Exhibit 10.3



 Exhibit 10.3 
 FIRST AMENDMENT TO EMPLOYMENT AGREEMENT 
 This First Amendment to the May 6, 2009 Employment
Agreement, effective February 4, 2008 (“Agreement”) between Phillip L. Spector (“Executive”) and Intelsat Global S.A., Intelsat S.A. and Intelsat Management LLC is entered into by the undersigned parties and is effective on
February 28, 2012. 
  

	1.	Section 2.1(b) of the Agreement is hereby amended as follows: 

  

	 	A.	Section 2.1(b)(i) is amended to read in its entirety as follows:: 

 (i) Basic Bonus. For each calendar year (or other fiscal year period, if the Company changes from a calendar fiscal year) during the Employment Period, the Executive shall be eligible to receive an annual
bonus up to a target amount of sixty-five percent (65%) of his Base Salary (“Basic Bonus”), subject to his satisfaction of objective performance criteria that have been pre-established by the Compensation Committee in a consistent
manner with those of other senior executives of the Company and following consultation with the Executive. 
  

	 	B.	Section 2.1(b)(ii) is amended to read in its entirety as follows: 

 (ii) Stretch Bonus. In addition to the Basic Bonus and for each calendar year (or other fiscal year period, if the Company changes from a calendar fiscal year) during the Employment Period, the Executive
shall be eligible to receive an additional bonus of up to sixty-five percent (65%) of the Executive’s Base Salary (“Stretch Bonus”), in the event of the Executive’s satisfaction of objective stretch performance criteria that
have been pre-established by the Compensation Committee following consultation with the Executive. 
  

	 	C.	Section 2.1(b) (iii) is deleted in its entirety. 

  

	 	D.	The final paragraph of Section 2.1(b) is amended to read in its entirety as follows: 


All bonuses, to the extent earned for a particular year, shall be paid in the following calendar year but prior to March 15th of such
following calendar year. The Basic Bonus and Stretch Bonus shall be referred to herein as the “Target Bonus” and shall be calculated based on the annual Base Salary as in effect at the end of each applicable calendar year. The Executive
acknowledges and agrees that if the Company becomes a “publicly held corporation” within the meaning of Section 162(m)(2) of the Internal Revenue Code of 1986, as amended (the “Code”), that all annual compensation bonuses
described in this Section 2.1(b) may, in the Company’s discretion, be payable pursuant to a “qualified performance based compensation” bonus plan established by the Company in accordance with Code Section 162(m) and the
regulations thereunder; provided that target percentages of Executive’s Base Salary associated with the Basic Bonus (100%) and Stretch Bonus (65%) shall not be reduced under any such “qualified performance based
compensation” bonus plan. 








	2.	The Agreement is further amended to delete any other reference to Super Stretch Bonus, including the parenthetical (“but not any Super Stretch Bonus)” found
at section 4.2(iii). 

 IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of February
28, 2012. 
  

			
	INTELSAT MANAGEMENT LLC
		
	By:	 	 /s/ David P. McGlade



 
			
	Name:	 	David P. McGlade


 
			
	Title:	 	Chief Executive Officer
	
	INTELSAT GLOBAL S.A.
		
	By:	 	 /s/ David P. McGlade



 
			
	Name:	 	David P. McGlade


 
			
	Title:	 	Chief Executive Officer
	
	INTELSAT S.A.
		
	By:	 	 /s/ David P. McGlade



 
			
	Name:	 	David P. McGlade


 
			
	Title:	 	Chief Executive Officer
	
	THE EXECUTIVE
	
	 /s/ Phillip L. Spector

	Phillip L. Spector