment is sold and transferred to the Alternative Supplier pursuant to Section 5.N(3) above or (y) accept orders from NewCo or any service providers, VAMs, distributors or other third parties after the date that is 8 months following the date of delivery of a notice by Motorola or by NewCo pursuant to this Section 5.N.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-right:4.8px; text-indent:43.2px; font-size:11pt">O.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-right:4.8px; text-indent:96px; font-size:11pt">Motorola agrees to sell to NewCo (i) all new pagers that remain in Motorola&#146;s inventory for sale at a price of $200 per unit subject to terms and provisions substantially similar to the terms and provisions in this Section 5 relating to New Products and (ii) all used pagers that remain in Motorola&#146;s inventory for sale at a price of $100 per unit subject to terms and provisions substantially similar to the terms and provisions in this Section 5 relating to the Existing Products. For purposes of this Section 5.0, the term &#147;remaining in Motorola&#146;s inventory for sale&#148; shall mean all units originally manufactured before the Effective Date that </P>
<P style="margin-top:0px; margin-bottom:14.667px"><BR>
<BR></P>
<P style="line-height:13pt; margin:0px; text-indent:310.867px; font-size:11pt">18</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-right:4.8px; font-size:11pt; page-break-before:always">currently are in Motorola&#146;s possession or control. NewCo acknowledges that Motorola shall have no obligation to manufacture any new pagers.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-size:11pt"><B>6.</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:48px; font-size:11pt"><B>Labs and Earth Terminals</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:43.2px; font-size:11pt">A.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:91.2px; font-size:11pt">Subject to the terms of this Agreement, Motorola agrees to transfer to NewCo, and NewCo agrees to accept without reservation, as of the Effective Date (except as otherwise provided in the applicable Annex), pursuant to bills of sale which transfer the items <B>AS IS</B>, <B>WHERE </B>IS, without any warranties of any kind, including <B>WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE</B>,<B> </B>all of Motorola&#146;s transferable right, title and interest to (i) the equipment and software at the SNOC and the TTAC sites, including the telemetry and tracking station in Iceland (&#147;TTS&#148;), listed in Annex J and (ii) the equipment and software at Motorola&#146;s Chandler AZ GTSS facility listed in Annex K, in each case which Motorola is described as transferring. The rights that would be transferred are, in particular, subject to any restrictions or other terms in any third party license agreements, as well as the other terms of this Agreement or any contract referenced herein.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:43.2px; font-size:11pt">B.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:91.2px; font-size:11pt">Subject to the terms of this Agreement, Motorola agrees to license to NewCo, and NewCo agrees to accept without reservation, as of the Effective Date, pursuant to the license substantially in the form attached as Annex L-1, and AS IS, WHERE IS, without any warranties of any kind, including WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, the site described in Annex L-1 as being licensed to NewCo.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:43.2px; font-size:11pt">C.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:91.2px; font-size:11pt">Subject to the terms of this Agreement, Motorola agrees to license to NewCo, and NewCo agrees to accept without reservation, as of the Effective Date, pursuant to the license substantially in the form attached as Annex L-2, and AS IS, WHERE IS, without any warranties of any kind, including WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, the site described in Annex L-2 as being licensed to NewCo.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:43.2px; font-size:11pt">D.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:91.2px; font-size:11pt">NewCo shall be fully responsible (at its sole cost) for removing, crating, shipping, disassembling, insuring, and then reassembling and initializing the assets described in this Section 6 within one hundred eighty (180) days of the Effective Date (except for the Earth Terminals Equipment (as defined in Annex L-1), which is stationary, and the Closed Loop Test Facility which will be moved in accordance with the timeframe set forth in Annex K) at a location of its own choosing. NewCo shall also comply with all applicable laws and Motorola&#146;s policies while on Motorola&#146;s premises. NewCo shall also be responsible for any damage or injuries that occur in connection with the activities described in this Section 6.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:43.2px; font-size:11pt">E.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:91.2px; font-size:11pt">To the extent necessary to discharge its obligations hereunder or contemplated hereby, NewCo hereby grants to Motorola full access and use rights (at no cost) to the equipment being transferred or leased described in Annexes J and K. NewCo (rather than Motorola) shall also be responsible for, and timely perform and pay, the amounts and obligations referenced in Annexes K, L-1 and L-2 beginning on and as of the Effective Date, as a condition to the Effective Date.</P>
<P style="margin-top:0px; margin-bottom:14.667px"><BR>
<BR></P>
<P style="line-height:13pt; margin:0px; text-indent:310.867px; font-size:11pt">19</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-size:11pt; page-break-before:always"><B>7.</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:48px; font-size:11pt"><B>Intellectual Property Rights</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:48px; font-size:11pt">No rights, title or interest of any nature in any intellectual property belonging to Motorola, or for which Motorola has been granted rights under license, shall be transferred or licensed to NewCo or to any other party under this Agreement except pursuant to an Intellectual Property Rights Agreement, in the form attached as Annex M, which shall be executed and become effective as a condition to, and as of, the Effective Date.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-size:11pt"><B>8.</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:48px; font-size:11pt"><B>Transition of Other Assets</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:38.4px; font-size:11pt">A.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:86.4px; font-size:11pt">For each employee (up to 10 employees) at Motorola&#146;s Chandler, AZ GTSS facility who resigns to become an employee of Boeing, Motorola shall pay NewCo, 90 days after the Effective Date, an amount equal to 1.3 times the base salary that Motorola would have paid such employee if such employee had continued working for Motorola for the period from the date of cessation of such employee&#146;s employment by Motorola through the date that is 90 days following the Effective Date.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:38.4px; font-size:11pt">B.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:86.4px; font-size:11pt">Subject to the execution of a mutually acceptable separate contract covering services, staffing or other work in addition to the support and services described in this Agreement (including, without limitation, support and services in excess of those contemplated by Section 3), Motorola will provide to NewCo on a time and materials basis (subject to certain agreed-upon minimums) for up to 12 months following the Effective Date back-up support and other related services similar to the services provided for in Section 3 or relating to the MXUs, so long as Motorola has the staff and resources reasonably available to provide such support and services.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:48px; font-size:11pt">Compensation by NewCo to Motorola for any and all such time and material services (&#147; T&amp;M Services&#148;) under such separate agreement which is furnished by Motorola shall be paid promptly after presentation of an invoice and shall consist of the sum of the following:</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:48px; font-size:11pt">(1)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; text-indent:96px; font-size:11pt">An hourly rate of U.S. $117.00 multiplied by the total actual hours worked;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:48px; font-size:11pt">(2)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; text-indent:96px; font-size:11pt">The actual and reasonable transportation, subsistence and miscellaneous expenses incurred by Motorola&#146;s employee(s); and</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:48px; font-size:11pt">(3)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; text-indent:96px; font-size:11pt">The actual and reasonable amount of all other costs incurred by Motorola in the performance of T&amp;M Services, including, without limitation, all costs of materials and equipment, computer, consulting and other services.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-size:11pt"><B>9.</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:48px; font-size:11pt"><B>Gateways</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">A. </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:96px; font-size:11pt">NewCo acknowledges that Motorola is currently negotiating with Bell Mobility, Inc. and its affiliates (collectively, &#147;Bell Mobility&#148;) and Sprint Corporation and its affiliates (&#147; Sprint&#148;) in connection with Motorola&#146;s attempts to acquire all of the ownership interest held by such entities in Iridium U.S. L.P. (&#147;Iridium North America&#148;) such that after giving effect to </P>
<P style="margin-top:0px; margin-bottom:14.667px"><BR>
<BR></P>
<P style="line-height:13pt; margin:0px; text-indent:310.867px; font-size:11pt">20</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt; page-break-before:always">such acquisitions Motorola would own all of the ownership interests in Iridium North America. Upon consummation of these acquisitions:</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:43.2px; font-size:11pt">(i)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:91.2px; font-size:11pt">Motorola will cause Iridium North America to (x) sell to NewCo, and NewCo agrees to purchase from Iridium North America, Iridium North America&#146;s fee simple interest in the gateway building and (y) assign to NewCo, and NewCo agrees to accept from Iridium North America, Iridium North America&#146;s interest in the ground lease covering the real estate on which the gateway building stands. In consideration thereof, NewCo shall pay to Motorola (as Iridium North America&#146;s designee) $5.845 million in cash. This payment will be financed with a portion of the proceeds of the $30 million loan contemplated by Section 11.P.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:43.2px; font-size:11pt">(ii)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:91.2px; font-size:11pt">Motorola will cause Iridium North America to sell to NewCo, and NewCo agrees to purchase from Iridium North America, Iridium North America&#146;s equipment (including equipment specific to the Iridium System as well as general office equipment) wherever located and each other item of tangible personal property owned by Iridium North America as reasonably agreed to by Motorola and NewCo. In consideration thereof, Iridium Holdings shall issue to Motorola (as Iridium North America&#146;s designee) such number of Class B Units (as defined in the Limited Liability Company Agreement of Iridium Holdings (as in effect on the date of this Agreement regardless of any future modifications thereto or the continued existence thereof (including any future modifications or the continued existence of any other documents cross-referenced therein), (the &#147;Holdings LLC Agreement&#148;)) as shall constitute immediately after such issuance five-eighths of one percent (5/8%) of the total number of Units (both Class A Units and Class B Units) then issued and outstanding. The number of Class B Units so issued to Motorola shall be adjusted from time to time as provided in section 9.F hereof.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:43.2px; font-size:11pt">(iii)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:91.2px; font-size:11pt">Motorola will cause Iridium North America to transfer to NewCo, and NewCo agrees to accept from Iridium North America, the INA Licenses (as defined below). In consideration thereof, Iridium Holdings shall issue to Motorola (as Iridium North America&#146;s designee) such number of Class B Units as shall constitute immediately after such issuance three-eighths of one percent (3/8%) of the total number of Units (both Class A Units and Class B Units) then issued and outstanding. The number of Class B Units so issued to Motorola shall be adjusted from time to time as provided in section 9.F hereof.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:43.2px; font-size:11pt">B.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:91.2px; font-size:11pt">NewCo and Motorola agree that Motorola shall use commercially reasonable efforts to assist NewCo in obtaining those Canadian communications licenses formerly held by Bell Mobility for the benefit of Iridium North America which are necessary for NewCo to conduct its business as currently contemplated. Upon receipt of NewCo of such licenses and in consideration of Motorola&#146; efforts, Iridium Holdings shall issue to Motorola such number of Class B Units as shall constitute immediately after such issuance three-eighths of one percent (3/8%) of the total number of Units (both Class A Units and Class B Units) then issued and outstanding. The number of Class B Units so issued to Motorola shall be adjusted from time to time as provided in section 9.F hereof.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:43.2px; font-size:11pt">C.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:91.2px; font-size:11pt">NewCo and Motorola agree that, upon Motorola&#146;s receipt of all necessary regulatory and third party consents, Motorola shall transfer to NewCo all of its interests in the Iridium India gateway. In consideration thereof, Iridium Holdings shall issue to Motorola such </P>
<P style="margin-top:0px; margin-bottom:14.667px"><BR>
<BR></P>
<P style="line-height:13pt; margin:0px; text-indent:310.867px; font-size:11pt">21</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt; page-break-before:always">number of Class B Units as shall constitute immediately after such issuance two-tenths of one percent (2/10%) of the total number of Units (both Class A Units and Class B Units) then issued and outstanding. The number of Class B Units so issued to Motorola shall be adjusted from time to time as provided in section 9.F hereof.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">D.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:96px; font-size:11pt">NewCo and Motorola agree that, upon Motorola&#146;s receipt of all necessary regulatory and third party consents, Motorola shall transfer to NewCo all of its interests in the Iridium Sud America gateway. In consideration thereof, Iridium Holdings shall issue to Motorola such number of Class B Units as shall constitute immediately after such issuance Motorola&#146;s pro-rata share (based on its respective ownership interest in the Iridium Sud America gateway) of one percent (1%) of the total number of Units (both Class A Units and Class B Units) then issued and outstanding; <I>provided, however, </I>in no event shall Motorola be issued under this Section 9.D more than such number of Class B Units as shall constitute immediately after such issuance three-tenths of one percent (3/10%) of the total number of Units (both Class A Units and Class B Units) then issued and outstanding. The number of Class B Units so issued to Motorola shall be adjusted from time to time as provided in section 9.F hereof.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">E. </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:96px; font-size:11pt">NewCo and Motorola agree that, upon Motorola&#146;s receipt of all necessary regulatory and third party consents, Motorola shall use commercially reasonable efforts to cause the Iridium Central America/Mexico gateway to transfer to NewCo all of its interests in those Mexican communications licenses held by Iridium Central America/Mexico which are necessary for NewCo to conduct its business as currently contemplated. Upon receipt of such licenses and in consideration of Motorola&#146; efforts, Iridium Holdings shall issue to Motorola such number of Class B Units as shall constitute immediately after such issuance three-eighths of one percent (3/8%) of the total number of Units (both Class A Units and Class B Units) then issued and outstanding. The number of Class B Units so issued to Motorola shall be adjusted from time to time as provided in section 9.F hereof.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">F. </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:96px; font-size:11pt">If, at any time after the issuance to Motorola of Class B Units pursuant to the provisions of sections 9.A through 9.E hereof, Iridium Holdings issues additional Class A Units or Class B Units, then the number of Class B Units previously issued to Motorola under such provisions shall automatically be increased so that the number of Class B Units held by Motorola under each such provision constitutes the percentage therein set forth of the total number of Class A Units and Class B Units then issued and outstanding; <I>provided, however, </I>that the total number of Class B Units issued under each such provision shall not exceed the number of Class B Units set forth below under &#147;Maximum Number of Class B Units&#148; multiplied by the Adjustment Ratio (as defined in the Holdings LLC Agreement):</P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR style="font-size:0"><TD width=156></TD><TD width=150></TD><TD width=168></TD></TR>
<TR><TD valign=top width=156><P style="margin:0px; font-size:11pt" align=center>&nbsp;</P>
<P style="margin:0px; font-size:11pt" align=center>&nbsp;</P>
<P style="margin:0px; font-size:11pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
</TD><TD valign=top width=150><P style="margin:0px; font-size:11pt" align=center>&nbsp;</P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=center>Indicated Percentage</P>
<P style="margin:0px; font-size:11pt" align=center><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
</TD><TD valign=top width=168><P style="line-height:13pt; margin:0px; font-size:11pt" align=center>Maximum Number</P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=center>of Class B Units</P>
<P style="margin:0px; font-size:11pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
</TD></TR>
<TR><TD valign=top width=156><P style="line-height:13pt; margin:0px; font-size:11pt">Section 9.A(ii)</P>
<P style="margin:0px; font-size:11pt">&nbsp;</P>
</TD><TD valign=top width=150><P style="line-height:13pt; margin:0px; font-size:11pt" align=center>5/8%</P>
<P style="margin:0px; font-size:11pt" align=center>&nbsp;</P>
</TD><TD valign=top width=168><P style="line-height:13pt; margin:0px; font-size:11pt" align=center>6,250</P>
<P style="margin:0px; font-size:11pt" align=center>&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=156><P style="line-height:13pt; margin:0px; font-size:11pt">Section 9.A(iii)</P>
<P style="margin:0px; font-size:11pt">&nbsp;</P>
</TD><TD valign=top width=150><P style="line-height:13pt; margin:0px; font-size:11pt" align=center>3/8%</P>
<P style="margin:0px; font-size:11pt" align=center>&nbsp;</P>
</TD><TD valign=top width=168><P style="line-height:13pt; margin:0px; font-size:11pt" align=center>3,750</P>
<P style="margin:0px; font-size:11pt" align=center>&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=156><P style="line-height:13pt; margin:0px; font-size:11pt">Section 9.B</P>
<P style="margin:0px; font-size:11pt">&nbsp;</P>
</TD><TD valign=top width=150><P style="line-height:13pt; margin:0px; font-size:11pt" align=center>3/8%</P>
<P style="margin:0px; font-size:11pt" align=center>&nbsp;</P>
</TD><TD valign=top width=168><P style="line-height:13pt; margin:0px; font-size:11pt" align=center>3,750</P>
<P style="margin:0px; font-size:11pt" align=center>&nbsp;</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
<P style="line-height:13pt; margin:0px; text-indent:310.867px; font-size:11pt">22</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="margin:0px; page-break-before:always"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR style="font-size:0"><TD width=156></TD><TD width=150></TD><TD width=168></TD></TR>
<TR><TD valign=top width=156><P style="line-height:13pt; margin:0px; font-size:11pt">Section 9.C</P>
<P style="margin:0px; font-size:11pt">&nbsp;</P>
</TD><TD valign=top width=150><P style="line-height:13pt; margin:0px; font-size:11pt" align=center>2/10%</P>
<P style="margin:0px; font-size:11pt" align=center>&nbsp;</P>
</TD><TD valign=top width=168><P style="line-height:13pt; margin:0px; font-size:11pt" align=center>2,000</P>
<P style="margin:0px; font-size:11pt" align=center>&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=156><P style="line-height:13pt; margin:0px; font-size:11pt">Section 9.D</P>
<P style="margin:0px; font-size:11pt">&nbsp;</P>
</TD><TD valign=top width=150><P style="line-height:13pt; margin:0px; font-size:11pt" align=center>3/10%</P>
<P style="margin:0px; font-size:11pt" align=center>&nbsp;</P>
</TD><TD valign=top width=168><P style="line-height:13pt; margin:0px; font-size:11pt" align=center>3,000</P>
<P style="margin:0px; font-size:11pt" align=center>&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=156><P style="line-height:13pt; margin:0px; font-size:11pt">Section 9.E</P>
<P style="margin:0px; font-size:11pt">&nbsp;</P>
</TD><TD valign=top width=150><P style="line-height:13pt; margin:0px; font-size:11pt" align=center>3/8%</P>
<P style="margin:0px; font-size:11pt" align=center>&nbsp;</P>
</TD><TD valign=top width=168><P style="line-height:13pt; margin:0px; font-size:11pt" align=center>3,750</P>
<P style="margin:0px; font-size:11pt" align=center>&nbsp;</P>
</TD></TR>
</TABLE>
<P style="margin-top:0px; margin-bottom:14.667px"><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt">The foregoing percentages are premised upon a total cash capitalization of Holdings of $150 million. In the event that Holdings&#146; cash capitalization is less than such amount on December 11, 2002, the parties agree to make an equitable adjustment in the form of a cash payment to Motorola in lieu of additional equity as reasonably agreed between NewCo and Motorola.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:43.2px; font-size:11pt">G.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:91.2px; font-size:11pt">As soon as this Agreement is mutually executed, NewCo shall promptly prepare and file an application to the FCC for authorization for Iridium North America to transfer the blanket handset license, the commercial gateway license and the international common carrier authorization of the Iridium System (the &#147;INA Licenses&#148;) to NewCo (contingent on the consummation of the Acquisition), with NewCo being responsible for paying any regulatory and related fees and expenses due and payable from the date this application is filed. NewCo will aggressively pursue and prosecute this application (including, without limitation, executing and filing any additional documents which are advisable, requested or required) until approval is received. The Effective Date hereunder and consummation of the Acquisition will occur even if FCC authorization for transfer of the INA Licenses has not been received. Until such transfer has occurred, NewCo agrees that Iridium North America retains the right of full access to, and use of, at no cost to Iridium North America, the Iridium North America gateway and the Iridium System in order to comply with its obligations as FCC licensee.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:43.2px; font-size:11pt">H.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:91.2px; font-size:11pt">Until the transfer of the INA Licenses from Iridium North America, Iridium North America shall ultimately be responsible for the operation of the Iridium North America gateway and shall operate and maintain it for the exclusive and beneficial use of Iridium or NewCo, as applicable.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:43.2px; font-size:11pt">I.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:91.2px; font-size:11pt">Motorola shall cooperate with NewCo in connection with NewCo&#146;s efforts to obtain the necessary regulatory and third-party consents referenced in this Section <I>9; provided, however, </I>that notwithstanding any other provision contained herein, Motorola shall have no obligation to (x) obtain any regulatory or third-party consent or (y) make any sale or transfer provided for in this Section 9 prior to the receipt of all of the necessary regulatory and third-party consents referenced above.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-size:11pt"><B>10.</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:48px; font-size:11pt"><B>Payment</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">A. </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:96px; font-size:11pt">Except as specifically provided otherwise herein, payment of any amount owed by NewCo to Motorola shall be made by wire transfer of immediately available funds to an account designated by Motorola in accordance with instructions to be provided by Motorola, and shall be due and payable as follows:</P>
<P style="margin-top:0px; margin-bottom:14.667px"><BR>
<BR></P>
<P style="line-height:13pt; margin:0px; text-indent:310.867px; font-size:11pt">23</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:43.2px; font-size:11pt; page-break-before:always">(1)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; text-indent:96px; font-size:11pt">U.S. Three Million Six Hundred Sixty Thousand Dollars (U.S. $3,660,000) shall be paid on the Effective Date of this Agreement.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; padding-right:4.8px; text-indent:43.2px; font-size:11pt">(2)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; padding-right:4.8px; text-indent:96px; font-size:11pt">upon the occurrence of a Triggering Event, NewCo shall pay to Motorola (x) U.S. Six Million Dollars (U.S. $6,000,000), (y) U.S. One Million Two Hundred Fifty Thousand Dollars (U.S. $1,250,000) plus accrued interest from the Effective Date to the date of payment thereof at a per annum rate equal to the latest &#147;Prime Rate,&#148; as indicated in the &#147;Money Rates&#148; column of The Wall Street Journal plus 3% (the &#147;Deferred Payment Rate&#148;) and (z) U.S. One Million Two Hundred Fifty Thousand Dollars (U.S. $1,250,000) plus accrued interest from the Effective Date to the date of payment thereof at the Deferred Payment Rate per annum if Motorola agrees to continue to sell New Products to NewCo following the Production Period. &#147;Triggering Event&#148; shall mean the first to occur of (a) the occurrence of any Change of Control, (b) the consummation of an initial public offering by Iridium Holdings or NewCo, (c) the sale of all or a material portion of the assets of Iridium Holdings or NewCo, or (d) December 11, 2010. &#147; Change of Control&#148; shall mean the occurrence of any of the following events: (i) any person who owns any Interests of Iridium Holdings at and as of the Effective Date (&#147;<U>Initial</U> <U>Investor</U>&#148;), together with such person&#146;s affiliates, shall have acquired beneficial ownership of Interests entitling the holders thereof to more than 50% of the income of, or the liquidation proceeds from, Iridium Holdings; or (ii) any person who is not an Initial Investor, together with such person&#146;s affiliates and with other persons constituting a &#147; group&#148; (within the meaning of Section 13(d) or 14(d) of the Securities Exchange Act of 1934, as amended) shall have acquired beneficial ownership of Interests entitling the holders thereof to more than 50% of the income of, or the liquidation proceeds from, Iridium Holdings; or (iii) Iridium Holdings shall cease to own 100% of the equity interests of NewCo; <I><U>provided</U></I>. <I><U>however</U></I>,<I> </I>that a Change of Control (other than the one described in clause (iii) of this sentence) shall not include (A) a transaction in which a person or &#147;group&#148; acquires beneficial ownership of Interests entitling the holders thereof to more than 50% of the income of, or liquidation proceeds from, Iridium Holdings in exchange for the transfer to Iridium Holdings of such person&#146;s or group&#146;s ownership of a business or entity in a purchase or merger permitted by the loan agreement governing the $30 million loan from Motorola to NewCo and which does not involve the payment of cash to the seller or (B) a transaction in which one of the Initial Investors, together with such person&#146;s affiliates, acquires beneficial ownership of Interests as a result of such person&#146;s or persons&#146; subscription to purchase from Iridium Holdings additional Interests included in the first $150 million of equity securities issued by Iridium Holdings. As used in this paragraph &#147;<U>Interests</U>&#148; shall mean any equity interest, whether voting or non-voting, entitling the holder thereof to a share of the income of, or liquidation proceeds from, Iridium Holdings.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:43.2px; font-size:11pt">(3)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; text-indent:96px; font-size:11pt">The amounts described in Section 4.C shall be paid as described in the applicable Annex.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; padding-right:4.8px; text-indent:43.2px; font-size:11pt">(4)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; padding-right:4.8px; text-indent:96px; font-size:11pt">The amounts described in Section 1.D(2) shall be paid on the Effective Date of this Agreement.</P>
<P style="margin-top:0px; margin-bottom:14.667px"><BR>
<BR></P>
<P style="line-height:13pt; margin:0px; text-indent:310.867px; font-size:11pt">24</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:43.2px; font-size:11pt; page-break-before:always">B.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:91.2px; font-size:11pt">Any delays in payment of any portion of an amount due will entitle Motorola to interest from NewCo at a rate of 10% per annum, or the maximum lawful interest rate, whichever is less, on the delinquent amount.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:43.2px; font-size:11pt">C.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:91.2px; font-size:11pt">Payment will be deemed to have been made when all funds are available to Motorola in same day funds and without encumbrance. Payment shall be in United States dollars.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:43.2px; font-size:11pt">D.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:91.2px; font-size:11pt">Motorola is entering into this Agreement and related agreement(s) on the condition that any obligations or responsibilities it undertakes pursuant to such agreements will not create any new or additional financial exposure for Motorola. Therefore, as a condition to Motorola re-starting its satellite subscriber equipment manufacturing operations, in connection with the provisions of Section 5 above, the following financial security and payment terms are required as preconditions to Motorola commencing any activities related to provisioning satellite subscriber equipment:</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:48px; font-size:11pt">(1)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; text-indent:96px; font-size:11pt"><I><U>Payment Terms.</U> </I>Each order for Subscriber Equipment (Existing or Newly Manufactured Equipment) under Section 5 above, whether placed by NewCo or by a service provider, a VAM, a distributor or any other third party, must be accompanied by a standard irrevocable commercial letter of credit (an &#147;Order L/C&#148;) covering the full amount of the order at invoice price(s), in form acceptable to Motorola and in substance consistent with this Agreement, issued by a commercial institution reasonably acceptable to Motorola, permitting drawings (including partial drawings) upon notice to the purchaser that the products ordered (or a specified portion thereof) are ready to be placed in the hands of the carrier designated by the purchaser for shipment in accordance with the purchaser&#146;s instructions and with an expiry date not earlier than 3 months after the latest requested delivery date for the equipment ordered.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:48px; font-size:11pt">(2)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; text-indent:96px; font-size:11pt"><I><U>Subscriber Equipment Letter of Credit.</U> </I>On the Effective Date, and as a condition to the Effective Date, NewCo shall provide to Motorola an irrevocable standby letter of credit (the &#147; Subscriber Equipment L/C&#148;) that:</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:96px; text-indent:48px; font-size:11pt">(a)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:96px; text-indent:81.6px; font-size:11pt">is issued by a U.S. bank and in a form, each reasonably acceptable to Motorola;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:96px; text-indent:48px; font-size:11pt">(b)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:96px; text-indent:81.6px; font-size:11pt">is in the initial amount of $8.0 million (which amount will be increased pursuant to Section 10.D(3));</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:96px; text-indent:48px; font-size:11pt">(c)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:96px; text-indent:81.6px; font-size:11pt">has an expiry date not earlier than three months after the last day of the Production Period, but in no event earlier than June 30, 2002; <I>provided, however, </I>that NewCo shall extend the expiry date upon the placement of any order for Newly Manufactured Equipment by NewCo, a service provider, a VAM, a distributor or any other third party that results in a delivery date beyond the then-current expiry date; and</P>
<P style="margin-top:0px; margin-bottom:14.667px"><BR>
<BR></P>
<P style="line-height:13pt; margin:0px; text-indent:310.867px; font-size:11pt">25</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:96px; text-indent:48px; font-size:11pt; page-break-before:always">(d)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:96px; text-indent:81.6px; font-size:11pt">provides for one or more drawings (including partial drawings) against Motorola&#146;s sight draft for an amount described in this Section 10.D accompanied by Motorola&#146;s certification that such amount is due under this Agreement or for any other obligation owed to Motorola, and that NewCo has failed to pay such amount in full within ten {10) days of its becoming due.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:48px; font-size:11pt">(3)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; text-indent:96px; font-size:11pt"><I><U>Subscriber Equipment Letter of Credit Increases.</U> </I>On each of the dates indicated below, NewCo shall increase the Subscriber Equipment L/C by the amounts indicated opposite such date below:</P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR style="font-size:0"><TD width=222></TD><TD width=252></TD></TR>
<TR><TD style="border:1px solid #000000" valign=top width=222><P style="line-height:13pt; margin:0px; padding-left:69.6px; font-size:11pt"><B>Date</B></P>
<P style="margin:0px; padding-left:69.6px; font-size:11pt"><B>&nbsp;</B></P>
<P style="margin:0px; font-size:11pt"><B>&nbsp;</B><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
</TD><TD style="border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=252><P style="line-height:13pt; margin:0px; font-size:11pt" align=center><B>Amount of Subscriber</B></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=center><B>Equipment L/C Increase</B></P>
<P style="margin:0px; font-size:11pt"><B>&nbsp;</B><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=222><P style="line-height:13pt; margin:0px; padding-left:4.8px; font-size:11pt">June 1, 2001</P>
<P style="margin:0px; padding-left:4.8px; font-size:11pt">&nbsp;</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=252><P style="line-height:13pt; margin:0px; padding-right:81.6px; font-size:11pt" align=right>$500,000</P>
<P style="margin:0px; padding-right:81.6px; font-size:11pt" align=right>&nbsp;</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=222><P style="line-height:13pt; margin:0px; padding-left:4.8px; font-size:11pt">July 1, 2001</P>
<P style="margin:0px; padding-left:4.8px; font-size:11pt">&nbsp;</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=252><P style="line-height:13pt; margin:0px; padding-right:81.6px; font-size:11pt" align=right>$500,000</P>
<P style="margin:0px; padding-right:81.6px; font-size:11pt" align=right>&nbsp;</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=222><P style="line-height:13pt; margin:0px; padding-left:4.8px; font-size:11pt">August 1, 2001</P>
<P style="margin:0px; padding-left:4.8px; font-size:11pt">&nbsp;</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=252><P style="line-height:13pt; margin:0px; padding-right:81.6px; font-size:11pt" align=right>$500,000</P>
<P style="margin:0px; padding-right:81.6px; font-size:11pt" align=right>&nbsp;</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=222><P style="line-height:13pt; margin:0px; padding-left:4.8px; font-size:11pt">September 1, 2001</P>
<P style="margin:0px; padding-left:4.8px; font-size:11pt">&nbsp;</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=252><P style="line-height:13pt; margin:0px; padding-right:81.6px; font-size:11pt" align=right>$500,000</P>
<P style="margin:0px; padding-right:81.6px; font-size:11pt" align=right>&nbsp;</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=222><P style="line-height:13pt; margin:0px; padding-left:4.8px; font-size:11pt">October 1, 2001</P>
<P style="margin:0px; padding-left:4.8px; font-size:11pt">&nbsp;</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=252><P style="line-height:13pt; margin:0px; padding-right:81.6px; font-size:11pt" align=right>$1,000,000</P>
<P style="margin:0px; padding-right:81.6px; font-size:11pt" align=right>&nbsp;</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=222><P style="line-height:13pt; margin:0px; padding-left:4.8px; font-size:11pt">November 1, 2001</P>
<P style="margin:0px; padding-left:4.8px; font-size:11pt">&nbsp;</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=252><P style="line-height:13pt; margin:0px; padding-right:81.6px; font-size:11pt" align=right>$1,000,000</P>
<P style="margin:0px; padding-right:81.6px; font-size:11pt" align=right>&nbsp;</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:48px; font-size:11pt">(4)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; text-indent:96px; font-size:11pt"><U>Subscriber Equipment Draws.</U> NewCo shall immediately replenish the Subscriber Equipment L/C to its then required level as each draw occurs (whether by causing the issuing bank to issue an amended Subscriber Equipment L/C in the same form as the existing Subscriber Equipment L/C or otherwise in a manner acceptable to Motorola). The amounts and circumstances under which Motorola may draw under the Subscriber Equipment L/C are as follows:</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:96px; padding-right:4.8px; text-indent:43.2px; font-size:11pt">(a)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:96px; padding-right:4.8px; text-indent:96px; font-size:11pt">if (i) payment is due from NewCo for the Existing Subscriber Equipment under Section 5.D or for any other obligation owed to Motorola and (ii) NewCo has failed to make such payment in full within ten (10) days of its becoming due;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:96px; padding-right:4.8px; text-indent:43.2px; font-size:11pt">(b)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:96px; padding-right:4.8px; text-indent:96px; font-size:11pt">if (i) an order for New Products (under Section 5.B above), whether placed by NewCo or by a service provider, a VAM, a distributor or any other third party (a &#147;New Product Order&#148;), at any time is or is purportedly canceled in whole or in part (even if by its terms such order is non-cancelable), (ii) Motorola is reasonably in doubt about whether its draft for the full amount (invoice price(s)) of the New Product Order under the Order L/C accompanying such New Product Order will be honored when presented in accordance with the </P>
<P style="margin-top:0px; margin-bottom:14.667px"><BR>
<BR></P>
<P style="line-height:13pt; margin:0px; text-indent:310.867px; font-size:11pt">26</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:96px; padding-right:4.8px; font-size:11pt; page-break-before:always">terms of the Order L/C, and (iii) NewCo does not, within ten (10) days after written demand from Motorola, undertake in writing to pay for such New Product Order in full and furnish to Motorola an Order L/C for the full amount (invoice price(s)) due thereunder, then Motorola shall be entitled at any time thereafter to draw under the Subscriber Equipment L/C for the amount of such New Product Order, regardless of the state of completion thereof, and shall have no obligation to complete such New Product Order;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:96px; padding-right:4.8px; text-indent:43.2px; font-size:11pt">(c)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:96px; padding-right:4.8px; text-indent:96px; font-size:11pt">if (i) at the beginning of any Measurement Period, Firm Orders for New Product(s) under Section 5.B above for delivery during such Measurement Period are less than the Period Minimum (as each such term is hereinafter defined) and (ii) NewCo does not, within ten (10) days after written demand from Motorola, place New Product Orders for a number of New Product units equal to the difference between such Period Minimum and the number of New Product units that are the subject of such Firm Orders (the &#147;Period Shortfall&#148;) and furnish to Motorola an Order L/C for the full amount (invoice price(s)) due under such New Product Orders covering the Period Shortfall, then Motorola shall be entitled, at any time within ten (10) days after the date such notice is given to NewCo, to draw under the Subscriber Equipment L/C for any amount up to but not in excess of the Period Shortfall times a pro-forma price of $1,200 per unit, but Motorola shall have no obligation to manufacture any additional New Products as a result thereof. For purposes hereof: &#147;Measurement Period&#148; means any period of 120 days commencing on or after the first day of the Production Period; &#147;Firm Order&#148; means a New Product Order accompanied by the required Order L/C that has not been cancelled or purportedly cancelled; and &#147;Period Minimum&#148; means 10,000 units for delivery during the first four months of the Production Period and means 15,000 units for any other Measurement Period. Aftermarket accessories will not count for purposes of calculating whether the Period Minimum order requirement has been met, but orders for New Products placed directly with Motorola by the U.S. Government and accepted by Motorola shall count for such purposes;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:96px; padding-right:4.8px; text-indent:43.2px; font-size:11pt">(d)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:96px; padding-right:4.8px; text-indent:96px; font-size:11pt">if (i) as of the close of business on the last day of the eighth month of the Production Period, Motorola has not received Firm Orders for shipment during the Production Period for at least 50,000 units of New Product(s) under Section 5.B above, and (ii) NewCo does not, within ten (10) days after written demand from Motorola, place New Product Orders for a number of New Product units equal to the difference between 50,000 and the number of New Product units that are the subject of such Firm Orders (the &#147;Annual Shortfall&#148;) and furnish to Motorola an Order L/C for the full amount (invoice price(s)) due thereunder, then Motorola shall be entitled, at any time within ten (10 days) after the date such notice is given to NewCo, to draw under the Subscriber Equipment L/C for any amount up to but not in excess of the Annual Shortfall times a pro-forma price of $1,200 per unit, but Motorola shall have no obligation to manufacture any additional New Products as a result thereof. Aftermarket accessories will not </P>
<P style="margin-top:0px; margin-bottom:14.667px"><BR>
<BR></P>
<P style="line-height:13pt; margin:0px; text-indent:310.867px; font-size:11pt">27</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:96px; padding-right:4.8px; font-size:11pt; page-break-before:always">count for purposes of calculating whether the 50,000 unit minimum purchase requirement has been met, but orders for New Products placed directly with Motorola by the U.S. Government and accepted by Motorola shall count for such purposes;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:96px; padding-right:4.8px; text-indent:43.2px; font-size:11pt">(e)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:96px; padding-right:4.8px; text-indent:96px; font-size:11pt">if Motorola ceases production of satellite subscriber equipment due to (i) insufficient or cancelled orders or deliveries, (ii) non-payment for orders when due, (iii) NewCo, a service provider, VAM, distributor or other third party to which Motorola is selling Products filing for, or becoming subject to. bankruptcy, insolvency or substantial financial distress, or (iv) any other reason set forth in this Agreement or related agreement(s) permitting Motorola to cease production, then Motorola shall be entitled to draw under the Subscriber Equipment L/C, at any time thereafter, for any costs, liabilities and expenses incurred (including costs of acquiring, holding, returning and disposing of inventory, or costs incurred by Motorola in starting up and refurbishing its product lines) to the extent such costs, liabilities and expenses have not already been covered by prior draws under the Subscriber Equipment L/C or by actual payment to Motorola by NewCo, a service provider, VAM, distributor or other third party; and</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:96px; padding-right:4.8px; text-indent:43.2px; font-size:11pt">(f)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:96px; padding-right:4.8px; text-indent:96px; font-size:11pt">In the event that at any time Motorola draws an amount under the Subscriber Equipment L/C and NewCo does not, within ten (10) days after written demand from Motorola, cause the maximum amount that may be drawn under the Subscriber Equipment L/C to be replenished to the amount then required. then Motorola may at any time thereafter by written notice to NewCo do any or all of the following:</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:144px; text-indent:48px; font-size:11pt">(i)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:144px; text-indent:96px; font-size:11pt">decline to accept any further New Product Orders;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:144px; text-indent:43.2px; font-size:11pt">(ii)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:144px; text-indent:96px; font-size:11pt">cease production activities except with respect to Firm Orders not yet completed;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:144px; text-indent:43.2px; font-size:11pt">(iii)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:144px; text-indent:96px; font-size:11pt">decline to order additional materials, return unneeded materials to vendors and otherwise terminate arrangements with vendors; and</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:144px; text-indent:43.2px; font-size:11pt">(iv)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:144px; text-indent:96px; font-size:11pt">take any other measures that Motorola in its discretion deems necessary to reduce its costs and expenses.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:96px; text-indent:48px; font-size:11pt">(g) </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:96px; text-indent:96px; font-size:11pt">NewCo acknowledges that the amount of the Subscriber Equipment L/C is premised on New Product Orders for approximately 20,000 units per Measurement Period and that, in the event that order volume increases above this figure, the amount of the Subscriber Equipment L/C must be immediately increased proportionately to match actual order volume during the applicable Measurement Period.</P>
<P style="margin-top:0px; margin-bottom:14.667px"><BR>
<BR></P>
<P style="line-height:13pt; margin:0px; text-indent:310.867px; font-size:11pt">28</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:96px; text-indent:48px; font-size:11pt; page-break-before:always">(h) </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:96px; text-indent:96px; font-size:11pt">Motorola may cease its manufacturing, production, and delivery of any or all of the products described in Section 5 at any time without penalty and draw upon the letter(s) of credit as described in this Section 10.D if NewCo has not increased the Subscriber Equipment L/C by the date specified in Section 10.D(3).</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:48px; font-size:11pt">(5)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; text-indent:96px; font-size:11pt">NewCo shall also provide Motorola, at the time of, and as a condition to, its exercise of an option in Section 4.C(1) or 4.C(2) with an irrevocable standby letter of credit naming Motorola as beneficiary, in form and substance and issued or confirmed by a financial institution acceptable to Motorola, for the applicable amount in any such Section and with an expiry date not earlier than the date specified below:</P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR style="font-size:0"><TD width=234></TD><TD width=210></TD></TR>
<TR><TD style="background-color:#000000; border:1px solid #000000" valign=top width=234><P style="line-height:13pt; margin:0px; padding-right:4.8px; font-family:Times New Roman Bold; font-size:11pt; color:#FFFFFF"><B>Option</B></P>
<P style="margin:0px; padding-right:4.8px; font-family:Times New Roman Bold; font-size:11pt; color:#FFFFFF"><B>&nbsp;</B></P>
</TD><TD style="background-color:#000000; border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=210><P style="line-height:13pt; margin:0px; padding-right:4.8px; font-family:Times New Roman Bold; font-size:11pt; color:#FFFFFF" align=center><B>Expiration Date</B></P>
<P style="margin:0px; padding-right:4.8px; font-family:Times New Roman Bold; font-size:11pt; color:#FFFFFF" align=center><B>&nbsp;</B></P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=234><P style="line-height:13pt; margin:0px; padding-right:4.8px; font-size:11pt">Option &#150; Phase A</P>
<P style="margin:0px; padding-right:4.8px; font-size:11pt">&nbsp;</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=210><P style="line-height:13pt; margin:0px; padding-right:4.8px; font-size:11pt" align=center>August 31, 2001</P>
<P style="margin:0px; padding-right:4.8px; font-size:11pt" align=center>&nbsp;</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=234><P style="line-height:13pt; margin:0px; padding-right:4.8px; font-size:11pt">Option &#150; Phase B</P>
<P style="margin:0px; padding-right:4.8px; font-size:11pt">&nbsp;</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=210><P style="line-height:13pt; margin:0px; padding-right:4.8px; font-size:11pt" align=center>June 30, 2002</P>
<P style="margin:0px; padding-right:4.8px; font-size:11pt" align=center>&nbsp;</P>
</TD></TR>
</TABLE>
<P style="margin-top:0px; margin-bottom:14.667px"><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:43.2px; padding-right:4.8px; font-size:11pt">Such letters of credit shall permit Motorola to make multiple full or partial documentary draws, upon Motorola&#146;s presenting to the institution a statement of a senior officer that Motorola has not been paid amounts owed hereunder when due, listing those amounts. Such letters of credit shall be automatically deemed drawn on in full, and payment made to Motorola on the date of expiration, if the applicable letter of credit is expiring and has not been renewed ten (10) days before its expiration.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-right:4.8px; text-indent:48px; font-size:11pt">E.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-right:4.8px; text-indent:96px; font-size:11pt">The amounts listed herein do not include taxes. NewCo shall additionally be responsible for paying all taxes and governmental charges of whatever type related to the transactions and services contemplated by this Agreement, except for any taxes measured by Motorola&#146;s net income or taxes based on Motorola&#146;s gross receipts or franchise.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-size:11pt"><B>11.</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:48px; font-size:11pt"><B>Assumptions and Conditions Precedent</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-right:4.8px; text-indent:48px; font-size:11pt">In addition to any assumptions or conditions specifically provided in this Agreement, the following conditions must be fully satisfied on or before the Effective Date for Motorola or NewCo to have any obligation under this Agreement (other than as provided in Sections 1.F, 1.G, 1.1-I and 1.1) (with each of the Parties being free to waive, for purposes of its obligation to proceed, any or all such conditions, in its sole discretion):</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-right:4.8px; text-indent:43.2px; font-size:11pt">A.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-right:4.8px; text-indent:91.2px; font-size:11pt">The U.S. Bankruptcy Court shall have issued an order, in the form attached hereto as Annex Q, which has become final and nonappealable and which has approved NewCo&#146;s acquisition of the Assets and Iridium&#146;s execution and performance of the asset purchase agreement (the &#147;Iridium Asset Purchase Agreement&#148;) needed to consummate the Acquisition;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-right:4.8px; text-indent:43.2px; font-size:11pt">B.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-right:4.8px; text-indent:91.2px; font-size:11pt">The Iridium board and management shall have approved NewCo&#146;s acquisition of the Assets, and Iridium&#146;s execution and performance of the Asset Purchase Contracts;</P>
<P style="margin-top:0px; margin-bottom:14.667px"><BR>
<BR></P>
<P style="line-height:13pt; margin:0px; text-indent:310.867px; font-size:11pt">29</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:43.2px; text-indent:48px; font-size:11pt; page-break-before:always">C.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:43.2px; text-indent:100.8px; font-size:11pt">The Acquisition shall have been consummated on or before December 12, 2000;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:43.2px; text-indent:48px; font-size:11pt">D.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:43.2px; text-indent:100.8px; font-size:11pt">Iridium, NewCo and Motorola shall have received all required approvals by governmental agencies and regulatory agencies and from third parties to consummate the Acquisition and the transactions contemplated by this Agreement;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:43.2px; text-indent:48px; font-size:11pt">E.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:43.2px; text-indent:100.8px; font-size:11pt">No injunction or court order restraining the Acquisition or the transactions contemplated by this Agreement shall have been issued and in effect;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:43.2px; text-indent:48px; font-size:11pt">F.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:43.2px; text-indent:100.8px; font-size:11pt">Motorola shall have received a letter from Chase acknowledging that Motorola has no obligation to pay any amounts to Chase or any of the other participants in Iridium&#146;s Secured Credit Agreement as a result of the transactions contemplated by this Agreement;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:43.2px; text-indent:48px; font-size:11pt">G.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:43.2px; text-indent:100.8px; font-size:11pt">The U.S. Bankruptcy Court shall have issued an order, in form and substance satisfactory to Motorola, which has become final and nonappealable, providing for the termination of Motorola and all its affiliates under all contracts, agreements and arrangements relating to the Iridium System;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:43.2px; text-indent:48px; font-size:11pt">H.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:43.2px; text-indent:100.8px; font-size:11pt">NewCo and Boeing shall have provided the items and taken the actions described in Section 1 and all the conditions in the Boeing Agreement which by their terms are to be satisfied on or before the effectiveness of the Boeing Agreement shall have been satisfied and the Boeing Agreement shall be in full force and effect;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:43.2px; text-indent:48px; font-size:11pt">I.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:43.2px; text-indent:100.8px; font-size:11pt">NewCo shall have made the cash payments provided for in Section 1.D(2) and Section 10.A and provided the Subscriber Equipment L/C and any Order L/Cs described in Section 10;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:43.2px; text-indent:48px; font-size:11pt">J.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:43.2px; text-indent:100.8px; font-size:11pt">Iridium Holdings shall have received the equity commitments identified in Section 12.E and Motorola shall be satisfied (in its sole discretion) about the capitalization and finances of NewCo;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:43.2px; text-indent:48px; font-size:11pt">K.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:43.2px; text-indent:100.8px; font-size:11pt">The representations and warranties of Iridium Holdings and NewCo made in this Agreement shall be true and correct in all material respects as of the date of this Agreement and as of the Effective Date;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:43.2px; text-indent:48px; font-size:11pt">L.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:43.2px; text-indent:100.8px; font-size:11pt">NewCo shall have complied with all of its obligations described in this Agreement that by their terms are to be satisfied on or before the Effective Date;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:43.2px; text-indent:48px; font-size:11pt">M.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:43.2px; text-indent:100.8px; font-size:11pt">Motorola shall have complied with all of its obligations described in this Agreement that by their terms are to be satisfied on or before the Effective Date;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:43.2px; text-indent:48px; font-size:11pt">N.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:43.2px; text-indent:100.8px; font-size:11pt">Motorola shall be satisfied (in its sole discretion) with the terms of indemnification provided by the United States of America and in connection therewith Motorola, NewCo and Boeing shall have entered into an indemnification agreement with the U. S. Government (the &#147;U.S. Government Indemnification Contract&#148;) in the form attached hereto as Annex 0;</P>
<P style="margin-top:0px; margin-bottom:14.667px"><BR>
<BR></P>
<P style="line-height:13pt; margin:0px; text-indent:310.867px; font-size:11pt">30</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:43.2px; text-indent:48px; font-size:11pt; page-break-before:always">O.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:43.2px; text-indent:100.8px; font-size:11pt">Motorola shall have received a fully executed copy of the Boeing Side Letter;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:43.2px; padding-right:4.8px; text-indent:48px; font-size:11pt">P.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:43.2px; padding-right:4.8px; text-indent:100.8px; font-size:11pt">Motorola and NewCo shall have entered into definitive agreements, including, without limitation, a promissory note, a warrant and an investors&#146; rights agreement, in form and substance acceptable to Motorola and NewCo, regarding the $30 million loan to be made by Motorola to NewCo;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:43.2px; padding-right:4.8px; text-indent:48px; font-size:11pt">Q.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:43.2px; padding-right:4.8px; text-indent:100.8px; font-size:11pt">Motorola shall be reasonably satisfied with the form and substance of (i) the organizational documents of Iridium Holdings, NewCo and Iridium Constellation LLC and (ii) the $18.5 million senior convertible promissory note deliverable under the Iridium Asset Purchase Agreement; and</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:43.2px; padding-right:4.8px; text-indent:48px; font-size:11pt">R.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:43.2px; padding-right:4.8px; text-indent:100.8px; font-size:11pt">Motorola shall have received the written opinion of counsel to Holdings and NewCo in form and substance reasonably acceptable to Motorola.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-right:4.8px; text-indent:48px; font-size:11pt">The FCC approval of the transfer of the FCC Licenses to NewCo and the Canadian and Icelandic regulatory approval of the transfer of the RF licenses are not conditions which must be satisfied on or prior to the Effective Date.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-size:11pt"><B>12.</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:48px; font-size:11pt"><B>Representations and Warranties about NewCo and Iridium Holdings</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-right:4.8px; text-indent:48px; font-size:11pt">A.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-right:4.8px; text-indent:96px; font-size:11pt">NewCo makes the following representations and warranties to Motorola as of the date of the execution of this Agreement and as of the Effective Date:</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; padding-right:4.8px; text-indent:48px; font-size:11pt">(1)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; padding-right:4.8px; text-indent:96px; font-size:11pt"><U>Organization, Qualification, and Legal Power</U>. NewCo is a limited liability company duly organized, validly existing, and in good standing under the laws of the state of Delaware. NewCo is duly authorized to conduct business and is in good standing under the laws of each jurisdiction where such qualification is required. NewCo has full legal power and authority and all licenses, permits, and authorizations necessary to carry on the businesses in which it presently is engaged and in which it proposes to engage following the Acquisition and to own and use the properties owned and to be owned and used following the Acquisition by it. True and complete copies of the certificate of formation and limited liability company agreement of NewCo have been provided to Motorola. NewCo is not in default under or in violation of any provision of its articles of organization or limited liability company agreement. NewCo has, and will have, no obligations of any sort, including debt, leases or contractual obligations, except for its obligations under or contemplated by this Agreement, the Boeing Agreement and the Iridium Asset Purchase Agreement.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; padding-right:4.8px; text-indent:48px; font-size:11pt">(2)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; padding-right:4.8px; text-indent:96px; font-size:11pt"><U>Corporate Authority</U>. NewCo has the full power and authority to enter into this Agreement and the related agreements to which it is a party and to carry out its obligations hereunder and thereunder. The execution and delivery of this Agreement and the consummation of the transactions contemplated herein have been duly authorized by the board of directors (or other appropriate body) of NewCo and each member, and no other corporate proceedings are necessary to authorize this Agreement. NewCo is not subject to or obligated under any limited liability agreement or contract provision or any </P>
<P style="margin-top:0px; margin-bottom:14.667px"><BR>
<BR></P>
<P style="line-height:13pt; margin:0px; text-indent:310.867px; font-size:11pt">31</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; padding-right:4.8px; font-size:11pt; page-break-before:always">license, franchise or permit, or subject to any order or decree, which would be breached or violated in a manner by or in conflict with its executing and carrying out this Agreement and the transactions contemplated herein. No consent of (i) any person who is a party to a contract, or (ii) any governmental body, is required to be obtained on the part of NewCo to permit the transactions contemplated herein. This Agreement constitutes a valid and binding obligation of NewCo enforceable in accordance with its terms, subject to (i) laws of general application relating to public policy, bankruptcy, insolvency, and the relief of debtors, and (ii) rules of law governing specific performance, injunctive relief and other equitable remedies.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; padding-right:4.8px; text-indent:48px; font-size:11pt">(3)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; padding-right:4.8px; text-indent:96px; font-size:11pt"><U>Legal Compliance</U>. NewCo has complied in all material respects with all applicable laws (including rules, regulations, codes, plans, injunctions, judgments, orders, decrees, rulings, and charges thereunder) of federal, state, local, provincial and foreign governments (and all agencies thereof including, without limitation, any related to exporting or importing goods), and no action, suit, proceeding, hearing, investigation, charge, complaint, claim, demand, or notice has been filed or commenced against any of them alleging any failure so to comply. NewCo has not made any payment to, or conferred any benefit, directly or indirectly, on suppliers, customers, employees, or agents of suppliers or customers, or officials or employees of any government or agency or instrumentality of any government (domestic or foreign) or any political parties or candidates for office, which is or was unlawful under any applicable law, including without limitation the United States Foreign Corrupt Practices Act, as amended.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; padding-right:4.8px; text-indent:48px; font-size:11pt">(4)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; padding-right:4.8px; text-indent:96px; font-size:11pt"><U>Litigation</U>. NewCo is not subject to any outstanding injunction, judgment, order, decree, ruling, or charge, and is not a party, and has not been threatened to be made a party, to any action, suit, proceeding, hearing, investigation, charge, complaint, claim, or demand of, in, or before any court or quasi judicial or administrative agency of any federal, state, local, provincial or foreign jurisdiction or before any arbitrator which would adversely affect NewCo&#146;s ability to consummate the Acquisition or the transactions contemplated by this Agreement.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-right:4.8px; text-indent:48px; font-size:11pt">B.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-right:4.8px; text-indent:96px; font-size:11pt">Iridium Holdings makes the following representations and warranties to Motorola as of the date of the execution of this Agreement and as of the Effective Date:</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; padding-right:4.8px; text-indent:48px; font-size:11pt">(1)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; padding-right:4.8px; text-indent:96px; font-size:11pt"><U>Organization, Qualification, and Legal Power</U>. Iridium Holdings is a limited liability company duly organized, validly existing, and in good standing under the laws of the state of Delaware. Iridium Holdings is duly authorized to conduct business and is in good standing under the laws of each jurisdiction where such qualification is required. Iridium Holdings has full legal power and authority and all licenses, permits, and authorizations necessary to carry on the businesses in which it presently is engaged and in which it proposes to engage following the Acquisition and to own and use the properties owned and to be owned and used following the Acquisition by it. True and complete copies of the articles of organization and limited liability company agreement of Iridium Holdings have been provided to Motorola. Iridium Holdings is not in default under or in violation of any provision of its certificate of formation or limited liability </P>
<P style="margin-top:0px; margin-bottom:14.667px"><BR>
<BR></P>
<P style="line-height:13pt; margin:0px; text-indent:310.867px; font-size:11pt">32</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; padding-right:4.8px; font-size:11pt; page-break-before:always">company agreement. Iridium Holdings has, and will have, no obligations of any sort, including debt, leases or contractual obligations, except for its obligations under this Agreement, its limited liability company agreement, the subscription agreements referred to in its limited liability company agreement, the $18.5 million senior convertible promissory note, the guaranty thereof and in connection with the Subscriber Equipment L/C.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; padding-right:4.8px; text-indent:48px; font-size:11pt">(2)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; padding-right:4.8px; text-indent:96px; font-size:11pt"><U>Corporate Authority</U>. Iridium Holdings has the full power and authority to enter into this Agreement and the related agreements to which it is a party and to carry out its obligations hereunder and thereunder. The execution and delivery of this Agreement and the consummation of the transactions contemplated herein have been duly authorized by the board of directors (or other appropriate body) of Iridium Holdings and each investor, and no other corporate proceedings are necessary to authorize this Agreement. Iridium Holdings is not subject to or obligated under any limited liability agreement or contract provision or any license, franchise or permit, or subject to any order or decree, which would be breached or violated in a manner by or in conflict with its executing and carrying out this Agreement and the transactions contemplated herein. No consent of (i) any person who is a party to a contract, or (ii) any governmental body, is required to be obtained on the part of Iridium Holdings to permit the transactions contemplated herein. This Agreement constitutes a valid and binding obligation of Iridium Holdings enforceable in accordance with its terms, subject to (i) laws of general application relating to public policy, bankruptcy, insolvency, and the relief of debtors, and (ii) rules of law governing specific performance, injunctive relief and other equitable remedies.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; padding-right:4.8px; text-indent:48px; font-size:11pt">(3)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; padding-right:4.8px; text-indent:96px; font-size:11pt"><U>Legal Compliance</U>. Iridium Holdings has complied in all material respects with all applicable laws (including rules, regulations, codes, plans, injunctions, judgments, orders, decrees, rulings, and charges thereunder) of federal, state, local, provincial and foreign governments (and all agencies thereof including, without limitation, any related to exporting or importing goods), and no action, suit, proceeding, hearing, investigation, charge, complaint, claim, demand, or notice has been filed or commenced against any of them alleging any failure so to comply. Iridium Holdings has not made any payment to, or conferred any benefit, directly or indirectly, on suppliers, customers, employees, or agents of suppliers or customers, or officials or employees of any government or agency or instrumentality of any government (domestic or foreign) or any political parties or candidates for office, which is or was unlawful under any applicable law, including without limitation the United States Foreign Corrupt Practices Act, as amended.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; padding-right:4.8px; text-indent:48px; font-size:11pt">(4)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; padding-right:4.8px; text-indent:96px; font-size:11pt"><U>Litigation</U>. Iridium Holdings is not subject to any outstanding injunction, judgment, order, decree, ruling, or charge, and is not a party, and has not been threatened to be made a party, to any action, suit, proceeding, hearing, investigation, charge, complaint, claim, or demand of, in, or before any court or quasi judicial or administrative agency of any federal, state, local, provincial or foreign jurisdiction or before any </P>
<P style="margin-top:0px; margin-bottom:14.667px"><BR>
<BR></P>
<P style="line-height:13pt; margin:0px; text-indent:310.867px; font-size:11pt">33</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; padding-right:4.8px; font-size:11pt; page-break-before:always">arbitrator which would adversely affect Iridium Holdings&#146; ability to consummate the Acquisition or the transactions contemplated by this Agreement.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; padding-right:4.8px; text-indent:48px; font-size:11pt">(5)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; padding-right:4.8px; text-indent:96px; font-size:11pt"><U>Investors</U>. Iridium Holdings has commitments for equity funding of $82.0 million as indicated in Schedule 12.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-size:11pt"><B>13.</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:48px; font-size:11pt"><B>Indemnification; Limitation of Liability and Waiver</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-right:4.8px; text-indent:43.2px; font-size:11pt">A.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-right:4.8px; text-indent:91.2px; font-size:11pt">From and after the Effective Date, NewCo shall fully indemnify and hold harmless Motorola, its subsidiaries and their respective directors, officers, agents, consultants, employees and affiliates from any losses, claims, actions, damages, obligations, costs, liabilities or expenses, including reasonable legal fees and disbursements and costs of settlements, in any way arising from, or relating to, the operation, maintenance or use of the Iridium System after the Effective Date, except any losses, claims, actions, damages, obligations, costs, liabilities or expenses that are caused by the willful misconduct or gross negligence of Motorola.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-right:4.8px; text-indent:43.2px; font-size:11pt">B.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-right:4.8px; text-indent:91.2px; font-size:11pt">EXCEPT AS SPECIFIED IN THE EXISTING SUBSCRIBER EQUIPMENT AGREEMENTS AND THE NEWLY MANUFACTURED SUBSCRIBER EQUIPMENT AGREEMENTS, MOTOROLA SHALL NOT BE LIABLE TO ANY THIRD PARTIES, INCLUDING, BUT NOT LIMITED TO, DIRECT OR INDIRECT CUSTOMERS OF NEWCO, FOR ANY DAMAGES RESULTING FROM THEIR USE OF THE IRIDIUM SYSTEM OR ANY RELATED ITEM, INCLUDING, BUT NOT LIMITED TO, ANY LOSS, DESTRUCTION, DEGRADATION OR FAILURE OF THE IRIDIUM SYSTEM OR ITS SUBSYSTEMS TO OPERATE SATISFACTORILY.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-right:4.8px; text-indent:43.2px; font-size:11pt"><B>C.</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-right:4.8px; text-indent:91.2px; font-size:11pt"><B>IN NO EVENT SHALL MOTOROLA BE LIABLE, WHETHER IN CONTRACT, TORT OR OTHERWISE, FOR SPECIAL, INCIDENTAL, INDIRECT OR CONSEQUENTIAL DAMAGES, INCLUDING, WITHOUT LIMITATION, FOR LOST PROFIT OR REVENUES. MOTOROLA SHALL ALSO NOT BE LIABLE FOR ANY PENALTIES, LIQUIDATED DAMAGES OR LATE DELIVERY CHARGES OF ANY SORT.</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-right:4.8px; text-indent:43.2px; font-size:11pt"><B>D.</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-right:4.8px; text-indent:91.2px; font-size:11pt"><B>FURTHERMORE, IN NO EVENT AND UNDER NO CIRCUMSTANCES SHALL MOTOROLA BE LIABLE TO NEWCO OR ANYONE CLAIMING BY OR THROUGH NEWCO (INCLUDING THE INVESTORS) OR OTHER THIRD PARTIES (INCLUDING, BUT NOT LIMITED TO, DIRECT AND INDIRECT CUSTOMERS OF NEWCO) IN AN AGGREGATE, CUMULATIVE AMOUNT IN EXCESS OF US $5,000,000 (U.S. FIVE MILLION DOLLARS) FOR ANY AND ALL COSTS, DAMAGES, CLAIMS, LOSSES AND INDEMNIFICATION OBLIGATIONS WHATSOEVER ARISING AT ANY TIME OUT OF OR RELATED TO THIS AGREEMENT OR ANY OTHER CONTRACT BETWEEN MOTOROLA AND NEWCO IN CONNECTION WITH THE IRIDIUM SYSTEM, WHETHER PURSUED AS A BREACH OR DEFAULT OF THIS AGREEMENT OR AS A TORT OR OTHER CAUSE OF ACTION AND WHETHER ACCRUING BEFORE, DURING OR AFTER COMPLETION OF ALL THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. THIS LIMIT DOES </B></P>
<P style="margin-top:0px; margin-bottom:14.667px"><BR>
<BR></P>
<P style="line-height:13pt; margin:0px; text-indent:310.867px; font-size:11pt">34</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-right:4.8px; font-size:11pt; page-break-before:always"><B>NOT APPLY TO THE NEWLY MANUFACTURED SUBSCRIBER EQUIPMENT AGREEMENTS AND THE EXISTING SUBSCRIBER EQUIPMENT AGREEMENTS, WHICH CONTAIN THEIR OWN LIMITS.</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-right:4.8px; text-indent:43.2px; font-size:11pt">E.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-right:4.8px; text-indent:91.2px; font-size:11pt">NewCo on its behalf and on behalf of its successors, investors and creditors, hereby consents to the waiver of, and hereby waives, any claims of any type that it or they could make against Motorola for performing any of the actions permitted by this Agreement.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-right:4.8px; text-indent:43.2px; font-size:11pt">F.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-right:4.8px; text-indent:91.2px; font-size:11pt">In the event that, for whatever reason, coverage under the Insurance Policy has terminated, then NewCo agrees to indemnify and hold harmless Motorola, its subsidiaries and their respective directors, officers, agents, consultants, employees and affiliates from any losses, claims, actions, damages, obligations, costs, liabilities or expenses, including reasonable legal fees and disbursements and costs of settlements, in any way arising from, or relating to, the de-orbiting (as defined in the Insurance Policy) to the extent such losses, claims, actions, damages, obligations, costs, liabilities or expenses would have been covered had the Insurance Policy remained in full force and effect, but only to the extent that Motorola is not otherwise indemnified by the United States government.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-right:4.8px; text-indent:43.2px; font-size:11pt">G.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-right:4.8px; text-indent:91.2px; font-size:11pt">Except as specifically provided in this Agreement or in any separate contract referenced in this Agreement (including the limited warranties Motorola ships with its Subscriber Equipment sold under Sections 5.A through 5.D above), Motorola shall have no other obligations related to the Iridium System, its customers and its gateways. Motorola, in particular, has no obligation to provide or develop any Subscriber Equipment, including, without limitation, any paging products or any next generation products (except as so provided) or other equipment, or any satellites, launches or assets (except as so provided), or employees or to provide any services to NewCo or the gateways, service providers, VAMs, distributors or any other third party, including, but not limited to, operation and maintenance services and launch services (except as so provided) or product development, customer support or product development support, or any service to the gateways, or to maintain the Iridium interoperability unit or to maintain or further develop any software (except as so provided).</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-right:4.8px; text-indent:43.2px; font-size:11pt">H.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-right:4.8px; text-indent:91.2px; font-size:11pt">Notwithstanding any provisions herein to the contrary, including any provisions which in any way purport, state, provide or imply that Boeing or NewCo has or may have any rights to existing contracts to which Motorola is a party or to assets in which Motorola has any rights, the Parties hereto acknowledge and agree that (1) Motorola, its subsidiaries and its or their affiliates shall have no obligations or liabilities of any type whatsoever with respect to, in connection with or in any way related to the ownership, financing, operation, maintenance Re-orbiting or De-orbiting of the Iridium System after the Effective Date by Boeing, NewCo or any other entity other than as specifically set forth herein, (2) any and all obligations of Motorola, its subsidiaries and its or their affiliates under all contracts, agreements, and arrangements with Iridium LLC and its subsidiaries and affiliates, including, without limitation, the Space System Contract, Operations and Maintenance Contract, Terrestrial Network Development Contract, Engineering Assistance Agreement, and Dynamic Channel Management Contract and Support Agreement, relating to the Iridium System as conducted prior to or after the Effective Date shall be terminated as of the Effective Date, (3) Motorola shall have no obligation to provide to </P>
<P style="margin-top:0px; margin-bottom:14.667px"><BR>
<BR></P>
<P style="line-height:13pt; margin:0px; text-indent:310.867px; font-size:11pt">35</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-right:4.8px; font-size:11pt; page-break-before:always">Boeing, NewCo or any successor or assignee thereof any rights to assets in which Motorola has rights (whether as owner, lessee or otherwise) except as specifically set forth herein, irrespective of whether Motorola may have provided any such rights to Boeing or NewCo prior to the Effective Date and (4) the fact that Boeing or NewCo in any way purports, states, provides or implies in the Iridium Asset Purchase Agreement or the Boeing Agreement or otherwise that it has rights to any asset does not constitute an admission by Motorola that Boeing or NewCo may have any rights to such assets.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-size:11pt"><B>14.</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:48px; font-size:11pt"><B>Excusable Delays</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:43.2px; font-size:11pt">A.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:91.2px; font-size:11pt">Any event that causes a failure or delay to perform hereunder, and which is beyond the reasonable control of Motorola, shall constitute an excusable delay for Motorola (an &#147;Excusable Delay&#148;) provided that notice thereof is given to NewCo within thirty (30) days after such event shall have occurred or after Motorola receives actual knowledge of such event having occurred, whichever is later. Such Excusable Delay events include, but are not limited to: acts of God or of the public enemy; acts of governments in their sovereign or contractual capacity, including government priorities, and, in particular, the failure of governments to issue licenses, permits or other approvals (contractual or otherwise) on a timely basis or at all or to fund, or continue to fund, contracts or orders, or the issuance of any stop orders under contracts; delays or failures of launches of satellites; allocations, regulations or orders affecting materials, facilities, or completed spacecraft; fires; floods; snowstorms; earthquakes; epidemics; quarantine restrictions; strikes; labor difficulties; wars; failures of NewCo to timely perform its obligations hereunder; failures of INA-Hawaii to provide the access and cooperation contemplated hereunder; and freight embargoes.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:43.2px; font-size:11pt">B.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:91.2px; font-size:11pt">In the event of any such Excusable Delay, the performance schedule shall be extended equitably (on at least a 1 day to 1 day basis) and the amounts payable shall be adjusted to account for any additional costs incurred by Motorola as a result of such delay. Motorola shall endeavor to mitigate such additional costs or schedule impact to the extent commercially reasonable.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-size:11pt"><B>15.</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:48px; font-size:11pt"><B>Assumption of Sub-tier Contracts and Real Property Interests</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">A. </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:96px; font-size:11pt">As of the Effective Date, Motorola shall assign AS IS and without warranties of any sort, whether express, statutory or implied, including but not limited to, any WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, and delegate its rights, interests and obligations in the licenses identified below which Motorola holds for real property corresponding to the TTAC site in Hawaii to NewCo. NewCo agrees to accept such assignment and delegation immediately when made without reservation and to use its best efforts to obtain such subcontractor&#146;s agreement to relieve Motorola from all obligations (and to timely pay all the expenses and obligations as of and after the Effective Date, subject to Section 3.B.).</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt" align=center>License Agreement No. M00966100 with the Trustees under the<BR>
Will and of the Estate of James Campbell, Deceased, acting in<BR>
their fiduciary and not their individual capacities.</P>
<P style="margin-top:0px; margin-bottom:14.667px"><BR>
<BR></P>
<P style="line-height:13pt; margin:0px; text-indent:310.867px; font-size:11pt">36</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:43.2px; font-size:11pt; page-break-before:always">B.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:91.2px; font-size:11pt">As of the Effective Date, Motorola shall cause its subcontractor to assign AS IS and without warranties of any sort, whether express, statutory or implied, including but not limited to, any WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE Motorola&#146;s rights, interests and obligations in the Telesat contract for real property covering the two TTAC sites in Canada to NewCo or a Canadian affiliate of NewCo (and Motorola shall be relieved from all obligations related to such contract). NewCo agrees to, or to cause such affiliate to, accept such assignment immediately when made without reservation and to use its best efforts to obtain such subcontractor&#146;s agreement to relieve Motorola from all obligations (and to timely pay all the expenses and obligations as of and after the Effective Date, subject to Section 3.B.)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:43.2px; font-size:11pt">C.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:91.2px; font-size:11pt">As of the Effective Date, Motorola shall assign AS IS and without warranties of any sort, whether express, statutory or implied, including but not limited to, any WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE and delegate its rights, interests and obligations in the Post Telecom Iceland contract covering the TTS to NewCo (and Motorola shall be relieved from all obligation related to such contract). NewCo agrees to accept such assignment immediately when made without reservation and to use its best efforts to obtain such subcontractor&#146;s agreement to relieve Motorola from all obligations (and to timely pay all the expenses and obligations as of and after the Effective Date, subject to Section 3.B.)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-size:11pt"><B>16.</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:48px; font-size:11pt"><B>Annexes</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:48px; font-size:11pt">The following Annexes are attached hereto, and made a part hereof, by this reference, as if set forth in full herein. To the extent that there is any conflict or inconsistency between any provision of this Agreement and any of the Annexes below, the provisions of this Agreement shall govern.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt">Annexes:</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">A.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:96px; font-size:11pt">Form of Boeing Agreement</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">B.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:96px; font-size:11pt">Form of Insurance Policy</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">C.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:96px; font-size:11pt">Statement of Work for SNOC Responsibilities</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">D.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:96px; font-size:11pt">Statement of Work for Transition of Motorola&#146;s Chandler O&amp;M Knowledge Base and Documentation to NewCo</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">E.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:96px; font-size:11pt">Statement of Work for Satellite Production and Final Processing</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">F.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:96px; font-size:11pt">Statement of Work for Optional Satellite Production and Launch Services</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">G.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:96px; font-size:11pt">[Reserved.]</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:43.2px; font-size:11pt">H-1</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:43.2px; text-indent:52.8px; font-size:11pt">Existing Subscriber Equipment Pricing List</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:43.2px; font-size:11pt">H-2</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:43.2px; text-indent:52.8px; font-size:11pt">Form of Existing Subscriber Equipment Agreement</P>
<P style="margin-top:0px; margin-bottom:14.667px"><BR>
<BR></P>
<P style="line-height:13pt; margin:0px; text-indent:310.867px; font-size:11pt">37</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:43.2px; font-size:11pt; page-break-before:always">I-1</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:43.2px; text-indent:52.8px; font-size:11pt">Newly Manufactured Subscriber Equipment Pricing List</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:43.2px; font-size:11pt">I-2</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:43.2px; text-indent:52.8px; font-size:11pt">Form of Newly Manufactured Subscriber Equipment Agreement</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:43.2px; font-size:11pt">I-3</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:43.2px; text-indent:52.8px; font-size:11pt">Sample Limited Warranty Language</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">J.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:96px; font-size:11pt">Iridium Inventory SNOC, TTAC-East, West and South and TTS</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">K.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:96px; font-size:11pt">Lab Transfers</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:43.2px; font-size:11pt">L-1</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:43.2px; text-indent:52.8px; font-size:11pt">Form of Earth Terminals Site License</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:43.2px; font-size:11pt">L-2</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:43.2px; text-indent:52.8px; font-size:11pt">Form of Labs Site License</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">M.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:96px; font-size:11pt">Intellectual Property Rights Agreement</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">N.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:96px; font-size:11pt">Dispute Resolution Procedures</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">O.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:96px; font-size:11pt">U.S. Government Indemnification</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">P.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:96px; font-size:11pt">[Reserved.]</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">Q.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:96px; font-size:11pt">Form of U.S. Bankruptcy Court Order</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-size:11pt"><B>17.</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:48px; font-size:11pt"><B>Compliance with Laws</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-right:4.8px; text-indent:48px; font-size:11pt">Each Party shall be obligated to comply with all applicable law in the performance of its obligations under this Agreement. Moreover, no Party shall export, directly or indirectly, any information or technical data disclosed under this Agreement to any individual or country which the U.S. Government at the time of export requires an export license or other government approval without first obtaining such license or approval.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-size:11pt"><B>18.</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:48px; font-size:11pt"><B>Term and Termination</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-right:4.8px; text-indent:48px; font-size:11pt">This Agreement shall continue for so long as Motorola or NewCo still must perform any obligation under this Agreement but may be terminated earlier as provided in this Section by (a) Motorola, in the event of a continuing breach by NewCo of this Agreement or any other agreement between the Parties or (b) NewCo, in the event of a continuing breach by Motorola of this Agreement or any other agreement between the Parties, including any failure of any Party to make a payment or to provide letters of credit when due under this Agreement or any other agreement between the Parties (a &#147;Financial Breach&#148;). In the event of any such Financial Breach or other breach, the offending Party shall use its commercially reasonable efforts to correct the act or omission causing the breach promptly. If the breach has not been cured to the reasonable satisfaction of the aggrieved Party within twenty five days after it provides notice to the offending party, the aggrieved party shall have the right to terminate the Agreement immediately. Notwithstanding the above, however, the aggrieved Party shall have the right to terminate the Agreement if a Financial Breach is not fully cured within ten days after the </P>
<P style="margin-top:0px; margin-bottom:14.667px"><BR>
<BR></P>
<P style="line-height:13pt; margin:0px; text-indent:310.867px; font-size:11pt">38</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-right:4.8px; font-size:11pt; page-break-before:always">payment or letter of credit was due. Notwithstanding the above, an obligation which has not been performed as a result of an Excusable Delay shall not constitute a breach of this Agreement.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:48px; font-size:11pt">If this Agreement is terminated as a result of a breach, as described in this Section, the aggrieved Party shall have all the rights and remedies provided by law; the aggrieved Party&#146;s obligations under this Agreement shall also automatically be terminated (and the aggrieved Party may also terminate its obligations under all other agreements with the offending Party).</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:48px; font-size:11pt">Sections 1, 3.A, 3.D, 5, 8, 10.D, 10.E, 12, 13, 14, 17, 19, and 20 through 26, and any letters of credit provided under this Agreement or any related agreement shall survive termination of this Agreement.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-size:11pt"><B>19.</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:48px; font-size:11pt"><B>Disclosure and Use of Information by the Parties.</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:43.2px; font-size:11pt">A.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:91.2px; font-size:11pt">&#147;Proprietary Information&#148; is defined as information which the disclosing Party at the time of disclosure identifies in writing as Proprietary Information by means of a proprietary legend, marking, stamp or other positive written notice identifying the information to be proprietary. In order for information disclosed orally or visually by a Party to this Agreement to be Proprietary Information protected hereunder, the disclosing Party shall identify the information as proprietary at the time of the disclosure and, within thirty (30) days after such oral or visual disclosure, reduce the subject matter of the disclosure to writing, properly stamped with the proprietary legend, marking, stamp or other positive written notice and submit it to the receiving Party.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:43.2px; font-size:11pt">B.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:91.2px; font-size:11pt">Except as may be specifically provided otherwise in this Agreement, Proprietary Information of Motorola disclosed hereunder to NewCo may only be used by NewCo for monitoring the progress of the performance of this Agreement by Motorola.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:43.2px; font-size:11pt">C.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:91.2px; font-size:11pt">It is agreed that for a period of ten (10) years following the receipt of Proprietary Information, the receiving Party will use such information only for the purpose(s) provided in Section 19.B. above as applicable and shall take reasonable efforts to preserve in confidence such Proprietary Information and prevent disclosure thereof to third parties. Each of the Parties agrees that it will use the same reasonable efforts to protect the other&#146;s Proprietary Information as are used to protect its own but will at least use reasonable care. Disclosures of such information shall be restricted to those individuals directly participating in the efforts provided in Section 19.B above who have a need to know such information, and, who have been made aware of and consent to abide by the restrictions contained herein concerning the use of such information.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-right:4.8px; text-indent:43.2px; font-size:11pt">D.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-right:4.8px; text-indent:91.2px; font-size:11pt">The obligation to protect Proprietary Information, and the liability for unauthorized disclosure or use of Proprietary Information, shall not apply with respect to such information which is now available or becomes available to the public without breach of this Agreement; information lawfully received without restrictions from other sources; information known to the receiving Party prior to disclosure not subject to a separate non-disclosure obligation; information published or disclosed by the disclosing Party to others, without restriction; information developed by the receiving Party independent of and without use of the </P>
<P style="margin-top:0px; margin-bottom:14.667px"><BR>
<BR></P>
<P style="line-height:13pt; margin:0px; text-indent:310.867px; font-size:11pt">39</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-right:4.8px; font-size:11pt; page-break-before:always">information disclosed by the disclosing Party; or, information for which further use or disclosure by the recipient is authorized in writing by the disclosing Party.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">E. </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:96px; font-size:11pt">The receiving Party may disclose the disclosing Party&#146;s Proprietary Information to the extent required to be disclosed pursuant to any applicable law, regulation or legal order, provided that the receiving Party has notified the disclosing Party immediately upon learning of the possibility that disclosure could be required pursuant to any such law, regulation or legal order, has given the disclosing Party a reasonable opportunity to contest or limit the scope of such required disclosure and has cooperated with the disclosing Party toward this end. The Parties agree that the disclosure of Proprietary Information pursuant to this Section does not release the Party making such disclosure from its obligations under this Agreement, nor does such disclosure, by itself, invoke any of the exceptions set forth herein.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-size:11pt"><B>20.</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:48px; font-size:11pt"><B>Public Release of Information.</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-right:4.8px; text-indent:48px; font-size:11pt">During the term of this Agreement, neither Party, its affiliates, subcontractors, employees, agents and consultants may disclose the terms of this Agreement or any related agreement to a third party or release items of publicity of any kind, including, without limitation, news releases, articles, brochures, advertisements, prepared speeches, external company reports or other information releases, related to this Agreement or the services, products or work to be delivered or performed hereunder, including the denial or confirmation thereof, without first obtaining the written approval of the other Party, except as required by law. NewCo and its affiliates and vendors may not use Motorola&#146;s name, trademarks, corporate logo, slogans or product designations without Motorola&#146;s prior written approval.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-size:11pt"><B>21.</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:48px; font-size:11pt"><B>Assignment.</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-right:4.8px; text-indent:48px; font-size:11pt">Neither Party shall assign or delegate this Agreement or any of its rights, duties or obligations hereunder (except as explicitly contemplated herein) to any other person without the prior express written approval of the other Party except that Motorola may assign this Agreement to any subsidiary, affiliate or successor corporation of Motorola. Nothing contained in this Section shall restrict Motorola from subcontracting work or procuring parts/materials or services in the ordinary course of performance of this Agreement.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-size:11pt"><B>22.</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:48px; font-size:11pt"><B>Notices.</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-right:4.8px; text-indent:48px; font-size:11pt">All correspondence, including notices, reports and documentation deliverables, to be provided to NewCo or Motorola under this Agreement shall be sent to NewCo or Motorola as follows:</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:43.2px; font-size:11pt">To NewCo:</P>
<P style="line-height:13pt; margin:0px; padding-left:86.4px; font-size:11pt">Iridium Satellite LLC</P>
<P style="line-height:13pt; margin:0px; padding-left:86.4px; font-size:11pt">44330 Woodbridge Parkway </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:86.4px; font-size:11pt">Leesburg, VA 20176</P>
<P style="margin:0px"><BR>
<BR></P>
<P style="line-height:13pt; margin:0px; text-indent:310.867px; font-size:11pt">40</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="line-height:13pt; margin:0px; padding-left:86.4px; font-size:11pt; page-break-before:always">Attention: Dan Colussy</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:86.4px; font-size:11pt">Telephone: (281) 244-4056 Fax:</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:67.2px; font-size:11pt">with a copy to:</P>
<P style="line-height:13pt; margin:0px; padding-left:86.4px; padding-right:192px; font-size:11pt">Neuberger, Quinn, Gielen, Rubin &amp; Gibber, P.A. </P>
<P style="line-height:13pt; margin:0px; padding-left:86.4px; padding-right:192px; font-size:11pt">One South Street, 27th Floor </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:86.4px; padding-right:192px; font-size:11pt">Baltimore, MD 21202</P>
<P style="line-height:13pt; margin:0px; padding-left:86.4px; padding-right:264px; font-size:11pt">Attention: Isaac M. Neuberger, Esq.</P>
<P style="line-height:13pt; margin:0px; padding-left:86.4px; padding-right:264px; font-size:11pt">Telephone: (410) 332-8550 </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:86.4px; padding-right:264px; font-size:11pt">Fax: (410) 332-8594</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:43.2px; font-size:11pt">To Motorola:</P>
<P style="line-height:13pt; margin:0px; padding-left:86.4px; padding-right:192px; font-size:11pt">Motorola, Inc.</P>
<P style="line-height:13pt; margin:0px; padding-left:86.4px; padding-right:192px; font-size:11pt">Satellite Network Division </P>
<P style="line-height:13pt; margin:0px; padding-left:86.4px; padding-right:192px; font-size:11pt">2501 South Price Rd.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:86.4px; padding-right:192px; font-size:11pt">Chandler, AZ 85248</P>
<P style="line-height:13pt; margin:0px; padding-left:86.4px; padding-right:220.8px; font-size:11pt">Attention: Donnie Stamp, General Manager</P>
<P style="line-height:13pt; margin:0px; padding-left:86.4px; padding-right:220.8px; font-size:11pt">Telephone: (480) 732-3620 </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:86.4px; padding-right:220.8px; font-size:11pt">Fax: (480) 732-2205</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:67.2px; font-size:11pt">with copies to:</P>
<P style="line-height:13pt; margin:0px; padding-left:86.4px; padding-right:192px; font-size:11pt">Motorola, Inc.</P>
<P style="line-height:13pt; margin:0px; padding-left:86.4px; padding-right:192px; font-size:11pt">Corporate Law Department </P>
<P style="line-height:13pt; margin:0px; padding-left:86.4px; padding-right:192px; font-size:11pt">2501 South Price Rd.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:86.4px; padding-right:192px; font-size:11pt">Chandler, AZ 85248</P>
<P style="line-height:13pt; margin:0px; padding-left:86.4px; padding-right:316.8px; font-size:11pt">Attention: Gayla Moss </P>
<P style="line-height:13pt; margin:0px; padding-left:86.4px; padding-right:316.8px; font-size:11pt">Telephone: (480) 732-3181 </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:86.4px; padding-right:316.8px; font-size:11pt">Fax: (480) 732-3188</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:67.2px; font-size:11pt">and</P>
<P style="line-height:13pt; margin:0px; padding-left:86.4px; font-size:11pt">Motorola, Inc.</P>
<P style="line-height:13pt; margin:0px; padding-left:86.4px; font-size:11pt">Corporate Law Department </P>
<P style="line-height:13pt; margin:0px; padding-left:86.4px; font-size:11pt">1303 E. Algonquin Road </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:86.4px; font-size:11pt">Schaumburg, IL 60196-1079</P>
<P style="line-height:13pt; margin:0px; padding-left:86.4px; padding-right:316.8px; font-size:11pt">Attention: General Counsel </P>
<P style="line-height:13pt; margin:0px; padding-left:86.4px; padding-right:316.8px; font-size:11pt">Telephone: (847) 576-6600 </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:86.4px; padding-right:316.8px; font-size:11pt">Fax: (847) 576-3750</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-size:11pt"><B>23.</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:48px; font-size:11pt"><B>Authorized Representatives.</B></P>
<P style="margin-top:0px; margin-bottom:14.667px"><BR>
<BR></P>
<P style="line-height:13pt; margin:0px; text-indent:310.867px; font-size:11pt">41</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-right:4.8px; text-indent:48px; font-size:11pt; page-break-before:always">The only representatives of NewCo and Motorola authorized to make changes to this Agreement and to sign contractual documents are:</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:96px; padding-right:4.8px; font-size:11pt">NewCo:</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:144px; font-size:11pt">Dan A. Colussy</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:96px; padding-right:4.8px; font-size:11pt">Motorola:</P>
<P style="line-height:13pt; margin:0px; padding-left:144px; font-size:11pt">Mark Borota</P>
<P style="line-height:13pt; margin:0px; padding-left:144px; font-size:11pt">Dannie Stamp </P>
<P style="line-height:13pt; margin:0px; padding-left:144px; font-size:11pt">Ted Schaffner </P>
<P style="line-height:13pt; margin:0px; padding-left:144px; font-size:11pt">Larry Mishler </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:144px; font-size:11pt">Ron Taylor</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-right:4.8px; font-size:11pt">Either Party may change its aforementioned representatives at any time by providing written notice to the other Party.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-size:11pt"><B>24.</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:48px; font-size:11pt"><B>Applicable Law.</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:48px; font-size:11pt">This Agreement and any dispute arising under or in connection with this Agreement, including any action in tort, shall be construed in accordance with and governed by the laws of the State of Delaware except for its choice of laws rules. Venue for any dispute not resolved by the Parties shall be in Maricopa County, Arizona.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-size:11pt"><B>25.</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:48px; font-size:11pt"><B>Dispute Resolution.</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">A.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:96px; font-size:11pt"><U>Procedures</U>. All disputes arising out of or related to this Agreement, unless specifically exempted by the language of this Section, will be decided by the internal dispute resolution procedures of this Section 25 and those other dispute resolution procedures set forth in attached Annex N, Dispute Resolution Procedures, or by the courts within the State of Arizona as set forth in Annex N hereto, in an effort to reduce the incidence and costs of extended disputes. No act, omission, or knowledge, actual or constructive, of a Party will in any way be deemed to be a waiver of the requirement for timely notice of a dispute unless there is an explicit, unequivocal written waiver thereof.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">B.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:96px; font-size:11pt"><U>Internal Dispute Resolution; Notice and Negotiation</U>. Subject to the provisions of Section 25.C entitled &#147;Injunctive Relief; Letters of Credit,&#148; the Parties will, prior to the initiation of any other dispute resolution procedure, attempt to resolve any dispute as follows:</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:48px; font-size:11pt">(1)</P>
<P style="line-height:13pt; margin:0px; padding-left:48px; text-indent:96px; font-size:11pt">The Party raising the dispute will provide to the person designated under Section 22 of the other Party a notice of such dispute (a &#147;Dispute Notice&#148;). The Dispute Notice will include a clear and detailed description of the dispute and the specific provisions of this Agreement relevant thereto. Each Party shall within fifteen (15) days following the day the Dispute Notice is received provide the other with all documentation supporting its position in the dispute. The person designated under Section 22 or such </P>
<P style="margin-top:0px; margin-bottom:14.667px"><BR>
<BR></P>
<P style="line-height:13pt; margin:0px; text-indent:310.867px; font-size:11pt">42</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; padding-right:4.8px; font-size:11pt; page-break-before:always">other appropriate individual will attempt to resolve the dispute promptly and in good faith.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:48px; font-size:11pt">(2)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; text-indent:96px; font-size:11pt">If the dispute is not resolved within twenty-five (25) days after the receipt of a Dispute Notice by the receiving Party, at either Party&#146;s written request the dispute will be forwarded to its corresponding senior management for resolution The appropriate senior level managers of each Party will attempt to resolve the dispute promptly and in good faith.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:48px; font-size:11pt">(3)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; text-indent:96px; font-size:11pt">If a dispute has not been resolved within twenty (20) days after request by either Party to forward the dispute to its corresponding senior management, the dispute shall thereafter be subject to the provisions of attached Annex N, Dispute Resolution Procedures.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:48px; font-size:11pt">(4)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; text-indent:96px; font-size:11pt">All negotiations pursuant to these internal dispute procedures and those other dispute resolution procedures set forth in Annex N, Dispute Resolution Procedures will be confidential and will be treated as compromise and settlement negotiations for purposes of applicable rules of evidence.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">C.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:96px; font-size:11pt"><U>Injunctive Relief; Letters of Credit</U>. Notwithstanding any other provision of this Section 25, any Party will have the right to apply to a court having appropriate jurisdiction to seek interim injunctive relief until the dispute is resolved and may cease manufacture, production, and delivery of Subscriber Equipment and draw on any applicable letters of credit irrespective of whether there is a dispute.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">D.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:96px; font-size:11pt"><U>Co-Party/Third Party Claims</U>. The provisions of this Section 25 shall not be binding for disputes in the nature of cross-claims, impleaders, or any similar co-party or third party claims, by one Party against another, resulting from and in connection with any action brought by any person other than a Party to this Agreement.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">E.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:96px; font-size:11pt"><U>Intellectual Property Rights</U>. Notwithstanding the foregoing, the provisions of this Section 25 shall not be binding for disputes arising from or related to any Party&#146;s intellectual property rights.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-size:11pt"><B>26.</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:48px; font-size:11pt"><B>Confidentiality.</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">(a) </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:96px; font-size:11pt">The Parties hereto agree with respect to the terms and conditions of this Agreement, including, without limitation, the Loan, and all information that is furnished or disclosed by the other party (collectively, &#147;<U>Confidential Information</U>&#148;), that (i) such Confidential Information is confidential and/or proprietary to the furnishing/disclosing party and entitled to and shall receive treatment as such by the receiving party; (ii) the receiving party will hold in confidence and not disclose nor use (except in respect of the transactions contemplated by this Agreement) any such Confidential Information, treating such Confidential Information with the same degree of care and confidentiality as it accords its own confidential and proprietary information; <I>provided, however, </I>that the receiving party shall not have any restrictive obligation with respect to any Confidential Information which (A) is contained in a printed publication </P>
