Document:

Exhibit 10.2.5.1

 

AMENDED EXECUTIVE EMPLOYMENT
AGREEMENT

 

AMENDED EXECUTIVE EMPLOYMENT AGREEMENT, effective June 1, 2005, by
and between SPORT-HALEY, INC., a Colorado corporation (the “Company”) and
CATHERINE B. BLAIR (the “Executive”).

 

WHEREAS, the Company has, prior to the date of this Agreement, employed
the Executive as the Company’s Vice President of Merchandising and Design,
pursuant to that Executive Employment Agreement effective July 1, 1997;
and

 

WHEREAS, the Company desires to continue to employ the Executive on a
full-time basis, and the Executive desires to be so employed by the Company,
pursuant to the terms of this Amended Executive Employment Agreement, which
Agreement shall supersede and replace the Executive Employment Agreement
effective July 1, 1997.

 

NOW, THEREFORE, in consideration of the mutual covenants contained
herein, the parties agree as follows:

 

ARTICLE I

 

EMPLOYMENT DUTIES AND BENEFITS

 

Section 1.1  Employment.  The Company hereby employs the Executive in
the position described on Schedule 1 hereto as an executive officer of the
Company.  The Executive accepts such
employment and agrees to perform the duties and responsibilities assigned to
her pursuant to this Agreement.

 

Section 1.2  Duties and Responsibilities.  The Executive shall hold the position with
the Company which is specified on Schedule 1, which is attached hereto and
incorporated herein by reference.  The
Executive is employed pursuant to the terms of this Agreement and agrees to
devote full-time to the business of the Company.  The Executive shall perform the duties set
forth on Schedule 1 while employed as an executive officer, and such
further duties as may be determined and assigned to her from time-to-time by
the Chief Executive Officer or the Board of Directors of the Company.

 

Section 1.3  Working Facilities.  The Executive shall be furnished with
facilities and services suitable to the position and adequate for the
performance of the Executive’s duties under this Agreement.  The Executive’s duties shall be rendered at
the Company’s offices, or at such other place or places as the Executive may
designate with the Company’s approval, which shall not be unreasonably
withheld.

 

Section 1.4  Vacations.  The Executive shall be entitled each year to
a reasonable vacation of not less than four weeks in accordance with the
established practices of the Company now or

 

 

hereafter in effect for executive personnel, during which time the
Executive’s compensation shall be paid in full. 
Should the Company from time-to-time require the Executive to perform
job duties during vacation periods, the Executive shall be entitled to
compensatory vacation time at a mutually agreeable time.

 

Section 1.5  Expenses.  The Executive is authorized to incur
reasonable expenses for promoting the domestic and international business of
the Company in all respects, including expenses for entertainment, travel and
similar items.  The Company will
reimburse the Executive for all such expenses upon the presentation by the
Executive, from time-to-time, of an itemized account of such expenditures.

 

Section 1.6  Benefit Plans.  From the effective date of this Agreement,
the Executive shall be entitled to participate in all existing benefit plans
provided to the Company’s executive employees including, to the extent now or
hereafter in effect, medical, health, dental, vision, disability, life
insurance and death benefit plans, in accordance with the terms of such plans.

 

ARTICLE II

 

COMPENSATION

 

Section 2.1  Base
Salary.  The Company shall pay to the Executive a base
salary of not less than the amount specified on Schedule 1, subject to
annual review and raises in such base salary. 
The base salary may be raised by action of the Board of Directors, and
such raises shall thereafter be included in the Executive’s base salary as
defined for purposes of this Agreement and the Company’s bonus plan.

 

Section 2.2  Bonus and Bonus Plan
Participation.  The Executive shall
be entitled to receive a bonus at such time or times as may be determined by
the Board of Directors of the Company. 
The Executive shall also be entitled to receive bonuses of up to 30% of
the Executive’s base salary in accordance with the provisions of the
Company-wide bonus plan as in effect from time to time.

