Exhibit
10-3 


 


AMENDMENT
NO. 5


 


TO THE



 


CONTRACT
FOR LAUNCH SERVICES


 


NO. IS-11-032


 


BETWEEN


 


IRIDIUM
SATELLITE LLC


 


AND


 


INTERNATIONAL
SPACE COMPANY KOSMOTRAS


 








	Execution Copy	Iridium & International Space Company Kosmotras Proprietary Information	









    	 
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY  REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.



    	 



    

 


PREAMBLE


 


This Amendment No. 5 (the “Amendment”)
to the Contract for Launch Services No. IS-11-032, signed on June 14, 2011 between Iridium Satellite LLC and International Space
Company Kosmotras, as amended (the “Contract”) is entered into on this 20th day of June, 2014, by
and between Iridium Satellite LLC, a limited liability company organized and existing under the laws of Delaware, having its office
at 1750 Tysons Boulevard, Suite 1400, McLean, VA 22102 (“Customer”) and International Space Company Kosmotras,
a Russian company, having its office at 7, Sergey Makeev St., bld. 2, Moscow 123100, Russian Federation (“Contractor”).


 


RECITALS


 


WHEREAS,  Customer made an initial
down payment (“Down Payment #1”) for six (6) projected Launches in the amount of [***] United States Dollars (US$[***]);
and


 


WHEREAS,  Customer has elected not
to exercise its option to convert two (2) Optional Launches to Firm Launches; and


 


WHEREAS,  Customer and Contractor
have agreed to apply the portion of Down Payment #1 for the two (2) Optional Launches not exercised by Customer to offset a future
recurring Milestone Payment for the Firm Launch (“Offset”).


 


NOW, THEREFORE, in consideration
of the foregoing, the agreements contained herein, the payments to be made by Customer to Contractor under the Contract and other
good and valid consideration, the receipt and adequacy of which are hereby expressly acknowledged, and intending to be legally
bound, the Parties agree as follows:


 


Article 1:     Capitalized terms
used but not defined in this Amendment shall have the meanings ascribed thereto in the Contract.


 








	Execution Copy	Iridium & International Space Company Kosmotras Proprietary Information	2









    	 
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY  REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.



    	 



    

 



Article 2:     The Milestone
Payment amount applicable to Milestone Payment [***] in the amount of [***] United States Dollars (US$[***]) set forth in Table
C.2 of Contract is hereby deleted in its entirety to reflect the Offset. Notwithstanding the foregoing, Contractor remains obligated
to meet the Milestone success criteria applicable to Milestone [***]


 


Article 3:     This Amendment
may be executed and delivered (including via facsimile or other electronic means) in one or more counterparts, each of which shall
be deemed to be an original, but all of which shall constitute one and the same agreement.


 


Article 4:     All other provisions
of the Contract not expressly referred to in this Amendment remain in full force and effect.


 


IN WITNESS WHEREOF, the Parties have executed this Amendment
by their duly authorized officers as of the date set forth in the Preamble.


 





	For Customer	For Contractor
	 	 
	IRIDIUM SATELLITE LLC	 	INTERNATIONAL SPACE COMPANY

KOSMOTRAS
	 	 	 
	Signature:	/s/ S. Scott Smith	 	Signature:	/s/ Oleg G. Moiseenko
	 	 	 	 	 
	Name:	S. Scott Smith	 	Name:	Oleg G. Moiseenko
	 	 	 	 	 
	Title:	Chief Operating Officer	 	Title:	Deputy Director General







 








	Execution Copy	Iridium & International Space Company Kosmotras Proprietary Information	3









    	 
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.