<P style="margin-top:0px; margin-bottom:14.667px"><BR>
<BR></P>
<P style="line-height:13pt; margin:0px; text-indent:310.867px; font-size:11pt">43</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt; page-break-before:always">available to the general public, (B) is or becomes publicly known through no wrongful act or omission of the receiving party, (C) is known by the receiving party without any proprietary restrictions by the furnishing/disclosing party at the time of receipt of such Confidential Information or (D) is subject to disclosure pursuant to any law, order or regulation of any governmental authority or agency; and (iii) all such Confidential Information furnished to either party by the other, unless otherwise specified in writing, shall remain the property of the furnishing/disclosing party, and in the event this Agreement is terminated, shall be returned to it, together with any and all copies made thereof, upon request for such return by it (except for documents submitted to a governmental authority or agency with the consent of the furnishing/disclosing party or upon subpoena and which cannot be retrieved with reasonable effort).</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-right:4.8px; text-indent:48px; font-size:11pt">(b) </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-right:4.8px; text-indent:96px; font-size:11pt">Each Party hereto acknowledges that the remedy at law for any breach by either Party of its obligations under Section 26(a) is inadequate and that the other Party shall be entitled to equitable remedies, including an injunction, in the event of breach of the other Party.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-size:11pt"><B>27.</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:48px; font-size:11pt"><B>Entire Agreement.</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-right:4.8px; text-indent:48px; font-size:11pt">This Agreement, including the Annexes hereto, constitutes the entire agreement between the Parties and supersedes all prior understandings, commitments, and representations with respect to the subject matter. Nothing in this Agreement shall be construed as creating any partnership, joint venture or agency between the Parties. This Agreement may not be amended or modified except by a writing signed by a authorized representatives of the Parties, and none of its provisions may be waived except by a writing signed by an authorized representative of the Party against which waiver is sought to be enforced. The Section headings herein shall not be considered in interpreting the text of this Agreement. Nothing in this Agreement, express or implied, shall create a third-party beneficiary relationship or otherwise confer any benefit, entitlement, or right (including, without limitation, any right to continued employment or to any benefits under any plan, program or arrangement described herein) upon any person or entity other than the parties to this Agreement and their respective corporate affiliates. In the event any part of this Agreement is declared legally invalid or unenforceable by an authorized judicial body, such part of this Agreement shall be ineffective to the extent of such invalidity or unenforceability and shall not affect the remaining provisions of this Agreement. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same Agreement. This Agreement may be delivered by a facsimile transmission of an originally executed copy. Either Party, at any time and from time to time after the Effective Date, shall execute, acknowledge, and deliver any further deeds, assignments, conveyances and other assurances, documents and instruments of transfer as may be requested by the other Party consistent with this Agreement, and shall take any future action consistent with this Agreement as may be reasonably requested by the other Party. The requesting Party shall bear the cost of preparing and filing any such items. Defined terms are used as defined in this Agreement and, in particular, the word &#147; includes&#148; or &#147;including&#148; shall mean &#147;includes or including (as applicable), but not limited to.&#148;</P>
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<P style="line-height:13pt; margin:0px; text-indent:310.867px; font-size:11pt">44</P>
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<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-right:33.6px; text-indent:48px; font-size:11pt; page-break-before:always">IN WITNESS WHEREOF, the Parties hereto have executed this Agreement in duplicate as of the dates indicated below.</P>
<P style="line-height:normal; margin:0px; padding-left:288px; font-size:11pt">M<FONT style="font-size:10pt">OTOROLA</FONT>, I<FONT style="font-size:10pt">NC.</FONT></P>
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<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:288px; font-size:11pt">By:</P>
<P style="line-height:13pt; margin:0px; padding-left:288px; text-indent:48px; font-size:11pt"><U>&nbsp;&nbsp;/s/ T.W. Schaffner&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P style="line-height:13pt; margin:0px; padding-left:312px; font-size:11pt">Name: T.W. Schaffner</P>
<P style="line-height:13pt; margin:0px; padding-left:312px; font-size:11pt">Title: &nbsp;Senior Vice President &amp; Director of Corporate Development</P>
<P style="margin:0px"><BR></P>
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<P style="line-height:normal; margin:0px; padding-left:288px; font-size:11pt">I<FONT style="font-size:10pt">RIDIUM</FONT> H<FONT style="font-size:10pt">OLDINGS</FONT> LLC</P>
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<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:288px; font-size:11pt">By:</P>
<P style="line-height:13pt; margin:0px; padding-left:288px; text-indent:48px; font-size:11pt"><U>&nbsp;&nbsp;/s/ Dan Colussy&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P style="line-height:13pt; margin:0px; padding-left:312px; font-size:11pt">Name: Dan Colussy</P>
<P style="line-height:13pt; margin:0px; padding-left:312px; font-size:11pt">Title: &nbsp;Chairman</P>
<P style="margin:0px"><BR></P>
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<P style="line-height:normal; margin:0px; padding-left:288px; font-size:11pt">I<FONT style="font-size:10pt">RIDIUM</FONT> S<FONT style="font-size:10pt">ATELLITE</FONT> LLC</P>
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<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:288px; font-size:11pt">By:</P>
<P style="line-height:13pt; margin:0px; padding-left:288px; text-indent:48px; font-size:11pt"><U>&nbsp;&nbsp;/s/ Dan Colussy&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P style="line-height:13pt; margin:0px; padding-left:312px; font-size:11pt">Name: Dan Colussy</P>
<P style="line-height:13pt; margin:0px; padding-left:312px; font-size:11pt">Title: &nbsp;Chairman</P>
<P style="margin:0px"><BR></P>
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<P style="line-height:13pt; margin:0px; text-indent:310.867px; font-size:11pt">45</P>
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<TYPE>EX-10.3
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<DESCRIPTION>EXHIBIT 10.3
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<TITLE>Intellectual Property Rights Agreement</TITLE>
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<DIV style="width:624px"><P style="margin-top:0px; margin-bottom:13.333px" align=right>Exhibit 10.3</P>
<P style="margin-top:0px; margin-bottom:13.333px" align=right>EXECUTION COPY</P>
<P style="margin-top:0px; margin-bottom:13.333px" align=center><B>INTELLECTUAL PROPERTY RIGHTS AGREEMENT</B></P>
<P style="margin-top:0px; margin-bottom:13.333px">This Intellectual Property Rights Agreement (&#147;AGREEMENT&#148;) is entered into by MOTOROLA, Inc., a Delaware corporation with its principal offices located at 1303 East Algonquin Road, Schaumburg, Illinois 60196 (&#147;MOTOROLA&#148;) and IRIDIUM SATELLITE LLC, a Delaware limited liability company with principal offices located at 44330 Woodbridge Parkway, Leesburg, VA 20176 (&#147;NEWCO&#148;).</P>
<P style="margin-top:0px; margin-bottom:13.333px" align=center><B>BACKGROUND</B></P>
<P style="margin-top:0px; margin-bottom:13.333px">NEWCO is purchasing the assets held by Iridium LLC and Iridium Operating LLC and associated with the IRIDIUM SYSTEM pursuant to an Asset Purchase Agreement dated as of October 26, 2000 (the &#147;ASSET PURCHASE AGREEMENT&#148;). NEWCO, in addition, has entered into a contract with MOTOROLA to provide various transition services, products and assets as described in the Transition Services, Products and Asset Agreement dated as of December 11, 2000, to which a form of this AGREEMENT is attached as an Annex (such Agreement being the &#147;DEFINITIVE AGREEMENT&#148;). Pursuant to the DEFINITIVE AGREEMENT, NEWCO and MOTOROLA have agreed to enter into this AGREEMENT.</P>
<P style="margin-top:0px; margin-bottom:13.333px">Therefore, the parties agree as follows:</P>
<P style="margin-top:0px; margin-bottom:13.333px" align=center>AGREEMENT</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px">1.</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px"><U>DEFINITIONS</U>. CAPITALIZED TERMS USED IN THIS AGREEMENT HAVE THE MEANINGS SET FORTH IN THE BACKGROUND SECTION OF THIS AGREEMENT, OR AS DEFINED ELSEWHERE IN THIS AGREEMENT.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px">1.1.</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px">&#147;GATEWAY(S)<SUP>&#148;</SUP> means the ground based facilities constructed in accordance with the GATEWAY INTERFACE SPECIFICATION supporting the subscriber billing/information functions and call processing operations and the connection of the IRIDIUM SYSTEM subscriber communications through the public switched telephone network (PSTN).</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px">1.2.</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px">&#147;GATEWAY INTERFACE SPECIFICATION&#148; means the functional specification that defines the radio frequency interface, logical and physical protocols, and functionality necessary for GATEWAY inter-operability with the SPACE SEGMENT and SYSTEM CONTROL SEGMENT.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px">1.3.</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px">&#147;GATEWAY SEGMENT&#148; means that part of the IRIDIUM SYSTEM consisting solely of the GATEWAYS.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px">1.4.</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px">&#147;INTELLECTUAL PROPERTY CLAIM&#148; means an intellectual property claim against MOTOROLA or a SUBSIDIARY of MOTOROLA relating in any way to the IRIDIUM SYSTEM, the MOTOROLA INTELLECTUAL PROPERTY RIGHTS, the IRIDIUM TECHNICAL INFORMATION, or any other technology, products or information licensed or provided in accordance with this AGREEMENT.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px">1.5.</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px">&#147;INTELLECTUAL PROPERTY RIGHTS&#148; means copyrights, patents (other than design patents), database rights and trade secret rights, including any registrations and applications with </P>
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<BR></P>
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<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px; page-break-before:always">respect to any of the foregoing. INTELLECTUAL PROPERTY RIGHTS does not include rights in design patents, trademarks, trade dress or registerable industrial designs and like rights involving trade identity.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px">1.6.</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px">&#147;IRIDIUM SERVICE(S)<SUP>&#148;</SUP> means the telephony of voice or data transmission services between subscribers and/or between PSTN customers and subscribers and paging services provided by the IRIDIUM SYSTEM, and any other services that are introduced by NEWCO after the date hereof and are provided by NEWCO using the SPACE SEGMENT of the IRIDIUM SYSTEM. IRIDIUM SERVICE(S) does not include and shall in no event be interpreted to include (i) any services relating to the manufacturing or production of any SUBSCRIBER EQUIPMENT or any other products or equipment; (ii) any services provided by any TERRESTRIAL WIRELESS SYSTEM(S); or (iii) any services that are introduced by NEWCO after the date hereof that do not use the SPACE SEGMENT of the IRIDIUM SYSTEM.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px">1.7.</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px">&#147;IRIDIUM SUBSCRIBER SEGMENT TECHNOLOGY&#148; means only the current version of the Satellite Subscriber Unit (Voice) Specification known as Air Interface Specification document, number SPC-E-0003.SYS. IRIDIUM SUBSCRIBER SEGMENT TECHNOLOGY does not include any MOTOROLA technology relating to L-band transceivers (LBTs) or SUBSCRIBER EQUIPMENT.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px">1.8.</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px">&#147;IRIDIUM SYSTEM<SUP>&#148;</SUP> means the completely integrated satellite-based digitally-switched first generation telecommunication system heretofore owned by Iridium Operating LLC and to be acquired by NEWCO as of the date hereof. This term includes added spare satellites and repaired or replaced components of the SPACE SEGMENT, SYSTEM CONTROL SEGMENT, and GATEWAY SEGMENT. IRIDIUM SYSTEM also includes (i) any upgraded, enhanced, or additional computer software incorporated into the SPACE SEGMENT, SYSTEM CONTROL SEGMENT, GATEWAY SEGMENT or other components of the IRIDIUM SYSTEM other than SUBSCRIBER EQUIPMENT; (ii) any upgraded, enhanced, or additional hardware components of the GATEWAY SEGMENT; and (iii) those upgraded, enhanced, or additional hardware components of the SPACE SEGMENT or the SYSTEM CONTROL SEGMENT that are not significantly modified from their original form. IRIDIUM SYSTEM does not include and shall in no event be interpreted to include (i) any SUBSCRIBER EQUIPMENT, (ii) a SECOND GENERATION IRIDIUM SYSTEM or any other satellite system; or (iii) any TERRESTRIAL WIRELESS SYSTEM(S) or any SUBSCRIBER EQUIPMENT or other equipment for use in connection with any TERRESTRIAL WIRELESS SYSTEM.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px">1.9.</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px">&#147;IRIDIUM TECHNICAL INFORMATION&#148; means all information and material, including confidential and trade secret information (in whatever form) and computer software (subject to the limitations set forth below) that was used by MOTOROLA or any of its SUBSIDIARIES as of the date hereof to OPERATE AND MAINTAIN the IRIDIUM SYSTEM and that is necessary or useful to allow NEWCO to OPERATE AND MAINTAIN the IRIDIUM SYSTEM, including without limitation the information and materials identified in Exhibit A. IRIDIUM TECHNICAL INFORMATION includes computer software in object code form and/or in source code form and related documentation only to the extent that such forms and documentation are (i) within MOTOROLA&#146;s possession or control; (ii) capable of being provided by MOTOROLA to NEWCO without violation of any law or contractual obligation; and (iii) capable of being provided by MOTOROLA to NEWCO without impeding MOTOROLA&#146;s rights and licenses to continue to use the same (to the extent MOTOROLA desires to continue to use the same) and without incurring any cost to MOTOROLA (or if there is such a cost, such cost will be paid by NEWCO) (collectively &#147;LICENSED SOFTWARE&#148;).</P>
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<BR></P>
<P style="margin:0px; text-indent:310.867px">2</P>
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<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px; page-break-before:always">1.10.</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px">&#147;LBT DESIGN PACKAGE&#148; means technical documentation including: OSC Bus Developer&#146;s Guide for Peripherals; Iridium LBT Interface Specification and BIC Functional Specifications, all of which together document the hardware and software technical specifications required to interface to the LBT through MOTOROLA&#146;s proprietary bus.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px">1.11.</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px">&#147;LICENSED LBT-BASED PRODUCTS&#148; means products designed based on the LBT DESIGN PACKAGE and incorporating L-Band transceivers (LBT) purchased from MOTOROLA or a party licensed in accordance with the terms of Section 2.6 and sold or otherwise disposed of solely for use in connection with the IRIDIUM SYSTEM. For avoidance of doubt, LICENSED LBT-BASED PRODUCTS includes mobile exchange units (MXUs) and data units/asset managers. The term LICENSED LBT-BASED PRODUCTS specifically excludes (i) the LBT itself, which is to be separately purchased from MOTOROLA or another party licensed in accordance with the terms of Section 23, and (ii) SUBSCRIBER EQUIPMENT.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px">1.12.</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px">&#147;IRIDIUM SUBSCRIBER EQUIPMENT&#148; means only the Satellite Series Model 9505 version of the LBT, the Satellite Series Model 9505 portable unit or the Satellite Series Model 9520 mobile unit, as applicable.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px">1.13.</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px">&#147;MOTOROLA INTELLECTUAL PROPERTY RIGHTS&#148; means INTELLECTUAL PROPERTY RIGHTS owned by MOTOROLA or any of its SUBSIDIARIES prior to the date hereof, including without limitation INTELLECTUAL PROPERTY RIGHTS created or invented on or before the date hereof but as to which no application or registration is filed or issued until after the date hereof. MOTOROLA INTELLECTUAL PROPERTY RIGHTS also includes rights or licenses which MOTOROLA has received from unaffiliated third parties, but only to the extent that (i) such rights or licenses are necessary for the OPERATION AND MAINTENANCE of the IRIDIUM SYSTEM, and (ii) MOTOROLA has the right to grant to NEWCO rights and licenses under such third party&#146;s INTELLECTUAL PROPERTY RIGHTS without cost to MOTOROLA or, if there is a cost, such cost is paid by NEWCO. MOTOROLA INTELLECTUAL PROPERTY RIGHTS specifically excludes any INTELLECTUAL PROPERTY RIGHTS relating to TERRESTRIAL WIRELESS SYSTEMS, automotive technologies, semiconductor manufacturing, semiconductor structures, or semiconductor manufacturing processes.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px">1.14.</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px">&#147;OPERATION AND MAINTENANCE&#148; or &#147;OPERATE AND MAINTAIN&#148; means the operation and maintenance of the IRIDIUM SYSTEM to provide IRIDIUM SERVICES, including upgrading and enhancing the IRIDIUM SYSTEM to the extent contemplated by the definition of IRIDIUM SYSTEM.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px">1.15.</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px">&#147;PERSON&#148; means an individual, corporation, partnership, unincorporated association, trust, joint venture or other organization or entity, including any nation or government, foreign or domestic, any state or other political subdivision thereof, and any agency or other entity exercising executive, legislative, judicial, regulatory or administrative functions of government, including, without limitation, all taxing authorities.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px">1.16.</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px">&#147;SECOND GENERATION IRIDIUM SYSTEM&#148; means (i) a complete satellite system that replaces in full the SPACE SEGMENT of the existing, first generation IRIDIUM SYSTEM or that uses an air interface different from that described in Air Interface Specification document, SPC&shy;E-0003.SYS; or (ii) a satellite system that does not completely replace the SPACE SEGMENT of the existing, first generation IRIDIUM SYSTEM but comprises a derivative of the existing, first generation IRIDIUM SYSTEM that includes upgraded or enhanced hardware components that are significantly modified from their original form.</P>
<P style="margin-top:0px; margin-bottom:13.333px"><BR>
<BR></P>
<P style="margin:0px; text-indent:310.867px">3</P>
<P style="margin:0px"><BR></P>
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<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px; page-break-before:always">1.17.</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px">&#147;SECOND GENERATION IRIDIUM SYSTEM SUBSCRIBER EQUIPMENT&#148; means SUBSCRIBER EQUIPMENT for use in connection with the SECOND GENERATION IRIDIUM SYSTEM. SECOND GENERATION SUBSCRIBER EQUIPMENT specifically excludes any SUBSCRIBER EQUIPMENT for use in connection with any TERRESTRIAL WIRELESS SYSTEM.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px">1.18.</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px">&#147;SPACE SEGMENT&#148; means that part of the IRIDIUM SYSTEM consisting solely of the space vehicles (also called satellites) in low earth orbit. SPACE SEGMENT includes (i) any upgraded, enhanced, or additional computer software incorporated into the space vehicles, and (ii) those upgraded, enhanced, or additional hardware components of the space vehicles that are not significantly modified from their original form. SPACE SEGMENT does not include the SYSTEM CONTROL SEGMENT, GATEWAY SEGMENT, SUBSCRIBER EQUIPMENT or other components.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px">1.19.</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px">&#147;SUBSCRIBER EQUIPMENT&#148; means, collectively and individually, voice subscriber terminals (whether or not data capable) and paging equipment.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px">1.20.</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px">&#147;SUBSIDIARY&#148; means any legal entity, more than fifty percent (50%) of whose outstanding shares or securities representing the right to vote for the election of directors or other managing authority are, or more than fifty percent (50%) of whose equity interest is, now or hereafter, owned or controlled, directly or indirectly by that party (but only so long as such ownership or control or equity interest exists).</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px">1.21.</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px">&#147;SYSTEM CONTROL SEGMENT&#148; means the various ground-based sites, equipment and facilities used to manage and control the individual space vehicles of the SPACE SEGMENT and the communications links between the segments of the IRIDIUM SYSTEM. The SYSTEM CONTROL SEGMENT is composed of the SNOC (Satellite Network Operations Center), TTACs (Telemetry Tracking and Control Stations), MTC (Message Termination Controllers), ODN (Operational Data Network) and the OSN (Operational Support Network).</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px">1.22.</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px">&#147;TERRESTRIAL WIRELESS SYSTEM(S)&#148; means any terrestrial wireless communication system or equipment not incidental to a space-based commercial satellite communication system and any service provided using such a system or equipment. For the avoidance of doubt, TERRESTRIAL WIRELESS SYSTEM(S) specifically includes any equipment compatible with air interfaces for any of the following terrestrial wireless communication systems: IS-95 (CDMA), IS-136 (US TDMA), GSM, W-CDMA, CDMA2000 and iDen, and future generations or evolutions of such systems.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px">1.23.</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px">&#147;TERM&#148; shall have the meaning set forth in Section 5.1. </P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px">2.</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px"><U>GRANTS</U></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px">2.1.</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px"><U>License</U>. MOTOROLA and its SUBSIDIARIES grant to NEWCO a non-exclusive, non&shy;transferable (except as expressly provided herein), worldwide and paid-up license during the TERM:</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:48px">(i)</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px; text-indent:96px">to use the MOTOROLA INTELLECTUAL PROPERTY RIGHTS and IRIDIUM TECHNICAL INFORMATION solely (A) to OPERATE AND MAINTAIN the IRIDIUM SYSTEM and/or provide IRIDIUM SERVICES using the IRIDIUM </P>
<P style="margin-top:0px; margin-bottom:13.333px"><BR>
<BR></P>
<P style="margin:0px; text-indent:310.867px">4</P>
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<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px; page-break-before:always">SYSTEM, and (B) to the extent necessary to assure backward compatibility between IRIDIUM SUBSCRIBER EQUIPMENT and a SECOND GENERATION IRIDIUM SYSTEM, design, deploy, operate and maintain those components of a SECOND GENERATION IRIDIUM SYSTEM that are necessary to assure such backward compatibility;</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:48px">(ii)</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px; text-indent:96px">to use those MOTOROLA INTELLECTUAL PROPERTY RIGHTS that are embodied in the LBT DESIGN PACKAGE for the sole purpose of using the LBT DESIGN PACKAGE to make, have made (for NEWCO), use, offer for sale, sell, and import LICENSED LBT-BASED PRODUCTS for use solely in connection with the IRIDIUM SYSTEM; and</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:48px">(iii)</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px; text-indent:96px">subject to the confidentiality provisions herein, to reproduce, have reproduced, prepare and have prepared derivative works of documents provided hereunder as part of the IRIDIUM TECHNICAL INFORMATION.</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px">To the extent that MOTOROLA INTELLECTUAL PROPERTY RIGHTS or IRIDIUM TECHNICAL INFORMATION comprises LICENSED SOFTWARE, and to the extent that MOTOROLA has the right to do so without cost to MOTOROLA, MOTOROLA grants to NEWCO with respect to such LICENSED SOFTWARE a nonexclusive, nontransferable (except as expressly provided herein), worldwide and paid-up license during the TERM to (i) use or have used on NEWCO&#146;S behalf the LICENSED SOFTWARE solely for OPERATING AND MAINTAINING the IRIDIUM SYSTEM, providing the IRIDIUM SERVICES, and assuring backward compatibility between IRIDIUM SUBSCRIBER EQUIPMENT and a SECOND GENERATION IRIDIUM SYSTEM; and (ii) make one or more backup and archive copies of the LICENSED SOFTWARE in the ordinary course of business. The foregoing licenses shall not include the right to grant sublicenses.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px">2.2.</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px"><U>Customers and Distributors</U>. The licenses in Sections 2.1 and 2.6 shall, subject to the provisions of this Agreement, further extend to NEWCO&#146;s contractors, distributors and end-user customers, mediate and immediate, during the TERM, solely to the extent such contractors need such licenses in order, as appropriate in the context, to OPERATE AND MAINTAIN the IRIDIUM SYSTEM on behalf of NEWCO or to the extent that such distributors and customers need such licenses to provide or receive IRIDIUM SERVICES purchased, directly or indirectly, from NEWCO.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px">2.3.</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px"><U>IRIDIUM SUBSCRIBER EQUIPMENT Alternate Source Agreement</U>. MOTOROLA agrees that in the event that MOTOROLA decides not to manufacture the IRIDIUM SUBSCRIBER EQUIPMENT, then upon NEWCO&#146;s request MOTOROLA will negotiate in good faith a license agreement subject to commercially reasonable terms and conditions (including a reasonable royalty, not to exceed 2% of the net price at which such IRIDIUM SUBSCRIBER EQUIPMENT is sold by the DESIGNATED ALTERNATE SUPPLIER, and appropriate cross-licensing arrangements acceptable to MOTOROLA, in its reasonable judgment), with one responsible and competent alternate supplier selected by NEWCO and approved by MOTOROLA as provided below (the &#147;DESIGNATED ALTERNATE SUPPLIER&#148;) to use the IRIDIUM SUBSCRIBER SEGMENT TECHNOLOGY and related MOTOROLA INTELLECTUAL PROPERTY RIGHTS that MOTOROLA and the DESIGNATED ALTERNATE SUPPLIER agree are necessary to make and sell the applicable IRIDIUM SUBSCRIBER EQUIPMENT, for the sole purpose of making and selling IRIDIUM SUBSCRIBER EQUIPMENT or comparable licensed SUBSCRIBER EQUIPMENT operable on the IRIDIUM SYSTEM, for use solely in connection </P>
<P style="margin-top:0px; margin-bottom:13.333px"><BR>
<BR></P>
<P style="margin:0px; text-indent:310.867px">5</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px; page-break-before:always">with the IRIDIUM SYSTEM. MOTOROLA will not unreasonably withhold agreement concerning any potential DESIGNATED ALTERNATE SUPPLIER presented by NEWCO provided that MOTOROLA believes that the potential DESIGNATED ALTERNATE SUPPLIER is capable of acting as an alternate source of the IRIDIUM SUBSCRIBER EQUIPMENT. During the term of this AGREEMENT, MOTOROLA agrees to negotiate in good faith a license agreement (as set forth in this Section 2.3) with another responsible and competent alternate supplier in the event NEWCO<SUP>&#146;</SUP>s relationship with the current DESIGNATED ALTERNATE SUPPLIER for IRIDIUM SUBSCRIBER EQUIPMENT is terminated for any reason.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px">2.4.</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px"><U>Paging Equipment Supplier Agreement</U>. MOTOROLA agrees that in the event that NEWCO requests MOTOROLA to manufacture paging equipment for use in connection with the IRIDIUM SYSTEM, and MOTOROLA, in its sole option and discretion, decides not to manufacture such paging equipment, then upon NEWCO&#146;s request, MOTOROLA will negotiate in good faith a license agreement, subject commercially reasonable terms and conditions (including a reasonable royalty, not to exceed 2% of the selling price at which such paging equipment is sold by the DESIGNATED ALTERNATE PAGING SUPPLIER, and appropriate cross-licensing arrangements acceptable to MOTOROLA, in its reasonable judgment), with one responsible and competent alternate supplier selected by NEWCO and approved by MOTOROLA as provided below (the &#147;DESIGNATED ALTERNATE PAGING SUPPLIER&#148;) to use the IRIDIUM SYSTEM messaging air interface specification and related MOTOROLA INTELLECTUAL PROPERTY RIGHTS that MOTOROLA and the DESIGNATED ALTERNATE PAGING SUPPLIER agree are necessary to make and sell paging equipment substantially similar to that supplied by Motorola for use in connection with the IRIDIUM SYSTEM for the sole purpose of making and selling such paging equipment for use solely in connection with the IRIDIUM SYSTEM. MOTOROLA will not unreasonably withhold agreement concerning any potential DESIGNATED ALTERNATE PAGING SUPPLIER presented by NEWCO provided that MOTOROLA believes that the potential DESIGNATED ALTERNATE PAGING SUPPLIER is capable of acting as an alternate source of paging equipment for use in connection with the IRIDIUM SYSTEM. During the term of this AGREEMENT, MOTOROLA agrees to negotiate in good faith a license agreement (as set forth in this Section 2.4) with another responsible and competent alternate supplier in the event NEWCO&#146;s relationship with the current DESIGNATED ALTERNATE PAGING SUPPLIER is terminated for any reason.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px">2.5.</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px"><U>Alternate Supplier Assistance</U>. MOTOROLA&#146;s sole obligation to provide assistance to an alternate supplier under Section 2.3 or 2.4 hereof is to provide the supplier with readily available, documented, relevant technical information. Nothing in this AGREEMENT shall create or be interpreted to create any obligation for MOTOROLA to manufacture or provide any equipment or to provide any technical assistance to any alternate supplier or to document or recreate any know-how or any other information.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px">2.6.</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px"><U>LBT-BASED PRODUCTS</U>. NEWCO shall purchase all the LBTs which it or its distributors or customers require for use in connection with the IRIDIUM SYSTEM solely from MOTOROLA for as long as MOTOROLA is willing to sell such LBTs to NEWCO.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px">2.7.</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px"><U>LBT-BASED PRODUCT Third Party License</U>. MOTOROLA agrees to enter into limited, non&shy;exclusive, terminable (as consistent with the termination terms herein), non-transferable, worldwide, royalty-free licensing agreements of those MOTOROLA INTELLECTUAL </P>
<P style="margin-top:0px; margin-bottom:13.333px"><BR>
<BR></P>
<P style="margin:0px; text-indent:310.867px">6</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px; page-break-before:always">PROPERTY RIGHTS embodied in the LBT DESIGN PACKAGE with qualified third parties for the sole purpose of permitting the qualified third parties to use the LBT DESIGN PACKAGE to make, offer for sale, and sell LICENSED LBT-BASED PRODUCTS for use solely in connection with the IRIDIUM SYSTEM. Such license terms shall take into account whether the third party licensee purchases LBTs from MOTOROLA.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px">2.8.</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px"><U>Future Generations of the IRIDIUM SYSTEM</U>. With respect to the SECOND GENERATION IRIDIUM SYSTEM, MOTOROLA and its SUBSIDIARIES agree to grant to NEWCO upon written request during the TERM, and under commercially reasonable terms and conditions including a reasonable royalty payment, a non-exclusive, non-transferable (except as expressly provided herein), worldwide license of those MOTOROLA INTELLECTUAL PROPERTY RIGHTS embodied in the first generation IRIDIUM SYSTEM and used in the OPERATION AND MAINTENANCE of the IRIDIUM SYSTEM for any purpose relating to the design, deployment, operation and maintenance of and provision of services using the SECOND GENERATION IRIDIUM SYSTEM that are not otherwise permitted hereunder. The license to be granted in this Section shall not extend to any future generations beyond the SECOND GENERATION IRIDIUM SYSTEM. Upon request from NEWCO, MOTOROLA will consider granting licenses to NEWCO under other MOTOROLA INTELLECTUAL PROPERTY RIGHTS under commercially reasonable terms and conditions, including a reasonable royalty payment.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px">2.9.</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px"><U>Ownership of MOTOROLA INTELLECTUAL PROPERTY RIGHTS and IRIDIUM</U> <U>TECHNICAL INFORMATION</U>. MOTOROLA retains all right, title, and interest in and to the MOTOROLA INTELLECTUAL PROPERTY RIGHTS and the IRIDIUM TECHNICAL INFORMATION, including without limitation the LBT-BASED DESIGN PACKAGE. This agreement does not and shall not be interpreted to grant NEWCO any rights (i) to utilize MOTOROLA INTELLECTUAL PROPERTY RIGHTS or the IRIDIUM TECHNICAL INFORMATION in any manner other than as expressly stated herein; or (ii) to make, sell, lease, or otherwise dispose of any SUBSCRIBER EQUIPMENT or any products or services for use in connection with TERRESTRIAL WIRELESS SYSTEMS; or (iii) to make, sell, lease, or otherwise dispose of any space vehicles.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px">2.10.</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px"><U>Certain Terms of Third Party Licenses</U>. In connection with any licenses granted in accordance with Sections 2.3, 2.4 or 2.7 hereof, MOTOROLA reserves the right to condition such licenses on (i) the licensee&#146;s agreement to notify MOTOROLA and NEWCO of any potential INTELLECTUAL PROPERTY CLAIM at least six (6) months before instituting any action, arbitration or other proceeding to assert such INTELLECTUAL PROPERTY CLAIM and (ii) MOTOROLA&#146;s right to terminate any such license immediately if the licensee files a lawsuit or commences an arbitration or other formal proceeding that asserts an INTELLECTUAL PROPERTY CLAIM (whether commenced before or after passage of the notice period described above). Any such license shall provide that NEWCO shall be a third-party beneficiary of the licensee&#146;s agreement to provide the notice required by clause (i) above and that NEWCO shall be entitled to equitable relief if the licensee breaches that notice requirement. If MOTOROLA receives notice of a potential INTELLECTUAL PROPERTY CLAIM from a licensee licensed in accordance with this AGREEMENT, MOTOROLA will promptly notify NEWCO of the potential termination of the applicable license. In negotiating any license contemplated by Sections2.3, 2.4 or 2.7 hereof, MOTOROLA will use reasonable efforts to obtain a notice period of nine (9) months before a licensee shall be permitted to institute an action, arbitration or other proceeding asserting an INTELLECTUAL PROPERTY CLAIM.</P>
<P style="margin-top:0px; margin-bottom:13.333px"><BR>
<BR></P>
<P style="margin:0px; text-indent:310.867px">7</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px; page-break-before:always">3.</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px"><U>SUPPORT AND TRANSITION SERVICES AND DELIVERY OF IRIDIUM TECHNICAL INFORMATION</U>.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px">3.1.</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px"><U>Delivery of IRIDIUM TECHNICAL INFORMATION</U>. The provisions of the DEFINITIVE AGREEMENT shall govern the provision of support and transition services and the delivery of IRIDIUM TECHNICAL INFORMATION licensed hereunder. To the extent currently and readily available at the time of the request, MOTOROLA shall deliver such IRIDIUM TECHNICAL INFORMATION in electronic format. MOTOROLA has no other obligation to maintain or support the IRIDIUM TECHNICAL INFORMATION.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px">3.2.</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px"><U>Paging Equipment Information</U>. MOTOROLA agrees to use reasonable efforts to preserve relevant information that currently resides within MOTOROLA relating to paging equipment for use in connection with the IRIDIUM SYSTEM.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px">3.3.</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px"><U>Limited Obligations Regarding IRIDIUM TECHNICAL INFORMATION</U>. MOTOROLA represents that the IRIDIUM TECHNICAL INFORMATION has been used by MOTOROLA in the OPERATION AND MAINTENANCE of the IRIDIUM SYSTEM, but MOTOROLA otherwise makes no representations that the IRIDIUM TECHNICAL INFORMATION comprises all technology necessary for NEWCO to OPERATE AND MAINTAIN the IRIDIUM SYSTEM or provide the IRIDIUM SERVICES or any other services. MOTOROLA has no obligation to identify all items that could fall within the scope of the definition of IRIDIUM TECHNICAL INFORMATION. Additionally, MOTOROLA has no obligation to document technology not already documented or to provide NEWCO rights of access to or use of any technology not specifically licensed hereunder. MOTOROLA shall, however, use reasonable efforts to provide to NEWCO, at NEWCO&#146;s expense, any IRIDIUM TECHNICAL INFORMATION reasonably requested by NEWCO which is not identified on Exhibit A hereto to the extent that MOTOROLA is legally entitled to do so. NEWCO understands and acknowledges that many elements of the IRIDIUM SYSTEM are neither designed nor manufactured by MOTOROLA, including certain components, assemblies, hardware components, and software programs (&#147;NON-MOTOROLA SOURCED IRIDIUM SYSTEM COMPONENTS&#148;). MOTOROLA shall not be required to provide enabling information regarding such NON-MOTOROLA SOURCED IRIDIUM SYSTEM COMPONENTS; provided, however, that MOTOROLA shall use reasonable efforts to provide any such enabling information to NEWCO at NEWCO&#146;s request and expense.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px">3.4.</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px"><U>CONFIDENTIALITY</U>. The parties are entering into a Non-Disclosure Agreement, contemporaneously herewith (the &#147;NDA&#148;), which is attached hereto as Exhibit B. The terms of the NDA are incorporated herein, and shall apply to &#147;Confidential Information&#148; (as defined in the NDA) that is exchanged pursuant to and during the term of this AGREEMENT. The provisions of the NDA are in addition to any other remedies available to either party in the event of a breach by the other. The terms and conditions of this AGREEMENT shall be considered Confidential Information to be treated in accordance with the terms of the NDA. Additionally, all IRIDIUM TECHNICAL INFORMATION disclosed to NEWCO hereunder or under the DEFINITIVE AGREEMENT shall be considered &#147;Confidential Information,&#148; to be treated in accordance with the terms of the NDA. Confidential Information exchanged pursuant to this AGREEMENT may be used only to accomplish the stated purposes of this AGREEMENT. Confidential Information exchanged pursuant to the DEFINITIVE AGREEMENT may be used only to accomplish the stated purposes of the DEFINITIVE AGREEMENT. The obligations in</P>
<P style="margin-top:0px; margin-bottom:13.333px"><BR>
<BR></P>
<P style="margin:0px; text-indent:310.867px">8</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px; page-break-before:always">the NDA regarding use and disclosure of Confidential Information shall survive termination of this AGREEMENT with respect to Confidential Information exchanged hereunder. Notwithstanding the provisions of the NDA regarding the term of protection of Confidential Information, with respect to the IRIDIUM TECHNICAL INFORMATION, the obligations in the NDA regarding use and nondisclosure of Confidential Information shall survive termination of this AGREEMENT for a period of ten (10) years. If this Agreement is terminated by MOTOROLA under Section 5.1.2., any IRIDIUM TECHNICAL INFORMATION previously transferred to NEWCO shall be promptly returned to MOTOROLA upon MOTOROLA&#146;s request.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px">4.</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px">REPRESENTATIONS; DISCLAIMERS.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px">4.1.</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px"><U>Limited Warranty</U>. MOTOROLA represents and warrants to NEWCO that it has not sold, transferred or granted an exclusive or sole license in any INTELLECTUAL PROPERTY RIGHTS necessary to OPERATE AND MAINTAIN the IRIDIUM SYSTEM or for NEWCO to otherwise enjoy the benefits of this AGREEMENT. To MOTOROLA&#146;s knowledge, no MOTOROLA INTELLECTUAL PROPERTY RIGHTS are owned or held by a SUBSIDIARY; provided, however, to the extent MOTOROLA INTELLECTUAL PROPERTY RIGHTS are owned or held by a SUBSIDIARY, MOTOROLA warrants that it has the right to grant the licenses contemplated hereby on behalf of such SUBSIDIARY or MOTOROLA otherwise agrees to obtain for NEWCO the necessary licenses to such MOTOROLA INTELLECTUAL PROPERTY RIGHTS consistent with the licenses granted herein.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px">4.2.</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px"><U>No Other Warranty</U>. EXCEPT AS PROVIDED IN SECTION 4.1, MOTOROLA MAKES NO WARRANTY REGARDING THE IRIDIUM TECHNICAL INFORMATION. MOTOROLA WILL NOT PROVIDE ANY UPDATES, ENHANCEMENTS, EXTENSIONS, SUPPORT, ASSISTANCE, INSTALLATION, TRAINING OR OTHER SERVICES EXCEPT AS EXPLICITLY PROVIDED IN THIS AGREEMENT. MOTOROLA SPECIFICALLY DISCLAIMS ANY IMPLIED WARRANTIES OF MERCHANTABILITY, NONINFRINGEMENT, AND FITNESS FOR A PARTICULAR PURPOSE.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px">4.3.</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px"><U>Limitation of Liability</U>. IN NO EVENT SHALL EITHER PARTY HAVE ANY LIABILITY TO THE OTHER PARTY OR ANY OTHER THIRD PARTY FOR ANY LOST PROFITS, LOST DATA, OR LOSS OF USE, OR FOR ANY INDIRECT, SPECIAL OR CONSEQUENTIAL OR PUNITIVE DAMAGES ARISING OUT OF THIS AGREEMENT, UNDER ANY CAUSE OF ACTION OR THEORY OF LIABILITY, AND IRRESPECTIVE OF WHETHER THAT PARTY HAS ADVANCE NOTICE OF THE POSSIBILITY OF SUCH DAMAGES. THESE LIMITATIONS SHALL APPLY NOTWITHSTANDING THE FAILURE OF THE ESSENTIAL PURPOSE OF ANY LIMITED REMEDY.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px">4.4.</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px"><U>Cap on Liability</U>.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:144px; text-indent:-48px">4.4.1.</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:144px">IN NO EVENT AND UNDER NO CIRCUMSTANCE SHALL MOTOROLA OR ANY SUBSIDIARY OF MOTOROLA BE LIABLE TO NEWCO OR ANYONE CLAIMING BY OR THROUGH NEWCO OR ANY THIRD PARTIES (INCLUDING, BUT NOT LIMITED TO, DIRECT OR INDIRECT CUSTOMERS OF NEWCO) IN AN AGGREGATE CUMULATIVE AMOUNT IN EXCESS OF U.S.$ 5,000,000 FOR ANY AND ALL COSTS, DAMAGES, CLAIMS OR LOSSES WHATSOEVER ARISING OUT OF OR RELATED TO THIS AGREEMENT OR ANY PROVISION HEREUNDER OR ANY OTHER CONTRACT BETWEEN MOTOROLA AND NEWCO RELATED TO </P>
<P style="margin-top:0px; margin-bottom:13.333px"><BR>
<BR></P>
<P style="margin:0px; text-indent:310.867px">9</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:144px; page-break-before:always">THE IRIDIUM SYSTEM, WHETHER PURSUED AS A BREACH (I.E. DEFAULT) OF THE AGREEMENT OR AS A TORT OR OTHER CAUSE OF ACTION, AND INCLUDING AN ACTION RELATING TO INDEMNIFICATION, IF ANY.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:144px; text-indent:-48px">4.4.2.</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:144px">IN NO EVENT AND UNDER NO CIRCUMSTANCE SHALL NEWCO BE LIABLE TO MOTOROLA OR ANY SUBSIDIARY OF MOTOROLA OR ANYONE CLAIMING BY OR THROUGH MOTOROLA, ANY SUCH SUBSIDIARY OR ANY THIRD PARTIES (INCLUDING, BUT NOT LIMITED TO, DIRECT OR INDIRECT CUSTOMERS OF OR VENDORS TO MOTOROLA) IN AN AGGREGATE CUMULATIVE AMOUNT IN EXCESS OF U.S.$ 5,000,000 FOR ANY AND ALL COSTS, DAMAGES, CLAIMS OR LOSSES WHATSOEVER ARISING OUT OF OR RELATED TO THIS AGREEMENT OR ANY PROVISION HEREUNDER OR ANY OTHER CONTRACT BETWEEN MOTOROLA AND NEWCO RELATED TO THE IRIDIUM SYSTEM, WHETHER PURSUED AS A BREACH (I.E. DEFAULT) OF THE AGREEMENT OR AS A TORT OR OTHER CAUSE OF ACTION, AND INCLUDING AN ACTION RELATING TO INDEMNIFICATION, IF ANY.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px">4.5.</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px">Except as provided in Section 4.1, nothing contained in this AGREEMENT shall be construed as:</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:144px; text-indent:-48px">4.5.1.</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:144px">restricting the right of MOTOROLA or any of its SUBSIDIARIES to make, use, sell, lease or otherwise dispose of any particular product or products;</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:144px; text-indent:-48px">4.5.2.</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:144px">an admission by NEWCO of, or a warranty or representation by MOTOROLA as to, the validity and/or scope of the MOTOROLA INTELLECTUAL PROPERTY RIGHTS, or a limitation on NEWCO to contest, in any proceeding, the validity and/or scope thereof;</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:144px; text-indent:-48px">4.5.3.</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:144px">an admission by MOTOROLA of, or a warranty or representation by NEWCO as to, the validity and/or scope of any INTELLECTUAL PROPERTY RIGHTS of NEWCO, or a limitation on MOTOROLA to contest, in any proceeding, the validity and/or scope thereof;</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:144px; text-indent:-48px">4.5.4.</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:144px">conferring any license or other right, by implication, estoppel or otherwise under any MOTOROLA INTELLECTUAL PROPERTY RIGHTS, except as expressly granted herein;</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:144px; text-indent:-48px">4.5.5.</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:144px">conferring any license or right with respect to any trademark, trade or brand name, a corporate name of either party or any of their respective SUBSIDIARIES, or any other name or mark, or contraction, abbreviation or simulation thereof;</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:144px; text-indent:-48px">4.5.6.</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:144px">imposing on MOTOROLA any obligation to institute any suit or action for infringement of any MOTOROLA INTELLECTUAL PROPERTY RIGHTS, or to defend any suit or action brought by a third party which challenges or concerns the validity of any MOTOROLA INTELLECTUAL PROPERTY RIGHTS;</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:144px; text-indent:-48px">4.5.7.</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:144px">a warranty or representation by MOTOROLA that the use of the IRIDIUM TECHNICAL INFORMATION as contemplated herein, or the OPERATION AND MAINTENANCE of the IRIDIUM SYSTEM, or any sale, lease or other disposition IRIDIUM SERVICES or the LICENSED LBT-BASED PRODUCTS or any other products or services will be free from infringement of any INTELLECTUAL PROPERTY RIGHTS;</P>
<P style="margin-top:0px; margin-bottom:13.333px"><BR>
<BR></P>
<P style="margin:0px; text-indent:310.867px">10</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="margin-top:0px; margin-bottom:-16px; padding-left:144px; text-indent:-48px; page-break-before:always">4.5.8.</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:144px">imposing on either party any obligation to file any patent application or to secure any INTELLECTUAL PROPERTY RIGHTS or maintain any INTELLECTUAL PROPERTY RIGHTS in force; or</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:144px; text-indent:-48px">4.5.9.</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:144px">an obligation on either party to furnish any manufacturing or technical information under this AGREEMENT, except as the same is specifically provided for herein.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px">5.</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px">GENERAL.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px">5.1.</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px"><U>Term and Termination</U>.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:144px; text-indent:-48px">5.1.1.</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:144px"><U>Term</U>. This AGREEMENT shall be effective upon the date hereof and shall continue in force thereafter, unless terminated sooner by (i) the terms of this AGREEMENT or the DEFINITIVE AGREEMENT or (ii) the mutual agreement of the parties (the &#147;TERM&#148;).</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:144px; text-indent:-48px">5.1.2.</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:144px"><U>Termination for Cause</U>. Either party shall have the right to terminate this AGREEMENT by giving written notice to the other party at any time upon or after:</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:206.4px; text-indent:-62.4px">5.1.2.1.</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:206.4px">the commencement by such other party of a voluntary proceeding concerning itself under any bankruptcy or insolvency law; or the commencement of any involuntary proceeding against such other party under any bankruptcy or insolvency law where a petition has not been dismissed within one hundred and twenty (120) calendar days after commencement; or a receiver or custodian is appointed for or takes charge of all or substantially all of the property of such other party and such receiver or custodian has not been dismissed within ninety (90) calendar days; or such other party has taken action toward winding up, dissolution, or liquidation of its business; or such other party has been adjudicated bankrupt or insolvent; or such other party has made a general assignment for the benefit of creditors; or</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:206.4px; text-indent:-62.4px">5.1.2.2.</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:206.4px">material failure of such other party to perform or comply with a provision of this AGREEMENT and such failure continues unremedied for a period of thirty (30) calendar days or more following notice from the non-breaching party of such failure. For the avoidance of doubt, if NEWCO defaults in any material respect in the performance of any of its obligations to MOTOROLA under this AGREEMENT or the DEFINITIVE AGREEMENT or any of the agreements arising therefrom, and if NEWCO fails to remedy any such default within thirty (30) days after written notice of such default by MOTOROLA, MOTOROLA may, at its option, immediately terminate this AGREEMENT and the rights and licenses granted herein by providing NEWCO notice in writing to such effect.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px">5.2.</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px"><U>Survival</U>. Upon expiration or termination of this AGREEMENT, all obligations and duties that specifically extend beyond the expiration date shall survive, and the following rights and obligations shall survive any termination of this AGREEMENT to the degree necessary to permit their complete fulfillment or discharge:</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px">Obligations of confidentiality; and</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px">Licenses running in favor of customers of NEWCO with respect to products sold or services provided prior to termination.</P>
<P style="margin-top:0px; margin-bottom:13.333px"><BR>
<BR></P>
<P style="margin:0px; text-indent:310.867px">11</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px; page-break-before:always">5.3.</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px"><U>Notices and Requests</U>. All notices required or permitted to be given under this AGREEMENT shall be in writing, shall make reference to this AGREEMENT, and shall be delivered by hand, confirmed email or facsimile transmission, or dispatched by prepaid air courier or by registered or certified airmail, postage prepaid, and addressed to the parties at the address listed in the opening paragraph of this AGREEMENT. All notices shall be deemed served when verification of delivery has been received, as required by this Section. Either party may give written notice of a change of address and, after notice of such change has been received, any notice or request shall thereafter be given to such party at the changed address.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px">5.4.</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px"><U>Governing Law</U>. Any claim arising under or relating to this AGREEMENT shall be governed by the internal substantive laws of the State of Illinois or federal courts located in Illinois, without regard to principles of conflict of laws, and the parties agree to submit to the jurisdiction of Illinois courts or federal courts located in the State of Illinois.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px">5.5.</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px"><U>Export</U>. NEWCO shall not export, either directly or indirectly, any IRIDIUM TECHNICAL INFORMATION or system or product incorporating the IRIDIUM TECHNICAL INFORMATION without first obtaining any required license or other approval from the U.S. Department of Commerce or any other agency or department of the United States Government. In the event NEWCO exports any such materials from the United States or re-exports any such materials from a foreign destination, NEWCO shall ensure that the distribution and export/re-export is in compliance with all laws, regulations, orders, or other restrictions of the U.S. Export Administration Regulations. NEWCO agrees that it will not, nor will it allow others to, export/re-export any technical data, process, IRIDIUM TECHNICAL INFORMATION, other information provided hereunder, or service, directly or indirectly, to any country for which the United States government or any agency thereof requires an export license, other governmental approval, or letter of assurance, without first obtaining such license, approval or letter and without first obtaining MOTOROLA&#146;S approval. MOTOROLA shall provide such assistance as NEWCO may reasonably request from time to time, at no cost to MOTOROLA, to assist NEWCO in obtaining any such export licenses from the United States Government.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px">5.6.</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px"><U>Assignment</U>. This AGREEMENT shall be binding upon the parties and their respective successors and assigns. Neither party may assign any or all of its rights or obligations under this AGREEMENT or the NDA, in whole or in part, without the express written consent of the other party to this AGREEMENT, except that (i) MOTOROLA may assign this AGREEMENT and the NDA to a SUBSIDIARY or a successor corporation, and (ii) NEWCO may assign or otherwise transfer this AGREEMENT and the NDA to a SUBSIDIARY or in connection with any merger, consolidation or sale of all or substantially all its assets to which it is a party.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px">5.7.</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px"><U>Severability</U>. If any one or more provisions of this AGREEMENT is held for any reason to be invalid or unenforceable, the remaining provisions of this AGREEMENT will be unimpaired and the parties shall use good faith to negotiate a substitute, valid and enforceable provision that most nearly effects the parties&#146; intention underlying the invalid or unenforceable provision.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px">5.8.</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px"><U>Order of Precedence</U>. In the event of any conflict between the terms and conditions of this </P>
<P style="margin-top:0px; margin-bottom:13.333px"><BR>
<BR></P>
<P style="margin:0px; text-indent:310.867px">12</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px; page-break-before:always">AGREEMENT and the DEFINITIVE AGREEMENT, the terms of this AGREEMENT shall govern.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px">5.9.</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px"><U>Waiver and Modification</U>. Failure by either party to enforce any provision of this AGREEMENT shall not be deemed a waiver of future enforcement of that or any other provision. Any waiver, amendment or other modification of any provision of this AGREEMENT shall be effective only if in writing and signed by both parties.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px">5.10.</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px"><U>Relationship of the Parties</U>. Nothing in this AGREEMENT shall be construed as creating any partnership, joint venture, or agency between the parties. This AGREEMENT is the result of negotiation between the parties. The parties acknowledge that they have been represented by counsel during such negotiation. Accordingly, this AGREEMENT shall not be construed for or against either party regardless of which party drafted this AGREEMENT or any portion thereof.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px">5.11.</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px"><U>Entire Agreement</U>. The terms and conditions of this AGREEMENT, including its exhibits, constitutes the entire agreement between the parties with respect to the subject matter of this AGREEMENT, and merges and supersedes all prior and contemporaneous agreements, understandings, negotiations and discussions. The section headings contained in this AGREEMENT are for reference purposes only and shall not affect in any way the meaning or interpretation of this AGREEMENT. No oral explanation or oral information by either party shall alter the meaning or interpretation of this AGREEMENT. This AGREEMENT may be executed in two or more counterparts, all of which, taken together, shall be regarded as one and the same instrument. The following exhibits are attached hereto and incorporated herein:</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px">Exhibit A </P>
<P style="margin:0px; padding-left:48px; text-indent:96px">IRIDIUM TECHNICAL INFORMATION</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px">Exhibit B </P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px; text-indent:96px">NONDISCLOSURE AGREEMENT</P>
<P style="margin-top:0px; margin-bottom:13.333px">In witness of their agreement, the parties have caused this binding AGREEMENT to be executed below by their authorized representatives.</P>
<TABLE style="font-size:10pt" cellspacing=0><TR style="font-size:0"><TD width=295.067></TD><TD width=48.933></TD><TD width=294.4></TD></TR>
<TR><TD valign=top width=295.067><P style="margin:0px"><B>MOTOROLA, INC.</B></P>
</TD><TD valign=top width=48.933><P>&nbsp;</P></TD><TD valign=top width=294.4><P style="margin:0px"><B>IRIDIUM SATELLITE LLC</B></P>
</TD></TR>
<TR><TD valign=top width=295.067><P>&nbsp;</P></TD><TD valign=top width=48.933><P>&nbsp;</P></TD><TD valign=top width=294.4><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=295.067><P>&nbsp;</P></TD><TD valign=top width=48.933><P>&nbsp;</P></TD><TD valign=top width=294.4><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=295.067><P style="margin:0px">/s/ J.W. Schaffner</P>
</TD><TD valign=top width=48.933><P>&nbsp;</P></TD><TD valign=top width=294.4><P style="margin:0px">/s/ Dan Colussy</P>
</TD></TR>
<TR><TD valign=top width=295.067><P style="margin:0px; font-size:5pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
</TD><TD valign=top width=48.933><P>&nbsp;</P></TD><TD valign=top width=294.4><P style="margin:0px; font-size:5pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
</TD></TR>
<TR><TD valign=top width=295.067><P style="margin:0px">Signature</P>
</TD><TD valign=top width=48.933><P>&nbsp;</P></TD><TD valign=top width=294.4><P style="margin:0px">Signature</P>
</TD></TR>
<TR><TD valign=top width=295.067><P>&nbsp;</P></TD><TD valign=top width=48.933><P>&nbsp;</P></TD><TD valign=top width=294.4><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=295.067><P>&nbsp;</P></TD><TD valign=top width=48.933><P>&nbsp;</P></TD><TD valign=top width=294.4><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=295.067><P style="margin:0px">J.W. Schaffner</P>
</TD><TD valign=top width=48.933><P>&nbsp;</P></TD><TD valign=top width=294.4><P style="margin:0px">Dan Colussy</P>
</TD></TR>
<TR><TD valign=top width=295.067><P style="margin:0px; font-size:5pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
</TD><TD valign=top width=48.933><P>&nbsp;</P></TD><TD valign=top width=294.4><P style="margin:0px; font-size:5pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
</TD></TR>
<TR><TD valign=top width=295.067><P style="margin:0px">Printed Name</P>
</TD><TD valign=top width=48.933><P>&nbsp;</P></TD><TD valign=top width=294.4><P style="margin:0px">Printed Name</P>
</TD></TR>
<TR><TD valign=top width=295.067><P>&nbsp;</P></TD><TD valign=top width=48.933><P>&nbsp;</P></TD><TD valign=top width=294.4><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=295.067><P>&nbsp;</P></TD><TD valign=top width=48.933><P>&nbsp;</P></TD><TD valign=top width=294.4><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=295.067><P style="margin:0px">Senior Vice President &amp; Director of Corporate Development</P>
</TD><TD valign=top width=48.933><P>&nbsp;</P></TD><TD valign=top width=294.4><P style="margin:0px">Chairman</P>
</TD></TR>
<TR><TD valign=top width=295.067><P style="margin:0px; font-size:5pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
</TD><TD valign=top width=48.933><P>&nbsp;</P></TD><TD valign=top width=294.4><P style="margin:0px; font-size:5pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
</TD></TR>
<TR><TD valign=top width=295.067><P style="margin:0px">Title</P>
</TD><TD valign=top width=48.933><P>&nbsp;</P></TD><TD valign=top width=294.4><P style="margin:0px">Title</P>
</TD></TR>
<TR><TD valign=top width=295.067><P>&nbsp;</P></TD><TD valign=top width=48.933><P>&nbsp;</P></TD><TD valign=top width=294.4><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=295.067><P>&nbsp;</P></TD><TD valign=top width=48.933><P>&nbsp;</P></TD><TD valign=top width=294.4><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=295.067><P style="margin:0px">December 11, 2000</P>
</TD><TD valign=top width=48.933><P>&nbsp;</P></TD><TD valign=top width=294.4><P style="margin:0px">December 11, 2000</P>
</TD></TR>
<TR><TD valign=top width=295.067><P style="margin:0px; font-size:5pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
</TD><TD valign=top width=48.933><P>&nbsp;</P></TD><TD valign=top width=294.4><P style="margin:0px; font-size:5pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
</TD></TR>
<TR><TD valign=top width=295.067><P style="margin:0px">Date</P>
</TD><TD valign=top width=48.933><P>&nbsp;</P></TD><TD valign=top width=294.4><P style="margin:0px">Date</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px; text-indent:310.867px">13</P>
<P style="margin:0px"><BR></P>
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<DOCUMENT>
<TYPE>EX-10.4
<SEQUENCE>18
<FILENAME>licensedesignclosingdocument.htm
<DESCRIPTION>EXHIBIT 10.4
<TEXT>
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<TITLE>License Design (Closing Documents)</TITLE>
<META NAME="date" CONTENT="09/26/2009">
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<DIV style="width:624px"><P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt" align=right>Exhibit 10.4</P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=center><B>SUBSCRIBER EQUIPMENT TECHNOLOGY AGREEMENT</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt" align=center><B>(Design)</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:48px; font-size:11pt">This Subscriber Equipment Technology Agreement (&#147;AGREEMENT&#148;) is effective as of September 30, 2002 by and between Motorola Inc., a Delaware corporation, acting though its Commercial Government Industrial Solutions Sector, with principal offices located at 1303 East Algonquin Road, Schaumburg, IL 60196 (&#147;MOTOROLA&#148;), and SE Licensing LLC, a Delaware limited liability company, with offices located at 1600 Wilson Boulevard, Suite 1000, Arlington, VA 22209 (&#147;SEL&#148;). MOTOROLA and SEL may be referred to individually as &#147;party&#148; and jointly as the &#147;parties.&#148;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt" align=center><B>BACKGROUND</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:48px; font-size:11pt">WHEREAS, MOTOROLA has valuable technology, including but not limited to computer software, know-how and experience with respect to the design, manufacture and testing of subscriber equipment that operates on the Iridium system; and</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:48px; font-size:11pt">WHEREAS, MOTOROLA has been performing certain tasks related to furnishing Iridium subscriber handset products and accessories to Iridium Satellite LLC (&#147;ISLLC&#148;) pursuant to Section 5 of the Transition Services, Products and Asset Agreement (as amended, supplemented or otherwise modified from time to time, &#147;TRANSITION AGREEMENT&#148;) dated as of 11 December 2000 and signed by MOTOROLA, Iridium Holdings LLC and ISLLC; and</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:48px; font-size:11pt">WHEREAS, MOTOROLA and SEL mutually desire to enter into a non-exclusive license agreement under which MOTOROLA would grant to SEL certain rights in and to the SUBSCRIBER EQUIPMENT DESIGN INFORMATION defined herein and based on the terms and conditions set forth herein;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:48px; font-size:11pt">NOW, THEREFORE, in consideration of the mutual covenants and undertakings set out herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, MOTOROLA and SEL agree as follows:</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt" align=center><B>AGREEMENT</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-family:Times New Roman Bold; font-size:11pt" align=center><B>ARTICLE I.&#160;&#160;DEFINITIONS</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:96px; font-size:11pt">Capitalized terms used in this AGREEMENT have the meanings set forth in the Background section of this AGREEMENT or as defined elsewhere in this AGREEMENT.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">Section 1.1</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt">&#147;AFFILIATE&#148; means, with respect to any PERSON, a PERSON that, directly or indirectly is controlled by, controls, or is under common control with such PERSON. As used in the preceding sentence, &#147;control&#148; shall mean and include, but not necessarily be limited to, (i) the ownership of 10% or more of the voting securities or other voting interests of any PERSON, or (ii) the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such PERSON, whether through the ownership of voting securities, by contract or otherwise.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">Section 1.2</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt">&#147;AUTHORIZED TRANSFEROR&#148; means Gary Dindia, Eric Ravn-Hansen, Dan Strong or any other MOTOROLA employee designated as an AUTHORIZED TRANSFEROR in writing to SEL by Robert J. McCall.</P>
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<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">Section 1.3</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt">&#147;DUAL MODE EQUIPMENT&#148; means SUBSCRIBER EQUIPMENT that is operable in both a satellite communications mode and a terrestrial communications mode.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">Section 1.4</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt">&#147;INTELLECTUAL PROPERTY CLAIM&#148; means an intellectual property claim against MOTOROLA or an AFFILIATE of MOTOROLA relating in any way to the IRIDIUM SYSTEM, the MOTOROLA INTELLECTUAL PROPERTY RIGHTS (as defined in this AGREEMENT or as defined in the IPR AGREEMENT), the IRIDIUM TECHNICAL INFORMATION (as defined in the IPR AGREEMENT), the SUBSCRIBER EQUIPMENT DESIGN INFORMATION, or any other technology, products or information licensed or provided in accordance with this AGREEMENT or the IPR AGREEMENT.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">Section 1.5</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt">&#147;INTELLECTUAL PROPERTY RIGHTS&#148; means copyrights, patents (other than design patents), database rights and trade secret rights, including any registrations and applications with respect to any of the foregoing. INTELLECTUAL PROPERTY RIGHTS does not include rights in design patents, trademarks, trade dress or registerable industrial designs and the like rights involving trade identity.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">Section 1.6</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt">&#147;IPR AGREEMENT&#148; means the Intellectual Property Rights Agreement dated 11 December, 2000, entered into by MOTOROLA and ISLLC.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">Section 1.7</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt">&#147;IRIDIUM SUBSCRIBER EQUIPMENT&#148; means only the Satellite Series Model 9505 version of the L-Band Transceiver (LBT), the Satellite Series Model 9505 portable unit or the Satellite Series Model 9520 mobile unit, as applicable.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">Section 1.8</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt">&#147;IRIDIUM SYSTEM&#148; means the completely integrated satellite-based digitally-switched first generation telecommunication system once owned by Iridium Operating LLC and acquired by ISLLC as of 11 December 2000. This term includes added spare satellites and repaired or replaced components of the SPACE SEGMENT, SYSTEM CONTROL SEGMENT and GATEWAY SEGMENT (as each are defined in the IPR AGREEMENT). IRIDIUM SYSTEM also includes (i) any upgraded, enhanced, or additional computer software incorporated into the SPACE SEGMENT, SYSTEM CONTROL SEGMENT, GATEWAY SEGMENT or other components of the IRIDIUM SYSTEM other than SUBSCRIBER EQUIPMENT; (ii) any upgraded, enhanced, or additional hardware components of the GATEWAY SEGMENT; and (iii) those upgraded, enhanced, or additional hardware components of the SPACE SEGMENT or the SYSTEM CONTROL SEGMENT that are not significantly modified from their original form. IRIDIUM SYSTEM does not include and shall in no event be interpreted to include (i) any SUBSCRIBER EQUIPMENT, (ii) a SECOND GENERATION IRIDIUM SYSTEM or any other satellite system; or (iii) any TERRESTRIAL WIRELESS SYSTEM(S) or any SUBSCRIBER EQUIPMENT or other equipment for use in connection with any TERRESTRIAL WIRELESS SYSTEM.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">Section 1.9</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt">&#147;MANUFACTURING LICENSE AGREEMENT&#148; means that certain Subscriber Equipment Technology Agreement (Manufacturing) dated as of even date herewith, by and between MOTOROLA and SEL.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">Section 1.10</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt">&#147;MOTOROLA INTELLECTUAL PROPERTY RIGHTS&#148; means the INTELLECTUAL PROPERTY RIGHTS owned by MOTOROLA arising out of SUBSCRIBER EQUIPMENT DESIGN INFORMATION. MOTOROLA INTELLECTUAL PROPERTY RIGHTS includes rights or licenses which MOTOROLA has received from its AFFILIATES and from unaffiliated third parties, but only to the extent that (i) such rights or licenses are necessary for the manufacture of IRIDIUM SUBSCRIBER EQUIPMENT, (ii) MOTOROLA has the right to grant to SEL rights and licenses under such AFFILIATE&#146;S or third party&#146;s INTELLECTUAL PROPERTY RIGHTS without cost to MOTOROLA or, if there is a cost, such cost is paid by SEL, and (iii) SEL has obtained the necessary </P>
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<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt">consents pursuant to Section 2.7. MOTOROLA INTELLECTUAL PROPERTY RIGHTS specifically excludes any INTELLECTUAL PROPERTY RIGHTS relating to TERRESTRIAL WIRELESS SYSTEMS, automotive technologies, two-way radios and systems, semiconductor manufacturing, semiconductor structures, or semiconductor manufacturing processes.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">Section 1.11</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt">Intentionally Omitted.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">Section 1.12</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt">&#147;PERSON&#148; means an individual, corporation, partnership, limited liability company, unincorporated association, trust, joint venture or other organization or entity, including any nation or government, foreign or domestic, any state or other political subdivision thereof and any agency or other entity exercising executive, legislative, judicial, regulatory or administrative functions of government, including, without limitation, all taxing authorities.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">Section 1.13</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt">&#147;SATELLITE SUBSCRIBER EQUIPMENT&#148; means, collectively and individually, IRIDIUM SUBSCRIBER EQUIPMENT and other SUBSCRIBER EQUIPMENT that is operable on the IRIDIUM SYSTEM. SATELLITE SUBSCRIBER EQUIPMENT specifically excludes any SUBSCRIBER EQUIPMENT that is operable on a TERRESTRIAL WIRELESS SYSTEM.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">Section 1.14</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt">&#147;SECOND GENERATION IRIDIUM SYSTEM&#148; means (i) a complete satellite system that replaces in full the SPACE SEGMENT (as defined in the IPR AGREEMENT) of the existing, first generation IRIDIUM SYSTEM or that uses an air interface different from that described in Air Interface Specification document, SPC-E-0003.SYS; or (ii) a satellite system that does not completely replace the SPACE SEGMENT of the existing, first generation IRIDIUM SYSTEM but comprises a derivative of the existing, first generation IRIDIUM SYSTEM that includes upgraded or enhanced hardware components that are significantly modified from their original form.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">Section 1.15</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt">&#147;SUBSCRIBER EQUIPMENT&#148; means, collectively and individually, voice subscriber terminals (whether or not data capable) and paging equipment.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">Section 1.16</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt">&#147;SUBSCRIBER EQUIPMENT DESIGN INFORMATION&#148; means TECHNICAL INFORMATION but only to the extent that such TECHNICAL INFORMATION is: (i) within MOTOROLA&#146;s possession or control and reasonably available for transfer; (ii) capable of being provided by MOTOROLA to SEL without violation of any law or contractual obligation; (iii) capable of being provided by MOTOROLA to SEL without impeding MOTOROLA&#146;s rights and licenses to continue to use the same (to the extent MOTOROLA desires to continue to use the same) and without incurring any cost to MOTOROLA (or if there is such a cost, such cost is paid by SEL); and (iv) provided by MOTOROLA to SEL as evidenced by a distribution letter from an AUTHORIZED TRANSFEROR in substantially the form attached hereto as Exhibit A-1. Subject to the foregoing, SUBSCRIBER EQUIPMENT DESIGN INFORMATION shall include the information and materials identified in Exhibit A-2.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">Section 1.17</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt">&#147;TECHNICAL INFORMATION&#148; means information and material, including confidential and trade secret information (in whatever form) and computer software, developed by or on behalf of MOTOROLA&#146;s Personal Communications Sector or other commercial business units relating to SATELLITE SUBSCRIBER EQUIPMENT.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">Section 1.18</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt">&#147;TERM&#148; shall have the meaning set forth in Section 7.1.1.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">Section 1.19</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt">&#147;TERRESTRIAL WIRELESS SYSTEM(S)&#148; means any terrestrial wireless communication system or equipment not incidental to a space-based commercial satellite communication system and any service provided using such a system or equipment. For the avoidance of doubt, </P>
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<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt">TERRESTRIAL WIRELESS SYSTEM(S) specifically includes any equipment compatible with air interfaces for any of the following terrestrial wireless communication systems: IS-95 (CDMA), IS-136 (US TDMA), GSM, W-CDMA, CDMA2000 and iDen and future generations or evolutions of such systems.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-family:Times New Roman Bold; font-size:11pt" align=center><B>ARTICLE II.&#160;&#160;GRANTS</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">Section 2.1</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt">License.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:48px; font-size:11pt">2.1.1</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; text-indent:96px; font-size:11pt">MOTOROLA grants to SEL a non-exclusive, non-transferable, worldwide license under MOTOROLA INTELLECTUAL PROPERTY RIGHTS during the TERM to use and modify the SUBSCRIBER EQUIPMENT DESIGN INFORMATION solely to design, make and use SATELLITE SUBSCRIBER EQUIPMENT for use solely in connection with the IRIDIUM SYSTEM. If ISLLC or Iridium Constellation LLC (&#147;ICLLC&#148;) deploys a SECOND GENERATION IRIDIUM SYSTEM that is backwards compatible with the SATELLITE SUBSCRIBER EQUIPMENT designed, made and used pursuant to the license of this Section 2.1.1, the license of this Section 2.1.1 further includes the use of such SATELLITE SUBSCRIBER EQUIPMENT solely in connection with such SECOND GENERATION IRIDIUM SYSTEM.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:48px; font-size:11pt">2.1.2</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; text-indent:96px; font-size:11pt">SEL shall not have the right to sell, import or otherwise market SATELLITE SUBSCRIBER EQUIPMENT under this AGREEMENT. Effective upon (a) ISLLC accepting delivery of and paying in full for all subscriber products manufactured by or on behalf of MOTOROLA for ISLLC pursuant to the TRANSITION AGREEMENT (the &#147;PURCHASE COMPLETION DATE&#148;) and (b) SEL demonstrating an engineering prototype of SATELLITE SUBSCRIBER EQUIPMENT designed pursuant to the license of Section 2.1.1, such SATELLITE SUBSCRIBER EQUIPMENT shall be deemed to be &#147;DESIGNED EQUIPMENT&#148; under the MANUFACTURING LICENSE AGREEMENT and the sale, importation or marketing thereof shall be governed by the relevant provisions of the MANUFACTURING LICENSE AGREEMENT.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:48px; font-size:11pt">2.1.3</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:96px; font-size:11pt">(1)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; text-indent:144px; font-size:11pt">MOTOROLA grants to SEL a non-exclusive, non-transferable worldwide license under MOTOROLA INTELLECTUAL PROPERTY RIGHTS during the TERM to use and modify the SUBSCRIBER EQUIPMENT DESIGN INFORMATION solely to modify the software and firmware contained in IRIDIUM SUBSCRIBER EQUIPMENT manufactured by or on behalf of MOTOROLA for ISLLC for use solely in connection with the IRIDIUM SYSTEM and to sell and otherwise market such modified IRIDIUM SUBSCRIBER EQUIPMENT.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:96px; text-indent:48px; font-size:11pt">(b)&#160;&#160;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:96px; text-indent:96px; font-size:11pt">SEL acknowledges and agrees that in the event that SEL modifies or has modified any IRIDIUM SUBSCRIBER EQUIPMENT or any Satellite Series Model 9500 equipment manufactured by or on behalf of MOTOROLA (whether through modification of or to SUBSCRIBER EQUIPMENT DESIGN INFORMATION or otherwise), notwithstanding anything herein or in any materials delivered with the IRIDIUM SUBSCRIBER EQUIPMENT or the Satellite Series Model 9500 equipment to the contrary, all warranties offered by MOTOROLA covering such modified IRIDIUM SUBSCRIBER EQUIPMENT or Satellite Series Model 9500 equipment shall terminate immediately upon such modification. In furtherance of the foregoing, SEL covenants and agrees that it will indemnify, defend, protect and hold harmless MOTOROLA from and against all losses, damages, liabilities, actions, suits, proceedings, demands, assessments, adjustments, costs and expenses (including reasonable attorneys&#146; fees and expenses of investigation) incurred by MOTOROLA as a result of or arising from any warranty claim </P>
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<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:96px; font-size:11pt">asserted by any PERSON relating to any modified IRIDIUM SUBSCRIBER EQUIPMENT or modified Satellite Series Model 9500 equipment.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:48px; font-size:11pt">2.1.4</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; text-indent:96px; font-size:11pt">MOTOROLA grants to SEL a non-exclusive, non-transferable, worldwide license under MOTOROLA INTELLECTUAL PROPERTY RIGHTS during the TERM and subject to the confidentiality provisions herein, to reproduce, modify and prepare derivative works of documents and software constituting part of the SUBSCRIBER EQUIPMENT DESIGN INFORMATION solely in connection with the exercise of the rights granted in Sections 2.1.1, 2.1.2, 2.1.3 and 2.1.5.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:48px; font-size:11pt">2.1.5</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; text-indent:96px; font-size:11pt">MOTOROLA grants to SEL a non-exclusive, non-transferable, worldwide license under MOTOROLA INTELLECTUAL PROPERTY RIGHTS during the TERM and subject to the conditions set forth below, to use and modify the SUBSCRIBER EQUIPMENT DESIGN INFORMATION solely to design, make and use DUAL MODE EQUIPMENT for use solely in connection with the IRIDIUM SYSTEM. If ISLLC or ICLLC deploys a SECOND GENERATION IRIDIUM SYSTEM that is backwards compatible with the DUAL MODE EQUIPMENT designed, made and used pursuant to the license of this Section 2.1.5, the license of this Section 2.1.5 further includes the use of such DUAL MODE EQUIPMENT solely in connection with such SECOND GENERATION IRIDIUM SYSTEM. SEL shall not have the right to sell, import or otherwise market DUAL MODE EQUIPMENT under this AGREEMENT. Effective upon (a) the PURCHASE COMPLETION DATE and (b) SEL demonstrating an engineering prototype of DUAL MODE EQUIPMENT designed pursuant to the license of this Section 2.1.5, such DUAL MODE EQUIPMENT shall be deemed to be &#147;DESIGNED EQUIPMENT&#148; under the MANUFACTURING LICENSE AGREEMENT and the sale, importation or marketing thereof shall be governed by the relevant provisions of the MANUFACTURING LICENSE AGREEMENT.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:96px; text-indent:48px; font-size:11pt">(a)&#160;&#160;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:96px; text-indent:96px; font-size:11pt">The license of this Section 2.1.5 is limited to use of the SUBSCRIBER EQUIPMENT DESIGN INFORMATION (or permitted modifications thereof) solely on the satellite portion and common interface portions (such as the display) of such DUAL MODE EQUIPMENT.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:96px; text-indent:48px; font-size:11pt">(b)&#160;&#160;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:96px; text-indent:96px; font-size:11pt">Notwithstanding any other provision of this AGREEMENT, SEL acknowledges and agrees that it cannot and will not disclose any SUBSCRIBER EQUIPMENT DESIGN INFORMATION or other MOTOROLA Confidential Information to any PERSON (or any employees of any PERSON that is not an individual) it desires to employ, work with, or contract with for the design, manufacture, use, sale, importation or marketing of DUAL MODE EQUIPMENT prior to providing MOTOROLA notice of such PERSON and the information sought to be disclosed and receiving MOTOROLA&#146;S written approval to disclose the requested information to the identified PERSON (and any employees of such PERSON if such PERSON is not an individual). MOTOROLA, in its sole discretion, has the right to withhold approval to disclose any or all SUBSCRIBER EQUIPMENT DESIGN INFORMATION or other MOTOROLA Confidential Information to any PERSON.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:96px; text-indent:48px; font-size:11pt">(c)&#160;&#160;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:96px; text-indent:96px; font-size:11pt">SEL acknowledges that the license of this Section 2.1.5 is not a license to MOTOROLA intellectual property or under MOTOROLA proprietary rights relating to TERRESTRIAL WIRELESS SYSTEMS and that SEL may require additional licenses from MOTOROLA or others for the design, manufacture, use, sale, importation or marketing of DUAL MODE EQUIPMENT.</P>
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<P style="line-height:13pt; margin:0px; text-indent:310.867px; font-size:11pt">5</P>
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<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">Section 2.2</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt">Subject to MOTOROLA&#146;s prior written approval reasonably exercised and subject to MOTOROLA&#146;s rights and SEL&#146;s obligations set forth in Section 2.3, the licenses of Section 2.1 include the right for SEL (but not for sublicensees, if any) to have made, have reproduced and have prepared derivative works and the right to grant sublicenses (of no greater scope than that which is granted to SEL under this AGREEMENT and with no right to grant further sublicenses). MOTOROLA may withhold its approval of a potential sublicensee if in MOTOROLA&#146;s sole discretion MOTOROLA believes such potential sublicensee to be a direct competitor (or an affiliate of a direct competitor) of MOTOROLA or any of its businesses; provided, however, that if a PERSON is a direct competitor (or an affiliate of a direct competitor) of MOTOROLA solely as a result of the license granted to MOTOROLA by SEL pursuant to Section 2.8 below, such PERSON shall not be deemed a direct competitor (or an affiliate of a direct competitor) of MOTOROLA for purposes of this Section 2.2. SEL acknowledges and agrees that MOTOROLA&#146;s withholding of approval of a potential sublicensee based on such potential sublicensee being a direct competitor (or an affiliate of a direct competitor) of MOTOROLA is a reasonable exercise of MOTOROLA&#146;s discretion under this Section 2.2.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">Section 2.3</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt">MOTOROLA expressly reserves the right to terminate SEL&#146;s right to have made, have reproduced and have prepared derivative works and SEL&#146;s right to grant sublicenses immediately with respect to a PERSON operating thereunder if such PERSON files a lawsuit or commences an arbitration or other formal proceeding that asserts an INTELLECTUAL PROPERTY CLAIM against MOTOROLA or any of its AFFILIATES. If MOTOROLA receives notice of a potential INTELLECTUAL PROPERTY CLAIM from an entity operating under SEL&#146;s rights or under an SEL sublicense in accordance with this AGREEMENT, MOTOROLA will promptly notify SEL of the potential termination of the applicable license and right with respect to the claiming PERSON. SEL agrees to include in any exercise of its rights and in any sublicense grant, the express condition that the right or sublicense terminates immediately upon SEL&#146;s receipt of notice from MOTOROLA that SEL&#146;s applicable right or license is terminated.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">Section 2.4</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt">For the avoidance of doubt, the licenses granted under this Article 2 are limited to the use and modification of SUBSCRIBER EQUIPMENT DESIGN INFORMATION in connection with SATELLITE SUBSCRIBER EQUIPMENT and DUAL MODE EQUIPMENT for use on the IRIDIUM SYSTEM (and a SECOND GENERATION IRIDIUM SYSTEM solely to the extent permitted under Sections 2.1.1, 2.1.2 and 2.1.5) and do not extend to the use and modification of SUBSCRIBER EQUIPMENT DESIGN INFORMATION in connection with any other fields, such as but not limited to, the cellular subscriber equipment not incidental to a space-based commercial satellite communication system, semiconductor, two-way radio or automotive fields. For the further avoidance of doubt, the licenses granted under this Article 2 do not extend to, encompass, or otherwise apply to any equipment or portion of equipment (except as specifically prescribed in Section 2.1.5) compatible with air interfaces for any of the following wireless communication systems: IS-95 (CDMA), IS-136 (US TDMA), GSM, W-DMA, CDMA2000 iDen or future generations or evolutions of such systems. The parties acknowledge that the foregoing limitations do not prohibit SEL from mounting or otherwise integrating SATELLITE SUBSCRIBER EQUIPMENT designed, made and used pursuant to the licenses granted under this Article 2 into any transportation equipment or fixed assets.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">Section 2.5</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt"><U>Ownership of MOTOROLA INTELLECTUAL PROPERTY RIGHTS and SUBSCRIBER EQUIPMENT DESIGN INFORMATION</U>. MOTOROLA retains all right, title and interest in and to the MOTOROLA INTELLECTUAL PROPERTY RIGHTS and the SUBSCRIBER EQUIPMENT DESIGN INFORMATION. This AGREEMENT does not and shall not be interpreted to grant SEL any rights (i) to utilize MOTOROLA INTELLECTUAL PROPERTY RIGHTS or the SUBSCRIBER EQUIPMENT DESIGN INFORMATION in any manner other than as expressly stated herein; or (ii) to make, sell, lease, or otherwise dispose of any SUBSCRIBER EQUIPMENT or any other </P>
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<P style="line-height:13pt; margin:0px; text-indent:310.867px; font-size:11pt">6</P>
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<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt">products or services for use in connection with TERRESTRIAL WIRELESS SYSTEMS except as expressly stated herein.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">Section 2.6</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt">The licenses granted under this Article 2 are royalty-free; provided, however, that any SATELLITE SUBSCRIBER EQUIPMENT designed pursuant to the licenses granted under this Article 2 shall become subject to the relevant royalty provisions of the MANUFACTURING LICENSE AGREEMENT once such SATELLITE SUBSCRIBER EQUIPMENT is deemed to be &#147;DESIGNED EQUIPMENT&#148; under the MANUFACTURING LICENSE AGREEMENT pursuant to the provisions of this AGREEMENT.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">Section 2.7</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt">MOTOROLA does not grant to SEL any right or license to third party intellectual property, except as expressly provided in this AGREEMENT, and MOTOROLA has no obligation to provide any third party intellectual property to SEL. With respect to third party intellectual property:</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:48px; font-size:11pt">2.7.1</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; text-indent:96px; font-size:11pt">It is SEL&#146;s sole responsibility to obtain any and all third party licenses and consents necessary to possess, access, use or operate any third party intellectual property or SUBSCRIBER EQUIPMENT DESIGN INFORMATION used in, contained within, or used for support of the design, test, manufacture, use, or sale of SATELLITE SUBSCRIBER EQUIPMENT or DUAL MODE EQUIPMENT (collectively &#147;THIRD PARTY CONSENTS&#148;).</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:48px; font-size:11pt">2.7.2</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; text-indent:96px; font-size:11pt">MOTOROLA&#146;s license to SEL to use or modify the SUBSCRIBER EQUIPMENT DESIGN INFORMATION is effective only to the extent that (a) no THIRD PARTY CONSENTS are required to grant such license or (b) SEL secures the required THIRD PARTY CONSENTS.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:48px; font-size:11pt">2.7.3</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; text-indent:96px; font-size:11pt">SEL shall not access, use or operate any intellectual property for which a THIRD PARTY CONSENT is required until such a consent is obtained, and a copy forwarded to and approved by MOTOROLA.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">Section 2.8</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt"><U>Ownership of Modifications and Derivative Works</U>. Modifications and derivative works of documents and software constituting part of the SUBSCRIBER EQUIPMENT DESIGN INFORMATION made pursuant to Sections 2.1.4 or 2.2 shall be owned by SEL, subject to MOTOROLA&#146;s ownership rights and interest in the underlying works. SEL grants to MOTOROLA a fully paid-up, royalty-free, worldwide, non-exclusive license to use, make and have made products, systems and services incorporating in whole or in part such modifications or derivative works and to lease, sell, offer for sale, import and otherwise dispose of products, systems and services so made.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-family:Times New Roman Bold; font-size:11pt" align=center><B>ARTICLE III.&#160;&#160;DELIVERY; SUPPORT AND TRANSITION SERVICES</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">Section 3.1</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt">MOTOROLA shall deliver to SEL the TECHNICAL INFORMATION that is identified on Exhibit A-2; <I>provided, however</I>, that MOTOROLA shall have no obligation to deliver any TECHNICAL INFORMATION on obsolete parts or components, whether or not such parts or components were manufactured by MOTOROLA or used by or on behalf of MOTOROLA in the manufacture of IRIDIUM SUBSCRIBER EQUIPMENT. Subject to the foregoing and Section 6.1, upon completion of delivery to SEL of the TECHNICAL INFORMATION that is identified on Exhibit A-2 and that is in MOTOROLA&#146;s possession and reasonably available for provision to SEL, MOTOROLA shall provide notice to SEL of such completion. Thereafter, MOTOROLA has no obligation, express or implied, to deliver any additional TECHNICAL INFORMATION.</P>
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<P style="line-height:13pt; margin:0px; text-indent:310.867px; font-size:11pt">7</P>
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<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">Section 3.2</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt">Support and transition services, if any, will be addressed in a separate agreement. MOTOROLA has no obligation to provide support or transition services obligations under this AGREEMENT or to enter into any separate agreements therefor.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-family:Times New Roman Bold; font-size:11pt" align=center><B>ARTICLE IV.&#160;&#160;PROTECTION OF INFORMATION.</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:48px; font-size:11pt">The parties have entered into a Non-Disclosure Agreement (the &#147;NDA&#148;), which is attached hereto as Exhibit B. The terms of the NDA are incorporated herein, and shall apply to &#147;Confidential Information&#148; (as defined in the NDA) that is exchanged pursuant to this AGREEMENT. The provisions of the NDA are in addition to any other remedies available to either party in the event of a breach by the other. The terms and conditions of this AGREEMENT shall be considered Confidential Information to be treated in accordance with the terms of the NDA. Additionally, all TECHNICAL INFORMATION disclosed to SEL hereunder or previously disclosed under the NDA shall be considered &#147;Confidential Information,&#148; to be treated in accordance with the terms of the NDA. Confidential Information exchanged pursuant to the NDA or pursuant to this AGREEMENT may be used only to accomplish the stated purposes of the NDA and the stated purposes of this AGREEMENT. The obligations in the NDA regarding use and nondisclosure of Confidential Information shall survive termination of this AGREEMENT with respect to Confidential Information exchanged hereunder. Notwithstanding the provisions of the NDA regarding the term of protection of Confidential Information, with respect to TECHNICAL INFORMATION, the obligations in the NDA regarding use and nondisclosure of Confidential Information shall survive termination of this AGREEMENT for a period of ten (10) years following such termination. If this AGREEMENT is terminated, any TECHNICAL INFORMATION previously transferred to SEL shall be promptly returned to MOTOROLA upon MOTOROLA&#146;s request.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-family:Times New Roman Bold; font-size:11pt" align=center><B>ARTICLE V.&#160;&#160;INTENTIONALLY OMITTED</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-family:Times New Roman Bold; font-size:11pt" align=center><B>ARTICLE VI.&#160;&#160;REPRESENTATIONS; DISCLAIMERS</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">Section 6.1</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt"><U>Representation and Limited Obligation Regarding TECHNICAL INFORMATION</U>. MOTOROLA makes no representations that the SUBSCRIBER EQUIPMENT DESIGN INFORMATION comprises all the technology or documentation necessary for SEL or others to design, manufacture or test SATELLITE SUBSCRIBER EQUIPMENT, DUAL MODE EQUIPMENT, or any other products or to provide IRIDIUM SERVICES (as defined in the IPR AGREEMENT) or any other services. MOTOROLA has no obligation to identify or provide all items that could fall within the scope of the definition of TECHNICAL INFORMATION. Additionally, MOTOROLA has no obligation to document technology not already documented or to provide SEL or others rights of access to or use of any technology not specifically licensed hereunder. SEL understands and acknowledges that elements of the IRIDIUM SUBSCRIBER EQUIPMENT are neither designed nor manufactured by MOTOROLA, including certain components, assemblies, hardware components and software programs (&#147;NON-MOTOROLA SOURCED SUBSCRIBER EQUIPMENT COMPONENTS&#148;). MOTOROLA shall not be required to provide enabling information regarding such NON-MOTOROLA SOURCED SUBSCRIBER EQUIPMENT COMPONENTS. SEL further understands and acknowledges that it may not be able to manufacture or have manufactured IRIDIUM SUBSCRIBER EQUIPMENT as manufactured by or for MOTOROLA due to component obsolescence.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">Section 6.2</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt">MOTOROLA represents and warrants that it has not sold, transferred or granted an exclusive or sole license in any MOTOROLA INTELLECTUAL PROPERTY RIGHTS necessary, to its knowledge, for SEL to enjoy the benefits of this AGREEMENT. To the extent MOTOROLA INTELLECTUAL PROPERTY RIGHTS are owned or held by an AFFILIATE of MOTOROLA, MOTOROLA agrees to use reasonable efforts to obtain for SEL the necessary licenses to such </P>
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<P style="line-height:13pt; margin:0px; text-indent:310.867px; font-size:11pt">8</P>
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<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt">MOTOROLA INTELLECTUAL PROPERTY RIGHTS consistent with the licenses granted herein but subject to any royalties or fees charged to MOTOROLA by such AFFILIATE.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">Section 6.3</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt"><U>No Other Warranty</U>. EXCEPT AS PROVIDED IN SECTIONS 6.1 AND 6.2, MOTOROLA MAKES NO REPRESENTATION OR WARRANTY REGARDING THE SUBSCRIBER EQUIPMENT DESIGN INFORMATION, ALL OF WHICH IS PROVIDED &#147;AS IS&#148;. MOTOROLA WILL NOT PROVIDE ANY UPDATES, ENHANCEMENTS, EXTENSIONS, SUPPORT, ASSISTANCE, INSTALLATION, TRAINING OR OTHER SERVICES EXCEPT AS EXPLICITLY PROVIDED IN THIS AGREEMENT. MOTOROLA SPECIFICALLY DISCLAIMS ANY IMPLIED WARRANTIES OF MERCHANTABILITY, NONINFRINGEMENT OR FITNESS FOR A PARTICULAR PURPOSE.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">Section 6.4</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt"><U>Limitation of Liability</U>. IN NO EVENT SHALL EITHER PARTY HAVE ANY LIABILITY TO THE OTHER PARTY OR ANY OTHER THIRD PARTY FOR ANY LOST PROFITS, LOST DATA, OR LOSS OF USE, OR FOR ANY INDIRECT, SPECIAL OR CONSEQUENTIAL OR PUNITIVE DAMAGES ARISING OUT OF THIS AGREEMENT, UNDER ANY CAUSE OF ACTION OR THEORY OF LIABILITY ARISING UNDER FEDERAL OR STATE LAW, AND IRRESPECTIVE OF WHETHER THAT PARTY HAS ADVANCE NOTICE OF THE POSSIBILITY OF SUCH DAMAGES. THESE LIMITATIONS SHALL APPLY NOTWITHSTANDING THE FAILURE OF THE ESSENTIAL PURPOSE OF ANY LIMITED REMEDY.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">Section 6.5</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt">Nothing contained in this AGREEMENT shall be construed as:</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:48px; font-size:11pt">6.5.1</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; text-indent:96px; font-size:11pt">restricting the right of MOTOROLA or any of its AFFILIATES to make, use, sell, lease or otherwise dispose of any particular product or products;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:48px; font-size:11pt">6.5.2</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; text-indent:96px; font-size:11pt">an admission by SEL of, or a warranty or representation by MOTOROLA as to, the validity and/or scope of the MOTOROLA INTELLECTUAL PROPERTY RIGHTS, or a limitation on SEL to contest, in any proceeding, the validity and/or scope thereof;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:48px; font-size:11pt">6.5.3</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; text-indent:96px; font-size:11pt">an admission by MOTOROLA of, or a warranty or representation by SEL as to, the validity and/or scope of any INTELLECTUAL PROPERTY RIGHTS of SEL, or a limitation on MOTOROLA to contest, in any proceeding, the validity and/or scope thereof;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:48px; font-size:11pt">6.5.4</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; text-indent:96px; font-size:11pt">conferring any license or other right, by implication, estoppel or otherwise under any MOTOROLA INTELLECTUAL PROPERTY RIGHTS, except as expressly granted herein;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:48px; font-size:11pt">6.5.5</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; text-indent:96px; font-size:11pt">conferring any license or right with respect to any trademark, trade or brand name, a corporate name of either party or any of their respective AFFILIATES, or any other name or mark, or contraction, abbreviation or simulation thereof;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:48px; font-size:11pt">6.5.6</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; text-indent:96px; font-size:11pt">imposing on MOTOROLA any obligation to institute any suit or action for infringement of any MOTOROLA INTELLECTUAL PROPERTY RIGHTS, or to defend any suit or action brought by a third party which challenges or concerns the validity of any MOTOROLA INTELLECTUAL PROPERTY RIGHTS;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:48px; font-size:11pt">6.5.7</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; text-indent:96px; font-size:11pt">a warranty or representation by MOTOROLA that the use of the SUBSCRIBER EQUIPMENT DESIGN INFORMATION as contemplated herein, or any sale, lease or other disposition of SATELLITE SUBSCRIBER EQUIPMENT, DUAL MODE EQUIPMENT, or IRIDIUM SERVICES (as defined in the IPR AGREEMENT) or any other products or services will be free from infringement of any intellectual property rights;</P>
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<P style="line-height:13pt; margin:0px; text-indent:310.867px; font-size:11pt">9</P>
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<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:48px; font-size:11pt">6.5.8</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; text-indent:96px; font-size:11pt">imposing on either party any obligation to file any patent application or to secure any INTELLECTUAL PROPERTY RIGHTS or maintain any INTELLECTUAL PROPERTY RIGHTS in force; or</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:48px; font-size:11pt">6.5.9</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; text-indent:96px; font-size:11pt">an obligation on either party to furnish any manufacturing or technical information under this AGREEMENT, except as the same is specifically provided for herein.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">Section 6.6</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt"><U>Cap on Liability</U>.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:48px; font-size:11pt">6.6.1</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; text-indent:96px; font-size:11pt">IN NO EVENT AND UNDER NO CIRCUMSTANCE SHALL MOTOROLA OR ANY AFFILIATE OF MOTOROLA BE LIABLE TO SEL, ANY AFFILIATE OF SEL, ANY SEL LICENSEE OR MANUFACTURER OR ANYONE CLAIMING BY OR THROUGH SEL, ANY SUCH AFFILIATE OR ANY THIRD PARTIES (INCLUDING, BUT NOT LIMITED TO, DIRECT OR INDIRECT CUSTOMERS OF ISLLC) IN AN AGGREGATE CUMULATIVE AMOUNT IN EXCESS OF U.S.$ 5,000,000 FOR ANY AND ALL COSTS, DAMAGES, CLAIMS OR LOSSES WHATSOEVER ARISING OUT OF OR RELATED TO THIS AGREEMENT OR ANY PROVISION HEREUNDER, WHETHER PURSUED AS A BREACH (I.E. DEFAULT) OF THE AGREEMENT OR AS A TORT OR OTHER CAUSE OF ACTION, AND INCLUDING AN ACTION RELATING TO INDEMNIFICATION, IF ANY.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:48px; font-size:11pt">6.6.2</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; text-indent:96px; font-size:11pt">IN NO EVENT AND UNDER NO CIRCUMSTANCE SHALL SEL BE LIABLE TO MOTOROLA OR ANY AFFILIATE OF MOTOROLA OR ANYONE CLAIMING BY OR THROUGH MOTOROLA, ANY SUCH AFFILIATE OR ANY THIRD PARTIES (INCLUDING, BUT NOT LIMITED TO, DIRECT OR INDIRECT CUSTOMERS OF OR VENDORS TO MOTOROLA) IN AN AGGREGATE CUMULATIVE AMOUNT IN EXCESS OF U.S.$ 5,000,000 FOR ANY AND ALL COSTS, DAMAGES, CLAIMS OR LOSSES WHATSOEVER ARISING OUT OF OR RELATED TO THIS AGREEMENT OR ANY PROVISION HEREUNDER, WHETHER PURSUED AS A BREACH (I.E. DEFAULT) OF THE AGREEMENT OR AS A TORT OR OTHER CAUSE OF ACTION, AND INCLUDING AN ACTION RELATING TO INDEMNIFICATION, IF ANY.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:48px; font-size:11pt">6.6.3</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; text-indent:96px; font-size:11pt">Each party shall (a) use its reasonable efforts to mitigate the losses, damages, liabilities, actions, suits, proceedings, demands, assessments, adjustments, costs and expenses (including reasonable attorneys&#146; fees and expenses of investigation), for which it seeks indemnification hereunder and (b) assign to the indemnifying party all of such party&#146;s claims for recovery against third parties as to losses, damages, liabilities, actions, suits, proceedings, demands, assessments, adjustments, costs and expenses (including reasonable attorneys&#146; fees and expenses of investigation), whether by insurance coverage, contribution claims, subrogation or otherwise.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-family:Times New Roman Bold; font-size:11pt" align=center><B>ARTICLE VII.&#160;&#160;GENERAL</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">Section 7.1</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt"><U>Term and Termination</U>.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:48px; font-size:11pt">7.1.1</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; text-indent:96px; font-size:11pt"><U>Term</U>. This AGREEMENT shall be effective upon the date hereof and shall continue in force for a period of eighteen (18) months thereafter and shall automatically renew for additional one (1) year periods unless either party gives the other party notice of its intent not to renew no later than ninety (90) days prior to the expiration of the then current term, and unless terminated sooner by (i) the terms of this AGREEMENT or (ii) the mutual agreement of the parties (the &#147;TERM&#148;). This AGREEMENT shall terminate immediately and automatically upon termination of the TRANSITION AGREEMENT or the IPR AGREEMENT.</P>
<P style="margin-top:0px; margin-bottom:14.667px"><BR>
<BR></P>
<P style="line-height:13pt; margin:0px; text-indent:310.867px; font-size:11pt">10</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="margin:0px; page-break-before:always" align=center><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:48px; font-size:11pt">7.1.2</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; text-indent:96px; font-size:11pt"><U>Termination for Cause</U>.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:96px; text-indent:48px; font-size:11pt">7.1.2.1</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:96px; text-indent:96px; font-size:11pt">MOTOROLA shall have the right to terminate this AGREEMENT by giving written notice to SEL at any time upon or after the occurrence of:</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:96px; text-indent:48px; font-size:11pt">(a)&#160;&#160;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:96px; text-indent:96px; font-size:11pt">any change to SEL&#146;s&#146; certificate of formation or to Section 1.1, Article III, Section 5.4, Article VI, Article XI or Article XIII of the operating agreement of SEL; or</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:96px; text-indent:48px; font-size:11pt">(b)&#160;&#160;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:96px; text-indent:96px; font-size:11pt">any Change of Control (as defined in Section 10A(2) of the TRANSITION AGREEMENT); or</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:96px; text-indent:48px; font-size:11pt">(c)&#160;&#160;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:96px; text-indent:96px; font-size:11pt">the commencement by ISLLC of a voluntary proceeding concerning itself under any bankruptcy or insolvency law; or the commencement of any involuntary proceeding against ISLLC under any bankruptcy or insolvency law where a petition has not been dismissed within one hundred and twenty (120) calendar days after commencement; or a receiver or custodian is appointed for or takes charge of all or substantially all of the property of ISLLC and such receiver or custodian has not been dismissed within ninety (90) calendar days; or ISLLC has taken action toward winding up, dissolution, or liquidation of its business; or ISLLC has been adjudicated bankrupt or insolvent; or ISLLC has made a general assignment for the benefit of creditors; or</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:96px; text-indent:48px; font-size:11pt">(d)&#160;&#160;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:96px; text-indent:96px; font-size:11pt">material failure of ISLLC to perform or comply with a provision of the IPR AGREEMENT, the TRANSITION AGREEMENT, or any other agreement between ISLLC and MOTOROLA and such failure continues unremedied for a period of thirty (30) calendar days or more following notice from MOTOROLA of such failure. For the avoidance of doubt, if ISLLC defaults in any material respect in the performance of any of its obligations to MOTOROLA (specifically including its obligations to make payments when due) under the IPR AGREEMENT, or the TRANSITION AGREEMENT or any of the agreements arising therefrom, and if ISLLC fails to remedy any such default within thirty (30) days after written notice of such default by MOTOROLA, MOTOROLA may, at its option, immediately terminate this AGREEMENT and the rights and licenses granted herein by providing SEL notice in writing to such effect.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:96px; text-indent:48px; font-size:11pt">7.1.2.2</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:96px; text-indent:96px; font-size:11pt">Either party shall have the right to terminate this AGREEMENT by giving written notice to the other party at any time upon or after:</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:96px; text-indent:48px; font-size:11pt">(a)&#160;&#160;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:96px; text-indent:96px; font-size:11pt">the commencement by such other party of a voluntary proceeding concerning itself under any bankruptcy or insolvency law; or the commencement of any involuntary proceeding against such other party under any bankruptcy or insolvency law where a petition has not been dismissed within one hundred and twenty (120) calendar days after commencement; or a receiver or custodian is appointed for or takes charge of all or substantially all of the property of such other party and such receiver or custodian has not been dismissed within ninety (90) calendar days; or such other party has taken action toward winding up, dissolution, or liquidation of its business; or such other party has been adjudicated bankrupt or insolvent; or such other party has made a general assignment for the benefit of creditors; or</P>