 

ARTICLE III

 

TERM OF EMPLOYMENT AND TERMINATION

 

Section 3.1  Term.  This Agreement shall be for a term which is
specified on Schedule 1, commencing on its effective date, subject,
however, to termination during such period as provided in this Article.  Provided that the Executive is in compliance
with all of her obligations hereunder, the term of the Executive’s employment
shall be extended automatically for one additional year at the end of each year
of the term or extended term of this Agreement on the same terms and conditions
as contained in this Agreement, unless either the Company or the Executive
shall, at least 90 days prior to the expiration of the initial term or of any
renewal term, give written notice of the intention not

 

 

to renew this Agreement.  If the
Company gives such written notice of non-renewal, the provisions of Section 3.3
shall apply; if the Executive gives such written notice of non-renewal, the
provisions of Section 3.5 shall apply. 
Automatic renewals shall be effective in subsequent years on the same
day of the same month as the original effective day and month of this
Agreement.

 

Section 3.2  Termination by the Company
with Cause.  The Company may
terminate the Executive, at any time, upon ten days’ written notice and
opportunity for the Executive to remedy any non-compliance with the terms of
this Agreement (if such non-compliance is capable of being remedied; if not,
the Company’s notice of termination shall be effective immediately), for
Cause.  In such event, the Board of
Directors shall provide in writing to the Executive an opinion of the Board of
Directors, signed by each member voting in favor of termination of the
Executive, which shall specify with particularity the basis for such
termination.  Upon the date of termination
of this Agreement pursuant to this Section 3.2, the Company’s obligation
to pay any compensation shall terminate, at which time the Company shall be
responsible for compensating the Executive for any vacation time not
taken.  Subject to this exception and the
obligation of the Company to compensate the Executive through the notice
period, no other compensation shall be payable to the Executive should this
Agreement be terminated pursuant to this Section 3.2.

 

As used herein, the term “Cause” shall be limited to any of the
following from and after the date hereof: (i) any willful breach of any
material written policy of the Company that results in material and
demonstrable liability or loss to the Company; (ii) the engaging by
Executive in conduct involving moral turpitude that causes material and
demonstrable injury, monetarily or otherwise, to the Company, including, but
not limited to, misappropriation or conversion of assets of the Company (other
than immaterial assets); (iii) conviction of or entry of a plea of nolo
contendere to a felony, which is not appealed and subsequently reversed or
vacated; or (iv) a material breach of this Agreement by engaging in action
in violation of the restrictive covenants in this Agreement.  No act or failure to act by the Executive
shall be deemed “willful” if done, or omitted to be done, by her in good faith
and with the reasonable belief that her action or omission was in the best
interests of the Company.

 

Section 3.3  Termination by the Company
without Cause.  The Company may
terminate the Executive’s services without cause at any time upon 90 days’
written notice.  In such event, in
addition to compensating the Executive during such 90-day notice period, the
Company shall be obligated to compensate the Executive with severance pay equal
to twelve additional months’ compensation as of the date of such
termination.  Accordingly, in the event
the Company terminates this Agreement without cause or chooses not to renew
this Agreement upon its expiration, the Executive shall receive an aggregate of
fifteen months’ salary from and after the date of the

 

3

 

Executive’s receipt of a notice of termination through and including
the date of termination.  In addition to
the foregoing, the Executive shall receive a bonus which shall be equivalent to
50% of the bonus last received by the Executive, if any, during the twelve
months prior to termination.

 

Section 3.4  Termination by the Executive
with Cause.  The Executive may
terminate her employment with the Company at any time, upon ten days’ written
notice and opportunity for the Company to remedy any non-compliance, by reason
of (i) the Company’s material failure to perform its duties pursuant to
this Agreement, or (ii) any material diminishment in the duties and responsibilities,
working facilities, or benefits as described in Article I of this
Agreement.  The Executive shall not be
entitled to the severance compensation and other benefits described in Section 3.7
below in the event of termination of this Agreement pursuant to this Section 3.4,
except as otherwise provided in Section 3.7(a), but shall be entitled to
the compensation provided in Section 3.3 upon a determination that the
Company has failed to perform its duties pursuant to this Agreement and that
such failure is material or a determination that the duties and
responsibilities, working facilities, or benefits as described herein have been
materially diminished. Such determination shall be made by the Board of
Directors in their best good faith.

