# EDGAR Filing Document

**Accession Number:** 0001845840
**File Stem:** 0001104659-25-087463
**Filing Date:** 2025-9
**Character Count:** 64636
**Document Hash:** bafd49c2b5b0a6defe087a3c3273e8b9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-087463.hdr.sgml**: 20250904

**ACCESSION NUMBER**: 0001104659-25-087463

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 14

**FILED AS OF DATE**: 20250904

**DATE AS OF CHANGE**: 20250904

**EFFECTIVENESS DATE**: 20250904

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Telesat Corp
- **CENTRAL INDEX KEY:** 0001845840
- **STANDARD INDUSTRIAL CLASSIFICATION:** COMMUNICATION SERVICES, NEC [4899]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A1
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-290035
- **FILM NUMBER:** 251293407

**BUSINESS ADDRESS:**
- **STREET 1:** 160 ELGIN ST
- **STREET 2:** SUITE 2100
- **CITY:** OTTAWA
- **STATE:** A6
- **ZIP:** K2P 2P7
- **BUSINESS PHONE:** (613) 748-8700 X2268

**MAIL ADDRESS:**
- **STREET 1:** 160 ELGIN ST
- **STREET 2:** SUITE 2100
- **CITY:** OTTAWA
- **STATE:** A6
- **ZIP:** K2P 2P7

**As filed with the Securities and Exchange Commission on September 4, 2025**

**Registration No. 333-____**

**UNITED STATES**<br> **SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM S-8**

**REGISTRATION STATEMENT**

***UNDER***

***THE SECURITIES ACT OF 1933***

**TELESAT CORPORATION**

**(Exact name of registrant as specified in its charter)**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **British Columbia, Canada**<br> **(State or Other Jurisdiction<br> of Incorporation or Organization)** | &nbsp;&nbsp; **4899**<br> **(Primary Standard Industrial<br> Classification Code Number)** | &nbsp;&nbsp; **Not Applicable**<br> **(I.R.S. Employer<br> Identification No.)** |

---

**160 Elgin Street<br> Suite 2100**

**Ottawa, Ontario, Canada K2P 2P7**

**(613) 748-8700**

**(Address, Including Zip Code of Principal Executive Offices)**

**Telesat Corporation Employee Share Purchase Plan**

**(Full title of Plans)**

**Christopher S. DiFrancesco**

**Vice President, General Counsel and Secretary**

**Telesat Corporation**

**160 Elgin Street**

**Suite 2100**

**Ottawa, Ontario, Canada K2P 2P7**

**(613) 748-8700** 

**(Name, address and telephone number, including area code, of agent for service)**

***Copies to:***

**John L Robinson**

**Michael J. Schobel**

**Wachtell, Lipton, Rosen & Katz**

**51 West 52nd Street**

**New York, New York 10019**

**(212) 403-1000**

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ◻ Accelerated filer ⌧ <br> Non-accelerated filer ◻ Smaller reporting company ◻ <br> Emerging growth company ◻

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act ◻

**EXPLANATORY NOTE**

This registration statement on Form S-8 (the "Registration Statement") is being filed for the purpose of registering an aggregate of 1,000,000 Class A common shares, no par value per share (the "Class A common shares"), and Class B variable voting shares, no par value per share (the "Class B variable voting shares"), of Telesat Corporation ("Telesat"), which may be issued under the Telesat Corporation Employee Share Purchase Plan.

**PART I**<br> INFORMATION REQUIRED IN THE SECTION 10(A) PROSPECTUS**

The documents containing the information specified in Item 1 and Item 2 of Part I of Form S-8 will be delivered to participants as specified by Rule 428(b)(1) under the Securities Act. In accordance with the rules and regulations of the U.S. Securities and Exchange Commission (the "Commission") and the instructions to Form S-8, such documents are not being filed with the Commission either as part of this Registration Statement or as prospectuses or prospectus supplements pursuant to Rule 424 under the Securities Act. These documents, together with the documents incorporated by reference herein pursuant to Item 3 of Part II of this Registration Statement, constitute a prospectus that meets the requirements of Section 10(a) of the Securities Act.

**PART II**<br> INFORMATION REQUIRED IN THE REGISTRATION STATEMENT**

**Item 3. Incorporation of Documents by Reference.**

The following documents, which have heretofore been filed by Telesat with the Commission pursuant to the Securities Exchange Act of 1934, as amended (the "Exchange Act"), are incorporated by reference herein and shall be deemed to be a part hereof:

&nbsp;&nbsp;&nbsp;&nbsp;(a) [Telesat's Annual Report on Form 20-F (File No. 001-41083) for the fiscal year ended December 31, 2024 filed with the Commission on March 27, 2025;](https://www.sec.gov/ix?doc=/Archives/edgar/data/1845840/000101376225002971/ea0229780-01.htm)

&nbsp;&nbsp;&nbsp;&nbsp;(b) all other reports filed by Telesat pursuant to Section 13(a) or 15(d) of the Exchange Act since December 31, 2024; and

&nbsp;&nbsp;&nbsp;&nbsp;(c) [the description of Class A common shares and Class B variable voting shares contained in Telesat's Registration Statement on Form F-4, as amended (Registration No. 333-255518).](https://www.sec.gov/Archives/edgar/data/1845840/000110465921085137/tm214243-11_f4a.htm)

In addition, all documents or reports subsequently filed by Telesat with the Commission pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act after the date of this Registration Statement and prior to the filing of a post-effective amendment to this Registration Statement which indicates that all securities offered hereby have been sold or which deregisters all securities offered hereby then remaining unsold, shall be deemed to be incorporated by reference into this Registration Statement and to be a part hereof from the date of the filing of such documents or reports; provided that reports on Form 6-K shall only be deemed so incorporated by reference to the extent expressly stated therein.