<P style="margin-top:0px; margin-bottom:14.667px"><BR>
<BR></P>
<P style="line-height:13pt; margin:0px; text-indent:310.867px; font-size:11pt">11</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="margin:0px; page-break-before:always" align=center><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:96px; text-indent:48px; font-size:11pt">(b)&#160;&#160;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:96px; text-indent:96px; font-size:11pt">material failure of such other party to perform or comply with a provision of this AGREEMENT or any other agreement between the parties and such failure continues unremedied for a period of thirty (30) calendar days or more following notice from the non-breaching party of such failure.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">Section 7.2</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt"><U>Survival</U>. Upon expiration or termination of this AGREEMENT, all obligations and duties that specifically extend beyond the expiration date shall survive, and the following rights and obligations shall survive any termination of this AGREEMENT to the degree necessary to permit their complete fulfillment or discharge:</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:48px; font-size:11pt">7.2.1</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; text-indent:96px; font-size:11pt">Obligations of confidentiality; and</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:48px; font-size:11pt">7.2.2</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; text-indent:96px; font-size:11pt">Licenses running in favor of customers of SEL with respect to products sold or services provided prior to termination.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">Section 7.3</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt"><U>Notices and Requests</U>. All notices required or permitted to be given under this AGREEMENT shall be in writing, shall make reference to this AGREEMENT, and shall be delivered by hand, confirmed email or facsimile transmission, or dispatched by prepaid air courier or by registered or certified airmail, postage prepaid, and addressed to the parties at the address listed below. All notices shall be deemed served when verification of delivery has been received, as required by this Article. Either party may give written notice of a change of address and, after notice of such change has been received, any notice or request shall thereafter be given to such party at the changed address.</P>
<TABLE style="font-size:10pt" cellspacing=0><TR style="font-size:0"><TD width=301.2></TD><TD width=337.2></TD></TR>
<TR><TD valign=top width=301.2><P style="line-height:13pt; margin:0px; font-size:11pt">If to MOTOROLA:</P>
</TD><TD valign=top width=337.2><P style="line-height:13pt; margin:0px; font-size:11pt">If to SEL:</P>
</TD></TR>
<TR><TD valign=top width=301.2><P>&nbsp;</P></TD><TD valign=top width=337.2><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=301.2><P style="line-height:13pt; margin:0px; padding-left:24px; font-size:11pt">Motorola, Inc.</P>
<P style="line-height:13pt; margin:0px; padding-left:24px; font-size:11pt">1301 E. Algonquin Road</P>
<P style="line-height:13pt; margin:0px; padding-left:24px; font-size:11pt">Schaumburg, Illinois 60196</P>
<P style="line-height:13pt; margin:0px; padding-left:24px; font-size:11pt">Fax: 847-538-2491</P>
<P style="line-height:13pt; margin:0px; padding-left:24px; font-size:11pt">Attn: Robert J. McCall</P>
</TD><TD valign=top width=337.2><P style="line-height:13pt; margin:0px; padding-left:24px; font-size:11pt">SE Licensing LLC</P>
<P style="line-height:13pt; margin:0px; padding-left:24px; font-size:11pt">1600 Wilson Boulevard, Suite 1000</P>
<P style="line-height:13pt; margin:0px; padding-left:24px; font-size:11pt">Arlington, Virginia 22209</P>
<P style="line-height:13pt; margin:0px; padding-left:24px; font-size:11pt">Fax: 703-465-1038</P>
<P style="line-height:13pt; margin:0px; padding-left:24px; font-size:11pt">Attn:</P>
</TD></TR>
<TR><TD valign=top width=301.2><P>&nbsp;</P></TD><TD valign=top width=337.2><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=301.2><P style="line-height:13pt; margin:0px; font-size:11pt">With copy to:</P>
</TD><TD valign=top width=337.2><P style="line-height:13pt; margin:0px; font-size:11pt">With copies to:</P>
</TD></TR>
<TR><TD valign=top width=301.2><P>&nbsp;</P></TD><TD valign=top width=337.2><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=301.2><P style="line-height:13pt; margin:0px; padding-left:18px; font-size:11pt">Motorola Inc. Law Department</P>
<P style="line-height:13pt; margin:0px; padding-left:18px; font-size:11pt">1303 E. Algonquin Road</P>
<P style="line-height:13pt; margin:0px; padding-left:18px; font-size:11pt">Schaumburg, Illinois 60196</P>
<P style="line-height:13pt; margin:0px; padding-left:18px; font-size:11pt">Fax: 847-576-3750</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:18px; font-size:11pt">Attn:</P>
<P style="line-height:13pt; margin:0px; padding-left:18px; text-indent:42px; font-size:11pt">Senior Vice President and</P>
<P style="line-height:13pt; margin:0px; padding-left:18px; text-indent:42px; font-size:11pt">Assistant General Counsel</P>
<P style="line-height:13pt; margin:0px; padding-left:18px; text-indent:42px; font-size:11pt">Intellectual Property</P>
</TD><TD valign=top width=337.2><P style="line-height:13pt; margin:0px; padding-left:18px; font-size:11pt">SE Licensing LLC</P>
<P style="line-height:13pt; margin:0px; padding-left:18px; font-size:11pt">1600 Wilson Boulevard, Suite 1000</P>
<P style="line-height:13pt; margin:0px; padding-left:18px; font-size:11pt">Arlington, Virginia 22209</P>
<P style="line-height:13pt; margin:0px; padding-left:18px; font-size:11pt">Fax: 703-465-1038</P>
<P style="line-height:13pt; margin:0px; padding-left:18px; font-size:11pt">Attn: General Counsel</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:18px; font-size:11pt">and</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:34.8px; text-indent:-16.8px; font-size:11pt">Neuberger, Quinn, Gielen, Rubin &amp;</P>
<P style="line-height:13pt; margin:0px; padding-left:34.8px; text-indent:-16.8px; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gibber, P.A.</P>
<P style="line-height:13pt; margin:0px; padding-left:18px; font-size:11pt">One South Street, 27th Floor</P>
<P style="line-height:13pt; margin:0px; padding-left:18px; font-size:11pt">Baltimore, MD 21202</P>
<P style="line-height:13pt; margin:0px; padding-left:18px; font-size:11pt">Fax: (410) 332-8594</P>
<P style="line-height:13pt; margin:0px; padding-left:18px; font-size:11pt">Attn: Isaac M. Neuberger, Esq.</P>
</TD></TR>
<TR><TD valign=top width=301.2><P>&nbsp;</P></TD><TD valign=top width=337.2><P>&nbsp;</P></TD></TR>
</TABLE>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">Section 7.4</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt"><U>Governing Law</U>. Any claim arising under or relating to this AGREEMENT shall be governed by the internal substantive laws of the State of Illinois without regard to principles of conflict of laws. Each party hereto irrevocably submits to the exclusive jurisdiction of a state or federal court in </P>
<P style="margin-top:0px; margin-bottom:14.667px"><BR>
<BR></P>
<P style="line-height:13pt; margin:0px; text-indent:310.867px; font-size:11pt">12</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="margin:0px; page-break-before:always" align=center><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt">Chicago, Illinois, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that the venue thereof may not be appropriate, that such suit, action or proceeding is improper or that this Agreement may not be enforced in or by said courts, and each Party hereto irrevocably agrees that all claims with respect to such suit, action or proceeding shall be heard and determined in such court. Each Party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof to such Party. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">Section 7.5</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt"><U>Export</U>. SEL shall not export from the U.S., either directly or indirectly, any SUBSCRIBER EQUIPMENT DESIGN INFORMATION or system or product incorporating the SUBSCRIBER EQUIPMENT DESIGN INFORMATION without first obtaining any required license or other approval from the U. S. Department of Commerce, U.S. Department of Defense, or any other agency or department of the United States Government. In the event SEL exports any such materials from the United States or re-exports any such materials from a foreign destination, SEL shall ensure that the distribution and export/re-export is in compliance with all laws, regulations, orders, or other restrictions of the U.S. Export Administration Regulations. SEL agrees that it will not, nor will it allow others to, export/re-export any technical data, process, SUBSCRIBER EQUIPMENT DESIGN INFORMATION, other information provided hereunder, or service, directly or indirectly, to any country for which the United States government or any agency thereof requires an export license, other governmental approval, or letter of assurance, without first obtaining such license, approval or letter.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">Section 7.6</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt"><U>Assignment</U>. This AGREEMENT shall be binding upon the parties and their respective successors and assigns. This AGREEMENT and/or the rights or obligations under this AGREEMENT may not transferred or assigned by operation of law. Neither party may assign any or all of its rights or obligations under this AGREEMENT or the NDA, in whole or in part, without the express written consent of the other party to this AGREEMENT, except that MOTOROLA may assign this AGREEMENT and the NDA to an AFFILIATE or a successor corporation or in connection with any merger, consolidation or sale of all or substantially all its assets to which it is a party.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">Section 7.7</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt"><U>Severability</U>. If any one or more provisions of this AGREEMENT are held for any reason to be invalid or unenforceable, the remaining provisions of this AGREEMENT will be unimpaired and the parties shall use good faith to negotiate a substitute, valid and enforceable provision that most nearly effects the parties&#146; intention underlying the invalid or unenforceable provision.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">Section 7.8</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt"><U>Order of Precedence</U>. In the event of any conflict between the terms and conditions of this AGREEMENT and the IPR AGREEMENT or the TRANSITION AGREEMENT, the terms of this AGREEMENT shall govern.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">Section 7.9</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt"><U>Waiver and Modification</U>. Failure by either party to enforce any provision of this AGREEMENT shall not be deemed a waiver of future enforcement of that or any other provision. Any waiver, amendment or other modification of any provision of this AGREEMENT shall be effective only if in writing and signed by both parties.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">Section 7.10</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt"><U>Relationship of the Parties</U>. Nothing in this AGREEMENT shall be construed as creating any partnership, joint venture, or agency between the parties. This AGREEMENT is the result of negotiation between the parties. Each of the parties acknowledges that it has been represented by counsel during such negotiation. Accordingly, this AGREEMENT shall not be construed for or against either party regardless of which party drafted this AGREEMENT or any portion thereof.</P>
<P style="margin-top:0px; margin-bottom:14.667px"><BR>
<BR></P>
<P style="line-height:13pt; margin:0px; text-indent:310.867px; font-size:11pt">13</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="margin:0px; page-break-before:always" align=center><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">Section 7.11</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt"><U>Entire Agreement</U>. The terms and conditions of this AGREEMENT, including its exhibits, constitutes the entire agreement between the parties with respect to the subject matter of this AGREEMENT, and merges and supersedes all prior and contemporaneous agreements, understandings, negotiations and discussions, and specifically, Section 5(N)(1) of the TRANSITION AGREEMENT and Sections 2.3, 2.4 and 2.7 of the IPR AGREEMENT. The section headings contained in this AGREEMENT are for reference purposes only and shall not affect in any way the meaning or interpretation of this AGREEMENT. No oral explanation or oral information by either party shall alter the meaning or interpretation of this AGREEMENT. This AGREEMENT may be executed in two or more counterparts, all of which, taken together, shall be regarded as one and the same instrument. The following exhibits are attached hereto and incorporated herein:</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; font-size:11pt">Exhibit A-1</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; text-indent:96px; font-size:11pt">FORM OF MOTOROLA DISTRIBUTION LETTER</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; font-size:11pt">Exhibit A-2</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; text-indent:96px; font-size:11pt">SUBSCRIBER EQUIPMENT DESIGN INFORMATION</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; font-size:11pt">Exhibit B</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; text-indent:96px; font-size:11pt">NONDISCLOSURE AGREEMENT</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">Section 7.12</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt"><U>Agreements with Other Parties</U>. SEL shall require its AFFILIATES, manufacturers and licensees to comply with terms and conditions commensurate with those of this AGREEMENT that are reasonably necessary to perfect MOTOROLA&#146;s rights set forth in this AGREEMENT and to otherwise afford MOTOROLA the benefits of the terms and conditions of this AGREEMENT, including, without limitation, the access and audit rights of MOTOROLA set forth in Section 5.6 hereof.</P>
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<P style="line-height:13pt; margin:0px; text-indent:310.867px; font-size:11pt">14</P>
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<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:48px; font-size:11pt">In witness of their agreement, the parties have caused this binding AGREEMENT to be executed below by their authorized representatives.</P>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR style="font-size:0"><TD width=319.2></TD><TD width=319.2></TD></TR>
<TR><TD valign=top width=319.2><P style="line-height:13pt; margin:0px; font-size:11pt">MOTOROLA, INC.</P>
</TD><TD valign=top width=319.2><P style="line-height:13pt; margin:0px; font-size:11pt">SE LICENSING LLC</P>
</TD></TR>
<TR><TD valign=top width=319.2><P>&nbsp;</P></TD><TD valign=top width=319.2><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=319.2><P>&nbsp;</P></TD><TD valign=top width=319.2><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=319.2><P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-size:11pt">By:</P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt"><U>/s/ Robert J. McCall &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
</TD><TD valign=top width=319.2><P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-size:11pt">By:</P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt"><U>/s/ Gino Picasso &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
</TD></TR>
<TR><TD valign=top width=319.2><P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt">(signature)</P>
</TD><TD valign=top width=319.2><P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt">(signature)</P>
</TD></TR>
<TR><TD valign=top width=319.2><P>&nbsp;</P></TD><TD valign=top width=319.2><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=319.2><P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-size:11pt">Name:</P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt">Robert J. McCall</P>
</TD><TD valign=top width=319.2><P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-size:11pt">Name:</P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt">Gino Picasso</P>
</TD></TR>
<TR><TD valign=top width=319.2><P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-size:11pt">Title:</P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt">Corporate V.P.</P>
</TD><TD valign=top width=319.2><P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-size:11pt">Title:</P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt">CEO / President</P>
</TD></TR>
<TR><TD valign=top width=319.2><P>&nbsp;</P></TD><TD valign=top width=319.2><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=319.2><P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-size:11pt">Date:</P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt">September 26, 2002</P>
</TD><TD valign=top width=319.2><P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-size:11pt">Date:</P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt">September 30, 2002</P>
</TD></TR>
<TR><TD valign=top width=319.2><P>&nbsp;</P></TD><TD valign=top width=319.2><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=319.2><P>&nbsp;</P></TD><TD valign=top width=319.2><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=319.2><P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-size:11pt">By:</P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt"><U>/s/ Jonathan P. Meyer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
</TD><TD valign=top width=319.2><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=319.2><P>&nbsp;</P></TD><TD valign=top width=319.2><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=319.2><P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-size:11pt">Name:</P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt">Jonathan P. Meyer</P>
</TD><TD valign=top width=319.2><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=319.2><P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-size:11pt">Title:</P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt">Senior Vice President and Assistant</P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt">General Counsel Intellectual Property</P>
</TD><TD valign=top width=319.2><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=319.2><P>&nbsp;</P></TD><TD valign=top width=319.2><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=319.2><P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-size:11pt">Date:</P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt">September 26, 2002</P>
</TD><TD valign=top width=319.2><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=319.2><P>&nbsp;</P></TD><TD valign=top width=319.2><P>&nbsp;</P></TD></TR>
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<TYPE>EX-10.5
<SEQUENCE>19
<FILENAME>licensemanufclosingdocs.htm
<DESCRIPTION>EXHIBIT 10.5
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<TITLE>License Manufacturing (Closing Documents)</TITLE>
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<DIV style="width:624px"><P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt" align=right>Exhibit 10.5</P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=center><B>SUBSCRIBER EQUIPMENT TECHNOLOGY AGREEMENT</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt" align=center><B>(Manufacturing)</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:13.467px; text-indent:48px; font-size:11pt">This Subscriber Equipment Technology Agreement (&#147;AGREEMENT&#148;) is effective as of September 30, 2002 by and between Motorola Inc., a Delaware corporation, acting though its Commercial Government Industrial Solutions Sector, with principal offices located at 1303 East Algonquin Road, Schaumburg, IL 60196 (&#147;MOTOROLA&#148;), and SE Licensing LLC, a Delaware limited liability company, with offices located at 1600 Wilson Boulevard, Suite 1000, Arlington, VA 22209 (&#147;SEL&#148;). MOTOROLA and SEL may be referred to individually as &#147;party&#148; and jointly as the &#147;parties.&#148;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt" align=center><B>BACKGROUND</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:13.467px; text-indent:48px; font-size:11pt">WHEREAS, MOTOROLA has valuable technology, including but not limited to computer software, know-how and experience with respect to the design, manufacture and testing of subscriber equipment that operates on the Iridium system; and</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:13.467px; text-indent:48px; font-size:11pt">WHEREAS, MOTOROLA has been performing certain tasks related to furnishing Iridium subscriber handset products and accessories to Iridium Satellite LLC (&#147;ISLLC&#148;) pursuant to Section 5 of the Transition Services, Products and Asset Agreement (as amended, supplemented or otherwise modified from time to time, &#147;TRANSITION AGREEMENT&#148;) dated as of 11 December 2000 and signed by MOTOROLA, Iridium Holdings LLC and ISLLC; and</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:13.467px; text-indent:48px; font-size:11pt">WHEREAS, pursuant to Section 5(N) of the TRANSITION AGREEMENT, MOTOROLA has provided the required 12 month notice to ISLLC of its intent to discontinue manufacturing Iridium subscriber products and accessories under the TRANSITION AGREEMENT; and</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:13.467px; text-indent:48px; font-size:11pt">WHEREAS, in accordance with Section 5(N)(1) of the TRANSITION AGREEMENT and Section 2.3 of the IPR AGREEMENT, ISLLC has designated SEL as the party with which MOTOROLA shall negotiate a manufacturing license; and</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:13.467px; text-indent:48px; font-size:11pt">WHEREAS, in satisfaction of MOTOROLA&#146;s obligations to enter into good faith negotiations relating to a manufacturing license with an alternative supplier designated by ISLLC, MOTOROLA and SEL mutually desire to enter into a non-exclusive license agreement under which MOTOROLA would grant to SEL certain rights in and to the SUBSCRIBER EQUIPMENT MANUFACTURING INFORMATION defined herein and based on the terms and conditions set forth herein;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:13.467px; text-indent:48px; font-size:11pt">NOW, THEREFORE, in consideration of the mutual covenants and undertakings set out herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, MOTOROLA and SEL agree as follows:</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt" align=center><B>AGREEMENT</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-family:Times New Roman Bold; font-size:11pt" align=center><B>ARTICLE I.&#160;&#160;DEFINITIONS</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:13.467px; text-indent:48px; font-size:11pt">Capitalized terms used in this AGREEMENT have the meanings set forth in the Background section of this AGREEMENT or as defined elsewhere in this AGREEMENT.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">Section 1.1</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt">&#147;AFFILIATE&#148; means, with respect to any PERSON, a PERSON that, directly or indirectly is controlled by, controls, or is under common control with such PERSON. As used in the preceding sentence, &#147;control&#148; shall mean and include, but not necessarily be limited to, (i) the ownership of 10% or more of the voting securities or other voting interests of any PERSON, or (ii) the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such PERSON, whether through the ownership of voting securities, by contract or otherwise.</P>
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<P style="line-height:13pt; margin:0px; text-indent:310.2px; font-size:11pt">1</P>
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<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt; page-break-before:always">Section 1.2</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt">&#147;AUTHORIZED TRANSFEROR&#148; means Gary Dindia, Eric Ravn-Hansen, Dan Strong or any other MOTOROLA employee designated as an AUTHORIZED TRANSFEROR in writing to SEL by Robert J. McCall.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">Section 1.3</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt">&#147;DESIGNED EQUIPMENT&#148; means SATELLITE SUBSCRIBER EQUIPMENT or DUAL MODE EQUIPMENT for which engineering prototypes have been demonstrated and which were designed pursuant to the licenses of Section 2.1.1 and Section 2.1.5, respectively, of that certain Subscriber Equipment Technology Agreement (Design) dated as of even date herewith, by and between MOTOROLA and SEL.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">Section 1.4</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt">&#147;DUAL MODE EQUIPMENT&#148; means SUBSCRIBER EQUIPMENT that is operable in both a satellite communications mode and a terrestrial communications mode.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">Section 1.5</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt">&#147;INTELLECTUAL PROPERTY CLAIM&#148; means an intellectual property claim against MOTOROLA or an AFFILIATE of MOTOROLA relating in any way to the IRIDIUM SYSTEM, the MOTOROLA INTELLECTUAL PROPERTY RIGHTS (as defined in this AGREEMENT or as defined in the IPR AGREEMENT), the IRIDIUM TECHNICAL INFORMATION (as defined in the IPR AGREEMENT), the SUBSCRIBER EQUIPMENT MANUFACTURING INFORMATION, or any other technology, products or information licensed or provided in accordance with this AGREEMENT or the IPR AGREEMENT.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">Section 1.6</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt">&#147;INTELLECTUAL PROPERTY RIGHTS&#148; means copyrights, patents (other than design patents), database rights and trade secret rights, including any registrations and applications with respect to any of the foregoing. INTELLECTUAL PROPERTY RIGHTS does not include rights in design patents, trademarks, trade dress or registerable industrial designs and the like rights involving trade identity.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">Section 1.7</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt">&#147;IPR AGREEMENT&#148; means the Intellectual Property Rights Agreement dated 11 December, 2000, entered into by MOTOROLA and ISLLC.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">Section 1.8</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt">&#147;IRIDIUM SUBSCRIBER EQUIPMENT&#148; means only the Satellite Series Model 9505 version of the L-Band Transceiver (LBT), the Satellite Series Model 9505 portable unit or the Satellite Series Model 9520 mobile unit, as applicable.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">Section 1.9</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt">&#147;IRIDIUM SYSTEM&#148; means the completely integrated satellite-based digitally-switched first generation telecommunication system once owned by Iridium Operating LLC and acquired by ISLLC as of 11 December 2000. This term includes added spare satellites and repaired or replaced components of the SPACE SEGMENT, SYSTEM CONTROL SEGMENT and GATEWAY SEGMENT (as each are defined in the IPR AGREEMENT). IRIDIUM SYSTEM also includes (i) any upgraded, enhanced, or additional computer software incorporated into the SPACE SEGMENT, SYSTEM CONTROL SEGMENT, GATEWAY SEGMENT or other components of the IRIDIUM SYSTEM other than SUBSCRIBER EQUIPMENT; (ii) any upgraded, enhanced, or additional hardware components of the GATEWAY SEGMENT; and (iii) those upgraded, enhanced, or additional hardware components of the SPACE SEGMENT or the SYSTEM CONTROL SEGMENT that are not significantly modified from their original form. IRIDIUM SYSTEM does not include and shall in no event be interpreted to include (i) any SUBSCRIBER EQUIPMENT, (ii) a SECOND GENERATION IRIDIUM SYSTEM or any other satellite system; or (iii) any TERRESTRIAL WIRELESS SYSTEM(S) or any SUBSCRIBER EQUIPMENT or other equipment for use in connection with any TERRESTRIAL WIRELESS SYSTEM.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">Section 1.10</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt">&#147;MOTOROLA INTELLECTUAL PROPERTY RIGHTS&#148; means the INTELLECTUAL PROPERTY RIGHTS owned by MOTOROLA arising out of SUBSCRIBER EQUIPMENT MANUFACTURING INFORMATION. MOTOROLA INTELLECTUAL PROPERTY RIGHTS includes rights or licenses which MOTOROLA has received from its AFFILIATES and from </P>
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<P style="line-height:13pt; margin:0px; text-indent:310.2px; font-size:11pt">2</P>
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<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt; page-break-before:always">unaffiliated third parties, but only to the extent that (i) such rights or licenses are necessary for the manufacture of IRIDIUM SUBSCRIBER EQUIPMENT, (ii) MOTOROLA has the right to grant to SEL rights and licenses under such AFFILIATE&#146;S or third party&#146;s INTELLECTUAL PROPERTY RIGHTS without cost to MOTOROLA or, if there is a cost, such cost is paid by SEL, and (iii) SEL has obtained the necessary consents pursuant to Section 2.7. MOTOROLA INTELLECTUAL PROPERTY RIGHTS specifically excludes any INTELLECTUAL PROPERTY RIGHTS relating to TERRESTRIAL WIRELESS SYSTEMS, automotive technologies, two-way radios and systems, semiconductor manufacturing, semiconductor structures, or semiconductor manufacturing processes.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">Section 1.11</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt">&#147;NET SALES&#148; shall mean (x) the total gross revenue or other consideration received from the sale, lease or other disposition of all SATELLITE SUBSCRIBER EQUIPMENT and DUAL MODE EQUIPMENT by SEL and its sublicensees that include or are designed or manufactured using SUBSCRIBER EQUIPMENT MANUFACTURING INFORMATION and all DESIGNED EQUIPMENT by SEL and its sublicensees less (y) credits or allowances given or made on account of returns or rejections of previously delivered SATELLITE SUBSCRIBER EQUIPMENT, DUAL MODE EQUIPMENT or DESIGNED EQUIPMENT and rebates. Sales or transfers to ISLLC or any AFFILIATE of ISLLC from SEL, SEL licensees or SEL manufacturers are sales within the definition of NET SALES; except however, the subsequent resale or transfer by or on behalf of ISLLC or its AFFILIATE of SATELLITE SUBSCRIBER EQUIPMENT, DUAL MODE EQUIPMENT and DESIGNED EQUIPMENT purchased from SEL, SEL licensees or SEL manufacturers are not sales within the definition of NET SALES so long as such equipment was previously included in the computation of NET SALES at the time of initial sale or transfer. Sales or transfers of SATELLITE SUBSCRIBER EQUIPMENT, DUAL MODE EQUIPMENT and DESIGNED EQUIPMENT between ISLLC and its AFFILIATES or between or among its AFFILIATES are not sales within the definition of NET SALES. NET SALES of SATELLITE SUBSCRIBER EQUIPMENT, DUAL MODE EQUIPMENT or DESIGNED EQUIPMENT sold, leased or otherwise disposed of as components of other systems or products by SEL, SEL licensees or SEL manufacturers, to the extent permitted under this AGREEMENT or otherwise authorized in a signed writing by MOTOROLA, shall be calculated based on the fair market value of such equipment (determined by the selling price for the same or comparable SATELLITE SUBSCRIBER EQUIPMENT, DUAL MODE EQUIPMENT or DESIGNED EQUIPMENT, as the case may be, on a stand-alone basis (i.e., not as a component of other systems or products) in an arm&#146;s-length transaction between unrelated parties).</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">Section 1.12</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt">&#147;PERSON&#148; means an individual, corporation, partnership, limited liability company, unincorporated association, trust, joint venture or other organization or entity, including any nation or government, foreign or domestic, any state or other political subdivision thereof and any agency or other entity exercising executive, legislative, judicial, regulatory or administrative functions of government, including, without limitation, all taxing authorities.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">Section 1.13</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt">&#147;SATELLITE SUBSCRIBER EQUIPMENT&#148; means, collectively and individually, IRIDIUM SUBSCRIBER EQUIPMENT and other SUBSCRIBER EQUIPMENT that is operable on the IRIDIUM SYSTEM. SATELLITE SUBSCRIBER EQUIPMENT specifically excludes any SUBSCRIBER EQUIPMENT that is operable on a TERRESTRIAL WIRELESS SYSTEM.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">Section 1.14</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt">&#147;SECOND GENERATION IRIDIUM SYSTEM&#148; means (i) a complete satellite system that replaces in full the SPACE SEGMENT (as defined in the IPR AGREEMENT) of the existing, first generation IRIDIUM SYSTEM or that uses an air interface different from that described in Air Interface Specification document, SPC-E-0003.SYS; or (ii) a satellite system that does not completely replace the SPACE SEGMENT of the existing, first generation IRIDIUM SYSTEM but comprises a derivative of the existing, first generation IRIDIUM SYSTEM that includes upgraded or enhanced hardware components that are significantly modified from their original form.</P>
<P style="margin-top:0px; margin-bottom:14.667px"><BR>
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<P style="line-height:13pt; margin:0px; text-indent:310.2px; font-size:11pt">3</P>
<P style="margin:0px"><BR></P>
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<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt; page-break-before:always">Section 1.15</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt">&#147;SUBSCRIBER EQUIPMENT&#148; means, collectively and individually, voice subscriber terminals (whether or not data capable) and paging equipment.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">Section 1.16</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt">&#147;SUBSCRIBER EQUIPMENT MANUFACTURING INFORMATION&#148; means TECHNICAL INFORMATION but only to the extent that such TECHNICAL INFORMATION is: (i) within MOTOROLA&#146;s possession or control and reasonably available for transfer; (ii) capable of being provided by MOTOROLA to SEL without violation of any law or contractual obligation; (iii) capable of being provided by MOTOROLA to SEL without impeding MOTOROLA&#146;s rights and licenses to continue to use the same (to the extent MOTOROLA desires to continue to use the same) and without incurring any cost to MOTOROLA (or if there is such a cost, such cost is paid by SEL); and (iv) provided by MOTOROLA to SEL as evidenced by a distribution letter from an AUTHORIZED TRANSFEROR in substantially the form attached hereto as Exhibit A-1. Subject to the foregoing, SUBSCRIBER EQUIPMENT MANUFACTURING INFORMATION shall include the information and materials identified in Exhibit A-2.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">Section 1.17</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt">&#147;TECHNICAL INFORMATION&#148; means information and material, including confidential and trade secret information (in whatever form) and computer software, developed by or on behalf of MOTOROLA&#146;s Personal Communications Sector or other commercial business units relating to SATELLITE SUBSCRIBER EQUIPMENT.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">Section 1.18</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt">&#147;TERM&#148; shall have the meaning set forth in Section 7.1.1.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">Section 1.19</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt">&#147;TERRESTRIAL WIRELESS SYSTEM(S)&#148; means any terrestrial wireless communication system or equipment not incidental to a space-based commercial satellite communication system and any service provided using such a system or equipment. For the avoidance of doubt, TERRESTRIAL WIRELESS SYSTEM(S) specifically includes any equipment compatible with air interfaces for any of the following terrestrial wireless communication systems: IS-95 (CDMA), IS-136 (US TDMA), GSM, W-CDMA, CDMA2000 and iDen and future generations or evolutions of such systems.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-family:Times New Roman Bold; font-size:11pt" align=center><B>ARTICLE II.&#160;&#160;GRANTS</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">Section 2.1</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt"><U>License</U>.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:48px; font-size:11pt">2.1.1</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; text-indent:96px; font-size:11pt">MOTOROLA grants to SEL a non-exclusive, non-transferable, worldwide license under MOTOROLA INTELLECTUAL PROPERTY RIGHTS during the TERM to use and modify the SUBSCRIBER EQUIPMENT MANUFACTURING INFORMATION solely to make and use SATELLITE SUBSCRIBER EQUIPMENT for use solely in connection with the IRIDIUM SYSTEM. &nbsp;If ISLLC or Iridium Constellation LLC (&#147;ICLLC&#148;) deploys a SECOND GENERATION IRIDIUM SYSTEM that is backwards compatible with the SATELLITE SUBSCRIBER EQUIPMENT made and used pursuant to the license of this Section 2.1.1, the license of this Section 2.1.1 further includes the use of such SATELLITE SUBSCRIBER EQUIPMENT solely in connection with such SECOND GENERATION IRIDIUM SYSTEM.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:48px; font-size:11pt">2.1.2</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; text-indent:96px; font-size:11pt">Effective upon ISLLC accepting delivery of and paying in full for all subscriber products manufactured by or on behalf of MOTOROLA for ISLLC pursuant to the TRANSITION AGREEMENT (the &#147;PURCHASE COMPLETION DATE&#148;), MOTOROLA grants to SEL a non-exclusive, non-transferable, worldwide license under MOTOROLA INTELLECTUAL PROPERTY RIGHTS during the TERM to use and modify the SUBSCRIBER EQUIPMENT MANUFACTURING INFORMATION solely to sell, import and otherwise market SATELLITE SUBSCRIBER EQUIPMENT and DESIGNED EQUIPMENT for use solely in connection with the IRIDIUM SYSTEM. If ISLLC or ICLLC deploys a SECOND GENERATION IRIDIUM SYSTEM that is backwards compatible with the SATELLITE </P>
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<P style="line-height:13pt; margin:0px; text-indent:310.2px; font-size:11pt">4</P>
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<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; font-size:11pt; page-break-before:always">SUBSCRIBER EQUIPMENT or DESIGNED EQUIPMENT sold, imported and marketed pursuant to the license of this Section 2.1.2, the license of this Section 2.1.2 further includes the use of such SATELLITE SUBSCRIBER EQUIPMENT or DESIGNED EQUIPMENT solely in connection with such SECOND GENERATION IRIDIUM SYSTEM.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:48px; font-size:11pt">2.1.3</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:96px; font-size:11pt">(1)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; text-indent:128px; font-size:11pt">MOTOROLA grants to SEL a non-exclusive, non-transferable worldwide license under MOTOROLA INTELLECTUAL PROPERTY RIGHTS during the TERM to use and modify the SUBSCRIBER EQUIPMENT MANUFACTURING INFORMATION solely to modify the software and firmware contained in IRIDIUM SUBSCRIBER EQUIPMENT previously manufactured by or on behalf of MOTOROLA for ISLLC for use solely in connection with the IRIDIUM SYSTEM and to sell and otherwise market such modified IRIDIUM SUBSCRIBER EQUIPMENT.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:96px; text-indent:48px; font-size:11pt">(b)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:96px; text-indent:96px; font-size:11pt">SEL acknowledges and agrees that in the event that SEL modifies or has modified any IRIDIUM SUBSCRIBER EQUIPMENT or any Satellite Series Model 9500 equipment manufactured by or on behalf of MOTOROLA (whether through modification of or to SUBSCRIBER EQUIPMENT MANUFACTURING INFORMATION or otherwise), notwithstanding anything herein or in any materials delivered with the IRIDIUM SUBSCRIBER EQUIPMENT or the Satellite Series Model 9500 equipment to the contrary, all warranties offered by MOTOROLA covering such modified IRIDIUM SUBSCRIBER EQUIPMENT or Satellite Series Model 9500 equipment shall terminate immediately upon such modification. In furtherance of the foregoing, SEL covenants and agrees that it will indemnify, defend, protect and hold harmless MOTOROLA from and against all losses, damages, liabilities, actions, suits, proceedings, demands, assessments, adjustments, costs and expenses (including reasonable attorneys&#146; fees and expenses of investigation) incurred by MOTOROLA as a result of or arising from any warranty claim asserted by any PERSON relating to any modified IRIDIUM SUBSCRIBER EQUIPMENT or modified Satellite Series Model 9500 equipment.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:48px; font-size:11pt">2.1.4</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; text-indent:96px; font-size:11pt">MOTOROLA grants to SEL a non-exclusive, non-transferable, worldwide license under MOTOROLA INTELLECTUAL PROPERTY RIGHTS during the TERM and subject to the confidentiality provisions herein, to reproduce, modify and prepare derivative works of documents and software constituting part of the SUBSCRIBER EQUIPMENT MANUFACTURING INFORMATION solely in connection with the exercise of the rights granted in Sections 2.1.1, 2.1.2, 2.1.3 and 2.1.5.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:48px; font-size:11pt">2.1.5</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; text-indent:96px; font-size:11pt">MOTOROLA grants to SEL a non-exclusive, non-transferable, worldwide license under MOTOROLA INTELLECTUAL PROPERTY RIGHTS during the TERM and subject to the conditions set forth below, to use and modify the SUBSCRIBER EQUIPMENT MANUFACTURING INFORMATION solely to make and use, and, effective as of the PURCHASE COMPLETION DATE, to sell, import and otherwise market, DUAL MODE EQUIPMENT and DESIGNED EQUIPMENT for use solely in connection with the IRIDIUM SYSTEM. If ISLLC or ICLLC deploys a SECOND GENERATION IRIDIUM SYSTEM that is backwards compatible with the DUAL MODE EQUIPMENT or DESIGNED EQUIPMENT made, used, sold, imported and marketed pursuant to the license of this Section 2.1.5, the license of this Section 2.1.5 further includes the use of such DUAL MODE EQUIPMENT or DESIGNED EQUIPMENT solely in connection with such SECOND GENERATION IRIDIUM SYSTEM.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:96px; text-indent:48px; font-size:11pt">(a)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:96px; text-indent:96px; font-size:11pt">The license of this Section 2.1.5 is limited to use of the SUBSCRIBER EQUIPMENT MANUFACTURING INFORMATION (or permitted modifications thereof) solely on the satellite portion and common interface portions (such as the display) of such DUAL MODE EQUIPMENT.</P>
<P style="margin-top:0px; margin-bottom:14.667px"><BR>
<BR></P>
<P style="line-height:13pt; margin:0px; text-indent:310.2px; font-size:11pt">5</P>
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<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:96px; text-indent:48px; font-size:11pt; page-break-before:always">(b)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:96px; text-indent:96px; font-size:11pt">Notwithstanding any other provision of this AGREEMENT, SEL acknowledges and agrees that it cannot and will not disclose any SUBSCRIBER EQUIPMENT MANUFACTURING INFORMATION or other MOTOROLA Confidential Information to any PERSON (or any employees of any PERSON that is not an individual) it desires to employ, work with, or contract with for the design, manufacture, use, sale, importation or marketing of DUAL MODE EQUIPMENT prior to providing MOTOROLA notice of such PERSON and the information sought to be disclosed and receiving MOTOROLA&#146;S written approval to disclose the requested information to the identified PERSON (and any employees of such PERSON if such PERSON is not an individual). MOTOROLA, in its sole discretion, has the right to withhold approval to disclose any or all SUBSCRIBER EQUIPMENT MANUFACTURING INFORMATION or other MOTOROLA Confidential Information to any PERSON.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:96px; text-indent:48px; font-size:11pt">(c)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:96px; text-indent:96px; font-size:11pt">SEL acknowledges that the license of this Section 2.1.5 is not a license to MOTOROLA intellectual property or under MOTOROLA proprietary rights relating to TERRESTRIAL WIRELESS SYSTEMS and that SEL may require additional licenses from MOTOROLA or others for the design, manufacture, use, sale, importation or marketing of DUAL MODE EQUIPMENT.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">Section 2.2</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt">Subject to MOTOROLA&#146;s prior written approval reasonably exercised and subject to MOTOROLA&#146;s rights and SEL&#146;s obligations set forth in Section 2.3, the licenses of Section 2.1 include the right for SEL (but not for sublicensees, if any) to have made, have reproduced and have prepared derivative works and the right to grant sublicenses (of no greater scope than that which is granted to SEL under this AGREEMENT and with no right to grant further sublicenses). MOTOROLA may withhold its approval of a potential sublicensee if in MOTOROLA&#146;s sole discretion MOTOROLA believes such potential sublicensee to be a direct competitor (or an affiliate of a direct competitor) of MOTOROLA or any of its businesses; provided, however, that if a PERSON is a direct competitor (or an affiliate of a direct competitor) of MOTOROLA solely as a result of the license granted to MOTOROLA by SEL pursuant to Section 2.8 below, such PERSON shall not be deemed a direct competitor (or an affiliate of a direct competitor) of MOTOROLA for purposes of this Section 2.2. SEL acknowledges and agrees that MOTOROLA&#146;s withholding of approval of a potential sublicensee based on such potential sublicensee being a direct competitor (or an affiliate of a direct competitor) of MOTOROLA is a reasonable exercise of MOTOROLA&#146;s discretion under this Section 2.2.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">Section 2.3</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt">MOTOROLA expressly reserves the right to terminate SEL&#146;s right to have made, have reproduced and have prepared derivative works and SEL&#146;s right to grant sublicenses immediately with respect to a PERSON operating thereunder if such PERSON files a lawsuit or commences an arbitration or other formal proceeding that asserts an INTELLECTUAL PROPERTY CLAIM against MOTOROLA or any of its AFFILIATES. If MOTOROLA receives notice of a potential INTELLECTUAL PROPERTY CLAIM from an entity operating under SEL&#146;s rights or under an SEL sublicense in accordance with this AGREEMENT, MOTOROLA will promptly notify SEL of the potential termination of the applicable license and right with respect to the claiming PERSON. SEL agrees to include in any exercise of its rights and in any sublicense grant, the express condition that the right or sublicense terminates immediately upon SEL&#146;s receipt of notice from MOTOROLA that SEL&#146;s applicable right or license is terminated.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">Section 2.4</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt">For the avoidance of doubt, the licenses granted under this Article 2 are limited to the use and modification of SUBSCRIBER EQUIPMENT MANUFACTURING INFORMATION in connection with SATELLITE SUBSCRIBER EQUIPMENT and DUAL MODE EQUIPMENT for use on the IRIDIUM SYSTEM (and a SECOND GENERATION IRIDIUM SYSTEM solely to the extent permitted under Sections 2.1.1, 2.1.2 and 2.1.5) and do not extend to the use and modification of </P>
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<P style="line-height:13pt; margin:0px; text-indent:310.2px; font-size:11pt">6</P>
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<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt; page-break-before:always">SUBSCRIBER EQUIPMENT MANUFACTURING INFORMATION in connection with any other fields, such as but not limited to, the cellular subscriber equipment not incidental to a space-based commercial satellite communication system, semiconductor, two-way radio or automotive fields. For the further avoidance of doubt, the licenses granted under this Article 2 do not extend to, encompass, or otherwise apply to any equipment or portion of equipment (except as specifically prescribed in Section 2.1.5) compatible with air interfaces for any of the following wireless communication systems: IS-95 (CDMA), IS-136 (US TDMA), GSM, W-CDMA, CDMA2000 iDen or future generations or evolutions of such systems. The parties acknowledge that the foregoing limitations do not prohibit SEL from mounting or otherwise integrating SATELLITE SUBSCRIBER EQUIPMENT made and used pursuant to the licenses granted under this Article 2 into any transportation equipment or fixed assets.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">Section 2.5</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt"><U>Ownership of MOTOROLA INTELLECTUAL PROPERTY RIGHTS and SUBSCRIBER EQUIPMENT MANUFACTURING INFORMATION</U>. MOTOROLA retains all right, title and interest in and to the MOTOROLA INTELLECTUAL PROPERTY RIGHTS and the SUBSCRIBER EQUIPMENT MANUFACTURING INFORMATION. This AGREEMENT does not and shall not be interpreted to grant SEL any rights (i) to utilize MOTOROLA INTELLECTUAL PROPERTY RIGHTS or the SUBSCRIBER EQUIPMENT MANUFACTURING INFORMATION in any manner other than as expressly stated herein; or (ii) to make, sell, lease, or otherwise dispose of any SUBSCRIBER EQUIPMENT or any other products or services for use in connection with TERRESTRIAL WIRELESS SYSTEMS except as expressly stated herein.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">Section 2.6</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt">Intentionally Omitted.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">Section 2.7</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt">MOTOROLA does not grant to SEL any right or license to third party intellectual property, except as expressly provided in this AGREEMENT, and MOTOROLA has no obligation to provide any third party intellectual property to SEL. With respect to third party intellectual property:</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:48px; font-size:11pt">2.7.1</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; text-indent:96px; font-size:11pt">It is SEL&#146;s sole responsibility to obtain any and all third party licenses and consents necessary to possess, access, use or operate any third party intellectual property or SUBSCRIBER EQUIPMENT MANUFACTURING INFORMATION used in, contained within, or used for support of the manufacture, use, or sale of SATELLITE SUBSCRIBER EQUIPMENT or DUAL MODE EQUIPMENT (collectively &#147;THIRD PARTY CONSENTS&#148;).</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:48px; font-size:11pt">2.7.2</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; text-indent:96px; font-size:11pt">MOTOROLA&#146;s license to SEL to use or modify the SUBSCRIBER EQUIPMENT MANUFACTURING INFORMATION is effective only to the extent that (a) no THIRD PARTY CONSENTS are required to grant such license or (b) SEL secures the required THIRD PARTY CONSENTS.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:48px; font-size:11pt">2.7.3</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; text-indent:96px; font-size:11pt">SEL shall not access, use or operate any intellectual property for which a THIRD PARTY CONSENT is required until such a consent is obtained, and a copy forwarded to and approved by MOTOROLA.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">Section 2.8</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt"><U>Ownership of Modifications and Derivative Works</U>. Modifications and derivative works of documents and software constituting part of the SUBSCRIBER EQUIPMENT MANUFACTURING INFORMATION made pursuant to Sections 2.1.4 or 2.2 shall be owned by SEL, subject to MOTOROLA&#146;s ownership rights and interest in the underlying works. SEL grants to MOTOROLA a fully paid-up, royalty-free, worldwide, non-exclusive license to use, make and have made products, systems and services incorporating in whole or in part such modifications or derivative works and to lease, sell, offer for sale, import and otherwise dispose of products, systems and services so made.</P>
<P style="margin-top:0px; margin-bottom:14.667px" align=center><BR>
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<P style="line-height:13pt; margin:0px; text-indent:310.2px; font-size:11pt">7</P>
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<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-family:Times New Roman Bold; font-size:11pt; page-break-before:always" align=center><B>ARTICLE III.&#160;&#160;DELIVERY; SUPPORT AND TRANSITION SERVICES</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">Section 3.1</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt">MOTOROLA shall deliver to SEL the TECHNICAL INFORMATION that is currently necessary to manufacture IRIDIUM SUBSCRIBER EQUIPMENT by or on behalf of MOTOROLA; <I>provided, however</I>, that MOTOROLA shall have no obligation to deliver (x) any TECHNICAL INFORMATION that is not currently necessary to the manufacture of IRIDIUM SUBSCRIBER EQUIPMENT by or on behalf of MOTOROLA or (y) any TECHNICAL INFORMATION on obsolete parts or components, whether or not such parts or components were manufactured by MOTOROLA or used by or on behalf of MOTOROLA in the manufacture of IRIDIUM SUBSCRIBER EQUIPMENT. Subject to the foregoing and Section 6.1, upon completion of delivery to SEL of information MOTOROLA has identified as TECHNICAL INFORMATION that is currently necessary to the manufacture of IRIDIUM SUBSCRIBER EQUIPMENT by or on behalf of MOTOROLA that is in MOTOROLA&#146;s possession and reasonably available for provision to SEL, MOTOROLA shall provide notice to SEL of such completion. MOTOROLA has no obligation, express or implied, to deliver any TECHNICAL INFORMATION after December 31, 2002.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">Section 3.2</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt">Support and transition services, if any, will be addressed in a separate agreement. MOTOROLA has no obligation to provide support or transition services obligations under this AGREEMENT or to enter into any separate agreements therefor.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-family:Times New Roman Bold; font-size:11pt" align=center><B>ARTICLE IV.&#160;&#160;PROTECTION OF INFORMATION.</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-right:4.8px; text-indent:48px; font-size:11pt">The parties have entered into a Non-Disclosure Agreement (the &#147;NDA&#148;), which is attached hereto as Exhibit B. The terms of the NDA are incorporated herein, and shall apply to &#147;Confidential Information&#148; (as defined in the NDA) that is exchanged pursuant to this AGREEMENT. The provisions of the NDA are in addition to any other remedies available to either party in the event of a breach by the other. The terms and conditions of this AGREEMENT shall be considered Confidential Information to be treated in accordance with the terms of the NDA. Additionally, all TECHNICAL INFORMATION disclosed to SEL hereunder or previously disclosed under the NDA shall be considered &#147;Confidential Information,&#148; to be treated in accordance with the terms of the NDA. Confidential Information exchanged pursuant to the NDA or pursuant to this AGREEMENT may be used only to accomplish the stated purposes of the NDA and the stated purposes of this AGREEMENT. The obligations in the NDA regarding use and nondisclosure of Confidential Information shall survive termination of this AGREEMENT with respect to Confidential Information exchanged hereunder. Notwithstanding the provisions of the NDA regarding the term of protection of Confidential Information, with respect to TECHNICAL INFORMATION, the obligations in the NDA regarding use and nondisclosure of Confidential Information shall survive termination of this AGREEMENT for a period of ten (10) years following such termination. If this AGREEMENT is terminated, any TECHNICAL INFORMATION previously transferred to SEL shall be promptly returned to MOTOROLA upon MOTOROLA&#145;s request.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-family:Times New Roman Bold; font-size:11pt" align=center><B>ARTICLE V.&#160;&#160;COMPENSATION</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">Section 5.1</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt">In partial consideration of the rights granted by MOTOROLA to SEL under this AGREEMENT, SEL agrees to pay MOTOROLA a royalty for the licenses granted under Article 2 equal to Two Percent (2%) of NET SALES of SATELLITE SUBSCRIBER EQUIPMENT and DUAL MODE EQUIPMENT.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">Section 5.2</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt">SEL&#146;s obligation to pay royalties pursuant to Section 5.1 shall commence upon the first commercial sale of SATELLITE SUBSCRIBER EQUIPMENT and/or DUAL MODE EQUIPMENT (whether such sale is by or on behalf of SEL, an SEL AFFILIATE or an SEL licensee or manufacturer). SATELLITE SUBSCRIBER EQUIPMENT and/or DUAL MODE EQUIPMENT shall be deemed sold when invoiced or shipped, whichever occurs earlier.</P>
<P style="margin-top:0px; margin-bottom:14.667px"><BR>
<BR></P>
<P style="line-height:13pt; margin:0px; text-indent:310.2px; font-size:11pt">8</P>
<P style="margin:0px"><BR></P>
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<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt; page-break-before:always">Section 5.3</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt">Within thirty (30) days after the end of each calendar quarter, whether or not a royalty payment is due for that period, SEL shall provide MOTOROLA with a written statement with respect to such period specifying the NET SALES of SATELLITE SUBSCRIBER EQUIPMENT and DUAL MODE EQUIPMENT during the period, and the amount of royalty due, if any. The written statement shall further specify, by entity (e.g., SEL, an SEL AFFILIATE or an SEL licensee or manufacturer), the quantity, price, credits, allowances and rebates for each model or type of SATELLITE SUBSCRIBER EQUIPMENT and DUAL MODE EQUIPMENT sold, leased, or otherwise disposed of during the period.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">Section 5.4</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt">SEL shall give MOTOROLA prompt written notice of (no later than 15 business days after) the first commercial sale (whether by SEL, an SEL AFFILIATE, or an SEL licensee or manufacturer) of a unit of SATELLITE SUBSCRIBER EQUIPMENT and/or DUAL MODE EQUIPMENT.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">Section 5.5</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt">SEL shall keep or obtain and require its AFFILIATES, its manufacturers and its licensees to keep or obtain complete and accurate records pertaining to the NET SALES of SATELLITE SUBSCRIBER EQUIPMENT and DUAL MODE EQUIPMENT appropriate to determine royalties payable under Section 5.1 of this AGREEMENT.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">Section 5.6</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt">At the request and expense of MOTOROLA, Ernst &amp; Young, or another independent certified public accountant selected by SEL and approved by MOTOROLA, shall have access, at SEL&#146;s principal place of business (or that of its AFFILIATES or its licensees or manufacturers, as applicable) during ordinary business hours, to such records maintained or obtained by SEL, its AFFILIATES and its licensees and manufacturers as may be necessary to: 1) determine, with respect to any of the three (3) preceding calendar years, the correctness of any report or payment made under this AGREEMENT, or 2) obtain information as to the royalty payable in case of SEL&#146;s failure to report or pay such royalty pursuant to this AGREEMENT. If deemed necessary or desirable in the sole opinion of the accountant, the accountant shall at MOTOROLA&#146;s expense be permitted to consult with and obtain the assistance of consultants selected by the accountant and reasonably acceptable to SEL. Neither the accountant nor the selected consultants shall disclose to MOTOROLA or any third parties any information relating to the business of SEL, its AFFILIATES, or its licensees or manufacturers other than information relating solely to the accuracy of the reports and payments due under this AGREEMENT. Notwithstanding anything hereunder to the contrary, if after any such audit of the books and records of SEL and its AFFILIATES or the records obtained from its licensees or manufacturers, it is determined that additional royalties are owing to MOTOROLA hereunder, then, to the extent such additional royalties exceed $5,000 or five percent (5%) of the amount paid to MOTOROLA for the applicable period, whichever is greater, SEL shall be responsible for all of MOTOROLA&#146;s reasonable out of pocket expenses in auditing such books and records, including, without limitation the accountant&#146;s fees.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">Section 5.7</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt">All payments due pursuant to this Article 5 shall be due and payable on a quarterly basis. SEL shall make any royalty payment due under Section 5.1 on NET SALES of SATELLITE SUBSCRIBER EQUIPMENT and DUAL MODE EQUIPMENT in each calendar quarter within thirty (30) days after the end of such calendar quarter.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:48px; font-size:11pt">5.7.1</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; text-indent:96px; font-size:11pt">Any sum required under the law of any governmental authority to be withheld by SEL from payment for the account of MOTOROLA under Section 5.1 shall be promptly paid for and on behalf of MOTOROLA to the appropriate tax or other governmental authorities, and SEL shall furnish MOTOROLA with copies of official tax receipts or other appropriate evidence issued by the appropriate tax or other governmental authorities to enable MOTOROLA to support a claim for tax or other credit or refund in respect of any sum so withheld.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:48px; font-size:11pt">5.7.2</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; text-indent:96px; font-size:11pt">All conversions from foreign currency to United States funds shall be at the buying rate for that country&#146;s currency at Citibank, New York, New York, or such other bank as </P>
<P style="margin-top:0px; margin-bottom:14.667px"><BR>
<BR></P>
<P style="line-height:13pt; margin:0px; text-indent:310.2px; font-size:11pt">9</P>
<P style="margin:0px"><BR></P>
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<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; font-size:11pt; page-break-before:always">agreed to by the parties, or on another acceptable exchange conversion procedure as agreed to by both parties on the last business day of the quarter.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-family:Times New Roman Bold; font-size:11pt" align=center><B>ARTICLE VI.&#160;&#160;REPRESENTATIONS; DISCLAIMERS</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">Section 6.1</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt"><U>Representation and Limited Obligation Regarding TECHNICAL INFORMATION</U>. MOTOROLA represents and warrants that portions of the SUBSCRIBER EQUIPMENT MANUFACTURING INFORMATION have been used by MOTOROLA in the manufacture of the IRIDIUM SUBSCRIBER EQUIPMENT, but MOTOROLA otherwise makes no representations that the SUBSCRIBER EQUIPMENT MANUFACTURING INFORMATION comprises all the technology or documentation necessary for SEL or others to design, manufacture or test SATELLITE SUBSCRIBER EQUIPMENT, DUAL MODE EQUIPMENT, or any other products or to provide IRIDIUM SERVICES (as defined in the IPR AGREEMENT) or any other services. MOTOROLA has no obligation to identify or provide all items that could fall within the scope of the definition of TECHNICAL INFORMATION. Additionally, MOTOROLA has no obligation to document technology not already documented or to provide SEL or others rights of access to or use of any technology not specifically licensed hereunder. SEL acknowledges that SEL has been given the opportunity to conduct the due diligence necessary to determine the TECHNICAL INFORMATION necessary for SEL or others to manufacture IRIDIUM SUBSCRIBER EQUIPMENT. SEL understands and acknowledges that elements of the IRIDIUM SUBSCRIBER EQUIPMENT are neither designed nor manufactured by MOTOROLA, including certain components, assemblies, hardware components and software programs (&#147;NON-MOTOROLA SOURCED SUBSCRIBER EQUIPMENT COMPONENTS&#148;). MOTOROLA shall not be required to provide enabling information regarding such NON-MOTOROLA SOURCED SUBSCRIBER EQUIPMENT COMPONENTS. SEL further understands and acknowledges that it may not be able to manufacture or have manufactured IRIDIUM SUBSCRIBER EQUIPMENT as manufactured by or for MOTOROLA due to component obsolescence.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">Section 6.2</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt">MOTOROLA represents and warrants that it has not sold, transferred or granted an exclusive or sole license in any MOTOROLA INTELLECTUAL PROPERTY RIGHTS necessary to manufacture or sell the IRIDIUM SUBSCRIBER EQUIPMENT or, to its knowledge, for SEL to otherwise enjoy the benefits of this AGREEMENT. To the extent MOTOROLA INTELLECTUAL PROPERTY RIGHTS are owned or held by an AFFILIATE of MOTOROLA, MOTOROLA agrees to use reasonable efforts to obtain for SEL the necessary licenses to such MOTOROLA INTELLECTUAL PROPERTY RIGHTS consistent with the licenses granted herein but subject to any royalties or fees charged to MOTOROLA by such AFFILIATE.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">Section 6.3</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt"><U>No Other Warranty</U>. EXCEPT AS PROVIDED IN SECTIONS 6.1 AND 6.2, MOTOROLA MAKES NO REPRESENTATION OR WARRANTY REGARDING THE SUBSCRIBER EQUIPMENT MANUFACTURING INFORMATION, ALL OF WHICH IS PROVIDED &#147;AS IS&#148;. MOTOROLA WILL NOT PROVIDE ANY UPDATES, ENHANCEMENTS, EXTENSIONS, SUPPORT, ASSISTANCE, INSTALLATION, TRAINING OR OTHER SERVICES EXCEPT AS EXPLICITLY PROVIDED IN THIS AGREEMENT. MOTOROLA SPECIFICALLY DISCLAIMS ANY IMPLIED WARRANTIES OF MERCHANTABILITY, NONINFRINGEMENT OR FITNESS FOR A PARTICULAR PURPOSE.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">Section 6.4</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt"><U>Limitation of Liability</U>. IN NO EVENT SHALL EITHER PARTY HAVE ANY LIABILITY TO THE OTHER PARTY OR ANY OTHER THIRD PARTY FOR ANY LOST PROFITS, LOST DATA, OR LOSS OF USE, OR FOR ANY INDIRECT, SPECIAL OR CONSEQUENTIAL OR PUNITIVE DAMAGES ARISING OUT OF THIS AGREEMENT, UNDER ANY CAUSE OF ACTION OR THEORY OF LIABILITY ARISING UNDER FEDERAL OR STATE LAW, AND IRRESPECTIVE OF WHETHER THAT PARTY HAS ADVANCE NOTICE OF THE POSSIBILITY </P>
<P style="margin-top:0px; margin-bottom:14.667px"><BR>
<BR></P>
<P style="line-height:13pt; margin:0px; text-indent:310.2px; font-size:11pt">10</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt; page-break-before:always">OF SUCH DAMAGES. THESE LIMITATIONS SHALL APPLY NOTWITHSTANDING THE FAILURE OF THE ESSENTIAL PURPOSE OF ANY LIMITED REMEDY.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">Section 6.5</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt">Nothing contained in this AGREEMENT shall be construed as:</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:48px; font-size:11pt">6.5.1</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; text-indent:96px; font-size:11pt">restricting the right of MOTOROLA or any of its AFFILIATES to make, use, sell, lease or otherwise dispose of any particular product or products;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:48px; font-size:11pt">6.5.2</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; text-indent:96px; font-size:11pt">an admission by SEL of, or a warranty or representation by MOTOROLA as to, the validity and/or scope of the MOTOROLA INTELLECTUAL PROPERTY RIGHTS, or a limitation on SEL to contest, in any proceeding, the validity and/or scope thereof;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:48px; font-size:11pt">6.5.3</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; text-indent:96px; font-size:11pt">an admission by MOTOROLA of, or a warranty or representation by SEL as to, the validity and/or scope of any INTELLECTUAL PROPERTY RIGHTS of SEL, or a limitation on MOTOROLA to contest, in any proceeding, the validity and/or scope thereof;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:48px; font-size:11pt">6.5.4</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; text-indent:96px; font-size:11pt">conferring any license or other right, by implication, estoppel or otherwise under any MOTOROLA INTELLECTUAL PROPERTY RIGHTS, except as expressly granted herein;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:48px; font-size:11pt">6.5.5</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; text-indent:96px; font-size:11pt">conferring any license or right with respect to any trademark, trade or brand name, a corporate name of either party or any of their respective AFFILIATES, or any other name or mark, or contraction, abbreviation or simulation thereof<SUP>.</SUP>,</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:48px; font-size:11pt">6.5.6</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; text-indent:96px; font-size:11pt">imposing on MOTOROLA any obligation to institute any suit or action for infringement of any MOTOROLA INTELLECTUAL PROPERTY RIGHTS, or to defend any suit or action brought by a third party which challenges or concerns the validity of any MOTOROLA INTELLECTUAL PROPERTY RIGHTS;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:48px; font-size:11pt">6.5.7</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; text-indent:96px; font-size:11pt">a warranty or representation by MOTOROLA that the use of the SUBSCRIBER EQUIPMENT MANUFACTURING INFORMATION as contemplated herein, or any sale, lease or other disposition of SATELLITE SUBSCRIBER EQUIPMENT, DUAL MODE EQUIPMENT, or IRIDIUM SERVICES (as defined in the IPR AGREEMENT) or any other products or services will be free from infringement of any intellectual property rights;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:48px; font-size:11pt">6.5.8</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; text-indent:96px; font-size:11pt">imposing on either party any obligation to file any patent application or to secure any INTELLECTUAL PROPERTY RIGHTS or maintain any INTELLECTUAL PROPERTY RIGHTS in force; or</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:48px; font-size:11pt">6.5.9</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; text-indent:96px; font-size:11pt">an obligation on either party to furnish any manufacturing or technical information under this AGREEMENT, except as the same is specifically provided for herein.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">Section 6.6</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt"><U>Cap on Liability</U>.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:48px; font-size:11pt">6.6.1</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; text-indent:96px; font-size:11pt">IN NO EVENT AND UNDER NO CIRCUMSTANCE SHALL MOTOROLA OR ANY AFFILIATE OF MOTOROLA BE LIABLE TO SEL, ANY AFFILIATE OF SEL, ANY SEL LICENSEE OR MANUFACTURER OR ANYONE CLAIMING BY OR THROUGH SEL, ANY SUCH AFFILIATE OR ANY THIRD PARTIES (INCLUDING, BUT NOT LIMITED TO, DIRECT OR INDIRECT CUSTOMERS OF ISLLC) IN AN AGGREGATE CUMULATIVE AMOUNT IN EXCESS OF U.S.$ 5,000,000 FOR ANY AND ALL COSTS, DAMAGES, CLAIMS OR LOSSES WHATSOEVER ARISING OUT OF OR RELATED TO THIS AGREEMENT OR ANY PROVISION HEREUNDER, WHETHER PURSUED AS A BREACH (I.E. DEFAULT) OF THE AGREEMENT OR AS A TORT OR OTHER CAUSE OF ACTION, AND INCLUDING AN ACTION RELATING TO INDEMNIFICATION, IF ANY.</P>
<P style="margin-top:0px; margin-bottom:14.667px"><BR>
<BR></P>
<P style="line-height:13pt; margin:0px; text-indent:310.2px; font-size:11pt">11</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:48px; font-size:11pt; page-break-before:always">6.6.2</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; text-indent:96px; font-size:11pt">IN NO EVENT AND UNDER NO CIRCUMSTANCE SHALL SEL BE LIABLE TO MOTOROLA OR ANY AFFILIATE OF MOTOROLA OR ANYONE CLAIMING BY OR THROUGH MOTOROLA, ANY SUCH AFFILIATE OR ANY THIRD PARTIES (INCLUDING, BUT NOT LIMITED TO, DIRECT OR INDIRECT CUSTOMERS OF OR VENDORS TO MOTOROLA) IN AN AGGREGATE CUMULATIVE AMOUNT IN EXCESS OF U.S.$ 5,000,000 FOR ANY AND ALL COSTS, DAMAGES, CLAIMS OR LOSSES WHATSOEVER ARISING OUT OF OR RELATED TO THIS AGREEMENT OR ANY PROVISION HEREUNDER, WHETHER PURSUED AS A BREACH (I.E. DEFAULT) OF THE AGREEMENT OR AS A TORT OR OTHER CAUSE OF ACTION, AND INCLUDING AN ACTION RELATING TO INDEMNIFICATION, IF ANY.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:48px; font-size:11pt">6.6.3</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; text-indent:96px; font-size:11pt">Each party shall (a) use its reasonable efforts to mitigate the losses, damages, liabilities, actions, suits, proceedings, demands, assessments, adjustments, costs and expenses (including reasonable attorneys&#146; fees and expenses of investigation), for which it seeks indemnification hereunder and (b) assign to the indemnifying party all of such party&#146;s claims for recovery against third parties as to losses, damages, liabilities, actions, suits, proceedings, demands, assessments, adjustments, costs and expenses (including reasonable attorneys&#146; fees and expenses of investigation), whether by insurance coverage, contribution claims, subrogation or otherwise.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-family:Times New Roman Bold; font-size:11pt" align=center><B>ARTICLE VII.&#160;&#160;GENERAL</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">Section 7.1</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt"><U>Term and Termination</U>.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:48px; font-size:11pt">7.1.1</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; text-indent:96px; font-size:11pt"><U>Term</U>. This AGREEMENT shall be effective upon the date hereof and shall continue in force for the life of the IRIDIUM SYSTEM unless terminated sooner by (i) the terms of this AGREEMENT or (ii) the mutual agreement of the parties (the &#147;TERM&#148;). This AGREEMENT shall terminate immediately and automatically upon termination of the TRANSITION AGREEMENT or the IPR AGREEMENT.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:48px; font-size:11pt">7.1.2</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; text-indent:96px; font-size:11pt"><U>Termination for Cause</U>.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:96px; text-indent:48px; font-size:11pt">7.1.2.1</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:96px; text-indent:96px; font-size:11pt">MOTOROLA shall have the right to terminate this AGREEMENT by giving written notice to SEL at any time upon or after the occurrence of:</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:96px; text-indent:48px; font-size:11pt">(a)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:96px; text-indent:96px; font-size:11pt">any change to SEL&#146;s certificate of formation or to Section 1.1, Article III, Section 5.4, Article VI, Article XI or Article XIII of the operating agreement of SEL; or</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:96px; text-indent:48px; font-size:11pt">(b)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:96px; text-indent:96px; font-size:11pt">any Change of Control (as defined in Section 10A(2) of the TRANSITION AGREEMENT); or</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:96px; text-indent:48px; font-size:11pt">(c)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:96px; text-indent:96px; font-size:11pt">the commencement by ISLLC of a voluntary proceeding concerning itself under any bankruptcy or insolvency law; or the commencement of any involuntary proceeding against ISLLC under any bankruptcy or insolvency law where a petition has not been dismissed within one hundred and twenty (120) calendar days after commencement; or a receiver or custodian is appointed for or takes charge of all or substantially all of the property of ISLLC and such receiver or custodian has not been dismissed within ninety (90) calendar days; or ISLLC has taken action toward winding up, dissolution, or liquidation of its business; or ISLLC has been adjudicated bankrupt or insolvent; or ISLLC has made a general assignment for the benefit of creditors; or</P>
<P style="margin-top:0px; margin-bottom:14.667px"><BR>
<BR></P>
<P style="line-height:13pt; margin:0px; text-indent:310.2px; font-size:11pt">12</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:96px; text-indent:48px; font-size:11pt; page-break-before:always">(d)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:96px; text-indent:96px; font-size:11pt">material failure of ISLLC to perform or comply with a provision of the IPR AGREEMENT, the TRANSITION AGREEMENT, or any other agreement between ISLLC and MOTOROLA and such failure continues unremedied for a period of thirty (30) calendar days or more following notice from MOTOROLA of such failure. For the avoidance of doubt, if ISLLC defaults in any material respect in the performance of any of its obligations to MOTOROLA (specifically including its obligations to make payments when due) under the IPR AGREEMENT, or the TRANSITION AGREEMENT or any of the agreements arising therefrom, and if ISLLC fails to remedy any such default within thirty (30) days after written notice of such default by MOTOROLA, MOTOROLA may, at its option, immediately terminate this AGREEMENT and the rights and licenses granted herein by providing SEL notice in writing to such effect.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:48px; font-size:11pt">7.1.2.2</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; text-indent:96px; font-size:11pt">Either party shall have the right to terminate this AGREEMENT by giving written notice to the other party at any time upon or after:</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:96px; text-indent:48px; font-size:11pt">(a)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:96px; text-indent:96px; font-size:11pt">the commencement by such other party of a voluntary proceeding concerning itself under any bankruptcy or insolvency law; or the commencement of any involuntary proceeding against such other party under any bankruptcy or insolvency law where a petition has not been dismissed within one hundred and twenty (120) calendar days after commencement; or a receiver or custodian is appointed for or takes charge of all or substantially all of the property of such other party and such receiver or custodian has not been dismissed within ninety (90) calendar days; or such other party has taken action toward winding up, dissolution, or liquidation of its business; or such other party has been adjudicated bankrupt or insolvent; or such other party has made a general assignment for the benefit of creditors; or</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:96px; text-indent:48px; font-size:11pt">(b)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:96px; text-indent:96px; font-size:11pt">material failure of such other party to perform or comply with a provision of this AGREEMENT or any other agreement between the parties and such failure continues unremedied for a period of thirty (30) calendar days or more following notice from the non-breaching party of such failure.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">Section 7.2</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt"><U>Survival</U>. The following rights and obligations shall survive any termination of this AGREEMENT to the degree necessary to permit their complete fulfillment or discharge:</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:48px; font-size:11pt">7.2.1</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; text-indent:96px; font-size:11pt">Obligations of confidentiality; and</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:48px; font-size:11pt">7.2.2</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; text-indent:96px; font-size:11pt">Licenses running in favor of customers of SEL with respect to products sold or services provided prior to termination.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">Section 7.3</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt"><U>Notices and Requests</U>. All notices required or permitted to be given under this AGREEMENT shall be in writing, shall make reference to this AGREEMENT, and shall be delivered by hand, confirmed email or facsimile transmission, or dispatched by prepaid air courier or by registered or certified airmail, postage prepaid, and addressed to the parties at the address listed below. All notices shall be deemed served when verification of delivery has been received, as required by this Article. Either party may give written notice of a change of address and, after notice of such change has been received, any notice or request shall thereafter be given to such party at the changed address.</P>
<P style="margin:0px"><BR>
<BR></P>
<P style="line-height:13pt; margin:0px; text-indent:310.2px; font-size:11pt">13</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="margin:0px; page-break-before:always"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR style="font-size:0"><TD width=301.2></TD><TD width=337.2></TD></TR>
<TR><TD valign=top width=301.2><P style="line-height:13pt; margin:0px; font-size:11pt">If to MOTOROLA:</P>
</TD><TD valign=top width=337.2><P style="line-height:13pt; margin:0px; font-size:11pt">If to SEL:</P>
</TD></TR>
<TR><TD valign=top width=301.2><P>&nbsp;</P></TD><TD valign=top width=337.2><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=301.2><P style="line-height:13pt; margin:0px; padding-left:24px; font-size:11pt">Motorola, Inc.</P>
<P style="line-height:13pt; margin:0px; padding-left:24px; font-size:11pt">1301 E. Algonquin Road</P>
<P style="line-height:13pt; margin:0px; padding-left:24px; font-size:11pt">Schaumburg, Illinois 60196</P>
<P style="line-height:13pt; margin:0px; padding-left:24px; font-size:11pt">Fax: 847-538-2491</P>
<P style="line-height:13pt; margin:0px; padding-left:24px; font-size:11pt">Attn: Robert J. McCall</P>
</TD><TD valign=top width=337.2><P style="line-height:13pt; margin:0px; padding-left:24px; font-size:11pt">SE Licensing LLC</P>
<P style="line-height:13pt; margin:0px; padding-left:24px; font-size:11pt">1600 Wilson Boulevard, Suite 1000</P>
<P style="line-height:13pt; margin:0px; padding-left:24px; font-size:11pt">Arlington, Virginia 22209</P>
<P style="line-height:13pt; margin:0px; padding-left:24px; font-size:11pt">Fax: 703-465-1038</P>
<P style="line-height:13pt; margin:0px; padding-left:24px; font-size:11pt">Attn:</P>
</TD></TR>
<TR><TD valign=top width=301.2><P>&nbsp;</P></TD><TD valign=top width=337.2><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=301.2><P style="line-height:13pt; margin:0px; font-size:11pt">With copy to:</P>
</TD><TD valign=top width=337.2><P style="line-height:13pt; margin:0px; font-size:11pt">With copies to:</P>
</TD></TR>
<TR><TD valign=top width=301.2><P>&nbsp;</P></TD><TD valign=top width=337.2><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=301.2><P style="line-height:13pt; margin:0px; padding-left:18px; font-size:11pt">Motorola Inc. Law Department</P>
<P style="line-height:13pt; margin:0px; padding-left:18px; font-size:11pt">1303 E. Algonquin Road</P>
<P style="line-height:13pt; margin:0px; padding-left:18px; font-size:11pt">Schaumburg, Illinois 60196</P>
<P style="line-height:13pt; margin:0px; padding-left:18px; font-size:11pt">Fax: 847-576-3750</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:18px; font-size:11pt">Attn:</P>
<P style="line-height:13pt; margin:0px; padding-left:18px; text-indent:42px; font-size:11pt">Senior Vice President and</P>
<P style="line-height:13pt; margin:0px; padding-left:18px; text-indent:42px; font-size:11pt">Assistant General Counsel</P>
<P style="line-height:13pt; margin:0px; padding-left:18px; text-indent:42px; font-size:11pt">Intellectual Property</P>
</TD><TD valign=top width=337.2><P style="line-height:13pt; margin:0px; padding-left:18px; font-size:11pt">SE Licensing LLC</P>
<P style="line-height:13pt; margin:0px; padding-left:18px; font-size:11pt">1600 Wilson Boulevard, Suite 1000</P>
<P style="line-height:13pt; margin:0px; padding-left:18px; font-size:11pt">Arlington, Virginia 22209</P>
<P style="line-height:13pt; margin:0px; padding-left:18px; font-size:11pt">Fax: 703-465-1038</P>
<P style="line-height:13pt; margin:0px; padding-left:18px; font-size:11pt">Attn: General Counsel</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:18px; font-size:11pt">and</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:34.8px; text-indent:-16.8px; font-size:11pt">Neuberger, Quinn, Gielen, Rubin &amp;</P>
<P style="line-height:13pt; margin:0px; padding-left:34.8px; text-indent:-16.8px; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gibber, P.A.</P>
<P style="line-height:13pt; margin:0px; padding-left:18px; font-size:11pt">One South Street, 27th Floor</P>
<P style="line-height:13pt; margin:0px; padding-left:18px; font-size:11pt">Baltimore, MD 21202</P>
<P style="line-height:13pt; margin:0px; padding-left:18px; font-size:11pt">Fax: (410) 332-8594</P>
<P style="line-height:13pt; margin:0px; padding-left:18px; font-size:11pt">Attn: Isaac M. Neuberger, Esq.</P>
</TD></TR>
<TR><TD valign=top width=301.2><P>&nbsp;</P></TD><TD valign=top width=337.2><P>&nbsp;</P></TD></TR>
</TABLE>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">Section 7.4</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt"><U>Governing Law</U>. Any claim arising under or relating to this AGREEMENT shall be governed by the internal substantive laws of the State of Illinois without regard to principles of conflict of laws. Each party hereto irrevocably submits to the exclusive jurisdiction of a state or federal court in Chicago, Illinois, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that the venue thereof may not be appropriate, that such suit, action or proceeding is improper or that this Agreement may not be enforced in or by said courts, and each Party hereto irrevocably agrees that all claims with respect to such suit, action or proceeding shall be heard and determined in such court. Each Party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof to such Party. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">Section 7.5</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt"><U>Export</U>. SEL shall not export from the U.S., either directly or indirectly, any SUBSCRIBER EQUIPMENT MANUFACTURING INFORMATION or system or product incorporating the SUBSCRIBER EQUIPMENT MANUFACTURING INFORMATION without first obtaining any required license or other approval from the U. S. Department of Commerce, U.S. Department of Defense, or any other agency or department of the United States Government. In the event SEL exports any such materials from the United States or re-exports any such materials from a foreign destination, SEL shall ensure that the distribution and export/re-export is in compliance with all laws, regulations, orders, or other restrictions of the U.S. Export Administration Regulations. SEL agrees that it will not, nor will it allow others to, export/re-export any technical data, process, SUBSCRIBER EQUIPMENT MANUFACTURING INFORMATION, other information provided hereunder, or service, directly or indirectly, to any country for which the United States government or any agency thereof requires an export license, other governmental approval, or letter of assurance, without first obtaining such license, approval or letter.</P>
<P style="margin-top:0px; margin-bottom:14.667px"><BR>
<BR></P>
<P style="line-height:13pt; margin:0px; text-indent:310.2px; font-size:11pt">14</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt; page-break-before:always">Section 7.6</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt"><U>Assignment</U>. This AGREEMENT shall be binding upon the parties and their respective successors and assigns. This AGREEMENT and/or the rights or obligations under this AGREEMENT may not transferred or assigned by operation of law. Neither party may assign any or all of its rights or obligations under this AGREEMENT or the NDA, in whole or in part, without the express written consent of the other party to this AGREEMENT, except that MOTOROLA may assign this AGREEMENT and the NDA to an AFFILIATE or a successor corporation or in connection with any merger, consolidation or sale of all or substantially all its assets to which it is a party.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">Section 7.7</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt"><U>Severability</U>. If any one or more provisions of this AGREEMENT are held for any reason to be invalid or unenforceable, the remaining provisions of this AGREEMENT will be unimpaired and the parties shall use good faith to negotiate a substitute, valid and enforceable provision that most nearly effects the parties&#146; intention underlying the invalid or unenforceable provision.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">Section 7.8</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt"><U>Order of Precedence</U>. In the event of any conflict between the terms and conditions of this AGREEMENT and the IPR AGREEMENT or the TRANSITION AGREEMENT, the terms of this AGREEMENT shall govern.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">Section 7.9</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt"><U>Waiver and Modification</U>. Failure by either party to enforce any provision of this AGREEMENT shall not be deemed a waiver of future enforcement of that or any other provision. Any waiver, amendment or other modification of any provision of this AGREEMENT shall be effective only if in writing and signed by both parties.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">Section 7.10</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt"><U>Relationship of the Parties</U>. Nothing in this AGREEMENT shall be construed as creating any partnership, joint venture, or agency between the parties. This AGREEMENT is the result of negotiation between the parties. Each of the parties acknowledges that it has been represented by counsel during such negotiation. Accordingly, this AGREEMENT shall not be construed for or against either party regardless of which party drafted this AGREEMENT or any portion thereof.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">Section 7.11</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt"><U>Entire Agreement</U>. The terms and conditions of this AGREEMENT, including its exhibits, constitutes the entire agreement between the parties with respect to the subject matter of this AGREEMENT, and merges and supersedes all prior and contemporaneous agreements, understandings, negotiations and discussions, and specifically, Section 5(N)(1) of the TRANSITION AGREEMENT and Sections 2.3, 2.4 and 2.7 of the IPR AGREEMENT. The section headings contained in this AGREEMENT are for reference purposes only and shall not affect in any way the meaning or interpretation of this AGREEMENT. No oral explanation or oral information by either party shall alter the meaning or interpretation of this AGREEMENT. This AGREEMENT may be executed in two or more counterparts, all of which, taken together, shall be regarded as one and the same instrument. The following exhibits are attached hereto and incorporated herein:</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; font-size:11pt">Exhibit A-1</P>
<P style="line-height:13pt; margin:0px; padding-left:48px; text-indent:96px; font-size:11pt">FORM OF MOTOROLA DISTRIBUTION LETTER</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; font-size:11pt">Exhibit A-2</P>
<P style="line-height:13pt; margin:0px; padding-left:48px; text-indent:96px; font-size:11pt">SUBSCRIBER EQUIPMENT MANUFACTURING INFORMATION</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; font-size:11pt">Exhibit B</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; text-indent:96px; font-size:11pt">NONDISCLOSURE AGREEMENT</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">Section 7.12</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt"><U>Agreements with Other Parties</U>. SEL shall require its AFFILIATES, manufacturers and licensees to comply with terms and conditions commensurate with those of this AGREEMENT that are reasonably necessary to perfect MOTOROLA&#146;s rights set forth in this AGREEMENT and to otherwise afford MOTOROLA the benefits of the terms and conditions of this AGREEMENT, including, without limitation, the access and audit rights of MOTOROLA set forth in Section 5.6 hereof.</P>
<P style="margin-top:0px; margin-bottom:14.667px"><BR>
<BR></P>
<P style="line-height:13pt; margin:0px; text-indent:310.2px; font-size:11pt">15</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="margin:0px; page-break-before:always" align=center><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:14.667px"><BR>
<BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR style="font-size:0"><TD width=319.2></TD><TD width=319.2></TD></TR>
<TR><TD valign=top width=319.2><P style="line-height:13pt; margin:0px; font-size:11pt">MOTOROLA, INC.</P>
</TD><TD valign=top width=319.2><P style="line-height:13pt; margin:0px; font-size:11pt">SE LICENSING LLC</P>
</TD></TR>
<TR><TD valign=top width=319.2><P>&nbsp;</P></TD><TD valign=top width=319.2><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=319.2><P>&nbsp;</P></TD><TD valign=top width=319.2><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=319.2><P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-size:11pt">By:</P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt"><U>/s/ Robert J. McCall &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
</TD><TD valign=top width=319.2><P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-size:11pt">By:</P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt"><U>/s/ Gino Picasso &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
</TD></TR>
<TR><TD valign=top width=319.2><P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt">(signature)</P>
</TD><TD valign=top width=319.2><P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt">(signature)</P>
</TD></TR>
<TR><TD valign=top width=319.2><P>&nbsp;</P></TD><TD valign=top width=319.2><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=319.2><P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-size:11pt">Name:</P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt">Robert J. McCall</P>
</TD><TD valign=top width=319.2><P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-size:11pt">Name:</P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt">Gino Picasso</P>
</TD></TR>
<TR><TD valign=top width=319.2><P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-size:11pt">Title:</P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt">Corporate V.P.</P>
</TD><TD valign=top width=319.2><P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-size:11pt">Title:</P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt">CEO / President</P>
</TD></TR>
<TR><TD valign=top width=319.2><P>&nbsp;</P></TD><TD valign=top width=319.2><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=319.2><P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-size:11pt">Date:</P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt">September 26, 2002</P>
</TD><TD valign=top width=319.2><P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-size:11pt">Date:</P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt">September 30, 2002</P>
</TD></TR>
<TR><TD valign=top width=319.2><P>&nbsp;</P></TD><TD valign=top width=319.2><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=319.2><P>&nbsp;</P></TD><TD valign=top width=319.2><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=319.2><P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-size:11pt">By:</P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt"><U>/s/ Jonathan P. Meyer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
</TD><TD valign=top width=319.2><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=319.2><P>&nbsp;</P></TD><TD valign=top width=319.2><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=319.2><P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-size:11pt">Name:</P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt">Jonathan P. Meyer</P>
</TD><TD valign=top width=319.2><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=319.2><P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-size:11pt">Title:</P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt">Senior Vice President and Assistant</P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt">General Counsel Intellectual Property</P>
</TD><TD valign=top width=319.2><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=319.2><P>&nbsp;</P></TD><TD valign=top width=319.2><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=319.2><P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-size:11pt">Date:</P>
<P style="line-height:13pt; margin:0px; text-indent:48px; font-size:11pt">September 26, 2002</P>
</TD><TD valign=top width=319.2><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=319.2><P>&nbsp;</P></TD><TD valign=top width=319.2><P>&nbsp;</P></TD></TR>
</TABLE>
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<TYPE>EX-10.6
<SEQUENCE>20
<FILENAME>seniorsubordtermloan.htm
<DESCRIPTION>EXHIBIT 10.6
<TEXT>
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<TITLE>Senior Subordinated Term Loan Agreement</TITLE>
<META NAME="date" CONTENT="09/25/2009">
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<DIV style="width:624px"><P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=right>Exhibit 10.6</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:88px; font-size:12pt" align=right><B>Execution Copy</B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=center>SENIOR SUBORDINATED TERM LOAN AGREEMENT</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=center>DATED AS OF DECEMBER 11, 2000</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=center>BETWEEN</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=center>IRIDIUM SATELLITE LLC,</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=center>as Borrower,</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=center>and</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=center>MOTOROLA, INC.,</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=center>as Lender</P>
<P style="line-height:14pt; margin:0px; font-size:12pt">&nbsp;</P>
<A NAME="TOCHeading"></A><P style="margin:0px"><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="margin:0px; page-break-before:always"><BR></P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=center><B>Table of Contents</B></P>
<A NAME="TOCPage"></A><P style="line-height:14pt; margin:0px; text-indent:576.867px; font-size:12pt"><B>Page</B></P>
<P style="line-height:14pt; margin-top:16px; margin-bottom:-18.667px; padding-left:48px; text-indent:-48px; font-size:12pt">1.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; font-size:12pt">DEFINITIONS AND INTERPRETATION OF AGREEMENT&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:8px; padding-left:48px; text-indent:544px; font-size:12pt">1</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-48px; font-size:12pt">1.1</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; font-size:12pt">Definitions&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; text-indent:496px; font-size:12pt">1</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-48px; font-size:12pt">1.2</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; font-size:12pt">Other Definitional Provisions&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;..</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; text-indent:496px; font-size:12pt">7</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-48px; font-size:12pt">1.3</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; font-size:12pt">Interpretation of Agreement&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;.</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; text-indent:496px; font-size:12pt">7</P>
<P style="line-height:14pt; margin-top:16px; margin-bottom:-18.667px; padding-left:48px; text-indent:-48px; font-size:12pt">2.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; font-size:12pt">COMMITMENT OF THE LENDER&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;..</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:8px; padding-left:48px; text-indent:544px; font-size:12pt">7</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-48px; font-size:12pt">2.1</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; font-size:12pt">Commitment of the Lender&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;..</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; text-indent:496px; font-size:12pt">8</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-48px; font-size:12pt">2.2</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; font-size:12pt">Note Evidencing the Loan&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;...</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; text-indent:496px; font-size:12pt">8</P>
<P style="line-height:14pt; margin-top:16px; margin-bottom:-18.667px; padding-left:48px; text-indent:-48px; font-size:12pt">3.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; font-size:12pt">INTEREST AND FEES&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;...</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:8px; padding-left:48px; text-indent:544px; font-size:12pt">8</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-48px; font-size:12pt">3.1</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; font-size:12pt">Interest&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;..</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; text-indent:496px; font-size:12pt">8</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-48px; font-size:12pt">3.2</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; font-size:12pt">Method of Calculating Interest&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; text-indent:496px; font-size:12pt">8</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-48px; font-size:12pt">3.3</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; font-size:12pt">Commitment Fee&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;..</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; text-indent:496px; font-size:12pt">8</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-48px; font-size:12pt">3.4</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; font-size:12pt">Loan Success Fee&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;.</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; text-indent:496px; font-size:12pt">8</P>
<P style="line-height:14pt; margin-top:16px; margin-bottom:-18.667px; padding-left:48px; text-indent:-48px; font-size:12pt">4.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; font-size:12pt">PAYMENTS AND PREPAYMENTS&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:8px; padding-left:48px; text-indent:544px; font-size:12pt">9</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-48px; font-size:12pt">4.1</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; font-size:12pt">Place of Payment&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;.</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; text-indent:496px; font-size:12pt">9</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-48px; font-size:12pt">4.2</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; font-size:12pt">Prepayments&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; text-indent:496px; font-size:12pt">9</P>
<P style="line-height:14pt; margin-top:16px; margin-bottom:-18.667px; padding-left:48px; text-indent:-48px; font-size:12pt">5.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; font-size:12pt">WARRANTIES&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;...</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:8px; padding-left:48px; text-indent:536px; font-size:12pt">10</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-48px; font-size:12pt">5.1</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; font-size:12pt">Existence&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;..</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; text-indent:488px; font-size:12pt">10</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-48px; font-size:12pt">5.2</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; font-size:12pt">Authorization&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;...</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; text-indent:488px; font-size:12pt">10</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-48px; font-size:12pt">5.3</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; font-size:12pt">No Conflicts&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;.</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; text-indent:488px; font-size:12pt">10</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-48px; font-size:12pt">5.4</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; font-size:12pt">Validity and Binding Effect&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;.</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; text-indent:488px; font-size:12pt">11</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-48px; font-size:12pt">5.5</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; font-size:12pt">No Default&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; text-indent:488px; font-size:12pt">11</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-48px; font-size:12pt">5.6</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; font-size:12pt">Litigation&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;..</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; text-indent:488px; font-size:12pt">11</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-48px; font-size:12pt">5.7</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; font-size:12pt">Liens&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;.</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; text-indent:488px; font-size:12pt">11</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-48px; font-size:12pt">5.8</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; font-size:12pt">Subsidiaries&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;..</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; text-indent:488px; font-size:12pt">11</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-48px; font-size:12pt">5.9</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; font-size:12pt">Purpose&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;.</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; text-indent:488px; font-size:12pt">11</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-48px; font-size:12pt">5.10</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; font-size:12pt">Compliance&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;..</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; text-indent:488px; font-size:12pt">11</P>
<P style="line-height:14pt; margin-top:16px; margin-bottom:-18.667px; padding-left:48px; text-indent:-48px; font-size:12pt">6.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; font-size:12pt">AFFIRMATIVE COVENANTS&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:8px; padding-left:48px; text-indent:536px; font-size:12pt">11</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-48px; font-size:12pt">6.1</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; font-size:12pt">Financial Statements&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; text-indent:488px; font-size:12pt">11</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-48px; font-size:12pt">6.2</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; font-size:12pt">Certificates; Other Information&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; text-indent:488px; font-size:12pt">12</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-48px; font-size:12pt">6.3</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; font-size:12pt">Maintenance of Existence and Compliance with Law&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;...</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; text-indent:488px; font-size:12pt">13</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-48px; font-size:12pt">6.4</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; font-size:12pt">Maintenance of Property; Insurance&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;..</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; text-indent:488px; font-size:12pt">13</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-48px; font-size:12pt">6.5</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; font-size:12pt">Inspection of Property: Books and Records: Discussions&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;..</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; text-indent:488px; font-size:12pt">13</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-48px; font-size:12pt">6.6</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; font-size:12pt">Notices&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; text-indent:488px; font-size:12pt">13</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-48px; font-size:12pt">6.7</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; font-size:12pt">Environmental Laws&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;..</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; text-indent:488px; font-size:12pt">15</P>
<P style="margin:0px"><BR>
<BR></P>
<P style="line-height:14pt; margin:0px; text-indent:310.867px; font-size:12pt">i</P>
<P style="margin:0px"><BR></P>
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<P style="margin:0px; page-break-before:always"><BR></P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-48px; font-size:12pt">6.8</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; font-size:12pt">Obligations and Taxes&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;................</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; text-indent:488px; font-size:12pt">15</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-48px; font-size:12pt">6.9</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; font-size:12pt">Future Assurances&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;..</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; text-indent:488px; font-size:12pt">15</P>