 

Section 3.5  Termination by the Executive
Without Cause.  The Executive,
without cause, may terminate this Agreement upon 90 days’ written notice to the
Company.  In such event, the Executive
shall not be required to render the services required under this Agreement
following such 90-day period. 
Compensation for vacation time not taken by the Executive shall be paid
to the Executive at the date of termination. 
The Executive shall not be entitled to the severance compensation and
other benefits described in Section 3.7 below in the event of termination
of this Agreement pursuant to this Section 3.5, except as described in Section 3.7(a),
but shall be entitled to the compensation provided in Section 3.3.

 

Section 3.6  Termination upon Death of
the Executive.  In addition to any
other provision relating to termination, this Agreement shall terminate upon
the Executive’s death.  In such event,
all unpaid compensation and bonuses, compensation for vacation time not taken
by the Executive and all expense reimbursements due to the Executive shall be
paid to the Executive’s estate.

 

4

 

Section 3.7  Severance Compensation and
Continuation of Benefits.

 

(a)                                  Notwithstanding any other
provisions hereof, in the event of a non-negotiated change in control of the
Company and either the Executive or the Company terminate this Agreement within
60 days of such non-negotiated change in control, the Executive shall receive
severance compensation, payable in a lump sum within 30 days of such
non-negotiated change in control, equal to three times her annual salary and
incentive or bonus payments, if any, as shall have been paid to the Executive
during the most recent 12-month period concluded prior to the date of her
termination or resignation.  If the total
amount of the non-negotiated change of control compensation were to exceed
three times the Executive’s base compensation (the average annual taxable
compensation of the Executive for the five years preceding the year in which
the change of control occurs), the Company and the Executive will reduce the
lump sum compensation to be received by the Executive in order to avoid the
imposition of the golden parachute tax as provided in the Tax Reform Act of
1984, as amended by the Tax Reform Act of 1986.

 

(b)                                 The term “change of control” is
defined for purposes of this Agreement as a (i) change in ownership in one
or a series of transactions of 50% or more of the outstanding shares of the
Company, (ii) merger, consolidation, reorganization or liquidation of the
Company, or (iii) a change in control of the type that would be required
to be reported in response to Item 6(e) of Schedule 14A promulgated
under the Securities Exchange Act of 1934, as amended (“Exchange Act”) whether
or not the Company is then subject to such reporting requirement; provided
that, without limitation, such a change of control shall be deemed to have
occurred if (A) any ‘person’ (as such term is used in Sections 13(d) and
14(d) of the Exchange Act), other than a trustee or fiduciary holding
securities under an employee benefit plan of the Company and other than a
person who is a director of the Company on the date hereof, is or becomes the ‘beneficial
owner’ (as defined in Rule 13d-3 under the Exchange Act) directly or
indirectly, of securities of the Company representing 30% or more of the
Company’s combined voting power of the Company’s then outstanding securities, (B) at
any time following the execution of this Agreement, a majority of the Board of
Directors is not comprised of (i) individuals who on the date of this
Agreement were members of the Board plus (ii) any new directors whose
nomination for election by the Board or the Company’s Stockholders was approved
by the vote of two-thirds of the directors then in office who either were
directors or whose nomination was previously so approved.  Notwithstanding any provisions to the
contrary herein, a change of control shall not mean any transaction or series
of transactions wherein the Company repurchases its own

 

5

 

securities or a “going private” transaction by the Company or its
affiliates, within the meaning of Rule 13e-3 promulgated under the
Exchange Act.

 

The term “non-negotiated change of control,” shall mean a change of control,
as defined above, which is not negotiated or approved by at least two thirds of
the board of directors of the Company prior to the change of control event.

 

(c)                                  In the event the Executive is
required to hire counsel to negotiate on her behalf in connection with her
termination or a change in control of the Company, or in order to enforce the
rights and obligations as provided herein, the Company shall reimburse to the
Executive all reasonable attorney’s fees which may be expended by the Executive
in seeking to enforce the terms hereof. 
Such reimbursement shall be paid by the Company every 30 days after the
Executive provides to the Company copies of invoices from the Executive’s
counsel.  Such invoices may be redacted
to preserve the attorney-client privilege or attorney-client confidentiality.