Any statement contained in a document or report incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for the purposes of this Registration Statement to the extent that a statement contained herein (or in any other subsequently filed document or report which also is incorporated or deemed to be incorporated by reference herein) modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.

**Item 4. Description of Securities.**

Not applicable.

**Item 5. Interests of Named Experts and Counsel.**

Not applicable. No original issuance Class A common shares or Class B variable voting shares are to be registered hereunder, therefore no opinion of counsel regarding the legality of the Common Shares being registered hereunder is required.

**Item 6. Indemnification of Directors and Officers.**

Under the Business Corporations Act (British Columbia) (the "BCBCA"), Telesat may indemnify a director or officer of Telesat, a former director or officer of Telesat or another individual who acts or acted at Telesat's request as a director or officer, or an individual acting in a similar capacity, of another entity, against all judgments, penalties or fines awarded or imposed in, or amounts paid in settlement of, any legal proceeding or investigative action, whether current, threatened, pending or completed, in which such individual or any of his or her heirs and personal or other legal representatives is or may be joined as a party, or is or may liable for or in respect of a judgment, penalty or fine in, or expenses related to, such legal proceeding or investigative action because of serving in such capacity, on condition that (i) the individual acted honestly and in good faith with a view to the best interests of Telesat or such other corporation or legal entity, and (ii) in the case of such a proceeding or investigative action other than a civil proceeding, the individual had reasonable grounds for believing that his or her conduct was lawful. Telesat may also indemnify a person described above in respect of all costs, charges and expenses, including legal and other fees, actually and reasonably incurred by such person in respect of such a legal proceeding or investigative action, providing such person complies with (i) and (ii) above. Telesat may provide indemnification in respect of such costs, charges and expenses after the final disposition of such legal proceeding or investigative action, and may pay such costs, charges and expenses as they are incurred in advance of such final disposition, provided it obtains a written undertaking that such person will repay the amounts advanced if it is ultimately determined that the individual did not comply with (i) and (ii) above. Under the BCBCA, an individual described above is entitled to indemnification from Telesat in respect of such costs, charges and expenses after the final disposition of such legal proceeding or investigative action as a matter of right if the individual has not been reimbursed for such costs, charges and expenses and is wholly successful in the outcome of such legal proceeding or investigative action, or is substantially successful on the merits thereof, provided such individual complies with (i) and (ii) above. On application of Telesat or an individual described above, the Supreme Court of British Columbia may order Telesat to indemnify a person described above in respect of any liability incurred by such person in respect of such a legal proceeding or investigative action, and to pay some or all of the expenses incurred by such individual in respect of such legal proceeding or investigative action.

In accordance with the BCBCA, Telesat's Articles provide that Telesat will indemnify a person named above, and such person's heirs and legal representatives, as set out in the BCBCA, and will, to the fullest extent permitted by the BCBCA, advance the full amount of all costs, charges and expenses, including legal and other fees, actually and reasonably incurred by a person named above in respect of such a legal proceeding or investigative action, providing such person complies with (i) and (ii) above.

Telesat maintains directors' and officers' liability insurance for the benefit of all of the directors and officers of Telesat to indemnify them against any liability incurred by them in their capacity as directors and officers pursuant to the indemnity provisions under the BCBCA. Telesat has also executed agreements evidencing its indemnity in favor of the foregoing classes of persons to the fullest extent permitted pursuant to the Articles and the BCBCA.

The foregoing summaries are necessarily subject to the complete text of the BCBCA, Telesat's Articles and the policies and agreements referred to above and are qualified in their entity by reference thereto.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling Telesat pursuant to the foregoing provisions, Telesat has been informed that in the opinion of the Commission such indemnification is against public policy as expressed in the act and is therefore unenforceable.

**Item 7. Exemption from Registration Claimed.**

Not applicable.

**Item 8. Exhibits.**

---

| | |
|:---|:---|
| **Exhibit<br> Number** | **Exhibit Description** |
| [4.1](https://www.sec.gov/Archives/edgar/data/1845840/000110465921141937/tm2133275d2_ex99-2.htm) | [Articles of Telesat Corporation, dated as of November 17, 2021 (incorporated by reference from Exhibit 99.2 to the Report of Foreign Private Issuer on Form 6-K (File No. 333-255518) filed by Telesat Corporation on November 19, 2021)..](https://www.sec.gov/Archives/edgar/data/1845840/000110465921141937/tm2133275d2_ex99-2.htm) |
| [4.2](https://www.sec.gov/Archives/edgar/data/1845840/000110465921141937/tm2133275d2_ex99-3.htm) | [Amended and Restated Limited Partnership Agreement of Telesat Partnership LP, dated as of November 17, 2021, between Telesat Corporation, Henry Intven, Red Isle Private Investments Inc., Public Sector Pension Investment Board, John Cashman, Clare Copeland and each person who is admitted to Telesat Partnership LP as a limited partner in accordance with the terms thereto (incorporated by reference from Exhibit 99.3 to the Report of Foreign Private Issuer on Form 6-K (File No. 333-255518) filed by Telesat Corporation on November 19, 2021).](https://www.sec.gov/Archives/edgar/data/1845840/000110465921141937/tm2133275d2_ex99-3.htm) |
| [4.3](tm2524559d1_ex4-3.htm) | [Telesat Corporation Employee Share Purchase Plan.](tm2524559d1_ex4-3.htm) |
| [23.1](tm2524559d1_ex23-1.htm) | [Consent of Deloitte LLP, Independent Registered Public Accounting Firm.](tm2524559d1_ex23-1.htm) |
| [24.1](#vj_001) | [Power of Attorney (included in the signature pages hereof of this registration statement).](#vj_001) |
| [107](tm2524559d1_ex-filingfees.htm) | [Filing Fee Table](tm2524559d1_ex-filingfees.htm) |