<P style="line-height:14pt; margin-top:16px; margin-bottom:-18.667px; padding-left:48px; text-indent:-48px; font-size:12pt">7.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; font-size:12pt">NEGATIVE COVENANTS&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;..</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:8px; padding-left:48px; text-indent:536px; font-size:12pt">16</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-48px; font-size:12pt">7.1</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; font-size:12pt">Limitation on Indebtedness&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;.</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; text-indent:488px; font-size:12pt">16</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-48px; font-size:12pt">7.2</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; font-size:12pt">Limitation on Liens&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; text-indent:488px; font-size:12pt">17</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-48px; font-size:12pt">7.3</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; font-size:12pt">Limitation on Guarantee Obligations&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;..</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; text-indent:488px; font-size:12pt">18</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-48px; font-size:12pt">7.4</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; font-size:12pt">Limitation on Fundamental Changes&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;..</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; text-indent:488px; font-size:12pt">18</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-48px; font-size:12pt">7.5</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; font-size:12pt">Limitation on Sale of Assets&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;..</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; text-indent:488px; font-size:12pt">18</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-48px; font-size:12pt">7.6</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; font-size:12pt">Limitation on Restricted Payments/Dividends&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; text-indent:488px; font-size:12pt">19</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-48px; font-size:12pt">7.7</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; font-size:12pt">Limitation on Investments, Loans and Advances&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; text-indent:488px; font-size:12pt">19</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-48px; font-size:12pt">7.8</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; font-size:12pt">Limitation on Transactions with Affiliates&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;......</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; text-indent:488px; font-size:12pt">20</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-48px; font-size:12pt">7.9</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; font-size:12pt">Limitation on Sales and Leasebacks&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; text-indent:488px; font-size:12pt">20</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-48px; font-size:12pt">7.10</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; font-size:12pt">Limitation on Equity Issuances of Satellite or its Subsidiaries&#133;&#133;&#133;&#133;&#133;&#133;&#133;</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; text-indent:488px; font-size:12pt">20</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-48px; font-size:12pt">7.11</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; font-size:12pt">Limitation on Equity Issuances of Holdings&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; text-indent:488px; font-size:12pt">21</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-48px; font-size:12pt">7.12</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; font-size:12pt">Prepayment of Senior Indebtedness&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;.....</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; text-indent:488px; font-size:12pt">21</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-48px; font-size:12pt">7.13</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; font-size:12pt">Other Agreements&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; text-indent:488px; font-size:12pt">21</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-48px; font-size:12pt">7.14</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; font-size:12pt">Amendments to Other Agreements&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;.........</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; text-indent:488px; font-size:12pt">21</P>
<P style="line-height:14pt; margin-top:16px; margin-bottom:-18.667px; padding-left:48px; text-indent:-48px; font-size:12pt">8.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; font-size:12pt">CONDITIONS PRECEDENT TO THE LOAN&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;.........</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:8px; padding-left:48px; text-indent:536px; font-size:12pt">21</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-48px; font-size:12pt">8.1</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; font-size:12pt">Note&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; text-indent:488px; font-size:12pt">21</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-48px; font-size:12pt">8.2</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; font-size:12pt">Guaranty&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;.</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; text-indent:488px; font-size:12pt">21</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-48px; font-size:12pt">8.3</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; font-size:12pt">Charter; Good Standings Resolutions&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;.</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; text-indent:488px; font-size:12pt">21</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-48px; font-size:12pt">8.4</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; font-size:12pt">Incumbency Certificate&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; text-indent:488px; font-size:12pt">21</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-48px; font-size:12pt">8.5</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; font-size:12pt">Opinion&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;..</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; text-indent:488px; font-size:12pt">21</P>
<P style="line-height:14pt; margin-top:16px; margin-bottom:-18.667px; padding-left:48px; text-indent:-48px; font-size:12pt">9.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; font-size:12pt">EVENTS OF DEFAULT AND REMEDIES&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:8px; padding-left:48px; text-indent:536px; font-size:12pt">21</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-48px; font-size:12pt">9.1</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; font-size:12pt">Events of Default&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; text-indent:488px; font-size:12pt">21</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-48px; font-size:12pt">9.2</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; font-size:12pt">Remedies&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; text-indent:488px; font-size:12pt">23</P>
<P style="line-height:14pt; margin-top:16px; margin-bottom:-18.667px; padding-left:48px; text-indent:-48px; font-size:12pt">10.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; font-size:12pt">GENERAL&#133;&#133;&#133;&#133;&#133;..&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:8px; padding-left:48px; text-indent:536px; font-size:12pt">23</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-48px; font-size:12pt">10.1</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; font-size:12pt">Waiver and Amendments&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; text-indent:488px; font-size:12pt">23</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-48px; font-size:12pt">10.2</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; font-size:12pt">Notices&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;.</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; text-indent:488px; font-size:12pt">23</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-48px; font-size:12pt">10.3</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; font-size:12pt">Expenses&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; text-indent:488px; font-size:12pt">24</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-48px; font-size:12pt">10.4</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; font-size:12pt">Information&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;.</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; text-indent:488px; font-size:12pt">24</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-48px; font-size:12pt">10.5</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; font-size:12pt">Severability&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;.</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; text-indent:488px; font-size:12pt">24</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-48px; font-size:12pt">10.6</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; font-size:12pt">LAW&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;..</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; text-indent:488px; font-size:12pt">24</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-48px; font-size:12pt">10.7</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; font-size:12pt">Successors&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;..</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; text-indent:488px; font-size:12pt">24</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-48px; font-size:12pt">10.8</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; font-size:12pt">Forum Selection and Consent to Jurisdiction&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;.</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; text-indent:488px; font-size:12pt">24</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-48px; font-size:12pt">10.9</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; font-size:12pt">Waiver of Jury Trial&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; text-indent:488px; font-size:12pt">25</P>
<P style="line-height:14pt; margin-top:16px; margin-bottom:-18.667px; padding-left:48px; text-indent:-48px; font-size:12pt">11.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; font-size:12pt">SUBORDINATION&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:8px; padding-left:48px; text-indent:536px; font-size:12pt">25</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-48px; font-size:12pt">11.1</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; font-size:12pt">Bankruptcy Events&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;.</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; text-indent:488px; font-size:12pt">25</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-48px; font-size:12pt">11.2</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; font-size:12pt">Turnover&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;.</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; text-indent:488px; font-size:12pt">27</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-48px; font-size:12pt">11.3</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; font-size:12pt">Subrogation&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;.</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; text-indent:488px; font-size:12pt">27</P>
<P style="margin:0px"><BR>
<BR></P>
<P style="line-height:14pt; margin:0px; text-indent:310.867px; font-size:12pt">ii</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="margin:0px; page-break-before:always"><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-48px; font-size:12pt">11.4</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; font-size:12pt">Reinstatement&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;..</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; text-indent:488px; font-size:12pt">27</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-48px; font-size:12pt">11.5</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; font-size:12pt">No Waiver of Subordination Provisions&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;..</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; text-indent:488px; font-size:12pt">27</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-48px; font-size:12pt">11.6</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; font-size:12pt">Benefits of Subordination&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;</P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; font-size:12pt">Provisions Solely Defining Relative Rights&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;</P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; font-size:12pt">Credit Enhancements&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;..</P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt">EXHIBIT A - Note</P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=center>SENIOR SUBORDINATED TERM LOAN AGREEMENT</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:48px; font-size:12pt" align=justify>THIS SENIOR SUBORDINATED TERM LOAN AGREEMENT, dated as of December 11, 2000, is entered into between Iridium Satellite LLC, a Delaware limited liability company (&#147;Satellite&#148;), and Motorola, Inc., a Delaware corporation (the &#147;Lender&#148;).</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:48px; font-size:12pt" align=justify>In consideration of the mutual agreements herein contained, the parties hereto agree as follows:</P>
<A NAME="_Toc241487884"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt" align=justify>1.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt" align=justify>DEFINITIONS AND INTERPRETATION OF AGREEMENT.</P>
<A NAME="_Toc241487885"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt" align=justify>1.1</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt" align=justify><U>Definitions</U>. In addition to the terms defined elsewhere in this Agreement, the following terms shall have the meanings indicated for purposes of this Agreement (such meanings to be equally applicable to both the singular and plural forms of the terms defined):</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt" align=justify>&#147;<U>Affiliate</U>&#148; means as to any Person, any other Person which, directly or indirectly, is in control of, is controlled by, or is under common control with, such Person. For purposes of this definition, &#147;control&#148; of a Person means the power, directly or indirectly, either to (a) vote 20% or more of the securities having ordinary voting power for the election of directors of such Person or (b) direct or cause the direction of the management and policies of such Person, whether by contract or otherwise.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt" align=justify>&#147;<U>Agreement</U>&#148; means this Senior Subordinated Term Loan Agreement, as it may be amended, modified or supplemented from time to time.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt" align=justify>&#147;<U>Business Day</U>&#148; means any day other than a Saturday, Sunday or legal holiday on which banks are authorized or required to be closed in Chicago, Illinois.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt" align=justify>&#147;<U>Change of Control</U>&#148; means the occurrence of any of the following events: (a) any Person who owns any Interests of Holdings at and as of the date of this Agreement (&#147;<U>Initial Investor</U>&#148;), together with such Person&#146;s Affiliates, shall have acquired beneficial ownership of Interests entitling the holders thereof to more than 50% of the income of, or the liquidation proceeds from, Holdings; or (b) any Person who is not an Initial Investor, together with such Person&#146;s Affiliates and with other Persons constituting a &#147;group&#148; (within the meaning of Section 13(d) or 14(d) of the Securities Exchange Act of 1934, as amended) shall have acquired beneficial ownership of Interests entitling the holders thereof to more than 50% of the income of, or the liquidation proceeds from, Holdings; or (c) Holdings shall cease to own 100% of the equity interests of Satellite; <U>provided</U> that a Change of Control (other than the one described in clause (c) of this paragraph) shall not include (x) a transaction in which a Person or &#147;group&#148; acquires beneficial ownership of Interests entitling the holders thereof to more than 50% of the income of, or liquidation proceeds from, Holdings in exchange for the transfer to Holdings of such Person&#146;s or group&#146;s ownership of a business or entity in a purchase or merger permitted hereby and which does not involve the payment of cash to the seller or (y) a transaction in which one of the Initial Investors, together with such Person&#146;s Affiliates, acquires beneficial ownership of Interests as a result of such Person&#146;s or Persons&#146; subscription to purchase from Holdings additional Interests </P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt">included in the first $150 million of equity securities issued by Holdings. As used in this paragraph &#147;<U>Interests</U>&#148; shall mean any equity interest, whether voting or non-voting, entitling the holder thereof to a share of the income of, or liquidation proceeds from, Holdings.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt" align=justify>&#147;<U>Code</U>&#148; means the Internal Revenue Code of 1986 and any successor statute of similar import, together with the regulations thereunder, in each case as in effect from time to time. References to sections of the Code shall be construed to also refer to any successor sections.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt" align=justify>&#147;<U>Commonly Controlled Entity</U>&#148; means an entity, whether or not incorporated, which is under common control with Satellite within the meaning of Section 4001 of ERISA or is part of a group which includes Satellite and which is treated as a single employer under Section 414 of the Code.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt" align=justify>&#147;<U>Constellation</U>&#148; means Iridium Constellation LLC, a Delaware limited liability company.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt" align=justify>&#147;<U>Contractual Obligation</U>&#148; means as to any Person, any provision of any material security issued by such Person or of any material agreement, instrument or other undertaking to which such Person is a party or by which it or any of its property is bound.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt" align=justify>&#147;<U>Distribution Event</U>&#148; means the (i) direct or indirect (a) payment of any dividend or other distribution (in the form of cash or otherwise) in respect of the equity interests of Holdings or (b) purchase, conversion, redemption or other acquisition for value or otherwise by Holdings of any equity interest of Holdings or (ii) initial public offering or any secondary public offering by Holdings or Satellite in which any holders of equity interests of Holdings shall be afforded the opportunity to participate as a selling equity holder in such offering.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt" align=justify>&#147;<U>EBITDA</U>&#148; shall mean, with respect to Satellite for any fiscal year, an amount equal to (a) consolidated net income of Satellite for such period, as determined in accordance with GAAP, minus (b) the sum of (i) gain from extraordinary items for such period and (ii) any other non-cash gains which have been added in determining consolidated net income, in each case to the extent included in the calculation of consolidated net income of Satellite for such period in accordance with GAAP, but without duplication, plus (c) the sum of (i) interest expense, (ii) loss from extraordinary items for such period, (iii) the amount of non-cash charges (including depreciation and amortization) for such period, (iv) amortized debt discount for such period, (v) the amount of any deduction to consolidated net income as the result of any grant to any members of the management of Satellite of any membership interests, and (vi) all cash and noncash charges in accordance with GAAP for federal and state taxes and all distributions by Satellite to Holdings on account of federal or state taxes payable by Holdings or its members, in each case to the extent included in the calculation of consolidated net income of Satellite for such period in accordance with GAAP, but without duplication.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt" align=justify>&#147;<U>Environmental Law</U>&#148; means any and all applicable foreign, federal, state, local or municipal laws, rules, orders, regulations, statutes, ordinances, codes, decrees, requirements of any Governmental Authority having the force and effect of law or other Requirements of Law (including, without limitation, common law) regulating, relating to or imposing liability or </P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt">standards of conduct concerning protection of the environment or space, or human health as related to the environment or space, as now or at any relevant time hereafter in effect.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt" align=justify>&#147;<U>ERISA</U>&#148; means the Employee Retirement Income Security Act of 1974, as amended, and any successor statute of similar import, together with the regulations thereunder, in each case as in effect from time to time. References to sections of ERISA shall be construed to also refer to any successor sections.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt" align=justify>&#147;<U>Event of Default</U>&#148; means any of the events described in <U>Section 8.1</U>.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt" align=justify>&#147;<U>Exchange Securities</U>&#148; means any debt or equity securities (including common stock) of Satellite or any other Person that are distributed to the Lender in respect of the Obligations pursuant to a confirmed plan of reorganization or readjustment and which are subordinated to the Senior Indebtedness to at least the same extent as the Obligations are subordinated to the Senior Indebtedness under this Agreement.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt" align=justify>&#147;<U>Fiscal Quarter</U>&#148; means any quarter of a Fiscal Year.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt" align=justify>&#147;<U>Fiscal Year</U>&#148; means any period of 12 consecutive calendar months ending on the 31st day of December. References to a Fiscal Year with a number corresponding to any calendar year (e.g. &#147;Fiscal Year 2000&#148;) refer to the Fiscal Year ending on the 31st day of December occurring during such calendar year.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt" align=justify>&#147;<U>Former Plan</U>&#148; means any employee benefit plan in respect of which Satellite or a Commonly Controlled Entity has engaged in a transaction described in Section 4069 or Section 4212(c) of ERISA.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt" align=justify>&#147;<U>GAAP</U>&#148; means generally accepted accounting principles as applied in the preparation of the audited consolidated financial statements of Satellite.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt" align=justify>&#147;<U>Governmental Authority</U>&#148; means any nation or government, any state or other political subdivision thereof and any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt" align=justify>&#147;<U>Guarantee Obligation</U>&#148; means as to any Person (the &#147;<U>guaranteeing person</U>&#148;), any obligation of (a) the guaranteeing person or (b) another Person (including, without limitation, any bank under any letter of credit) to induce the creation of which the guaranteeing person has issued a reimbursement, counterindemnity or similar obligation, in either case guaranteeing or in effect guaranteeing any Indebtedness, leases, dividends or other obligations (the &#147;<U>primary obligations</U>&#148;) of any other third Person (the &#147;<U>primary obligor</U>&#148;) in any manner, whether directly or indirectly, including, without limitation, any such obligation of the guaranteeing person, whether or not contingent, (i) to purchase any such primary obligation or any property constituting direct or indirect security therefore, (ii) to advance or supply funds (1) for the purchase or payment of any such primary obligation or (2) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor, (iii) to purchase property, securities or services primarily for the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation or (iv) otherwise to assure or hold harmless the owner of any such primary obligation against loss in </P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt">respect thereof; <U>provided</U> that the term Guarantee Obligation shall not include endorsements of instruments for deposit or collection in the ordinary course of business. The amount of any Guarantee Obligation of any guaranteeing person shall be deemed to be the lower of (a) an amount equal to the stated or determinable amount of the primary obligation in respect of which such Guarantee Obligation is made and (b) the maximum amount for which such guaranteeing person may be liable pursuant to the terms of the instrument embodying such Guarantee Obligation, unless such primary obligation and the maximum amount for which such guaranteeing person may be liable are not stated or determinable, in which case the amount of such Guarantee Obligation shall be such guaranteeing person&#146;s maximum reasonably anticipated liability in respect thereof as determined by Satellite in good faith.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt" align=justify>&#147;<U>Guaranty</U>&#148; means, collectively, that certain Guaranty dated as of the date hereof by Holdings in favor of the Lender, and each other guaranty executed by any Subsidiary in favor of the Lender, each as amended, supplemented or modified from time to time.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt" align=justify>&#147;<U>Holdings</U>&#148; means Iridium Holdings LLC, a Delaware limited liability company.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt" align=justify>&#147;<U>Holdings LLC Agreement</U>&#148; means that certain Iridium Holdings LLC Limited Liability Company Agreement dated as of December __, 2000.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt" align=justify>&#147;<U>Indebtedness</U>&#148; means of any Person at any date, (a) all indebtedness of such Person for borrowed money or for the deferred purchase price of property or services (other than trade liabilities incurred in the ordinary course of business and payable in accordance with customary practices), (b) any other indebtedness of such Person which is evidenced by a note, bond, debenture or similar instrument, (c) all obligations of such Person under any leases of property that are required by GAAP to be capitalized on the balance sheet of such Person, (d) all obligations of such Person in respect of bankers&#146; acceptances issued or created for the account of such Person, (e) all obligations of such Person in respect of interest rate protection agreements, interest rate futures, interest rate options, interest rate caps and any other interest rate hedge arrangements, (f) all preferred stock issued by such Person which, pursuant to its terms, is subject to mandatory redemption, retirement or acquisition by such Person on or prior to the Maturity Date and (g) all indebtedness or obligations of the types referred to in the preceding clauses (a) through (f) secured by any Lien on any property owned by such Person even though such Person has not assumed or otherwise become liable for the payment thereof.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt" align=justify>&#147;<U>Interest Payment Date</U>&#148; has the meaning given to such term in <U>Section 3.1</U>. </P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt" align=justify>&#147;<U>Lender</U>&#148; &#150; see Preamble.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt" align=justify>&#147;<U>Lien</U>&#148; means any mortgage, pledge, hypothecation, assignment, security deposit arrangement, encumbrance, lien (statutory or other), charge or other security interest or any preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever (including, without limitation, any conditional sale or other title retention agreement and any other transaction or agreement having substantially the same economic effect as any of the foregoing).</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt" align=justify>&#147;<U>Loan</U>&#148; means, collectively, the loans described in <U>Section 2.1</U>. </P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt" align=justify>&#147;<U>Loan Documents</U>&#148; means this Agreement, the Note, the Guaranty and the other documents and agreements contemplated hereby and executed by Satellite, Holdings or any other Person in favor of the Lender.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt" align=justify>&#147;<U>Material Adverse Effect</U>&#148; means a material adverse effect on (a) the business, operations, property, condition (financial or otherwise) or prospects of Holdings and its Subsidiaries taken as a whole or (b) the validity or enforceability of this Agreement, the Note or the Guaranty or the rights and remedies of the Lender under this Agreement, the Note or the Guaranty.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt" align=justify>&#147;<U>Maturity Date</U>&#148; means the earliest to occur of (a) the date on which any Change of Control shall occur, (b) the date on which Satellite shall fail to maintain direct and beneficial ownership, free and clear of any Lien, of 100% of the outstanding membership interests of Constellation or (c) May 30, 2005.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt" align=justify>&#147;<U>Multiemployer Plan</U>&#148; means a Plan which is a multiemployer plan as defined in Section 4001(a)(3) of ERISA.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt" align=justify>&#147;<U>Note</U>&#148; means Satellite&#146;s promissory note, substantially in the form set forth as Exhibit A with appropriate insertions, as such promissory note may be amended, modified or supplemented from time to time, and the term &#147;Note&#148; shall include any substitutions for, or replacements of, such promissory note.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt" align=justify>&#147;<U>Obligations</U>&#148; means all unpaid principal of and accrued and unpaid interest on the Loan, all accrued and unpaid fees and all expenses, reimbursements, indemnities and other obligations of Satellite to the Lender or any indemnified party arising under the Loan Documents.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt" align=justify>&#147;<U>PBGC</U>&#148; means the Pension Benefit Guaranty Corporation established pursuant to Subtitle A of Title IV of ERISA (or any successor thereto).</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt" align=justify>&#147;<U>Person</U>&#148; means an individual, partnership, corporation, limited liability company, trust, joint venture, joint stock company, association, unincorporated organization, government or agency or political subdivision thereof, or other entity.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt" align=justify>&#147;<U>Plan</U>&#148; any employee benefit plan which is covered by ERISA and in respect of which Satellite or a Commonly Controlled Entity is an &#147;employer&#148; as defined in Section 3(5) of ERISA.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt" align=justify>&#147;<U>Reference Rate</U>&#148; means, at any time, the latest &#147;Prime Rate&#148;, as indicated in the &#147;Money Rates&#148; column of The Wall Street Journal. Each change in the interest rate on the Loan shall take effect on the effective date of the change in the Reference Rate.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt" align=justify>&#147;<U>Reportable Event</U>&#148; means any of the events set forth in Section 4043(c) of ERISA, other than those events as to which the thirty day notice period is waived under subsection .22, .23, .25, .27 or .28 of PBGC Reg. &#167; 4043 or any successor regulation thereto.</P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt" align=justify>&#147;<U>Requirement of Law</U>&#148; means as to any Person, the certificate of incorporation and by-laws or other organizational or governing documents of such Person, and any law, statute, ordinance, code, decree, treaty, rule or regulation or determination of an arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon such Person or any of its material property or to which such Person or any of its material property is subject; provided that the foregoing shall not apply to any non-binding recommendation of any Governmental Authority.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt" align=justify>&#147;<U>Responsible Officer</U>&#148; means as to any Person, any of the following officers of such Person: (a) the chief executive officer or the president of such Person and, with respect to financial matters, the chief financial officer, the treasurer or the controller of such Person, (b) any vice president of such Person or, with respect to financial matters, any assistant treasurer or assistant controller of such Person, who has been designated in writing to the Lender as a Responsible Officer by such chief executive officer or president of such Person or, with respect to financial matters, such chief financial officer of such Person, (c) with respect to Section 6.6 and without limiting the foregoing, the general counsel of such Person and (d) with respect to ERISA related matters, the vice president of human resources of such Person.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt" align=justify>&#147;<U>Single Employer Plan</U>&#148; means any Plan which is covered by Title IV of ERISA, but which is not a Multiemployer Plan.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt" align=justify>&#147;<U>Senior Credit Documents</U>&#148; means, collectively, the Senior Note, each guaranty executed thereunder and each other agreement or instrument executed thereunder, in each case as the same may be amended, supplemented or otherwise modified from time to time in accordance with its terms, including any agreement executed in connection with any refinancing, replacement, refunding, extension, renewal or restructuring of all or any portion of the Senior Indebtedness provided for under the Senior Note or any successor instrument or agreement thereto (whether or not with the same creditors).</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt" align=justify>&#147;<U>Senior Creditor</U>&#148; means the holders of Senior Indebtedness from time to time.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt" align=justify>&#147;<U>Senior Indebtedness</U>&#148; means the following liabilities, obligations and Indebtedness of Satellite: (a) all obligations of Satellite incurred under or in respect of the Senior Note, whether for principal, premium (if any), interest (including interest which would accrue but for the filing of a petition initiating any bankruptcy or similar proceeding and whether or not the same is allowed as a claim in any such proceeding), expenses, indemnities, penalties, fees, charges or other amounts or sums payable by Satellite from time to time under the Senior Credit Documents; <U>provided</U>, that the aggregate principal amount at any one time outstanding under the Senior Note shall not exceed $18,500,000, <U>plus</U> any amount of &#147;Excess Principal&#148; (as defined in the Senior Note), and <U>minus</U> the amount of principal amortization payments that have been made thereunder; and (b) any and all refinancings, replacements or refundings, extensions, renewals or restructurings of any of the liabilities, obligations and indebtedness of Satellite referred to in this definition.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt" align=justify>&#147;<U>Senior Note</U>&#148; means the Senior Convertible Promissory Note dated as of the date hereof by Satellite in favor of Iridium LLC, a Delaware limited liability company, or any subsequent holder or holders thereof, as the same may be amended, supplemented or otherwise modified from time to time in accordance with the terms of this Agreement.</P>
<P style="margin-top:0px; margin-bottom:16px" align=justify><BR>
<BR></P>
<P style="line-height:14pt; margin:0px; text-indent:310.867px; font-size:12pt">6</P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt" align=justify>&#147;<U>Senior Securities</U>&#148; means the Senior Indebtedness and all securities issued in exchange for or distributed pursuant to a confirmed plan of reorganization or readjustment to the holders of Senior Indebtedness in respect of the Senior Indebtedness.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt" align=justify>&#147;<U>Subsidiary</U>&#148; means as to any Person, a corporation, partnership, limited liability company or other entity of which shares of stock or other ownership interests having ordinary voting power (other than stock or such other ownership interests having such power only by reason of the happening of a contingency) to elect a majority of the board of directors or other managers of such corporation, partnership, limited liability company or other entity are at the time owned, or the management of which is otherwise controlled, directly or indirectly through one or more intermediaries, or both, by such Person. Unless otherwise qualified, all references to a &#147;Subsidiary&#148; or to &#147;Subsidiaries&#148; in this Note shall refer to a Subsidiary or Subsidiaries of Holdings.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt" align=justify>&#147;<U>Taxes</U>&#148; with respect to any Person means taxes, assessments or other governmental charges or levies imposed upon such Person, its income or any of its properties, franchises or assets.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt" align=justify>&#147;<U>Trade Accounts Payable</U>&#148; of any Person means trade accounts payable of such Person with a maturity of not greater than 90 days incurred in the ordinary course of such Person&#146;s business.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt" align=justify>&#147;<U>Trigger Event</U>&#148; means the first to occur of (a) the occurrence of any Change of Control, (b) the consummation of an initial public offering by Holdings or Satellite, and (c) the sale of all or a material portion of the assets of Holdings or Satellite.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt" align=justify>&#147;<U>Underfunding</U>&#148; means an excess of all accrued benefits under a Plan (based on those assumptions used to fund such Plan), determined as of the most recent annual valuation date, over the value of the assets of such Plan allocable to such accrued benefits.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt" align=justify>&#147;<U>Unmatured Event of Default</U>&#148; means any event or condition which, with the lapse of time or giving of notice to the Company or both, would constitute an Event of Default.</P>
<A NAME="_Toc241487886"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt" align=justify>1.2</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt" align=justify><U>Other Definitional Provisions</U>. Unless otherwise defined or the context otherwise requires, all financial and accounting terms used herein or in any certificate or other document made or delivered pursuant hereto shall be defined in accordance with GAAP. Unless otherwise defined therein, all terms defined in this Agreement shall have the defined meanings when used in the Note or in any certificate or other document made or delivered pursuant hereto.</P>
<A NAME="_Toc241487887"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt" align=justify>1.3</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt" align=justify><U>Interpretation of Agreement</U>. A Section or an Exhibit is, unless otherwise stated, a reference to a section hereof or an exhibit hereto, as the case may be. Section captions used in this Agreement are for convenience only, and shall not affect the construction of this Agreement. The words &#147;hereof,&#148; &#147;herein,&#148; &#147;hereto&#148; and &#147;hereunder&#148; and words of similar purport when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement.</P>
<A NAME="_Toc241487888"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt" align=justify>2.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt" align=justify>COMMITMENT OF THE LENDER.</P>
<A NAME="_Toc241487889"></A><P style="margin-top:0px; margin-bottom:16px" align=justify><BR>
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<P style="line-height:14pt; margin:0px; text-indent:310.867px; font-size:12pt">7</P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt" align=justify>2.1</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt" align=justify><U>Commitment of the Lender</U>. Subject to the terms and conditions of this Agreement and in reliance upon the warranties of Satellite herein set forth, the Lender agrees to make a term loan to Satellite in two draws in an aggregate principal amount of $30,000,000 (collectively, the &#147;Loan&#148;), with the first advance to be made on the date of this Agreement in an amount equal to $24,155,000, and the second advance to be made in an amount equal to $5,845,000 for the purpose set forth in Section 5.9.</P>
<A NAME="_Toc241487890"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt" align=justify>2.2</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt" align=justify><U>Note Evidencing the Loan</U>. The Loan shall be evidenced by the Note and shall be payable in full on the Maturity Date.</P>
<A NAME="_Toc241487891"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt" align=justify>3.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt" align=justify>INTEREST AND FEES.</P>
<A NAME="_Toc241487892"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt" align=justify>3.1</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt" align=justify><U>Interest</U>. The unpaid principal amount of the Loan shall bear interest prior to maturity at a rate per annum equal to the Reference Rate in effect from time to time plus 3.0% per annum. Accrued interest shall be payable in arrears in cash on the last day of each calendar month and at maturity (each, an &#147;<U>Interest Payment Date</U>&#148;), commencing with the first of such dates to occur after the date of the Note; <U>provided</U>, that prior to the first to occur of (x) the maturity of the Loan, whether by acceleration or otherwise, and (y) the payment in full of the Senior Indebtedness, on each Interest Payment Date which arises (a) from the date of this Agreement through December 31, 2001, all accrued interest on the Loan for the prior month shall not be paid in cash, but shall instead be added to the principal amount of the Loan, and (b) thereafter, accrued interest for the prior month shall be in paid in cash at a rate of 6.5% per annum and all remaining accrued interest on the Loan for the prior month shall be added to the principal amount of the Loan. While an Event of Default has occurred and is continuing, at the Lender&#146;s sole option, the unpaid principal amount of the Loan and any due and unpaid fees shall bear interest thereafter until paid in full at a rate per annum equal to the Reference Rate in effect from time to time plus 5.0% per, annum After maturity, accrued interest shall be payable in cash on demand.</P>
<A NAME="_Toc241487893"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt" align=justify>3.2</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt" align=justify><U>Method of Calculating Interest</U>. Interest on the unpaid principal amount of the Loan shall accrue from and including the date each advance is made to, but not including, the date the Loan is paid. Interest shall be calculated on the basis of a year consisting of 365 (or, when applicable, 366) days and paid for actual days elapsed.</P>
<A NAME="_Toc241487894"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt" align=justify>3.3</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt" align=justify><U>Commitment Fee</U>. Satellite shall pay the Lender a commitment fee of $5,000,000, payable upon the earlier of (a) December 11, 2010 and (b) the occurrence of the Trigger Event (in each case subject to the provisions of <U>Section 3.4(c)</U> below).</P>
<A NAME="_Toc241487895"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt" align=justify>3.4</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt" align=justify><U>Loan Success Fee</U>. Satellite shall pay the Lender one or more payments of a loan success fee as follows:</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:48px; font-size:12pt" align=justify>(a)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:96px; font-size:12pt" align=justify>Upon the occurrence of each Distribution Event, Satellite shall pay to the Lender, concurrent with the consummation of such Distribution Event, an amount equal to (and in the form of the payment or distribution which is made to any equity holder or holders of Holdings with respect to such Distribution Event) what a person having originally received Class B Units (as defined in the Holdings LLC Agreement) constituting 5% of the total number of issued and outstanding Class A Units (as defined in the Holdings LLC Agreement) and Class B Units taken together would have received (or would have </P>
<P style="margin-top:0px; margin-bottom:16px" align=justify><BR>
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<P style="line-height:14pt; margin:0px; text-indent:310.867px; font-size:12pt">8</P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; font-size:12pt" align=justify>been afforded the opportunity to receive under clause (ii) of the definition of Distribution Event) as a distribution on equity (or payment for the sale of equity into the offering in the case of such clause (ii)) held by such person and also having received any additional equity or other benefits or detriments contained in or resulting from the anti-dilution provisions and other similar protections afforded to or applicable to holders of Class B Membership Interests in Holdings, in each case under the Holdings LLC Agreement. Any payments under this <U>Section 3.4(a)</U> shall be in addition to (but without duplication of) any required payments under <U>Sections 3.3 and 3.4(b)</U>.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:48px; font-size:12pt" align=justify>(b)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:96px; font-size:12pt" align=justify>Upon the first to occur of (x) any Change of Control or (y) the sale of all or a material portion of the assets of Holdings or Satellite, Satellite shall pay to Lender a cash amount, upon the occurrence of such event, equal to the lesser of (a) (i) (A) the highest EBITDA for any complete fiscal year beginning after the date of this Agreement and ending prior to the date on which such Trigger Event occurs, times (B) 12, less (ii) the aggregate &#147;Capital Contributions&#148; remaining unreturned to &#147;Class A Members&#148; (each, as defined in the Holdings LLC Agreement), times (iii) .05 and less (iv) the amount of the commitment fee provided for in <U>Section 3.3</U> which has been or is concurrently being paid and (b) the value of the consideration which a person having originally received Holdings&#146; Class B Units constituting 5% of the total number of issued and outstanding Class A Units and Class B Units taken together, and also having received any additional equity or other benefits or detriments contained in or resulting from the anti-dilution provisions and other similar protections afforded to or applicable to holders of Class B Membership Interests in Holdings, in each case under the Holdings LLC Agreement, would have received in such transaction under clause (x) or (y) of this subparagraph (b) as a distribution or payment on equity held by such person.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:48px; font-size:12pt" align=justify>(c)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:96px; font-size:12pt" align=justify>The payment by Holdings of the Obligations under <U>Section 3.3</U> and <U>Section 3.4</U> shall be subject to the prior payment in full of all Senior Indebtedness.</P>
<A NAME="_Toc241487896"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt" align=justify>4.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt" align=justify>PAYMENTS AND PREPAYMENTS.</P>
<A NAME="_Toc241487897"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt" align=justify>4.1</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt" align=justify><U>Place of Payment</U>. All payments hereunder (including payments with respect to the Notes) shall be made without setoff or counterclaim and shall be made to the Lender in immediately available funds prior to 12:30 p.m., Chicago time, on the date due at its office at 1303 E. Algonquin Road, Schaumburg, Illinois 60196, or at such other place as may be designated by the Lender to Satellite in writing. Any payments received after such time shall be deemed received on the next Business Day. Whenever any payment to be made hereunder or under the Note shall be stated to be due on a date other than a Business Day, such payment may be made on the next succeeding Business Day, and such extension of time shall be included in the calculation of interest.</P>
<A NAME="_Toc241487898"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt" align=justify>4.2</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt" align=justify><U>Prepayments</U>.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt" align=justify>(a)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt" align=justify>Satellite may from time to time prepay the principal of the Loan in whole or in part without any premium or penalty.</P>
<P style="margin-top:0px; margin-bottom:16px" align=justify><BR>
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<P style="line-height:14pt; margin:0px; text-indent:310.867px; font-size:12pt">9</P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt" align=justify>(b)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt" align=justify>Satellite will prepay the Loan and the Senior Indebtedness in an amount equal to the percentage of the proceeds realized by Holdings, Satellite or any of their respective Subsidiaries from the incurrence of Indebtedness not otherwise permitted by the terms of this Note or expressly permitted by the Lender in a written waiver or the issuance of equity, in each case on or after the date hereof, as follows:</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:192px; text-indent:-48px; font-size:12pt" align=justify>(i)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:192px; font-size:12pt" align=justify>0% of all proceeds less than $70 million;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:192px; text-indent:-48px; font-size:12pt" align=justify>(ii)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:192px; font-size:12pt" align=justify>30% of all proceeds greater than or equal to $70 million but less than $90 million;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:192px; text-indent:-48px; font-size:12pt" align=justify>(iii)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:192px; font-size:12pt" align=justify>35% of all proceeds greater than or equal to $90 million but less than $110 million; and</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:192px; text-indent:-48px; font-size:12pt" align=justify>(iv)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:192px; font-size:12pt" align=justify>88.75% of all proceeds greater than or equal to $110 million;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=justify><U>provided</U> that the amounts payable under clauses (ii), (iii) and (iv) of this sentence shall be applied by Satellite to prepay equally, on a dollar-for-dollar basis, the Senior Indebtedness and the Loan (to the extent any principal amount is outstanding under the Senior Indebtedness and the Loan); <U>provided</U> <U>further</U> that this <U>Section 4.2(b)</U> shall not require a mandatory prepayment upon the occurrence of (x) the conversion of the Senior Note, or (y) the acquisition by Holdings or any of its Subsidiaries, whether by merger, purchase or otherwise, of the equity or assets of any other business which acquisition does not include the payment of any cash by Holdings or any of its Subsidiaries.</P>
<A NAME="_Toc241487899"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt" align=justify>5.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt" align=justify>WARRANTIES. To induce the Lender to make the Loan, Satellite warrants that:</P>
<A NAME="_Toc241487900"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt" align=justify>5.1</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt" align=justify><U>Existence</U>. Each of Satellite and each of its Subsidiaries is a limited liability company duly organized, validly existing and in good standing under the laws of the State of Delaware. Each of Satellite and each of its Subsidiaries is in good standing and is duly qualified to do business in each state where, because of the nature of its activities or properties, such qualification is required.</P>
<A NAME="_Toc241487901"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt" align=justify>5.2</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt" align=justify><U>Authorization</U>. Each of Satellite and Holdings is duly authorized to execute and deliver the Loan Documents to which it is a party, and Satellite is and will continue to be duly authorized to borrow monies hereunder and to perform its obligations under this Agreement and the Note. The execution, delivery and performance by each of Satellite and Holdings of the Loan Documents to which it is a party and the borrowing by Satellite hereunder do not and will not require any consent or approval of any governmental agency or authority.</P>
<A NAME="_Toc241487902"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt" align=justify>5.3</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt" align=justify><U>No Conflicts</U>. The execution, delivery and performance by each of Satellite and Holdings of the Loan Documents to which it is a party do not and will not conflict with (a) any provision of law, (b) the charter documents of Satellite or any of its Subsidiaries, (c) any agreement binding upon Satellite or any of its Subsidiaries, or (d) any court or administrative order or decree applicable to Satellite or any of its Subsidiaries, and do not and will not require, or result in, the creation or imposition of any Lien on any asset of Satellite or any of its Subsidiaries.</P>
<A NAME="_Toc241487903"></A><P style="margin-top:0px; margin-bottom:16px" align=justify><BR>
<BR></P>
<P style="line-height:14pt; margin:0px; text-indent:310.867px; font-size:12pt">10</P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt" align=justify>5.4</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt" align=justify><U>Validity and Binding Effect</U>. Each Loan Document to which it is a party is a legal, valid and binding obligation of Satellite or Holdings, as applicable, enforceable against Satellite or Holdings, as applicable, in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency or other similar laws of general application affecting the enforcement of creditors&#146; rights or by general principles of equity limiting the availability of equitable remedies.</P>
<A NAME="_Toc241487904"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt" align=justify>5.5</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt" align=justify><U>No Default</U>. Neither Satellite nor any of its Subsidiaries is in default under any agreement or instrument to which Satellite or any Subsidiary is a party or by which any of their respective properties or assets is bound or affected, which default might materially and adversely affect the financial condition or operations of Satellite and its Subsidiaries taken as a whole. No Event of Default or Unmatured Event of Default has occurred and is continuing.</P>
<A NAME="_Toc241487905"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt" align=justify>5.6</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt" align=justify><U>Litigation</U>. No claims, litigation, arbitration proceedings or governmental proceedings are pending or threatened against or are affecting Satellite or any of its Subsidiaries, the results of which might materially and adversely affect the financial condition or operations of Satellite and its Subsidiaries taken as a whole. Neither Satellite nor any of its Subsidiaries has any contingent liabilities which are material to Satellite and its Subsidiaries taken as a whole.</P>
<A NAME="_Toc241487906"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt" align=justify>5.7</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt" align=justify><U>Liens</U>. None of the property, revenues or assets of Satellite or any of its Subsidiaries is subject to any Lien.</P>
<A NAME="_Toc241487907"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt" align=justify>5.8</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt" align=justify><U>Subsidiaries</U>. Satellite has no Subsidiaries except Constellation.</P>
<A NAME="_Toc241487908"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt" align=justify>5.9</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt" align=justify><U>Purpose</U>. The proceeds of the initial advance of the Loan will be used by Satellite for general working capital purposes and the proceeds of the second advance made after the date of this Agreement shall be retained by the Lender (on behalf of Iridium U.S. L.P.) as payment in full for the transfer to Satellite on the date concurrent with such advance of the INA real estate pursuant to the terms of that certain Iridium Transition Services, Products and Asset Agreement dated as of the date hereof between the Lender and Satellite.</P>
<A NAME="_Toc241487909"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt" align=justify>5.10</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt" align=justify><U>Compliance</U>. Satellite and its Subsidiaries are in material compliance with all statutes and governmental rules and regulations applicable to them.</P>
<A NAME="_Toc241487910"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt" align=justify>6.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt" align=justify><U>AFFIRMATIVE COVENANTS</U>. From the date of this Agreement and thereafter until the Note and other liabilities of Satellite hereunder are paid in full, each of Holdings and Satellite agrees that, unless the Lender shall otherwise expressly consent in writing, it will and (except in the case of delivery of financial information, reports and notices) cause each of its Subsidiaries to:</P>
<A NAME="_Toc241487911"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt" align=justify>6.1</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt" align=justify><U>Financial Statements</U>. Furnish to the Lender:</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:48px; font-size:12pt" align=justify>(a)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:96px; font-size:12pt" align=justify>as soon as available, but in any event not later than 90 days after the end of each fiscal year of Holdings, a copy of the consolidated balance sheet of Holdings and its consolidated Subsidiaries as at the end of such year and the related consolidated statements of income and of cash flows for such year, setting forth in each case in comparative form the figures for and as of the end of the previous year; such financial statements shall be in audited form if an audit has been obtained, and shall otherwise be unaudited;</P>
<P style="margin-top:0px; margin-bottom:16px" align=justify><BR>
<BR></P>
<P style="line-height:14pt; margin:0px; text-indent:310.867px; font-size:12pt">11</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="margin:0px; page-break-before:always"><BR></P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:48px; font-size:12pt" align=justify>(b)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:96px; font-size:12pt" align=justify>as soon as available, but in any event not later than 45 days after the end of each of the first three quarterly periods of each fiscal year of Holdings, the unaudited consolidated balance sheet of Holdings and its consolidated Subsidiaries as at the end of such quarter and the related unaudited consolidated statements of income and of cash flows of Holdings and its consolidated Subsidiaries for such quarter and the portion of the fiscal year through the end of such quarter, setting forth in each case in comparative form the budgeted figures (as adjusted consistent with past practice) for the relevant period and the figures for the corresponding period of the previous fiscal year, certified by a Responsible Officer of Holdings as being fairly stated in all material respects (subject to normal year-end audit and other adjustments); and</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:48px; font-size:12pt" align=justify>(c)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:96px; font-size:12pt" align=justify>as soon as available, but in any event not later than 30 days after the end of each fiscal month of each fiscal year of Holdings (or 45 days in the case of any such month ending on the last day of a fiscal quarter), a copy of the unaudited consolidated balance sheet of Holdings and its consolidated Subsidiaries as of the end of such month and the related unaudited consolidated statements of income and of cash flows for such month and the portion of the fiscal year through the end of such month, setting forth in each case, in comparative form the figures for the corresponding fiscal month of the previous year, certified by a Responsible Officer of Holdings as being fairly stated in all material respects (subject to normal quarter-end or year-end audit and other adjustments).</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt" align=justify>All such financial statements delivered pursuant to <U>Sections 6.1(a) or 6.1(b)</U> shall be certified by a Responsible Officer of Holdings as being complete and correct in all material respects, in conformity with GAAP applied consistently throughout the periods reflected therein and with prior periods that began on or after the date hereof (except as approved by such officer and disclosed therein, and except, in the case of the financial statements delivered pursuant to Section 6.1(b), for the absence of certain notes).</P>
<A NAME="_Toc241487912"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt" align=justify>6.2</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt" align=justify><U>Certificates; Other Information</U>. Furnish to the Lender:</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:48px; font-size:12pt" align=justify>(a)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:96px; font-size:12pt" align=justify>concurrently with the delivery of the financial statements referred to in Section 6.1(a) or 6.1(b), a certificate signed by a Responsible Officer of Satellite stating that, to the best of such Responsible Officer&#146;s knowledge, Holdings, Satellite and each of their respective Subsidiaries during such period has observed or performed all of its covenants and other agreements, and satisfied every condition, contained in this Agreement, and that such Responsible Officer has obtained no knowledge of an Event of Default or Unmatured Event of Default, except, in each case, as specified in such certificate;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:48px; font-size:12pt" align=justify>(b)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:96px; font-size:12pt" align=justify>as soon as available, but in any event not later than the beginning of each fiscal year of Holdings, a copy of the projections by Holdings of the operating budget and cash flow budget of Holdings, Satellite and their respective Subsidiaries for such fiscal year, such projections to be accompanied by a certificate of a Responsible Officer of Holdings to the effect that such Responsible Officer believes such projections to have been prepared on the basis of reasonable assumptions; and</P>
<P style="margin-top:0px; margin-bottom:16px" align=justify><BR>
<BR></P>
<P style="line-height:14pt; margin:0px; text-indent:310.867px; font-size:12pt">12</P>
<P style="margin:0px"><BR></P>
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<P style="margin:0px; page-break-before:always"><BR></P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:48px; font-size:12pt" align=justify>(c)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:96px; font-size:12pt" align=justify>promptly, such additional financial and other information as the Lender may from time to time reasonably request.</P>
<A NAME="_Toc241487913"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt" align=justify>6.3</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt" align=justify><U>Maintenance of Existence and Compliance with Law</U>. Keep in full force and effect its limited liability company existence and take all reasonable action to maintain all rights, privileges and franchises necessary or desirable in the normal conduct of the business of Holdings, Satellite and their respective Subsidiaries, except as otherwise expressly permitted pursuant to <U>Section 7.4</U>, <U>provided</U> that Holdings, Satellite and their respective Subsidiaries shall not be required to maintain any such rights, privileges or franchises, if the failure to do so would not reasonably be expected to have a Material Adverse Effect, and comply with all Contractual Obligations and Requirements of Law except to the extent that failure to comply therewith, in the aggregate, would not reasonably be expected to have a Material Adverse Effect.</P>
<A NAME="_Toc241487914"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt" align=justify>6.4</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt" align=justify><U>Maintenance of Property; Insurance</U>. Keep all property useful and necessary in the business of Holdings, Satellite and their respective Subsidiaries, taken as a whole, in good working order and condition; maintain with financially sound and reputable insurance companies insurance on all property material to the business of Holdings, Satellite and their respective Subsidiaries, taken as a whole, in at least such amounts and against at least such risks (but including in any event public liability, product liability and business interruption) as are usually insured against in the same general area by companies engaged in the same or a similar business; and furnish to the Lender, upon written request, information in reasonable detail as to the insurance carried, together with certificates of insurance and other evidence of such insurance, if any.</P>
<A NAME="_Toc241487915"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt" align=justify>6.5</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt" align=justify><U>Inspection of Property: Books and Records: Discussions</U>. Keep proper books of records and account in which full, complete and correct entries in conformity with GAAP and all material Requirements of Law shall be made of all dealings and transactions in relation to its business and activities; and permit representatives of the Lender to visit and inspect any of its properties and examine and, to the extent reasonable, make abstracts from any of its books and records and to discuss the business, operations, properties and financial and other condition of Holdings, Satellite and their respective Subsidiaries with officers and employees of Holdings, Satellite and their respective Subsidiaries and with its independent certified public accountants, in each case at any reasonable time during normal business hours, upon reasonable notice, and as often as may reasonably be desired.</P>
<A NAME="_Toc241487916"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt" align=justify>6.6</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt" align=justify><U>Notices</U>. Promptly give notice to the Lender of:</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:48px; font-size:12pt" align=justify>(a)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:96px; font-size:12pt" align=justify>as soon as possible after a Responsible Officer of Holdings or Satellite knows or reasonably should know thereof, the occurrence of any Event of Default or Unmatured Event of Default;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:48px; font-size:12pt" align=justify>(b)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:96px; font-size:12pt" align=justify>as soon as possible after a Responsible Officer of Holdings or Satellite knows or reasonably should know thereof, any (i) default or event of default under any Contractual Obligation of Holdings, Satellite or any of their respective Subsidiaries, other than as previously disclosed in writing to the Lender, or (ii) litigation, investigation or proceeding which may exist at any time between Holdings, Satellite or any of their respective Subsidiaries and any Governmental Authority, which in either case, if not cured </P>
<P style="margin-top:0px; margin-bottom:16px" align=justify><BR>
<BR></P>
<P style="line-height:14pt; margin:0px; text-indent:310.867px; font-size:12pt">13</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
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<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; font-size:12pt" align=justify>or if adversely determined, as the case may be, would reasonably be expected to have a Material Adverse Effect;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:48px; font-size:12pt" align=justify>(c)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:96px; font-size:12pt" align=justify>as soon as possible after a Responsible Officer of Holdings or Satellite knows or reasonably should know thereof, any litigation or proceeding affecting Holdings, Satellite or any of their respective Subsidiaries in which the amount involved is $1 million or more or in which injunctive or similar relief is sought that would reasonably be expected to have a Material Adverse Effect;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:48px; font-size:12pt" align=justify>(d)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:96px; font-size:12pt" align=justify>the following events, as soon as possible and in any event within 30 days after a Responsible Officer of Holdings or Satellite knows or reasonably should know thereof: (i) the occurrence or expected occurrence of any Reportable Event with respect to any Single Employer Plan (other than a Reportable Event described in Section 4043(c)(9) of ERISA), a failure to make any required contribution to a Single Employer Plan or Multiemployer Plan, the creation of any Lien on the property of Holdings, Satellite or any of their respective Subsidiaries in favor of the PBGC or a Plan or any withdrawal from, or the termination, reorganization or insolvency of, any Multiemployer Plan if, as a result thereof, Holdings, Satellite or any of their respective Subsidiaries would reasonably be expected to incur any material liability; (ii) the existence of an Underfunding under a Single Employer Plan determined as of the most recent annual valuation date of such Single Employer on the basis of the actuarial assumptions used to determine the funding requirements of such Single Employer Plan as of such date; (iii) the institution of proceedings or the taking of any other formal action by the PBGC or Satellite or any Commonly Controlled Entity or any Multiemployer Plan with respect to the withdrawal from, or the termination, reorganization or insolvency of, any Single Employer Plan or Multiemployer Plan if, as a result thereof, Holdings, Satellite or any of their respective Subsidiaries would reasonably be expected to incur any material liability; or (iv) the occurrence or expected occurrence of any event or condition under which Satellite or any Commonly Controlled Entity has incurred or could incur any liability in respect of a Former Plan;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:48px; font-size:12pt" align=justify>(e)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:96px; font-size:12pt" align=justify>as soon as possible after a Responsible Officer of Holdings or Satellite knows or reasonably should know thereof, and except as would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect, (i) any release or discharge by Holdings, Satellite or any of their respective Subsidiaries of any materials required to be reported under applicable Environmental Laws to any Governmental Authority; (ii) any condition, circumstance, occurrence or event that would result in liability pursuant to applicable Environmental Laws or would result in the imposition of any lien or other restriction on the title, ownership or transferability of any property; (iii) any proposed action to be taken by Holdings, Satellite or any of their respective Subsidiaries that would reasonably be expected to subject Holdings, Satellite or any of their respective Subsidiaries to any additional or different requirements or liabilities, to the knowledge of Holdings, Satellite or any of their respective Subsidiaries or Holdings under any applicable Environmental Law; (iv) any Governmental Authority has notified Holdings, Satellite or any of their respective Subsidiaries that any such Person is a potentially responsible party under the Comprehensive Environmental Response, </P>
<P style="margin-top:0px; margin-bottom:16px" align=justify><BR>
<BR></P>
<P style="line-height:14pt; margin:0px; text-indent:310.867px; font-size:12pt">14</P>
<P style="margin:0px"><BR></P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; font-size:12pt" align=justify>Compensation and Liability Act or any comparable law for the cleanup of materials at any location, whether or not owned, leased or operated by Holdings, Satellite or any of their respective Subsidiaries; (v) any Governmental Authority has notified Holdings, Satellite or any of their respective Subsidiaries that it will revoke any permit pursuant to any Environmental Law held by Holdings, Satellite or any of their respective Subsidiaries, or deny or refuse to renew any such permit sought by Holdings, Satellite or any of their respective Subsidiaries; or (vi) any Governmental Authority has notified Holdings. Satellite or any of their respective Subsidiaries that any property owned, leased, or operated by Holdings, Satellite or any of their respective Subsidiaries is being listed on, or proposed for listing on, the National Priorities List (NPL) or the Comprehensive Environmental Response, Compensation and Liability Information System (CERCLIS) maintained by the U.S. Environmental Protection Agency, or on any similar list maintained by any Governmental Authority.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=justify>Each notice pursuant to this <U>Section 6.6 </U>shall be accompanied by a statement of a Responsible Officer of Holdings and Satellite (and, if applicable, the relevant Subsidiary) setting forth details of the occurrence referred to therein and stating what action Holdings or Satellite (or, if applicable, the relevant Subsidiary) proposes to take with respect thereto.</P>
<A NAME="_Toc241487917"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt" align=justify>6.7</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt" align=justify><U>Environmental Laws</U>. Comply substantially with all Environmental Laws applicable to it, and obtain, comply substantially with and maintain any and all licenses, approvals, notifications, registrations or permits required by applicable Environmental Laws; and (ii) take all reasonable efforts to ensure that all tenants, subtenants, contractors, subcontractors and invitees comply substantially with all Environmental Laws, and obtain, comply substantially with and maintain any and all licenses, approvals, notifications, registrations or permits -required by Environmental Laws applicable to any of them insofar as any failure to so comply, obtain or maintain reasonably would be expected to adversely affect Holdings, Satellite or any of their respective Subsidiaries. For purposes of this <U>Section 6.7</U>, noncompliance shall be deemed not to constitute a breach of this covenant; <U>provided</U> that, upon learning of any actual or suspected noncompliance, Satellite shall in a timely fashion undertake or cause to be undertaken reasonable efforts to achieve substantial compliance, and <U>provided</U>, <U>further</U> that, in any case, such noncompliance, and any other noncompliance with any Environmental Law, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect.</P>
<A NAME="_Toc241487918"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt" align=justify>6.8</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt" align=justify><U>Obligations and Taxes</U>. Pay and discharge promptly all taxes, assessments and governmental charges or levies imposed upon Holdings, Satellite or any of their respective Subsidiaries or in respect of any of their properties, before the same shall become in default; as well as all lawful claims of labor, materials and supplies or otherwise that, if unpaid, might become a Lien or charge upon such properties or any part thereof; <U>provided</U> that such Persons shall not be required to pay and discharge, or cause to be paid and discharged, any such tax, assessment, charge, levy, or claim so long as the validity thereof shall be contested in good faith by appropriate proceedings and adequate reserves shall have been set aside and reflected on the financial statements furnished to the Lender with respect to any such tax, assessment, charge, levy, or claim so contested.</P>
<A NAME="_Toc241487919"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt" align=justify>6.9</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt" align=justify><U>Future Assurances</U>. Cause each Subsidiary (other than Constellation) which is formed or acquired after the date hereof to provide a guaranty of the Obligations in substantially </P>
<P style="margin-top:0px; margin-bottom:16px" align=justify><BR>
<BR></P>
<P style="line-height:14pt; margin:0px; text-indent:310.867px; font-size:12pt">15</P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=justify>the form of the Guaranty; <U>provided</U>, that if such new Subsidiary is a &#147;Controlled Foreign Corporation&#148;, as that term is defined in Section 957 of the Code, then in lieu of the guaranty otherwise required, the parent entity of such Controlled Foreign Corporation shall pledge 65% of its outstanding equity interest as security for the Obligations and the Senior Indebtedness.</P>
<A NAME="_Toc241487920"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt" align=justify>7.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt" align=justify>NEGATIVE COVENANTS. From the date of this Agreement and thereafter until the Note and other liabilities of Satellite hereunder are paid in full, Holdings and Satellite agree that, unless the Lender shall otherwise expressly consent in writing, neither Holdings nor Satellite shall, and neither shall permit any of its respective Subsidiaries to, directly or indirectly:</P>
<A NAME="_Toc241487921"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt" align=justify>7.1</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt" align=justify><U>Limitation on Indebtedness</U>. Create, incur, assume or suffer to exist any Indebtedness (including any Indebtedness of any of its Subsidiaries), except:</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:48px; font-size:12pt" align=justify>(a)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:96px; font-size:12pt" align=justify>(i) Indebtedness of Satellite under this Agreement and (ii) the Senior Indebtedness;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:48px; font-size:12pt" align=justify>(b)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:96px; font-size:12pt" align=justify>Indebtedness of Satellite to any of its Subsidiaries and of any Subsidiary of Satellite to Satellite or any other Subsidiary;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:48px; font-size:12pt" align=justify>(c)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:96px; font-size:12pt" align=justify>Indebtedness, whether secured or unsecured, of Satellite and any of its Subsidiaries incurred to finance (whether pursuant to a loan or otherwise) the acquisition or refinancing of fixed or capital assets, including but not limited to the facility owned by Iridium North America LLC as of the date hereof, <U>provided</U> that such Indebtedness is (x) incurred substantially simultaneously with such acquisition or in connection with a refinancing thereof, (y) is secured by no assets other than the fixed or capital assets so financed, and (z) except as provided in clause (y), is otherwise expressly subordinated to the Obligations;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:48px; font-size:12pt" align=justify>(d)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:96px; font-size:12pt" align=justify>to the extent that any Guarantee Obligation permitted under Section 7.3 constitutes Indebtedness, such Indebtedness;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:48px; font-size:12pt" align=justify>(e)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:96px; font-size:12pt" align=justify>Indebtedness of Satellite or any of its Subsidiaries incurred to finance insurance premiums in the ordinary course of business;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:48px; font-size:12pt" align=justify>(f)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:96px; font-size:12pt" align=justify>Indebtedness arising from the honoring of a check, draft or similar instrument against insufficient funds, <U>provided</U> that such Indebtedness is extinguished within two Business Days of its incurrence;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:48px; font-size:12pt" align=justify>(g)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:96px; font-size:12pt" align=justify>Indebtedness of Satellite or any of its Subsidiaries described in clause (c), (d) or (e) of the definition of &#147;Indebtedness&#148; incurred in the ordinary course of business that is not secured by a Lien on any property of Satellite or any of its Subsidiaries;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:48px; font-size:12pt" align=justify>(h)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:96px; font-size:12pt" align=justify>Indebtedness incurred in connection with letters of credit furnished by Satellite or any of its Subsidiaries in the ordinary course of business; and</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:48px; font-size:12pt" align=justify>(i)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:96px; font-size:12pt" align=justify>Indebtedness in the form of revolving lines of credit from one or more institutional lenders to provide for Satellite&#146;s working capital needs in an amount not to </P>
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<P style="line-height:14pt; margin:0px; text-indent:310.867px; font-size:12pt">16</P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; font-size:12pt" align=justify>exceed $10,000,000 in the aggregate, which Indebtedness is not secured by any Lien on any property of Satellite or any of its Subsidiaries.</P>
<A NAME="_Toc241487922"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt" align=justify>7.2</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt" align=justify><U>Limitation on Liens</U>. Create, incur, assume or suffer to exist any Lien upon any of its property, assets or revenues, whether now owned or hereafter acquired, except for:</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:48px; font-size:12pt" align=justify>(a)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:96px; font-size:12pt" align=justify>Liens for taxes not yet delinquent or the nonpayment of which in the aggregate would not reasonably be expected to have a Material Adverse Effect, or which are being contested in good faith by appropriate proceedings diligently conducted;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:48px; font-size:12pt" align=justify>(b)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:96px; font-size:12pt" align=justify>carriers&#146;, warehousemen&#146;s, mechanics&#146;, materialmen&#146;s, repairmen&#146;s or other like Liens arising in the ordinary course of business which are not overdue for a period of more than 60 days or which are being contested in good faith by appropriate proceedings diligently conducted;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:48px; font-size:12pt" align=justify>(c)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:96px; font-size:12pt" align=justify>Liens of landlords or of mortgagees of landlords arising by operation of law or pursuant to the terms of real property leases; <U>provided</U> that the rental payments secured thereby are not yet due and payable;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:48px; font-size:12pt" align=justify>(d)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:96px; font-size:12pt" align=justify>pledges, deposits or other Liens in connection with workers&#146; compensation, unemployment insurance, other social security benefits or other insurance-related obligations (including, without limitation, pledges or deposits securing liability to insurance carriers under insurance or self-insurance arrangements);</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:48px; font-size:12pt" align=justify>(e)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:96px; font-size:12pt" align=justify>Liens arising by reason of any judgment, decree or order of any court or other Governmental Authority, if appropriate legal proceedings which may have been duly initiated for the review of such judgment, decree or order are being diligently prosecuted and shall not have been finally terminated or the period within which such proceedings may be initiated shall not have expired;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:48px; font-size:12pt" align=justify>(f)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:96px; font-size:12pt" align=justify>Liens to secure the performance of bids, trade contracts (other than for borrowed money), leases, statutory obligations, surety and appeal bonds, performance bonds, judgment and like bonds, replevin and similar bonds and other obligations of a like nature (including reimbursement obligations with respect to letters of credit) incurred in the ordinary course of business;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:48px; font-size:12pt" align=justify>(g)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:96px; font-size:12pt" align=justify>zoning restrictions, easements, rights-of-way, restrictions on the use of property, other similar encumbrances incurred in the ordinary course of business and minor irregularities of title, which do not materially interfere with the ordinary conduct of the business of Satellite and its Subsidiaries taken as a whole;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:48px; font-size:12pt" align=justify>(h)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:96px; font-size:12pt" align=justify>Liens securing Indebtedness of Satellite and its Subsidiaries permitted by <U>Section 7.1(c)</U> incurred to finance the acquisition of fixed or capital assets;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:48px; font-size:12pt" align=justify>(i)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:96px; font-size:12pt" align=justify>Liens existing on assets or properties at the time of the acquisition thereof by Satellite or a Subsidiary which do not materially interfere with the use of the property </P>
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<P style="line-height:14pt; margin:0px; text-indent:310.867px; font-size:12pt">17</P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; font-size:12pt" align=justify>subject thereto or extend to or cover any assets of Satellite or such Subsidiary other than the assets or property being acquired; and</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:48px; font-size:12pt" align=justify>(j)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:96px; font-size:12pt" align=justify>Liens granted to The Boeing Company, a Delaware corporation (&#147;Boeing&#148;), described in the agreement by and between Boeing and Constellation, which agreement provides for, among other things, the operation and maintenance of the Iridium system.</P>
<A NAME="_Toc241487923"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt" align=justify>7.3</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt" align=justify><U>Limitation on Guarantee Obligations</U>. Create, incur, assume or suffer to exist any Guarantee Obligation except:</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:48px; font-size:12pt" align=justify>(a)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:96px; font-size:12pt" align=justify>Guarantee Obligations in respect of the Obligations and the Senior Indebtedness;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:48px; font-size:12pt" align=justify>(b)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:96px; font-size:12pt" align=justify>Guarantee Obligations for performance, appeal, judgment, replevin and similar bonds, or suretyship and similar arrangements, all in the ordinary course of business; <U>provided</U>, that this Section 7.3(b) shall not permit Guarantee Obligations of Satellite or any of its Subsidiaries for the benefit of Holdings or any of its Subsidiaries other than Satellite or any of its Subsidiaries;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:48px; font-size:12pt" align=justify>(c)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:96px; font-size:12pt" align=justify>obligations to insurers required in connection with worker&#146;s compensation and other insurance coverage incurred in the ordinary course of business; and</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:48px; font-size:12pt" align=justify>(d)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:96px; font-size:12pt" align=justify>Guarantee Obligations in favor of the government of the United States of America or any of its agencies or instrumentalities in connection with the operation, maintenance or decommissioning of the Iridium system.</P>
<A NAME="_Toc241487924"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt" align=justify>7.4</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt" align=justify><U>Limitation on Fundamental Changes</U>. Enter into any merger, consolidation or amalgamation, or liquidate, wind up or dissolve itself (or suffer any liquidation or dissolution), or convey, sell, lease, assign, transfer or otherwise dispose of, all or substantially all of its property, business or assets, except:</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:48px; font-size:12pt" align=justify>(a)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:96px; font-size:12pt" align=justify>any Subsidiary of Satellite may be merged or consolidated with or into Satellite (<U>provided</U> that Satellite shall be the continuing or surviving entity);</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:48px; font-size:12pt" align=justify>(b)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:96px; font-size:12pt" align=justify>any Subsidiary of Satellite may sell, lease, transfer or otherwise dispose of any or all of its assets (upon voluntary liquidation or otherwise) to Satellite or any other Subsidiary; and</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:48px; font-size:12pt" align=justify>(c)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:96px; font-size:12pt" align=justify>as expressly permitted by <U>Section 7.5</U> (so long as, if Satellite is party to any merger, consolidation or amalgamation, Satellite shall be the surviving entity).</P>
<A NAME="_Toc241487925"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt" align=justify>7.5</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt" align=justify><U>Limitation on Sale of Assets</U>. Other than in the ordinary course of business, convey, sell, lease, assign, transfer or otherwise dispose of any of its property, business or assets (including, without limitation, receivables and leasehold interests), whether now owned or hereafter acquired, or, in the case of any Subsidiary, issue or sell any equity interest of such Subsidiary&#146;s equity interest, to any Person other than Holdings, Satellite or any of their respective Subsidiaries, except as permitted in <U>Section 7.4(b)</U>.</P>
<A NAME="_Toc241487926"></A><P style="margin-top:0px; margin-bottom:16px" align=justify><BR>
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<P style="line-height:14pt; margin:0px; text-indent:310.867px; font-size:12pt">18</P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt" align=justify>7.6</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt" align=justify><U>Limitation on Restricted Payments/Dividends</U>. Declare or pay any dividend (other than dividends payable in equity interests of Holdings, Satellite or any of their respective Subsidiaries or options, warrants or other rights to purchase equity interests of Holdings, Satellite or any of their respective Subsidiaries) on, or make any payment on account of, or set apart assets for a sinking or other analogous fund for, the purchase, redemption, defeasance, retirement or other acquisition of, any equity interests of any class of Holdings, Satellite or any of their respective Subsidiaries or any warrants or options to purchase any such equity interests, whether now or hereafter outstanding, or make any other distribution (other than distributions payable solely in equity interests of Holdings, Satellite or any of their respective Subsidiaries or options, warrants or other rights to purchase equity interest of Holdings, Satellite or any of their respective Subsidiaries) in respect thereof, either directly or indirectly, whether in cash or property or in obligations of Holdings, Satellite or any Subsidiary. Notwithstanding the foregoing, nothing herein shall prohibit any payment of dividends or any other distribution by Satellite or Satellite&#146;s Subsidiaries in order (i) to permit any payment to the Senior Creditor pursuant to <U>Section 4.2</U> or the Senior Note, (ii) to permit any payment to the Lender, (iii) to permit any payment to Satellite or any of its Subsidiaries by Holdings, Satellite or any of their respective Subsidiaries or (iv) to permit any payment to the owner of an equity interest in Holdings up to the amount of taxes incurred by such Owner as a result of the profits earned by Holdings.</P>
<A NAME="_Toc241487927"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt" align=justify>7.7</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt" align=justify><U>Limitation on Investments, Loans and Advances</U>. Make any advance, loan, extension of credit or capital contribution to, or purchase any stock, bonds, notes, debentures or other securities of, or make any other investment in (each an &#147;Investment&#148;), any Person, except:</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:48px; font-size:12pt" align=justify>(a)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:96px; font-size:12pt" align=justify>extensions of trade credit in the ordinary course of business;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:48px; font-size:12pt" align=justify>(b)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:96px; font-size:12pt" align=justify>Investments in cash equivalents;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:48px; font-size:12pt" align=justify>(c)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:96px; font-size:12pt" align=justify>Investments in notes receivable in connection with transactions permitted by <U>Section 7.5</U>;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:48px; font-size:12pt" align=justify>(d)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:96px; font-size:12pt" align=justify>loans and advances to officers, directors or employees of Holdings, Satellite or any of their respective Subsidiaries in the ordinary course of business for travel and entertainment or relocation expenses;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:48px; font-size:12pt" align=justify>(e)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:96px; font-size:12pt" align=justify>Investments by Holdings, Satellite or any of their respective Subsidiaries in Satellite or any Subsidiaries of Satellite or Holdings;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:48px; font-size:12pt" align=justify>(f)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:96px; font-size:12pt" align=justify>Investments in the nature of pledges or deposits with respect to leases or utilities provided to third parties in the ordinary course of business or otherwise described in Sections 7.2(c), 7.2(d) or 7.2(f); and</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:48px; font-size:12pt" align=justify>(g)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:96px; font-size:12pt" align=justify>Investments representing evidences of Indebtedness, securities or other property received from another Person by Holdings, Satellite or any of their respective Subsidiaries in connection with any bankruptcy proceeding or other reorganization of such other Person or as a result of foreclosure, perfection or enforcement of any Lien or exchange for evidences of Indebtedness, securities or other property of such other Person held by Holdings, Satellite or any of their respective Subsidiaries.</P>
<A NAME="_Toc241487928"></A><P style="margin-top:0px; margin-bottom:16px" align=justify><BR>
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<P style="line-height:14pt; margin:0px; text-indent:310.867px; font-size:12pt">19</P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt" align=justify>7.8</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt" align=justify><U>Limitation on Transactions with Affiliates</U>. Enter into any transaction, including, without limitation, any purchase, sale, lease or exchange of property or the rendering of any service, with any Affiliate of Holdings unless such transaction is (a) otherwise permitted under this Agreement, and (b) upon terms no less favorable to Holdings, Satellite or such Subsidiary, as the case may be, than it would obtain in a comparable arm&#146;s length transaction with a Person which is not an Affiliate; <U>provided</U> that nothing contained in this <U>Section 7.8</U> shall be deemed to prohibit:</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:48px; font-size:12pt" align=justify>(a)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:96px; font-size:12pt" align=justify>Holdings, Satellite or any of their respective Subsidiaries from entering into or performing any consulting, management or employment agreements or other compensation arrangements with a director, officer or employee of Holdings, Satellite or any of their respective Subsidiaries, <U>provided</U> that the annual aggregate base compensation with respect to any such director, in its capacity as such is not in excess of $100,000 for each such director;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:48px; font-size:12pt" align=justify>(b)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:96px; font-size:12pt" align=justify>the payment of transaction expenses in connection with this Agreement and the other transactions contemplated hereby; or</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:48px; font-size:12pt" align=justify>(c)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:96px; font-size:12pt" align=justify>any transaction permitted under <U>Section 7.4</U>, <U>7.6</U> or <U>7.7(d)</U>, any transaction with a Subsidiary of Satellite or Holdings.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=justify>For purposes of this <U>Section 7.8</U>, (A) any transaction with any Affiliate shall be deemed to have satisfied the standard set forth in clause (b) of the first sentence hereof if (i) such transaction is approved by a majority of the Disinterested Directors of the Board of Directors of Holdings, Satellite or the applicable Subsidiary, or (ii) in the event that at the time of any such transaction, there are no Disinterested Directors serving on the Board of Directors of Holdings, Satellite or such Subsidiary, such transaction shall be approved by a nationally recognized expert with expertise in appraising the terms and conditions of the type of transaction for which approval is required, and (B) &#147;<U>Disinterested Director</U>&#148; shall mean, with respect to any Person and transaction, a member of the Board of Directors of such Person who does not have any material direct or indirect financial interest in or with respect to such transaction.</P>
<A NAME="_Toc241487929"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt" align=justify>7.9</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt" align=justify><U>Limitation on Sales and Leasebacks</U>. Enter into any arrangement with any Person providing for the leasing by Holdings, Satellite or any of their respective Subsidiaries of real or personal property which has been or is to be sold or transferred by Holdings, Satellite or such Subsidiary to such Person or to any other Person to whom funds have been or are to be advanced by such Person on the security of such property or rental obligations of Holdings, Satellite or such Subsidiary (any of such arrangements, a &#147;<U>Sale and Leaseback Transaction</U>&#148;); <U>provided</U>, that nothing in this <U>Section 7.9</U> shall prohibit a transaction otherwise permitted under <U>Section 7.1(c)</U> hereof.</P>
<A NAME="_Toc241487930"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt" align=justify>7.10</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt" align=justify><U>Limitation on Equity Issuances of Satellite or its Subsidiaries</U>. Issue to any Person other than Holdings, Satellite or any of its Subsidiaries any equity interest in Satellite or any Subsidiary of Satellite.</P>
<A NAME="_Toc241487931"></A><P style="margin-top:0px; margin-bottom:16px" align=justify><BR>
<BR></P>
<P style="line-height:14pt; margin:0px; text-indent:310.867px; font-size:12pt">20</P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt" align=justify>7.11</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt" align=justify><U>Limitation on Equity Issuances of Holdings</U>. Issue to any Person any class of equity interest in Holdings other than the classes existing on the date hereof, such classes being Class A and Class B.</P>
<A NAME="_Toc241487932"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt" align=justify>7.12</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt" align=justify><U>Prepayment of Senior Indebtedness</U>. Not make any optional prepayments of the Senior Indebtedness unless an equal amount is applied concurrently to repay the Obligations.</P>
<A NAME="_Toc241487933"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt" align=justify>7.13</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt" align=justify><U>Other Agreements</U>. Not, and not permit any Subsidiary to, enter into any agreement containing any provision which would be violated or breached by Satellite&#146;s performance of its obligations hereunder or under any instrument or document delivered or to be delivered by Satellite hereunder or in connection herewith.</P>
<A NAME="_Toc241487934"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt" align=justify>7.14</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt" align=justify><U>Amendments to Other Agreements</U>. Not, and not permit any Subsidiary to amend its charter documents or any Senior Credit Document if any such amendment would be materially adverse to the Lender.</P>
<A NAME="_Toc241487935"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt" align=justify>8.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt" align=justify>CONDITIONS PRECEDENT TO THE LOAN. The obligation of the Lender to make the Loan is subject to the satisfaction of each of the following conditions precedent:</P>
<A NAME="_Toc241487936"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt" align=justify>8.1</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt" align=justify><U>Note</U>. Satellite shall have delivered to the Lender its duly executed Note.</P>
<A NAME="_Toc241487937"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt" align=justify>8.2</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt" align=justify><U>Guaranty</U>. Holdings shall have delivered to the Lender the Guaranty duly executed by it.</P>
<A NAME="_Toc241487938"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt" align=justify>8.3</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt" align=justify><U>Charter; Good Standings Resolutions</U>. Each of Satellite and Holdings shall have delivered to the Lender a copy, duly certified by the secretary or an assistant secretary of such Person, of (a) the resolutions of such Person&#146;s Board of Directors authorizing or ratifying the execution and -delivery of (i) this Agreement and the Note and authorizing the borrowing hereunder, in the case of Satellite, and (ii) the Guaranty, in the case of Holdings, and (b) its charter documents certified by the Secretary of State of its state of organization, together with a good standing certificate from the secretary of state of its state of organization.</P>
<A NAME="_Toc241487939"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt" align=justify>8.4</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt" align=justify><U>Incumbency Certificate</U>. Each of Satellite and Holdings shall have delivered to the Lender a certificate of the secretary or an assistant secretary of such Person certifying the names of such Person&#146;s officers authorized to sign (i) this Agreement and the Note in the case of Satellite, and (ii) the Guaranty, in the case of Holdings, and all other documents or certificates to be delivered hereunder, together with the true signatures of such officers.</P>
<A NAME="_Toc241487940"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt" align=justify>8.5</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt" align=justify><U>Opinion</U>. Satellite shall have delivered to the Lender an opinion of Neuberger, Quinn, Gielen, Rubin &amp; Gibber, P.A., counsel to Satellite and Holdings, addressed to the Lender.</P>
<A NAME="_Toc241487941"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt" align=justify>9.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt" align=justify>EVENTS OF DEFAULT AND REMEDIES.</P>
<A NAME="_Toc241487942"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt" align=justify>9.1</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt" align=justify><U>Events of Default</U>. Each of the following shall constitute an Event of Default under this Agreement:</P>
<P style="margin-top:0px; margin-bottom:16px" align=justify><BR>
<BR></P>
<P style="line-height:14pt; margin:0px; text-indent:310.867px; font-size:12pt">21</P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:48px; font-size:12pt" align=justify>(a)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:96px; font-size:12pt" align=justify>The failure of Satellite to pay any sum when due under this Agreement or the Note, except that Satellite shall have a five-day grace period from the due date to deliver payment to the Lender;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:48px; font-size:12pt" align=justify>(b)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:96px; font-size:12pt" align=justify>If any representation, warranty, affidavit, certificate, or statement made or delivered to the Lender by Satellite or on Satellite&#146;s behalf from time to time in connection with this Agreement (whether or not included in this Agreement) shall prove to have been false, incorrect or misleading in any material respect at the time it was made; <U>provided</U> that if Satellite shall bring the underlying factual circumstances into conformity with any such representation, warranty, affidavit, certificate or statement within 45 days after it is made, such correction shall cure any Event of Default hereunder;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:48px; font-size:12pt" align=justify>(c)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:96px; font-size:12pt" align=justify>The occurrence of an &#147;Event of Default&#148; (as that term is defined in the Senior Note) under the Senior Note;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:48px; font-size:12pt" align=justify>(d)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:96px; font-size:12pt" align=justify>The admission by Satellite of its inability to pay any Indebtedness or other financial obligation of Satellite when due;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:48px; font-size:12pt" align=justify>(e)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:96px; font-size:12pt" align=justify>The issuance by a Governmental Authority of one or more judgments, decrees or orders in excess of $1 million against Holdings, Satellite or any of their respective Subsidiaries that is not covered by insurance or stayed or otherwise bonded pending appeal;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:48px; font-size:12pt" align=justify>(f)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:96px; font-size:12pt" align=justify>The express repudiation by Satellite of any of its obligations under this Agreement or the Note or any declaration by Satellite of its intention not to perform any such obligations as and when the same become due;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:48px; font-size:12pt" align=justify>(g)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:96px; font-size:12pt" align=justify>The disposition, transfer or exchange of all or substantially all of Satellite&#146;s assets, or the issuance of any levy, attachment, charging order, garnishment or other process against all or any substantial part of the property of Holdings, Satellite and their respective Subsidiaries taken as a whole;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:48px; font-size:12pt" align=justify>(h)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:96px; font-size:12pt" align=justify>If Satellite shall (i) apply for or consent to the appointment of a receiver, trustee in bankruptcy, or liquidator for itself or any of its property; (ii) admit in writing its inability to pay its debts as they mature or generally fail to pay such debts as they mature; (iii) make a general assignment for the benefit of creditors; (iv) be adjudicated as bankrupt or insolvent; or (v) file a voluntary petition in bankruptcy, or a petition or an answer seeking reorganization or an arrangement with creditors, or seeking to take advantage of any bankruptcy, reorganization, insolvency, readjustment of debt, dissolution or liquidation law or statute or an answer admitting an act of bankruptcy alleged in a petition filed against it in any proceeding under any such law;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:48px; font-size:12pt" align=justify>(i)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:96px; font-size:12pt" align=justify>If an order, judgment or decree shall be entered against Satellite without its application, approval or consent, or by any court of competent jurisdiction, approving a petition seeking the reorganization of it or appointing a receiver, trustee or liquidator of Satellite, or of all or a substantial part of its assets, and such order, judgment or decree shall </P>
<P style="margin-top:0px; margin-bottom:16px" align=justify><BR>
<BR></P>
<P style="line-height:14pt; margin:0px; text-indent:310.867px; font-size:12pt">22</P>
<P style="margin:0px"><BR></P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; font-size:12pt" align=justify>continue unstayed and in effect for a period of 45 consecutive days from the date of entry thereof;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:48px; font-size:12pt" align=justify>(j)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:96px; font-size:12pt" align=justify>If Satellite shall have concealed, transferred, removed, or permitted to be concealed or transferred or removed, any part of its property with intent to hinder, delay or defraud any of its creditors; or</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:48px; font-size:12pt" align=justify>(k)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:96px; font-size:12pt" align=justify>If any Governmental Authority shall take any action to condemn, assume custody or control of, seize or appropriate all or substantially all of the property or assets of the Satellite and its Subsidiaries taken as a whole.</P>
<A NAME="_Toc241487943"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt" align=justify>9.2</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt" align=justify><U>Remedies</U>. If any Event of Default described in <U>Section 9.1</U> shall have occurred and be continuing, the Lender may declare the commitment of the Lender to make the Loan to be terminated and the Loan to be due and payable, whereupon such commitment shall immediately terminate and the Loan shall become immediately due and payable, all without notice of any kind (except that if an event described in <U>Section 9.1(h)</U> or <U>(i)</U> occurs, such commitment shall immediately terminate and the Loan shall become immediately due and payable without declaration or notice of any kind). The Lender shall promptly advise Satellite of any such declaration, but failure to do so shall not impair the effect of such declaration.</P>
<A NAME="_Toc241487944"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt" align=justify>10.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt" align=justify>GENERAL.</P>
<A NAME="_Toc241487945"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt" align=justify>10.1</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt" align=justify><U>Waiver and Amendments</U>. No failure or delay on the part of the Lender or the holder of a Note in the exercise of any power or right, and no course of dealing between Satellite and the Lender or a holder of a Note, shall operate as a waiver of such power or right, nor shall any single or partial exercise of any power or right preclude other or further exercise thereof or the exercise of any other power or right. The remedies provided for herein are cumulative and not exclusive of any remedies which may be available to the Lender at law or in equity. No notice to or demand on Satellite not required hereunder shall in any event entitle Satellite to any other or further notice or demand in similar or other circumstances or constitute a waiver of the right of the Lender or the holder of a Note to any other or further action in any circumstances without notice or demand. No amendment, modification or waiver of, or consent with respect to, any provision of this Agreement or any Note shall in any event be effective unless the same shall be in writing and signed and delivered by the Lender. Any waiver of any provision of this Agreement or any Note, and any consent to any departure by Satellite from the terms of any provision of this Agreement or any Note, shall be effective only in the specific instance and for the specific purpose for which given.</P>
<A NAME="_Toc241487946"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt" align=justify>10.2</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt" align=justify><U>Notices</U>. Except as otherwise expressly provided herein, any notice hereunder to Satellite or the Lender shall be in writing (including telecopy communication) and shall be given to Satellite or the Lender at its address or telecopier number set forth on the signature pages hereof or at such other address or telecopier number as Satellite or the Lender may, by written notice, designate as its address or telecopier number for purposes of notice hereunder. All such notices shall be deemed to be given when transmitted by telecopier, personally delivered or, in the case of a mailed notice, when sent by registered or certified mail, postage prepaid, in each case addressed as specified in this <U>Section 10.2</U>; <U>provided</U>, <U>however</U>, that notices to the Lender under <U>Sections 2.1</U> and <U>4.2</U> shall not be effective until actually received by the Lender.</P>