 

(d)                                 So long as the Executive is
receiving severance compensation pursuant to this Section 3.7, the
Executive shall be entitled to continue to participate, at the Company’s cost,
in all existing benefit plans provided to the Company’s executive employees at
the time of the Executive’s termination or resignation.  Such plans shall include, but are not limited
to, then-existing medical, health, dental, vision, disability, life insurance
and death benefit plans.  If the terms of
such plans expressly prohibit the Executive from continuing as a participant in
such plans following the date of resignation or termination, the Company will
provide the Executive with benefits equivalent to, or exceeding, those offered
by the then-existing benefit plans offered to the Company’s executive
employees, all at the Company’s cost, for the duration of the Executive’s right
to severance compensation hereunder.

 

Any compensation to be paid to the Executive under the foregoing provisions
of this Section 3.7 shall be subject to the Executive complying with the
non-compete provisions of Section 4.1(c) below.  In the event the Executive does not so
comply, the Company shall be released from any obligations to the Executive
under this Section 3.7.

 

Section 3.8  Options.  Any options granted to the Executive to
purchase stock of the Company shall become fully vested on the date of
termination of this Agreement, except in the event termination is by the
Company for reasons specified in Section 3.3 of this Agreement.  This provision shall serve as a contractual
modification of any option grants or agreements between the Executive and the
Company, whether such grants or agreements shall pre-date or postdate this
Agreement, and is hereby incorporated by reference into each such option grant
or agreement.

 

6

 

ARTICLE IV

 

CONFIDENTIALITY AND COMPETITION

 

Section 4.1  Further Obligations of the
Executive During and After Employment.

 

(a)                                  The Executive agrees that during
the term of her employment under this Agreement, she will engage in no other
business activities which are or may be competitive with, or which might place
her in a competing position to that of, the Company or any subsidiary of the Company.

 

(b)                                 The Executive realizes that during
the course of her employment, the Executive will have produced and/or have
access to confidential business plans, information, business opportunity
records, notebooks, data, formula, specifications, trade secrets, customer
lists, account lists and inventions of the Company and its affiliates.  Therefore, during or subsequent to her
employment by the Company, or by an affiliate, the Executive agrees to hold in
confidence and not to directly or indirectly disclose or use or copy or make
lists of any such information, except to the extent authorized by the Company
in writing.  All records, files, business
plans, documents, equipment and the like, or copies thereof, relating to Company’s
business, or the business of an affiliated company, which the Executive shall
prepare, or use, or come into contact with, shall remain the sole property of
the Company, or of an affiliated company, and shall not be removed from the
Company’s or the affiliated company’s premises without its written consent, and
shall be promptly returned to the Company upon termination or resignation of
employment with the Company or its affiliated companies.

 

(c)                                  Because of her employment by the
Company, the Executive will have access to trade secrets and confidential
information about the Company, its business plans, its business accounts, its
business opportunities, its expansion plans into other geographic areas and its
methods of doing business.  The Executive
agrees that for a period of one (1) year after termination or resignation
of her employment (except if the Executive terminates this Agreement for cause
under Section 3.5 hereof), she will not, directly or indirectly, compete
with the Company or its affiliates in the business of designing, merchandising,
marketing or contracting for the manufacture of men’s and women’s golf apparel,
golf outerwear or golf headwear within the United States.  This non-compete agreement shall be void and
of no further force or effect in the event termination occurs under Section 3.3
or Section 3.7 hereof and the Company fails to pay the Executive amounts
required under Section 3.3 or Section 3.7 hereof.

 

(d)                                 In the event a court of competent
jurisdiction finds any provision of this Section 4.1 to be so overbroad as
to be unenforceable, then such provision shall be reduced in scope by the
court, but only to the extent deemed necessary by the court to render the
provision reasonable and enforceable, it being the Executive’s intention to
provide the Company with the broadest protection possible against harmful
competition.

 

7

 

ARTICLE V

 

DISABILITY AND ILLNESS

 

Section 5.1  Disability and Salary
Continuation.

