Employment Letter dated July 21, 2011



 Exhibit 10.1 
 



 
  

					
	 July 18, 2011

 
 Thomas J. Neary

2300 Carillon Point

Kirkland, WA 98033
	  		  	  
 ICO Global Communications

2300 Carillon Point
 Kirkland, WA
98033
 Tel    425 278-7100
 Fax    425 278-7101


 Dear Tom, 
 On
behalf of ICO Global Communications (Holdings) Limited (“ICO”) I am pleased to offer you the exempt position of Chief Financial Officer reporting to ICO’s Chief Executive Officer under the terms of this employment letter
(“Employment Letter”) beginning July 21, 2011. As an Officer of ICO, all terms and conditions of your employment are subject to approval by ICO’s Compensation Committee. 
 During the course of your employment with ICO, you will dedicate full time and efforts to ICO to fulfill your duties and obligations; provided that, nothing herein will prevent you from
(i) participating in industry, trade, professional, charitable and community activities (ii) serving on corporate, civic or charitable boards or committees as mutually agreed by us and you, and (iii) managing your personal investments
and affairs, in each case so long as such activities do not conflict with ICO’s interests or interfere with the effective performance of your responsibilities to ICO. 
 Base Salary and Performance Bonus 
 As a full-time employee in this exempt position your
compensation will be calculated at a rate equal to an annual salary of $250,000 (less payroll taxes and required withholdings) paid semi-monthly subject to any increase approved by the ICO Compensation Committee. You will also be eligible for an
annual discretionary bonus of up to 50% of your annual base salary based on performance criteria as approved by ICO’s Compensation Committee and contingent upon your continuous service with the company through the date any bonus is paid.

 Stock Awards 
 You will
receive 150,000 restricted shares of ICO Class A common stock (“Restricted Stock”) as well as an option to purchase 150,000 shares of the Class A common stock of ICO (“Stock Option”). Your restricted stock will have a
grant date of July 21, 2011. Your Stock Option award will have a vesting date of July 21, 2011 and a date of grant of August 15, 2011. Options will vest over 4 years consistent with the terms of the ICO 2000 Stock Incentive Plan.

 Vesting of your Restricted Stock will be based on ICO’s performance as described below: 

25% vest when ICO’s trailing 12 month net income reaches $ 50MM. 
 25% vest when ICO’s trailing 12 month net income reaches $100MM. 
 25% vest when ICO’s
average closing share price for any 20 consecutive trading days is $4.50 or higher. 
 25% vest when ICO’s average closing share price for
any 20 consecutive trading days is $6.00 or higher. 







 All performance goals must be achieved within 7 years of the date of grant or the Restricted Stock will be
forfeited. If a performance target is achieved within 1 year of the grant, no vesting will occur until the first anniversary of the grant. Net income calculations will exclude any proceeds from the sale of ICO’s interests in or related to DBSD
and from any proceeds arising out of the litigation between ICO and the Boeing Company and its subsidiaries. Vesting is subject to your continuous service with ICO. 
 Restricted Stock and Stock Options are (i) subject to the terms and conditions of their respective plan agreements and (ii) subject to board and shareholder approval of an increase in the number
of shares available under the ICO 2000 Stock Incentive Plan to the extent required. 
 Employee Proprietary Information and Inventions
Agreement 
 In exchange for the consideration of your employment, you agree to execute and abide by the terms of the ICO Employee
Intellectual Property Agreement without modification, a copy of which is enclosed. 
 Benefits/Vacation/Expenses 

You will be eligible for standard company benefits under the applicable company plans. The amount and extent of benefits to which you are entitled will be
governed by the specific benefit plan, as it may be amended from time to time. You will accrue 15 days of paid vacation per year. Such vacation will be taken at such times as determined by you, subject to the reasonable business needs of ICO. ICO
will reimburse you for reasonable business expenses and other disbursements paid by you in the performance of your duties and responsibilities in accordance with ICO’s policies. 
 Employment At Will 
 By signing this Employment Letter, you understand and agree that your
employment will continue at-will. Therefore, your employment can terminate, with or without cause, and with or without notice, at any time, at your option or ICO’s option, and ICO can terminate or change all other terms and conditions of your
employment, with or without cause, and with or without notice, at any time, in all cases subject to the other terms and conditions of this Employment Letter. This at-will relationship will remain in effect throughout your employment with ICO or any
of its parents, subsidiaries or affiliates. The at-will nature of your employment, as set forth in this paragraph, can be modified only by a written agreement signed by both ICO and you which expressly alters it. This at-will relationship may not be
modified by any oral or implied agreement, or by any policies, practices or patterns of conduct. 
 Other Terms of Employment 

Subsequent to receipt of this signed offer letter and as a further condition for employment, ICO conducts a reference/background check on prospective
employees. ICO reserves the right to rescind the offer set forth in this letter based on the results of such screenings and may do so in its sole discretion. By your signature below you authorize ICO to conduct this reference / background
check. This offer is also conditioned on your ability to provide satisfactory documentary proof of your identity and right to work in the United States of America on your first day of employment. 