<A NAME="_Toc241487947"></A><P style="margin-top:0px; margin-bottom:16px" align=justify><BR>
<BR></P>
<P style="line-height:14pt; margin:0px; text-indent:310.867px; font-size:12pt">23</P>
<P style="margin:0px"><BR></P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt" align=justify>10.3</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt" align=justify><U>Expenses</U>. Satellite agrees, whether or not the Loan is made hereunder, to pay the Lender upon demand for all reasonable expenses, including reasonable fees of attorneys and paralegals for the Lender (who may be employees of the Lender) and other legal expenses and costs of collection, incurred by the Lender in connection with (i) the preparation, negotiation and execution of any and all amendments to this Agreement, the Note or any other instrument or document provided for herein or delivered or to be delivered hereunder or in connection herewith, and (ii) the enforcement of Satellite&#146;s obligations hereunder or under the Note or any such other instrument or document. Satellite also agrees to (a) indemnify and hold the Lender harmless from any loss or expense which may arise from or be created by making the Loan (other than expenses incurred by the Lender in connection with the preparation, negotiation and execution of this Agreement) or disbursing the proceeds thereof, or any other transaction contemplated by this Agreement and (b) pay, and save the Lender harmless from all liability for, any stamp or other tax which may be payable with respect to the execution or delivery of this Agreement or the issuance of the Note or any other instrument or document provided for herein or delivered or to be delivered hereunder or in connection herewith. Satellite&#146;s foregoing obligations shall survive any termination of this Agreement.</P>
<A NAME="_Toc241487948"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt" align=justify>10.4</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt" align=justify><U>Information</U>. The Lender may furnish any information concerning Satellite in the possession of the Lender from time to time to assignees of the rights and/or obligations of the Lender hereunder (including prospective assignees) and may furnish information in response to credit inquiries consistent with general banking practice.</P>
<A NAME="_Toc241487949"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt" align=justify>10.5</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt" align=justify><U>Severability</U>. Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof or affecting the validity or enforceability of such provision in any other jurisdiction.</P>
<A NAME="_Toc241487950"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt" align=justify>10.6</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt" align=justify><U>LAW</U>. THIS AGREEMENT AND THE NOTE SHALL BE CONTRACTS MADE UNDER AND GOVERNED BY THE INTERNAL LAWS OF THE STATE OF ILLINOIS, WITHOUT REGARD TO CONFLICTS OF LAWS PROVISIONS THEREOF.</P>
<A NAME="_Toc241487951"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt" align=justify>10.7</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt" align=justify><U>Successors</U>. This Agreement shall be binding upon Satellite and the Lender and their respective successors and assigns, and shall inure to the benefit of Satellite and the Lender and the successors and assigns of the Lender. Satellite shall not assign its rights or duties hereunder without the consent of the Lender.</P>
<A NAME="_Toc241487952"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt" align=justify>10.8</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt" align=justify><U>Forum Selection and Consent to Jurisdiction</U>. ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS AGREEMENT OR THE NOTES, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN) OR ACTIONS OF THE LENDER OR SATELLITE SHALL BE BROUGHT AND MAINTAINED EXCLUSIVELY IN THE COURTS OF THE STATE OF ILLINOIS OR IN THE UNITED STATES DISTRICT COURT FOR THE NORTHERN DISTRICT OF ILLINOIS; PROVIDED, HOWEVER, THAT ANY SUIT SEEKING ENFORCEMENT AGAINST ANY COLLATERAL OR OTHER PROPERTY MAY BE BROUGHT, AT THE LENDER&#146;S OPTION, IN THE COURTS OF ANY JURISDICTION WHERE SUCH COLLATERAL OR OTHER PROPERTY MAY BE FOUND. SATELLITE HEREBY EXPRESSLY AND IRREVOCABLY SUBMITS TO THE JURISDICTION OF THE </P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt">COURTS OF THE STATE OF ILLINOIS AND OF THE UNITED STATES DISTRICT COURT FOR THE NORTHERN DISTRICT OF ILLINOIS FOR THE PURPOSE OF ANY SUCH LITIGATION AS SET FORTH ABOVE AND IRREVOCABLY AGREES TO BE BOUND BY ANY JUDGMENT RENDERED THEREBY IN CONNECTION WITH SUCH LITIGATION. SATELLITE FURTHER IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS BY REGISTERED MAIL, POSTAGE PREPAID, OR BY PERSONAL SERVICE WITHIN OR WITHOUT THE STATE OF ILLINOIS. SATELLITE HEREBY EXPRESSLY AND IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION WHICH IT MAY HAVE OR HEREAFTER MAY HAVE TO THE LAYING OF VENUE OF ANY SUCH LITIGATION BROUGHT IN ANY SUCH COURT REFERRED TO ABOVE AND ANY CLAIM THAT ANY SUCH LITIGATION HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. TO THE EXTENT THAT SATELLITE HAS OR HEREAFTER MAY ACQUIRE ANY IMMUNITY FROM JURISDICTION OF ANY COURT OR FROM ANY LEGAL PROCESS (WHETHER THROUGH SERVICE OR NOTICE, ATTACHMENT PRIOR TO JUDGMENT, ATTACHMENT IN AID OF EXECUTION OR OTHERWISE) WITH RESPECT TO ITSELF OR ITS PROPERTY, SATELLITE HEREBY IRREVOCABLY WAIVES SUCH IMMUNITY IN RESPECT OF ITS OBLIGATIONS UNDER THIS AGREEMENT AND THE NOTES.</P>
<A NAME="_Toc241487953"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt" align=justify>10.9</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt" align=justify><U>Waiver of Jury Trial</U>. EACH OF SATELLITE AND THE LENDER WAIVES ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHTS (A) UNDER THIS AGREEMENT OR UNDER ANY AMENDMENT, INSTRUMENT, DOCUMENT OR AGREEMENT DELIVERED OR WHICH MAY IN THE FUTURE BE DELIVERED IN CONNECTION HEREWITH OR (B) ARISING FROM ANY LENDING RELATIONSHIP EXISTING IN CONNECTION WITH. THIS AGREEMENT, AND AGREES THAT ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY.</P>
<A NAME="_Toc241487954"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt" align=justify>11.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt" align=justify>SUBORDINATION. &nbsp;Notwithstanding any provision to the contrary in this Agreement, Satellite, for itself and its Subsidiaries and its and their respective successors and assigns, and the Lender agree that (a) payments shall not be made in respect of the Obligations to the extent set forth in this <U>Section 11</U>, and (b) all of the Obligations shall be subordinated and junior in right of payment to the prior payment in full in cash of all Senior Indebtedness to the extent set forth in this <U>Section 11</U>.</P>
<A NAME="_Toc241487955"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt" align=justify>11.1</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt" align=justify><U>Bankruptcy Events</U>. &nbsp;(1) &nbsp;Upon any distribution of assets of Satellite or any of its Subsidiaries of any kind or character (x) upon any dissolution, winding up, total or partial liquidation or reorganization of Satellite or any of its Subsidiaries (whether in bankruptcy, insolvency or receivership proceedings or upon an assignment for the benefit of creditors or otherwise) or (y) following the occurrence and during the continuance of an &#147;Event of Default&#148; under Section 9(h) of the Senior Note:</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:48px; font-size:12pt" align=justify>(i)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:96px; font-size:12pt" align=justify>the holders of all Senior Indebtedness shall first be entitled to receive payment in full in cash of all obligations owing in respect thereof before the Lender is entitled to receive any payment on account of the Obligations; <U>provided</U>, that notwithstanding the preceding provision, the Lender shall be entitled to receive and retain any Exchange Securities; and</P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:48px; font-size:12pt" align=justify>(ii)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:96px; font-size:12pt" align=justify>any payment or distribution of assets of Satellite or any of its Subsidiaries of any kind or character, whether in cash, property or securities, to which the Lender would be entitled except for the provisions of this <U>Section 11</U> (including any such payment or distribution arising out of the exercise by the Lender of a right of set-off or counterclaim and any such payment or distribution by reason of any other indebtedness or obligations of Satellite or any such Subsidiary, as the case may be, being subordinated to all or any portion of the Obligations), shall be paid by the liquidating trustee or agent or other person making such payment or distribution directly to the holders of Senior Indebtedness or their representative(s) under the agreements pursuant to which such Senior Indebtedness may have been issued, to the extent necessary to make payment in full of all Senior Indebtedness remaining unpaid after giving effect to any concurrent payment or distribution to the holders of such Senior Indebtedness.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt" align=justify>(b)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt" align=justify>Upon any payment or distribution of assets of Satellite or any of its Subsidiaries referred to in this <U>Section 11.1</U>, the holders of the Obligations shall be entitled to rely upon any order or decree entered by any court of competent jurisdiction in which such insolvency, bankruptcy, receivership, liquidation, partial liquidation, reorganization, dissolution, winding-up or similar case or proceeding under any state or federal law now or hereafter in effect s pending, for the purpose of ascertaining the persons entitled to participate in such payment or distribution to the holders of Senior Indebtedness of Satellite or any such Subsidiary, as the case may be, the amount thereof or payment thereon, the amount or amounts paid or distributed thereon and all other facts pertinent thereto or to this <U>Section 11</U>.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt" align=justify>(c)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt" align=justify>During the pendency of any proceeding of the type referred to in this <U>Section 11.1</U>, while any Senior Indebtedness is outstanding. (i) the Lender shall duly and promptly take such action as any holder of Senior Indebtedness may reasonably request to collect any payment in respect of the Obligations to which the holders of Senior Indebtedness may be entitled under this Agreement, and to file appropriate claims or proofs of claim in respect of the Obligations and (ii) the Lender shall not oppose or interfere with any payment made in respect of the Senior Indebtedness or any effort of any Senior Creditor to secure payment of the Senior Indebtedness or any portion thereof, including without limitation, (A) any effort of any Senior Creditor to have any automatic stay lifted or (b) any order by a court of competent jurisdiction authorizing any payment to any Senior Creditor with respect to the Senior Indebtedness. Upon the failure of the Lender to take any such action, each holder of Senior Indebtedness is hereby irrevocably authorized and empowered (in its own name or otherwise), but shall have no obligation, to demand, sue for, collect and receive every payment or distribution upon or in respect of the Obligations and to file claims and proofs of claim with respect thereto, and on behalf of the Lender to accept and receive any payment or distribution which may be payable or deliverable at any time upon or in respect of the Obligations in an amount not in excess of the Senior Indebtedness then outstanding and to take such other action as may be reasonably necessary to effectuate the foregoing, and the Lender hereby appoints each holder of Senior Indebtedness or its representative(s) as attorney-in-fact for the Lender to take any and all actions permitted by this <U>Section 11.1</U> to be taken by the Lender. Without limiting the foregoing, the holders of Senior Indebtedness or their representative(s) are hereby irrevocably authorized and empowered (in its or their own name or otherwise), but shall have no obligation, (i) if the Lender shall fail to file proper </P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=justify>claims or proofs of claim with respect to the Obligations in any such proceeding prior to 10 days before the expiration of the time to file such claims or proofs of claim, to file such claims or proofs of claim and/or (ii) if the Lender shall fail to vote any such claim at least 10 days prior to the expiration of the time to vote such claim, to vote such claim; <U>provided</U>, that if the holders of Senior Indebtedness or their representative(s) vote any such claim in accordance with the provisions of this <U>Section 11.1</U> the Lender shall not be entitled to modify, revoke or withdraw such vote. The Lender shall execute and deliver, at its expense, such agreements, instruments and documents as the holders of the Senior Indebtedness and/or their representative(s) may reasonably request to carry out the provisions of this <U>Section 11.1(c)</U>. The Lender shall provide to the holders of Senior Indebtedness or their representative(s) all information and documents reasonably necessary to present claims or seek enforcement as aforesaid.</P>
<A NAME="_Toc241487956"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt" align=justify>11.2</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt" align=justify><U>Turnover</U>. If any payment or distribution of assets of Satellite or any of its Subsidiaries of any kind or character, whether in cash, property or securities, shall be received by the Lender on account of the Obligations (including, without limitation, any such payment or distribution arising out of the exercise by the Lender of a right of set-off or counterclaim and any such payment or distribution by reason of other indebtedness of Satellite or any such Subsidiary, as the case may be, being subordinated to the Obligations) that, because of the provisions of this <U>Section 11</U>, should not have been made, then such payment or distribution shall be received and held in trust for, and shall be paid over to, the holders of Senior Indebtedness remaining unpaid for application to the payment of the Senior Indebtedness until all Senior Indebtedness shall have been paid in full, after giving effect to any concurrent payment or distribution to the holders of Senior Indebtedness.</P>
<A NAME="_Toc241487957"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt" align=justify>11.3</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt" align=justify><U>Subrogation</U>. Upon the payment in full in cash of all Senior Indebtedness, the Lender shall be subrogated to the rights of the holders of Senior Indebtedness to receive payments and distributions of cash, property and securities made to the holders of Senior Indebtedness to which the Lender would be entitled except for the provisions of this <U>Section 11</U> until the Obligations shall be paid in full in cash. For purposes of such subrogation, no payments or distributions to the holders of Senior Indebtedness of any cash, property or securities to which the Lender would be entitled except for the provisions of this <U>Section 11</U>, and no payments over pursuant to the provisions of this <U>Section 11</U> to the holders of Senior Indebtedness, by the Lender shall, as among Satellite and its respective creditors (other than the holders of Senior Indebtedness and the Lender), be deemed to be a payment or distribution by Satellite to or on account of the Senior Indebtedness.</P>
<A NAME="_Toc241487958"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt" align=justify>11.4</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt" align=justify><U>Reinstatement</U>. If, at any time, all or part of any payment with respect to Senior Indebtedness theretofore made by Satellite or any other Person is rescinded for any reason whatsoever (including, without limitation, the insolvency, bankruptcy or reorganization of Satellite or such other Person), the subordination provisions set forth in this Agreement shall continue to be effective or be reinstated, as the case may be, all as though such payment had not been made.</P>
<A NAME="_Toc241487959"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt" align=justify>11.5</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt" align=justify><U>No Waiver of Subordination Provisions</U>. No right of any Senior Creditor or any representative thereof to enforce subordination as herein provided shall at any time in any way be prejudiced or impaired by any act or failure to act on the part of Satellite or by any act or failure to act, in good faith, by any Senior Creditor, or by any non-compliance by Satellite with the terms, provisions and covenants of this Agreement or the Senior Credit Documents, regardless of any</P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=justify>&nbsp;knowledge thereof any Senior Creditor may have or be otherwise charged with. The Lender agrees and consents that without notice to or assent by the Lender, and without affecting the liabilities and obligations of Satellite and the rights and benefits of the holders of Senior Indebtedness set forth in this Agreement:</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:48px; font-size:12pt" align=justify>(i)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:96px; font-size:12pt" align=justify>the obligations and liabilities of Satellite, any of its Subsidiaries and/or any other Person(s) upon or in respect of the Senior Indebtedness may, from time to time, be renewed, refinanced, extended, modified, amended, restated, compromised, supplemented, terminated, waived or released (subject to limitations on the amount of Senior Indebtedness set forth in the definition thereof in <U>Section 1</U>);</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:48px; font-size:12pt" align=justify>(ii)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:96px; font-size:12pt" align=justify>the holders of Senior Indebtedness and their representative(s) may exercise or refrain from exercising any right, remedy or power granted by or in connection with any agreements relating to the Senior Indebtedness;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:48px; font-size:12pt" align=justify>(iii)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:96px; font-size:12pt" align=justify>the holders of Senior Indebtedness and their representative(s) may release any Person liable in any manner for the Senior Indebtedness; and</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:48px; font-size:12pt" align=justify>(iv)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:96px; font-size:12pt" align=justify>any balance or balances of funds with any holder of Senior Indebtedness at any time outstanding to the credit of Satellite or any of its Subsidiaries may from time to time, in whole or in part, be surrendered or released,</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt">all as the holders of any Senior Indebtedness or their representative(s) may deem advisable, and all without impairing, abridging, diminishing, releasing or affecting the subordination of the Obligations to Senior Indebtedness.</P>
<A NAME="_Toc241487960"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt" align=justify>11.6</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt" align=justify><U>Benefits of Subordination</U>. The provisions of this <U>Section 11</U> are for the benefit of the holders of Senior Indebtedness from time to time and, as such, the holders of Senior Indebtedness are entitled to rely thereon and to enforce the provisions of this Agreement against the Lender. Without limiting the foregoing, the Lender and Satellite hereby expressly agree that the holders of Senior Indebtedness may enforce any and all rights derived herein by suit, either in equity or at law, for specific performance of any agreement contained in this Agreement or for judgment at law and any other relief whatsoever appropriate to such action or procedure. To the extent permitted by applicable law, each of the Lender and Satellite and its Subsidiaries hereby waives notice of acceptance hereof by the holders of the Senior Indebtedness.</P>
<A NAME="_Toc241487961"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt" align=justify>11.7</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt" align=justify><U>Provisions Solely Defining Relative Rights</U>. The provisions of this <U>Section 11</U> are and are intended solely for the purpose of defining the relative rights of the Lender on the one hand and the holders of Senior Indebtedness on the other hand. Nothing contained in this <U>Section 11</U> or elsewhere in this Agreement is intended to or shall (a) impair, as among Satellite and its Subsidiaries and their respective creditors (other than the holders of Senior Indebtedness and the Lender), the obligations of Satellite, which are absolute and unconditional, to pay to the Lender the principal of, premium, if any, and interest under this Agreement as and when the same shall become due and payable in accordance with their terms; or (b) affect the relative rights against Satellite or any of its Subsidiaries of the Lender and creditors of Satellite or any of its Subsidiaries, as applicable, other than the holders of Senior Indebtedness; or (c) prevent the Lender from exercising all remedies otherwise permitted by applicable law or under the Loan Documents,</P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=justify>subject to the rights, if any, under this <U>Section 11</U> of the holders of Senior Indebtedness in any case, proceeding, dissolution, liquidation or other winding up, assignment for the benefit of creditors or other marshaling of assets and liabilities of Satellite or any of its Subsidiaries referred to in <U>Section 11.1</U>, to receive, pursuant to and in accordance with such Section, cash, property and securities otherwise payable or deliverable to such holder.</P>
<A NAME="_Toc241487962"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt" align=justify>11.8</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt" align=justify><U>Credit Enhancements</U>. Nothing in this Agreement shall require the Lender to deliver to or otherwise turn over to the Senior Creditors any amounts to which the Lender may be entitled under credit enhancements (including, without limitation, insurance policies) that are paid for, directly or indirectly, by entities other than Satellite or any of its Subsidiaries; <U>provided</U>, that neither Satellite nor any of its Subsidiaries shall have any liability in respect of any such credit enhancement.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=center>[signature page follows]</P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt" align=justify>IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed at Chicago, Illinois by their respective officers thereunto duly authorized as of the date first written above.</P>
<P style="line-height:14pt; margin:0px; padding-left:288px; font-size:12pt">IRIDIUM SATELLITE LLC</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; padding-left:288px; font-size:12pt">By Iridium Holdings LLC, its Managing Member </P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:288px; font-size:12pt">By:</P>
<P style="line-height:14pt; margin:0px; padding-left:288px; text-indent:48px; font-size:12pt"><U>/s/ Dan A. Colussy</U></P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:288px; font-size:12pt">Title:</P>
<P style="line-height:14pt; margin:0px; padding-left:288px; text-indent:48px; font-size:12pt"><U>Chairman</U></P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:288px; font-size:12pt">Address:</P>
<P style="line-height:14pt; margin:0px; padding-left:288px; text-indent:72px; font-size:12pt">44330 Woodbridge Parkway</P>
<P style="line-height:14pt; margin:0px; padding-left:288px; text-indent:72px; font-size:12pt">Leesburg, VA 20176</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; padding-left:288px; text-indent:72px; font-size:12pt">Attention: Dan A. Colussy</P>
<P style="line-height:14pt; margin:0px; padding-left:288px; text-indent:72px; font-size:12pt">Telephone number: (281) 244-4056</P>
<P style="line-height:14pt; margin:0px; padding-left:288px; text-indent:72px; font-size:12pt">Telecopier number: _____________</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; padding-left:288px; font-size:12pt">IRIDIUM HOLDINGS LLC</P>
<P style="line-height:14pt; margin:0px; padding-left:288px; font-size:12pt">&nbsp;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:288px; font-size:12pt">By:</P>
<P style="line-height:14pt; margin:0px; padding-left:288px; text-indent:48px; font-size:12pt"><U>/s/ Dan A. Colussy</U></P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:288px; font-size:12pt">Title:</P>
<P style="line-height:14pt; margin:0px; padding-left:288px; text-indent:48px; font-size:12pt"><U>Chairman</U></P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:288px; font-size:12pt">Address:</P>
<P style="line-height:14pt; margin:0px; padding-left:288px; text-indent:72px; font-size:12pt">44330 Woodbridge Parkway</P>
<P style="line-height:14pt; margin:0px; padding-left:288px; text-indent:72px; font-size:12pt">Leesburg, VA 20176</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; padding-left:288px; text-indent:72px; font-size:12pt">Attention: Dan A. Colussy</P>
<P style="line-height:14pt; margin:0px; padding-left:288px; text-indent:72px; font-size:12pt">Telephone number: (281) 244-4056</P>
<P style="line-height:14pt; margin:0px; padding-left:288px; text-indent:72px; font-size:12pt">Telecopier number: _____________</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; padding-left:288px; font-size:12pt">MOTOROLA, INC.</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:288px; font-size:12pt">By:</P>
<P style="line-height:14pt; margin:0px; padding-left:288px; text-indent:48px; font-size:12pt"><U>/s/ Ted Schaffner</U></P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:288px; font-size:12pt">Title:</P>
<P style="line-height:14pt; margin:0px; padding-left:288px; text-indent:48px; font-size:12pt">Senior Vice President and Director of</P>
<P style="line-height:14pt; margin:0px; padding-left:288px; text-indent:48px; font-size:12pt"><U>Corporate Development</U></P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:288px; font-size:12pt">Address:</P>
<P style="line-height:14pt; margin:0px; padding-left:288px; text-indent:72px; font-size:12pt">1303 E. Algonquin Road</P>
<P style="line-height:14pt; margin:0px; padding-left:288px; text-indent:72px; font-size:12pt">Schaumburg, Illinois 60196</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; padding-left:288px; text-indent:72px; font-size:12pt">Attention: Ted Schaffner</P>
<P style="line-height:14pt; margin:0px; padding-left:288px; text-indent:72px; font-size:12pt">Telephone number: (847) 576-6600</P>
<P style="line-height:14pt; margin:0px; padding-left:288px; text-indent:72px; font-size:12pt">Telecopier number: (847) 576-8890</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
<P style="line-height:14pt; margin:0px; text-indent:310.867px; font-size:12pt">30</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="margin:0px; page-break-before:always"><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; padding-left:288px; text-indent:72px; font-size:12pt">with a copy to:</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; padding-left:288px; text-indent:72px; font-size:12pt">Motorola, Inc.</P>
<P style="line-height:14pt; margin:0px; padding-left:288px; text-indent:72px; font-size:12pt">1303 E. Algonquin Road</P>
<P style="line-height:14pt; margin:0px; padding-left:288px; text-indent:72px; font-size:12pt">Schaumburg, Illinois 60196</P>
<P style="line-height:14pt; margin:0px; padding-left:288px; text-indent:72px; font-size:12pt">Attention: General Counsel</P>
<P style="line-height:14pt; margin:0px; padding-left:288px; text-indent:72px; font-size:12pt">Telecopier number: (847) 576-3750</P>
<P style="line-height:14pt; margin:0px; font-size:12pt">&nbsp;</P>
<P style="margin-top:0px; margin-bottom:16px"><BR></P>
<P style="margin-top:0px; margin-bottom:16px"><BR>
<BR></P>
<P style="line-height:14pt; margin:0px; text-indent:310.867px; font-size:12pt">31</P>
<P style="margin:0px"><BR></P>
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<DOCUMENT>
<TYPE>EX-10.7
<SEQUENCE>21
<FILENAME>boeingoperationsandmainte.htm
<DESCRIPTION>EXHIBIT 10.7
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
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<TITLE>Boeing - Operations and Maintenance</TITLE>
<META NAME="date" CONTENT="09/28/2009">
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<DIV style="width:576px"><P style="line-height:14pt; margin:0px; text-indent:496.8px; font-size:12pt">Exhibit 10.7</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; text-indent:482.2px; font-size:12pt">April 26, 2007</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>AMENDMENT NO. 013 TO CONTRACT NO. BSC-2000-001 BETWEEN IRIDIUM</B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=center><B>CONSTELLATION LLC AND THE BOEING COMPANY</B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt">This Amendment No. 013 (the &#147;Amendment&#148;) to Contract No. BSC-2000-001 (as amended, the &#147;Contract&#148;) between Iridium Constellation LLC, a Delaware limited liability company (&#147;Owner&#148;) and The Boeing Company, a Delaware company (&#147;Boeing&#148;) incorporates a Time and Material (T&amp;M) billing rate for work performed during CY 2006 on the Broadband Special Project under Annex 18 to this Contract. The CY 2006 Time and Material (T&amp;M) hourly billing rate is set forth in Annex 5 of the Contract. This Amendment is dated and effective as of April 15, 2006 (&#147;Effective Date&#148;). Owner and Boeing may be individually referred to as a &#147;Party&#148; and collectively referred to as &#147;Parties&#148;. Capitalized terms used but not defined in this Amendment are used as they are defined in the Contract.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt"><B>RECITALS</B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-size:12pt">A.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:48px; font-size:12pt">WHEREAS, Owner has agreed to incorporate a CY 2006 T&amp;M billing rate for work performed on the Broadband Special Project, and;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-size:12pt">B.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:48px; font-size:12pt">WHEREAS, Boeing performed work on this Special Project during CY 2006;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt"><B>NOW THEREFORE</B>, the Parties hereby agree to amend the Contract as of the Effective Date as follows:</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt">Add Amendment 013 to the List of Amendments:</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:48px; font-size:12pt">&#147;CY 2006 T&amp;M Billing Rate(s) for Special Projects&#148;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt">Add new T&amp;M rate(s) to paragraph 5.2 to Annex 5 as follows:</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">5.2</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt">As indicated in Article 1.4.4, the Time and Material Hourly Billing Rate for each direct labor hour for Special Projects is:</P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR style="font-size:0"><TD width=168></TD><TD width=176></TD><TD width=176></TD></TR>
<TR><TD style="border:1px solid #000000" valign=top width=168><P style="margin:0px; font-size:12pt"><B>&nbsp;</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt"><B>Year</B></P>
<P style="margin:0px; padding-left:7.2px; font-size:12pt">&nbsp;</P>
</TD><TD style="border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=176><P style="line-height:14pt; margin:0px; font-size:12pt"><B>Basic Engineer and</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt"><B>Software Developer</B></P>
<P style="margin:0px; padding-left:2.4px; font-size:12pt">&nbsp;</P>
</TD><TD style="border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=176><P style="line-height:14pt; margin:0px; font-size:12pt"><B>Senior Engineer and Management</B></P>
<P style="margin:0px; padding-left:2.4px; font-size:12pt">&nbsp;</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=168><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>2006</P>
<P style="margin:0px; font-size:6pt" align=center>&nbsp;</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=176><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>$133.09</P>
<P style="margin:0px; font-size:6pt" align=center>&nbsp;</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=176><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>$160.09</P>
<P style="margin:0px; font-size:6pt" align=center>&nbsp;</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=168><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>2007</P>
<P style="margin:0px; font-size:6pt" align=center>&nbsp;</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=176><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>$138.00</P>
<P style="margin:0px; font-size:6pt" align=center>&nbsp;</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=176><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>$166.00</P>
<P style="margin:0px; font-size:6pt" align=center>&nbsp;</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=168><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>2008 and</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center>thereafter</P>
<P style="margin:0px; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=176><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>Apply EPA Index</P>
<P style="margin:0px; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=176><P style="line-height:14pt; margin:0px; font-size:12pt" align=center>Apply EPA Index</P>
<P style="margin:0px; font-size:12pt" align=center>&nbsp;</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt">No amendments or waivers of this Amendment may be made unless both Parties provide their prior written consent to the amendment or waiver. This Amendment constitutes the entire agreement and understanding among any and all of the Parties with respect to its subject matter. This Amendment shall be governed by, subject to and construed in accordance with the laws of the State of Delaware without giving effect to </P>
<P style="margin-top:0px; margin-bottom:16px"><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt; page-break-before:always">the conflict of laws provisions thereof. No provision of the Contract is amended or otherwise affected, except as is provided above in this Amendment.</P>
<TABLE style="font-size:10pt" cellspacing=0><TR style="font-size:0"><TD width=295.267></TD><TD width=295.133></TD></TR>
<TR><TD valign=top width=295.267><P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt">IRIDIUM CONSTELLATION LLC</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt">By: <U>&nbsp;&nbsp;/s/ Michael Deutschman&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt">Name: Michael Deutschman</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt">Title: Chief Administrative Officer</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt">Date: May 8, 2007</P>
</TD><TD valign=top width=295.133><P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt">THE BOEING COMPANY</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt">By: <U>&nbsp;&nbsp;/s/ Danny White&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt">Name: Danny White</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt">Title: Business Manager So&amp;G5</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt">Date: April 26, 2007</P>
</TD></TR>
</TABLE>
<P style="margin-top:0px; margin-bottom:16px"><BR></P>
<P style="margin-top:0px; margin-bottom:16px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:16px"><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
</DIV><DIV style="width:624px"><P style="margin:0px; page-break-before:always"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:16px" align=center><BR></P>
<P style="margin-top:0px; margin-bottom:16px" align=center><BR></P>
<P style="margin-top:0px; margin-bottom:16px" align=center><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>AMENDED AND RESTATED CONTRACT</B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=center><B>Boeing No. BSC-2000-001</B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=center><B>BETWEEN</B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=center><B>IRIDIUM CONSTELLATION LLC</B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=center><B>AND</B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=center><B>THE BOEING COMPANY</B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=center><B>FOR</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>TRANSITION, STEADY STATE OPERATIONS AND</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>MAINTENANCE, AND RE-ORBIT</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>OF THE</B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=center><B>IRIDIUM CONSTELLATION SYSTEM</B></P>
<P style="margin-top:0px; margin-bottom:16px"><BR></P>
<P style="margin-top:0px; margin-bottom:16px"><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="margin:0px; page-break-before:always"><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B><U>List of Amendments</U></B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B><U>to</U></B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=center><B><U>The Amended and Restated Contract</U></B></P>
<P style="margin-top:0px; margin-bottom:16px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR style="font-size:0"><TD width=271.2></TD><TD width=354></TD></TR>
<TR><TD valign=top width=271.2><P style="line-height:14pt; margin:0px; font-size:12pt"><B><U>Amendment Number</U></B></P>
</TD><TD valign=top width=354><P style="line-height:14pt; margin:0px; font-size:12pt"><U>Description</U></P>
</TD></TR>
<TR><TD valign=top width=271.2><P>&nbsp;</P></TD><TD valign=top width=354><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=271.2><P style="line-height:14pt; margin:0px; font-size:12pt">001</P>
</TD><TD valign=top width=354><P style="line-height:14pt; margin:0px; font-size:12pt">See Amendment #001 Summary</P>
</TD></TR>
<TR><TD valign=top width=271.2><P style="line-height:14pt; margin:0px; font-size:12pt">002</P>
</TD><TD valign=top width=354><P style="line-height:14pt; margin:0px; font-size:12pt">Annex 5, Paragraph 2.2.5</P>
</TD></TR>
<TR><TD valign=top width=271.2><P style="line-height:14pt; margin:0px; font-size:12pt">003</P>
</TD><TD valign=top width=354><P style="line-height:14pt; margin:0px; font-size:12pt">Article 20 - Added EEOC</P>
</TD></TR>
<TR><TD valign=top width=271.2><P style="line-height:14pt; margin:0px; font-size:12pt">004</P>
</TD><TD valign=top width=354><P style="line-height:14pt; margin:0px; font-size:12pt">Add Annex 11, &#147;Letter of Credit&#148;</P>
</TD></TR>
<TR><TD valign=top width=271.2><P style="line-height:14pt; margin:0px; font-size:12pt">005</P>
</TD><TD valign=top width=354><P style="line-height:14pt; margin:0px; font-size:12pt">Add Annex 12, &#147;Letter of Credit for March 2003 Payment Draw Down</P>
</TD></TR>
<TR><TD valign=top width=271.2><P style="line-height:14pt; margin:0px; font-size:12pt">006</P>
</TD><TD valign=top width=354><P style="line-height:14pt; margin:0px; font-size:12pt">Amended and Restated Contract</P>
</TD></TR>
<TR><TD valign=top width=271.2><P style="line-height:14pt; margin:0px; font-size:12pt">007</P>
</TD><TD valign=top width=354><P style="line-height:14pt; margin:0px; font-size:12pt">De-orbit Price Revision</P>
</TD></TR>
<TR><TD valign=top width=271.2><P style="line-height:14pt; margin:0px; font-size:12pt">008</P>
</TD><TD valign=top width=354><P style="line-height:14pt; margin:0px; font-size:12pt">Added Annex 17, &#147;Group Call Functionality&#148;</P>
</TD></TR>
<TR><TD valign=top width=271.2><P style="line-height:14pt; margin:0px; font-size:12pt">009</P>
</TD><TD valign=top width=354><P style="line-height:14pt; margin:0px; font-size:12pt">Revised Revenue Sharing</P>
</TD></TR>
<TR><TD valign=top width=271.2><P style="line-height:14pt; margin:0px; font-size:12pt">010</P>
</TD><TD valign=top width=354><P style="line-height:14pt; margin:0px; font-size:12pt">Amended and Restated Contract</P>
<P style="line-height:14pt; margin:0px; font-size:12pt">Retirement of Promissory Notes and Personal Property Liens and Revise Letter of Credit</P>
</TD></TR>
<TR><TD valign=top width=271.2><P style="line-height:14pt; margin:0px; font-size:12pt">011</P>
</TD><TD valign=top width=354><P style="line-height:14pt; margin:0px; font-size:12pt">Discontinuance of Additional Fee Payments; Revised EPA</P>
</TD></TR>
<TR><TD valign=top width=271.2><P style="line-height:14pt; margin:0px; font-size:12pt">012</P>
</TD><TD valign=top width=354><P style="line-height:14pt; margin:0px; font-size:12pt">Added Annex 18, &#147;Broadband Functionality&#148;</P>
</TD></TR>
<TR><TD valign=top width=271.2><P style="line-height:14pt; margin:0px; font-size:12pt">013</P>
</TD><TD valign=top width=354><P style="line-height:14pt; margin:0px; font-size:12pt">CY 2006 T&amp;M Billing Rate(s) for Special Projects</P>
</TD></TR>
</TABLE>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt">&nbsp;</P>
<P style="margin-top:0px; margin-bottom:16px" align=center><BR>
<BR></P>
<P style="line-height:14pt; margin:0px; text-indent:310.867px; font-size:12pt">1</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt; page-break-before:always" align=center><B><U>TABLE OF CONTENTS</U></B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-size:12pt"><B><U>Contracting Terms and Conditions</U></B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:556.2px; font-size:12pt"><B><U>Page No.</U></B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-96px; font-size:12pt">Article 1.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; font-size:12pt">Subject Matter of Contract&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;..</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:8px; padding-left:96px; text-indent:514px; font-size:12pt">4</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-96px; font-size:12pt">Article 2.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; font-size:12pt">Price, Taxes, and Payment&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;..</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:8px; padding-left:96px; text-indent:514px; font-size:12pt">6</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-96px; font-size:12pt">Article 3.</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; font-size:12pt">Owner-Furnished Facilities, Equipment, Information, and Third-Party</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:192px; text-indent:-96px; font-size:12pt">Maintenance and Technical Support Agreements&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;...</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:8px; padding-left:192px; text-indent:418px; font-size:12pt">8</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-96px; font-size:12pt">Article 4.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; font-size:12pt">Changes&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:8px; padding-left:96px; text-indent:514px; font-size:12pt">9</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-96px; font-size:12pt">Article 5.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; font-size:12pt">Inspections and Quality Control&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;..</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:8px; padding-left:96px; text-indent:514px; font-size:12pt">9</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-96px; font-size:12pt">Article 6.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; font-size:12pt">Delivery&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:8px; padding-left:96px; text-indent:514px; font-size:12pt">9</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-96px; font-size:12pt">Article 7.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; font-size:12pt">Excusable Delay&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;...</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:8px; padding-left:96px; text-indent:514px; font-size:12pt">9</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-96px; font-size:12pt">Article 8.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; font-size:12pt">Indemnification/Insurance&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:8px; padding-left:96px; text-indent:506px; font-size:12pt">10</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-96px; font-size:12pt">Article 9.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; font-size:12pt">Advance Payments, Re-orbit, Security for Payments, and Additional Fee&#133;&#133;...</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:8px; padding-left:96px; text-indent:506px; font-size:12pt">12</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-96px; font-size:12pt">Article 10.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; font-size:12pt">Assignment and Modification&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:8px; padding-left:96px; text-indent:506px; font-size:12pt">16</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-96px; font-size:12pt">Article 11.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; font-size:12pt">No Warranty&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;...</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:8px; padding-left:96px; text-indent:506px; font-size:12pt">17</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-96px; font-size:12pt">Article 12.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; font-size:12pt">Termination for Default&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:8px; padding-left:96px; text-indent:506px; font-size:12pt">17</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-96px; font-size:12pt">Article 13.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; font-size:12pt">Default by Owner&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;...</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:8px; padding-left:96px; text-indent:506px; font-size:12pt">18</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-96px; font-size:12pt">Article 14.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; font-size:12pt">LIMITATION OF LIABILITY&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:8px; padding-left:96px; text-indent:506px; font-size:12pt">18</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-96px; font-size:12pt">Article 15.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; font-size:12pt">Intellectual Property&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;...</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:8px; padding-left:96px; text-indent:506px; font-size:12pt">19</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-96px; font-size:12pt">Article 16.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; font-size:12pt">Dispute Resolution&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:8px; padding-left:96px; text-indent:506px; font-size:12pt">20</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-96px; font-size:12pt">Article 17.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; font-size:12pt">Export Control&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;...</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:8px; padding-left:96px; text-indent:506px; font-size:12pt">21</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-96px; font-size:12pt">Article 18.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; font-size:12pt">Permits and Licenses&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:8px; padding-left:96px; text-indent:506px; font-size:12pt">21</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-96px; font-size:12pt">Article 19.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; font-size:12pt">Disclosure and Use of Information by the Parties&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:8px; padding-left:96px; text-indent:506px; font-size:12pt">22</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-96px; font-size:12pt">Article 20.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; font-size:12pt">Nondiscrimination, Equal Opportunity, and Other Requirements&#133;&#133;&#133;&#133;&#133;&#133;.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:8px; padding-left:96px; text-indent:506px; font-size:12pt">23</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-96px; font-size:12pt">Article 21.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:8px; padding-left:96px; font-size:12pt">Notices&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;...23</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-96px; font-size:12pt">Article 22.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; font-size:12pt">Miscellaneous&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:8px; padding-left:96px; text-indent:506px; font-size:12pt">24</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; text-indent:-96px; font-size:12pt">Annex 1 - A. In-Orbit Insurance Policy</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:72px; font-size:12pt">B. Insurance Schedule</P>
<P style="margin-top:0px; margin-bottom:16px"><BR>
<BR></P>
<P style="line-height:14pt; margin:0px; text-indent:310.867px; font-size:12pt">2</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:-48px; font-size:12pt; page-break-before:always">Annex 2 - Reserved</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:-48px; font-size:12pt">Annex 3 - Statement of Work for Steady State Operations and Maintenance</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:-48px; font-size:12pt">Annex 4 - Statement of Work for Iridium System Re-orbit</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:-48px; font-size:12pt">Annex 5 - Price and Payment Schedule</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:-48px; font-size:12pt">Annex 6 - Reserved</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:-48px; font-size:12pt">Annex 7 - Dispute Resolution</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:-48px; font-size:12pt">Annex 8 - Bankruptcy Court Order</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:-48px; font-size:12pt">Annex 9 - U.S. Government Indemnification Contract</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:-48px; font-size:12pt">Annex 10 - Reserved</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:-48px; font-size:12pt">Annex 11 - Letter of Credit</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:-48px; font-size:12pt">Annex 12 - Irrevocable Standby Letter of Credit for $2.5M Payment Draw Down</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:-48px; font-size:12pt">Annex 13 - Binder Letters from Owner&#146;s Insurance Agent</P>
<P style="line-height:14pt; margin:0px; padding-left:77.733px; text-indent:-77.733px; font-size:12pt">Annex 14 - Insurance Agent&#146;s Letter Confirming Schedule A Risks Covered</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:78px; font-size:12pt">when Schedule B is in Effect</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:-48px; font-size:12pt">Annex 15 - SF30 Evidencing USG Approval to Change In-orbit Insurance Policy</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:-48px; font-size:12pt">Annex 16 - Reserved.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:-48px; font-size:12pt">Annex 17 - Group Call Functionality</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; text-indent:-48px; font-size:12pt">Annex 18 - Broadband Functionality</P>
<P style="margin-top:0px; margin-bottom:16px"><BR></P>
<P style="margin-top:0px; margin-bottom:16px"><BR>
<BR></P>
<P style="line-height:14pt; margin:0px; text-indent:310.867px; font-size:12pt">3</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="margin:0px; page-break-before:always"><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=center><B>AMENDED AND RESTATED CONTRACT</B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt"><B>THIS AMENDED AND RESTATED CONTRACT</B> (including as amended, modified or supplemented from time to time hereafter, this &#147;<B>Contract</B>&#148;) is made and entered into as of January 1, 2003 (the &#147;<B>Effective Date</B>&#148;) between <B>IRIDIUM CONSTELLATION LLC</B>, a Delaware limited liability company (&#147;<B>Owner</B>&#148;), whose obligations arising hereunder shall be guaranteed by Iridium Satellite LLC, also a Delaware limited liability company and the parent of Owner (&#147;<B>Iridium Satellite</B>&#148;), and <B>THE BOEING COMPANY</B>, a Delaware corporation (&#147;<B>Boeing</B>&#148;) (Owner and Boeing are each referred to as a &#147;<B>Party</B>&#148; and collectively referred to as the &#147;<B>Parties</B>&#148;).</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=center><B>Contracting Terms and Conditions</B></P>
<A NAME="_Toc241650771"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-family:Times New Roman Bold; font-size:12pt"><B>Article 1.</B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-family:Times New Roman Bold; font-size:12pt"><B><U>Subject Matter of Contract</U></B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">1.1</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt"><U>Background</U></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">1.1.1</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">Boeing and Owner have heretofore entered into a contract (Boeing No. BSC-2000-001) for Transition, Steady State Operations and Maintenance, and Re-orbit of the Iridium Constellation System dated as of December 11, 2000 (which as heretofore amended by Amendments Number 001 through 009 is the &#147;<B>Original Contract</B>&#148;). The Parties wish to amend and restate the Original Contract in its entirety as hereinafter set forth and incorporated as Amendment Number 010 to the Original Contract, as of July 14, 2006, the Effective Date.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">1.1.2</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">The Parties acknowledge that Motorola, Inc. (&#147;<B>Motorola</B>&#148;) is an express third-party beneficiary of certain provisions of the Original Contract as set forth therein and that neither of the Parties intends that this Amendment Number 010 or any of the prior amendments to the Contract effected hereby will affect any of their respective obligations to Motorola thereunder, all of which shall remain in full force and effect. Conferring such third-party benefits to Motorola is a material part of this Contract and Motorola may enforce such provision directly against either Party.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt">The Parties further acknowledge that each of them has certain obligations to the United States of America under the U.S. Government Indemnification Contract (as hereinafter defined) and that neither this Amendment Number 010 nor any of the amendments to the Original Contract effected hereby are intended to affect any of those obligations.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">1.1.3</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">Boeing, acting through its wholly-owned subsidiary Boeing Service Company, will provide to Owner all program management, engineering, technical, operations and maintenance, and administrative resources necessary to accomplish the Statements of Work included as Annexes 3 and 4 to this Contract.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">1.2</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt"><U>Definitions</U></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">1.2.1</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">&#147;<B>Contract</B>&#148; means this document and all its attachments, as amended, modified or supplemented from time to time hereafter.</P>
<P style="margin-top:0px; margin-bottom:16px"><BR>
<BR></P>
<P style="line-height:14pt; margin:0px; text-indent:310.867px; font-size:12pt">4</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt; page-break-before:always">1.2.2</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">&#147;<B>Excusable Delay</B>&#148; means any of the items listed in Article 7, Excusable Delay.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">1.2.3</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">&#147;<B>Re-orbit</B>&#148; means the removal of functional ICS satellites from operational or storage orbits, and preparation of the satellites for re-entry into the earth&#146;s atmosphere, including, without limitation, venting of all remaining fuel, depressurizing the batteries and turning off the electronics, all in a professionally competent manner and as described in Annex 4 of this Contract.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">1.2.4</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">&#147;<B>De-orbit</B>&#148; means the removal (whether in a controlled, uncontrolled, natural or spontaneous manner) of ICS satellites and related devices, including but not limited to, the orbit, Re-orbit, descent and re-entry through low earth orbit and the earth&#146;s atmosphere, and landing or falling on or near any part, surface, structure or other object, animate or inanimate, above, on, at, near, or below the earth&#146;s surface.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">1.2.5</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">&#147;<B>O&amp;M Statement of Work</B>&#148; means Annex 3, Statement of Work for Iridium System Steady State Operations and Maintenance, as the same may from time to time be amended or modified.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">1.2.6</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">&#147;<B>Re-orbit Statement of Work</B>&#148; means Annex 4, Statement of Work for Iridium System Re-orbit, as the same may from time to time be amended or modified.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">1.2.7</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">&#147;<B>Statements of Work</B>&#148; means the O&amp;M Statement of Work and the Re-orbit Statement of Work.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">1.2.8</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">&#147;<B>Steady State O&amp;M Services</B>&#148; means O&amp;M services as provided in Annex 3, &#147;Statement of Work for Iridium System Steady State Operations and Maintenance&#148;.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">1.2.9</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">&#147;<B>Useful Life</B>&#148; means the useful life of the ICS (currently estimated to be 2014) as measured by the ability of the ICS to function as a global voice communication system as declared by Owner within its full complement of sixty-six (66) LEO operational satellites.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">1.2.10</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">&#147;<B>U.S. Government Indemnification Contract</B>&#148; means the Indemnification Contract dated December 5, 2000 among Iridium Satellite, Boeing, Motorola, and the United States of America, a copy of which is attached hereto as Annex 9.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">1.2.11</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">Other definitions are set forth in the O&amp;M Statement of Work.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">1.3</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt"><U>Period of Performance</U>.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">1.3.1</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">The period of performance covered by this Contract will commence on December 11, 2000 and continue for the duration of the Useful Life of the ICS.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">1.3.2</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">The period of performance shall immediately terminate upon the commencement of Re-orbit pursuant to Articles 9.4 or 9.5, <I>provided</I> that Boeing shall complete the Re-orbit Statement of Work.</P>
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<P style="line-height:14pt; margin:0px; text-indent:310.867px; font-size:12pt">5</P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt; page-break-before:always">1.4</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt"><U>Services</U>. &nbsp;Boeing will perform and sell to Owner and Owner will purchase from Boeing the following services which will be performed in accordance with the Statements of Work and under the terms and conditions of this Contract in support of the day-to-day operations and maintenance of the ICS.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">1.4.1</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt"><U>Steady State Operations and Maintenance (O&amp;M)</U> - Engineering, systems analysis, operations and maintenance services on a firm, fixed price basis in support of the ICS. Boeing shall perform the work described in the O&amp;M Statement of Work (the &#147;<B>Steady State O&amp;M Services</B>&#148;) within the time period and at the price shown in the Payment Schedule under Annex 5.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">1.4.2</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt"><U>Training</U>. &nbsp;During the Steady State Operations and Maintenance period of performance, Boeing shall provide training to Owner as requested on a Time and Material (T&amp;M) basis at the hourly rates shown in Annex 5.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">1.4.3</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt"><U>Re-orbit</U> - Engineering technical and operations services on a firm, fixed price basis in support of the Re-orbit of the Constellation. Boeing shall perform the work described in the Re-orbit Statement of Work, if necessary, at the price shown in Article 2.3.6 of this Contract.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">1.4.4</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt"><U>Special Projects</U>. &nbsp;Upon mutual consent of the Parties and during the term of this Contract, Boeing will provide engineering support services to Owner for Special Projects as identified by Owner. Such Special Projects will be incorporated into this Contract by Annexation or by other means as mutually agreed to by the Parties.</P>
<A NAME="_Toc241650772"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-family:Times New Roman Bold; font-size:12pt"><B>Article 2.</B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-family:Times New Roman Bold; font-size:12pt"><B><U>Price, Taxes, and Payment</U></B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">2.1</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt"><U>Price</U> &nbsp;&#147;Price&#148; is defined as the total cost plus profit of the defined services to be provided under this Contract.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">2.2</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt"><U>Taxes</U></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">2.2.1</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">&#147;Taxes&#148; are defined as all taxes, fees, charges, or duties and any interest, penalties, fines, or other additions to tax, including, but not limited to sales, use, value added, gross receipts, stamp, excise, transfer, and similar taxes imposed by any domestic or foreign taxing authority, arising out of or in connection with the performance of this Contract or the sale, delivery, transfer, or storage of any services, Owner-furnished equipment, or other things furnished under this Contract. Owner will be responsible for and pay all Taxes, other than Taxes imposed upon the gross receipts or net income of Boeing derived hereunder. Owner is responsible for filing all tax returns, reports, declarations and payment of any taxes related to or imposed on Owner&#146;s furnished equipment.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">2.2.2</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt"><U>Reimbursement of Boeing</U>. &nbsp;Owner will promptly reimburse Boeing on demand, net of additional taxes thereon, for any Taxes (other than income Taxes) that are imposed on and paid by Boeing or that Boeing is responsible for collecting plus interest in accordance with Annex 5, Article 7.0 of this Contract.</P>
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<P style="line-height:14pt; margin:0px; text-indent:310.867px; font-size:12pt">6</P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt; page-break-before:always">2.3</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt"><U>Payment Provisions</U></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">2.3.1</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt"><U>Steady State Operations and Maintenance (O&amp;M)</U>. &nbsp;In consideration for Steady State O&amp;M Services performed by Boeing, Owner shall make payments in accordance with Annex 5 at least five (5) business days prior to the first day of each calendar month during the Steady State O&amp;M Services period. The payment amount will be payable by Owner each month in advance as provided in Annex 5.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">2.3.2</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt"><U>Guaranteed Payment Alternative</U>. &nbsp;The Parties agree that the terms set forth in Article 2.3.1 are the prevailing payment terms for use under this Contract. The terms of this Article 2.3.2 are an alternative to be used only upon Boeing&#146;s prior written approval.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:144px; font-size:12pt">2.3.2.1</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:216px; font-size:12pt">In accordance with this Article 2.3.2, subparagraphs 2.3.2.2 and 2.3.2.3, Owner may elect to use the alternative guaranteed payment method to pay for monthly services provided by Boeing for any given month in lieu of Article 2.3.1. Owner will request Boeing&#146;s approval to pay in accordance with this Article 2.3.2 five (5) days prior to either the first day of each month or up to a specified number of months if previously coordinated with Boeing. The request shall state the purpose of the request, applicable period, and invoice amount(s).</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:144px; font-size:12pt">2.3.2.2</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:216px; font-size:12pt">In order to facilitate payments to Boeing, so as to insure an electronic funds transfer of such payments, Owner shall establish and maintain at Owner&#146;s expense an automatic payment instruction with Owner&#146;s bank. This instruction shall direct the bank to make monthly payments to Boeing on the business day of, or business day after, Owner&#146;s receipt of the payment from their U.S. government customer. Owner shall provide evidence satisfactory to Boeing of the selected method, and the establishment and maintenance of the payment instruction hereunder. Owner shall immediately notify Boeing in the event (i) the U.S. Government terminates its contract (Contract No. DCA 100-01 C-4007 with the Defense Information Services Agency, as amended) with Owner; and/or (ii) Owner intends to withdraw or modify the automatic payment instruction described in this Article 2.3.2.2. In any event, Owner covenants that it shall not withdraw or modify such payment instruction without the prior written consent of Boeing.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt">Owner shall provide immediate notification to Boeing in the event the current payment terms of &#147;Net 30 Days&#148; is revised in the above identified contract.&#148;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:144px; font-size:12pt">2.3.2.3</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:216px; font-size:12pt">In the event that any one guaranteed payment is not rendered on time and in accordance with Article 2.3.2, then the Parties hereby stipulate: a) that such event constitutes a material breach of this Contract; b) that Article 2.3.2 will become null and void and have no further effect under this Contract with all future payments, as applicable, being made pursuant to Article 2.3.1, unless Boeing specifically agrees in writing otherwise; c) that Boeing may exercise any and all of the rights available to it under this Contract, including but not limited to, termination of this Contract for Owner&#146;s default.</P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:144px; font-size:12pt; page-break-before:always">2.3.2.4</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:216px; font-size:12pt">The guaranteed payment method shall automatically revert to the advance payment method set forth in Article 2.3.1 if Owner is in default in accordance with Article&nbsp;2.3.2.3.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">2.3.3</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt"><U>Time and Material Rates for Training and Special Projects</U>. &nbsp;The Time and Material Hourly Billing Rate for each direct labor hour for training and Special Projects is as set forth in Annex 5.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">2.3.4</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt"><U>Payment Escalation</U>. &nbsp;Beginning with the payment for work performed in January 2005, the monthly payments are subject to increase (but not decrease) as provided in Paragraph 3.0 of Annex 5.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">2.3.5</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt"><U>Constellation Re-orbit</U>. &nbsp;Boeing shall perform all activities and tasks required and necessary by the Re-Orbit Statement of Work on a firm, fixed price basis as set forth in Annex 5 of this Contract.</P>
<A NAME="_Toc241650773"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-family:Times New Roman Bold; font-size:12pt"><B>Article 3.</B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-family:Times New Roman Bold; font-size:12pt"><B><U>Owner-Furnished Facilities, Equipment, Information, and Third-Party Maintenance and Technical Support Agreements</U></B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">3.1</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt">Owner shall provide to Boeing all facilities and equipment necessary to enable Boeing to accomplish the Statements of Work and otherwise available to Owner so that Boeing may perform the services required under this Contract. Owner shall have access to all facilities at all times, including but not limited to lab access, for verification of changes to the ICS and of Boeing&#146;s services hereunder. Boeing has no obligation under this Contract to provide any facilities or equipment.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">3.2</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt">Title and risk of loss or damage to Owner-furnished facilities, equipment and information shall remain with Owner and shall not pass to Boeing, and the furnished items shall not be used other than for the purposes of the Contract without the prior written approval of Owner.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">3.3</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt">In the event that any Owner-furnished equipment is found to be deficient, damaged or unserviceable when delivered or otherwise made available to Boeing, or becomes lost due to reasons other than willful misconduct or lack of good faith on the part of Boeing, or becomes deficient, damaged or unserviceable during normal and proper use while in the physical custody of Boeing, and such deficiency, damage or unserviceability is reported in writing to Owner as soon as practicable after the deficiency, damage, or unserviceability has been discovered by Boeing, then Owner shall arrange for repair, replacement or modifications as appropriate at no cost to Boeing. Owner shall arrange for repair, replacement or modification at its discretion after such consultation with Boeing as is required to minimize any adverse effects on the performance of the Contract.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">3.4</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt">Owner shall provide to Boeing the intellectual property, data, and other information owned or otherwise available to Owner and necessary to enable Boeing to accomplish the Statements of Work in a usable format. Boeing will use the intellectual property so provided only for the purpose of performing under the Contract and in compliance with any</P>
<P style="margin-top:0px; margin-bottom:16px"><BR>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt; page-break-before:always">nondisclosure or other restrictions to which the use of such intellectual property is subject of which Boeing has notice. Boeing has no obligation under this Contract to provide any additional intellectual property, data or other information.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">3.5</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt">Owner agrees to provide, at Owner&#146;s expense, third-party software and hardware maintenance agreements to support Boeing&#146;s performance of the Statements of Work under this Contract. 3.6 Failure to provide the items specified in Articles 3.1, 3.3, 3.4, and 3.5 above within the timeframe requested or suitable for its intended purpose or in the event that any of the items so specified are insufficient in the reasonable judgment of Boeing to allow it to perform the services otherwise provided for under this Contract, the costs of such items will constitute a change to this Contract for which Boeing shall be entitled to an equitable adjustment to any affected terms of this Contract including but not limited to price or schedule.</P>
<A NAME="_Toc241650774"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-family:Times New Roman Bold; font-size:12pt"><B>Article 4.</B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-family:Times New Roman Bold; font-size:12pt"><B><U>Changes</U></B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:48px; font-size:12pt">Changes, which can be proposed by either Party to this Contract, may be made only by mutual agreement of both Parties hereto. Such changes shall be evidenced by a written agreement executed by authorized representatives of both Parties. No change shall be binding on either Party unless and until such written agreement is fully executed by both Parties. In the event a change is required, Boeing will submit a change proposal that will be negotiated and the results will be incorporated into this Contract. No amendment or waiver of any provision of this Contract of which Motorola is a third-party beneficiary shall be effective without the written consent of Motorola. Motorola is a third-party beneficiary of this Article 4.</P>
<A NAME="_Toc241650775"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-family:Times New Roman Bold; font-size:12pt"><B>Article 5.</B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-family:Times New Roman Bold; font-size:12pt"><B><U>Inspections and Quality Control</U></B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">5.1</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt"><U>Inspection</U>. &nbsp;Subject to Article 17, Export Control, Owner&#146;s representatives may inspect Boeing&#146;s services at any reasonable time, provided such inspection does not interfere with Boeing&#146;s performance.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">5.2</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt"><U>Quality Control</U>. &nbsp;Boeing shall maintain quality control consistent with industry standards and in accordance with the performance criteria set forth in the Statements of Work contained in Annexes 3 and 4 of this Contract.</P>
<A NAME="_Toc241650776"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-family:Times New Roman Bold; font-size:12pt"><B>Article 6.</B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-family:Times New Roman Bold; font-size:12pt"><B><U>Delivery</U></B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">6.1</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt">Boeing shall deliver services necessary to perform the Statements of Work included in Annexes 3 and 4 of this Contract on a timely basis within the period of time set forth in Article 1.3, Period of Performance.</P>
<A NAME="_Toc241650777"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-family:Times New Roman Bold; font-size:12pt"><B>Article 7.</B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-family:Times New Roman Bold; font-size:12pt"><B><U>Excusable Delay</U></B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">7.1</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt"><U>General</U>. &nbsp;Boeing and its subcontractors will not be liable for any delay in the scheduled delivery of services or other performance under the Contract caused by (i) acts of God; (ii) war or armed hostilities or terrorist attack; (iii) government acts, or failure of government to act, or priorities; (iv) fires, floods, or earthquakes; (v) strikes or labor troubles causing cessation,</P>
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<P style="line-height:14pt; margin:0px; text-indent:310.867px; font-size:12pt">9</P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt; page-break-before:always">slowdown, or interruption of work; (vi) inability, after due and timely diligence and best efforts, to procure materials, systems, accessories, equipment or parts; or (vii) any other cause to the extent such cause is beyond Boeing&#146;s and its subcontractors&#146; reasonable control and not occasioned by Boeing&#146;s or its subcontractors&#146; fault or negligence (collectively, &#147;<B>Excusable Delay</B>&#148;).</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">7.2</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt"><U>Notice of Delay</U>. &nbsp;Boeing will give written notice to Owner (i) of any delay as soon as Boeing concludes that its services will be delayed beyond the scheduled performance due to an Excusable Delay and, when known, (ii) of a revised performance date based on Boeing&#146;s appraisal of the facts.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">7.3</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt"><U>Adjustment to Price</U>. &nbsp;In the event of any such Excusable Delay, the performance schedule shall be extended by mutual agreement of the Parties and the monthly payments shall be adjusted by mutual agreement of the Parties to account for any additional costs incurred by Boeing as a result of such Excusable Delay. Boeing shall exert its best efforts to mitigate such additional costs to the extent reasonable.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">7.4</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt"><U>Performance Impact</U>. &nbsp;In the event of any such Excusable Delay, Boeing shall be relieved of its obligations to meet the performance criteria set forth in the Statements of Work contained in Annexes 3 and 4 of this Contract during, and only during, the period of Excusable Delay.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">7.5</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt"><U>Exceptions</U>. &nbsp;Notwithstanding anything contained to the contrary in this Article 7, (a) there shall be no Excusable Delay by Boeing for operating and maintaining the Constellation and System Control Segment, except for the acts or events described in Article 7.1.</P>
<A NAME="_Toc241650778"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-family:Times New Roman Bold; font-size:12pt"><B>Article 8.</B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-family:Times New Roman Bold; font-size:12pt"><B><U>Indemnification/Insurance</U></B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">8.1</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt"><U>Definition of &#147;Boeing</U>.&#148; &nbsp;For the purposes of this Article 8, &#147;Boeing&#148; is defined as The Boeing Company, its divisions, subsidiaries, affiliates, subcontractors, assignees of each, and their respective directors, officers, employees and agents.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">8.2</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt"><U>Insurance Provided by Boeing</U>. &nbsp;Boeing shall procure and maintain during the performance of this Contract, at its sole cost and expense, Worker&#146;s Compensation Insurance covering all employees of Boeing performing any work hereunder in statutory amounts; <I>provided</I>, <I>however</I>, that Boeing may maintain a self-insurance program in lieu of Worker&#146;s Compensation Insurance if authorized and qualified to do so pursuant to statutory authority.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">8.3</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt"><U>Indemnification of Boeing by Owner</U>.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">8.3.1</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">Except for matters covered by Article 8.2 above, Owner shall indemnify and hold harmless Boeing, its divisions, subsidiaries, and affiliates, the assignees of each, and their directors, officers and employees against any and all claims and liabilities in excess of the insurance required by Article 8.4, or in the event the insurance does not respond, is not collectible, or is not recoverable, for any reason. Such claims and liabilities include costs and expenses (including attorneys&#146; fees incident thereto or incident to successfully establishing the </P>
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<P style="line-height:14pt; margin:0px; text-indent:310.867px; font-size:12pt">10</P>
<P style="margin:0px"><BR></P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt; page-break-before:always">right to indemnity) for injury to or death of any person, including employees of Owner and Boeing or for loss or damage to any property of any kind, arising out of or in any way relating to the performance of Boeing under this Contract, including but not limited to development, operation, use, Re-orbit or De-orbit of the Iridium Satellite Constellation, whether or not such injury, death, loss or damage is due to the negligence of Boeing, but excluding injury, death, loss or damage caused by the gross negligence or willful misconduct of Boeing. Owner and Boeing shall cause their insurers to waive all rights of subrogation or recourse against each other. Owner&#146;s obligations under this indemnity will survive the expiration, termination or completion or cancellation of this Contract.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">8.3.2</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">Owner shall retain all risk of loss of and title to the Iridium Communications System. Owner hereby releases and relieves Boeing, its directors, officers, agents, employees, invitees and contractors and waives its entire claim of recovery, including claims by Owner, Customers or their Customers, for loss or damage to the ICS, any individual ICS spacecraft (including without limitation) loss of use, loss of revenues, profit and any consequential damages of any kind suffered by Owner pursuant to the provisions of this Contract, whether or not such loss or damage is due to the negligence of Boeing. Owner shall cause its insurers to waive all rights of subrogation or recourse against Boeing.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">8.3.3</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">Owner will provide Boeing with certificates of insurance annually showing that Boeing is named as an &#147;additional insured&#148; under Owner&#146;s policies. Specifically, the policies should state that Boeing is an additional insured pursuant to the provisions of this Contract.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">8.4</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt"><U>Insurance Provided by Owner</U>. &nbsp;As a condition precedent to any Boeing legal obligations arising under this Contract, Owner shall procure and maintain during performance of this Contract, at its sole cost and expense, insurance which specifically includes: (a) the In-Orbit Insurance Policy in the form attached hereto in Annex 1 or in such other form as is reasonably satisfactory to Boeing, (b) comprehensive general liability insurance (&#147;<B>General Liability Insurance Policy</B>&#148;), (c) property insurance and (d) other insurance specified in Annex 1, all on such terms and conditions, coverage amounts and with such insurers as are acceptable to Boeing. Such insurance shall name Boeing, its contractors and subcontractors as additional insureds. Owner shall furnish Boeing with a waiver of its insurance carrier&#146;s rights of subrogation, and, with respect to the insurance obligations under this Article, such insurance shall also provide that the insurers shall give sixty (60) days notice to Boeing prior to the effective date of cancellation or termination of such insurance. Owner shall provide Boeing with a binder letter and form of policy from its insurance agent no later than twenty-one (21) days before effective date of cancellation. The binder letter shall be included as Annex 13 to this Contract. Boeing shall be responsible and liable to Owner for any increase in premium for the In-Orbit Insurance Policy and General Liability Insurance Policy resulting from Boeing&#146;s deviation from the Statements of Work set forth in Annexes 3 and 4 without the prior written consent of Owner. Boeing shall, at no cost or expense to Owner, support any and all insurance presentations and technical review requested by Owner or any of its insurance underwriters.</P>
<A NAME="_Toc241650779"></A><P style="margin-top:0px; margin-bottom:16px"><BR>
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<P style="line-height:14pt; margin:0px; text-indent:310.867px; font-size:12pt">11</P>
<P style="margin:0px"><BR></P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-family:Times New Roman Bold; font-size:12pt; page-break-before:always"><B>Article 9.</B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-family:Times New Roman Bold; font-size:12pt"><B><U>Advance Payments, Re-orbit, Security for Payments, and Additional Fee</U></B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">9.1</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt"><U>Advance Payments</U>. &nbsp;To ensure adequate funds are provided to enable Boeing to perform the Annex 4 Statement of Work, Owner shall make the following advance payments to Boeing:</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">9.1.1</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">In the event of Owner&#146;s default, Owner shall pay to Boeing U.S. $12,900,000.00 for Boeing services for Re-orbiting of the Constellation in accordance with the Re-orbit Statement of Work included as Annex 4 to this Contract. This amount covers preparation and execution of the de-orbit activity. This amount shall escalate annually effective January 1 of each year. Annual escalation shall be in accordance with Annex 5, Paragraph 3.0. The Parties agree that the escalation base shall be the third quarter of calendar year 2004.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">9.1.2</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">An amount equal to the premium for the In-Orbit Insurance Policy, Section B Coverage as set forth in Owner&#146;s insurance agent&#146;s binder letter described in Article 8.4 to this Contract.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">9.1.3</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">Owner&#146;s insurance agent shall provide a letter to Boeing stating that Schedule A of the In-orbit Insurance Policy (covers in-orbit risks) does not have to be in effect during de-orbit of the constellation that is covered by Schedule B, the de-orbit rider. Schedule B will cover in-orbit risk and de-orbit risk concurrently. The letter shall be included as Annex 14, &#147;Insurance Agent Letter&#148;, to this Contract.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">9.2</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt"><U>Security for Payment</U>. &nbsp;Owner&#146;s obligations to make payments hereunder have been or will be secured as follows:</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">9.2.1</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">As security for payment of Boeing&#146;s price for the work required under the Re-orbit Statement of Work, currently set at U.S. $12,900,000.00 and subject to escalation in accordance with Annex 5, Paragraph 6.1, and an additional U.S. $2,500,000.00 for payment of the premium for Schedule B, In-orbit Insurance Policy (Annex 1), Owner has provided, or has caused Iridium Satellite to provide, concurrently with the execution hereof, an irrevocable standby letter of credit in the revised amount of U.S. $15,400,000.00 (a copy of which is attached as Annex 11) naming Boeing as beneficiary, which letter of credit shall be renewed annually or replaced with another letter of credit from a financial institution with a credit rating of no less than &#147;AA-&#148; and in a form and format reasonably acceptable to Boeing not less than forty-five (45) days before its expiration date so as to extend the term thereof through the period of performance of this Contract (which letter of credit as so renewed or replaced is the &#147;<B>Letter of Credit</B>&#148;). Boeing shall have the unilateral right to draw the full amount of the Letter of Credit in the event that: (i) the Letter of Credit is not renewed or replaced as required by the preceding sentence at least forty-five (45) days before its expiration or (ii) upon the occurrence of any of the events identified in this Contract that results in Boeing&#146;s commencement of a Re-orbit of the Constellation.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt">In addition, the Re-orbit Letter of Credit shall serve as security for the full and timely performance of Owner&#146;s obligations to make payments under this Contract. As such, Boeing shall have the unilateral right to draw an amount equal to any indebtedness that Owner may have</P>
<P style="margin-top:0px; margin-bottom:16px"><BR>
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<P style="line-height:14pt; margin:0px; text-indent:310.867px; font-size:12pt">12</P>
<P style="margin:0px"><BR></P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt; page-break-before:always">to Boeing as a result of non-payment of monthly invoices in accordance with the payment provisions included in Annex 5 or for any other amounts due to Boeing under the Contract. In the event Boeing draws down the letter of credit, Owner shall immediately replenish the Letter of Credit balance via amendment by the drawn amount.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">9.2.2</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">Reserved.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">9.2.3</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">Reserved.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">9.2.4</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">In addition, the above letter of credit will be used to secure Boeing&#146;s price for its activities associated with Re-orbit delay of, if any, and Re-orbit of the ICS, and to pay the premium for Schedule B of the In-orbit Insurance Policy and to secure any monies due to Boeing as a result of and during performance of this Contract .</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">9.2.5</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">Reserved.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">9.2.6</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">Reserved.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">9.2.7</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">Reserved.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">9.2.8</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt"><U>Equitable Adjustment</U>. &nbsp;Owner agrees that the amount set forth in the Letter of Credit (Annex 11) for purposes of payment of the insurance policy premium shall be adjusted annually such that it reflects changes in the annual premium amount in the In-orbit Insurance Policy. The equitable adjustment shall be equal to the amount set forth in the binder letter described in Article 8.4 of this Contract. Additionally, the amount set forth in the letter of credit for purposes of payment of Boeing&#146;s Re-orbit effort, currently U.S. $12,900,000.00, shall be adjusted each January 1 based on the Economic Price Adjustment provision included in Annex 5, Paragraph 6.0. Failure by the Parties to amend this Contract to incorporate the annual adjustments shall not constitute a waiver of the applicable price escalation. Owner agrees that the index base (reference Annex 5, Paragraph 3.0 for the specific index) for the de-orbit price adjustment shall be the third quarter of calendar year 2004.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">9.2.9</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">The Bankruptcy Court Order in the form of that attached hereto as Annex 8 shall have been entered by the Bankruptcy Court and not be subject to a stay. The rights of Boeing under the Bankruptcy Court Order will be retained by Boeing until Boeing has received all of the payments required under Article 9.1. Such payments shall be made in accordance with Article 9.2.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">9.2.10</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">Reserved</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">9.3</P>
<P style="line-height:14pt; margin:0px; text-indent:96px; font-size:12pt"><U>Additional Payment. Previously the indirect parent of the Owner</U>. &nbsp;Iridium Holdings LLC (&#147;<B>Holdings</B>&#148;), had agreed to make certain payments to Boeing for services and expertise rendered under this Contract. Boeing and the Owner have estimated what the present value of these payments would be over the Term of this Contract and have agreed that in lieu of these payments that Owner, would pay in addition to the other payments, otherwise payable for services</P>
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<P style="line-height:14pt; margin:0px; text-indent:310.867px; font-size:12pt">13</P>
<P style="margin:0px"><BR></P>
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<P style="line-height:14pt; margin:0px; font-size:12pt; page-break-before:always">hereunder the sum $7,750,000 US, payable as follows: &nbsp;&nbsp;On or before April 15, 2007 Owner </P>
<P style="line-height:14pt; margin:0px; font-size:12pt">shall pay to Boeing U.S. $3,000,000.00.</P>
<P style="line-height:14pt; margin:0px; font-size:12pt">On or before June 30, 2007 Owner shall pay to Boeing an amount of U.S. $2,500,000.00.</P>
<P style="line-height:14pt; margin:0px; font-size:12pt">On or before December 1, 2007 Owner shall pay to Boeing an amount of U.S. $2,250,000.00.</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt">Once paid, there shall be no Additional Payments due Boeing under this Section</P>
<P style="margin-top:0px; margin-bottom:16px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">9.4</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt"><U>Boeing&#146;s Rights with Respect to Re-orbit</U>. &nbsp;The occurrence of any one of the following events shall provide to Boeing the unilateral right to commence Re-orbit of the Constellation. None of the provisions of this Article 9.4 are subject to dispute under Article 16 of this Contract or Article 7 (Excusable Delay) of this Contract.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">9.4.1</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">Owner&#146;s failure to make contract payments including advance payments to Boeing in the amounts and on the dates set forth in Articles 9.1 and 9.2 of this Contract after forty-five (45) days&#146; written notice from Boeing;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">9.4.2</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">the commencement of (x) a voluntary bankruptcy proceeding or (y) an involuntary bankruptcy proceeding that is not dismissed within 20 days of its filing, in each case against Owner or Iridium Satellite LLC;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">9.4.3</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">Reasonable grounds for Boeing to question the financial stability of Owner after providing owner thirty (30) days&#146; written notice and opportunity to cure its performance in accordance with Uniform Commercial Code provision regarding adequate assurances;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">9.4.4</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">The failure for any reason by Owner to maintain continuous uninterrupted coverage under the In-Orbit Insurance Policy and/or to maintain the availability of policy coverage for Re-orbiting the Satellite Constellation in accordance with the Re-orbit Statement of Work;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">9.4.5</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">Failure of Owner to provide Boeing quarterly financial statements for Iridium Constellation LLC and Iridium Satellite LLC after 30 days written notice by Boeing to Owner;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">9.4.6</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">If Owner is in Default in accordance with Article 13 of this Contract;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">9.4.7</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">Should new or modified U.S. or international regulation requirements threaten to increase the risk of Constellation operation and/or the Re-orbit process or the cost of operation and/or Re-orbit. However, Boeing may waive Re-orbit rights as to increased cost or risk if Owner executes an acceptable equitable adjustment. Boeing shall provide Owner written notice of its intent to exercise its right under this Article 9.4.7 at least thirty (30) calendar days prior to commencing any Re-orbit activity.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">9.4.8</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">It is understood by the Parties that upon the occurrence of any one of the above events, Boeing will promptly begin Re-orbiting the satellites in accordance with the Re-</P>
<P style="margin-top:0px; margin-bottom:16px"><BR>
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<P style="line-height:14pt; margin:0px; text-indent:310.867px; font-size:12pt">14</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt; page-break-before:always">orbit Statement of Work with the end result being the decommissioning of the entire Constellation.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">9.5</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt"><U>U.S. Government&#146;s Rights with Respect to Re-orbit</U>. &nbsp;Upon the occurrence of any event requiring Re-orbit of the Constellation identified in the U.S. Government Indemnification Contract (which is incorporated herein by reference), Boeing shall have the unilateral right to commence Re-orbit of the Constellation. None of the provisions of this Article 9.5 are subject to dispute under Article 16 of this Contract or to Article 7 (Excusable Delay) of this Contract.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">9.6</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt"><U>Motorola&#146;s Rights with Respect to Re-orbit</U>. &nbsp;Upon the occurrence of any of the following events, Owner agrees to cause Boeing and Boeing shall promptly perform the tasks and activities set forth in Annex 4 hereto (as updated from time to time) to commence Re-orbit of the Constellation. None of the provisions of this Article 9.6 are subject to dispute under Article 16 of this Contract or to Article 7 (Excusable Delay) of this Contract.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">9.6.1</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">Owner&#146;s failure to make the payment required by Section 4.A (2)(b) of the Motorola Agreement;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">9.6.2</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">the commencement of (x) a voluntary bankruptcy proceeding or (y) an involuntary bankruptcy proceeding that is not dismissed within 20 days of its filing, in each case against Owner or Iridium Satellite LLC;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">9.6.3</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">a material breach by Iridium Satellite LLC under the Motorola Agreement which has not been cured within 20 days of such breach;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">9.6.4</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">a material breach by Boeing under this Contract or the Motorola Side Letter which has not been cured within 20 days of such breach;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">9.6.5</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">an order from the U.S. government ordering Owner or Iridium Satellite LLC to direct Boeing to commence Re-orbiting;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">9.6.6</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">upon written notice from Motorola that it has concluded that there are reasonable grounds to believe that an imminent change in law or regulation is reasonably likely to result in material claims, damages, obligations, costs, liabilities, penalties or expenses to Motorola in connection with or arising from the operation, maintenance, Re-orbiting and De-orbiting of the ICS, including any terrestrial-based portion of the ICS; <I>provided, however</I>, that there are reasonable grounds to believe that the prompt Re-orbit and De-orbit of the ICS will mitigate such claims, damages, obligations, costs, liabilities, penalties or expenses; and</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">9.6.7</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">upon written notice from Motorola that (i) it is unable to obtain on commercially reasonable terms aviation product liability insurance sufficient to protect it from potential claims, damages, obligations, costs, liabilities, penalties or expenses in connection with the ICS, and (ii) the U.S. Government, pursuant to the U.S. Government Indemnification Contract, has not agreed to cover the amount that would otherwise have been paid by the</P>
<P style="margin-top:0px; margin-bottom:16px"><BR>
<BR></P>
<P style="line-height:14pt; margin:0px; text-indent:310.867px; font-size:12pt">15</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt; page-break-before:always">Aviation Policy (as described in the Motorola Agreement), despite Motorola&#146;s good faith efforts to comply with Paragraph (c)(2) of the U.S. Government Indemnification Contract.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">9.6.8</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">Motorola is a third-party beneficiary of this Article 9.6.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">9.7</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt"><U>Re-orbit Plan</U>. &nbsp;The value specified in paragraph 6.0 of Annex 5 of this Contract is predicated upon Boeing utilizing the U.S. Government coordinated Re-orbit Plan, as it existed on August 6, 2003, as heretofore amended. Any changes to this plan by Owner or U.S. Government agency will entitle Boeing or Owner to an equitable adjustment in the affected terms of this Contract including but not limited to price and schedule and insurance costs. Owner shall be required to promptly make additional advance payments to Boeing consistent with Boeing&#146;s equitable adjustment rights.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">9.8</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt"><U>Relief from Stay, etc.</U> &nbsp;Notwithstanding any other provision of this Contract, Owner acknowledges and agrees, as a freely negotiated, essential condition to and an inducement for Boeing&#146;s entry into this Contract, that (a) if Owner becomes a debtor in a case under the U.S. Bankruptcy Code or other bankruptcy or insolvency law, and fails to pay on a current basis, in cash, any amounts payable to Boeing under this Contract or any related agreements, Boeing shall be entitled to obtain (i) immediate relief from the automatic stay or other stay to exercise the De-orbiting Rights (as defined in the Bankruptcy Court Order attached as Annex 8 to this Contract) in addition to its de-orbiting rights under Article 9.4 of this Contract, and (ii) an immediate determination by Owner whether to assume or reject this Contract; and (b) this provision shall be deemed conclusive evidence of the negotiated ongoing intention of the Parties, and is intended to remain the primary element in determining whether cause exists for granting such relief to Boeing.</P>
<A NAME="_Toc241650780"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-family:Times New Roman Bold; font-size:12pt"><B>Article 10.</B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-family:Times New Roman Bold; font-size:12pt"><B><U>Assignment and Modification</U></B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">10.1</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt"><U>Assignment</U>. &nbsp;This Contract is for the benefit of the Parties and their respective successors and assigns. No rights or duties of either Party may be assigned or delegated without the prior written consent of the other Party, except:</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">10.1.1</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">Either Party may assign its interest to a corporation or other entity that (i) results from any merger, reorganization, or acquisition of such Party and (ii) acquires substantially all the assets of such Party;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">10.1.2</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">Boeing may assign its rights to receive money; and</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">10.1.3</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">Boeing may assign any of its rights and duties to any wholly-owned subsidiary of Boeing provided that Boeing will remain fully and solely responsible to Owner and to Motorola (only to the extent it is a third-party beneficiary) for all responsibilities of Boeing under the Contract.</P>
<P style="margin-top:0px; margin-bottom:16px"><BR>
<BR></P>
<P style="line-height:14pt; margin:0px; text-indent:310.867px; font-size:12pt">16</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt; page-break-before:always">10.2</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt"><U>Modification</U>. &nbsp;None of the provisions, terms or conditions contained in this Contract may be added to, modified, superseded or otherwise altered, except by a written instrument signed by authorized representatives of both Parties.</P>
<A NAME="_Toc241650781"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-family:Times New Roman Bold; font-size:12pt"><B>Article 11.</B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-family:Times New Roman Bold; font-size:12pt"><B><U>No Warranty</U></B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt">BOEING HAS NOT MADE NOR DOES IT MAKE ANY WARRANTY WITH RESPECT TO THE SERVICES, OTHER THAN REASONABLE EFFORTS REQUIRED TO COMPLY WITH ANNEXES 3 AND 4 STATEMENTS OF WORK, MATERIALS OR EQUIPMENT SUPPLIED UNDER THIS CONTRACT, WHETHER STATUTORY, WRITTEN OR ORAL, EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE ALL OF WHICH ARE EXPRESSLY EXCLUDED AND SUBJECT TO ARTICLE 14 LIMITATION OF LIABILITY.</P>
<A NAME="_Toc241650782"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-family:Times New Roman Bold; font-size:12pt"><B>Article 12.</B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-family:Times New Roman Bold; font-size:12pt"><B><U>Termination for Default</U></B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">12.1</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt">If Boeing fails to exert its best efforts as required by the performance criteria set forth in the O&amp;M Statement of Work, Owner may terminate this Contract for cause by providing written notice of default to Boeing by registered letter. Such termination of this Contract as a result of default by Boeing shall be deemed effective ten (10) days from receipt by Boeing of such written notice of default. Boeing has the right to correct such default within the ten (10) day period without penalty or loss of rights granted anywhere in this Contract.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">12.2</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt">If this Contract is terminated as provided in this Article, Boeing shall:</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">12.2.1</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">Promptly refund to Owner the monthly payment paid by Owner to Boeing prorated for the remaining days in the month during which such termination is effective; and,</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">12.2.2</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">Be paid the applicable monthly payments earned for all completed months of this Contract prior to the month in which such termination is effective; and,</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">12.2.3</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">Upon request by Owner and at Owner&#146;s expense, protect and preserve property in the possession of Boeing in which Owner has an interest; and,</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">12.2.4</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">Notwithstanding Article 14.3 of this Contract, Boeing agrees to pay to Owner all reasonable costs to have this Contract completed by another responsible contractor, to the extent such costs exceed the total amount which Owner would have had to pay Boeing for this Contract had Boeing completed the Contract as required; provided however that Owner enters into a contract with a responsible contractor to complete the terminated effort within one (1) year of notification of termination for default;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">12.2.5</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">Return to Owner all drawings and other technical data associated with the ICS which Owner provided to Boeing in order for Boeing to perform under this Contract; and</P>
<P style="margin-top:0px; margin-bottom:16px"><BR>
<BR></P>
<P style="line-height:14pt; margin:0px; text-indent:310.867px; font-size:12pt">17</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt; page-break-before:always">Boeing shall repay unused Advanced Payments provided by Owner under Article 9 hereof and release any and all liens and security interests securing payments by Owner hereunder.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">12.3</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt">If, after Owner&#146;s issuance of a notice of default under the provisions of this Article, it is determined for any reason that Boeing was not in default under the provisions of this Article, or that the delay was excusable under the provisions of the Article 7, Excusable Delays, the rights and obligations of the parties shall be the same as if Owner defaulted in performance of its obligations under this Contract as provided by Article 13, Default by Owner.</P>
<A NAME="_Toc241650783"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-family:Times New Roman Bold; font-size:12pt"><B>Article 13.</B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-family:Times New Roman Bold; font-size:12pt"><B><U>Default by Owner</U></B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">13.1</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt">In the event Owner fails to perform any obligation which it is required to perform pursuant to this Contract, including without limitation, Owner&#146;s failure to make timely payments as required by this Contract, Boeing may, if such failure is not corrected by Owner within ten (10) days after notice of such failure is given by Boeing, (five (5) days in the case of Owner&#146;s failure to make timely payments), stop work on this Contract (except as otherwise provided herein) and consider Owner to be in default of this Contract. If the Owner is in default of this Contract, Owner shall:</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">1.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">Immediately pay to Boeing, to the extent it had not already done so, all payments for all months completed prior to the monthly period during which such default by Owner occurs; and</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">2.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">Immediately pay to Boeing the full payment for the monthly period during which such default by Owner occurs.</P>
<A NAME="_Toc241650784"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-family:Times New Roman Bold; font-size:12pt"><B>Article 14.</B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-family:Times New Roman Bold; font-size:12pt"><B><U>LIMITATION OF LIABILITY</U></B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">14.1</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt">THE PARTIES TO THIS CONTRACT EXPRESSLY RECOGNIZE THAT COMMERCIAL SPACE VENTURES INVOLVE SUBSTANTIAL RISKS AND RECOGNIZE THE COMMERCIAL NEED TO DEFINE, APPORTION AND LIMIT CONTRACTUALLY ALL RISKS ASSOCIATED WITH THIS COMMERCIAL SPACE VENTURE. THE WARRANTIES, OBLIGATIONS, AND LIABILITIES OF BOEING AND OWNER, AND THE REMEDIES OF BOEING AND OWNER, AND THE LIMITATIONS OF LIABILITY SET FORTH IN THIS CONTRACT FULLY REFLECT THE PARTIES&#146; NEGOTIATIONS, INTENTIONS, AND BARGAINED-FOR ALLOCATION OF THE RISKS ASSOCIATED WITH THIS COMMERCIAL SPACE VENTURE.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">14.2</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt"><U>Exclusive Remedies</U>. &nbsp;THE SOLE REMEDIES OF EACH PARTY (AND ITS AFFILIATES AND AGENTS) FOR ANY CLAIMS AGAINST THE OTHER PARTY (AND ITS AFFILIATES AND AGENTS) WITH RESPECT TO ALL CLAIMS OF ANY KIND, WHETHER IN CONTRACT, WARRANTY, STRICT LIABILITY, TORT, OR OTHERWISE, AND WHETHER ARISING BEFORE OR AFTER DELIVERY OF ANY DELIVERABLE ITEM, FOR ANY LOSSES ARISING OUT OF OR RELATED TO THIS CONTRACT OR </P>
<P style="margin-top:0px; margin-bottom:16px"><BR>
<BR></P>