 

A.                                   Definition of Total Disability. 
For purposes of this Agreement, the terms “totally disabled” and “total
disability” shall mean disability as defined in any total disability insurance
policy or policies, if any, in effect with respect to the Executive.  If no insurance policy is in effect, “total
disability” shall mean a medically determinable physical or mental condition
which in the opinion of two independent physicians renders the Executive unable
to perform substantially all of the duties required pursuant to this
Agreement.  Total disability shall be
deemed to have occurred on the date of the disabling injury or onset of the
disabling illness, as determined by the two independent physicians.

 

B.                                     Salary Continuation. 
If the Executive becomes totally disabled during the term of this
Agreement, her full salary shall be continued for 360 days from the date of the
disabling injury or onset of the disability illness.

 

Section 5.2  Illness.  If the Executive is unable to perform the
services required under this Agreement by reason of illness or physical injury
not amounting to total disability, as defined in this Article, the compensation
otherwise payable to the Executive under this Agreement shall be continued in
full for the remaining term or renewed term of this Agreement, but in no event
for a period exceeding one year.

 

ARTICLE VI

 

GENERAL MATTERS

 

Section 6.1  Governing Law.  This Agreement shall be governed by the laws
of the State of Colorado and shall be construed in accordance therewith.

 

Section 6.2  No Waiver.  No provision of this Agreement may be waived
except by an agreement in writing signed by the waiving party.  A waiver of any term or provision shall not
be construed as a waiver of any other term or provision.

 

Section 6.3  Amendment.  This Agreement may be amended, altered or
revoked at any time, in whole or in part, by filing with this Agreement a
written instrument setting forth such changes, signed by each of the parties.

 

Section 6.4  Benefit.  This Agreement shall be binding upon the
Executive and the Company, and shall not be assignable by the Company without
the Executive’s written consent.

 

8

 

Section 6.5  Construction.  Throughout this Agreement the singular shall
include the plural, and the plural shall income the singular, and the masculine
and neuter shall include the feminine, wherever the context so requires.

 

Section 6.6  Text to Control.  The headings of articles and sections are
included solely for convenience of reference. 
If any conflict between any heading and the text of this Agreement exists,
the text shall control.

 

Section 6.7  Severability.  If any provision of this Agreement is
declared by any court of competent jurisdiction to be invalid for any reason,
such invalidity shall not affect the remaining provisions.  On the contrary, such remaining provisions
shall be fully severable, and this Agreement shall be construed and enforced as
if such invalid provisions had not been included in the Agreement.

 

Section 6.8  Authority.  The officer executing this Agreement on
behalf of the Company has been empowered and directed to do so by the Board of
Directors of the Company.

 

Section 6.9  Effective Date.  The effective date of this Agreement shall be
June 1, 2005.

 

	
   

  	
  SPORT-HALEY, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Donald W. Jewell

  	
   

  
	
   

  	
   

  	
  Donald W. Jewell, Chief Executive Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  EXECUTIVE:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  /s/ Catherine B. Blair

  	
   

  
	
   

  	
  Catherine B. Blair

  
					

 

9

 

SPORT-HALEY, INC.

 

EXECUTIVE EMPLOYMENT AGREEMENT

 

Schedule 1

 

Duties and Compensation

 

	
  Executive:

  	
  Catherine B. Blair

  
	
   

  	
   

  
	
  Position:

  	
  Vice President of Merchandising and Design

  
	
   

  	
   

  
	
  Base Salary:

  	
  $110,000 per year, payable bi-weekly

  
	
   

  	
   

  
	
  Bonus:

  	
  As determined by the Board of Directors and in accordance with
  Company-wide bonus plan.

  
	
   

  	
   

  
	
  Term:

  	
  June 1, 2005 through May 30, 2006, subject to automatic one
  (1) year extensions described in Section 3.1 of the Executive
  Employment Agreement.

  
	
   

  	
   

  
	
  Duties and Responsibilities:

  	
  Supervision and coordination of all merchandising and design
  operations of the women’s division of the Company/Sport-Haley.