---

**Item 9. Undertakings.**

(a) The undersigned registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To reflect in the prospectus any facts or events arising after the effective date of this registration statement (or the most recent
post-effective amendment hereof) which, individually or in the aggregate, represent a fundamental change in the information set forth
in this Registration Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total
dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated
maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate,
the changes in volume and price represent no more than 20 percent change in the maximum aggregate offering price set forth in the "Calculation
of Registration Fee" table in the effective registration statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To include any material information with respect to the plan of distribution not previously disclosed in this Registration Statement
or any material change to such information in this Registration Statement;

*provided, however,* that paragraphs (a)(1)(a) and (a)(1)(b) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the registrant pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference into this Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed
to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall
be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the
termination of the offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each
filing of the registrant's annual report pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 (and,
where applicable, each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Securities Exchange Act
of 1934) that is incorporated by reference in this Registration Statement shall be deemed to be a new registration statement relating
to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering
thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling
persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the
Commission such indemnification is against public policy as expressed in such Act and is, therefore, unenforceable. In the event that
a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director,
officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director,
officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel
the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification
by it is against public policy as expressed in the Securities Act of 1933 and will be governed by the final adjudication of such issue.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing this Registration Statement on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Ontario, Canada, on this 4th day of September, 2025.

---

| | | |
|:---|:---|:---|
| **TELESAT CORPORATION** | **TELESAT CORPORATION** | **TELESAT CORPORATION** |
| By: | /s/ Daniel Goldberg | /s/ Daniel Goldberg |
|  | Name: | Daniel Goldberg |
|  | Title: | President and Chief Executive Officer |

---

**POWER OF ATTORNEY**

BE IT KNOWN BY THESE PRESENT, that each person whose signature appears below constitutes and appoints Daniel Goldberg, Andrew Browne and Christopher DiFrancesco and each of them, his or her true and lawful attorney(s)-in-fact and agent(s), with full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any or all amendments to this registration statement and to file the same, with all exhibits and schedules thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorney(s)-in-fact and agent(s) full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorney(s)-in-fact and agent(s), or their substitute(s), may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, as amended, this registration statement has been signed by the following persons in the capacities indicated on September 4, 2025.

---

| | |
|:---|:---|
| **Name** | **Title** |
| /s/ Daniel Goldberg | Chief Executive Officer and Executive Director <br> (Principal Executive Officer) |
| Daniel Goldberg | Chief Executive Officer and Executive Director <br> (Principal Executive Officer) |
| /s/ Andrew Browne | Chief Financial Officer <br> (Principal Financial Officer and Principal Accounting Officer) |
| Andrew Browne | Chief Financial Officer <br> (Principal Financial Officer and Principal Accounting Officer) |
| /s/ Michael T. Boychuk |  |
| Michael T. Boychuk | Director |
| /s/ Jane Craighead |  |
| Jane Craighead | Director |
| /s/ Richard Fadden |  |
| Richard Fadden | Director |
| /s/ Henry Intven |  |
| Henry Intven | Director |
| /s/ David Morin |  |
| David Morin | Director |
| /s/ Mark H. Rachesky |  |
| Mark H. Rachesky | Director |
| /s/ Guthrie Stewart |  |
| Guthrie Stewart | Director |
| /s/ Michael B. Targoff |  |
| Michael B. Targoff | Director |
| /s/ Janet Yeung |  |
| Janet Yeung | Director |

---

**SIGNATURE OF AUTHORIZED U.S. REPRESENTATIVE OF THE REGISTRANT**

Pursuant to the requirements of the Securities Act, the undersigned, the duly authorized representative in the United States of the registrant in the United States, has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Newark, Delaware, on September 4, 2025.

---

| | | |
|:---|:---|:---|
| **AUTHORIZED U.S. REPRESENTATIVE** | **AUTHORIZED U.S. REPRESENTATIVE** | **AUTHORIZED U.S. REPRESENTATIVE** |
| By: | /s/ Donald J. Puglisi | /s/ Donald J. Puglisi |
|  | Name: | Donald J. Puglisi |
|  | Title: | Managing Director, Puglisi & Associates |

---

## Exhibit 4.3

**Exhibit 4.3**

**TELESAT CORPORATION<br> EMPLOYEE SHARE PURCHASE PLAN**

**Article 1**<br> purpose**

---

| | |
|:---|:---|
| **Section 1.1** | Purpose |

---

The purpose of this Telesat Corporation Employee Share Purchase Plan (the "**Plan**") is to advance the interests of Telesat Corporation (the "**Corporation**") and its shareholders and attract, retain and motivate employees of the Corporation by providing such employees with the opportunity to acquire and hold an equity interest in the Corporation through the purchase and ownership of Shares and to realize upon the value of such Shares in accordance with the terms of this Plan.