Arbitration of Claims 
 You hereby
acknowledge and agree that all disputes concerning your employment with ICO, the termination thereof, the breach by either party of the terms of this Employment Letter or any other matters relating to or arising from your employment (with the
exception of those excluded from arbitration by statute), will be resolved in binding arbitration in a proceeding in Kirkland, WA administered by and under the rules and regulations of National Rules for the Resolution of Employment
Disputes of the American Arbitration Association. This means that the parties agree to waive their rights to have such disputes or claims decided in court by a jury. Instead, such disputes or claims will be resolved by an impartial AAA
arbitrator. Both parties and the arbitrator will treat the arbitration process and the activities that occur in the proceedings as confidential. 

  
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 The arbitration procedure will afford you and ICO the full range of statutory remedies. ICO and you
will be entitled to discovery sufficient to adequately arbitrate any covered claims, including access to essential documents and witnesses, as determined by the arbitrator and subject to limited judicial review. In order for any judicial review
of the arbitrator’s decision to be successfully accomplished, the arbitrator will issue a written decision that will decide all issues submitted and will reveal the essential findings and conclusions on which the award is based. The party
that is not the substantially prevailing party, which determination shall be made by the arbitrator in the event of ambiguity, shall be responsible for paying for the arbitration filing fee and the arbitrator’s fees. 

Nothing contained in this section will limit ICO’s or your right to seek relief in any court of competent jurisdiction in respect of the matters set
forth in the “ICO Employee Proprietary Information and Inventions Agreement.” We specifically agree that disputes under the “ICO Employee Proprietary Information and Inventions Agreement” will not be subject to arbitration unless
both parties mutually agree to arbitrate such disputes. 
 Expiration of Offer: 
 Please indicate your acceptance of this offer by signing below and returning it to the attention of Mark Fanning by July 20, 2011 after which time the offer will expire. By signing and accepting this
offer, you represent and warrant that (i) you are not subject to any pre-existing contractual or other legal obligation with any person, company or business enterprise which may be an impediment to your employment with, or your providing
services to ICO as its employee; and (ii) you have not and shall not bring confidential or proprietary information of another person, company or business enterprise to whom you previously provided services. 

Entire Agreement 
 This Employment
Letter, any restricted stock and stock option agreement between you and ICO, and the ICO’s Employee Intellectual Property Agreement constitute the entire agreement, arrangement and understanding between you and ICO on the nature and
terms of your employment with ICO. This Employment Letter supersedes any prior or contemporaneous agreement, arrangement or understanding on this subject matter between you and ICO. By executing this Employment Letter as provided below, you
expressly acknowledge the termination of any such prior agreement, arrangement or understanding. Also, by your execution of this Employment Letter, you affirm that no one has made any written or verbal statement that contradicts the provisions of
this Employment Letter. In the event of any inconsistency between the terms contained in this Employment Letter and the terms contained in any restricted stock or stock option agreement between you and ICO, the terms contained in this Employment
Letter will control, and the provisions regarding vesting or termination contained in your restricted stock and stock option agreements will be superseded by the provisions of this Employment Letter to the extent of any conflict. In addition, the
covenants contained in the ICO Employee Intellectual Property Agreement will also supersede the provisions of any other similar covenant contained in your restricted stock and stock option agreement to the extent of any conflict. This
Employment Letter may be executed in counterparts, each of which (including any signature transmitted via facsimile or email) shall be deemed to be an original, and all of which together shall constitute one instrument. 

Except as otherwise specified in this Employment Letter, the terms and conditions of your employment pursuant to this letter may not be modified in any
way except by a writing from ICO’s Chief Executive Officer. 

  
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 We hope that you will accept this offer and look forward to working with you. 

 

											
	Signature of Acceptance	 	Sincerely,
			
		 		 	ICO Global Communications (Holdings) Ltd
				
	/s/ Thomas J. Neary	 		 		 	/s/ Ben Wolff
	By:	 	Thomas J. Neary	 		 		 	By:	 	Ben Wolff
		 		 		 		 	Chief Executive Officer
	Date:	 	7.21.2011	 		 		 		 	


  
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