  

 

 

	
  APPROVED:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  THE COMPANY:

  	
  EXECUTIVE:

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ Donald W. Jewell

  	
   

  	
  /s/ Catherine B. Blair

  	
   

  
	
   

  	
  Donald W. Jewell

  	
  Catherine B. Blair

  
	
   

  	
  Chief Executive Officer

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
  Date: June 1, 2005

  	
  Date: June 1, 2005

  
					

 

10Exhibit 10.1

 

AMENDED AND RESTATED
EMPLOYMENT AGREEMENT

 

THIS
AMENDED AND RESTATED EMPLOYMENT AGREEMENT, dated this 10th day of
October, 2005 (the “Amended Agreement”), between New Skies Satellites
B.V. (the “Company”), an entity established under Dutch law, and Daniel
S. Goldberg (the “Employee”).

 

WHEREAS the Company and the Employee have entered into
that certain Employment Agreement, dated April 23, 2002, as amended and
restated as of October 5, 2004 (the “2004 Agreement”); and

 

WHEREAS, the Company and the Employee desire to amend
the 2004 Agreement in certain respects effective on and after January 1,
2005 (the “Effective Date”) and to restate the 2004 Agreement to read in
its entirety as follows.

 

NOW,
THEREFORE, IT IS HEREBY AGREED AS FOLLOWS:

 

1.             Employment, Duties, Authority
and Agreements.

 

(a) The
Company hereby agrees to employ the Employee as Chief Executive Officer of the
Company and the Employee hereby accepts such position and agrees to serve the
Company in such capacity during the employment period fixed by Section 3
hereof (the “Employment Period”). 
In addition, if requested, the Employee shall serve as the President of
New Skies Satellites Holdings Ltd., an entity established under Bermuda law
(the “Parent”).  The Employee
shall report solely and directly to the board of the Company (the “Board”)
in respect of his duties to the Company and to the board of directors of the
Parent (the “Parent Board”) in respect of his duties to the Parent. The
Employee will have such duties, responsibilities and authority as are customary
for chief executive officers of comparable entities to the Company. During the
Employment Period, the Employee shall be subject to, and shall act in
substantial accordance with, all reasonable instructions and directions of the
Board and/or the Parent Board, as applicable, and all applicable reasonable
policies and rules thereof as are consistent with the above title, duties,
responsibilities and authority and the Company’s Articles of Association.

 

(b) During
the Employment Period, excluding any periods of vacation and sick leave to
which the Employee is entitled, the Employee shall devote his full working
time, energy and attention to the performance of his duties and
responsibilities hereunder and shall faithfully and diligently endeavor to
promote the business and best interests of the Company and any entity that is a
direct or indirect wholly-owned subsidiary of Parent (such subsidiaries
hereinafter referred to as the “Affiliates”).

 

(c) During
the Employment Period, the Employee may not, without the prior written consent
of the Board, operate, participate in the management, operations or control of,
or act as an employee, officer, consultant, agent or representative of, any
type of business or service (other than as an employee of the Company),
provided that it shall not be a violation of the foregoing for the Employee to (i) act
or serve as a director, trustee or committee member of any civic or charitable
organization and (ii) manage his personal, financial and legal affairs, so
long as such activities (described in clauses (i) and (ii)) do not
interfere with the performance of his duties and

 

 

responsibilities to the Company or its Affiliates as provided
hereunder. Except as described in this Section 1(c), Employee shall not
provide any services to any other entity during the term of this Amended
Agreement without the written consent of the Board.

 

2. Compensation.

 

(a) As
compensation for the agreements made by the Employee herein and the performance
by the Employee of his obligations hereunder, following the Effective Date,
during the Employment Period the Company shall pay the Employee, not less than
once a month pursuant to the Company’s normal and customary payroll procedures,
a base salary at the rate of U.S. $575,000 per annum, payable in U.S. Dollars
or in Euros at the Employee’s election, at an exchange rate to be fixed
annually by mutual agreement between the Employee and the Company (the “Base
Salary”). The Base Salary shall be reviewed annually and be increased
further (but not decreased) in the absolute discretion of the Board. Any such
increased Base Salary shall then become the Base Salary for all purposes
hereunder.