**Article 2**<br> interpretation**

---

| | |
|:---|:---|
| **Section 2.1** | Defined Terms |

---

For the purposes of this Plan, the following terms have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Account**" of a Participant means the account established and maintained by the Administrative
Agent for such Participant in accordance with the Administration Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Actively Employed**" in reference to a certain date means that the Participant is employed
by the Corporation (including being on vacation or being on a statutory or other leave authorized by the Corporation) on the applicable
date. Except to the minimum extent, if any, required by applicable employment standards legislation, "Actively Employed" does
not include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any period following the date the Participant ceases to be employed by the Corporation upon termination
of employment for any reason (whether voluntary or involuntary, and whether with or without just cause or serious reason, and regardless
of whether the termination is lawful or unlawful);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any period in relation to which the Corporation provides pay in lieu of notice in respect of such termination
of employment; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Any period in relation to which the Corporation fails to give notice that ought to have been given pursuant
to any applicable employment agreement, or pursuant to any applicable law, including the common law, as applicable, in respect of such
termination of employment, and in relation to which damages may be awarded, including for the failure to provide such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**Administrative Agent**" means such person or company, or a successor of such person
or company, as may be designated by the Board from time to time for the purpose of administering the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**Administration Agreement**" means the administration agreement between the Corporation
and the Administrative Agent governing the administration of the Plan, as may be amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**Applicable Laws**" means the applicable laws and regulations and the requirements or
policies of any governmental or regulatory authority or securities commission having authority over the Corporation or this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "**Black-Out Period**" means any period during which the trading of Shares, or any of the
Corporation's securities, by certain persons is restricted pursuant to Applicable Laws, the Corporation's policies, corporate
governance practices and/or as may be established by the Board from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "**Board**" means the Board of Directors of the Corporation, as constituted at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "**Change Form**" means a form acceptable to the Corporation and the Administrative Agent,
including but not limited to an electronic form, as described in Section 4.3(7).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**Contributions**" means Corporation Contributions and Participant Contributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "**Corporation**" means Telesat Corporation and any successor thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "**Corporation Contributions**" means the amount of money paid by the Corporation under
this Plan to a Participant as described in Section 4.4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "**Employee**" means an individual who maintains active and regular or permanent status
with the Corporation or any of its subsidiaries on a full-time or part-time basis, and for greater certainty includes executive officers
of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "**Enrolment Form**" means a form acceptable to the Corporation and the Administrative
Agent, as described in Section 4.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "**Event of Disentitlement**" means the date on which the Participant is no longer Actively
Employed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "**Fiscal Year**" means the fiscal year of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "**Participant**" means an Employee who has enrolled in the Plan in accordance with the
provisions hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "**Participant Contributions**" means the cash contributions made by Participants under
this Plan by way of payroll deductions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "**Plan**" means this Employee Share Purchase Plan, as may be amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "**Purchase Date**" means on or about the second business day following the processing
of an employee's monthly or biweekly payroll, as applicable, and receipt of the Contributions by the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "**Retained Shares**" means any Shares purchased for a Participant using Corporation Contributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "**Retention Period**" means the one-year period following the Purchase Date on which Retained
Shares were acquired.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "**Salary**" means the regular base salary or wages of a Participant received or to be
received from the Corporation for the Participant's service with respect to a particular fiscal year, excluding any overtime, bonuses
or other compensation with respect to such fiscal year and excluding any Corporation Contributions or other benefits received by the Participant
under this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) "**Shares**" means the Class A common shares and Class B variable voting shares of the
Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) "**Termination/Withdrawal Form**" means a form acceptable to the Corporation and the Administrative
Agent, including but not limited to an electronic form, as described in Section 4.7(1).

(2) Unless the context requires otherwise, references to the male gender include the female gender, words
importing the singular number may be construed to extend to and include the plural number, and words importing the plural number may be
construed to extend to and include the singular number.

**Article 3**<br> Administration**

---

| | |
|:---|:---|
| **Section 3.1** | Administration |

---

(1) This Plan shall be administered by the Board in accordance with its provisions as construed and interpreted
by the Board. The Board may, from time to time, establish administrative rules and regulations relating to the operation of this Plan
as it may deem necessary to further the purpose of this Plan and may amend or repeal such rules and regulations as it sees fit. The Board
may, in its discretion, delegate the administration and operation of this Plan, in whole or in part, to a committee of the Board and/or
to any member of the Board. In such circumstances, all references to the Board in this Plan include references to such committee and/or
member of the Board, as applicable, except as otherwise indicated.

(2) All decisions made by the Board pursuant to the provisions of this Plan shall be conclusive and binding
on the Corporation and the Participants.

(3) No member of the Board will be liable for any action or determination taken or made in good faith in the
administration, interpretation, construction or application of this Plan. To the fullest extent permitted by law, the Corporation shall
indemnify and hold harmless each Person made or threatened to be made party to any civil or criminal action or proceeding by reason of
the fact that such Person is or was a member of the Board or any committee to the extent such criminal or civil action or proceeding relates
to the Plan.

(4) The Board may adopt rules or procedures relating to the operation and administration of the Plan to accommodate
the specific requirements of local laws and procedures. Without limiting the generality of the foregoing, the Board is specifically authorized
to adopt rules and procedures regarding handling of payroll deductions, payment of interest, conversion of local currency, handling of
payroll tax and withholding and handling of share certificates. The Board may also adopt sub-plans applicable to particular Employees
or locations.

(5) The Plan is an automatic securities purchase plan and the provisions herein shall continue to operate
during any Black-Out Period.

**Article 4**<br> Eligibility and Participation**

---

| | |
|:---|:---|
| **Section 4.1** | Eligibility |

---

The determination as to which Employees may participate in this Plan and the extent to which each shall be entitled to participate shall be determined by the Board, in its sole discretion.

---

| | |
|:---|:---|
| **Section 4.2** | Participation in the Plan |

---

(1) Participation in this Plan shall be entirely voluntary and any decision not to participate in this Plan
shall not affect an Employee's position as an employee or senior officer of the Corporation.

(2) All funds and Shares held by the Administrative Agent pursuant to this Plan are held on behalf of the
Accounts of the individual Participants. A Participant shall be the registered and beneficial owner of all Shares purchased on his or
her behalf.

---

| | |
|:---|:---|
| **Section 4.3** | Enrolment and Participant Contributions |

---

(1) An Employee may elect to enroll and participate in the Plan, and purchase Shares under this Plan, by signing
and delivering to the Corporation a form acceptable to the Corporation and the Administrative Agent (an "**Enrolment Form** ")
(which Enrolment Form can be in electronic format) agreeing to the terms and conditions of the Plan and authorizing the Corporation to
deduct from the Employee's Salary the amount designated by the Employee in accordance with the Enrolment Form until such authorization
shall be revised, suspended, revoked or terminated in accordance with the terms of this Plan. Employees who enroll in the Plan shall become
Participants under the Plan.