<P style="line-height:14pt; margin:0px; text-indent:310.867px; font-size:12pt">18</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt; page-break-before:always">THE WORK ARE LIMITED TO THE REMEDIES SET FORTH IN THIS CONTRACT, WHICH ARE IN LIEU OF ANY OTHER REMEDIES AT LAW OR IN EQUITY.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">14.3</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt"><U>Limitation of Contractor&#146;s Liability</U>. &nbsp;IN NO EVENT SHALL BOEING BE LIABLE TO OWNER AND ITS AFFILIATES AND ASSOCIATES IN AN AGGREGATE AMOUNT THAT EXCEEDS THE TOTAL CONSIDERATION PAYABLE FOR AUTHORIZED WORK UNDER THIS CONTRACT. THE LIABILITY LIMITATION INCLUDES BUT IS NOT LIMITED TO LIQUIDATED DAMAGES, BOEING&#146;S INCURRED COSTS, INCURRED IN REPAIR OR REPLACEMENT OF DEFECTS IN DELIVERABLE ITEMS AND IN REPERFORMANCE OF SERVICES, ANY PRICE REDUCTIONS OR REFUNDS GRANTED TO CUSTOMER UNDER ANY PROVISION OF THIS CONTRACT.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt">The limitation of liability will apply regardless of the forum in which the Claim is brought, whether in court or in arbitration or by notice to Boeing to remedy a Defect, or whether it is paid as a result of a settlement. The amount of the limitation is cumulative, commencing from the time the Original Agreement was signed. Once Boeing has paid Owner an amount equal to the limit of Boeing&#146;s liability, then Owner will not have any further right to receive money from Boeing for any Claim.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">14.4</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt"><U>No Consequential Damages, etc.</U> &nbsp;NEITHER BOEING NOR OWNER SHALL HAVE ANY OBLIGATION OR LIABILITY TO THE OTHER WITH RESPECT TO THE SUBJECT MATTER HEREOF, WHETHER ARISING IN CONTRACT (INCLUDING WARRANTY), TORT (INCLUDING ACTIVE, PASSIVE, OR IMPUTED NEGLIGENCE) OR OTHERWISE FOR ANY CLAIM FOR LOSS OF USE, REVENUE OR PROFIT (OTHER THAN PROFIT FROM PAYMENTS UNDER THIS CONTRACT), OR FOR ANY PUNITIVE, INCIDENTAL, SPECIAL OR CONSEQUENTIAL DAMAGES, WHETHER FORESEEABLE OR NOT.</P>
<A NAME="_Toc241650785"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-family:Times New Roman Bold; font-size:12pt"><B>Article 15.</B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-family:Times New Roman Bold; font-size:12pt"><B><U>Intellectual Property</U></B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">15.1</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt"><U>Data</U>.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">15.1.1</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">Any specifications, drawings, technical information or other data furnished by Boeing to Owner shall remain Boeing&#146;s property, shall be kept confidential by Owner, and shall be returned to Boeing at Boeing&#146;s request.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">15.1.2</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">Any specifications, drawings, technical information or other data furnished by Owner to Boeing (including, but not limited to, any Intellectual Property Rights, Patents or other technical information provided to Owner by Motorola under an Intellectual Property Rights Agreement) shall remain Owner&#146;s property, shall be kept confidential by Boeing, and shall be returned to Owner at Owner&#146;s request.</P>
<P style="margin-top:0px; margin-bottom:16px"><BR>
<BR></P>
<P style="line-height:14pt; margin:0px; text-indent:310.867px; font-size:12pt">19</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt; page-break-before:always">15.2</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt"><U>Indemnity</U>. &nbsp;Owner agrees to indemnify and hold Boeing harmless for any claim by any third party that Owner is not the legal owner or valid licensee of any specifications, drawings, technical information or other data furnished to Boeing by Owner under this Contract.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">15.3</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt"><U>Jointly-Developed Property</U>. &nbsp;Boeing and Owner agree that any specifications, drawings, technical information or other data that is developed after the Effective Date, and developed under this Contract, to enhance or improve the ICS shall be considered jointly developed intellectual property, and each Party may use and exploit such property for its own use and account in addition to its utilization with the ICS.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">15.4</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt"><U>Special Projects</U>. &nbsp;To the extent Boeing develops intellectual property under Special Projects, and Boeing is reimbursed for its work under Special Projects on a Time and Material basis, all intellectual property shall be owned exclusively by Owner as set forth in the annex incorporating the Special Project into this Contract.</P>
<A NAME="_Toc241650786"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-family:Times New Roman Bold; font-size:12pt"><B>Article 16.</B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-family:Times New Roman Bold; font-size:12pt"><B><U>Dispute Resolution</U></B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">16.1</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt"><U>Procedures</U>. &nbsp;All disputes arising out of or related to this Contract, unless specifically exempted by the language of this Article, will be decided by the internal dispute resolution procedures of this Article 16 and those other dispute resolution procedures set forth in attached Annex 7, Dispute Resolution Procedures, or by the courts within the State of Illinois for Owner or California for Boeing as set forth in Annex 7 hereto, in an effort to reduce the incidence and costs of extended disputes. No act, omission, or knowledge, actual or constructive, of a Party will in any way be deemed to be a waiver of the requirement for timely notice of a dispute unless there is an explicit, unequivocal written waiver thereof.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">16.2</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt"><U>Internal Dispute Resolution; Notice and Negotiation</U>. &nbsp;Subject to the provisions of Article 16.C entitled &#147;Injunctive Relief; Letter of Credit,&#148; the Parties will, prior to the initiation of any other dispute resolution procedure, attempt to resolve any dispute as follows:</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">16.2.1</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">The Party raising the dispute will provide to the person designated under Article 21 of the other Party a notice of such dispute (a &#147;<B>Dispute Notice</B>&#148;). The Dispute Notice will include a clear and detailed description of the dispute and the specific provisions of this Contract relevant thereto. Each Party shall within fifteen (15) days following the day the Dispute Notice is received provide the other with all documentation supporting its position in the dispute. The person designated under Article 21 or such other appropriate individual will attempt to resolve the dispute promptly and in good faith.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">16.2.2</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">If the dispute is not resolved within twenty-five (25) days after the receipt of a Dispute Notice by the receiving Party, at either Party&#146;s written request the dispute will be forwarded to its corresponding senior management for resolution. The appropriate senior level managers of each Party will attempt to resolve the dispute promptly and in good faith.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">16.2.3</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">If a dispute has not been resolved within twenty (20) days after request by either Party to forward the dispute to its corresponding senior management, the dispute shall thereafter be subject to the provisions of attached Annex 7, Dispute Resolution Procedures.</P>
<P style="margin-top:0px; margin-bottom:16px"><BR>
<BR></P>
<P style="line-height:14pt; margin:0px; text-indent:310.867px; font-size:12pt">20</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt; page-break-before:always">16.2.4</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">All negotiations pursuant to these internal dispute procedures will be confidential and will be treated as compromise and settlement negotiations for purposes of applicable rules of evidence.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">16.3</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt"><U>Injunctive Relief; Letters of Credit</U>. &nbsp;Notwithstanding any other provision of this Article 16, either Party will have the right to apply to a court having appropriate jurisdiction to seek interim injunctive relief until the dispute is resolved and may draw on any applicable letters of credit irrespective of whether there is a dispute.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">16.4</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt"><U>Co-Party/Third Party Claims</U>. &nbsp;The provisions of this Article 16 shall not be binding for disputes in the nature of cross-claims, impleaders, or any similar co-party or third-party claims, by one Party against another, resulting from and in connection with any action brought by any person other than a Party to this Contract.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">16.5</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt"><U>Intellectual Property Rights</U>. &nbsp;Notwithstanding the foregoing, the provisions of this Article 16 shall not be binding for disputes arising from or related to either Party&#146;s intellectual property rights.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">16.6</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt"><U>Third-party beneficiary</U>. &nbsp;To the extent that a dispute involves Motorola&#146;s third-party beneficiary rights, Motorola is a third-party beneficiary of this Article 16.</P>
<A NAME="_Toc241650787"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-family:Times New Roman Bold; font-size:12pt"><B>Article 17.</B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-family:Times New Roman Bold; font-size:12pt"><B><U>Export Control</U></B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">17.1</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt">Neither Party shall export, directly or indirectly, any information or technical data disclosed under this Contract to any individual or country which the U.S. government at the time of export requires an export license or other government approval without first obtaining such license or approval. The Parties recognize that Owner may be comprised of individuals or entities for which Owner and Boeing must ensure no disclosure of technical data unless and until Owner and Boeing obtains appropriate export licenses from the U.S. Government.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">17.2</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt">Owner agrees to provide to Boeing the information necessary to allow Boeing to evaluate the need to obtain licenses from the U.S. Government. The information will be provided in a timely manner in order to minimize the impact to Boeing&#146;s performance of the Statements of Work.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">17.3</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt">Boeing shall not be required to perform any work under this Contract requiring export licenses until such licenses have been obtained from the U.S. Government. Any Boeing delay resulting from the lack of an approved export license will be an excusable delay within the meaning of Article 7 hereof.</P>
<A NAME="_Toc241650788"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-family:Times New Roman Bold; font-size:12pt"><B>Article 18.</B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-family:Times New Roman Bold; font-size:12pt"><B><U>Permits and Licenses</U></B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">18.1</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt">Owner shall use its reasonable best efforts to defend and maintain all permits, licenses and approvals required by the United States Federal Communications Commission (FCC) or by any applicable U.S. law or regulation, as well as all necessary orbital locations and </P>
<P style="margin-top:0px; margin-bottom:16px"><BR>
<BR></P>
<P style="line-height:14pt; margin:0px; text-indent:310.867px; font-size:12pt">21</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt; page-break-before:always">radio frequency spectrum, to operate the Constellation and to operate the System Control Segment in accordance with their respective terms and conditions.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">18.2</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt">Owner shall use its reasonable best efforts to operate the Constellation and System Control Segment in accordance with all applicable laws and government regulations.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">18.3</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt">Owner shall pay for its costs of applying for, obtaining and renewing the aforementioned approvals, licenses and permits.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">18.4</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt">Owner agrees not to take any action or enter into any agreement or arrangement with a third party that conflicts with Boeing&#146;s rights and obligations under this Contract, or to act or fail to act in any manner which would interfere with Boeing&#146;s aforementioned responsibilities.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">18.5</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt">Nothing contained herein shall be interpreted as requiring Boeing to apply for or obtain the blanket mobile licenses to operate subscriber units nor the authorizations necessary to operate gateways in the United States or any other country.</P>
<A NAME="_Toc241650789"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-family:Times New Roman Bold; font-size:12pt"><B>Article 19.</B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-family:Times New Roman Bold; font-size:12pt"><B><U>Disclosure and Use of Information by the Parties</U></B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">19.1</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt">&#147;<B>Proprietary Information</B>&#148; is defined as information which the disclosing party at the time of disclosure identifies in writing as Proprietary Information by means of a proprietary legend, marking, stamp or other positive written notice identifying the information to be proprietary. In order for information disclosed orally or visually by a party to this Contract to be Proprietary Information protected hereunder, the disclosing party shall identify the information as proprietary at the time of the disclosure and, within thirty (30) days after such oral or visual disclosure, reduce the subject matter of the disclosure to writing, properly stamped with the proprietary legend, marking, stamp or other positive written notice and submit it to the receiving party.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">19.2</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt">Except as may be specifically provided otherwise in this Contract, Proprietary Information of Boeing disclosed hereunder to Owner may only be used by Owner for monitoring the progress of the performance of this Contract by Boeing.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">19.3</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt">Except as may be specifically provided otherwise in this Contract, Proprietary Information of Owner disclosed hereunder to Boeing may only be used by Boeing in performance of the work specified in this Contract.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">19.4</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt">It is agreed that for a period of ten (10) years following the receipt of Proprietary Information, the receiving party will use such information only for the purpose(s) provided in Articles 19.2 and 19.3 above as applicable and shall take reasonable efforts to preserve in confidence such Proprietary Information and prevent disclosure thereof to third parties. Each of the parties agree that it will use the same reasonable efforts to protect the other&#146;s Proprietary Information as are used to protect its own but will at least use reasonable care. Disclosures of such information shall be restricted to those individuals directly participating in the efforts provided in Articles 19.2 and 19.3 above who have a need to know such information, and, who </P>
<P style="margin-top:0px; margin-bottom:16px"><BR>
<BR></P>
<P style="line-height:14pt; margin:0px; text-indent:310.867px; font-size:12pt">22</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt; page-break-before:always">have been made aware of and consent to abide by the restrictions contained herein concerning the use of such information.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">19.5</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt">The obligation to protect Proprietary Information, and the liability for unauthorized disclosure or use of Proprietary Information, shall not apply with respect to such information which is now available or becomes available to the public without breach of this Contract; information lawfully received without restrictions from other sources; information known to the receiving party prior to disclosure not subject to a separate nondisclosure obligation; information published or disclosed by the disclosing party to others, without restriction; information developed by the receiving party independent of and without use of information disclosed by the disclosing party; or, information for which further use or disclosure by the recipient is authorized in writing by the disclosing party.</P>
<A NAME="_Toc241650790"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-family:Times New Roman Bold; font-size:12pt"><B>Article 20.</B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-family:Times New Roman Bold; font-size:12pt"><B><U>Nondiscrimination, Equal Opportunity, and Other Requirements</U></B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:48px; font-size:12pt">During the performance of this Agreement, Boeing agrees to comply with all United States federal, state and local laws concerning discrimination in employment and non segregation of facilities including, but not limited to, the requirements of Executive Order 11246 (41 CFR 60-1.4), Section 503 of the Rehabilitation Act of 1973 (41 CFR 60-741.4), and the Vietnam Era Veteran&#146;s Readjustment Assistance Act of 1974 (41 CFR 60-250.4), which equal opportunity clauses are hereby incorporated by reference.</P>
<A NAME="_Toc241650791"></A><P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-family:Times New Roman Bold; font-size:12pt"><B>Article 21.</B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-family:Times New Roman Bold; font-size:12pt"><B><U>Notices</U></B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:48px; font-size:12pt">All notices required by this Contract will be in English, will be effective on the date of receipt, and will be transmitted by any customary means of written communication, addressed as follows:</P>
<TABLE style="font-size:10pt" cellspacing=0><TR style="font-size:0"><TD width=319.2></TD><TD width=319.2></TD></TR>
<TR><TD valign=top width=319.2><P style="line-height:14pt; margin:0px; font-size:12pt"><U>Boeing</U>:</P>
<P style="line-height:14pt; margin:0px; font-size:12pt">The Boeing Company</P>
<P style="line-height:14pt; margin:0px; font-size:12pt">13100 Space Center Blvd.</P>
<P style="line-height:14pt; margin:0px; font-size:12pt">Houston, Texas 77059-3556</P>
<P style="line-height:14pt; margin:0px; font-size:12pt">Attention: Danny White</P>
<P style="line-height:14pt; margin:0px; font-size:12pt">Mail Stop: HM6-40</P>
</TD><TD valign=top width=319.2><P style="line-height:14pt; margin:0px; font-size:12pt"><U>Owner</U>:</P>
<P style="line-height:14pt; margin:0px; font-size:12pt">Iridium Constellation LLC</P>
<P style="line-height:14pt; margin:0px; font-size:12pt">6701 Democracy Blvd., Suite 500</P>
<P style="line-height:14pt; margin:0px; font-size:12pt">Bethesda, MD 20817</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt">Attention: Michael Deutschman</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:48px; font-size:12pt"><I>with copies to</I>:</P>
<P style="line-height:14pt; margin:0px; font-size:12pt">Isaac M. Neuberger, Esquire</P>
<P style="line-height:14pt; margin:0px; font-size:12pt">Neuberger, Quinn, Gielen,</P>
<P style="line-height:14pt; margin:0px; text-indent:48px; font-size:12pt">Rubin &amp; Gibber, P.A.</P>
<P style="line-height:14pt; margin:0px; font-size:12pt">One South Street, 27th Floor</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt">Baltimore, Maryland 21202</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR>
<BR></P>
<P style="line-height:14pt; margin:0px; text-indent:310.867px; font-size:12pt">23</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="margin:0px; page-break-before:always"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR style="font-size:0"><TD width=319.2></TD><TD width=319.2></TD></TR>
<TR><TD valign=top width=319.2><P>&nbsp;</P></TD><TD valign=top width=319.2><P style="line-height:14pt; margin:0px; font-size:12pt">Iridium Constellation LLC</P>
<P style="line-height:14pt; margin:0px; font-size:12pt">8440 S. River Parkway</P>
<P style="line-height:14pt; margin:0px; font-size:12pt">Tempe, AZ 85284</P>
<P style="line-height:14pt; margin:0px; font-size:12pt">Attention: Dannie Stamp</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt">Iridium Satellite LLC</P>
<P style="line-height:14pt; margin:0px; font-size:12pt">6701 Democracy Blvd., Suite 500</P>
<P style="line-height:14pt; margin:0px; font-size:12pt">Bethesda, MD 20817</P>
<P style="line-height:14pt; margin:0px; font-size:12pt">Attention: Michael Deutschman</P>
</TD><A NAME="_Toc241650792"></A></TR>
</TABLE>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-family:Times New Roman Bold; font-size:12pt"><B>Article 22.</B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-family:Times New Roman Bold; font-size:12pt"><B><U>Miscellaneous</U></B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">22.1</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt"><U>Headings</U>. &nbsp;Article and paragraph headings used in this Contract are for convenient reference only and are not intended to affect the interpretation of this Contract.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">22.2</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt"><U>GOVERNING LAW</U>. &nbsp;THIS CONTRACT WILL BE INTERPRETED UNDER AND GOVERNED BY THE LAWS OF THE STATE OF DELAWARE, U.S.A., EXCEPT THAT DELAWARE CHOICE OF LAW RULES SHALL NOT BE INVOKED FOR THE PURPOSE OF APPLYING THE LAW OF ANOTHER JURISDICTION.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">22.3</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt"><U>Waiver/Severability</U>. &nbsp;Failure by either Party to enforce any provision of this Contract will not be construed as a waiver. If any provision of this Contract is held unlawful or otherwise ineffective by a court of competent jurisdiction, the remainder of the provisions of the Contract will remain in effect.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">22.4</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt"><U>Survival of Obligations</U>. &nbsp;The Articles of and Annexes to this Contract, including but not limited to those relating to INTELLECTUAL PROPERTY, INSURANCE, ADVANCE PAYMENTS, RE-ORBIT, INDEMNIFICATION, LIMITATION OF LIABILITY, EMPLOYEE NON-SOLICITATION, Annex 5, Paragraphs 2.2 and 7.7, Annex 17, Annex 18, and ADDITIONAL FEE will survive termination or cancellation of any part thereof to the extent that the rights of a Party thereunder have accrued as of the date of termination or cancellation.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">22.5</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt"><U>Contract Changes</U>. &nbsp;The parties as of the Effective Date have mutually agreed to this Contract. From time to time the parties may elect, by mutual agreement to update, or modify the existing articles as written, subject to the provisions of this Contract.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">22.6</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt"><U>Order of Precedence</U>. In the event of inconsistency among or between the Parts of this Contract, such inconsistency shall be resolved by giving precedence in the order of the parts as set forth below:</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">1.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">These Contract Articles and Annex 5 (Price and Payment Schedule)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt">2.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:144px; font-size:12pt">Statements of Work.</P>
<P style="margin-top:0px; margin-bottom:16px"><BR>
<BR></P>
<P style="line-height:14pt; margin:0px; text-indent:310.867px; font-size:12pt">24</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt; page-break-before:always">22.7</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt"><U>Laws</U>. &nbsp;Each party warrants that in the performance of this Contract, it will comply with all applicable federal, state, local and foreign laws and ordinances and all lawful orders, directives, rules and regulations thereunder (collectively &#147;<B>Laws</B>&#148;).</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">22.8</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt"><U>Access to Information</U>. &nbsp;Boeing shall provide full access to Owner to all meetings at the Satellite Network Operations Center (SNOC) and information pertaining to operation and maintenance of the System. Access shall be provided on a reasonable basis, consistent with Boeing&#146;s policies (and requiring compliance with applicable law) and is not intended to interfere with Boeing&#146;s ability to perform as required under this Contract.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">22.9</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt"><U>Financial Statements</U>. &nbsp;Owner shall provide to Boeing on a monthly basis detailed financial statements including income statements, balance sheets, and business plans until payments to Boeing are in accordance with the requirements in Annex 5, Paragraph 2.0.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:48px; font-size:12pt">Owner shall provide to Boeing on an annual basis financial statements or Owner&#146;s annual report for the immediately preceding year. These financial statements or the data included in the annual report shall have been audited by an independent audit firm.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:48px; font-size:12pt">Owner shall provide to Boeing Owner&#146;s &#147;90 Day Cash Forecast&#148; at the end of each ninety day forecasting period.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">22.10</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt"><U>Use of Owner&#146;s Facilities</U>. &nbsp;Boeing is authorized to utilize Owner&#146;s facilities to support Boeing&#146;s other business activities as may evolve during the Contract period of performance, provided that such other activities do not involve any cost to Owner or interfere with Owner&#146;s operations or business.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">22.11</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt"><U>Motorola as Third-Party Beneficiary</U>. &nbsp;The Parties acknowledge that Motorola is an express third-party beneficiary of certain provisions of the Original Contract as set forth therein and that neither of the Parties intends that this Contract or any of the amendments to the Original Contract effected hereby affect any of their respective obligations to Motorola thereunder, all of which shall remain in full force and effect.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">22.12</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt"><U>Employee Nonsolicitation</U>. &nbsp;Each Party agrees that, for the entire period of the Contract term, and continuing for one (1) year after the termination or completion of the Contract (as it may be extended or otherwise amended), neither Party nor any of its successors shall directly or through any recruiting agency, headhunter or similar entity or person acting on its behalf , solicit or recruit any &#147;key&#148; employee of the other Party (which as to Boeing means only an employees who was or currently is assigned to the Iridium O&amp;M contract). If any &#147;key&#148; employee should freely resign from a Party, and provided that the other Party had not previously solicited or recruited such employee, then such other Party will be free of this restriction. The list of &#147;key&#148; employees may be provided by a Party or its successor(s) at any time on or before a contract termination and/or the sale or other transfer of a majority of Owner&#146;s assets. This Article 22.12 shall survive this Contract&#146;s termination.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">22.13</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt"><U>Entire Agreement</U>. &nbsp;Except to the extent set forth in Article 22.11, this Contract as between Boeing and Owner constitutes the entire agreement between the Parties and, as of the </P>
<P style="margin-top:0px; margin-bottom:16px"><BR>
<BR></P>
<P style="line-height:14pt; margin:0px; text-indent:310.867px; font-size:12pt">25</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt; page-break-before:always">Effective Date, supersedes all prior understandings, commitments, and representations, if any, of the Parties with respect to the subject matter hereof As between Boeing and Owner, it is understood and agreed that the letter agreement between Boeing and Motorola dated December 11, 2000 (the &#147;<B>Motorola Side Letter</B>&#148;) shall in no way affect the relationship between Boeing and Owner under this Contract or otherwise. Nothing contained herein shall in any way affect or impair any of the rights or obligations of Boeing or Motorola under the Motorola Side Letter.</P>
<TABLE style="font-size:10pt" cellspacing=0><TR style="font-size:0"><TD width=319.2></TD><TD width=319.2></TD></TR>
<TR><TD valign=top width=319.2><P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt"><B>THE BOEING COMPANY</B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt">By: <U>&nbsp;&nbsp;/s/ Danny White&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt">Name: Danny White</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt">Title: Business Mgr., So&amp;G5</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt">Date: April 26, 2007</P>
</TD><TD valign=top width=319.2><P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt"><B>IRIDIUM CONSTELLATION LLC</B></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt">By: <U>&nbsp;&nbsp;/s/ Michael Deutschman&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt">Name: Michael Deutschman</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt">Title: Chief Counsel</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt">Date: May 14, 2007</P>
</TD></TR>
</TABLE>
<P style="margin-top:0px; margin-bottom:16px"><BR></P>
<P style="margin-top:0px; margin-bottom:16px"><BR>
<BR></P>
<P style="line-height:14pt; margin:0px; text-indent:310.867px; font-size:12pt">26</P>
<P style="margin:0px"><BR></P>
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<DOCUMENT>
<TYPE>EX-10.9
<SEQUENCE>22
<FILENAME>celesticaredacted.htm
<DESCRIPTION>EXHIBIT 10.9
<TEXT>
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<TITLE>Celestica - Redacted</TITLE>
<META NAME="date" CONTENT="09/26/2009">
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<BODY style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">
<DIV style="width:648px"><P style="margin:0px" align=right>Exhibit 10.9</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><B>[*] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 24b-2 of</B></P>
<P style="margin:0px" align=center><B>The Securities Exchange Act of 1934, as amended.</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:13.333px" align=center><BR></P>
<P style="margin-top:0px; margin-bottom:13.333px" align=center><BR></P>
<P style="margin-top:0px; margin-bottom:13.333px" align=center><BR></P>
<P style="margin-top:0px; margin-bottom:13.333px" align=center><BR></P>
<P style="margin-top:0px; margin-bottom:13.333px" align=center><B>AMENDED AND RESTATED </B></P>
<P style="margin-top:0px; margin-bottom:13.333px" align=center><B>AGREEMENT FOR MANUFACTURE</B></P>
<P style="margin-top:0px; margin-bottom:13.333px" align=center><B>BETWEEN</B></P>
<P style="margin-top:0px; margin-bottom:13.333px" align=center><B><I>IRIDIUM SATELLITE LLC</I></B></P>
<P style="margin-top:0px; margin-bottom:13.333px" align=center><B>AND</B></P>
<P style="margin-top:0px; margin-bottom:13.333px" align=center><B>CELESTICA CORPORATION</B></P>
<P style="margin-top:0px; margin-bottom:13.333px" align=center><BR></P>
<P style="margin-top:0px; margin-bottom:13.333px" align=center><BR></P>
<P style="margin-top:0px; margin-bottom:13.333px" align=center>Final 01-10-2007</P>
<P style="margin-top:0px; margin-bottom:13.333px" align=center><BR></P>
<P style="margin-top:0px; margin-bottom:13.333px" align=center><BR></P>
<P style="margin-top:0px; margin-bottom:13.333px" align=center><BR></P>
<P style="margin-top:0px; margin-bottom:13.333px" align=center><BR></P>
<P style="margin:0px"><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="margin:0px; page-break-before:always" align=center><B>[*] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 24b-2 of</B></P>
<P style="margin:0px" align=center><B>The Securities Exchange Act of 1934, as amended.</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:13.333px" align=center><B>CONTENTS</B></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px">1.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px">DEFINITIONS&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;..</P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:48px; text-indent:563.333px">1</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px">2.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px">SCOPE OF AGREEMENT&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;..</P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:48px; text-indent:563.333px">2</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px">3.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px">FORECAST AND ORDER PROCEDURE&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;.</P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:48px; text-indent:563.333px">3</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px">4.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px">MATERIALS&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;</P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:48px; text-indent:563.333px">3</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px">5.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px">DELIVERY AND RISK&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;...</P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:48px; text-indent:563.333px">4</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px">6.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px">ACCEPTANCE OF PRODUCTS&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;</P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:48px; text-indent:563.333px">5</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px">7.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px">ORDER AND FORECAST, UPSIDE FLEXIBILITY, AND RESCHEDULING&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;..</P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:48px; text-indent:563.333px">5</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px">8.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px">CANCELLATION&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;</P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:48px; text-indent:563.333px">6</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px">9.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px">PRICES&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;.</P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:48px; text-indent:563.333px">6</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px">10.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px">PAYMENT&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;</P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:48px; text-indent:563.333px">7</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px">11.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px">CUSTOMER LETTER OF CREDIT&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;</P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:48px; text-indent:563.333px">7</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px">12.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px">TITLE&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;</P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:48px; text-indent:563.333px">7</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px">13.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px">INTELLECTUAL PROPERTY&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;</P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:48px; text-indent:563.333px">7</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px">14.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px">QUALITY ASSURANCE&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;</P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:48px; text-indent:563.333px">8</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px">15.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px">CHANGE CONTROL&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;..</P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:48px; text-indent:563.333px">8</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px">16.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px">COST SAVING SHARING&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;.</P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:48px; text-indent:563.333px">9</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px">17.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px">EXCESS AND/OR OBSOLETE MATERIAL&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;</P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:48px; text-indent:563.333px">9</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px">18.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px">CELESTICA WARRANTY&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;</P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:48px; text-indent:556.667px">10</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px">19.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px">CUSTOMER WARRANTY&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;....</P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:48px; text-indent:556.667px">11</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px">20.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px">INDEMNIFICATION&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;.</P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:48px; text-indent:556.667px">11</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px">21.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px">CUSTOMER PROPERTY&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;..</P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:48px; text-indent:556.667px">11</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px">22.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px">CONFIDENTIALITY&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;.</P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:48px; text-indent:556.667px">12</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px">23.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px">FREEDOM OF ACTION&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;</P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:48px; text-indent:556.667px">12</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px">24.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px">EXCLUSIONS AND LIMITATION OF LIABILITY&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;</P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:48px; text-indent:556.667px">12</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px">25.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px">TERM AND TERMINATION&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;</P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:48px; text-indent:556.667px">13</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px">26.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px">GENERAL&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;..</P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:48px; text-indent:556.667px">14</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px">SCHEDULE 1:</P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:48px; text-indent:48px">PRODUCTS AND SPECIFICATION</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px">SCHEDULE 2:</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px; text-indent:48px">PRICING</P>
<P style="margin-top:0px; margin-bottom:13.333px" align=center><BR></P>
<P style="margin-top:0px; margin-bottom:13.333px" align=center><BR></P>
<P style="margin-top:0px; margin-bottom:13.333px" align=center><BR></P>
<P style="margin-top:0px; margin-bottom:13.333px" align=center><BR></P>
<P style="margin-top:0px; margin-bottom:13.333px" align=center><BR></P>
<P style="margin-top:0px; margin-bottom:13.333px" align=center><BR>
<BR></P>
<P style="margin:0px; text-indent:322.867px">i</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="margin:0px; page-break-before:always" align=center><B>[*] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 24b-2 of</B></P>
<P style="margin:0px" align=center><B>The Securities Exchange Act of 1934, as amended.</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>THIS AMENDED AND RESTATED AGREEMENT </B>is made effective the first day of January, 2007 (the &#147;Effective Date&#148;)</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:13.333px"><B>BETWEEN</B></P>
<P style="margin-top:0px; margin-bottom:13.333px"><B>CELESTICA CORPORATION, </B>a Delaware corporation with an office located at 4300 West Round Lake Road, Arden Hills MN 55112 (&#147;Celestica&#148;).</P>
<P style="margin-top:0px; margin-bottom:13.333px"><B>AND</B></P>
<P style="margin-top:0px; margin-bottom:13.333px"><B>IRIDIUM SATELLITE LLC, </B>a Delaware limited liability company with an office located at 8440 South River Parkway, Tempe AZ 85284 (the &#147;Customer&#148;).</P>
<P style="margin-top:0px; margin-bottom:13.333px"><B>WHEREAS</B></P>
<P style="margin-top:0px; margin-bottom:13.333px">This Agreement sets out the terms and conditions upon which Celestica will manufacture and supply to the Customer certain Products and supply certain Services as herein defined.</P>
<P style="margin-top:0px; margin-bottom:13.333px"><B>IT IS AGREED</B></P>
<A NAME="_Toc241385822"></A><P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px; font-family:Times New Roman Bold"><B>1.</B></P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px; font-family:Times New Roman Bold"><B>DEFINITIONS</B></P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px">The following words and expressions shall have the following meanings:</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>1.1</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>&#147;Affiliate&#148; means, a) with respect to the Customer, any company, firm, joint venture, partnership, or other entity of which the Customer directly or indirectly owns or controls the power to vote a majority of the voting rights or over which the Customer directly or indirectly has the power to exercise a controlling influence; b) with respect to Celestica, any company, firm, joint venture, partnership, or other entity of which Celestica Inc., an Ontario, Canada corporation,<B> </B>directly or indirectly owns or controls the power to vote a majority of the voting rights or over which Celestica Inc., directly or indirectly has the power to exercise a controlling influence.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>1.2</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>&#147;Customer Information&#148; shall mean the specification <FONT style="font-family:Garamond">for </FONT>the relevant Product and all drawings, documentation, data, software, information and know-how, and any tooling provided by the Customer to Celestica.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>1.3</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>&#147;Days&#148; means calendar days unless otherwise identified herein </P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>1.4</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>&#147;Excess&#148; Material shall have the meaning set forth in Article 17.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>1.5</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>&#147;Forecast&#148; shall have the meaning set forth in Article 3.1(b).</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>1.6</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>&#147;Intellectual Property&#148; shall mean all patents, applications for patents, copyrights, mask works, trade secrets, know-how, discoveries, improvements, inventions, technical data, writings, software in whatever form and Information (as that term is defined in the Confidentiality Agreement between Iridium Satellite LLC and Celestica Corporation dated February 8, 2002), Subscriber Equipment Technical Information (as that term is defined in the Non-Disclosure Agreement among SE Licensing LLC, Iridium Satellite LLC and Celestica Corporation dated April 2, 2003), and any other intellectual property rights recognised by any jurisdiction.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>1.7</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>&#147;Material&#148; shall mean any components and other materials comprising or comprised in Products.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>1.8</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>&#147;Minimum Order Quantity&#148; shall mean the minimum monthly quantity of Products which Customer agrees to buy and which Celestica agrees to sell pursuant to the terms of Article 3.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>1.9</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>&#147;Obsolete&#148; Material shall have the meaning set forth in Article 17.4.</P>
<P style="margin-top:0px; margin-bottom:13.333px" align=justify><BR>
<BR></P>
<P style="margin:0px; text-indent:322.867px">1</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="margin:0px; page-break-before:always" align=center><B>[*] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 24b-2 of</B></P>
<P style="margin:0px" align=center><B>The Securities Exchange Act of 1934, as amended.</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>1.10</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>&#147;Order&#148; shall mean purchase order for Products and/or Services placed by the Customer subject to the terms and conditions of this Agreement.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>1.11</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>&#147;Prices&#148; shall mean the prices for Products and/or Services and/or non-recurring expenditure (&#147;NRE&#148;) (including, without limitation, tooling and fixtures and other agreed items) agreed between the parties from time to time.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>1.12</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>&#147;Products&#148; shall mean the products listed in Schedule 1 and described in the Specifications.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>1.13</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>&#147;RMA&#148; shall mean a return material authorisation to be provided by Celestica to the Customer.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>1.14</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>&#147;Services&#148; shall have the meaning set forth in Article 2.2.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>1.15</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>&#147;Specifications&#148; shall mean the requirements for the development, manufacture, test, and packaging of the Products, all as further specified in the documents listed in Schedule 1.</P>
<A NAME="_Toc241385823"></A><P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px; font-family:Times New Roman Bold"><B>2.</B></P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px; font-family:Times New Roman Bold"><B>SCOPE OF AGREEMENT</B></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>2.1</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>This Agreement will apply to all Orders for Products and Services placed by the Customer and accepted by Celestica under this Agreement.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>2.2</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>From time to time, Customer or its Affiliates may wish to purchase services from Celestica. Such &#147;Services&#148; may include, but shall not be limited to: development, design, engineering, out-of-warranty repair, prototyping, distribution or other services as Customer may request and Celestica may provide from time to time and which may be described in more detail in various statements of work or Orders. Unless otherwise agreed to in writing between the parties, Celestica shall perform all Services in accordance with the terms and conditions set forth in this Agreement and in accordance with Celestica&#146;s then-current fee schedule for such service, or if no fee exists for such service, at a mutually agreed upon price.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>2.3</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>Celestica will manufacture and deliver Products and supply Services pursuant to the terms of this Agreement, subject to the Customer first having provided Celestica with the specification for the Product, together with any Customer Information and all other necessary drawings, documentation, data, software, and other information of the Customer and any consigned materials necessary for the manufacture of Products and the provision of Services. Celestica is responsible for maintaining necessary drawings, documentation, data, software, and other information provided by the Customer.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>2.4</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>As required for the manufacture of the Products, Celestica will procure components, materials, equipment and other supplies, and manufacture, assemble, test and deliver Products pursuant to detailed written specifications, workmanship standards and quality requirements for each such Product as specified in the Schedule 1 Specifications, including applicable bills of materials, schematics, assembly drawings, process documentation, test specifications, current revision number, quality standards and approved vendor list.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>2.5</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>The Customer will accept Products and Services delivered, at agreed upon Prices, pursuant to the terms of this Agreement.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>2.6</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>Celestica shall provide reasonable information and technical support to Customer as required to assist Customer in obtaining regulatory certifications as well as country-by-country type approvals necessary for the distribution and sale of the Product in the jurisdictions specified by Customer.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>2.7</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>All previous agreements between the parties concerning the subject matter hereof are superseded and merged into this amended and restated Agreement for Manufacture including without limitation:</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px" align=justify>(a)</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px" align=justify>the Agreement for Manufacture which became effective 02 April 2003;</P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="margin:0px; text-indent:322.867px">2</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="margin:0px; page-break-before:always" align=center><B>[*] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 24b-2 of</B></P>
<P style="margin:0px" align=center><B>The Securities Exchange Act of 1934, as amended.</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px" align=justify>(b)</P>
<P style="margin:0px; padding-left:96px" align=justify>Amendment No. 1 to the Agreement for Manufacture which became effective 03 December 2004; and</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px" align=justify>(c)</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px" align=justify>Exhibit A, Fulfillment and Miscellaneous Services, to the Agreement for Manufacture which became effective 30 May 2003.</P>
<A NAME="_Toc241385824"></A><P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px; font-family:Times New Roman Bold"><B>3.</B></P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px; font-family:Times New Roman Bold"><B>FORECAST AND ORDER PROCEDURE</B></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>3.1</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>During the term of this Agreement, Customer agrees to purchase and Celestica agrees to provide a Minimum Order Quantity of two thousand (2000) Products per month (the &#147;Delivery Month&#148;). On a monthly basis, Customer will provide Celestica with an updated forecast (the &#147;Forecast&#148;) covering the upcoming ten (10) month period that specifies any Delivery Month where Customer&#146;s monthly order requirements are projected to exceed the Minimum Order Quantity. Customer will use its reasonable commercial efforts to ensure that the Forecast is accurate, but the Forecast will not constitute an Order. No less than two (2) months in advance of each Delivery Month, Customer will provide Order(s) to Celestica confirming the Minimum Order Quantity for that Delivery Month plus any quantity in excess of the Minimum Order Quantity as ordered by Customer.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>3.2</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>Celestica will acknowledge receipt of Orders as soon as reasonably practicable and notify the Customer of acceptance or non-acceptance of Orders within five working (5) days of receipt. Celestica shall not unreasonably refuse to accept an Order, provided that the Order is issued consistent with the Minimum Order Quantity for the Delivery Month, plus any excess quantity as Forecast by Customer for such Delivery Month.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>3.3</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>Following Customer&#146;s issuance of an Order, Customer may increase the quantity ordered for the specified Delivery Month as follows:</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px" align=justify>(a)</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px" align=justify>from 31 to 60 days in advance of the monthly period, an increase of up to [*]% can be incurred with no premium charges;</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px" align=justify>(b)</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px" align=justify>from 1 to 30 days in advance of the monthly period, an increase of up to [*]% can be incurred with no premium charges;</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>Changes outside the limits specified in 33 (a) and (b) are subject to Celestica&#146;s advance notice to Customer of a proposed premium and Customer&#146;s agreement to pay the proposed premium rates per Product.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>3.4</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>Orders will incorporate by reference, the terms and conditions of this Agreement. This Agreement shall supersede the terms and conditions of such Orders and exclude any pre-printed terms and conditions found on the Customer&#146;s Orders, which shall be deemed deleted. Orders will describe in more detail the required Product and/or Service to be rendered by Celestica and will include: the description and Price per unit of Product; the quantities ordered; Product revision details and such other information as the parties may agree is required. Orders may be issued in writing, by mail or facsimile, or by electronic means as agreed to by the parties.</P>
<A NAME="_Toc241385825"></A><P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px; font-family:Times New Roman Bold"><B>4.</B></P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px; font-family:Times New Roman Bold"><B>MATERIALS</B></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>4.1</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>The Customer hereby authorises Celestica, and Celestica shall be entitled, to order Materials in accordance with Material leadtimes (for which Customer will be responsible in accordance with Article 17 herein), as necessary to support Orders and Forecasts. Such authorisation shall include without limitation, additional Materials as are, in Celestica&#146;s opinion, reasonably required, taking into account any supplier minimum order requirements, packaging sizes and economic order quantities.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>4.2</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>Without limiting Article 4.1 above, where lead times for Materials are at any time longer than the period covered by Orders set out in Article 3.1(a) above, Celestica shall be authorized to order such Materials on the basis of the Forecast in order to meet the Customer&#146;s delivery requirements requested therein.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>4.3</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>Where the Customer so directs, Celestica will procure Materials in accordance with the Customer&#146;s approved vendor list. To use other vendors of Materials, Celestica must obtain the Customer&#146;s prior written consent, which consent shall normally be provided within fourteen (14) Days and, in any event, shall not be </P>
<P style="margin-top:0px; margin-bottom:13.333px"><BR>
<BR></P>
<P style="margin:0px; text-indent:322.867px">3</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="margin:0px; page-break-before:always" align=center><B>[*] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 24b-2 of</B></P>
<P style="margin:0px" align=center><B>The Securities Exchange Act of 1934, as amended.</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px">unreasonably withheld or delayed. Where the Customer has not directed the use of an approved vendor list, Celestica shall be responsible for all actions necessary to assure the timely and compliant procurement of Materials as necessary to meet Customer Order and Forecast requirements.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>4.4</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>In the event of any inconsistency between the terms and conditions of this Agreement and Customer negotiated terms and conditions with suppliers for Customer controlled components, then to the extent of any such inconsistencies, Celestica shall be relieved of any liability to Customer with respect to Customer controlled components.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>4.5</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>When requested by the Customer or as identified by Celestica, and upon receipt of a Customer Order, Celestica will purchase lifetime buys of Materials that exceed the Forecast.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>4.6</P>
<P style="line-height:normal; margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>Where the Customer directs Celestica to buy Materials from contracts that are negotiated by the Customer, the Customer will have primary responsibility for directing its suppliers to perform in accordance with these contracts, including resolving any quality issues and compensating Celestica <FONT style="font-size:9pt"><I>for </I></FONT>its reasonable costs related to Material quality issues.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>4.7</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>Customer will furnish the Materials specified in Schedule 2 to Celestica for use in the manufacture of the Products. In the event that such Customer-supplied Material is received by or provided to Celestica in a condition that is not suitable for its intended use, Celestica shall immediately notify Customer, and Customer shall, in its discretion, be responsible for the correction of such Material. Upon Celestica&#146;s acceptance of Customer-supplied Material, Celestica shall be responsible for loss of or damage to the Material where such loss or damage is the result of negligence of Celestica. Celestica shall not be responsible for reasonable attrition of Customer-supplied Material. The use by Celestica of Customer-supplied Material, which is provided in a suitable condition for its intended use, shall not relieve Celestica from its responsibility to manufacture and deliver Products in conformance with the requirements of this Agreement. All Customer-supplied Material shall remain the property of Customer, shall be maintained by Celestica only for Customer&#146;s work and shall be returned to Customer as provided in Article 17 below.</P>
<A NAME="_Toc241385826"></A><P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px; font-family:Times New Roman Bold"><B>5.</B></P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px; font-family:Times New Roman Bold"><B>DELIVERY AND RISK</B></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>5.1</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>Except as agreed otherwise, all Products sold to the Customer are delivered FCA (1NCOTERMS 2000) Celestica&#146;s premises of manufacture.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>5.2</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>The Customer will arrange transportation and specify carrier and transportation instructions. If the Customer has not done so, Celestica shall arrange for transportation on the Customer&#146;s behalf and at the Customer&#146;s cost, utilizing to the extent possible any Customer negotiated discount arrangements made available by Customer to Celestica.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>5.3</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>Celestica will meet agreed delivery dates, will advise the Customer promptly of any delivery delays, and will bear the cost of any reasonable premium freight charges, material expediting fees, and overtime labour necessarily incurred to mitigate the impact on Customer of actual or impending late deliveries, to the extent such lateness is attributable to Celestica.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>5.4</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>Risk of loss and damage will pass from Celestica to the Customer upon delivery by Celestica pursuant to Article 5.1 above.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>5.5</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>All Products will be packed by Celestica in accordance with the Schedule 1 Specification packaging requirements or otherwise as may be agreed to by the parties.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>5.6</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>The Customer is responsible for obtaining:</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px" align=justify>(a)</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px" align=justify>any necessary export and import licenses relating to Products; and</P>
<P style="margin-top:0px; margin-bottom:13.333px" align=justify><BR>
<BR></P>
<P style="margin:0px; text-indent:322.867px">4</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="margin:0px; page-break-before:always" align=center><B>[*] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 24b-2 of</B></P>
<P style="margin:0px" align=center><B>The Securities Exchange Act of 1934, as amended.</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px" align=justify>(b)</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px" align=justify>any government or regulatory approvals relating to the marketing, sale or use of Products and maintaining compliance with all applicable laws and regulations in any jurisdiction to or from which Products are shipped or in or from which the Products are marketed, distributed or sold.</P>
<A NAME="_Toc241385827"></A><P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px; font-family:Times New Roman Bold"><B>6.</B></P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px; font-family:Times New Roman Bold"><B>ACCEPTANCE OF PRODUCTS</B></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>6.1</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>The Customer may reject Products which, a) have been materially damaged by Celestica prior to delivery or b) have not met, in all material respects, the Specifications (&#147;Rejected Products&#148;).</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>6.2</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>The Customer will notify Celestica in writing of Rejected Products within thirty (30) Days of original delivery and will return Rejected Products at its risk to Celestica within a further fifteen (15) Days. The Customer requires an RMA from Celestica prior to returning any Product. Celestica&#146;s issuance of an RMA will not be unreasonably withheld.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>6.3</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>Upon return of the Rejected Products, Celestica will, as soon as reasonably practical at its election either repair, replace or credit the Customer for Rejected Products. The cost associated with any such repair, replacement, or credit will be the responsibility of Celestica. In the case of replacement or credit, title to the Rejected Product shall pass to Celestica on delivery to Celestica. Where the Customer has a preference for one of repair, replacement or credit, it shall communicate its preference to Celestica, which shall use its reasonable commercial efforts to accommodate the request.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>6.4</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>In the absence of earlier notification of rejection, the Customer will be deemed to have accepted Products thirty (30) Days after Customer&#146;s receipt of Products at Customer&#146;s facility.</P>
<A NAME="_Toc241385828"></A><P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px; font-family:Times New Roman Bold"><B>7.</B></P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px; font-family:Times New Roman Bold"><B>ORDER AND FORECAST, UPSIDE FLEXIBILITY, AND RESCHEDULING</B></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>7.1</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>Upon Customer&#146;s request, Celestica shall use its commercially reasonable efforts to:</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px" align=justify>(a)</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px" align=justify>accept unplanned Orders, or</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px" align=justify>(b)</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px" align=justify>accelerate delivery dates of existing Orders, or</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px" align=justify>(c)</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px" align=justify>accept increases in quantities on existing Orders; subject to the mutual agreement of the parties on any increased costs or premium charges incurred as a result of such activity.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>7.2</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>The Customer may delay or reschedule deliveries in advance of agreed delivery dates, subject to the limitations set forth in the table below:</P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR style="font-size:0"><TD width=168></TD><TD width=176></TD></TR>
<TR><TD style="border:1px solid #000000" valign=top width=168><P style="margin:0px; padding-left:7.2px">Maximum quantity of</P>
<P style="margin:0px; padding-left:7.2px">Products for a Delivery</P>
<P style="margin:0px; padding-left:7.2px">Month for which delivery</P>
<P style="margin:0px; padding-left:7.2px">may be delayed</P>
<P style="margin:0px; padding-left:7.2px">&nbsp;</P>
</TD><TD style="border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=176><P style="margin:0px">Number of days prior to the</P>
<P style="margin:0px; padding-left:2.4px">original scheduled Delivery</P>
<P style="margin:0px; padding-left:2.4px">Month on which a request for</P>
<P style="margin:0px; padding-left:2.4px">delayed delivery is made by</P>
<P style="margin:0px; padding-left:2.4px">Customer</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=168><P style="margin:0px; padding-left:7.2px">Minimum Order Quantity</P>
<P style="margin:0px; padding-left:7.2px">&nbsp;</P>
<P style="margin:0px; padding-left:7.2px">100% of Quantity in excess</P>
<P style="margin:0px; padding-left:7.2px">of Minimum Order Quantity</P>
<P style="margin:0px; padding-left:7.2px">&nbsp;</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=176><P style="margin:0px; padding-left:4.8px">No delay allowed</P>
<P style="margin:0px; padding-left:4.8px">&nbsp;</P>
<P style="margin:0px; padding-left:4.8px">30 or more days</P>
<P style="margin:0px; padding-left:4.8px">&nbsp;</P>
<P style="margin:0px; padding-left:4.8px">&nbsp;</P>
</TD></TR>
</TABLE>
<P style="margin:0px">&nbsp;</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>Celestica shall use its commercially reasonable efforts to mitigate the costs of Excess material caused by any such delay or rescheduling. Any Excess or Obsolete Material created as a result of such delay or rescheduling will be dealt with in accordance with Article 17.</P>
<P style="margin-top:0px; margin-bottom:13.333px" align=justify><BR>
<BR></P>
<P style="margin:0px; text-indent:322.867px">5</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="margin:0px; page-break-before:always" align=center><B>[*] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 24b-2 of</B></P>
<P style="margin:0px" align=center><B>The Securities Exchange Act of 1934, as amended.</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>7.3</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>For Quantities in Excess of the Minimum Order Quantity, a delivery may only be delayed or rescheduled (whether in whole or in part) once from its original scheduled delivery date and then only within the limitations set forth in the table above and only within a period of sixty (60) days from such original scheduled delivery date. Celestica may treat any attempt to delay or reschedule an Order more than once or outside such period as a Cancellation.</P>
<A NAME="_Toc241385829"></A><P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px; font-family:Times New Roman Bold"><B>8.</B></P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px; font-family:Times New Roman Bold"><B>CANCELLATION</B></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>8.1</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>Subject to Article 8.2, if Customer cancels an Order (or any part thereof), reschedules delivery of an Order outside of the limitations allowed pursuant to Article 7.2, or if an Order is deemed to be cancelled pursuant to Article 7.3 or 8.4, then:</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px" align=justify>(a)</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px" align=justify>in the case of prototypes, pilot, pre-production, work-in-process (which Supplier shall be entitled to complete and deliver to Company) or finished Products, Company shall pay to Supplier the full Price for such Order (or any part thereof) so cancelled;</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px" align=justify>(b)</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px" align=justify>Otherwise, Customer shall pay to Celestica the transformation cost of the Order(s) (or any part thereof) so cancelled, where &#147;transformation cost&#148; is defined as the full Product price that the Celestica would have received for such Products if it had completed the manufacturing process on the date the Order(s) (or any part thereof) was cancelled, minus Celestica&#146;s Material cost for such Products;</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px" align=justify>(c)</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px" align=justify>Customer shall pay for all costs associated with any Obsolete Inventory and/or Excess Inventory that arises as a result of the cancellation of such Order (or any part thereof), in accordance with Article 17 of this Agreement; and</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px" align=justify>(d)</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px" align=justify>Customer shall pay Celestica an amount equal to any investment incurred by Celestica specifically in relation to this Agreement with the prior agreement of Customer and which has not been fully recovered by Celestica from Customer through amortization or other means.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>8.2</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>If any Order (or part thereof) is cancelled due to a termination pursuant to Article 25, Customer may direct Celestica to cease its manufacturing operations in respect of Products affected by such termination. In the event of such termination, Customer shall pay to Celestica all relevant amounts specified in Article 25.3 and 25.4.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>8.3</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>Celestica will use its commercially reasonable efforts to attempt to mitigate the costs described above on behalf of the Customer. All costs of Obsolete or Excess Materials and related handling charges shall be addressed in accordance with Article 17.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>8.4</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>With the exception of Rejected Products in accordance with 6.1, if the Customer refuses or fails to accept any delivery made by Celestica pursuant to any Order or this Agreement, such Order (or the relevant part thereof) may, at Celestica&#146;s option, be deemed to have been cancelled by the Customer.</P>
<A NAME="_Toc241385830"></A><P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px; font-family:Times New Roman Bold"><B>9.</B></P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px; font-family:Times New Roman Bold"><B>PRICES</B></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>9.1</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>Celestica and Customer agree on the per unit current pricing in effect for Q4 2006, as outlined in Schedule 2. For 2007 pricing, Celestica commits to a minimum $[*] per unit price reduction for Monaco Products and Daytona Products in 2007, and a $[*] per unit price minimum reduction for the Talladega Product in 2007. These price reduction commitments are based on bills of material (&#147;BOM&#148;) current at the Effective Date. For 2008 and thereafter, Celestica and Customer will mutually agree on annual price reduction commitments on or before October 31 of the previous year.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>9.2</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>Celestica may, from time-to-time, request that Customer amend its Specifications so as to assist in cost reduction projects, which request may be accepted or denied at the sole discretion of the Customer.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>9.3</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>Payment by Customer of the Prices invoiced for a Product shall not constitute acceptance of such Product.</P>
<P style="margin-top:0px; margin-bottom:13.333px" align=justify><BR>
<BR></P>
<P style="margin:0px; text-indent:322.867px">6</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="margin:0px; page-break-before:always" align=center><B>[*] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 24b-2 of</B></P>
<P style="margin:0px" align=center><B>The Securities Exchange Act of 1934, as amended.</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>9.4</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>If, during any calendar year, Customer does not purchase at least [*] units in any combination of Products, Celestica reserves the right to renegotiate future pricing to reflect the effect of the actual annual volumes.</P>
<A NAME="_Toc241385831"></A><P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px; font-family:Times New Roman Bold"><B>10.</B></P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px; font-family:Times New Roman Bold"><B>PAYMENT</B></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>10.1</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>All Orders for Products will be invoiced based on the Prices specified in Article 9. Payment of invoices for Products as well as any other costs or charges payable by the Customer are: (a) due to Celestica without any set off or deduction; (b) in US Dollars; (c) within thirty (30) Days following the date of invoice unless otherwise specified herein; and (d) shall be made consistent with the terms of the Letter of Credit issued by Customer on behalf of Celestica as specified in Article 11.1.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>10.2</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>Celestica will invoice on, or as soon as reasonably practicable, after the delivery of Products pursuant to Article 5.1 or the rendering of Services.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>10.3</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>Unless the Customer provides appropriate exemption certificates, the Customer will be solely responsible for and will pay all taxes including value added taxes, duties or other governmental or regulatory charges in any country resulting from the performance of this Agreement, except for any income related taxes for which Celestica is directly liable.</P>
<A NAME="_Toc241385832"></A><P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px; font-family:Times New Roman Bold"><B>11.</B></P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px; font-family:Times New Roman Bold"><B>CUSTOMER LETTER OF CREDIT</B></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>11.1</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>The Customer acknowledges that Celestica, in the performance of its obligations under this Agreement, will incur financial obligations on behalf of the Customer. Customer agrees to implement, for the term of this Agreement, an irrevocable, standby Letter(s) of Credit, with Celestica as the beneficiary, in the aggregate amount of $[*], and in a form or format, and from a financial institution, all of which is acceptable to Celestica. If order volumes, order forecasts, Material leadtimes and/or Material prices change so that Celestica&#146;s gross risk is no longer covered by the Letter(s) of Credit, Celestica shall have the right to require Customer to increase the amount of the Letter(s) of Credit.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>11.2</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>Celestica and Customer will review Customer&#146;s financial performance on a quarterly schedule and Celestica will provide a Gross Risk Exposure report to Customer on a monthly basis. Based on Customer&#146;s financial performance and maintaining Celestica&#146;s Gross Risk Exposure below $[*], Customer may request that Celestica waive the requirement for the LoC, which request shall not be unreasonably denied. Should Celestica&#146;s Gross Risk Exposure exceed $[*] with an LoC in place or $11m without an LoC in place, then Celestica may request that Customer operate under &#147;pay on receipt&#148; terms.</P>
<A NAME="_Toc241385833"></A><P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px; font-family:Times New Roman Bold"><B>12.</B></P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px; font-family:Times New Roman Bold"><B>TITLE</B></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>12.1</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>Except as otherwise specified in Article 6.3 and Article 18.2, title and interest to Products will pass to the Customer upon delivery.</P>
<A NAME="_Toc241385834"></A><P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px; font-family:Times New Roman Bold"><B>13.</B></P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px; font-family:Times New Roman Bold"><B>INTELLECTUAL PROPERTY</B></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>13.1</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>All existing Intellectual Property owned by or licensed to the Customer will continue to be owned by the Customer and, accordingly, Celestica is authorized to exercise Customer&#146;s &#147;have made&#148; rights thereunder and to use such of it as may be necessary for Celestica to perform its obligations under this Agreement. With respect to any Intellectual Property licensed to the Customer, the Customer warrants that such license is in good standing and includes all necessary &#147;have made&#148; rights.</P>
<P style="margin-top:0px; margin-bottom:13.333px" align=justify><BR>
<BR></P>
<P style="margin:0px; text-indent:322.867px">7</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="margin:0px; page-break-before:always" align=center><B>[*] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 24b-2 of</B></P>
<P style="margin:0px" align=center><B>The Securities Exchange Act of 1934, as amended.</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>13.2</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>All existing Intellectual Property of Celestica will continue to be owned by Celestica and all Intellectual Property arising in the course of Celestica&#146;s performance of this Agreement will be owned by Celestica other than Intellectual Property solely and uniquely related to Products which shall be owned by the Customer.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>13.3</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>Nothing in this Agreement or any Order grants or can be capable of granting to a party (whether directly, indirectly, or by implication, estoppel or otherwise) any rights to any Intellectual Property owned by or licensed to the other party.</P>
<A NAME="_Toc241385835"></A><P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px; font-family:Times New Roman Bold"><B>14.</B></P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px; font-family:Times New Roman Bold"><B>QUALITY ASSURANCE</B></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>14.1</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>Celestica will maintain quality assurance systems for the control of material quality, processing, assembly, testing, packaging and shipping in accordance with its usual policies and practices. The workmanship standards to be used in building Product includes IPC-A-610 Rev. C Class 2, as published by the Institute for Interconnecting and Packaging Electronic Circuits, as well as any other standards specified in the Schedule 1 Specifications.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>14.2</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>Celestica will perform its normal test procedures relating to Products and Services, and/or such other test procedures as mutually agreed by the parties. The parties recognise that documented test coverage is not complete and there is a finite risk of defects escaping test. If this occurs, the parties will in good faith implement a solution and allocate cost responsibilities.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>14.3</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>Either party may during normal business hours and following reasonable notice and subject to the other party&#146;s normal security and confidentiality requirements, review the other party&#146;s facilities and quality control procedures as reasonably necessary for the first party to satisfy itself of the other party&#146;s compliance with its obligations under this Agreement.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>14.4</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>The parties will endeavour to meet quarterly to discuss and resolve any issues which may have arisen including those relating to quality, performance, engineering changes, obsolescence or excess.</P>
<A NAME="_Toc241385836"></A><P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px; font-family:Times New Roman Bold"><B>15.</B></P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px; font-family:Times New Roman Bold"><B>CHANGE CONTROL</B></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>15.1</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>Either party may at any time propose changes to the relevant specification or the Products by a written Engineering Change Notice (&#147;ECN&#148;) to the other party.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>15.2</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>The recipient of an ECN will use all reasonable efforts to provide a detailed response within fourteen (14) Days of receipt.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>15.3</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>Celestica will advise the Customer of the likely impact of an ECN (including but not limited to delivery scheduling and Prices) on the provisions of any relevant Orders.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>15.4</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>Neither party will unreasonably withhold or delay agreement to an ECN and the parties will endeavor to agree and implement at the earliest opportunity ECN&#146;s relating to personal and product safety.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>15.5</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>Until an ECN and any associated impact have been agreed in writing, the parties will continue to perform their obligations without taking account of that ECN.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>15.6</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>Any Obsolete and/or Excess Materials resulting from an ECN will be dealt with in accordance with Article 17 below.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>15.7</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>All costs of implementing ECN&#146;s (including without limitation: premium costs of Materials; Material handling charges; process and tooling charges; administrative charges; engineering charges; and evaluation and testing costs) will be the responsibility of the Customer, except for ECN&#146;s initiated by Celestica solely to improve its manufacturing processes.</P>
<A NAME="_Toc241385837"></A><P style="margin-top:0px; margin-bottom:13.333px"><BR>
<BR></P>
<P style="margin:0px; text-indent:322.867px">8</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="margin:0px; page-break-before:always" align=center><B>[*] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 24b-2 of</B></P>
<P style="margin:0px" align=center><B>The Securities Exchange Act of 1934, as amended.</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px; font-family:Times New Roman Bold"><B>16.</B></P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px; font-family:Times New Roman Bold"><B>COST SAVING SHARING</B></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>16.1</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>Any cost savings which are achieved by Celestica as a result of changes proposed by Celestica or Iridium will be dealt with in the following manner and the calculation of such cost savings sharing will commence immediately after Celestica&#146;s implementation costs are recovered (as mutually agreed upon by the parties): (a) Celestica and the customer share the savings on a 50/50 basis for the remainder of the quarter in which Celestica&#146;s implementation costs are recovered, and thereafter, 100% of the savings will be to the benefit of the Customer.</P>
<A NAME="_Toc241385838"></A><P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px; font-family:Times New Roman Bold"><B>17.</B></P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px; font-family:Times New Roman Bold"><B>EXCESS AND/OR OBSOLETE MATERIAL</B></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>17.1</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>If at any time, the aggregate quantity of any item of Material that Celestica has on hand, which has been ordered, manufactured or acquired in accordance with Article 3 and Article 4, is greater than the quantity of such Material Forecasted to be consumed by Celestica in the manufacture of Products for Customer under this Agreement in the subsequent (a) ninety (90) Days, then such excess quantity of Material shall be deemed &#147;Excess&#148; or (b) one hundred eighty (180) days, then such excess quantity of Material shall be deemed &#147;Obsolete&#148;.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>17.2</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>Quarterly, Celestica shall provide Customer with a notice, setting out the amount and value of any Excess Material on hand at the end of the quarter, plus an invoice for an inventory carrying charge in the amount of one and one half (1.5) percent per month of the value of such Excess Material which have been Excess for longer than 45 days. Also quarterly, Celestica shall deliver to the Customer and submit an invoice for, any inventory which has been Excess for ninety (90) days or is Obsolete.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>17.3</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>In the event of:</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px" align=justify>(a)</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px" align=justify>a complete or partial termination, rescheduling or cancellation of an Order, or</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px" align=justify>(b)</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px" align=justify>a reduction in a Forecast, or</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px" align=justify>(c)</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px" align=justify>the termination of all or any part of this Agreement, or</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px" align=justify>(d)</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px" align=justify>any other event, including a change in specifications or an engineering change,</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>which results in any Material which Celestica has purchased or issued a purchase order to the Material vendor for in accordance with Article 3 and Article 4, no longer being required by Celestica to manufacture Products (or being otherwise unsuitable for use in the manufacture of Products due to the passage of time) within Customer&#146;s contemplated manufacturing quantity for the Product as specified in Article 3.2, such Material shall be considered &#147;Obsolete&#148; and Customer shall be notified of the same subsequent to Celestica&#146;s mitigation efforts as specified in Article 17.6 below. Customer shall, within seven (7) business days of receiving such notice, issue an inventory Order to Celestica for such Obsolete Material, pursuant to Article 17.5 below.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>17.4</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>Customer will purchase the Excess Material and/or the Obsolete Material, as the case may be, pursuant to an inventory purchase order at the price paid by Celestica for such Excess or Obsolete Material, together with the Material mark-up reflected in the Product pricing. Any Excess or Obsolete Material purchased by Customer from Celestica pursuant to an inventory purchase order shall be deemed Customer Owned Inventory. The inventory purchase order include the costs of mitigation incurred by Celestica pursuant to Article 17.6 below, shall including under-recoveries resulting from the sale of Material at prices less than the price originally paid by Celestica for such Material, as well as costs relating to re-stocking or return charges.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>17.5</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>When any Material is for any reason at any time rendered Excess or Obsolete, Celestica will use its reasonable efforts to:</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px" align=justify>(a)</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px" align=justify>cancel outstanding orders for such Materials; and</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px" align=justify>(b)</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px" align=justify>return or sell such Materials back to the original supplier or to a third party on such terms as Celestica may determine at its discretion; and</P>
<P style="margin-top:0px; margin-bottom:13.333px" align=justify><BR>
<BR></P>
<P style="margin:0px; text-indent:322.867px">9</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="margin:0px; page-break-before:always" align=center><B>[*] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 24b-2 of</B></P>
<P style="margin:0px" align=center><B>The Securities Exchange Act of 1934, as amended.</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px" align=justify>(c)</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px" align=justify>use excess/non-cancellable Materials for the manufacture of other Products. </P>
<P style="margin-top:0px; margin-bottom:13.333px">Such mitigation efforts shall continue for a period of up to thirty (30) Days.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>17.6</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>All invoices relating to Excess or Obsolete Material, as specified in this Article 17, shall be due to Celestica in accordance with the payment terms specified in Article 10.1.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>17.7</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>Notwithstanding the persons designated in Article 26.5, all notices, inventory purchase orders and any other communication required to be made or delivered by either party to the other party pursuant to this Article 17 shall be sent to representatives agreed to by the parties.</P>
<A NAME="_Toc241385839"></A><P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px; font-family:Times New Roman Bold"><B>18.</B></P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px; font-family:Times New Roman Bold"><B>CELESTICA WARRANTY</B></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>18.1</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>Celestica warrants that it will without charge, repair, replace or credit, as it may elect, any Products which are proved to be defective as a result of a failure in Celestica&#146;s workmanship provided that such defective Product has been returned prepaid to Celestica&#146;s designated repair location within [*] months after original delivery to Customer (which period shall not be extended by the repair or replacement of Product), except where the defect is discovered in the last month of the warranty. And where Customer notifies Celestica in accordance with Article 18.1 (a) above and returns the defective Product no later than thirty Days after the expiration of the warranty period, then the warranty shall be deemed to still be in effect. To the maximum extent allowed by its agreements with suppliers, Celestica shall pass through to Customer and shall administer on Customer&#146;s behalf; Material warranties from component and raw material suppliers.</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>The Customer requires a return material authorization (RMA) from Celestica prior to returning any Products. All returned Product shall include documentation describing the nature of the defect, how it was discovered and under what conditions it occurred. Celestica&#146;s issuance of an RMA will not be unreasonably withheld.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>18.2</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>The Customer will pay for the return of Products to Celestica&#146;s designated premises. Celestica will pay for the redelivery to the Customer&#146;s premises in the USA of all repaired or replaced Products, where the returned Products were found by Celestica to be defective under Article 18.1 above. For any Products which are found by Celestica not to be so defective the Customer will pay to Celestica all redelivery costs and an administrative fee (no defect found charge) of $[*] per unit of each such Product In the case of Product replacement: title to replaced Product will pass to Celestica on delivery to Celestica; and title to replacement Product will pass to the Customer on delivery to the Customer.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>18.3</P>
<P style="margin-top:0px; margin-bottom:8.867px; padding-left:48px" align=justify>The above warranties will not apply to:</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px" align=justify>(a)</P>
<P style="margin-top:0px; margin-bottom:8.867px; padding-left:96px" align=justify>Products which have been misused, modified, damaged, placed in an unsuitable physical or operating environment or maintained improperly or caused to fail by any product or service not supplied by Celestica or to any Products which have been subjected to any repair not authorised in writing in advance by Celestica;</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px" align=justify>(b)</P>
<P style="margin-top:0px; margin-bottom:8.867px; padding-left:96px" align=justify>any defect caused by the Customer or a third party or by an error or omission or design or other fault in any Customer Information or in any other drawings, documentation, data, software, information, know-how or Materials provided or specified by the Customer;</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px" align=justify>(c)</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px" align=justify>prototypes and pre-production or pilot versions of Products which will be supplied &#147;as is&#148; without warranty of any kind; or</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px" align=justify>(d)</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px" align=justify>Products for which Celestica has not performed the standard inspection and test procedure at the request of the Customer.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>18.4</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>THIS ARTICLE 18 SETS OUT CELESTICA&#146;S SOLE OBLIGATION AND LIABILITY, AND THE CUSTOMER&#146;S EXCLUSIVE REMEDIES, FOR CLAIMS BASED ON DEFECTS IN OR FAILURE OF ANY PRODUCT OR SERVICE OR THE SUBJECT MATTER OF ANY SERVICE AND REPLACES ALL</P>
<P style="margin-top:0px; margin-bottom:13.333px" align=justify><BR>
<BR></P>
<P style="margin:0px; text-indent:322.867px">10</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="margin:0px; page-break-before:always" align=center><B>[*] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 24b-2 of</B></P>
<P style="margin:0px" align=center><B>The Securities Exchange Act of 1934, as amended.</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>OTHER WARRANTIES, REPRESENTATIONS AND CONDITIONS, EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO IMPLIED WARRANTIES, REPRESENTATIONS OR CONDITIONS OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE.</P>
<A NAME="_Toc241385840"></A><P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px; font-family:Times New Roman Bold"><B>19.</B></P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px; font-family:Times New Roman Bold"><B>CUSTOMER WARRANTY</B></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>19.1</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>The Customer warrants that the Customer Information and any other items or information supplied by the Customer are accurate and contain all items and information of the Customer necessary for Celestica to manufacture and deliver the Products and Services.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>19.2</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>Celestica will notify the Customer of any manufacturing problems which it encounters and believes are related to the Product design or any Customer Information. The parties will jointly determine whether such manufacturing problems are attributable to the Product design or any Customer Information. Where such problems are so attributable, the parties will discuss cost responsibility, however, the basic assumption is that Customer will bear the costs incurred by Celestica to correct such problems. Celestica will not implement any changes to the Product design or any Customer Information without the Customer&#146;s prior approval. Where any such changes result in the delay of any scheduled delivery date for Product, Celestica will have no liability for such delay.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>19.3</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>Prior to start of Celestica&#146;s manufacturing, Customer shall validate and certify that all bill of material and approved vendor listing information is correct and accurate.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>19.4</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>Customer assumes full responsibility, including responsibility for reasonable expenses incurred by Celestica if any consigned material is the cause of deficiencies or failures in the Product.</P>
<A NAME="_Toc241385841"></A><P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px; font-family:Times New Roman Bold"><B>20.</B></P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px; font-family:Times New Roman Bold"><B>INDEMNIFICATION</B></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>20.1</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>Customer agrees to indemnify, defend and hold harmless Celestica from and <U>against</U> all third party claims, costs, damages, fines, losses and expenses (including reasonable attorney&#146;s fees) to the extent that such claims, costs, damages, fines, losses and expenses result from: (i) death, personal injury or property damage arising from Customer&#146;s negligent acts or omissions or wilful misconduct; or, (ii) an intellectual property infringement claim arising from any specifications, software, information supplied or any instructions given to Celestica by or on behalf of the Customer provided that Celestica gives Customer prompt notice in writing of the claim, provides reasonable assistance and co-operation to Customer in defense of the claim and permits Customer to control the defense of the claim. Celestica may employ counsel, at its own expense, to assist in the defense of the claim. Celestica shall have no authority to settle any claim on behalf of the Customer.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>20.2</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>Celestica agrees to indemnify, defend and hold harmless Customer from and against all third party claims, costs, damages, fines, losses and expenses (including reasonable attorney&#146;s fees) to the extent that such claims, costs, damages, fines, losses and expenses result from: (i) death, personal injury or property damage arising from Celestica&#146;s negligent acts or omissions or wilful misconduct; or, (ii) an intellectual property infringement claim arising from Celestica proprietary manufacturing processes or other Celestica-supplied information used for the Customer provided that Customer gives Celestica prompt notice in writing of the claim, provides reasonable assistance and co-operation to Celestica in defense of the claim and permits Celestica to control the defense of the claim. Customer may employ counsel, at its own expense, to assist in the defense of the claim. Customer shall have no authority to settle any claim on behalf of Celestica.</P>
<A NAME="_Toc241385842"></A><P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px; font-family:Times New Roman Bold"><B>21.</B></P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px; font-family:Times New Roman Bold"><B>CUSTOMER PROPERTY</B></P>
<P style="margin-top:0px; margin-bottom:13.333px" align=justify><BR>
<BR></P>
<P style="margin:0px; text-indent:322.867px">11</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="margin:0px; page-break-before:always" align=center><B>[*] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 24b-2 of</B></P>
<P style="margin:0px" align=center><B>The Securities Exchange Act of 1934, as amended.</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>21.1</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>All Customer Information may be used solely by Celestica as required by Celestica for the purposes of performing its obligations under this Agreement and any Orders.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>21.2</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>All Customer Information will remain the Customer&#146;s property and will be treated by Celestica with substantially the same care as it treats its own property of a similar nature.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>21.3</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>Except for routine maintenance and routine calibration of Customer tooling, the costs of maintenance, calibration and repair of any Customer tooling shall at all times be the responsibility of the Customer.</P>
<A NAME="_Toc241385843"></A><P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px; font-family:Times New Roman Bold"><B>22.</B></P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px; font-family:Times New Roman Bold"><B>CONFIDENTIALITY</B></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>22.1</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>The parties will comply with the provisions of the Confidentiality Agreement between Iridium Satellite LLC and Celestica Corporation dated February 8, 2002, regarding the exchange of confidential information in general, and the Non-Disclosure Agreement among SE Licensing LLC, Iridium Satellite LLC, and Celestica Corporation dated April 2, 2003, regarding the &#147;Subscriber Equipment Technical Information&#148; as that term is defined therein.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>22.2</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>Nothing in this Agreement gives either party a right to use the other party&#146;s name, trade mark(s), trade name(s) or to refer to, or disclose, the existence of this Agreement or any Orders or any terms and conditions of this Agreement or any Orders, whether directly or indirectly in connection with any marketing or other activities without the other party<SUP>&#146;</SUP>s prior written consent. Either party may, however, be permitted to respond generally to inquiries regarding its business provided that it will not disclose specific terms of the Agreement, except as may be required under applicable laws and regulations.</P>
<A NAME="_Toc241385844"></A><P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px; font-family:Times New Roman Bold"><B>23.</B></P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px; font-family:Times New Roman Bold"><B>FREEDOM OF ACTION</B></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>23.1</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>Except as expressly provided pursuant to Articles 21.2 and 22 above, this Agreement shall not prevent Celestica or its Affiliates from marketing, acquiring, or developing materials, products or services which are similar or competitive to those of the Customer. Celestica may pursue activities independently with any third party, even if similar to the activities under this Agreement.</P>
<A NAME="_Toc241385845"></A><P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px; font-family:Times New Roman Bold"><B>24.</B></P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px; font-family:Times New Roman Bold"><B>EXCLUSIONS AND LIMITATION OF LIABILITY</B></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>24.1</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>To the maximum extent permitted by law, under no circumstances will either party have any liability, whether in contract or for negligence or otherwise and whether related to any single event or series of connected events, and except for any obligation to pay amounts which are properly due and payable hereunder, for any of the following:</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px" align=justify>(a)</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px" align=justify>any liability in excess of:</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:144px; text-indent:-48px" align=justify>(i)</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:144px" align=justify>in the case of damage to or loss of tangible property, the value of such property; and</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:144px; text-indent:-48px" align=justify>(ii)</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:144px" align=justify>in any event, regarding any other liability, the total of the Prices (if any) paid by the Customer for the product(s) which is the subject of the claim or $[*] (whichever is the lesser)</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px" align=justify>(b)</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px" align=justify>any liability for any incidental, indirect or consequential damages or loss of business, loss of records or data, loss of use, loss of profits, revenue or anticipated savings or other economic loss whether or not a party was informed or was aware of the possibility of such loss; or</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px" align=justify>(c)</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px" align=justify>any third party claims, other than claims arising under Article 20, against the other party for any loss, damage, costs or expenses.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>24.2</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>Neither party may bring an action under this Agreement more than [*] ([*]) years after the cause of action arose.</P>
<A NAME="_Toc241385846"></A><P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px; text-indent:322.867px">12</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="margin:0px; page-break-before:always" align=center><B>[*] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 24b-2 of</B></P>
<P style="margin:0px" align=center><B>The Securities Exchange Act of 1934, as amended.</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px; font-family:Times New Roman Bold"><B>25.</B></P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px; font-family:Times New Roman Bold"><B>TERM AND TERMINATION</B></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>25.1</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>This Agreement:</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px" align=justify>(a)</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px" align=justify>is effective from the Effective Date and continues for a period of three (3) years from the Effective Date unless and until terminated in accordance with this Article 25; and</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px" align=justify>(b)</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px" align=justify>will automatically renew for additional one (1) year terms after the expiration of the initial term unless either party receives from the other, at least ninety (90) days prior to the end of the initial term or any renewal term, written notice to terminate this Agreement at the end of the then current term.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>25.2</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>Either party may terminate this Agreement by giving to the other party 180 days prior written notice at any time. In the event of termination pursuant to this Article 25.2:</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px" align=justify>(a)</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px" align=justify>termination of this Agreement will not prejudice accrued rights and liabilities (including payment of Prices for Product delivered) of either party; and</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px" align=justify>(b)</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px" align=justify>on the termination or other discharge of this Agreement Celestica will, in so far as reasonably practicable following the Customer&#146;s request, deliver up to the Customer at the Customer&#146;s expense and risk all Customer Information (for which, if applicable, Celestica has been paid in full) on an &#147;as is&#148; basis.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>25.3</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>Either party may terminate any Order and/or this Agreement:</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px" align=justify>(a)</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px" align=justify>if the other party commits a material breach of any of the terms of this Agreement and fails to remedy the breach, or, in the event of a breach by Celestica, present a plan for a cure which is acceptable to the Customer, within thirty (30) Days of written notice requiring it to do so; or</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px" align=justify>(b)</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px" align=justify>immediately, if the other party becomes insolvent or is declared bankrupt, or if a receiver and manager, liquidator, trustee in bankruptcy or other officer with similar powers is appointed over all or a substantial part of the assets of that party, or if that party files a proposal or a notice of intention to make a proposal under the Bankruptcy and Insolvency Act or any similar law, or any equivalent event occurs under any relevant jurisdiction;</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>and, in any such case on termination under 25.3 (a) or (b) above, the terminating party shall have no further obligations to the other party except:</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px" align=justify>(c)</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px" align=justify>for Customer to make payment of Prices for Product delivered prior to the date of termination;</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px" align=justify>(d)</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px" align=justify>except in the event of a termination for the default of Celestica, for Customer to make payment for any Orders cancelled, in accordance with Article 8.2, In the event of a termination for the default of Celestica, Customer shall nonetheless remain responsible for any Obsolete Inventory and Excess Inventory created by such termination in accordance with section 8.1 (c)</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px" align=justify>(e)</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px" align=justify>for Celestica to, in so far as reasonably practicable following the Customer&#146;s request, deliver up to the Customer at the Customer&#146;s expense and risk all Customer Information (for which, if applicable, Celestica has been paid in full) on an &#147;as is&#148; basis; and</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px" align=justify>(f)</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px" align=justify>for Celestica to deliver all Customer-supplied, Excess and/or Obsolete Materials to Customer as soon as reasonably practicable.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>25.4</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>For convenience termination by either party or default termination by Celestica, the terms of Article 8 &#147;Cancellation&#148; will apply to any Orders cancelled as a result of termination pursuant to this Article 25, and the terms of Article 17 &#147;Excess and/or Obsolete Material&#148; will apply to any Material rendered Excess or Obsolete by such cancellation.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>25.5</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>For convenience termination by either party or default termination by Celestica, Celestica will be entitled at its option to perform all accepted Orders placed prior to the termination or expiration of this Agreement and the terms of this Agreement will continue to apply to such Orders.</P>