 

(b) As
compensation for the agreements made by the Employee herein and the performance
by the Employee of his obligations hereunder, beginning in calendar year 2002
and for the remainder of the Employment Period (the “Bonus Period”), the
Employee shall have an opportunity to earn an annual cash bonus in accordance
with the following terms. For each calendar year during the Bonus Period,
Employee shall be eligible to earn a cash bonus. With respect to each such year
following the Effective Date, the target cash bonus shall be 100% and the
maximum cash bonus shall be 150% of the Employee’s Base Salary for that year,
subject to the attainment of certain targets established by the Board in good
faith (either acting directly or acting through its Compensation Committee) for
that year and, except as otherwise provided in Section 5, subject to the
Employee’s employment with the Company on the last day of the calendar year
(the “Annual Bonus”). It is agreed that the target 100% bonus level is a
target and not a minimum bonus amount. The Annual Bonus earned by the Employee
with respect to each year shall be paid to the Employee not later than the
first regular pay date following the determination of the amount of such Annual
Bonus.

 

(c) During
the Employment Period, the Employee shall be entitled to the following benefits
and perquisites:

 

(i) medical
and dental coverage (including for the Employee’s spouse and children under the
age of 21), on terms that are no less favorable than those generally provided
to other senior executives of the Company from time to time, subject to
customary and reasonable limits, co-payments, deductibles, employee
contributions and exclusions;

 

(ii) at
Employee’s election, either a car provided by the Company suitable to his
position or the equivalent cost of such a car to the Company in cash;

 

(iii) any
benefits and perquisites generally provided to other senior executives of the
Company, from time to time, provided that the Employee shall not be entitled to
participate in any such plan providing for benefits in the nature of severance
pay; and

 

2

 

(iv) participation
in the New Skies Satellites N.V. Headquarters Location Premium (HQLP) plan, as
such plan may be amended by New Skies from time to time.

 

(d) During
the Employment Period, the Employee shall be entitled to paid vacation of
twenty-five (25) days per year. The ability to carry forward vacation time
shall be subject to the Company’s vacation policy applicable generally to
executive officers of the Company as in effect from time to time. The Employee
is not entitled to holiday allowances.

 

(e) The
Company shall promptly reimburse the Employee for all reasonable business
expenses upon the presentation of statements of such expenses in accordance
with the Company’s policies and procedures now in force or as such policies and
procedures may be modified with respect to all senior executive officers of the
Company.

 

(f) The
Company shall promptly reimburse the Employee for expenses related to his
relocation from Europe to the United States upon the termination of the
Employment Period, as provided for in the New Skies’ Relocation Policy existing
on January 1, 2002.

 

3. Employment
Period.

 

The
first day of Employee’s employment with the Company was October 23, 1998
and the Employee’s employment as Chief Executive Officer of the Company
commenced on January 1, 2002 and shall continue indefinitely until it is
terminated in accordance with Section 4 below upon the earliest to occur
of the following events:

 

(a) Death.
The Employee’s employment hereunder shall terminate upon his death.

 

(b) Cause.
The Company may terminate the Employee’s employment hereunder for Cause. For
purposes of this Amended Agreement, the term “Cause” shall mean: (i) a
willful and material violation by the Employee of either Section 1(c) or
7 of this Amended Agreement (unless such violation is cured by the Employee
within thirty (30) days of receipt of a written notice from the Board which
specifically identifies the facts and circumstances of such violation); (ii) the
willful failure by the Employee to substantially perform the duties reasonably
assigned to him within the scope of the Employee’s duties and authority as
stated in Section 1(a) hereunder (other than as a result of physical
or mental illness or injury), after the Board delivers to the Employee a
written demand for substantial performance that specifically identifies the
manner in which the Employee has not substantially performed the Employee’s
duties and provides the Employee thirty (30) days to begin to substantially
perform, provided that the Company shall not have the right to terminate the
Employee’s employment hereunder for Cause if the Employee begins to
substantially perform within such thirty-day period; (iii) the Employee’s
willful misconduct, willful waste of corporate assets or gross negligence which
in any such event substantially and materially injures the Company or its
Affiliates; or (iv) the indictment of the Employee for a felony involving
moral turpitude. In order for a termination to be considered to be for Cause,
the Notice of Termination (as defined below) must be delivered within six (6) months
of the date on which the Company first knows of the event constituting Cause.