(2) The Enrolment Form shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Indicate the amount (in increments of 1%) up to 6% of the Employee's Salary on an annual basis,
which such Employee desires to contribute to the Plan for the purpose of purchasing Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Authorize the payroll deduction of the Participant Contribution from each regular payroll payment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Authorize and direct the Administrative Agent to apply the Contributions to purchases of Shares on the
open market on behalf of the Participant on the Purchase Date.

(3) A completed Enrolment Form shall become effective only on the Purchase Date immediately following receipt
by the Corporation and the Administrative Agent of the Enrolment Form provided that the Enrolment Form is received at least ten (10) days
prior to such Purchase Date.

(4) Participants who elect to participate in the Plan shall be entitled to continue to participate in the
Plan until (i) such time as the Participant delivers a Termination/Withdrawal Form in accordance with Section 4.7, (ii) the time of an
Event of Disentitlement in accordance with Section 4.8, or (iii) at the time of termination of the Plan. If a Participant terminates his
or her participation in the Plan, such Employee shall not be entitled to elect to resume participation in the Plan until a period of six
(6) months has passed from the date of delivery of a Termination/Withdrawal Form.

(5) Until a Participant has completed payment for the Shares and such Shares have been purchased on behalf
of the Participant, he or she shall have no rights whatsoever as a Shareholder in relation to such Shares.

(6) If in any payroll period an Employee does not elect to participate in the Plan or elects to participate
in the Plan to an extent less than his or her full entitlement for such payroll period, then all rights of the Employee to participate
in the Plan shall terminate as to the Shares or balance of the Shares which may have been acquired by the Employee in respect of such
payroll period.

(7) A Participant may increase or decrease the amount of his or her Participant Contributions in accordance
with the Plan by minimum increments of 1% of such Participant's Salary, or elect to suspend his or her Participant Contributions,
by completing and delivering to the Corporation notice in a form acceptable to the Corporation and the Administrative Agent (a "**Change Form**") to such effect at least fifteen (15) days before the change is to take effect. A Change Form may only be delivered to
the Corporation by a Participant twice in each calendar year.

(8) A Participant who has suspended their Participant Contributions in accordance with Section 4.3(7)
may elect, by completing and delivering to the Corporation and the Administrative Agent a Change Form, to resume making Participant Contributions
at any time which is at least six (6) months subsequent to the effective date of the applicable Change Form or such shorter or longer
period as may be determined in the sole discretion of the Corporation.

(9) Notwithstanding Section 4.3(1), Section 4.3(7) and Section 4.3(8) above, a Participant
may not enroll in this Plan, or change, suspend or resume their Participant Contributions pursuant to this Plan (a) while such Participant
is in possession of any material undisclosed information with respect to the Corporation, (b) where doing so would be prohibited by Applicable
Law, and (c) if such Participant is a "Restricted Person" under the Corporation's Insider Trading Policy, during any
Black-Out Period.

(10) All Participant Contributions shall be (i) deducted by the Corporation out of each regular payroll payment
and (ii) applied in accordance with Section 4.5.

---

| | |
|:---|:---|
| **Section 4.4** | Corporation Contributions |

---

(1) Corporation Contributions as described herein shall be made on each Purchase Date to those Participants
who have made a Participant Contribution since the immediately preceding Purchase Date.

(2) The amount of Corporation Contributions added to each Participant's Account on any Purchase Date
shall be equal to 50% of the Participant Contributions made by the Participant since the last Purchase Date, provided that the maximum
aggregate amount of any Corporation Contributions payable to a Participant's Account by the Corporation in any Fiscal Year shall
be limited to $5,000.

(3) Corporation Contributions shall be additional remuneration to the Participant, which the Participant directs
to be paid by the Corporation to, and applied by, the Administrative Agent in accordance with Section 4.5. By participating in the
Plan, the Participant acknowledges that the full amount of Corporation Contributions shall be paid and applied on behalf of the Participant
in accordance with the Plan. The Participant further acknowledges that any income tax or other statutory or other payroll deduction in
respect of Corporation Contributions shall be deducted from regular payroll payments to the Participant.

(4) The Participant shall not sell any Retained Shares during the Retention Period.

(5) The Corporation shall pay administrative costs related to the Plan but shall not pay brokerage or related
fees or expenses related to the transfer or sale of Shares by the Participant. No interest shall be paid or allocated to Participant Contributions
received prior to the applicable Purchase Date.

---

| | |
|:---|:---|
| **Section 4.5** | Purchase of Shares |

---

(1) On each Purchase Date, with respect to each Participant, (i) all Contributions received or accumulated
in the Participant's Account and (ii) any cash dividends paid on Shares in the Participant's Account since the last Purchase
Date shall be reinvested to purchase Shares on behalf of the Participant through open market purchases.

(2) Share purchases on the open market shall be made through the facilities of the Toronto Stock Exchange
and/or such other stock exchange on which the Shares may from time to time be listed and posted for trading.

(3) The Shares purchased by Contributions in accordance with this Section 4.5 shall be allocated to the
Participant's Account. Effective as of the date on which the Shares are acquired for the Participant's Account, each Participant
shall be deemed to be the registered and beneficial owner of such number of Shares as are purchased in accordance with this Section 4.5
and shall thereafter be entitled to all rights of ownership incidental thereto, including the right to receive dividends and other distributions
payable in respect of the Shares and to receive notice of, attend and vote at meetings of holders of Shares.

(4) The Corporation will pay the fees and expenses set out in the Administrative Agreement, and all brokerage
fees and other ancillary expenses relating to the purchase of Shares on the open market under the Plan.