<A NAME="_Toc241385847"></A><P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px; text-indent:322.867px">13</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="margin:0px; page-break-before:always" align=center><B>[*] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 24b-2 of</B></P>
<P style="margin:0px" align=center><B>The Securities Exchange Act of 1934, as amended.</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px; font-family:Times New Roman Bold"><B>26.</B></P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px; font-family:Times New Roman Bold"><B>GENERAL</B></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>26.1</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify><B>Resale, import and export</B> - The Customer will comply with all applicable laws and regulations and will obtain all necessary licenses and consents for the resale, import or export of Products under the laws and regulations of any relevant jurisdiction. Celestica shall not export, directly or indirectly, any equipment, information or technical data under this Agreement to any individual or country for which the U.S. Government at the time of export requires an export license or other governmental approval without first confirming that Customer has obtained such license or approval. Customer shall use its reasonable commercial efforts to identify to Celestica the export control status of equipment, data and information it provides to Celestica.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>26.2</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify><B>Effective terms and precedence</B> -</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px" align=justify>(a)</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px" align=justify>Together with Orders, the terms of this Agreement constitute the entire agreement between the parties in respect of the subject matter thereof and supersede and exclude all other representations, promises and proposals, whether oral or written.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px" align=justify>(b)</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px" align=justify>Any standard terms and conditions set out in any Customer Order form will be without effect.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px" align=justify>(c)</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px" align=justify>Any rights or obligations under this Agreement which by their nature continue after termination will remain in effect until they are completed.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px" align=justify>(d)</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px" align=justify>If there is any conflict or inconsistency between the terms of any Order or other documents and the terms of this Agreement, then the terms of this Agreement will prevail over the Order or any other such document.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>26.3</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify><B>Severability - </B>If any provision or any part thereof contained in any Order or this Agreement is, for any reason, held to be invalid or unenforceable in any respect under the laws of any jurisdiction where enforcement is sought, such invalidity or unenforceability will not affect any other provision of such Order or this Agreement, and such Order and this Agreement will be construed as if such invalid or unenforceable provision or part thereof had not been contained therein.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>26.4</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify><B>Variations - </B>No purported variation or amendment of this Agreement or any Order will be valid unless made or confirmed in writing by a duly authorised representative of each party.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>26.5</P>
<P style="line-height:normal; margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify><B>Notices</B> - All notices must be in writing and sent by prepaid registered mail, by facsimile or by electronic mail or delivered personally to the parties at their respective addresses set out below or such other address as may <FONT style="font-family:Bookman Old Style; font-size:8pt">be </FONT>notified from time to time by the addressee to the other party. A notice shall be deemed to <I>have </I>been given on the date of receipt if sent by prepaid registered mail, on the date of transmission in the case of facsimile or electronic communication or on the date of delivery if it is delivered by hand.</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>Notices delivered to Customer shall be delivered to:</P>
<P style="margin:0px; padding-left:96px; padding-right:96px">Iridium Satellite LLC</P>
<P style="margin:0px; padding-left:96px; padding-right:96px">8440 South River Parkway</P>
<P style="margin:0px; padding-left:96px; padding-right:96px">Tempe AZ 85284</P>
<P style="margin:0px; padding-left:96px; padding-right:96px">Attention: Jim Hammant</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px; padding-right:96px">fax 480-752-5185 </P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>With a copy to:</P>
<P style="margin:0px; padding-left:96px; padding-right:96px">Iridium Satellite LLC</P>
<P style="margin:0px; padding-left:96px; padding-right:96px">6701 Democracy Blvd.</P>
<P style="margin:0px; padding-left:96px; padding-right:96px">Suite 500</P>
<P style="margin:0px; padding-left:96px; padding-right:96px">Bethesda, MD 20817</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px; padding-right:96px">Attention: Chief Counsel</P>
<P style="margin-top:0px; margin-bottom:13.333px"><BR>
<BR></P>
<P style="margin:0px; text-indent:322.867px">14</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="margin:0px; page-break-before:always" align=center><B>[*] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 24b-2 of</B></P>
<P style="margin:0px" align=center><B>The Securities Exchange Act of 1934, as amended.</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px; padding-right:96px">fax (301-571-6250)</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>Notices delivered to Celestica shall be delivered to:</P>
<P style="margin:0px; padding-left:96px; padding-right:96px">Celestica Corporation</P>
<P style="margin:0px; padding-left:96px; padding-right:96px">4300 West Round Lake Road Arden Hills MN 55112</P>
<P style="margin:0px; padding-left:96px; padding-right:96px">Attention: General Manager </P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px; padding-right:96px">Fax: 651-604-2420</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>With a copy to:</P>
<P style="margin:0px; padding-left:96px; padding-right:96px">Celestica International Inc.</P>
<P style="margin:0px; padding-left:96px; padding-right:96px">1150 Eglinton Avenue East </P>
<P style="margin:0px; padding-left:96px; padding-right:96px">Toronto, Canada</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px; padding-right:96px">M3C 1H7</P>
<P style="margin:0px; padding-left:96px; padding-right:96px">Attention: Corporate Contracts Department </P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px; padding-right:96px">fax: 416-448-2817</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>26.6</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify><B>Waiver - </B>The waiver of any term, condition or provision of this Agreement must be in writing and signed by an authorized representative of the waiving party. Any such waiver will not be construed as a waiver of any other term, condition or provision except as provided in writing, nor a waiver of any subsequent breach of the same term, condition or provision.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>26.7</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify><B>Force majeure</B></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px" align=justify>(a)</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px" align=justify>Except for defaults of subcontractors at any tier, Celestica shall not be in default because of any failure to perform this contract under its terms if the failure arises from causes beyond its control and without its fault or negligence. Examples of these causes are:</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:144px; text-indent:-48px" align=justify>(i)</P>
<P style="margin:0px; padding-left:144px" align=justify>acts of God or of the public enemy;</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:144px; text-indent:-48px" align=justify>(ii)</P>
<P style="margin:0px; padding-left:144px" align=justify>acts of the Government in either its sovereign or contractual capacity;</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:144px; text-indent:-48px" align=justify>(iii)</P>
<P style="margin:0px; padding-left:144px" align=justify>fires;</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:144px; text-indent:-48px" align=justify>(iv)</P>
<P style="margin:0px; padding-left:144px" align=justify>floods;</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:144px; text-indent:-48px" align=justify>(v)</P>
<P style="margin:0px; padding-left:144px" align=justify>epidemics or pandemics;</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:144px; text-indent:-48px" align=justify>(vi)</P>
<P style="margin:0px; padding-left:144px" align=justify>quarantine restrictions;</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:144px; text-indent:-48px" align=justify>(vii)</P>
<P style="margin:0px; padding-left:144px" align=justify>strikes;</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:144px; text-indent:-48px" align=justify>(viii)</P>
<P style="margin:0px; padding-left:144px" align=justify>freight embargoes; and</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:144px; text-indent:-48px" align=justify>(ix)</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:144px" align=justify>unusually severe weather.</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>In each instance, the failure to perform must be beyond the control and without the fault or negligence of Celestica. &#147;Default&#148; includes failure to make progress in the work so as to endanger performance.</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify>If the failure to perform is caused by the failure of a subcontractor at any tier to perform or make progress, and if the cause of the failure was beyond the control of both Celestica and subcontractor, and without the fault or negligence of either, Celestica shall not be deemed to be in default.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>26.8</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify><B>Assignment</B> -</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px" align=justify>(a)</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px" align=justify>Neither party may assign this Agreement or any Order or any part thereof without the written consent of the other party, such consent not to be unreasonably withheld.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px" align=justify>(b)</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px" align=justify>The expressions &#147;Celestica&#148; and the &#147;Customer&#148; include their respective successors and permitted assigns where the context admits.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px" align=justify>(c)</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:96px" align=justify>Notwithstanding Article 26.8 (a) above, and unless the non-assigning party can reasonably demonstrate that such an assignment is materially detrimental to its commercial interests, this Agreement may be </P>
<P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px; text-indent:322.867px">15</P>
<P style="margin:0px"><BR></P>
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<P style="margin:0px; page-break-before:always" align=center><B>[*] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 24b-2 of</B></P>
<P style="margin:0px" align=center><B>The Securities Exchange Act of 1934, as amended.</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:96px">assigned to a third party when required as the result of a merger, acquisition, re-capitalization or other similar capital event, or other legal transfer of a party&#146;s partial or complete assets to such third party.</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>26.9</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify><B>Relationship </B>of <B>the parties - </B>The relationship of Celestica and Customer as established under this Agreement and any Order(s) will be and at all times remain one of independent contractors, and neither party will at any time nor in any way represent itself as being a dealer, agent or other representative of the other party or as having authority to assume or create obligations or otherwise act in any manner on behalf of the other party.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>26.10</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify><B>Headings - </B>The headings in this Agreement are inserted for convenience only and do not constitute a part of any agreement nor are they to be referred to in its interpretation.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>26.11</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify><B>Governing law - </B>This Agreement and all transactions under it will be governed by the laws of the State of Delaware, USA exclusive of any provisions of the United Nations Convention on the International Sale of Goods and without regard to principles of conflict of laws. The parties submit to the non-exclusive jurisdiction of the courts of Delaware, USA.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>26.12</P>
<P style="margin-top:0px; margin-bottom:13.333px; padding-left:48px" align=justify><B>Socioeconomic Requirements - </B>During the performance of this Agreement, Celestica agrees to comply with all Federal, State and local laws concerning discrimination in employment and non-segregation of facilities including, but not limited to, the requirements of Executive Order 11246 (41 CFR 60-1.4), Section 503 of the Rehabilitation Act of 1973 (41 CFR 60-741.4), and the Vietnam Era Veteran<SUP>&#146;</SUP>s Readjustment Assistance Act of 1974 (41 CFR 60-250.4).</P>
<P style="margin-top:0px; margin-bottom:13.333px"><B>AGREED TO BY THE DULY AUTHORIZED REPRESENTATIVES OF THE PARTIES AS OF THE DATE FIRST SET FORTH ABOVE:</B></P>
<P style="margin-top:0px; margin-bottom:-16px"><U>&nbsp;&nbsp;/s/ James E.Hamarit&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P style="margin:0px; text-indent:319.8px"><U>&nbsp;&nbsp;/s/ Peter Lindgren&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P style="margin-top:0px; margin-bottom:-16px">Signed by:</P>
<P style="margin:0px; text-indent:319.8px">Signed by:</P>
<P style="margin-top:0px; margin-bottom:-16px"><U>James E.Hamarit&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P style="margin:0px; text-indent:319.8px"><U>Peter Lindgren&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P style="margin-top:0px; margin-bottom:-16px">Name:</P>
<P style="margin:0px; text-indent:319.8px">Name:</P>
<P style="margin-top:0px; margin-bottom:-16px"><U>VP, Production &amp; Distribution&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P style="margin:0px; text-indent:319.8px"><U>SVP&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P style="margin-top:0px; margin-bottom:-16px">Title:</P>
<P style="margin:0px; text-indent:319.8px">Title:</P>
<P style="margin-top:0px; margin-bottom:-16px"><U>April 19, 2007&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P style="margin:0px; text-indent:319.8px"><U>April 13, 2007&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P style="margin-top:0px; margin-bottom:-16px">Date:</P>
<P style="margin:0px; text-indent:319.8px">Date:</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px; text-indent:322.867px">16</P>
<P style="margin:0px"><BR></P>
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<TYPE>EX-10.10
<SEQUENCE>23
<FILENAME>convertiblenote.htm
<DESCRIPTION>EXHIBIT 10.10
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<DIV style="width:624px"><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>Exhibit 10.10</P>
<P style="margin:0px" align=right><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt" align=right><B>Execution Copy</B></P>
<P style="margin:0px" align=right><BR></P>
<P style="margin-top:0px; margin-bottom:14.667px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt" align=justify><B>THIS NOTE AND THE SECURITIES ISSUABLE UPON THE CONVERSION HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE </B>&#147;<B>ACT</B>&#148;<B>), OR ANY STATE SECURITIES LAWS AND MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR TRANSFERRED ABSENT SUCH REGISTRATION OR AN EXEMPTION THEREFROM UNDER SAID ACT AND APPLICABLE STATE LAWS. &nbsp;</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt" align=justify><B>THIS NOTE WAS ISSUED WITH ORIGINAL ISSUE DISCOUNT (</B>&#147;<B>OID</B>&#148;<B>) FOR UNITED STATES FEDERAL INCOME TAX PURPOSES. &nbsp;UPON REQUEST, THE COMPANY WILL PROMPTLY MAKE AVAILABLE TO A HOLDER OF THIS NOTE INFORMATION REGARDING THE ISSUE PRICE, THE AMOUNT OF OID, THE ISSUE DATE AND THE YIELD TO MATURITY OF THIS NOTE. &nbsp;HOLDER SHOULD CONTACT THE CHIEF FINANCIAL OFFICER AT IRIDIUM HOLDINGS LLC, 6707 DEMOCRACY BLVD, SUITE 300, BETHESDA, MARYLAND 20817.</B></P>
<P style="margin-top:0px; margin-bottom:14.667px" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt" align=center><B>IRIDIUM HOLDINGS LLC</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt" align=center><B>CONVERTIBLE SUBORDINATED PROMISSORY NOTE</B></P>
<TABLE style="font-size:10pt" cellspacing=0><TR style="font-size:0"><TD width=319.2></TD><TD width=319.2></TD></TR>
<TR><TD valign=top width=319.2><P>&nbsp;</P></TD><TD valign=top width=319.2><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=319.2><P style="line-height:13pt; margin:0px; font-size:11pt">U.S. $22,900,000</P>
</TD><TD valign=top width=319.2><P style="line-height:13pt; margin:0px; font-size:11pt" align=right>October 24, 2008</P>
</TD></TR>
<TR><TD valign=top width=319.2><P>&nbsp;</P></TD><TD valign=top width=319.2><P>&nbsp;</P></TD></TR>
</TABLE>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt"><I>FOR VALUE RECEIVED</I>, Iridium Holdings LLC, a Delaware limited liability company (the &#147;<B><I>Company</I></B>&#148;), promises to pay to Greenhill &amp; Co. Europe Holdings Limited, an English corporation (&#147;<B><I>Greenhill</I></B>&#148;), or its registered assigns, the principal amount of twenty-two million nine hundred thousand dollars (U.S. $22,900,000), on the Maturity Date, together with accrued interest at the Interest Rate (as defined below), such interest to accrue until the unpaid principal balance is paid in full. &nbsp;All unpaid principal of this Note, together with any then unpaid and accrued interest and other amounts payable hereunder, shall be due and payable on the seventh anniversary of the date hereof (the &#147;<B><I>Maturity Date</I></B>&#148;).</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt">The following is a statement of the rights of the Holder and the conditions to which this Note is subject, and to which the Holder, by the acceptance of this Note and the Company, by the issuance of this Note, agree:</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">1.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:72px; font-size:11pt"><B><U>Definitions</U></B>. </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:48px; font-size:11pt">As used in this Note, the following capitalized terms have the following meanings:</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:96px; font-size:11pt">(a)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt"><I>&#147;</I><B><I>Additional Common Units</I></B><I>&#148;</I> shall mean all Common Units issued (or, pursuant to Section 8(e), Section 8(h) or Section 8(i), deemed to be issued) by the Company after the Original Issue Date, other than</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:144px; font-size:11pt">(i)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:192px; font-size:11pt">Common Units issued (A) pursuant to any bona fide acquisition of assets or operating business by the Company or any bona fide merger or business combination involving the acquisition by the Company of assets or operating business which has been approved by its Board of Directors; <I>provided</I> that any such transaction is at arms-length terms, (B) in connection with any pro rata distribution or split of Common Units in respect of which adjustment has been made pursuant to Section 8(g), (C) to financial institutions or commercial lenders in connection with commercial credit </P>
<P style="margin-top:0px; margin-bottom:14.667px"><BR>
<BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
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<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt; page-break-before:always">arrangements, equipment financings or similar transactions, or (D) for commercial reasons and not capital-raising reasons, to potential or existing trade partners or service providers providing trade enabling services; <I>provided</I> that the aggregate Fair Market Value, in each case as determined at the time of issuance, of all Common Units issued pursuant to clauses (C) and (D) hereof may not exceed $15 million;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:144px; font-size:11pt">(ii)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:192px; font-size:11pt">up to30,000 Common Units (including any such Common Units which are repurchased) issued pursuant to the Company&#146;s equity incentive plans; and </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:144px; font-size:11pt">(iii)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:192px; font-size:11pt">Common Units issued in connection with any event for which adjustment is made pursuant to Section 8(h) hereof.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:96px; font-size:11pt">(b)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt">&#147;<B><I>Affiliate</I></B><I>&#148;</I> means, with respect to any Person, any other Person directly or indirectly controlling, controlled by, or under common control of such Person.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:96px; font-size:11pt">(c)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt">&#147;<B><I>Business Day</I></B>&#148; means any day except a Saturday, Sunday or other day on which commercial banks in the City of New York are authorized by law to close.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:96px; font-size:11pt">(d)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt"><I>&#147;</I><B><I>Change of Control</I></B><I>&#148;</I> means the acquisition, directly or indirectly, by any Person who as of the date hereof does not control at least 25% of the Common Units, of the beneficial ownership (as defined in Rule 13d-3 promulgated under the Securities Exchange Act of 1934) in the Common Units representing more than 50% of all outstanding Common Units at such time.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:96px; font-size:11pt">(e)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt">&#147;<B><I>Class A Units</I></B>&#148; shall have the meaning set forth in the LLC Agreement.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:96px; font-size:11pt">(f)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt">&#147;<B><I>Class B Units</I></B><I>&#148;</I><B><I> </I></B>shall have the meaning set forth in the LLC Agreement.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:96px; font-size:11pt">(g)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt"><I>&#147;</I><B><I>Common Units</I></B><I>&#148;</I><B><I> or </I></B><I>&#147;</I><B><I>Units</I></B><I>&#148;</I><B><I> </I></B>shall mean either (i) Class A Units or Class B Units or (ii) both Class A Units and Class B Units taken together.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:96px; font-size:11pt">(h)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt"><I>&#147;</I><B><I>Conversion Date</I></B><I>&#148;</I><B><I> </I></B>shall have the meaning set forth in Section 8(d)(i).</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:96px; font-size:11pt">(i)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt">&#147;<B><I>Convertible Securities</I></B>&#148; shall mean any evidences of indebtedness, shares of capital stock or other securities directly or indirectly convertible into or exchangeable for Common Units (other than the Note and the Common Units).</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:96px; font-size:11pt">(j)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt">&#147;<B><I>Event of Default</I></B>&#148; has the meaning given in Section 5 hereof.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:96px; font-size:11pt">(k)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt"><I>&#147;</I><B><I>Fair Market Value</I></B><I>&#148;</I> as of any date means the fair market value as of such date as determined in good faith by the Board of Directors;<I> provided</I> that if the Holder objects to such determination, the Board of Directors shall retain an independent appraiser of national reputation reasonably satisfactory to the Holder in order to determine such fair market value, and such appraiser&#146;s determination of the fair market value shall be binding hereunder (and the fees and expenses of such appraiser shall be borne equally by the Company and the Holder). </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:96px; font-size:11pt">(l)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt">&#147;<B><I>Holder</I></B>&#148; means Greenhill and any other Person or Persons who shall at the time be the registered holder of this Note. </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:96px; font-size:11pt">(m)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt">&#147;<B><I>Initial Public Offering</I></B>&#148; means any offering of the common equity securities of the Company (or its successor) to the public which results in net proceeds of at least $100 million pursuant to an effective registration statement under the Securities Act of 1933, as then in effect. </P>
<P style="margin-top:0px; margin-bottom:14.667px"><BR>
<BR></P>
<P style="line-height:13pt; margin:0px; text-indent:310.2px; font-size:11pt">2</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:96px; font-size:11pt; page-break-before:always">(n)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt">&#147;<B><I>Interest Rate</I></B>&#148; means 0% initially and, six months after the issuance date, 5% per annum.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:96px; font-size:11pt">(o)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt"><I>&#147;</I><B><I>LLC Agreement</I></B><I>&#148;</I><B><I> </I></B>means the Amended and Restated Limited Liability Company Agreement of Iridium Holdings LLC.<B><I> </I></B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:96px; font-size:11pt">(p)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt"><I>&#147;</I><B><I>Lien</I></B><I>&#148;</I><B><I> </I></B>means with respect to any property or asset, any mortgage, lien, pledge, charge, security interest, encumbrance or other adverse claim of any kind in respect of such property or asset.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:96px; font-size:11pt">(q)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt">&#147;<B><I>Note Payment Amount</I></B><I>&#148;</I> means, as of any Business Day, with respect to this Note, the aggregate unpaid Principal Amount outstanding plus the aggregate amount of accrued but unpaid interest with respect to the Note.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:96px; font-size:11pt">(r)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt"><I>&#147;</I><B><I>Note Purchase Agreement</I></B><I>&#148;</I> means the note purchase agreement among the Company and Greenhill dated as of September 22, 2008.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:96px; font-size:11pt">(s)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt">&#147;<B><I>Options</I></B>&#148; mean rights, options or warrants to subscribe for, purchase or otherwise acquire Common Units or Convertible Securities.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:96px; font-size:11pt">(t)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt">&#147;<B><I>Original Issue Date</I></B><I>&#148;</I> shall mean the date of the issuance of this Note.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:96px; font-size:11pt">(u)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt">&#147;<B><I>Person</I></B>&#148; means an individual, corporation, partnership, limited liability company, association, trust or other entity or organization, including a government or political subdivision or an agency or instrumentality thereof.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:96px; font-size:11pt">(v)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt">&#147;<B><I>Principal Amount</I></B><I>&#148;</I> means $22,900,000. </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:96px; font-size:11pt">(w)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt"><I>&#147;</I><B><I>Termination Event</I></B><I>&#148;</I> shall mean the termination of the Transaction Agreement pursuant to the terms thereof.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:96px; font-size:11pt">(x)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt">&#147;<B><I>Transaction Agreement</I></B><I>&#148;</I> means the Transaction Agreement dated as of September 22, 2008 among the Company, GHL Acquisition Corp. and certain other parties.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">2.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:72px; font-size:11pt"><B><U>Interest</U></B>.<B> &nbsp;</B>Interest shall be calculated on the principal amount and accrue at a rate per annum equal to the Interest Rate, compounded quarterly and computed on the basis of the actual number of days elapsed and a year of 365 days. &nbsp;Interest will not be paid until the date the Note is repaid or redeemed as provided in Section 3(a) or Section 7, as applicable.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">3.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:72px; font-size:11pt"><B><U>Payment</U></B>.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:96px; font-size:11pt">(a)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt"><I>Payment of the Note</I>. &nbsp;Subject to earlier conversion or repayment thereof pursuant to Section 7 or Section 8 hereof, the outstanding principal and all accrued interest on this Note shall be due and payable in full on the Maturity Date. &nbsp;This Note will not be prepayable at the option of the Company.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:96px; font-size:11pt">(b)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt"><I>Method of Payments</I>.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:144px; font-size:11pt">(i)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:192px; font-size:11pt">Except to the extent otherwise provided herein, each payment by the Company of principal and interest owing under this Note shall be made in dollars in immediately available funds, without deduction, set-off or counterclaim, not later than 2:00 p.m. New York City Time </P>
<P style="margin-top:0px; margin-bottom:14.667px"><BR>
<BR></P>
<P style="line-height:13pt; margin:0px; text-indent:310.2px; font-size:11pt">3</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt; page-break-before:always">on the date on which such payment shall become due by wire transfer to such account(s) as the Holder may notify the Company in writing.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:144px; font-size:11pt">(ii)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:192px; font-size:11pt">Notwithstanding anything to the contrary contained herein, if any due date under this Note would otherwise fall on a day that is not a Business Day, such date shall be extended to the next succeeding Business Day, and interest shall be payable for any principal so extended for the period of such extension.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">4.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:72px; font-size:11pt"><B><U>Notice of Defaults</U></B>.<B> &nbsp;</B>Promptly upon (but in no event later than three (3) Business Days after) the occurrence thereof, the Company will provide the Holder written notice of the occurrence of (i) any Event of Default hereunder or (ii) any event or circumstance which, with the giving of notice, passage of time, or both, will constitute an Event of Default.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">5.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:72px; font-size:11pt"><B><U>Events of Default and Right to Cure</U></B>.<B> &nbsp;</B>The occurrence of any of the following shall constitute an &#147;<B><I>Event of Default</I></B>&#148; under this Note:</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:96px; font-size:11pt">(a)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt"><I>Failure to Pay Principal or Interest</I>. The Company fails to make a payment, when due, of any principal or interest due on this Note and, in the case of interest, such default continues for a period of ten (10) days.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:96px; font-size:11pt">(b)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt"><I>Breach of Covenants or Agreements.</I> Any material breach by the Company of any provision this Note, and such default continues for a period of ten (10) days. </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:96px; font-size:11pt">(c)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt"><I>Voluntary Bankruptcy or Insolvency Proceedings. &nbsp;</I>The Company shall (i) apply for or consent to the appointment of a receiver, trustee, liquidator or custodian of itself or of all or a substantial part of its property, (ii) be unable, or admit in writing its inability, to pay its debts generally as they mature, (iii) make a general assignment for the benefit of its or any of its creditors, (iv) be dissolved or liquidated, or (v) commence a voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect to itself or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or consent to any such relief or to the appointment of or taking possession of its property by any official in an involuntary case or other proceeding commenced against it.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:96px; font-size:11pt">(d)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt"><I>Involuntary Bankruptcy or Insolvency Proceedings. &nbsp;</I>Proceedings for the appointment of a receiver, trustee, liquidator or custodian of the Company or of all or a substantial part of its property, or an involuntary case or other proceedings seeking liquidation, reorganization or other relief with respect to the or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect shall be commenced and an order for relief entered or such proceeding shall not be dismissed or discharged within 30 days of commencement. </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">6.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:72px; font-size:11pt"><B><U>Rights of Holder upon Default</U></B>. &nbsp;If any Event of Default occurs, the Holder, by written notice to the Company with respect to the Event of Default specified in Section 5(a) or Section 5(b) and without any notice with respect to the Event of Default specified in Section 5(c) or Section 5(d), may:</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:96px; font-size:11pt">(a)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt">declare the entire unpaid principal of the Note and accrued interest thereon due and payable and such principal and accrued interest shall thereupon become due and payable without presentment, notice, protest or demand of any kind (all of which are expressly waived by the Company); and </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:96px; font-size:11pt">(b)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt">take all actions available to them, at law or in equity, to collect or otherwise enforce the Note. </P>
<P style="margin-top:0px; margin-bottom:14.667px"><BR>
<BR></P>
<P style="line-height:13pt; margin:0px; text-indent:310.2px; font-size:11pt">4</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt; page-break-before:always">7.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:72px; font-size:11pt"><B><U>Redemption</U></B>. &nbsp;(a) &nbsp;In the event of a Change of Control, the Holder of this Note may demand, at its option, that the Company redeem the Note in full for the Note Payment Amount outstanding on the date of such Change of Control. </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:96px; font-size:11pt">(b)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt">In the event of a Termination Event, after January 31, 2013, the Holder may require, at its option, that the Company redeem the Note in full for the Note Payment Amount (as of such date).</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:96px; font-size:11pt">(c)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt">Any redemption payment pursuant to paragraph (a) or (b) above shall be made within five Business Days of a written notice from the Holder demanding redemption, in each case against delivery of this Note. &nbsp;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">8.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:72px; font-size:11pt"><B><U>Conversion</U></B>.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:96px; font-size:11pt">(a)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt"><I>Optional Conversion</I>. &nbsp;Subject to the terms and conditions of this Section 8, upon the later of (x) the first anniversary hereof and (y) the earlier of the occurrence of a Termination Event or the closing of the transactions contemplated by the Transaction Agreement (if notice of exercise of the right to convert is given not less than one Business Day before such closing), the Holder shall have the right, at any time and from time to time, at the Holder&#146;s option, to convert all of this Note into a number of Class A Units of the Company equal to the Note Payment Amount (as of the date of such conversion) divided by the Conversion Price.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:96px; font-size:11pt">(b)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt"><I>Termination of Optional Conversion</I>. &nbsp;Unless the Holder has exercised its right under Section 8(a) immediately prior to the earlier of (i) the closing of the transactions contemplated by the Transaction Agreement (unless notice of exercise of the right to convert has been given in accordance with Section 8(a)) or (ii) the closing of an Initial Public Offering, then the right to convert set forth in this Section 8 shall irrevocably terminate and the Company shall have, for a period of ten (10) Business Days following the date of such closing, the right to redeem, in its sole discretion, the Note at a price equal to the Principal Amount plus any accrued interest on the Note incurred up and until the date of such redemption; <I>provided</I>, in each case, that if the Holder did not have the right to exercise such conversion as a result of the operation of clause (x) of Section 8(a), then the &#147;closing&#148; of transactions described in clauses (i) and (ii) above shall be deemed replaced by &#147;the fifth Business Day following the first anniversary hereof.&#148;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:96px; font-size:11pt">(c)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt"><I>Conversion Price</I>. &nbsp;The initial conversion price (as adjusted from time to time, the <I>&#147;</I><B><I>Conversion Price</I></B>&#148;) shall be $272.87.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:96px; font-size:11pt">(d)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt"><I>Adjustment of Conversion Prices Upon Issuance of Additional Common Units. &nbsp;</I>In the event that after the Original Issue Date the Company shall issue Additional Common Units for a consideration per Unit (determined pursuant to Section 8(f)) less than the Conversion Price in effect immediately prior to such issue, then and in such event, the Conversion Price shall be reduced, concurrently with such issue, to a price equal<B> </B>to the consideration per Unit (determined pursuant to Section 8(f)) received by the Company for the issue of such Additional Common Units.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:96px; font-size:11pt">(e)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt"><I>Deemed Issue of Additional Common Units</I>. &nbsp;In the event the Company at any time or from time to time after the Original Issue Date shall issue any Options or Convertible Securities or shall fix a record date for the determination of holders of any class of securities entitled to receive any such Options or Convertible Securities, then, if the Common Units issuable upon exercise and conversion thereof would constitute Additional Common Units, the Common Units issuable upon the exercise of such Options or, in the case of Convertible Securities and Options therefor, the conversion or exchange of such Convertible Securities, shall be deemed to be Additional Common Units issued as of the time of </P>
<P style="margin-top:0px; margin-bottom:14.667px"><BR>
<BR></P>
<P style="line-height:13pt; margin:0px; text-indent:310.2px; font-size:11pt">5</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt; page-break-before:always">such issue or, in case such a record date shall have been fixed, as of the close of business on such record date, <I>provided</I> that, with respect to the Conversion Price, Additional Common Units shall not be deemed to have been issued unless the consideration per Common Unit (determined pursuant to Section 8(f) hereof) of such Additional Common Units would be less than the Conversion Price immediately prior to such issue, or such record date, as the case may be, and <I>provided further</I> that in any such case in which Additional Common Units are deemed to be issued:</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:144px; font-size:11pt">(i)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:192px; font-size:11pt">no further adjustment in the Conversion Price shall be made upon the subsequent issue of Convertible Securities or Common Units upon the exercise of such Options or conversion or exchange of such Convertible Securities;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:144px; font-size:11pt">(ii)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:192px; font-size:11pt">if such Options or Convertible Securities by their terms provide, with the passage of time or otherwise, for any increase or decrease in the consideration payable to the Company, or increase or decrease in the number of Common Units issuable, upon the exercise, conversion or exchange thereof, the Conversion Price computed upon the original issue thereof (or upon the occurrence of a record date with respect thereto), and any subsequent adjustments based thereon, shall, upon any such increase or decrease becoming effective, be recomputed to reflect such increase or decrease insofar as it affects such Options or the rights of conversion or exchange under such Convertible Securities;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:144px; font-size:11pt">(iii)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:192px; font-size:11pt">upon the expiration of any such Options or any rights of conversion or exchange under such Convertible Securities which shall not have been exercised, the Conversion Price computed upon the original issue thereof (or upon the occurrence of a record date with respect thereto), and any subsequent adjustments based thereon, shall, upon such expiration, be recomputed as if:</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:192px; font-size:11pt">(A)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:240px; font-size:11pt">in the case of Convertible Securities or Options for Common Units, the only Additional Common Units issued were Common Units, if any, actually issued upon the exercise of such Options or the conversion or exchange of such Convertible Securities and the consideration received therefor was the consideration actually received by the Company for the issue of all such Options, whether or not exercised, plus the consideration actually received by the Company upon such exercise, or for the issue of all such Convertible Securities which were actually converted or exchanged, plus the additional consideration, if any, actually received by the Company upon such conversion or exchange, and</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:192px; font-size:11pt">(B)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:240px; font-size:11pt">in the case of Options for Convertible Securities, the only Additional Common Units issued were the Convertible Securities, if any, actually issued upon the exercise thereof were issued at the time of issue of such Options, and the consideration received by the Company for the Additional Common Units deemed to have been then issued was the consideration actually received by the Company for the issue of all such Options, whether or not exercised, plus the consideration deemed to have been received by the Company upon the issue of the Convertible Securities with respect to which such Options were actually exercised; and</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:144px; font-size:11pt">(iv)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:192px; font-size:11pt">no readjustment pursuant to Section 8(e)(ii) or Section 8(e)(iii) above shall have the effect of increasing the Conversion Price to an amount which exceeds the Conversion Price existing immediately prior to the original adjustment with respect to the issuance of such Options or &nbsp;Convertible Securities, as adjusted for any Additional Common Units issued (or pursuant to Section 8(e), deemed to be issued) between such original adjustment date and such readjustment date.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:96px; font-size:11pt">(f)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt"><I>Determination of Consideration.</I> &nbsp;For purposes of this Section 8, the consideration received by the Company for the issue of any Additional Common Units shall be computed as follows:</P>
<P style="margin-top:0px; margin-bottom:14.667px"><BR>
<BR></P>
<P style="line-height:13pt; margin:0px; text-indent:310.2px; font-size:11pt">6</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:144px; font-size:11pt; page-break-before:always">(i)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:192px; font-size:11pt"><U>Cash and Property</U><I>. &nbsp;</I>Except as provided in clause (ii) below, such consideration shall:</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:192px; font-size:11pt">(A)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:240px; font-size:11pt">insofar as it consists of cash, be computed at the aggregate amount of cash received by the Company in United States dollars;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:192px; font-size:11pt">(B)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:240px; font-size:11pt">insofar as it consists of property other than cash, be computed at the Fair Market Value thereof at the time of such issue; and</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:192px; font-size:11pt">(C)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:240px; font-size:11pt">in the event Additional Common Units are issued together with other Units or securities or other assets of the Company for consideration which covers both, the proportion of such consideration so received with respect to such Additional Common Units, be computed as provided in clauses (A) and (B) above.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:144px; font-size:11pt">(ii)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:192px; font-size:11pt"><U>Options and Convertible Securities</U><I>. &nbsp;</I>The consideration per Unit received by the Company for Additional Common Units deemed to have been issued pursuant to Section 8(e), relating to Options and Convertible Securities, shall be determined by dividing</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:192px; font-size:11pt">(x)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:240px; font-size:11pt">the total amount, if any, received or receivable by the Company as consideration for the issue of such Options or Convertible Securities, plus the minimum aggregate amount of additional consideration (as set forth in the instruments relating thereto, without regard to any provision contained therein for a subsequent adjustment of such consideration) payable to the Company upon the exercise of such Options or the conversion or exchange of such Convertible Securities, or in the case of Options for Convertible Securities, the exercise of such Options for Convertible Securities and the conversion or exchange of such Convertible Securities by;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:192px; font-size:11pt">(y)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:240px; font-size:11pt">the maximum number of Common Units (as set forth in the instruments relating thereto, without regard to any provision contained therein for a subsequent adjustment of such number) issuable upon the exercise of such Options or the conversion or exchange of such Convertible Securities.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:96px; font-size:11pt">(g)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt"><I>Adjustments for Dividends, Subdivisions, Combinations or Consolidations of Common Units</I>. &nbsp;In the event the outstanding Common Units shall be subdivided (by dividend, split, or otherwise), into a greater number of Common Units, the Conversion Price shall, concurrently with the effectiveness of such subdivision, be proportionately decreased. &nbsp;In the event the outstanding Common Units shall be combined or consolidated, by reclassification or otherwise, into a lesser number of Common Units, the Conversion Price shall, concurrently with the effectiveness of such combination or consolidation, be proportionately increased.</P>
<A NAME="_Ref206785616"></A><P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:96px; font-size:11pt">(h)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt"><I>Adjustments for Distributions. &nbsp;</I>In<I> </I>the event the Company at any time or from time to time makes, or sets a record date for the determination of holders of Common Units entitled to receive, any distribution payable in cash, property, or securities of the Company other than Common Units (a &#147;<B>Distribution</B>&#148;), then in each such event provision shall be made so that the Holder shall receive upon conversion of this Note, in addition to the number of Class A Units receivable thereupon pursuant to the other provisions of this Section&nbsp;8, an additional number of Class A Units determined based on the following formula (rounded upwards to the nearest whole number of Units): </P>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR style="font-size:0"><TD width=279.133></TD><TD width=232.667></TD></TR>
<TR><TD width=279.133 rowspan=2><P style="line-height:13pt; margin:0px; font-size:11pt">Additional Number of Class A Units =</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=232.667><P style="line-height:13pt; margin:0px; font-size:11pt" align=center>Hypothetical Distribution</P>
</TD></TR>
<TR><TD valign=top width=232.667><P style="line-height:13pt; margin:0px; font-size:11pt" align=center>Common Unit Value</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
<P style="line-height:13pt; margin:0px; text-indent:310.2px; font-size:11pt">7</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="line-height:13pt; margin:0px; text-indent:96px; font-size:11pt; page-break-before:always">The &#147;<B>Hypothetical Distribution</B>&#148; with respect to any Distribution means the hypothetical amount the Holder would have received if this Note had been converted into Class A Units immediately prior to such Distribution (&#147;<B>Hypothetical Conversion</B>&#148;) and the Company had distributed to the Holder the same amount per Unit as it actually distributed pursuant to such Distribution (taking into account, for the avoidance of doubt, any such Additional Class A Units the Holder would receive upon the Hypothetical Conversion in respect of any prior Distribution). &nbsp;Insofar as a Distribution consists of property other than cash, the amount of such Distribution shall be the Fair Market Value thereof at the time of such Distribution. &nbsp;The Common Unit Value shall equal the aggregate Fair Market Value of Common Units outstanding immediately prior to such Distribution divided by the number of Common Units outstanding immediately prior to such Distribution. &nbsp;Notwithstanding the foregoing, adjustment pursuant to this Section 8(h) shall not apply to the first $37,900,000 of cash distributions made by the Company on or after September 22, 2008.</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:96px; font-size:11pt">(i)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt">&nbsp;<I>Adjustments for Repurchases of Common Units. &nbsp;</I>In the event that on or after September 22, 2008, the Company shall repurchase Common Units from any Person (other than Common Units not exceeding 10,000 in the aggregate from a former employee of the Company) for a consideration per Unit (determined pursuant to Section 8(f)) greater than the Fair Market Value of such Unit at the time of such repurchase, then, concurrently with such issue, provision shall be made so that the Holder shall receive upon conversion of this Note, in addition to the number of Class A Units receivable thereupon pursuant to the other provisions of this Section 8, an additional amount of Class A Units determined on the basis of Section 8(h) as if the Hypothetical Distribution thereunder was equal to the excess of consideration per Common Unit paid in such repurchase over the Fair Market Value of such Unit. &nbsp;If the Company has given the Holder 30 days advance written notice of the proposed repurchase and the proposed consideration and the Holder has not objected to such proposed consideration, then such proposed consideration shall be deemed to equal Fair Market Value for purposes of this Section 8(i). </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:96px; font-size:11pt">(j)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt"><I>Adjustments for Reclassification, Exchange and Substitution.</I> &nbsp;If the Common Units issuable upon conversion of the Note shall be changed into the same or a different number of Units of any other class or classes of units or other securities or property, whether by merger, consolidation, statutory share exchange, recapitalization, capital reorganization, reclassification or otherwise (other than a subdivision or combination of Units provided for above), then and in each such event the Holder shall have the right thereafter to convert the Note into the kind and amount of units and other securities and property receivable upon such merger, consolidation, statutory share exchange, recapitalization, reorganization or reclassification or other change by the holders of Common Units that would have been subject to receipt by the Holder upon conversion of the Note immediately before that change, all subject to further adjustment as provided herein.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:96px; font-size:11pt">(k)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt"><I>Conversion Procedure</I>. </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:144px; font-size:11pt">(i)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:192px; font-size:11pt">&nbsp;In order to exercise the conversion privilege, the Holder of the Note to be converted shall surrender the Note, with a written notice to the Company that such Holder elects to exercise its conversion privilege. &nbsp;The date of receipt of the Note by the Company or the conversion pursuant to Section 8(b) shall be the conversion date (the &#147;<B><I>Conversion Date</I></B>&#148;). </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:144px; font-size:11pt">(ii)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:192px; font-size:11pt">As promptly as practicable (but no later than five Business Days) after the Conversion Date, the Company shall issue and shall deliver to such Holder a certificate or certificates for the whole number of Class A Units of the Company issuable upon the conversion of the Note in accordance with the provisions of this Section 8 (or other evidence of the issuance thereof). </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:144px; font-size:11pt">(iii)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:192px; font-size:11pt">Each conversion shall be deemed to have been effected immediately prior to the close of business on the date on which the Note to be converted shall have been surrendered, </P>
<P style="margin-top:0px; margin-bottom:14.667px"><BR>
<BR></P>
<P style="line-height:13pt; margin:0px; text-indent:310.2px; font-size:11pt">8</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt; page-break-before:always">and the person in whose name or names any certificate or certificates for Class A Units shall be issuable upon such conversion shall be deemed to have become the holder of record of the Class A Units represented thereby on such date and such conversion shall be into a number of Class A Units resulting from applying the Conversion Price in effect at such time on such date. &nbsp;All Class A Units delivered upon conversion of this Note will upon delivery be duly and validly issued and fully paid and non-assessable, free and clear of all Liens and charges and not subject to any preemptive rights. &nbsp;Upon the surrender of the Note for conversion, the Note shall no longer be deemed to be outstanding and all rights of the Holder with respect to the Note so converted including the rights, if any, to receive interest, notices and consent rights shall immediately terminate on the Conversion Date except the right to receive the Class A Units. &nbsp;The Note so converted shall be retired and cancelled.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:144px; font-size:11pt">(iv)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:192px; font-size:11pt">The Company covenants that it will at all times during which the Note shall be outstanding reserve and keep available, such number of its authorized but unissued Class A Units as shall from time to time be required for the purpose of effecting conversion of this Note.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:144px; font-size:11pt">(v)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:192px; font-size:11pt">Prior to the delivery of any securities that the Company shall be obligated to deliver upon conversion of the Note, the Company shall comply with all applicable federal and state laws and regulations which require action to be taken by the Company.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:144px; font-size:11pt">(vi)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:192px; font-size:11pt">The Company will pay any and all documentary stamp or similar issue or transfer taxes payable in respect of the issue or delivery of Class A Units on conversion of the Note pursuant hereto; <I>provided </I>that the Company shall not be required to pay any tax which may be payable in respect of any transfer involved in the issue or delivery of Class A Units in a name other than that of the Holder and no such issue or delivery shall be made unless and until the person requesting such issue or delivery has paid to the Company the amount of any such tax or has established, to the satisfaction of the Company, that such tax has been paid. </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:144px; font-size:11pt">(vii)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:192px; font-size:11pt">All calculations under this Section 8 shall be made to the nearest four decimal points. </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:144px; font-size:11pt">(viii)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:192px; font-size:11pt">No fractional units shall be issued upon conversion of the Note. &nbsp;In lieu of any fractional units to which the Holder would otherwise be entitled, the Company shall pay cash equal to such fraction multiplied by the Conversion Price. </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:144px; font-size:11pt">(ix)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:192px; font-size:11pt">Upon the occurrence of each adjustment or readjustment of the Conversion Price pursuant to this Section 8, the Company at its expense shall promptly compute such adjustment or readjustment in accordance with the terms hereof and furnish to the Holder a certificate setting forth such adjustment or readjustment and showing in detail the facts upon which such adjustment or readjustment is based and shall file a copy of such certificate with its corporate records. The Company shall, upon the reasonable written request of the Holder, furnish or cause to be furnished to the Holder a similar certificate setting forth (i) such adjustments and readjustments, (ii) the Conversion Price then in effect, and (iii) the number of Class A Units which then would be received upon the conversion of the Note. &nbsp;Despite such adjustment or readjustment, the form of the Note, if the same shall reflect the initial or any subsequent Conversion Price, need not be changed in order for the adjustments or readjustments to be valid in accordance with the provisions of this Note, which shall control. </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:144px; font-size:11pt">(x)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:192px; font-size:11pt">The Company will not, by amendment of the LLC Agreement or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue of sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms to be observed or performed hereunder by the Company, but will at all times in good faith assist in the carrying out of all the provisions of this Section 8 and in the taking of all such action as may be necessary or </P>
<P style="margin-top:0px; margin-bottom:14.667px"><BR>
<BR></P>
<P style="line-height:13pt; margin:0px; text-indent:310.2px; font-size:11pt">9</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt; page-break-before:always">appropriate in order to protect the conversion rights of the Holder against impairment to the extent required hereunder. Any successor entity to the Company, whether by means of merger, purchase or operation of law, shall, and the Company shall cause such successor to, be bound by all of the terms and provisions of this Note, including but not limited to the provisions of this Section 8.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">9.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:72px; font-size:11pt"><B><U>Transfer</U></B>. &nbsp;This Note may be transferred by the Holder in whole but not in part; <I>provided</I> that the transferring Holder (i) shall comply with the right of first refusal provisions set forth in Section 7.3 of the LLC Agreement and (ii) shall comply with restrictions on transfer to a foreign person set forth in Section 7.1 of the LLC Agreement (in each case applied on an as-converted basis). </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">10.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:72px; font-size:11pt"><B><U>Board; LLC Rights</U></B>. &nbsp;Prior to the Termination Event, the Holder shall be entitled to appoint one non-voting observer to the Company&#146;s Board of Directors. &nbsp;After the Termination Event, the Holder shall be entitled to appoint one director to the Company&#146;s Board of Directors who shall be entitled to cast two (2) votes; <I>provided</I> that if an Event of Default is in effect, such director shall be entitled to cast twice the number of votes to which it is otherwise entitled. &nbsp;The Holder shall have the same right of first offer, registration rights and information rights pursuant to the LLC Agreement as are now or hereinafter in effect as if this Note had been converted into Class A Units at such time. </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">11.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:72px; font-size:11pt"><B><U>Subordination; Pre-payment</U></B>. &nbsp;The Holder agrees that the payment in cash of the Principal Amount of and interest on this Note by the Company shall be subordinated, and junior in right of payment, to the prior payment in full of all of the Company&#146;s existing and future indebtedness. The Holder hereby agrees to the subordination provisions set forth on Exhibit A hereto (and any other subordination provisions which may be reasonably requested by any existing holder of indebtedness of the Company which are no more adverse to the Holder than the terms and conditions hereof). &nbsp;If in connection with any potential future indebtedness which the Company wishes to incur the Holder does not execute any subordination provisions reasonably requested by the prospective holder of such indebtedness and consistent with the subordination provisions described in the preceding sentence, then the Company shall be permitted to prepay the Note in full by paying the Note Payment Amount to the Holder in cash. &nbsp;For the avoidance of doubt, nothing in this Note is intended to limit the amount or the terms and conditions of any indebtedness of the Company which may be outstanding from time to time if the Transaction Agreement is terminated.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">12.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:72px; font-size:11pt"><B><U>Waiver and Amendment</U></B>. &nbsp;Any provision of this Note (including an Event of Default) may be amended, waived or modified only with the written consent of the Company and the Holder.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">13.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:72px; font-size:11pt"><B><U>Notices</U></B>.<B> &nbsp;</B>All notices or other communications required or permitted to be given hereunder shall be in writing and shall be delivered by hand or sent by telecopy or sent, postage prepaid, by registered, certified or express mail or reputable overnight courier service and shall be deemed given when so delivered by hand or telecopied (with oral confirmation of receipt), or if mailed, three days after mailing (one Business Day in the case of express mail or overnight courier service), as follows:</P>
<A NAME="_DV_M843"></A><A NAME="_DV_M857"></A><P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:192px; font-size:11pt">if to the Company,</P>
<A NAME="_DV_M858"></A><P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:192px; font-size:11pt">Iridium Holdings LLC</P>
<P style="line-height:13pt; margin:0px; padding-left:192px; font-size:11pt">6707 Democracy Blvd, Suite 300</P>
<P style="line-height:13pt; margin:0px; padding-left:192px; font-size:11pt">Bethesda, MD &nbsp;20817</P>
<P style="line-height:13pt; margin:0px; padding-left:192px; font-size:11pt">Attention: &nbsp;John Brunette<BR>
Facsimile: &nbsp;(301) 571-6285</P>
<A NAME="_DV_M859"></A><P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:192px; font-size:11pt">with a copy to:</P>
<P style="margin:0px"><BR></P>
<A NAME="_DV_M860"></A><P style="margin:0px"><BR>
<BR></P>
<P style="line-height:13pt; margin:0px; text-indent:310.2px; font-size:11pt">10</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="line-height:13pt; margin:0px; padding-left:192px; font-size:11pt; page-break-before:always">Simpson Thacher &amp; Bartlett LLP<BR>
425 Lexington Avenue<BR>
New York, NY 10017<BR>
Attention: &nbsp;Edward J. Chung, Esq.<BR>
Facsimile: &nbsp;(212) 455-2502</P>
<A NAME="_DV_M861"></A><P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:192px; font-size:11pt">if to the Holder,</P>
<A NAME="_DV_M862"></A><P style="line-height:13pt; margin:0px; padding-left:192px; font-size:11pt"><BR>
Greenhill &amp; Co. Europe Holdings Limited</P>
<P style="line-height:13pt; margin:0px; padding-left:192px; font-size:11pt">c/o Greenhill &amp; Co., Inc.</P>
<P style="line-height:13pt; margin:0px; padding-left:192px; font-size:11pt">300 Park Avenue</P>
<P style="line-height:13pt; margin:0px; padding-left:192px; font-size:11pt">New York, NY 10022</P>
<P style="line-height:13pt; margin:0px; padding-left:192px; font-size:11pt">Attention: &nbsp;Jodi Ganz</P>
<P style="line-height:13pt; margin:0px; padding-left:192px; font-size:11pt">Facsimile: (212) 389-1761</P>
<A NAME="_DV_M864"></A><P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:192px; font-size:11pt">with a copy to:</P>
<A NAME="_DV_M865"></A><P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:192px; font-size:11pt">Davis Polk &amp; Wardwell</P>
<P style="line-height:13pt; margin:0px; padding-left:192px; font-size:11pt">450 Lexington Avenue</P>
<P style="line-height:13pt; margin:0px; padding-left:192px; font-size:11pt">New York, NY 10017</P>
<P style="line-height:13pt; margin:0px; padding-left:192px; font-size:11pt">Attention: Leonard Kreynin, Esq.</P>
<P style="line-height:13pt; margin:0px; padding-left:192px; font-size:11pt">Facsimile: &nbsp;(212) 450-3800</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">14.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:72px; font-size:11pt"><B><U>Usury</U></B>.<B> &nbsp;</B>In the event any interest is paid on this Note which is deemed to be in excess of the then legal maximum rate, then that portion of the interest payment representing an amount in excess of the then legal maximum rate shall be deemed a payment of principal and applied against the principal of this Note.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">15.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:72px; font-size:11pt"><B><U>No Amendment of LLC Agreement</U></B>. The LLC Agreement shall not be amended in a manner adverse, directly or indirectly, to the Holder without the prior written consent of the Holder. </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">16.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:72px; font-size:11pt"><B><U>No Recourse Against Others</U></B> &nbsp;No director, officer, employee, unit holder or affiliate of the Company shall have any liability for any obligations of the Company under this Note.<U> </U></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">17.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:72px; font-size:11pt"><B><U>Invalidity</U></B>.&nbsp;In the event any one or more of the provisions of the Note shall for any reason be held to be invalid, illegal or unenforceable, in whole or in part or in any respect, or in the event that any one or more of the provisions of the Note operates or would prospectively operate to invalidate the Note, then and in either of those events, such provision or provisions only shall be deemed null and void and shall not affect any other provision of the Note and the remaining provisions of the Note shall remain operative and in full force and effect and shall in no way be affected, prejudiced and disturbed thereby. &nbsp;Notwithstanding the foregoing, if such provision could be more narrowly drawn so as not to be invalid, prohibited or unenforceable in such jurisdiction, it shall, as to such jurisdiction, be so narrowly drawn, without invalidating the remaining provisions of this Note or affecting the validity or enforceability of such provision in any other jurisdiction</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">18.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:72px; font-size:11pt"><B><U>Governing Law</U></B>.<B> &nbsp;</B>This Note and all actions arising out of or in connection with this Note shall be governed by and construed in accordance with the laws of the State of Delaware without regard to conflicts of laws rules of such state that would require the application of the laws of a different jurisdiction.</P>
<P style="margin-top:0px; margin-bottom:14.667px"><BR>
<BR></P>
<P style="line-height:13pt; margin:0px; text-indent:310.2px; font-size:11pt">11</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px">
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt; page-break-before:always">19.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:72px; font-size:11pt"><B><U>Jurisdiction</U>.</B> &nbsp;The parties hereto agree that any suit, action or proceeding seeking to enforce any provision of, or based on any matter arising out of or in connection with, this Agreement or the transactions contemplated hereby may only be brought in any federal court located in the State of Delaware or any Delaware state court, and each of the parties hereby irrevocably consents to the jurisdiction of such courts (and of the appropriate appellate courts therefrom) in any such suit, action or proceeding and irrevocably waives, to the fullest extent permitted by law, any objection which it may now or hereafter have to the laying of the venue of any such suit, action or proceeding in any such court or that any such suit, action or proceeding which is brought in any such court has been brought in an inconvenient forum. &nbsp;Process in any such suit, action or proceeding may be served on any party anywhere in the world, whether within or without the jurisdiction of any such court.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">20.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:72px; font-size:11pt"><B><U>Waiver of Jury Trial</U></B>. &nbsp;EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:48px; font-size:11pt" align=center>[SIGNATURE PAGE FOLLOWS]</P>
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<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:48px; font-size:11pt">IN WITNESS WHEREOF, the Company has caused this Note to be issued as of the date first written above.</P>
<P style="line-height:13pt; margin:0px; padding-left:288px; font-size:11pt">IRIDIUM HOLDINGS LLC.</P>
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<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:336px; text-indent:-48px; font-size:11pt">By:</P>
<P style="line-height:13pt; margin:0px; padding-left:336px; font-size:11pt"><U>&nbsp;&nbsp;/s/ Matthew J. Desch&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:336px; text-indent:-48px; font-size:11pt">&nbsp;&nbsp;Name:</P>
<P style="line-height:13pt; margin:0px; padding-left:336px; font-size:11pt">Matthew J. Desch</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:336px; text-indent:-48px; font-size:11pt">&nbsp;&nbsp;Title:</P>
<P style="line-height:13pt; margin:0px; padding-left:336px; font-size:11pt">Chief Executive Officer</P>
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<P style="line-height:13pt; margin:0px; font-size:11pt" align=center><B><I>[SIGNATURE PAGE TO CONVERTIBLE SUBORDINATED PROMISSORY NOTE]</I></B></P>
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<TYPE>EX-10.11
<SEQUENCE>24
<FILENAME>mathewjdesch.htm
<DESCRIPTION>EXHIBIT 10.11
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<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt" align=right>Exhibit 10.11</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt" align=center><B>EMPLOYMENT AGREEMENT</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:96px; font-size:11pt" align=justify><B>THIS AGREEMENT</B> is made as of the 18th day of September, 2006 (the &#147;<B>Effective Date</B>&#148;), by and between <B>IRIDIUM HOLDINGS LLC.</B>, a Delaware limited liability Company (the &#147;<B>Company</B>&#148;) and <B>IRIDIUM SATELLITE LLC</B>, a Delaware limited liability Company (&#147;<B>Satellite</B>&#148;) (together &#147;<B>Iridium</B>&#148;) and <B>MATTHEW J. DESCH</B> (&#147;<B>Executive</B>&#148;).</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:96px; font-size:11pt" align=justify><B>WHEREAS</B>, Iridium desires to employ Executive as Chief Executive Officer of Company and Chairman and Chief Executive Officer of Satellite, a wholly-owned subsidiary of the Company, and Executive desires to be so employed.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:96px; font-size:11pt" align=justify><B>NOW, THEREFORE</B>, in consideration of the premises and the mutual promises of the parties herein set forth, and other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, Iridium and Executive intending to be legally bound agree as follows:</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:96px; font-size:11pt" align=justify>1.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt" align=justify><B><I>Employment</I></B>. &nbsp;Iridium agrees to employ Executive, and Executive agrees to be so employed, as Chief Executive Officer of Company and Chairman and Chief Executive Officer of Satellite on the terms and subject to the conditions herein set forth.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:96px; font-size:11pt" align=justify>2.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt" align=justify><B><I>Term</I></B>. &nbsp;The term of Executive&#146;s employment with Iridium under this Agreement (the &#147;<B>Term</B>&#148;) shall commence as of the Effective Date and shall continue for a period of four (4) years (the &#147;<B>Initial Term</B>&#148;). The Term shall automatically be extended for an additional two-year period unless notice of nonextension is given by either party to the other, not more than six (6) months before the end of the Initial Term. Notwithstanding the foregoing, Executive&#146;s employment is subject to termination during the Term as provided in section 6 of this Agreement.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:96px; font-size:11pt" align=justify>3.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt" align=justify><B><I>Duties</I></B>. &nbsp;Executive shall serve as, and have responsibilities and authority consistent with the position of a full-time Chief Executive Officer of Company and Chairman and Chief Executive Officer of Satellite. Executive&#146;s specific responsibilities and authority shall be as from time to time established by the Board of Directors of the Company, to which Executive shall report. Executive shall devote commercially reasonable efforts and all commercially reasonable, necessary, and appropriate business time and attention to such duties. Notwithstanding the foregoing, Iridium acknowledges that Executive has investment, charitable, and professional interests and obligations that he will attend to on a continuing basis, but Executive represents and covenants that these activities will not materially interfere with the performance of his duties hereunder.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:96px; font-size:11pt" align=justify>4.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt" align=justify><B><I>Compensation and Benefits</I></B>.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:144px; font-size:11pt" align=justify>(a)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:192px; font-size:11pt" align=justify><I><U>Base Compensation</U></I>. During the Initial Term, Satellite shall pay Executive a base salary (the &#147;<B>Base Salary</B>&#148;) at an annual rate of $550,000. During each succeeding year during the Term, Executive&#146;s Base Salary shall be subject to increase (but shall not be decreased) as determined by the Company&#146;s Board of Directors based upon the Executive&#146;s level of performance for the prior year but in no event shall the Base Salary be increased by less than the corresponding percentage increase in the Consumer Price Index (CPI-</P>
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<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt; page-break-before:always">Urban Wage Earners, Washington-Baltimore, 1996=100) for each calendar year period during the Term.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:144px; font-size:11pt" align=justify>(b)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:192px; font-size:11pt" align=justify><I><U>Inceptive Compensation</U></I>. Executive shall be entitled to receive, within three (3) months after the end of each calendar year, an incentive bonus (&#147;<B>Bonus</B>&#148;) of up to 70% of his Base Salary during such calendar year based upon the achievement of performance targets and objectives established for such year for Satellite by the Company&#146;s Board of Directors in consultation with Executive. Of this maximum amount, 100% shall be based upon achieving 100% of Company performance targets. A lesser amount may be paid in the discretion of the Company&#146;s Board of Directors if the applicable targets are not achieved. For the period from the Effective Date through December 31, 2006, the annual maximum bonus amount shall be prorated, and the Company shall make an award up to this prorated maximum, limited by the Company&#146;s overall performance percentage pursuant to the 2006 Bonus Plan. The annual Bonus Plan will provide for additional incentive bonuses or other compensation if performance targets and objectives are exceeded.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:144px; font-size:11pt" align=justify>(c)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:192px; font-size:11pt" align=justify><I><U>Benefit Plans, Fringe Benefits, and Other Payments</U></I>.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:192px; font-size:11pt" align=justify>(1)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:240px; font-size:11pt" align=justify>During the Term, Executive shall be entitled to participate immediately (subject to any generally applicable waiting periods) in any and all employee benefit programs (including but not limited to medical, vision, prescription drug, dental, disability, employee and group life, accidental death and travel accident, and section 401(k) plans and programs) from time to time offered by Satellite to its executives or to its employees generally, and Executive shall receive such other benefits as the Company may determine from time to time. In addition, during the Term, Satellite shall provide Executive with the use of a suitable automobile and pay the expenses relating thereto and shall pay Executive&#146;s annual dues (but not initiation fees) for a private club of his choice in the Washington D.C. Metropolitan area. The Company shall also pay Executive&#146;s expenses for relocating his residence from Dallas, Texas to the Washington D.C. Metropolitan area, including the reasonable cost of temporary housing for a period of up to 180 days and reasonable periodic trips for Executive and his spouse between Dallas and Washington D.C. Metropolitan area during such temporary period. Company shall increase the amount reimbursed for temporary housing to approximately cover Executive&#146;s tax liability in receiving such payments.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:192px; font-size:11pt" align=justify>(2)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:240px; font-size:11pt" align=justify>Executive shall be entitled to the accrual of four (4) weeks of paid time off annually. Executive shall be paid a pro rata portion of his salary for each week of accrued and unused paid time off, in accordance with Satellite&#146;s policies of general application in effect at the time of the termination of his employment.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:192px; font-size:11pt" align=justify>(3)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:240px; font-size:11pt" align=justify>Executive shall be entitled to such other perquisites as are comparable to those that Satellite from time to time extends to its senior executive staff.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:192px; font-size:11pt" align=justify>(4)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:240px; font-size:11pt" align=justify>Satellite shall reimburse Executive for business, travel, lodging, meals, and other reasonable business expenses incurred by him in his performance of services hereunder subject to submission of documentation in accordance with Satellite&#146;s business expense reimbursement policies from time to time applicable to its senior executives.</P>
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<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:144px; font-size:11pt; page-break-before:always" align=justify>(d)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:192px; font-size:11pt" align=justify><I><U>D&amp;O Coverage; Indemnification</U></I>. If and to the extent that Satellite from time to time maintains such policies, Satellite agrees to cause Executive to be covered under its director/officer and general liability policies for all acts or omissions of Executive within the scope of his employment occurring (or alleged to have occurred) during the Term. Whether or not such coverage exists or is available, Satellite hereby agrees to indemnify Executive and to hold him harmless from any claim, cause of action, cost, or expense (including reasonable attorneys&#146; fees) arising out of any such act or omission, regardless of whether such claim or cause of action becomes known or is asserted, or such cost or expense is incurred, during the Term, except to the extent that it is finally determined in a judicial proceeding or in an arbitration proceeding pursuant to section 8 that liability for such claim or cause of action is due to Executive&#146;s gross negligence, knowing malfeasance, or willful misconduct.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:144px; font-size:11pt" align=justify>(e)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:192px; font-size:11pt" align=justify><I><U>Payments; Withholding of Taxes, etc</U></I>. Payments of Base Salary shall be made in biweekly or other installments in accordance with Satellite&#146;s general payroll practices from time to time in effect. All payments to Executive hereunder shall be reduced by taxes and other amounts that the Company is required by law or authorized by Executive to withhold.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:96px; font-size:11pt" align=justify>5.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt" align=justify><B><I>Profits Interest</I></B>. &nbsp;As an additional inducement to Executive to enter into this Agreement, Executive shall be entitled to a &#147;Profits Interest&#148; from Company on the terms and subject to the conditions and limitations set forth in <B><I>Exhibit A</I></B>.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:96px; font-size:11pt" align=justify>6.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt" align=justify><B><I>Termination</I></B>.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:144px; font-size:11pt" align=justify>(a)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:192px; font-size:11pt" align=justify><I><U>Definitions</U></I>. &nbsp;As used in this Agreement, the following terms have the meaning ascribed to them in this subsection:</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:192px; font-size:11pt" align=justify>(1)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:240px; font-size:11pt" align=justify>&#147;<B>Cause</B>&#148; means:</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:240px; font-size:11pt" align=justify>(i)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:288px; font-size:11pt" align=justify>Executive&#146;s knowing and willful violation of Satellite or Company policy that causes a material adverse effect on the Company or Satellite or continued failure, after not less than thirty (30) days&#146; written notice from the Company or Satellite, to perform his duties as described in section 3, including failure to follow lawful directions of the Board of Directors of the Company, except where such repeated failure is caused by or attributable to a Disability;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:240px; font-size:11pt" align=justify>(ii)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:288px; font-size:11pt" align=justify>The issuance of an indictment or filing of a criminal information charging Executive with the commission of a crime constituting a felony or involving moral turpitude or Executive&#146;s conviction of any such crime;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:240px; font-size:11pt" align=justify>(iii)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:288px; font-size:11pt" align=justify>Executive&#146;s embezzlement or criminal diversion of funds; or</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:240px; font-size:11pt" align=justify>(iv)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:288px; font-size:11pt" align=justify>Executive&#146;s failure to perform or to comply with any material term or condition of this Agreement, if Executive fails to cure such failure or fails to commence and diligently seek to cure such failure within thirty (30) days after written notice of such failure.</P>
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<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:192px; font-size:11pt; page-break-before:always" align=justify>(2)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:240px; font-size:11pt" align=justify>&#147;<B>Change in Control</B>&#148; means:</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:240px; font-size:11pt" align=justify>(i)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:288px; font-size:11pt" align=justify>any &#147;person&#148; (as such term is used in section 13(d) and 14(d) of the Securities Exchange Act of 1934 (the &#147;Exchange Act&#148;)) (other than a person who as of the Effective Date owns an interest in the Company or in Satellite or any affiliate of any such person) becomes the beneficial owner, directly or indirectly, of interests in the Company or in Satellite representing more than fifty percent (50%) of the combined voting power of the then-outstanding interests in the Company or in Satellite (as the case may be); or</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:240px; font-size:11pt" align=justify>(ii)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:288px; font-size:11pt" align=justify>the consummation of:</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:240px; font-size:11pt">(x)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; text-indent:288px; font-size:11pt">any consolidation or merger or share or unit exchange involving the Company or Satellite in which the Company or Satellite (as the case may be) is not the continuing or surviving entity or pursuant to which interests in the Company or Satellite would be converted into cash, securities, or other property, other than a merger of the Company or of Satellite in which the holders of voting interests in the Company or Satellite (as the case may be) immediately before the merger own fifty percent (50%) or more of the voting interests in the surviving entity immediately after the merger; or</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:240px; font-size:11pt">(y)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; text-indent:288px; font-size:11pt">any sale, lease, exchange, or other transfer (in one transaction or a series of related transactions) of substantially all of the assets of the Company or of Satellite other than to one or more of its wholly-owned subsidiaries or to an entity in which the persons holding voting interests in the Company or Satellite immediately before the consummation of the transaction own fifty percent (50%) or more of the voting interests. </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:192px; font-size:11pt" align=justify>(3)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:240px; font-size:11pt" align=justify>&#147;<B>Disability</B>&#148; means the physical or mental infirmity of Executive (including Executive&#146;s addiction to, or habitual abuse of, alcohol or other drugs) which infirmity causes him to be substantially unable to perform his duties hereunder for any period of ninety (90) consecutive days, despite provision by Iridium of reasonable accommodations as requited by law.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:192px; font-size:11pt" align=justify>(4)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:240px; font-size:11pt" align=justify>&#147;<B>Good Reason</B>&#148; means the occurrence of any of the following which is not cured within fifteen (15) days after written notice thereof to Iridium:</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:240px; font-size:11pt" align=justify>(i)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:288px; font-size:11pt" align=justify>Iridium&#146;s assignment to Executive of duties materially inconsistent with Executive&#146;s position, authority, duties, or responsibilities specified herein or as modified from time to time by written agreement; or</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:240px; font-size:11pt" align=justify>(ii)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:288px; font-size:11pt" align=justify>the Company&#146;s or Satellite&#146;s failure to perform or comply with any material term or provision of this Agreement.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:192px; font-size:11pt" align=justify>(5)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:240px; font-size:11pt" align=justify>&#147;<B>Termination Date</B>&#148; means the date as of which Executive&#146;s employment is terminated.</P>
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<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:144px; font-size:11pt; page-break-before:always" align=justify>(b)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:192px; font-size:11pt" align=justify><I><U>In General</U></I>.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:192px; font-size:11pt" align=justify>(1)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:240px; font-size:11pt" align=justify>Iridium may elect at any time to terminate Executive&#146;s employment under this Agreement upon notice of such termination to Executive for any reason or no reason, with or without Cause, in which event the termination provisions of this Agreement shall govern. In the event of Iridium&#146;s giving of notice of nonextension as provided in section 2, then immediately upon the giving of such notice, Executive&#146;s employment shall be deemed terminated and Executive shall be entitled to severance as follows: (i) an amount equal to twelve months&#146; Base Salary at the rate then in effect plus (ii) an amount equal to six months&#146; bonus (based on the incentive plan in effect on the date of giving notice and determined as though 100% of all applicable goals and targets have been achieved). The foregoing amounts shall be paid to Executive in a lump sum within thirty days of termination, subject to receipt from Executive of the release described in subsection (h) hereof and Executive&#146;s compliance with the provisions of section 7. Iridium shall continue Executive&#146;s health/medical benefits (or reimburse Executive for the cost of continuation coverage under COBRA) until Executive is afforded health/medical benefits by another employer, for a maximum of six months from the Termination Date.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:192px; font-size:11pt" align=justify>(2)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:240px; font-size:11pt" align=justify>Executive may terminate his employment at any time by written notice to Iridium for Good Reason or, absent Good Reason, upon thirty (30) days&#146; written notice to Iridium.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:144px; font-size:11pt" align=justify>(c)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:192px; font-size:11pt" align=justify><I><U>Involuntary or For Good Reason</U></I>. If Executive&#146;s employment is terminated by the Company or Satellite other than for Cause or Disability, or if Executive&#146;s employment is terminated by Executive for Good Reason, Executive shall be entitled to severance as follows: (i) an amount equal to twelve month&#146;s Base Salary (at the rate in effect on the Termination Date) plus (ii) an amount equal to twelve months&#146; Bonus (based on the incentive plan in effect on the Termination Date and determined as though 100% of all applicable goals and targets have been achieved). The foregoing amounts shall be paid to Executive in a lump sum within thirty (30) days of termination, subject to receipt from Executive of the release described in subsection (h) and Executive&#146;s compliance with the provisions of section 7. In addition, subject to receipt of the release described in subsection (h) and Executive&#146;s compliance with the provisions of section 7, Iridium shall continue Executive&#146;s health/medical benefits (or reimburse Executive for the cost of continuation coverage under COBRA) until Executive is afforded health/medical benefits by another employer, for a maximum of twelve months from the Termination Date. If Executive refuses to execute such release, Iridium shall not pay the foregoing severance to Executive and Executive shall reserve all rights and remedies at law or in equity against Iridium.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:144px; font-size:11pt" align=justify>(d)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:192px; font-size:11pt" align=justify><I><U>For Cause or Without Good Reason</U></I>. If the Company or Satellite terminates Executive&#146;s employment for Cause, or if Executive terminates his employment other than for Good Reason (and such termination is not by reason of his death), Iridium shall pay Executive his Base Salary through the Termination Date and any other compensation and benefits (but no portion of any bonus that might have been earned for that calendar year had Executive remained) that may be due or provided to the Executive upon termination of </P>
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<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt; page-break-before:always">employment under such circumstances in accordance with the terms and conditions of any applicable employee benefit plans of Iridium.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:144px; font-size:11pt" align=justify>(e)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:192px; font-size:11pt" align=justify><I><U>On Account of Disability</U></I>. If the Company or Satellite terminates Executive&#146;s employment on account of Executive&#146;s Disability, Iridium shall pay, within thirty days of the date of termination, to Executive his Base Salary through the Termination Date and a prorated portion of any Bonus to which Executive would otherwise have been entitled for the year in which the termination becomes effective (determined as though all targets and objectives had been met).</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:144px; font-size:11pt" align=justify>(f)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:192px; font-size:11pt" align=justify><I><U>Upon Death of Executive</U></I>. If Executive&#146;s employment is terminated by reason of his death, then Iridium shall continue paying amounts to Executive&#146;s estate or other successor in interest for a period of six (6) months from the date of Executive&#146;s death at a rate equal to Executive&#146;s Base Salary in effect on such date, in biweekly or other installments in accordance with Iridium&#146;s general payroll practices. In addition, Iridium shall pay to Executive&#146;s estate or other successor in interest a prorated portion of the Bonus to which Executive would otherwise have been entitled for the calendar year in which falls the date of his death, which shall be paid promptly but in no event later than three (3) months after the end of such calendar year, and shall continue any benefits to his surviving spouse or other successor in interest in accordance with the terms of Iridium&#146;s benefit plans and programs then in effect.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:144px; font-size:11pt" align=justify>(g)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:192px; font-size:11pt" align=justify><I><U>Upon Change in Control</U></I>. If Executive&#146;s employment is terminated as a result of a Change in Control of the Company or of Satellite, then Executive shall be entitled to an amount equal to one year&#146;s Base Salary (at the rate in effect on the Termination Date) plus (ii) an amount equal to one year&#146;s Bonus (based on the incentive plan in effect on the Termination Date and determined as though 100% of all applicable goals and targets have been achieved). The foregoing amount shall be paid to Executive in a lump sum within thirty (30) days of termination, subject to receipt from Executive of the release described in subsection (h) and Executive&#146;s compliance with the provisions of section 7. In addition, subject to receipt of the release, described in subsection (h) and Executive&#146;s compliance with the provisions of section 7, the Company shall continue Executive&#146;s health/medical benefits (or reimburse Executive for the cost of continuation coverage under COBRA) until Executive is afforded health/medical benefits by another employer, for a maximum of twelve months from the Termination Date.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:96px; font-size:11pt">(h)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt"><I><U>Release</U></I>. As a condition precedent to receiving payment of amounts payable under subsections (c) or (g), Executive shall execute a release of all claims against Iridium in form reasonably satisfactory to Iridium; <I>provided</I>, however, that such release shall not release Iridium from its obligations to indemnify Executive as set forth in section 4(d). If (but only if) Executive has executed such release, then any claim that Iridium may have against Executive shall be barred unless Iridium commences an arbitration or other action or proceeding asserting such claim within one (1) year from the Termination Date.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:96px; font-size:11pt" align=justify>7.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt" align=justify><B><I>Certain Restrictions</I></B>.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:144px; font-size:11pt" align=justify>(a)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:192px; font-size:11pt" align=justify><I><U>Confidentiality</U></I>. Executive acknowledges that he has acquired and will acquire proprietary and confidential information relating to the business of the Company and </P>
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<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt; page-break-before:always">its subsidiaries, including but not limited to business plans, sales and marketing plans, financial information, acquisition prospects, and &#147;customer&#148; and &#147;supplier&#148; lists (as such terms may relate to the business or the systems and other trade secrets or know-how of the Company or its subsidiaries) as they may exist from time to time (collectively, &#147;<B>Confidential Information</B>&#148;), which are or may be valuable, special, and unique assets of Iridium&#146;s business, access to or knowledge of which is essential to the performance of Executive&#146;s duties hereunder. Accordingly, Executive shall not disclose at any time (during his employment under this Agreement or thereafter) any such Confidential Information other than in connection with and as reasonably required for the performance of his duties under this Agreement, unless required to do so pursuant to law, subpoena, court order, or other legal process. These restrictions shall not apply to, and &#147;Confidential Information&#148; shall not be deemed to include, information that has been publicly disclosed by any person other than Executive who is not under an obligation of confidentiality to the Company or any of its subsidiaries or is otherwise in the public domain before Executive&#146;s disclosure of such information.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:144px; font-size:11pt" align=justify>(b)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:192px; font-size:11pt" align=justify><I><U>Competitive Activity</U></I>. Due to the unique position of Executive in his role of Chief Executive Officer of Company and Satellite, Executive agrees that if he voluntarily terminates his employment (other than for Good Reason) or Iridium terminates his employment for Cause, Executive shall not for a period of one (1) year after the Termination Date, without the prior written consent of Iridium, engage or participate in any of the following activities: (i) directly or indirectly, knowingly engage or participate in (as owner, partner, shareholder, employee, director, officer, agent, consultant or otherwise), with or without compensation, any business that is in direct market competition with the Company or Satellite, any successor to the Company&#146;s or Satellite&#146;s business, or any of their subsidiaries (a &#147;<B>Competitive Business</B>&#148;) (except that, notwithstanding the foregoing, Executive may: (x) own up to a five percent (5%) interest in a publicly traded corporation engaged in a Competitive Business or (y) be employed by or serve as a consultant to an entity that is engaged in a Competitive Business and in one or more other businesses as long as Executive is not, directly or indirectly, personally involved in the Competitive Business) or (ii) personally employ or retain (or personally participate in or arrange the employment or retention of) any person who was employed or retained by the Company or Satellite, any successor to the business of the Company or Satellite, or any of their affiliates or subsidiaries during the period of Executive&#146;s employment. For purposes hereof, a Competitive Business shall be deemed in direct market competition with Iridium&#146;s business if it engages in providing any form of mobile satellite telecommunications, whether voice or data (but excluding broadcast transmissions), as the term &#147;telecommunications&#148; is defined in the Communications Act of 1934, as amended, 47 U.S.C. &#167;153(43).</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:144px; font-size:11pt" align=justify>(c)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:192px; font-size:11pt" align=justify><I><U>Remedies for Breach</U></I>. Executive acknowledges that the provisions of this section 7 are reasonable and necessary for the protection of Iridium and that Iridium may be irrevocably damaged if these provisions are not specifically enforced. Accordingly, Executive agrees that, in addition to any other relief or remedy available to Iridium, Iridium shall be entitled to seek and may obtain an appropriate injunction or other equitable remedy for the purposes of restraining Executive from any actual or threatened breach of or otherwise enforcing these provisions and that no bond or security shall be required in connection therewith. In any action or proceeding brought to enforce the provisions of this section 7, the prevailing party shall be entitled to receive from the other party its reasonable costs and expenses incurred to enforce such </P>
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<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt; page-break-before:always">provisions or defend against such enforcement (as the case may be), including reasonable attorneys&#146; fees.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:144px; font-size:11pt" align=justify>(d)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:192px; font-size:11pt" align=justify><I><U>Modification</U></I>. If any provision of this section 7 is deemed invalid or unenforceable to any extent, such provision shall be deemed modified and limited to the extent necessary to make it valid and enforceable.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:96px; font-size:11pt" align=justify>8.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt" align=justify><B><I>Arbitration of Certain Disputes</I></B>. Any dispute or controversy arising under or in connection with this Agreement (including <B><I>Exhibit A</I></B>), other than with respect to an alleged breach of any of any of the provisions of section 7, shall be resolved by binding arbitration held in Washington, D.C. before a single arbitrator conducted in accordance with the Commercial Arbitration Rules of the American Arbitration Association (the &#147;<B>AAA</B>&#148;) then in effect (the &#147;<B>AAA</B> <B>Rules</B>&#148;) and otherwise in accordance with principles of Maryland law that would be applied by a court sitting in Maryland. The parties shall negotiate in good faith to select a mutually agreeable arbitrator, but if they cannot agree on an arbitrator within thirty (30) days after the commencement of the arbitration, the arbitrator shall be independently selected by the AAA as provided in the AAA Rules. Such arbitrator, whether selected by the parties or the AAA, shall be unaffiliated with either party. Judgment on any award may be entered and enforced in any court having jurisdiction. Notwithstanding the foregoing, either party shall have the right to apply to a court having appropriate jurisdiction to seek injunctive or other nonmonetary relief, on either an interim or permanent basis, for any claim arising under or in connection with this Agreement.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:96px; font-size:11pt" align=justify>9.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt" align=justify><B><I>Miscellaneous</I></B>.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:144px; font-size:11pt" align=justify>(a)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:192px; font-size:11pt" align=justify><I><U>Certain Permitted Changes in Executive&#146;s Position</U></I>. Anything in this Agreement to the contrary notwithstanding, in the event of a Change in Control, a change only in Executive&#146;s title (but not a reduction in the actual scope of Executive&#146;s responsibilities, authority, or duties) (other than due to Cause or Disability), shall not constitute Good Reason or a failure by the Company to perform any terms or provision of this Agreement. In the event of such a change in the Executive&#146;s title, any reference, whether express or implied, in this Agreement to Executive&#146;s title will be deemed to refer to Executive&#146;s title as so changed.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:144px; font-size:11pt" align=justify>(b)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:192px; font-size:11pt" align=justify><I><U>Entire Agreement; Amendment</U></I>. This Agreement supersedes all prior agreements between the parties with respect to its subject matter, is intended as a complete and exclusive statement of the terms of the agreement between the parties with respect thereto, and may be amended only by a writing signed by both parties.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:144px; font-size:11pt" align=justify>(c)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:192px; font-size:11pt" align=justify><I><U>Incorporation of Recitals and Exhibits</U></I>. The recitals to this Agreement and <B><I>Exhibit A</I></B> hereto are an integral part of and by this reference are hereby incorporated into this Agreement.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:144px; font-size:11pt" align=justify>(d)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:192px; font-size:11pt" align=justify><I><U>Nonwaiver</U></I>. The failure of either party to insist upon strict adherence to any term of this Agreement on any occasion shall not be considered a waiver or deprive that party of the right thereafter to insist upon strict adherence to that term or any other term of this Agreement. Any waiver must be in a writing signed by the party to be charged therewith.</P>