---

| | |
|:---|:---|
| **Section 4.6** | Terms of Participation |

---

(1) By purchasing Shares hereunder, a Participant shall be deemed to accept the terms of the Plan and any
Administration Agreement governing the engagement and responsibilities of the Administrative Agent, to the extent applicable.

(2) All Participant Contributions under this Plan shall be deducted by the Corporation out of regular payroll
payments.

(3) Only amounts received by the Administrative Agent through payroll deductions and Corporation Contributions
in the payroll period immediately preceding a Purchase Date will be used to purchase Shares on such Purchase Date.

(4) A Participant may not pledge, transfer or assign his or her rights under the Plan. Any attempt by the
Participant to do so shall constitute a cancellation of his or her participation and result in the return to the Participant of his or
her Contributions on account of the purchase of Shares to the date of cancellation.

---

| | |
|:---|:---|
| **Section 4.7** | Termination by Participant |

---

(1) A Participant may, subject to Section 4.7(2) and Section 4.7(2), terminate participation in
the Plan by delivering to the Corporation (who will in turn, deliver it to the Administrative Agent) a form acceptable to the Corporation
and the Administrative Agent (a "**Termination/Withdrawal Form**") requesting that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All Contributions held or dividends received by the Administrative Agent in the Participant's Account,
but which have not yet been used for the purchase of Shares pursuant to the Plan be refunded to the Participant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All Shares in the Participant's Account be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Transferred and issued in his or her name, or as otherwise directed by the Participant; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Sold and the net proceeds of such sale be distributed to the Participant

(collectively, a "**Release**").

(2) A Termination/Withdrawal Form provided by a Participant in accordance with Section 4.7(1) hereof
shall take effect on the later of (i) sixty (60) days following the Corporation's receipt of the Termination/Withdrawal Form, and
(ii) the date on which all Retained Shares held on behalf of the Participant have ceased to be subject to a Retention Period. No Contributions
shall be made by or on behalf of the Participant on or after the date of the Corporation's receipt of the Termination/Withdrawal
Form, except where such Termination/Withdrawal Form is received less than five (5) days prior to a Purchase Date. Where the Termination/Withdrawal
Form is received less than five (5) days prior to a Purchase Date, the Administrative Agent shall continue to be required to purchase
Shares on behalf of the Participant as the Participant would have been entitled to on such Purchase Date and the Corporation shall continue
to make any payroll deductions with respect to the Participant as may occur during such five (5) day period as if the Termination/Withdrawal
Form had not been given.

(3) A Participant may not deliver a Termination/Withdrawal Form to the Corporation (a) while such Participant
is in possession of any material undisclosed information with respect to the Corporation, (b) where doing so would be prohibited by Applicable
Law and, (c) if such Participant is a "Restricted Person" under the Corporation's Insider Trading Policy, during any
Black-Out Period.

(4) A Participant who delivers a Termination/Withdrawal Form will not be permitted to reenroll and participate
in the Plan until six (6) full calendar months have elapsed since the date of receipt by the Corporation of the Termination/Withdrawal
Form.

(5) The Participant will be responsible for paying any brokerage commissions and sales administration fees
on any Share sales requested in the Termination/Withdrawal Form.

---

| | |
|:---|:---|
| **Section 4.8** | Events of Disentitlement |

---

(1) On the occurrence of an Event of Disentitlement, the Participant's enrolment in this Plan and subscription
for Shares under this Plan, if any, shall automatically terminate on the latest of (i) the Event of Disentitlement, and (ii) the day on
which all Retained Shares held on behalf of the Participant have ceased to be subject to a Retention Period, at which time a Release shall
be made in respect of all Shares held in the Participant's Account.

(2) If, at the end of any Fiscal Year, a Participant has not contributed to the Plan his or her portion of
his or her Salary during such calendar year, the Corporation shall have the option to give written notice requiring that the Participant
terminate his or her participation in the Plan and withdraw all funds and Shares held on behalf of such Participant pursuant to the Plan
in the manner set forth in Section 4.8(1).

---

| | |
|:---|:---|
| **Section 4.9** | Distributions and Other Rights Pertaining to Shares |

---

(1) The Administrative Agent shall deliver or cause to be delivered to the Participants on whose behalf Shares
are held hereunder copies of all materials distributed to holders of Shares and shall on each such occasion notify such holders in writing
of their rights hereunder, including the right to direct votes, and of the manner of exercise of such rights.

(2) The Administrative Agent shall vote Shares held on behalf of each Participant at every meeting of holders
of Shares of the Corporation (which the Administrative Agent shall be entitled to attend by virtue of being the registered holder of Shares)
in such manner as each such Participant, or his or her legal representatives, shall have previously directed in writing, and in the absence
of any such direction the Administrative Agent shall refrain from voting.

(3) The Administrative Agent will, if so required by any Participant, or his or her legal representatives,
execute all proxies necessary or proper to enable the Participant, or his or her legal personal representatives, to attend and vote the
Shares held by the Administrative Agent on behalf of such Participant at any such meeting in place of the Administrative Agent.

(4) Any dividends or distributions paid by the Corporation on Shares held by the Administrative Agent on behalf
of Participants pursuant to the Plan will be held by the Administrative Agent on behalf of the Participant who owns such Shares, and will
be used by the Administrative Agent to purchase additional Shares on behalf of the Participant in accordance with the Plan.

**Article 5**<br> Administrative Agent**

---

| | |
|:---|:---|
| **Section 5.1** | Administrative Agent |

---

(1) The Corporation shall appoint a person, firm or company to serve as the Administrative Agent under this
Plan, provided that such person, firm or company is not an employee, director, associate or affiliate of the Corporation and is at all
times acting independent of the Corporation.

(2) The Corporation may, at any time, remove the Administrative Agent so appointed and may appoint a successor
or successors and may similarly fill any vacancy created for any reason whatsoever. The Corporation agrees to reimburse the Administrative
Agent for all reasonable costs assumed by the Administrative Agent in administering the Plan.

(3) No trust relationship is being established between the Corporation, the Participants and the Administrative
Agent under this Plan.

---

| | |
|:---|:---|
| **Section 5.2** | Administration Agreement |

---

(1) Upon appointment of an Administrative Agent, the Corporation shall enter into an Administration Agreement
with the Administrative Agent. The Corporation will not, directly or indirectly, control the time, price, amount or manner of Share purchases
or the choice of broker, if any, through which Share purchases are made.

(2) The Administration Agreement shall provide for the application of amounts received to purchase Shares.
The Administration Agreement shall provide that the Administrative Agent holds all Shares purchased under the Plan on behalf of the Participants
as nominee and no part of such cash, Shares, dividends or property shall be used for or diverted to purposes other than for the exclusive
benefit of Participants.

(3) The Administration Agreement shall contain such other terms and provisions, not inconsistent with this
Plan, as the Corporation shall approve.

---

| | |
|:---|:---|
| **Section 5.3** | Participant Accounts |

---

The Administrative Agent shall maintain Accounts for each Participant in such a way that the interests of each Participant in the Plan in respect of Contributions, Shares, and dividends may be ascertained. Such individual Accounts shall be posted periodically. The Administrative Agent shall ensure that the Accounts reflect Shares purchased by Contributions which have been allocated to such Accounts, as well as any dividends which have been paid on the Shares. Upon written request, the Administrative Agent shall furnish to each Participant a statement containing such information. Each such statement shall be deemed to have been accepted by the Participant as correct unless written notice provided by the Participant to the contrary has been received by the Administrative Agent within thirty (30) days after the mailing of such statement to the Participant.

**Article 6**<br> Tax**

---

| | |
|:---|:---|
| **Section 6.1** | Taxes |

---

(1) Each Participant shall be responsible for paying his or her respective income taxes and other taxes applicable
to Contributions and to transactions involving the Shares held by the Administrative Agent on his or her behalf, including, without limitation,
any taxes payable on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any Contributions made by or on behalf of a Participant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The transfer of Shares to the Participant or a person designated by the Participant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The sale or other disposition of Shares of a Participant; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Distributions paid on the Shares.

(2) The Administrative Agent is authorized to deduct from any amounts payable to a Participant following a
sale of that Participant's Shares any amounts which are required to be withheld on account of taxes.

**Article 7**<br> Amendment and Termination of Plan**

---

| | |
|:---|:---|
| **Section 7.1** | Amendment of the Plan |

---

Subject to Section 7.2, the Board may at any time, and from time to time, amend or suspend any provision of this Plan, or terminate this Plan, subject to those provisions of Applicable Laws, if any, that require the approval of securityholders or any governmental or regulatory body regardless of whether any such amendment or suspension is material, fundamental or otherwise, and notwithstanding any rule of common law or equity to the contrary.

---

| | |
|:---|:---|
| **Section 7.2** | No Impairment of Rights. |

---

Except as required by Applicable Laws, no amendment to this Plan or termination of this Plan shall (i) divest any Participant of his or her entitlement to his or her Shares or of any rights that he or she may have in respect of the Shares or (ii) have the effect of altering the terms of any outstanding right of a Participant without the prior written consent of the Participant.

**Article 8**<br> General**

---

| | |
|:---|:---|
| **Section 8.1** | Compliance with Applicable Laws |

---

(1) This Plan, and the Corporation's obligations hereunder, are subject to all Applicable Laws and to
such approvals by any regulatory or governmental agency as may, in the opinion of counsel to the Corporation, be required. The Corporation
is not obliged by any provision of this Plan to purchase, issue, sell or deliver Shares if, in the opinion of the Board, such action would
constitute a violation by the Corporation or a Participant of any Applicable Laws or any condition of such approvals.

(2) The Participant agrees to fully cooperate with the Corporation in doing all such things as are reasonably
necessary to facilitate compliance by the Corporation with Applicable Laws (including but not limited to all tax withholding and remittance
obligations), including executing and delivering all applicable agreements, undertakings or other documents or furnishing all necessary
information.

(3) No Shares will be purchased under this Plan, where such purchase would require registration of this Plan
or of the Shares under the securities laws of any foreign jurisdiction, and any purported issue of Shares under this Plan in violation
of this provision is void.

(4) If Shares cannot be purchased on behalf of a Participant due to legal or regulatory restrictions, the
obligation of the Corporation and/or Administrative Agent to purchase such Shares will terminate and any funds paid to the Corporation
in connection with the purchase of the Shares and/or any funds owed to the Participant by the Corporation that would have otherwise been
used to purchase Common Shares will be returned or paid, as applicable, to the applicable Participant as soon as practicable.

---

| | |
|:---|:---|
| **Section 8.2** | Assignment and Transfer |

---

(1) Except with the consent of the Board (which may not be arbitrarily or unreasonably withheld) and subject
to Applicable Laws, no right or interest of any Participant in any of the Shares purchased or held on his or her behalf under the Plan
shall be, at any time prior to the transfer of such Shares to or to the order of the Participant in accordance with the terms hereof,
assignable or transferable, in whole or in part, either directly or by operation of law or otherwise in any manner, other than by will
or other testamentary instrument, or the laws of succession. No attempted assignment or transfer of any Shares acquired contrary to the
terms hereof shall be effective. Notwithstanding the foregoing, assignments or transfers may be effected with the approval of the Corporation
and the appropriate regulatory authorities, if required. For the purposes of this Section 8.2(1), the terms "assign"
and "assignment" shall include the creation, granting or incurring of a security interest, mortgage, charge, lien, execution
or similar interest in the Shares of a Participant.