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<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:144px; font-size:11pt; page-break-before:always" align=justify>(e)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:192px; font-size:11pt" align=justify><I><U>Assignment</U></I>. This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective heirs, representatives, successors and assigns. This Agreement shall not be assignable by either party without the consent of the other, except that the Company may assign all of its rights and delegate performance of all of its obligations hereunder in connection with a Transaction, provided the assignee assumes the obligations of Company in connection with such assignment.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:144px; font-size:11pt" align=justify>(f)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:192px; font-size:11pt" align=justify><I><U>Counterparts</U></I>. This Agreement may be executed in two or more counterparts, each of which shall be considered an original, but all of which together shall constitute the same instrument.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:144px; font-size:11pt" align=justify>(g)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:192px; font-size:11pt" align=justify><I><U>Headings</U></I>. The headings and subheadings in this Agreement are for convenience of reference only and shall not be given any effect in the interpretation of this Agreement.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:144px; font-size:11pt" align=justify>(h)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:192px; font-size:11pt" align=justify><I><U>Governing Law</U></I>. This Agreement shall be governed by the laws of the State of Maryland, without regard to any provision that would result in the application of the laws of any other state or jurisdiction.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:144px; font-size:11pt" align=justify>(i)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:192px; font-size:11pt" align=justify><I><U>Severability</U></I>. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:144px; font-size:11pt" align=justify>(j)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:192px; font-size:11pt" align=justify><I><U>Company Policies, Plans and Programs</U></I>. Whenever any rights under this Agreement depend on the terms of a policy, plan, or program of application to all employees generally or to any specified class of employees that is established or maintained by the Company or Satellite, any determination of such rights will be made on the basis of the policy, plan, or program in effect at the time as of which such determination is made. No reference in this Agreement to any policy, plan, or program of application to all employees generally or to any specified class of employees that is established or maintained by the Company or Satellite shall preclude the Company or Satellite from prospectively or retroactively changing or amending or terminating that policy, plan, or program or adopting a new policy, plan, or program in lieu of the then existing policy, plan, or program. In the event of a conflict between the provisions of this Agreement and those of any such policy, plan, or program, the provisions of this Agreement shall prevail.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:144px; font-size:11pt" align=justify>(k)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:192px; font-size:11pt" align=justify><I><U>Board Action</U></I>. Any action that may be taken hereunder by the Board of Directors of the Company with respect to the compensation and benefits of Executive may be taken by an authorized committee of the Board.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:144px; font-size:11pt" align=justify>(l)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:192px; font-size:11pt" align=justify><I><U>Internal Revenue Code Section 409A</U></I>. To the extent that this Agreement or any plan, program or award of Company in which Executive participates or which has been or is granted by Company to Executive, as applicable, is subject to section 409A of the Code, Company and Executive agree to cooperate and work together in good faith to timely amend each such plan, program or award to comply with section 409A of the Code. In the event that Executive and Company do not agree as to the necessity, timing, or nature of a particular amendment intended to satisfy section 409A of the Code, reasonable deference will be given to </P>
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<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt; page-break-before:always">Executive&#146;s reasonable interpretation of such provisions. Notwithstanding anything herein to the contrary, in the event that Executive is subject to any payment or benefit at a time when he is a &#147;specified employee&#148; (within the meaning of section 409A), the Company shall delay the making of such payment or benefit to the extent reasonably necessary to satisfy section 409A. In addition, references to payments to be paid &#147;promptly following the Termination Date&#148; or similar references shall mean no later than two and one-half months after the Termination Date. So long as Executive has complied with the foregoing provisions of this subsection (l), Company will indemnify and protect Executive against any penalties imposed by IRS as a result of the application of Code Section 409A.</P>
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<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:96px; font-size:11pt; page-break-before:always"><B>IN WITNESS WHEREOF</B>, the parties have executed this Agreement under seal as of the date first above written.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-size:11pt">WITNESS/ATTEST:</P>
<P style="line-height:normal; margin:0px; text-indent:336px; font-size:11pt"><B>I</B><FONT style="font-family:Times New Roman Bold; font-size:10pt"><B>RIDIUM</FONT> H</B><FONT style="font-family:Times New Roman Bold; font-size:10pt"><B>OLDINGS</FONT> LLC</B></P>
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<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-size:11pt"><U>/s/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P style="line-height:13pt; margin:0px; text-indent:336px; font-size:11pt">By:<U>/s/ Michael Deutschman&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>(SEAL)</P>
<P style="line-height:13pt; margin:0px; text-indent:336px; font-size:11pt">Name: &nbsp;Michael Deutschman</P>
<P style="line-height:13pt; margin:0px; text-indent:336px; font-size:11pt">Title: &nbsp;&nbsp;&nbsp;Chief Counsel</P>
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<P style="line-height:normal; margin:0px; text-indent:336px; font-size:11pt"><B>I</B><FONT style="font-family:Times New Roman Bold; font-size:10pt"><B>RIDIUM</FONT> S</B><FONT style="font-family:Times New Roman Bold; font-size:10pt"><B>ATELLITE</FONT> LLC</B></P>
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<P style="line-height:13pt; margin:0px; text-indent:336px; font-size:11pt">By:<U>/s/ Michael Deutschman&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>(SEAL)</P>
<P style="line-height:13pt; margin:0px; text-indent:336px; font-size:11pt">Name: &nbsp;Michael Deutschman</P>
<P style="line-height:13pt; margin:0px; text-indent:336px; font-size:11pt">Title: &nbsp;&nbsp;&nbsp;Chief Counsel</P>
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<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-size:11pt"><U>/s/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P style="line-height:13pt; margin:0px; text-indent:336px; font-size:11pt"><U>/s/ Matthew J. Desch&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>(SEAL)</P>
<P style="line-height:13pt; margin:0px; text-indent:336px; font-size:11pt">Name: &nbsp;Matthew J. Desch</P>
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<P style="line-height:normal; margin-top:0px; margin-bottom:14.667px; font-size:11pt" align=center><B>E</B><FONT style="font-family:Times New Roman Bold; font-size:10pt"><B>XHIBIT </FONT>A</B></P>
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<P style="line-height:normal; margin-top:0px; margin-bottom:14.667px; font-size:11pt" align=center><B>P</B><FONT style="font-size:10pt"><B>ROFITS</FONT> I</B><FONT style="font-size:10pt"><B>NTEREST</B></FONT></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:96px; font-size:11pt">Iridium Satellite LLC (&#147;<B>Satellite</B>&#148;) agrees to provide to Executive an interest in the profits of the Company requiring Company to make payments (&#147;<B>Profits Interest Payments</B>&#148;) to you based on the Aggregate Distributions and Payments made by the Company, in all cases on the terms and subject to the conditions set forth below.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">1.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:96px; font-size:11pt"><U>Defined Terms</U>: As used in this <I><U>Exhibit A</U></I>, the following terms have the meanings set forth below:</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:96px; font-size:11pt">(a)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt">&#147;<B>Aggregate Distributions and Payments</B>&#148; means: (i) all distributions and payments made by Holdings to which the holders of Class B Units (as a group) are entitled, including but not limited to distributions made by Iridium Holdings LLC (&#147;Company&#148;) on account of the sale or other disposition of substantially all of the assets of Company and its subsidiaries taken as a whole plus (ii) all payments made by third parties to which such holders (as a group) are entitled on account of the sale or other disposition (by way of merger, share exchange, or otherwise) of substantially all of the Class B Units then outstanding, in each case after the Effective Date. &#147;Distributions&#148; and &#147;payments&#148; shall include not only cash distributions and payments but also distributions and payments made in securities or other property, which shall be valued as reasonably determined by the Board of Directors of Company.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:96px; font-size:11pt">(b)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt">&#147;<B>Class B Unit</B>&#148; means a fully-paid and nonassessable Class B Unit (as defined in the Iridium Holdings LLC Agreement) that is free of all preemptive rights and of all taxes, liens, and charges. </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:96px; font-size:11pt">(c)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt">&#147;<B>Equivalent Holder of Class B Units</B>&#148; means a person whose Percentage Interest on the date for determining the amount of a Profits Interest Payment to you equals the Equivalent Percentage.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:96px; font-size:11pt">(d)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt">&#147;<B>Equivalent Percentage</B>&#148; as of any particular date means, with respect to a particular Indicated Percentage, the Percentage Interest in the Company as of that date of a (hypothetical) holder of Class B Units whose Percentage Interest on the Effective Date equals that Indicated Percentage. In other words, a holder&#146;s Equivalent Percentage takes into account any dilution of the interests of holders of Class B Units resulting from events occurring after the Effective Date.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:96px; font-size:11pt">(e)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt">&#147;<B>Indicated Percentage</B>&#148; means two and one-half percent (2.5%), subject to the vesting provisions of section 3 hereof.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:96px; font-size:11pt">(f)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt">&#147;<B>Iridium Holdings LLC Agreement</B>&#148; means the Amended and Restated Limited Liability Company Agreement of the Company, as from time to time amended.</P>
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<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt">&#147;<B>Percentage Interest</B>&#148; has the meaning ascribed to it in the Iridium Holdings LLC Agreement.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:96px; font-size:11pt">(h)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:144px; font-size:11pt">&#147;<B>Threshold Amount</B>&#148; means an amount determined by multiplying the Equivalent Percentage by $400 million.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">2.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:96px; font-size:11pt">The Profits Interest Payments to be made to you shall equal the excess (if any), determined on a cumulative basis of (i) the Aggregate Distributions and Payments that an Equivalent Holder of Class B Units is entitled to receive after the Effective Date, over (ii) the Threshold Amount. Such Profits Interest Payments shall be made to you as and when the distributions and payments by reference to which the Aggregate Distributions and Payments are determined are to be made. Where the Aggregate Distributions and Payments in respect of which Profits Interest Payments are to be made are payments to holders of Class B Units by a party other than Company or its subsidiaries, such Profits Interest Payments shall be made by Iridium but shall take into account the amount by which the payments that would otherwise he made to such holders of Class B Units will be reduced by the Profits Interest Payments.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">3.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:96px; font-size:11pt">Your right to receive any Profits Interest Payments and your Indicated Percentage are subject to vesting, which shall occur in four equal installments over the Term of your employment, with the first vesting to occur at the end of the first year of your employment and on each anniversary thereafter until fully vested. For purposes of determining the amount of any Profits Interest Payments to be made to you while subject to vesting, your Indicated Percentage shall be prorated and 0.625 percent shall be granted at the end of the first year of employment, increasing by that same percentage on each anniversary of the first vesting, until fully vested in the Indicated Percentage of 2.5%. Vesting of any then unvested portion of your Indicated Percentage shall not occur in the event of a voluntary or involuntary termination of your employment for any reason, other than an involuntary termination resulting from a Change in Control, all as defined in your Employment Agreement of which this Exhibit is a part. In the event of termination by reason of non-extension of the term, vesting shall occur as though employment had continued until the end of the term.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">4.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:96px; font-size:11pt">The Company will have the option to buy out your right to receive Profits Interest Payments at such time as you cease to be an employee of Satellite, which option may be exercised by written notice given to you at any time within one (1) year after the date you cease to be an employee of Satellite. If the Company exercises this option, the Company or Satellite will pay to you in a lump sum, not later than sixty (60) days after the option is exercised, the value of your right to receive Profits Interest Payments as of the date the option is exercised. This value will be determined by the Board of Directors of Company in consultation with its then institutional financial advisors, taking into account the value of, and the Aggregate Distributions and Payments that are reasonably likely to be made to holders of, Class B Units but subject to the Threshold Amount. Provided such determination is made in good faith and is not patently unreasonable, such determination shall be final and binding on both you and Company.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">5.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:96px; font-size:11pt">In no event shall you be deemed an owner of any equity interest in the Company or Satellite by virtue of this <I><U>Exhibit A</U></I> or to have or be entitled to exercise any of the rights of an </P>
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<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt; page-break-before:always">owner of an equity interest in Company or Satellite, whether arising under the Iridium Holdings LLC Agreement, the Delaware Limited Liability Company Act, or otherwise.</P>
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<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-size:11pt">(IRIDIUM LOGO)</P>
<P style="line-height:13pt; margin:0px; text-indent:372px; font-size:11pt">Iridium Holdings LLC</P>
<P style="line-height:13pt; margin:0px; text-indent:372px; font-size:11pt">Iridium Satellite LLC</P>
<P style="line-height:13pt; margin:0px; text-indent:372px; font-size:11pt">6707 Democracy Boulevard</P>
<P style="line-height:13pt; margin:0px; text-indent:372px; font-size:11pt">Suite 300 </P>
<P style="line-height:13pt; margin:0px; text-indent:372px; font-size:11pt">Bethesda, MD 20817</P>
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<P style="line-height:13pt; margin:0px; text-indent:372px; font-size:11pt">T: +1 301-571-6200</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:372px; font-size:11pt">F: +1 301-571-6224</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt" align=center>April 20, 2007</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">Mr. Matthew J. Desch</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">6707 Democracy Boulevard</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt">Bethesda MD 20817</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt">Re: Amendment to Employment Agreement</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt">Dear Matt:</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:11px; text-indent:48px; font-size:11pt">Please accept this letter amending your Employment Agreement dated September 18, 2006 (the &#147;Employment Agreement&#148;) with Iridium Holdings LLC (the &#147;Company&#148;) and Iridium Satellite LLC (&#147;Satellite&#148;) (together referred to as &#147;Iridium&#148;).</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:11px; text-indent:48px; font-size:11pt">Capitalized terms that are defined in the Employment Agreement and used herein without further definition shall have the same meaning as set forth in the Employment Agreement.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:11px; text-indent:48px; font-size:11pt">Exhibit A to the Employment Agreement provides, in part, that your right to receive any Profits Interest Payments and your Indicated Percentage are subject to vesting. In general, as provided in section 3 of Exhibit A, your Indicated Percentage vests in four equal annual installments. As therein specified, however, vesting of your Indicated Percentage is accelerated in the event of an involuntary termination of your employment resulting from a Change in Control.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:11px; text-indent:48px; font-size:11pt">Iridium hereby agrees that, in the event of a Change in Control not resulting in an involuntary termination of your employment, your Indicated Percentage will vest at 1.25% if and to the extent that your Indicated Percentage otherwise vested as of such date is less than 1.25%.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:11px; text-indent:48px; font-size:11pt">I would appreciate your acknowledge the foregoing amendment by signing and returning a copy of this letter for the Iridium records.</P>
<P style="line-height:13pt; margin:0px; padding-left:288px; font-size:11pt">Very truly yours,</P>
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<P style="line-height:13pt; margin:0px; padding-left:288px; font-size:11pt">/s/ Michael R. Deutschman</P>
<P style="line-height:13pt; margin:0px; padding-left:288px; font-size:11pt">Michael R. Deutschman</P>
<P style="line-height:13pt; margin:0px; padding-left:288px; font-size:11pt">Chief Administrative Officer</P>
<P style="line-height:13pt; margin:0px; padding-left:288px; font-size:11pt">and Chief Counsel</P>
<P style="line-height:13pt; margin:0px; font-family:Times New Roman Bold; font-size:11pt"><B>Acknowledged and Agreed</B></P>
<P style="line-height:13pt; margin:0px; font-size:11pt">this 25<SUP>th</SUP> day of April, 2007</P>
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<P style="line-height:13pt; margin:0px; font-size:11pt"><U>/s/ Matthew J. Desch&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P style="line-height:13pt; margin:0px; font-size:11pt">Matthew J. Desch</P>
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<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt" align=center>January 21, 2008</P>
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<P style="line-height:13pt; margin:0px; font-size:11pt">Mr. Matthew J. Desch</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">c/o Iridium Satellite LLC</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">6707 Democracy Blvd</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt">Bethesda, MD 20817</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:48px; font-size:11pt">Re: Limitation on Right to Profits Interest Payments</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt">Dear Matt:</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:96px; font-size:11pt">This letter confirms that we have agreed to modify, effective as of the date of this letter, the arrangement previously entered into with respect to the making of &#147;Profits Interest Payments&#148; to you in partial consideration for your service to Iridium.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:96px; font-size:11pt">In particular, we have agreed that <U>Exhibit A</U> to your Employment Agreement dated September 18, 2006 with Iridium Holdings LLC and Iridium Satellite LLC (as heretofore amended by a letter to you from Michael Deutschman dated April 20, 2007 and clarified by a letter to you from Michael dated June 1, 2007 relating to the definition of &#147;Threshold Amount&#148;) is hereby modified by adding at the end of such <U>Exhibit A</U> the following new paragraph:</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:48px; text-indent:48px; font-size:11pt">&#147;6.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; text-indent:96px; font-size:11pt">In no event shall the total amount of Profits Interest Payments made to you exceed the excess of (i) the Equivalent Percentage times $8,778,000 over (ii) the Threshold Amount.&#148;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:96px; font-size:11pt">Please confirm your agreement to the above by signing and returning a copy of this letter.</P>
<P style="line-height:13pt; margin:0px; padding-left:288px; font-size:11pt">Very truly yours,</P>
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<P style="line-height:13pt; margin:0px; padding-left:288px; font-size:11pt">/s/ John S. Brunette</P>
<P style="line-height:13pt; margin:0px; padding-left:288px; font-size:11pt">John S. Brunette</P>
<P style="line-height:13pt; margin:0px; padding-left:288px; font-size:11pt">Chief Administrative Officer</P>
<P style="line-height:13pt; margin:0px; padding-left:288px; font-size:11pt">and Chief Counsel</P>
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<P style="line-height:13pt; margin:0px; font-family:Times New Roman Bold; font-size:11pt"><B>Acknowledged and Agreed:</B></P>
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<P style="line-height:13pt; margin:0px; font-size:11pt"><U>/s/ Matthew J. Desch&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P style="line-height:13pt; margin:0px; font-size:11pt">Matthew J. Desch</P>
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<P style="line-height:13pt; margin:0px; font-size:11pt">Date: January 31, 2008</P>
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<P style="line-height:13pt; margin:0px; font-size:11pt">(IRIDIUM LOGO)</P>
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<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt">November 20, 2008</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">Matthew J. Desch</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">c/o Iridium Holdings, LLC</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">6707 Democracy Boulevard, Suite 300</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt">Bethesda, MD 20817</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:48px; font-size:11pt"><B>RE: <U>Your Profits Interest</U></B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt">Dear Matt:</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:48px; font-size:11pt">On September 18, 2006 Iridium Holdings, LLC granted you phantom equity payment rights pursuant to <U>Exhibit A</U> of your employment agreement with Iridium dated as of September 18, 2006, which rights were subsequently amended and/or clarified in letter agreements between you and Iridium (the &#147;<U>Profits Interest Payment</U>&#148;). This letter is intended to further clarify how the Profits Interest Payment will be calculated when a payment event occurs (for example, in connection with the consummation of the transactions contemplated by the Transaction Agreement dated as of September 22, 2008 among Iridium, GHL Acquisition Corp. and the other parties thereto). The actual amount of the Profits Interest Payment shall be computed as follows, but shall not be less than $0.00:</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt"><B>X</B> = the product of <B>A</B> times <B>B</B>, where:</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt"><B>X</B> is the amount of the Profits Interest Payment payable;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt"><B>A</B> is $4,483,698 minus an amount equal to the excess, if any, of (i) $8,778,000 over (ii) the fair market value on the payment date of 39,582 Class B Units of Iridium (the &#147;<U>FMV Determination</U>&#148;); <U>provided</U>, that if the FMV Determination is equal to or less than $4,294,302, then <B>A</B> will be $0.00; and</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt"><B>B</B> is the percentage of the Profits Interest Payment that is vested on the applicable payment date.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:48px; font-size:11pt">For the avoidance of doubt, any distributions made by Iridium since September 18, 2006 payable to holders of Class B Units of Iridium shall be deemed to be applied solely against the threshold amount applicable to the Units of Employee Holdings LLC issued to you on January 21, 2008.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:48px; font-size:11pt">Please confirm your agreement to the above by signing and returning a copy of this letter. </P>
<P style="line-height:13pt; margin:0px; padding-left:288px; font-size:11pt">Very truly yours,</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:288px; font-size:11pt">Iridium Holdings, LLC</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:288px; font-size:11pt">By: <U>/s/ John S. Brunette&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P style="line-height:13pt; margin:0px; padding-left:288px; text-indent:27px; font-size:11pt">John S. Brunette</P>
<P style="line-height:13pt; margin:0px; padding-left:288px; text-indent:27px; font-size:11pt">Chief Legal &amp; Administrative Officer</P>
<P style="line-height:13pt; margin:0px; font-size:11pt"><B>Acknowledged and Agreed:</B></P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt"><U>/s/ Matthew J. Desch&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P style="line-height:13pt; margin:0px; font-size:11pt">Matthew J. Desch</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt">Date: November 21, 2008</P>
<P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
</DIV></BODY>
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<DOCUMENT>
<TYPE>EX-10.12
<SEQUENCE>25
<FILENAME>johnbrunette120607.htm
<DESCRIPTION>EXLHIBIT 10.12
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>&nbsp;John S. Brunette</TITLE>
<META NAME="author" CONTENT="STB">
<META NAME="date" CONTENT="09/25/2009">
</HEAD>
<BODY style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">
<DIV style="width:624px"><P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=right>Exhibit 10.12</P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; font-size:12pt" align=center><B>[*] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 24b-2 of<BR>
The Securities Exchange Act of 1934, as amended.</B></P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:16px; font-size:11pt">(IRIDIUM LOGO)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt">December 6, 2007</P>
<P style="margin-top:0px; margin-bottom:14.667px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt">Mr. John S. Brunette</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt">[*]</P>
<P style="margin-top:0px; margin-bottom:14.667px"><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt">Dear John:</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt" align=justify>On behalf of the Board of Directors, we are pleased and delighted to offer you the position of Chief Administrative Officer &amp; General Counsel for Iridium Satellite LLC (&#147;Company&#148;), and look forward to working with you in the coming years.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt" align=justify>The following are the terms of this offer (all dollars stated in U.S. dollars):</P>
<TABLE style="font-size:10pt" cellspacing=0><TR style="font-size:0"><TD width=151.2></TD><TD width=487.2></TD></TR>
<TR><TD valign=top width=151.2><P style="line-height:13pt; margin:0px; font-size:11pt"><B>Title:</B></P>
</TD><TD valign=top width=487.2><P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>Chief Administrative Officer &amp; General Counsel</P>
</TD></TR>
<TR><TD valign=top width=151.2><P>&nbsp;</P></TD><TD valign=top width=487.2><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=151.2><P style="line-height:13pt; margin:0px; font-size:11pt"><B>Reporting To:</B></P>
</TD><TD valign=top width=487.2><P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>Matt Desch, Chairman &amp; Chief Executive Officer</P>
</TD></TR>
<TR><TD valign=top width=151.2><P>&nbsp;</P></TD><TD valign=top width=487.2><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=151.2><P style="line-height:13pt; margin:0px; font-size:11pt"><B>Base Salary:</B></P>
</TD><TD valign=top width=487.2><P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>$335,000 per annum paid bi-monthly</P>
</TD></TR>
<TR><TD valign=top width=151.2><P>&nbsp;</P></TD><TD valign=top width=487.2><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=151.2><P style="line-height:13pt; margin:0px; font-size:11pt"><B>Incentive Plan:</B></P>
</TD><TD valign=top width=487.2><P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>In addition to your base salary, you will participate in the Annual Executive Bonus Plan along with other members of the Executive Management team. Your participation will be up to 35% of base salary paid during the calendar year, for 100% achievement of specific targeted Corporate goals and objectives. The Plan includes the opportunity for payment of more than 100% for achievements in excess of 100% of targeted Corporate goals and objectives. These goals and objectives will be established by the CEO and approved by the Iridium Board of Directors.</P>
</TD></TR>
<TR><TD valign=top width=151.2><P>&nbsp;</P></TD><TD valign=top width=487.2><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=151.2><P>&nbsp;</P></TD><TD valign=top width=487.2><P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>For the calendar year 2007 any bonus payment made will be awarded on a discretionary basis and approved by the Iridium Board of Directors. This Plan when instituted is discretionary and subject to change.</P>
</TD></TR>
<TR><TD valign=top width=151.2><P>&nbsp;</P></TD><TD valign=top width=487.2><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=151.2><P style="line-height:13pt; margin:0px; font-size:11pt"><B>Sign-on Bonus:</B></P>
</TD><TD valign=top width=487.2><P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>You will also receive a sign-on bonus in the amount of $75,000, less applicable taxes and withholding. This sign-on bonus will be paid to you upon your first regular pay period.</P>
</TD></TR>
<TR><TD valign=top width=151.2><P>&nbsp;</P></TD><TD valign=top width=487.2><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=151.2><P style="line-height:13pt; margin:0px; font-size:11pt"><B>Benefit Plans:</B></P>
</TD><TD valign=top width=487.2><P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>You will participate in the Iridium employee benefits program provided by Company. In addition you will be entitled to participate in all future benefit programs and have perquisites comparable to those provided for senior executive employees.</P>
</TD></TR>
<TR><TD valign=top width=151.2><P>&nbsp;</P></TD><TD valign=top width=487.2><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=151.2><P style="line-height:13pt; margin:0px; font-size:11pt"><B>Vacation:</B></P>
</TD><TD valign=top width=487.2><P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>You will receive paid vacation annually at the rate of four weeks per year.</P>
</TD></TR>
</TABLE>
<P style="margin-top:0px; margin-bottom:14.667px" align=justify><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; font-size:12pt; page-break-before:always" align=center><B>[*] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 24b-2 of<BR>
The Securities Exchange Act of 1934, as amended.</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:22px; font-size:11pt">John S. Brunette<BR>
Offer of Employment<BR>
Page 2</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:14.667px" align=justify><BR>
<BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR style="font-size:0"><TD width=151.2></TD><TD width=487.2></TD></TR>
<TR><TD valign=top width=151.2><P>&nbsp;</P></TD><TD valign=top width=487.2><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=151.2><P style="line-height:13pt; margin:0px; font-size:11pt"><B>Equity:</B></P>
</TD><TD valign=top width=487.2><P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>You will be granted an equity interest, represented by Class B Units, in the Company&#146;s employee equity ownership plan that represents an ownership interest of one-half of one percent (.5%) of the total of Class A and Class B units of Iridium Holdings LLC (&#147;Holdings&#148;) as of the date of the grant. These Units will be subject to satisfaction of a threshold amount computed based on an assumed value of the company&#146;s equity determined by deducting from an assumed enterprise value of $650 million certain &#147;applicable liabilities&#148; of the Company on the date of the grant. Accordingly, you will receive distributions for the increase in value of the Company equity over this amount. The interest will be subject to vesting ratably over a period of four years, with the first vesting occurring on the first anniversary of the date of your grant of equity interest. Each vesting is contingent upon your continued employment at that time. This grant is subject to approval by the Board of Directors of Holdings at its scheduled meeting in December, 2007. It is the Company&#146;s intention to convert this ownership plan into a stock option plan that would maintain your ownership interest percentage (subject to dilution from subsequent grants), base price and vesting schedule. This would occur on conversion to a C Corporation status.</P>
</TD></TR>
<TR><TD valign=top width=151.2><P>&nbsp;</P></TD><TD valign=top width=487.2><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=151.2><P style="line-height:13pt; margin:0px; font-size:11pt"><B>Conditions:</B></P>
</TD><TD valign=top width=487.2><P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>Your employment will continue unless terminated by you or Company at any time on thirty days&#146; prior written notice. Company may terminate for any reason or no reason, with or without cause. If your employment is terminated by Company other than for cause, or by you for &#147;constructive discharge&#148;, you will be entitled to receive a prorated portion of any payment to which you otherwise would have been entitled on account of the Company Incentive Plan for the calendar year in which termination occurs. Payment will be made at the same time as payments are made to all participants in the Incentive Plan and upon achievement of the Plan targets. &#147;Constructive discharge&#148; shall be defined as the assignment of duties materially inconsistent with your position, authority, duties or responsibilities, or a substantially adverse alteration in the nature or status of your responsibilities.</P>
</TD></TR>
<TR><TD valign=top width=151.2><P>&nbsp;</P></TD><TD valign=top width=487.2><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=151.2><P style="line-height:13pt; margin:0px; font-size:11pt"><B>Effective Date:</B></P>
</TD><TD valign=top width=487.2><P style="line-height:13pt; margin:0px; font-size:11pt" align=justify>December 10, 2007</P>
</TD></TR>
<TR><TD valign=top width=151.2><P>&nbsp;</P></TD><TD valign=top width=487.2><P>&nbsp;</P></TD></TR>
</TABLE>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt">This offer is contingent on your successful completion and acceptance by Company of the following enclosed documents:</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:24px; text-indent:-24px; font-family:Symbol; font-size:11pt" align=justify>&#183;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:24px; font-size:11pt" align=justify>References and verification of credentials and employment</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:24px; text-indent:-24px; font-family:Symbol; font-size:11pt" align=justify>&#183;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:24px; font-size:11pt" align=justify>Felony and misdemeanor background investigation</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:24px; text-indent:-24px; font-family:Symbol; font-size:11pt" align=justify>&#183;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:24px; font-size:11pt" align=justify>Completion and signature on the enclosed Application of Employment, ISLLC Code of Conduct Affidavit, Non-Disclosure and Intellectual Property Agreement, and Employee Handbook Affidavit</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:24px; text-indent:-24px; font-family:Symbol; font-size:11pt" align=justify>&#183;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:24px; font-size:11pt" align=justify>Proof of Eligibility to work in the United States (attached is a list of documents that would be acceptable as proof of eligibility)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:24px; text-indent:-24px; font-family:Symbol; font-size:11pt" align=justify>&#183;</P>
<P style="line-height:13pt; margin:0px; padding-left:24px; font-size:11pt" align=justify>Credit Check (may be applicable for selective positions)</P>
<P style="margin-top:0px; margin-bottom:14.667px" align=justify><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; font-size:12pt; page-break-before:always" align=center><B>[*] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 24b-2 of<BR>
The Securities Exchange Act of 1934, as amended.</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:22px; font-size:11pt">John S. Brunette<BR>
Offer of Employment<BR>
Page 3</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt" align=justify>Should you require additional interpretation of any the above documents or its application to any specific&nbsp;situation, please contact me at (480) 752-1122 / Fax: (480) 752-5190, or by Email at jill.piovano@iridium.com.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt" align=justify>Again John, let me reiterate how excited we are to present this offer. To accept this position, sign and date where indicated and return to me at the address below.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt">Sincerely,</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt">/s/ Jill Piovano</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt">Jill Piovano<BR>
Director, Human Resources<BR>
Iridium Satellite LLC</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt"><B>Agreed to and accepted:</B></P>
<TABLE style="font-size:10pt" cellspacing=0><TR style="font-size:0"><TD width=319.2></TD><TD width=319.2></TD></TR>
<TR><TD valign=top width=319.2><P style="line-height:13pt; margin:0px; font-size:11pt"><U>/s/ John S. Brunette&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
</TD><TD valign=top width=319.2><P style="line-height:13pt; margin:0px; font-size:11pt"><U>12/10/07&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
</TD></TR>
<TR><TD valign=top width=319.2><P style="line-height:13pt; margin:0px; font-size:11pt">John S. Brunette</P>
</TD><TD valign=top width=319.2><P style="line-height:13pt; margin:0px; font-size:11pt">Date</P>
</TD></TR>
<TR><TD valign=top width=319.2><P>&nbsp;</P></TD><TD valign=top width=319.2><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=319.2><P>&nbsp;</P></TD><TD valign=top width=319.2><P>&nbsp;</P></TD></TR>
</TABLE>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt"><B>This letter is not, nor is it intended to be, a contract with respect to length of employment.</B></P>
<TABLE style="font-size:10pt" cellspacing=0><TR style="font-size:0"><TD width=139.2></TD><TD width=499.2></TD></TR>
<TR><TD valign=top width=139.2><P style="line-height:13pt; margin:0px; font-size:11pt"><B>Return Address:</B></P>
</TD><TD valign=top width=499.2><P style="line-height:13pt; margin:0px; font-size:11pt">Jill Piovano</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">Iridium Satellite, LLC</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">8440 S. River Parkway</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">Tempe, Arizona 85284</P>
</TD></TR>
<TR><TD valign=top width=139.2><P>&nbsp;</P></TD><TD valign=top width=499.2><P>&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
</DIV></BODY>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.13
<SEQUENCE>26
<FILENAME>ericmorrison.htm
<DESCRIPTION>EXHIBIT 10.13
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>&nbsp;Eric Morrison</TITLE>
<META NAME="date" CONTENT="09/25/2009">
</HEAD>
<BODY style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">
<DIV style="width:624px"><P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=right>Exhibit 10.13</P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; font-size:12pt" align=center><B>[*] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 24b-2 of<BR>
The Securities Exchange Act of 1934, as amended.</B></P>
<P style="margin:6.667px" align=center><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-size:11pt">(IRIDIUM LOGO)</P>
<P style="line-height:13pt; margin:0px; text-indent:372px; font-size:11pt">Iridium Satellite LLC</P>
<P style="line-height:13pt; margin:0px; text-indent:372px; font-size:11pt">6707 Democracy Boulevard, Suite 300</P>
<P style="line-height:13pt; margin:0px; text-indent:372px; font-size:11pt">Bethesda, MD 20817</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:372px; font-size:11pt">V: 301-571-6200</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:372px; font-size:11pt">F: 301-571-6224</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt">April 25, 2006</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt">Mr. Eric Morrison<BR>
[*]</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt">Dear Eric:</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt">On behalf of the Board of Directors, I am pleased to offer you the position of Executive Vice President and Chief Financial Officer of Iridium Satellite LLC (&#147;Company&#148;). I am personally delighted to present this offer and look to continuing to work with you in the coming years.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt">The following are the terms of this offer:</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:240px; text-indent:-240px; font-size:11pt"><B>Title:</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:240px; font-size:11pt">Executive Vice President and Chief Financial Officer</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:240px; text-indent:-240px; font-size:11pt"><B>Reporting:</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:240px; font-size:11pt">Dan Colussy, Chairman and Chief Executive Officer or ISLLC designee</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:240px; text-indent:-240px; font-size:11pt"><B>Base Salary:</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:240px; font-size:11pt">$260,000 per annum paid bi-monthly.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:240px; text-indent:-240px; font-size:11pt"><B>Incentive Plan:</B> </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:240px; font-size:11pt">In addition to your base salary, you will participate in the Annual Executive Bonus Plan along with other members of the Executive Management team. Your participation will be up to 35% of base salary paid during the calendar year, for 100% achievement of specific targeted goals and objectives. These goals and objectives will be established by the CEO and approved by the Iridium Board of Directors. This Plan when instituted is discretionary and subject to change.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:240px; text-indent:-240px; font-size:11pt"><B>Benefit Plans:</B> </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:240px; font-size:11pt">You will continue to participate in the Iridium employee benefits program provided by Company. In addition you will be entitled to participate in all future benefit programs and have perquisites comparable to those provided for senior executive employees.</P>
<P style="margin-top:0px; margin-bottom:14.667px"><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; font-size:12pt; page-break-before:always" align=center><B>[*] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 24b-2 of<BR>
The Securities Exchange Act of 1934, as amended.</B></P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:360px; text-indent:-360px; font-size:11pt">(IRIDIUM LOGO)</P>
<P style="line-height:13pt; margin:0px; padding-left:360px; font-size:11pt">Iridium Satellite LLC<BR>
6707 Democracy Boulevard, Suite 300</P>
<P style="line-height:13pt; margin:0px; padding-left:360px; font-size:11pt">Bethesda, MD 20817</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:360px; font-size:11pt">V: 301-571-6200</P>
<P style="line-height:13pt; margin:0px; padding-left:360px; font-size:11pt">F: 301-571-6224</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:240px; text-indent:-240px; font-size:11pt"><B>Equity Plan:</B> </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:240px; font-size:11pt">Your participation as a member of Iridium Employee Holdings LLC will continue under the same terms as are currently applicable. You will be granted an additional award of 750 Class B Units in Iridium Employee Holdings LLC, intended to be equivalent to a three-quarters of one percent (0.75%) interest in the total of Class A and Class B Units of Iridium Holdings LLC. These additional Class B Units shall be subject to vesting over a period of three years. These Units will be subject to a price of $1000 per Unit. The terms of this additional award are provided in the grant letter attached hereto, which we request you sign.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:240px; text-indent:-240px; font-size:11pt"><B>Severance:</B> </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:240px; font-size:11pt">Your employment will continue unless terminated by you or Company at any time on thirty days' prior written notice. Company may terminate for any reason or no reason, with or without cause. If your employment is terminated by Company other than for cause, or by you for &#147;constructive discharge&#148;, you will be entitled to three months' severance at your Base Salary. Severance payments shall be at the rate equal to your base salary in effect at the time of termination and shall be paid in installments in accordance with the Company's general payroll practices.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:240px; font-size:11pt">In addition, you will be entitled to receive a prorated portion of any payment to which you otherwise would have been entitled on account of the Company Incentive Plan for the calendar year in which termination occurs. Payment will be made at the same time as payments are made to all participants in the Incentive Plan and upon achievement of the Plan targets. &#147;Constructive discharge&#148; shall be defined as the assignment of duties materially inconsistent with your position, authority, duties or responsibilities, or a substantially adverse alteration in the nature or status of your responsibilities.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:240px; text-indent:-240px; font-size:11pt"><B>Effective Date:</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:240px; font-size:11pt">January 1, 2006</P>
<P style="margin:0px"><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; font-size:12pt; page-break-before:always" align=center><B>[*] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 24b-2 of<BR>
The Securities Exchange Act of 1934, as amended.</B></P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:360px; text-indent:-360px; font-size:11pt">(IRIDIUM LOGO)</P>
<P style="line-height:13pt; margin:0px; padding-left:360px; font-size:11pt">Iridium Satellite LLC<BR>
6707 Democracy Boulevard, Suite 300</P>
<P style="line-height:13pt; margin:0px; padding-left:360px; font-size:11pt">Bethesda, MD 20817</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:360px; font-size:11pt">V: 301-571-6200</P>
<P style="line-height:13pt; margin:0px; padding-left:360px; font-size:11pt">F: 301-571-6224</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt">Again Eric, let me reiterate how excited we are to present this offer. To accept this position, sign and date where indicated and return to me at the address below. This offer has previously been submitted to our Board of Directors for final approval.</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt">Sincerely,</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt">/s/ Dan Colussy</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt">Dan Colussy<BR>
Chairman and Chief Executive Officer<BR>
Iridium Satellite LLC</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt"><B>Agreed to and accepted:</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-size:11pt"><U>/s/ Eric Morrison&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P style="line-height:13pt; margin:0px; text-indent:240px; font-size:11pt"><U>4/25/06&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-size:11pt">Eric Morrison</P>
<P style="line-height:13pt; margin:0px; text-indent:240px">&nbsp;&nbsp;&nbsp;Date</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt"><B>This letter is not, nor is it intended to be, a contract with respect to length of employment.</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-size:11pt"><B>Return Address:</B></P>
<P style="line-height:13pt; margin:0px; text-indent:144px; font-size:11pt">Mr. Dan Colussy</P>
<P style="line-height:13pt; margin:0px; text-indent:144px; font-size:11pt">Iridium Satellite, LLC</P>
<P style="line-height:13pt; margin:0px; text-indent:144px; font-size:11pt">6707 Democracy Blvd. Suite 300</P>
<P style="line-height:13pt; margin:0px; text-indent:144px; font-size:11pt">Bethesda, Maryland 20817</P>
<P style="margin:0px"><BR>
<BR></P>
</DIV></BODY>
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<DOCUMENT>
<TYPE>EX-10.14
<SEQUENCE>27
<FILENAME>gregoryewert.htm
<DESCRIPTION>EXHIBIT 10.14
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
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<HEAD>
<TITLE>Gregory Ewert</TITLE>
<META NAME="date" CONTENT="09/25/2009">
</HEAD>
<BODY style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">
<DIV style="width:624px"><P style="line-height:13pt; margin-top:0px; margin-bottom:7.333px; padding-left:356.133px; text-indent:-356.133px; font-size:11pt" align=right>Exhibit 10.14</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:355.8px; text-indent:-355.8px; font-size:11pt">(IRIDIUM LOGO)</P>
<P style="line-height:13pt; margin:0px; padding-left:355.8px; text-indent:-3px; font-size:11pt">Iridium Satellite LLC</P>
<P style="line-height:13pt; margin:0px; padding-left:355.8px; text-indent:-3px; font-size:11pt">6707 Democracy Boulevard, Suite 300</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:7.333px; padding-left:356.133px; text-indent:-3.333px; font-size:11pt">Bethesda, MD 20817</P>
<P style="line-height:13pt; margin:0px; padding-left:355.8px; text-indent:-3px; font-size:11pt">V: 301-571-6200</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:7.333px; padding-left:356.133px; text-indent:-3.333px; font-size:11pt">F: 301-571-6224</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt">September 30, 2004</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt">Mr. Gregory Ewert<BR>
VIA HAND DELIVERY</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt">Dear Greg:</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt">I am pleased to offer you employment as the Executive Vice President of Sales, Marketing and Business Development for Iridium Satellite LLC (&#147;Company&#148;) currently located in the Bethesda, Maryland corporate headquarters. We are delighted that you have agreed to accept this offer and look forward to working with you.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt">The following are the terms we have discussed:</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:144px; text-indent:-144px; font-size:11pt"><B>Title:</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:144px; font-size:11pt">Executive Vice President of Sales, Marketing and Business Development</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:144px; text-indent:-144px; font-size:11pt"><B>Reporting to:</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:144px; font-size:11pt">Carmen Lloyd, Chairman and Chief Executive Officer</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:144px; text-indent:-144px; font-size:11pt"><B>Responsibilities:</B> </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:144px; font-size:11pt">Establishing strategic direction and overseeing all domestic and international sales and marketing and business development activities of Company. As a member of the senior executive management team of direct reports to the Chairman, you will participate as well in all aspects of the overall management of the Company.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:144px; text-indent:-144px; font-size:11pt"><B>Base Salary:</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:144px; font-size:11pt">$200,000 USD per annum paid not less than twice-monthly in accordance with Company&#146;s standard payroll practices for salaried employees. This base salary will increase to $225,000 per annum after the satisfactory completion of the first six months of employment.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:144px; text-indent:-144px; font-size:11pt"><B>Bonus Payment:</B> </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:144px; font-size:11pt">In addition to your base salary, you will have an annual incentive bonus plan. The objectives of this plan for the first 90 days (balance of 2004) of your employment will be developed and agreed to by you and the Chairman within ten days from the date hereof. Thereafter, your annual objectives will be agreed prior to the start of each calendar year.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:144px; font-size:11pt">Your bonus potential will be up to 60% of base salary per annum for the 100% achievement of all plan targets and objectives for the calendar year. &nbsp;Bonus payments will be determined and paid within 90 days after the end of each calendar year. </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:144px; text-indent:-144px; font-size:11pt"><B>Benefit Plans:</B> </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:144px; font-size:11pt">You will be eligible to participate in employee benefit programs provided by Company to its executives, including health, life and disability insurance programs and 401k plan. A general description of these current programs is attached hereto.</P>
<P style="margin-top:0px; margin-bottom:14.667px"><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:355.8px; text-indent:-355.8px; font-size:11pt; page-break-before:always">(IRIDIUM LOGO)</P>
<P style="line-height:13pt; margin:0px; padding-left:355.8px; font-size:11pt">Iridium Satellite LLC</P>
<P style="line-height:13pt; margin:0px; padding-left:355.8px; font-size:11pt">6707 Democracy Boulevard, Suite 300 Bethesda, MD 20817</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:355.8px; font-size:11pt">V: 301-571-6200</P>
<P style="line-height:13pt; margin:0px; padding-left:355.8px; font-size:11pt">F: 301-571-6224</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:144px; text-indent:-144px; font-size:11pt"><B>Conditions:</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:144px; font-size:11pt">Your employment will continue unless terminated by you or Company at any time upon sixty days&#146; prior written notice. Company may terminate for any reason or no reason, with our without cause.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:144px; text-indent:-144px; font-size:11pt"><B>Start Date:</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:144px; font-size:11pt">October 1, 2004</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-size:11pt"><B>Restrictions:</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:96px; font-size:11pt">(a) &nbsp;<I><U>Confidentiality</U></I>. By signing this letter, you acknowledge that you have acquired and will acquire proprietary and confidential information relating to the business of the Company and its parent and subsidiaries, including but not limited to business plans, sales and marketing plans financial information, acquisition prospects, and &#147;customer&#148; and &#147;supplier&#148; lists (as such terms may relate to the business or the systems and other trade secrets or know-how of the Company or its parent or subsidiaries) as they may exist from time to time (collectively, &#147;<B>Confidential Information</B>&#148;), which are or may be valuable, special, and unique assets of Iridium&#146;s business, access to or knowledge of which is essential to the performance of your duties hereunder, Accordingly, you shall not disclose at any time (during employment under this Agreement or thereafter) any such Confidential Information other than in connection with and as reasonably required for the performance of your duties under this Agreement, unless required to do so pursuant to law, subpoena, court order, or other legal process. These restrictions shall not apply to, and &#147;Confidential Information&#148; shall not be deemed to include, information that has been publicly disclosed by any person other than you who is not under an obligation of confidentiality to the Company or its parent or any of its subsidiaries or is otherwise in the public domain before your disclosure of such information.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:96px; font-size:11pt">(b) &nbsp;<I><U>Competitive Activity</U></I>. &nbsp;Due to the unique position of your role of Executive Vice President of Sales, Marketing and Business Development, you agree that if you voluntarily terminate your Employment or Iridium terminates your employment for cause, you shall not for a period of one (1) year after the Termination Date, without the prior written consent of Iridium, engage or participate in any of the following activities: (i) directly or indirectly, knowingly engage or participate in (as owner, partner, shareholder, employee, director, officer, agent, consultant or otherwise), with or without compensation, any business that is in direct market competition with the Company or its parent or any of its subsidiaries, as well as any successor to the Company&#146;s business or that of its parent or any of its subsidiaries (a &#147;<B>Competitive Business</B>&#148;) (except that, notwithstanding the foregoing, you may own up to a five percent (5%) interest in a publicly traded corporation engaged in a Competitive Business provided you are not employed by such corporation or (ii) personally employ or retain (or personally participate in or arrange the employment or retention of) any person who was employed or retained by the Company, any successor to the business of the Company, or any of its parent, affiliates or subsidiaries during the period of your employment. For purposes hereof, a Competitive Business shall be deemed in direct market competition with Iridium&#146;s business if it engages in providing any form of mobile satellite telecommunications, whether voice or data (but excluding broadcast transmissions), as the term &#147;telecommunications&#148; is defined in the Communications Act of 1934, as amended, 47 U.S.C. &#167;153(43).</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:96px; font-size:11pt">(c) &nbsp;<I><U>Remedies for Breach</U></I>. You acknowledge that the provisions of this letter agreement are reasonable and necessary for the protection of Company and that Company may be irrevocably damaged if these provisions are not specifically enforced. Accordingly, you agree that, in addition to any other relief or remedy available to Company, Company shall he entitled to seek and may obtain an appropriate injunction or other equitable remedy for the purposes of restraining you from any actual or threatened breach of or otherwise enforcing these provisions and that no bond or security shall be required </P>
<P style="margin-top:0px; margin-bottom:14.667px"><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:355.8px; text-indent:-355.8px; font-size:11pt; page-break-before:always">(IRIDIUM LOGO)</P>
<P style="line-height:13pt; margin:0px; padding-left:355.8px; font-size:11pt">Iridium Satellite LLC</P>
<P style="line-height:13pt; margin:0px; padding-left:355.8px; font-size:11pt">6707 Democracy Boulevard, Suite 300 Bethesda, MD 20817</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:355.8px; font-size:11pt">V: 301-571-6200</P>
<P style="line-height:13pt; margin:0px; padding-left:355.8px; font-size:11pt">F: 301-571-6224</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt">in connection therewith. In any action or proceeding brought to enforce the provisions of this letter agreement, the prevailing party shall be entitled to receive from the other party its reasonable costs and expenses incurred to enforce such provisions or defend against such enforcement (as the case may be), including reasonable attorneys&#146; fees.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:96px; font-size:11pt">(d) <I><U>Modification</U></I>. If any provision of this section of this letter agreement is deemed invalid or unenforceable to any extent, such provision shall he deemed modified and limited to the extent necessary to make it valid and enforceable.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt"><B>Control:</B> &nbsp;If your employment is terminated as a result of a Change in Control of Company or the parent of Company, you will be entitled to an amount equal to six months&#146; base salary (at the rate then in effect) plus any payment then earned and approved under your annual incentive plan. The payment of base salary shall be made not less than twice monthly over such six month period following termination and in accordance with standard payroll practices.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt">&#147;Change in Control&#148; means (i) any &#147;person&#148; (as such term is used in section 13(d) and 14(d) of the Securities Exchange Act of 1934 (the &#147;Exchange Act&#148;)) (other than a person who as of the date of the termination owns an interest in the Company or in its parent or any affiliate of any such person) becomes the beneficial owner, directly or indirectly, of interests in the Company or in its parent representing seventy-five percent (75%) or more of the combined voting power of the then-outstanding interests in the Company or in its parent (as the case may be); or (ii) the consummation of (x) any consolidation or merger or share or unit exchange involving the Company or its parent in which the Company or parent (as the case may be) is not the continuing or surviving entity or pursuant to which interests in the Company or parent would be converted into cash, securities, or other property other than a merger of the Company or of Satellite in which the holders of voting interests in the Company or Satellite (as the case may be) immediately before the merger own at least sixty five percent (65%) of the voting interests in the surviving entity immediately after the merger; or (y) any sale, lease, exchange, or other transfer (in one transaction or a series of related transactions) of substantially all of the assets of the Company or of Satellite other than to one or more of its wholly-owned subsidiaries or to an entity in which the persons holding voting interests in the Company or Satellite immediately before the consummation of the transaction own at least sixty percent (60%) of the voting interests.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt">This offer is contingent on your successful completion and acceptance by Company of the following documents: Completion and signature on the enclosed Application of Employment, ISLLC Code of Conduct Affidavit, Non-Disclosure and Intellectual Property Rights Agreement, and Employee Handbook Affidavit.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt">Nothing contained herein or in any of our discussions may be construed as a contract or guarantee of employment for a definite period of time. This employment relationship is at-will. By signing this letter, you agree to comply fully with the policies, practices and procedures of Company. By signing this letter you further acknowledge that you have not entered into any agreement and are not under any restrictions that prohibit you from performing all aspects of your job at the Company.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt">Please sign in the designated area below as your acceptance of this offer and return the original to me in the envelope provided. Please retain the copy for your records.</P>
<P style="margin-top:0px; margin-bottom:14.667px"><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:355.8px; text-indent:-355.8px; font-size:11pt; page-break-before:always">(IRIDIUM LOGO)</P>
<P style="line-height:13pt; margin:0px; padding-left:355.8px; text-indent:-3px; font-size:11pt">Iridium Satellite LLC</P>
<P style="line-height:13pt; margin:0px; padding-left:355.8px; text-indent:-3px; font-size:11pt">6701 Democracy Boulevard, Suite 500</P>
<P style="line-height:13pt; margin:0px; padding-left:355.8px; text-indent:-3px; font-size:11pt">Bethesda, MD 20817</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:355.8px; text-indent:-3px; font-size:11pt">V: 301-57I-6200</P>
<P style="line-height:13pt; margin:0px; padding-left:355.8px; text-indent:-3px; font-size:11pt">301-571-6250</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt">I welcome you to Iridium Satellite LLC and am glad you made the decision to join our team. </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt">Sincerely,</P>
<P style="margin-top:0px; margin-bottom:14.667px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt"><U>/s/ Carmen Lloyd&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P style="line-height:13pt; margin:0px; font-size:11pt">Carmen Lloyd</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt">Chairman and CEO</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt">Agreed to and accepted</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-size:11pt"><U>/s/ Gregory Ewert&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P style="line-height:13pt; margin:0px; text-indent:240px; font-size:11pt">Date: &nbsp;<U>October 4, 2004</U></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt">Gregory Ewert</P>
<P style="margin-top:0px; margin-bottom:14.667px"><BR>
<BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
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<DOCUMENT>
<TYPE>EX-10.15
<SEQUENCE>28
<FILENAME>johnroddy.htm
<DESCRIPTION>EXHIBIT 10.15
<TEXT>
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<TITLE>&nbsp;John Roddy</TITLE>
<META NAME="author" CONTENT="STB">
<META NAME="date" CONTENT="09/25/2009">
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<DIV style="width:624px"><P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=right>Exhibit 10.15</P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; font-size:12pt" align=center><B>[*] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 24b-2 of</B></P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; font-size:12pt" align=center><B>The Securities Exchange Act of 1934, as amended.</B></P>
<P style="margin:6.667px" align=center><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-size:11pt">(IRIDIUM LOGO)</P>
<P style="line-height:13pt; margin:0px; text-indent:372px; font-size:11pt">Iridium Satellite LLC</P>
<P style="line-height:13pt; margin:0px; text-indent:372px; font-size:11pt">6707 Democracy Boulevard, Suite 300</P>
<P style="line-height:13pt; margin:0px; text-indent:372px; font-size:11pt">Bethesda, MD 20817</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:372px; font-size:11pt">V: 301-571-6200</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:372px; font-size:11pt">F: 301-571-6224</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt">August 1, 2007</P>
<P style="margin-top:0px; margin-bottom:14.667px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt">Mr. John Roddy</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt">[*]</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt">Dear John:</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt">On behalf of the Board of Directors, I am pleased to offer you the position of Executive Vice President for Customer Care, Gateway and Network Operations of Iridium Satellite LLC (&#147;Company&#148;). I am personally delighted to present this offer and look forward to working with you in the coming years.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt">The following are the terms of this offer (all dollars stated in U.S. dollars): </P>
<TABLE style="font-size:10pt" cellspacing=0><TR style="font-size:0"><TD width=151.2></TD><TD width=504></TD></TR>
<TR><TD valign=top width=151.2><P style="line-height:13pt; margin:0px; font-size:11pt"><B>Title:</B></P>
</TD><TD valign=top width=504><P style="line-height:13pt; margin:0px; font-size:11pt">Executive Vice President for Customer Care, Gateway and Network Operations</P>
</TD></TR>
<TR><TD valign=top width=151.2><P>&nbsp;</P></TD><TD valign=top width=504><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=151.2><P style="line-height:13pt; margin:0px; font-size:11pt"><B>Reporting To:</B></P>
</TD><TD valign=top width=504><P style="line-height:13pt; margin:0px; font-size:11pt">Chief Executive Officer</P>
</TD></TR>
<TR><TD valign=top width=151.2><P>&nbsp;</P></TD><TD valign=top width=504><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=151.2><P style="line-height:13pt; margin:0px; font-size:11pt"><B>Base Salary:</B></P>
</TD><TD valign=top width=504><P style="line-height:13pt; margin:0px; font-size:11pt">$260,000 per annum paid bi-monthly</P>
</TD></TR>
<TR><TD valign=top width=151.2><P>&nbsp;</P></TD><TD valign=top width=504><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=151.2><P style="line-height:13pt; margin:0px; font-size:11pt"><B>Incentive Plan:</B></P>
</TD><TD valign=top width=504><P style="line-height:13pt; margin:0px; font-size:11pt">In addition to your base salary, you will participate in the Annual Executive Bonus Plan along with other members of the Executive Management team. Your participation will be up to 35% of base salary paid during the calendar year, for 100% achievement of specific targeted Corporate goals and objectives. For the calendar year 2007 you will be eligible to earn the bonus incentive on the full $260,000 as if you were employed for the entire twelve months of that year. The Plan includes the opportunity for payment of more than 100% for achievements in excess of 100% of targeted Corporate goals and objectives. These goals and objectives will be established by the CEO and approved by the Iridium Board of Directors. This Plan when instituted is discretionary and subject to change.</P>
</TD></TR>
<TR><TD valign=top width=151.2><P>&nbsp;</P></TD><TD valign=top width=504><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=151.2><P style="line-height:13pt; margin:0px; font-size:11pt"><B>Benefit Plans:</B></P>
</TD><TD valign=top width=504><P style="line-height:13pt; margin:0px; font-size:11pt">You will participate in the Iridium employee benefits program provided by Company. In addition you will be entitled to participate in all future benefit programs and have perquisites comparable to those provided for senior executive employees.</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
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<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; font-size:12pt; page-break-before:always" align=center><B>[*] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 24b-2 of</B></P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; font-size:12pt" align=center><B>The Securities Exchange Act of 1934, as amended.</B></P>
<P style="line-height:13pt; margin:0px; font-size:11pt">John Roddy</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">Offer of Employment</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">Page 2</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
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<TABLE style="font-size:10pt" cellspacing=0><TR style="font-size:0"><TD width=151.2></TD><TD width=504></TD></TR>
<TR><TD valign=top width=151.2><P>&nbsp;</P></TD><TD valign=top width=504><P style="line-height:13pt; margin:0px; font-size:11pt">In addition Iridium will pay the full cost associated with acquiring your H1-B visa and your Permanent Residence in the United States for as long as you are employed in good standing with Iridium.</P>
</TD></TR>
<TR><TD valign=top width=151.2><P>&nbsp;</P></TD><TD valign=top width=504><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=151.2><P style="line-height:13pt; margin:0px; font-size:11pt"><B>Vacation:</B></P>
</TD><TD valign=top width=504><P style="line-height:13pt; margin:0px; font-size:11pt">You will receive paid vacation annually at the rate of four weeks per year.</P>
</TD></TR>
<TR><TD valign=top width=151.2><P>&nbsp;</P></TD><TD valign=top width=504><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=151.2><P style="line-height:13pt; margin:0px; font-size:11pt"><B>Equity Equivalent:</B></P>
</TD><TD valign=top width=504><P style="line-height:13pt; margin:0px; font-size:11pt">You will be granted an Equity Equivalent interest in profits of Company&#146;s parent, Iridium Holdings LLC, as provided in Exhibit A hereto.</P>
</TD></TR>
<TR><TD valign=top width=151.2><P>&nbsp;</P></TD><TD valign=top width=504><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=151.2><P style="line-height:13pt; margin:0px; font-size:11pt"><B>Severance:</B></P>
</TD><TD valign=top width=504><P style="line-height:13pt; margin:0px; font-size:11pt">Your employment will continue unless terminated by you or Company at any time on thirty days&#146; prior written notice. Company may terminate for any reason or no reason, with or without cause. If your employment is terminated by Company other than for cause, or by you for &#147;constructive discharge&#148;, you will be entitled to a minimum of six months&#146; and a maximum of nine months&#146; severance at your base salary at the time of termination. The first six months of severance payments shall begin upon termination of employment and will be paid in installments in accordance with the Company&#146;s general payroll practices. If after the six month period you have not found suitable employment, you will receive severance payments month to month up to an additional three months or until you find suitable employment, whichever comes first.</P>
</TD></TR>
<TR><TD valign=top width=151.2><P>&nbsp;</P></TD><TD valign=top width=504><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=151.2><P>&nbsp;</P></TD><TD valign=top width=504><P style="line-height:13pt; margin:0px; font-size:11pt">In addition, you will be entitled to receive a prorated portion of any payment to which you otherwise would have been entitled on account of the Company Incentive Plan for the calendar year in which termination occurs. Payment will be made at the same time as payments are made to all participants in the Incentive Plan and upon achievement of the Plan targets. &#147;Constructive discharge&#148; shall be defined as the assignment of duties materially inconsistent with your position, authority, duties or responsibilities, or a substantially adverse alteration in the nature or status of your responsibilities.</P>
</TD></TR>
<TR><TD valign=top width=151.2><P>&nbsp;</P></TD><TD valign=top width=504><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=151.2><P style="line-height:13pt; margin:0px; font-size:11pt"><B>Relocation:</B></P>
</TD><TD valign=top width=504><P style="line-height:13pt; margin:0px; font-size:11pt">Company will provide assistance with your relocation from your current residence in Canada to your assigned work place, which is agreed to initially be Tempe AZ. This assistance shall be in accordance with the terms set forth in Exhibit B hereto.</P>
</TD></TR>
<TR><TD valign=top width=151.2><P>&nbsp;</P></TD><TD valign=top width=504><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=151.2><P style="line-height:13pt; margin:0px; font-size:11pt"><B>Effective Date:</B></P>
</TD><TD valign=top width=504><P style="line-height:13pt; margin:0px; font-size:11pt">August 13, 2007</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:14.667px"><BR>
<BR></P>
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<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; font-size:12pt; page-break-before:always" align=center><B>[*] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 24b-2 of</B></P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; font-size:12pt" align=center><B>The Securities Exchange Act of 1934, as amended.</B></P>
<P style="line-height:13pt; margin:0px; font-size:11pt">John Roddy</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">Offer of Employment</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">Page 3</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt">This offer is contingent on your successful completion and acceptance by Company of the following enclosed documents:</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:24px; text-indent:-24px; font-family:Symbol; font-size:11pt">&#183;</P>
<P style="line-height:13pt; margin:0px; padding-left:24px; font-size:11pt">References and verification of credentials and employment</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:24px; text-indent:-24px; font-family:Symbol; font-size:11pt">&#183;</P>
<P style="line-height:13pt; margin:0px; padding-left:24px; font-size:11pt">Felony and misdemeanor background investigation</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:24px; text-indent:-24px; font-family:Symbol; font-size:11pt">&#183;</P>
<P style="line-height:13pt; margin:0px; padding-left:24px; font-size:11pt">Completion and signature on the enclosed Application of Employment, ISLLC Code of Conduct Affidavit, Non-Disclosure and Intellectual Property Agreement, and Employee Handbook Affidavit</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:24px; text-indent:-24px; font-family:Symbol; font-size:11pt">&#183;</P>
<P style="line-height:13pt; margin:0px; padding-left:24px; font-size:11pt">Proof of Eligibility to work in the United States (attached is a list of documents that would be acceptable as proof of eligibility)</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; padding-left:24px; text-indent:-24px; font-family:Symbol; font-size:11pt">&#183;</P>
<P style="line-height:13pt; margin:0px; padding-left:24px; font-size:11pt">Credit Check (may be applicable for selective positions) </P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt">Should you require additional interpretation of any the above documents or its application to any specific situation, please contact me at (480) 752-1122 / Fax: &nbsp;(480) 752-5190, or by Email at jill.piovano@iridium.com.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt">Again John, let me reiterate how excited we are to present this offer. &nbsp;To accept this position, sign and date where indicated and return to me at the address below.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt">Sincerely,</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt">/s/ &nbsp;Matthew Desch</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">Matthew Desch</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">Chairman &amp; Chief Executive Officer</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt">Iridium Satellite LLC</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">Chief Executive Officer</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt">Iridium Holdings LLC</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt"><B>Agreed to and accepted:</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-size:11pt"><U>/s/ John Roddy&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P style="line-height:13pt; margin:0px; text-indent:330px; font-size:11pt"><U>Sept. 11, 2007&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-size:11pt">John Roddy</P>
<P style="line-height:13pt; margin:0px; text-indent:319.2px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt"><B>This letter is not, nor is it intended to be, a contract with respect to length of employment.</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-size:11pt"><B>Return Address:</B></P>
<P style="line-height:13pt; margin:0px; text-indent:144px; font-size:11pt">Mr. Matthew Desch</P>
<P style="line-height:13pt; margin:0px; text-indent:144px; font-size:11pt">Iridium Satellite, LLC</P>
<P style="line-height:13pt; margin:0px; text-indent:144px; font-size:11pt">6707 Democracy Blvd. Suite #300</P>
<P style="line-height:13pt; margin:0px; text-indent:144px; font-size:11pt">Bethesda, Maryland &nbsp;20817</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:14.667px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; font-size:12pt; page-break-before:always" align=center><B>[*] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 24b-2 of<BR>
The Securities Exchange Act of 1934, as amended.</B></P>
<P style="margin:6.667px" align=center><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=center><B>Exhibit A</B></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=center><B>to</B></P>
<P style="line-height:12.5pt; margin:0px; font-size:10.5pt" align=center><B>John Roddy Employment Letter</B></P>
<P style="line-height:12.5pt; margin-top:0px; margin-bottom:14px; font-size:10.5pt" align=center><B>Dated August 1, 2007</B></P>
<P style="line-height:12.5pt; margin-top:0px; margin-bottom:14px; font-size:10.5pt" align=center><B>Profits Interest Payments</B></P>
<P style="line-height:12.5pt; margin-top:0px; margin-bottom:14px; text-indent:48px; font-size:10.5pt">Iridium Holdings LLC (the &#147;<B>Company</B>&#148;) agrees to make payments (&#147;<B>Profits Interest Payments</B>&#148;) to you on the terms and subject to the conditions set forth below.</P>
<P style="line-height:12.5pt; margin-top:0px; margin-bottom:-16.667px; text-indent:48px; font-size:10.5pt">1.</P>
<P style="line-height:12.5pt; margin-top:0px; margin-bottom:14px; text-indent:96px; font-size:10.5pt"><U>Defined Terms</U>. As used in this <I><U>Exhibit A</U></I>, the following terms have the meanings set forth in this Section 1:</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:96px; font-size:11pt">(a)</P>
<P style="line-height:12.5pt; margin-top:0px; margin-bottom:14px; text-indent:144px; font-size:10.5pt">&#147;<B>Aggregate Distributions and Payments</B>&#148; means: (i) all distribution and payments (other than distributions or payments made to defray such a holder&#146;s income tax liabilities) made by the Company to which the holders of Class B Units (as a group) are entitled, including but not limited to distributions made by the Company on account of the sale or other disposition of substantially all of the assets of Company and its subsidiaries taken as a whole plus (ii) all payments made by third parties to which such holders (as a group) are entitled on account of the sale or other disposition (by way of merger, share exchange, or otherwise) of substantially all of the Class B Units then outstanding, in each ease after the Effective Date. &#147;Distributions&#148; and &#147;payments&#148; shall include not only cash distributions and payments but also distributions and payments made in securities or other property, which shall be valued as reasonably determined by the Board of Directors of Company.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:96px; font-size:11pt">(b)</P>
<P style="line-height:12.5pt; margin-top:0px; margin-bottom:14px; text-indent:144px; font-size:10.5pt">&#147;<B>Class B Unit</B>&#148; means a fully-paid and nonassessable Class B Unit (as defined in the Iridium Holdings LLC Agreement) that is free of all taxes, liens, and charges.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:96px; font-size:11pt">(c)</P>
<P style="line-height:12.5pt; margin-top:0px; margin-bottom:14px; text-indent:144px; font-size:10.5pt">&#147;<B>Effective Date</B>&#148; means August 1, 2007.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:96px; font-size:11pt">(d)</P>
<P style="line-height:12.5pt; margin-top:0px; margin-bottom:14px; text-indent:144px; font-size:10.5pt">&#147;<B>Equivalent Holder of Class B Units</B>&#148; means a person whose Percentage Interest on the date for determining the amount of a Profits Interest Payment to you equals the Equivalent Percentage.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:96px; font-size:11pt">(e)</P>
<P style="line-height:12.5pt; margin-top:0px; margin-bottom:14px; text-indent:144px; font-size:10.5pt">&#147;<B>Equivalent Percentage</B>&#148; as of any particular date means, with respect to a particular Indicated Percentage, the Percentage Interest in the Company as of that date of a (hypothetical) holder of Class B Units whose Percentage Interest on the Effective Date equals that Indicated Percentage. In other words, a holder&#146;s Equivalent Percentage takes into account any dilution of the interests of holders of Class B Units resulting from events occurring after the Effective Date.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:96px; font-size:11pt">(f)</P>
<P style="line-height:12.5pt; margin-top:0px; margin-bottom:14px; text-indent:144px; font-size:10.5pt">&#147;<B>Indicated Percentage</B>&#148; means one-half of one percent (0.50%), subject to the vesting provisions of Section 3 hereof. </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:96px; font-size:11pt">(g)</P>
<P style="line-height:12.5pt; margin-top:0px; margin-bottom:14px; text-indent:144px; font-size:10.5pt">&#147;<B>Iridium Holdings LLC Agreement</B>&#148; means the Amended and Restated Limited Liability Company Agreement of the Company, as from time to time amended.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:96px; font-size:11pt">(h)</P>
<P style="line-height:12.5pt; margin-top:0px; margin-bottom:14px; text-indent:144px; font-size:10.5pt">&#147;<B>Percentage Interest</B>&#148; has the meaning ascribed to it in the Iridium Holdings LLC Agreement</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:96px; font-size:11pt">(i)</P>
<P style="line-height:12.5pt; margin-top:0px; margin-bottom:14px; text-indent:144px; font-size:10.5pt">&#147;<B>Satellite</B>&#148; means Iridium Satellite LLC.</P>
<P style="margin-top:0px; margin-bottom:14px"><BR>
<BR></P>
<P style="margin:0px"><BR></P>
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<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; font-size:12pt; page-break-before:always" align=center><B>[*] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 24b-2 of<BR>
The Securities Exchange Act of 1934, as amended.</B></P>
<P style="line-height:13pt; margin:0px; font-size:11pt">Exhibit A (continued)</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:96px; font-size:11pt">(j)</P>
<P style="line-height:12.5pt; margin-top:0px; margin-bottom:14px; text-indent:144px; font-size:10.5pt">&#147;<B>Threshold Amount</B>&#148; means an amount determined by multiplying the Equivalent Percentage by the aggregate net amount of cash that would he available for distribution to the Company&#146;s members if the Company&#146;s assets were sold on the Effective Date for an assumed enterprise value of $600 million and, out of the proceeds of such hypothetical sale, the Company paid or made provision for all liabilities and obligations existing as of the Effective Date that would require the outlay of cash. The Company believes that, as of the Effective Date, the enterprise value of the Company is less than $600 million, and the Company makes no representations with respect to whether or when the enterprise value of the Company will exceed that amount.</P>
<P style="line-height:12.5pt; margin-top:0px; margin-bottom:-16.667px; text-indent:48px; font-size:10.5pt">2.</P>
<P style="line-height:12.5pt; margin-top:0px; margin-bottom:14px; text-indent:96px; font-size:10.5pt"><U>Amount and Timing of Payments</U>. The Profits Interest Payments to be made to you shall equal the excess (if any), determined on a cumulative basis of (i) the Aggregate Distributions and Payments that an Equivalent Holder of Class B Units is entitled to receive after the Effective Date over (ii) the Threshold Amount. Such Profits Interest Payments shall be made to you as and when the distributions and payments by reference to which the Aggregate Distributions and Payments are determined are to be made. Where the Aggregate Distributions and Payments in respect of which Profits Interest Payments are to be made are payments to holders of Class B Units by a party other than Company or its subsidiaries, such Profits Interest Payments shall be made by the Company but shall take into account the amount by which the payments that would otherwise be made to such holders of Class B Units will be reduced by the Profits Interest Payments.</P>
<P style="line-height:12.5pt; margin-top:0px; margin-bottom:-16.667px; text-indent:48px; font-size:10.5pt">3.</P>
<P style="line-height:12.5pt; margin-top:0px; margin-bottom:14px; text-indent:96px; font-size:10.5pt"><U>Vesting of Right to Receive Profits Interest Payments</U>. Your right to receive any Profits Interest Payments is subject to vesting. In particular, one-third of your Indicated Percentage will vest on the first, second, and third anniversaries of the Effective Date, respectively, provided that you remain employed on such date. Any portion of your Indicated Percentage that has not yet vested as of the effective date of any voluntary or involuntary termination of your employment (whether by Satellite or by you) for any reason shall be forfeited. Notwithstanding the foregoing, however, your right to receive Profits Interest Payments shall vest completely upon the occurrence of a &#147;<B>Change in Control</B>,&#148; which is defined as follows:</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:144px; font-size:11pt">(a)</P>
<P style="line-height:12.5pt; margin-top:0px; margin-bottom:14px; text-indent:192px; font-size:10.5pt">any &#147;person&#148; (as such term is used in section 13(d) and l4(d) of the Securities Exchange Act of 1934) (other than a person who as of the Effective Date owns an interest in the Company or in Satellite or any affiliate of any such person) becomes the beneficial owner, directly or indirectly, of interests in the Company or in Satellite representing more than fifty percent (50%) of the combined voting power of the then-outstanding interests in the Company or in Satellite (as the case may be); or</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:144px; font-size:11pt">(b)</P>
<P style="line-height:12.5pt; margin-top:0px; margin-bottom:14px; text-indent:192px; font-size:10.5pt">the consummation of:</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:192px; font-size:11pt">(1)</P>
<P style="line-height:12.5pt; margin-top:0px; margin-bottom:14px; text-indent:240px; font-size:10.5pt">any consolidation or merger or share or unit exchange involving the Company or Satellite in which the Company or Satellite (as the case may be) is not the continuing or surviving entity or pursuant to which interests in the Company or Satellite would be converted into cash, securities, or other property, other than a merger of the Company or of Satellite in which the holders of voting interests in the Company or Satellite (as the case may be) immediately before the merger own fifty percent (50%) or more of the voting interests in the surviving entity immediately after the merger; or</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:192px; font-size:11pt">(2)</P>
<P style="line-height:12.5pt; margin-top:0px; margin-bottom:14px; text-indent:240px; font-size:10.5pt">any sale, lease, exchange, or other transfer (in one transaction or a series of related transactions) of substantially all of the assets of the Company or of Satellite other than to one or more of its wholly-owned subsidiaries or to an entity in which the persons holding voting interests in the Company or Satellite immediately before the consummation of the transaction own fifty percent (50%) or more of the voting interests.</P>
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<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; font-size:12pt; page-break-before:always" align=center><B>[*] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 24b-2 of<BR>
The Securities Exchange Act of 1934, as amended.</B></P>
<P style="line-height:13pt; margin:0px; font-size:11pt">Exhibit A (continued)</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:12.5pt; margin-top:0px; margin-bottom:-16.667px; text-indent:48px; font-size:10.5pt">4.</P>
<P style="line-height:12.5pt; margin-top:0px; margin-bottom:14px; text-indent:96px; font-size:10.5pt"><U>Company&#146;s Option to Redeem</U>. The Company will have the option to buy out your right to receive Profits Interest Payments at such time as you cease to be an employee of Satellite, which option may be exercised by written notice given to you at any time within one (1) year after the date you cease to be an employee of Satellite. If the Company exercises this option, the Company or Satellite will pay to you in a lump sum, not later than sixty (60) days after the option is exercised, the value of your right to receive Profits Interest Payments as of the date the option is exercised. This value will be determined by the Board of Directors of Company in consultation with its then institutional financial advisors, taking into account the value of, and the Aggregate Distributions and Payments that are reasonably likely to be made to holders of, Class B Units but subject to the Threshold Amount. Provided such determination is made in good faith and is not patently unreasonable, such determination shall be final and binding on both you and Company.</P>
<P style="line-height:12.5pt; margin-top:0px; margin-bottom:-16.667px; text-indent:48px; font-size:10.5pt">5.</P>
<P style="line-height:12.5pt; margin-top:0px; margin-bottom:14px; text-indent:96px; font-size:10.5pt"><U>No Ownership Interest</U>. In no event shall you be deemed an owner of any equity interest in the Company or Satellite by virtue of this <I><U>Exhibit A</U></I> or to have or be entitled to exercise any of the rights of an owner of an equity interest in Company or Satellite, whether arising under the Iridium Holdings LLC Agreement, the Delaware Limited Liability Company Act, or otherwise.</P>
<P style="line-height:12.5pt; margin:0px; padding-left:288px; font-family:Times New Roman Bold; font-size:10.5pt"><B>IRIDIUM HOLDINGS LLC</B></P>
<P style="margin:0px"><BR></P>
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<P style="line-height:12.5pt; margin:0px; padding-left:288px; font-size:10.5pt">By:<U>/s/ Matthew J. Desch&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SEAL)</U></P>
<P style="line-height:12.5pt; margin:0px; padding-left:288px; text-indent:21px; font-size:10.5pt">Name: &nbsp;Matthew J. Desch</P>
<P style="line-height:12.5pt; margin:0px; padding-left:288px; text-indent:21px; font-size:10.5pt">Title: &nbsp;&nbsp;&nbsp;CEO</P>
<P style="margin-top:0px; margin-bottom:14px"><BR>
<BR></P>
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<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; font-size:12pt; page-break-before:always" align=center><B>[*] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 24b-2 of<BR>
The Securities Exchange Act of 1934, as amended.</B></P>
<P style="margin:6.667px" align=center><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; font-size:11pt">(IRIDIUM LOGO)</P>
<P style="line-height:13pt; margin:0px; text-indent:372px; font-size:11pt">Iridium Satellite LLC</P>
<P style="line-height:13pt; margin:0px; text-indent:372px; font-size:11pt">6707 Democracy Boulevard, Suite 300</P>
<P style="line-height:13pt; margin:0px; text-indent:372px; font-size:11pt">Bethesda, MD 20817</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:372px; font-size:11pt">V: 301-571-6200</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:372px; font-size:11pt">F: 301-571-6224</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt" align=center><B>Exhibit B</B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt">To aid in your relocation from Ontario, Canada to Phoenix, Arizona metro area, Iridium satellite will provide to you the following relocation assistance:</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">1.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:72px; font-size:11pt">Reimbursement of reasonable cost of temporary housing for up to six months.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">2.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:72px; font-size:11pt">Reimbursement of rental car for personal use for up to three months.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">3.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:72px; font-size:11pt">Up to six months of reasonable personal travel between Tempe and Ontario for you and your wife as needed to secure housing, facilitate the transition of this relocation and final travel to Phoenix.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">4.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:72px; font-size:11pt">Cost of packing, shipping and unpacking of reasonable household goods and one vehicle from Ontario to Phoenix metro area, capping at $30,000 (expense to be approved in advance); or an amount equal to one month&#146;s gross base salary if you should choose not to relocate your household goods from Canada; or a combination of the two up to $30,000. </P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">5.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:72px; font-size:11pt">Company shall reimburse you for the out of pocket tax liability associated with the above expenses that you may incur from either the United States or Canada as a result of this relocation.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:-17.333px; text-indent:48px; font-size:11pt">6.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:72px; font-size:11pt">If Iridium terminates you at any time during your employment for any reason other than for cause, Iridium agrees to move your household goods from Phoenix metro area to Ontario, provide final travel for you and your wife back to Ontario and reimburse you for the out of pocket tax liability associated with these expenses that you may incur from either the United States or Canada as a result of your relocation back to Ontario.</P>
<P style="margin-top:0px; margin-bottom:14.667px"><BR>
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<A NAME="OLE_LINK1"></A><A NAME="OLE_LINK2"></A><A NAME="_Hlk241643253"></A><P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; font-size:12pt; page-break-before:always" align=center><B>[*] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 24b-2 of<BR>
The Securities Exchange Act of 1934, as amended.</B></P>
<P style="margin:6.667px" align=center><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt">(IRIDIUM LOGO)</P>
<P style="margin-top:0px; margin-bottom:14.667px"><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt">December 31, 2008</P>
<P style="margin-top:0px; margin-bottom:14.667px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt">John Roddy</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">c/o Iridium Holdings, LLC</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">6707 Democracy Boulevard, Suite 300</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt">Bethesda, MD 20817</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:48px; font-size:11pt"><B>RE: <U>Your Profits Interest</U></B></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; font-size:11pt">Dear John:</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:48px; font-size:11pt">You were granted phantom equity payment rights pursuant to <U>Exhibit A</U> of your employment agreement with Iridium Holdings, LLC (the &#147;<U>Company</U>&#148;) dated as of August 1, 2007 (the &#147;<U>Employment Agreement</U>&#148;) (such rights are hereafter referred to as the &#147;<U>Profits Interest Payment</U>&#148;). The purpose of this letter is to confirm your and the Company&#146;s understanding regarding the terms pursuant to which the Profits Interest Payment will be calculated and payable to you. Accordingly, this letter supersedes, and renders null and void, <U>Exhibit A</U> of the Employment Agreement.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:48px; font-size:11pt">The Profits Interest Payment represents your right to receive a cash bonus from the Company, calculated as set forth below and payable in a single lump sum less applicable withholding, upon the earliest to occur of the following events (each, a &#147;<U>Payment Event</U>&#148;): (i) a Change in Control (as defined in the Employment Agreement) that also constitutes a &#147;change in control event&#148; within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (the &#147;<U>Code</U>&#148;) or (ii) December 31, 2017.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:48px; font-size:11pt">The actual amount of the Profits Interest Payment payable to you upon a Payment Event shall be computed as follows, but in no event shall be less than $0.00:</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; font-size:11pt"><B>X</B> = the product of <B>A</B> times <B>B</B>, where:</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; font-size:11pt"><B>X</B> is the amount of the Profits Interest Payment payable upon a Payment Event;</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; font-size:11pt"><B>A</B> is the positive difference, if any, between (i) the fair market value (as determined in good faith by the Company&#146;s board of directors in consultation with its institutional financial advisors) on the date of the Payment Event of 7976 Class B Units of the Company, as such number of units shall be adjusted to reflect any changes in the outstanding units or in the capital structure of the Company by reason of unit dividends or extraordinary cash dividends, unit splits, reverse unit splits, recapitalizations, reorganizations, mergers, consolidations, separations, combinations, exchanges, or other relevant corporate transactions or changes in capitalization, and (ii) the &#147;Threshold Amount&#148; (as defined below); and</P>
<P style="margin-top:0px; margin-bottom:14.667px"><BR>
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<P style="margin:0px"><BR></P>
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<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; font-size:12pt; page-break-before:always" align=center><B>[*] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 24b-2 of<BR>
The Securities Exchange Act of 1934, as amended.</B></P>
<P style="margin:6.667px" align=center><BR></P>
<P style="line-height:13pt; margin:0px; text-indent:620.333px; font-size:11pt">2</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; padding-left:48px; font-size:11pt"><B>B</B> is the &#147;Applicable Percentage&#148; (as defined below).</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:48px; font-size:11pt">The &#147;<U>Applicable Percentage</U>&#148; is 33 1/3% on the date of this letter and, subject to your continued employment with the Company and its affiliates on each applicable vesting date, shall increase to 66&nbsp;2/3% on August 1, 2009 and to 100% on August 1, 2010. Notwithstanding the foregoing, if you are employed by the Company and its affiliates upon the occurrence of a Change in Control (including, without limitation, the consummation of the transactions contemplated by the Transaction Agreement dated as of September 22, 2008 among the Company, GHL Acquisition Corp., a Delaware corporation, and each of the sellers whose name appears on the signature page thereto), the Applicable Percentage shall increase to 100% effective upon such Change in Control.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:48px; font-size:11pt">Effective as of the date of this letter, the &#147;<U>Threshold Amount</U>&#148; is $1,751,349; <U>provided</U>, that the Threshold Amount shall be cumulatively reduced (but not below $0.00) between the date hereof and the Payment Date by an amount equal to each distribution or payment (other than tax distributions) that you would have been entitled to receive following the date hereof if you in fact held 7976 Class B Units of the Company (adjusted, if applicable, as set forth above), including, without limitation, in connection with a sale or other disposition of substantially all of the Class B Units or substantially all of the assets of the Company and its subsidiaries taken as a whole.</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:14.667px; text-indent:48px; font-size:11pt">Please confirm your agreement to the above by signing below.</P>
<P style="line-height:13pt; margin:0px; padding-left:288px; font-size:11pt">Very truly yours,</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:288px; font-size:11pt">Iridium Holdings, LLC</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; padding-left:288px; font-size:11pt">By: <U>/s/ John S. Brunette&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P style="line-height:13pt; margin:0px; padding-left:288px; text-indent:28.2px; font-size:11pt">Name: &nbsp;John S. Brunette</P>
<P style="line-height:13pt; margin:0px; padding-left:288px; text-indent:28.2px; font-size:11pt">Title: &nbsp;&nbsp;&nbsp;Chief Counsel &amp; Chief Administrative</P>
<P style="line-height:13pt; margin:0px; padding-left:288px; text-indent:48px; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Officer</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt"><B>Acknowledged and Agreed:</B></P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt"><U>/s/ John Roddy&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P style="line-height:13pt; margin:0px; font-size:11pt">John Roddy</P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt">Date: &nbsp;December 31, 2008</P>
<P style="margin:0px"><BR>
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<TYPE>EX-21.1
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<DESCRIPTION>EXHIBIT 21.1
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<DIV style="width:624px"><P style="line-height:14pt; margin:0px; font-size:12pt">Exhibit 21.1 List of Subsidiaries </P>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR style="font-size:0"><TD width=381></TD><TD width=214.333></TD></TR>
<TR><TD style="border:1px solid #000000" valign=top width=381><P style="line-height:14pt; margin-top:8px; margin-bottom:8px; padding-left:4.8px; font-size:12pt"><B>Subsidiary</B></P>
</TD><TD style="border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=214.333><P style="line-height:14pt; margin-top:8px; margin-bottom:8px; padding-left:4.8px; font-size:12pt"><B>Jurisdiction of<BR>
Organization</B></P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=381><P style="line-height:14pt; margin-top:8px; margin-bottom:8px; padding-left:4.8px; font-size:12pt">Iridium Holdings LLC</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=214.333><P style="line-height:14pt; margin-top:8px; margin-bottom:8px; padding-left:4.8px; font-size:12pt">Delaware</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=381><P style="line-height:14pt; margin-top:8px; margin-bottom:8px; padding-left:4.8px; font-size:12pt">Iridium Satellite LLC</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=214.333><P style="line-height:14pt; margin-top:8px; margin-bottom:8px; padding-left:4.8px; font-size:12pt">Delaware</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=381><P style="line-height:14pt; margin-top:8px; margin-bottom:8px; padding-left:4.8px; font-size:12pt">Iridium Constellation LLC</P>
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LLC</P>
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<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=381><P style="line-height:14pt; margin-top:8px; margin-bottom:8px; padding-left:4.8px; font-size:12pt">Iridium Carrier Holdings LLC</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=214.333><P style="line-height:14pt; margin-top:8px; margin-bottom:8px; padding-left:4.8px; font-size:12pt">Delaware</P>
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<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=381><P style="line-height:14pt; margin-top:8px; margin-bottom:8px; padding-left:4.8px; font-size:12pt">Iridium Carrier Services LLC</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=214.333><P style="line-height:14pt; margin-top:8px; margin-bottom:8px; padding-left:4.8px; font-size:12pt">Delaware</P>
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<DESCRIPTION>PRESS RELEASE
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<DIV style="width:624px"><P style="line-height:14pt; margin:0px; font-size:12pt">Exhibit 99.1</P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-size:12pt">Contact: </P>
<P style="line-height:14pt; margin:0px; text-indent:96px; font-size:12pt">Liz DeCastro</P>
<P style="line-height:14pt; margin:0px; padding-left:48px; text-indent:48px; font-size:12pt">Iridium Communication Inc.</P>
<P style="line-height:14pt; margin:0px; padding-left:48px; text-indent:48px; font-size:12pt">Liz.DeCastro@iridium.com</P>
<P style="line-height:14pt; margin:0px; padding-left:48px; text-indent:48px; font-size:12pt">+1-301-571-6257</P>
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<P style="line-height:16pt; margin:0px; font-size:14pt"><B>Iridium and GHL Acquisition Announce Close of Transaction and Stock Offering</B></P>
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<P style="line-height:14pt; margin:0px; font-size:12pt">BETHESDA, MD, and NEW YORK, NY, September 29, 2009 &#150; Iridium Holdings LLC (&#147;Iridium Holdings&#148;) and GHL Acquisition Corp. (&#147;GHL Acquisition&#148;) today announced the close of their transaction. Effective immediately, GHL Acquisition&#146;s new name is Iridium Communications Inc. (&#147;Iridium&#148;), trading on the NASDAQ Global Select Market under the ticker symbols IRDM (common stock), IRDMW (warrants) and IRDMU (units). Additionally, Iridium announces the close of its offering of 16,000,000 newly issued shares of common stock. &nbsp;</P>
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<P style="line-height:14pt; margin:0px; font-size:12pt">&#147;This is an important milestone in the life of Iridium, as we take the first critical step toward securing the funding required for development and launch of our next generation satellite constellation, becoming a public company and establishing the transparency expected of a company that serves the critical interests of businesses globally,&#148; said Matthew J. Desch, chief executive officer of Iridium. &#147;I especially want to thank the extraordinary team of Iridium employees and our growing network of value-added partners who are the driving force behind Iridium&#146;s success, as well as our investors for their faith in us.&#148;</P>
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<P style="line-height:14pt; margin:0px; font-size:12pt">&#147;Iridium is a strong company and an innovative competitor,&#148; said Robert H. Niehaus, chairman of the board of directors of Iridium. &#147;Today, with the close of this transaction, &nbsp;Iridium has a market cap of more than $785 million and a strong balance sheet with substantial cash. &nbsp;It marks the beginning of a very exciting time in the life of this very dynamic company.&#148;</P>
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<P style="line-height:14pt; margin:0px; font-size:12pt"><B>About Iridium</B></P>
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<P style="line-height:14pt; margin:0px; font-size:12pt">Iridium is the only provider of mobile satellite communications services offering 100% global coverage. Iridium&#146;s constellation operates in a low-earth orbit and its satellite network provides communication services to regions of the world not served by wireless or wireline networks. Iridium offers voice and data communications services to the U.S. and foreign governments, businesses, non-governmental organizations and consumers via its constellation of 66 in-orbit satellites, seven in-orbit spares and related ground infrastructure. Iridium&#146;s commercial end-user base includes the emergency services, maritime, government, utilities, oil and gas, mining, leisure, forestry, construction and transportation markets. Iridium&#146;s products and related applications are installed in unmanned aerial vehicles, helicopters, commercial aircrafts, marine vessels, and ground vehicles. Iridium has launched a major development program for its next generation constellation, Iridium NEXT, which will support new and existing Iridium product and service offerings. Iridium is headquartered in Bethesda, MD.</P>
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<P style="line-height:14pt; margin:0px; font-size:12pt"><B>Forward-Looking Statements and Other Disclosure</B></P>
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<P style="line-height:14pt; margin:0px; font-size:12pt">This press release contains, and Iridium&#146;s management may make, certain &#147;forward-looking statements&#148; within the meaning of the Private Securities Litigation Reform Act of 1995. The words &#147;anticipates,&#148; &#147;may,&#148; &#147;can,&#148; &#147;believes,&#148; &#147;expects,&#148; &#147;projects,&#148; &#147;intends,&#148; &#147;likely,&#148; &#147;will,&#148; &#147;to be&#148; and other expressions that are predictions of or indicate future events, trends or prospects identify forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Iridium to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, whether the closing conditions will be satisfied (including receipt of regulatory approvals), as well as industry, market and economic conditions, and competitive, legal, governmental and technological factors. There is no assurance that Iridium&#146;s expectations will be realized. If one or more of these risks or uncertainties materialize, or if Iridium&#146;s underlying assumptions prove incorrect, actual results may vary materially from those expected, estimated or projected. &nbsp;Iridium&#146;s forward-looking statements speak only as of the date of this press release or as of the date they are made, and, except as required by law, Iridium undertakes no obligation to update forward-looking statements.</P>
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