(2) This Plan and the Administration Agreement shall enure to the benefit of and be binding upon the Corporation
and its successors and assigns and shall enure to the benefit of and be binding upon the Participants and their respective heirs, executives,
administrators, successors, legal personal representatives and permitted assigns.

---

| | |
|:---|:---|
| **Section 8.3** | Application of Insider Trading Policy |

---

Any action taken by a Participant in connection with this Plan, including for greater certainty and without limitation, any increase or decrease to the amount of Participant Contributions under the Plan, any sale or transfer of Shares from the Plan and any enrolment or cessation of participation in the Plan, shall be subject to the restrictions applicable to such Participant under the Corporation's Insider Trading Policy.

---

| | |
|:---|:---|
| **Section 8.4** | Employee Rights |

---

Nothing contained in this Plan shall confer upon any Employee any rights to a continuing position as an employee of the Corporation or interfere in any way with the rights of the Corporation in connection with preserving or terminating the position of such Employee.

---

| | |
|:---|:---|
| **Section 8.5** | Other Compensation Arrangements |

---

Nothing contained in this Plan shall prevent the Board from adopting other or additional compensation arrangements, subject to any required regulatory or securityholder approval if such approval is required; and such arrangements may be either generally applicable or applicable only in specific cases.

---

| | |
|:---|:---|
| **Section 8.6** | Unfunded Plan |

---

This Plan shall be unfunded. Neither the Corporation nor the Board shall be required to establish any special or separate fund or to segregate any assets to assure the performance of its obligations under this Plan.

---

| | |
|:---|:---|
| **Section 8.7** | Costs and Expenses |

---

The costs of administering this Plan shall be paid by the Corporation. The Corporation shall pay the administrative costs related to the Plan, including, but not limited to, any fees payable to the Administrative Agent, but shall not pay any brokerage or related fees or expenses related to the sale of Shares by a Participant.

---

| | |
|:---|:---|
| **Section 8.8** | Severability |

---

The invalidity or unenforceability of any provision of this Plan shall not affect the validity or enforceability of any other provision, and any invalid or unenforceable provision shall be severed from this Plan.

---

| | |
|:---|:---|
| **Section 8.9** | Plan Headings |

---

The headings in this Plan are for purposes of convenience only and are not intended to define or limit the construction of the provisions hereof.

---

| | |
|:---|:---|
| **Section 8.10** | Non-Uniform Treatment |

---

The Board's determinations under this Plan need not be uniform and may be applied selectively among persons who are eligible to participate in this Plan. Without limiting the generality of the foregoing, the Board shall be entitled to make non-uniform and selective determinations, amendments and adjustments.

---

| | |
|:---|:---|
| **Section 8.11** | Risk of Loss. |

---

The Corporation shall not be liable to any Participant for any loss resulting from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A decline in the market value of any Shares purchased by the Participant pursuant to this Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any change in the market price of the Shares between the time the Participant authorized the purchase
of the Shares and the time such purchase takes place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any dividends paid on the Shares between the time the Participant authorized the purchase of the Shares
and the time such purchase takes place; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any change in the market price of the Shares between the time any dividends are paid on the Shares and
the time a purchase of Shares using those dividends hereunder takes place, where applicable.

---

| | |
|:---|:---|
| **Section 8.12** | Governing Law. |

---

This Plan shall be governed by and construed in accordance with the laws of the Province of Ontario and the federal laws of Canada applicable therein.

---

| | |
|:---|:---|
| **Section 8.13** | Effective Date |

---

This Plan is effective as of August 11, 2025.

## Exhibit 23.1

**Exhibit 23.1**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the incorporation by reference in this Registration Statement on Form S-8 of our reports dated March 26, 2025 relating to the financial statements of Telesat Corporation (the "Company") and the effectiveness of the Company's internal control over financial reporting, appearing in the Annual Report on Form 20-F of the Company for the year ended December 31, 2024.

/s/ Deloitte LLP

Chartered Professional Accountants

Licensed Public Accountants

Toronto, Canada

September 4, 2025

## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING FEES

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Calculation of Filing Fee Tables**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **S-8**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Telesat Corp**  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Type**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Class Title**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Calculation Rule**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount Registered**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Proposed Maximum Offering Price Per Unit**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maximum Aggregate Offering Price**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Rate**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount of Registration Fee**  |
| 1 | Equity | Class A Common and Class B variable voting shares, no par value per share | 457(a) | 1000000 | $20.87 | $20870000.00 | 0.0001531 | $3195.20 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: |  | $20870000.00  |  | $3195.20  |
| Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  |  |  |  | $0.00  |
| Net Fee Due:  | Net Fee Due:  | Net Fee Due:  | Net Fee Due:  | Net Fee Due:  |  |  |  | $3195.20  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Offering Note** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>1</sup> Class A common shares and Class B variable voting shares of Telesat Corporation that will be available for purchase under the Telesat Corporation Employee Share Purchase Plan (the "ESPP"). Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the "Securities Act"), the number of Class A common shares and Class B variable voting shares registered hereby is subject to adjustment to prevent dilution by reason of any share dividend, share split, recapitalization or other similar transaction that results in an increase in the number of the outstanding shares. Estimated pursuant to Rule 457(h) and Rule 457(c) under the Securities Act, solely for the purpose of computing the registration fee for Common Shares to be purchased pursuant to the ESPP, based on the average of the high and low prices reported for Class A common shares and Class B variable voting shares on the Nasdaq Global Select Market on September 3, 2025, which was US$20.87 per share.

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| | |
|:---|:---|
| | |
| **Rule 457(p)** | **Rule 457(p)** |
| Fee Offset Claims | N/A |
| Fee Offset Sources | N/A |

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