 

3

 

(c) Without Cause. The Company may
terminate the Employee’s employment hereunder without Cause.

 

(d) Good Reason. The Employee may
terminate his employment hereunder for Good Reason. For purposes of this
Amended Agreement, the term “Good Reason” shall mean: (i) a
reduction by the Company in the Employee’s Base Salary; (ii) any failure
by the Company to pay any amounts due to the Employee within ninety (90) days
of the date such amount is due; (iii) any material diminution of the level
of responsibility or authority of the Employee, including the Employee’s
reporting duties; (iv) any adverse change in Employee’s title or position;
(v) the failure by the Company to obtain from any successor an assumption
of the obligations of the Company as contemplated by Section 11(d) herein;
(vi) removal of the Employee from membership on the Board and the Parent
Board during the Employment Period other than in connection with a termination
of the Employee’s employment under Section 3(a), 3(b) or 3(e) of
this Amended Agreement or as a result of the Employee’s Disability (as defined
below) in accordance with the requirements of the laws of The Netherlands; and (vii) the
Company requiring the Employee to be based at any office or location that is
more than 50 kilometers from the Company’s current corporate headquarters and
that is not in Paris, France; provided, that, with respect to any such
relocation the Employee delivers a written notice of such Good Reason
termination to the Company within thirty (30) days after receiving written
notice from the Company of the possibility of such event; and provided,
further, that the Employee delivers a written notice to the Board within six (6) months
of the date on which the Employee first knows of the event constituting Good
Reason which specifically identifies the facts and circumstances claimed by Employee
to constitute Good Reason and the Company has failed to cure such facts and
circumstances within thirty (30) days after receipt of such notice. For
purposes of this Section 3(d), “Disability” shall mean the Employee’s
incapacity due to physical or mental illness, where the Employee has been
unable to perform his duties hereunder for a period of (i) six (6) consecutive
months or 180 days within a 365-day period or (ii) such longer period as
may be required by the laws of The Netherlands.

 

(e) Without
Good Reason. The Employee may terminate his employment hereunder without
Good Reason.

 

4. Termination
Procedure.

 

(a) Notice
of Termination. Any termination of the Employee’s employment by the Company
or by the Employee during the Employment Period (other than termination
pursuant to Section 3(a)) shall be communicated by written “Notice of
Termination” to the other party hereto in accordance with Section 11(a).
For purposes of this Amended Agreement, a Notice of Termination shall mean a
notice which shall indicate the specific termination provision in this Amended
Agreement relied upon, shall set forth in reasonable detail the facts and
circumstances claimed to provide a basis for termination of the Employee’s
employment under the provision so indicated and shall attach any prior notices
required under Section 3.

 

(b) Date
of Termination. “Date of Termination” shall mean (i) if the Employee’s
employment is terminated by his death, the date of his death; or (ii) if
the Employee’s

 

4

 

employment is terminated for any other reason, one month after the date
on which a Notice of Termination is given or any later date (agreed upon by the
parties, after the giving of such notice).

 

(c) 
Board/Committee Resignation.  Upon
termination of the Employee’s employment for any reason, the Employee agrees to
resign, as of the date of such termination and to the extent applicable, from
the Parent Board (and any committees thereof) and any board (and any committees
thereof) of the Company.

 

5. Termination
Payments.

 

(a) Without
Cause or for Good Reason. In the event of the termination of the Employee’s
employment during the Employment Period by the Company without Cause or by the
Employee for Good Reason, the Company shall pay to (or in the case of business
expenses pursuant to clause (i), reimburse) the Employee, or his estate in the
event of his death, within thirty (30) days following the Date of Termination, (i) the
Employee’s Base Salary through the Date of Termination, outstanding business
expenses pursuant to Section 2(f) hereof (to the extent not
theretofore paid), and any other amounts due to Employee but which have not
been paid (the “Accrued Obligations”), (ii) any earned but unpaid
Annual Bonus in respect of a calendar year during the Bonus Period ending prior
to or coincident with the Date of Termination, (iii) an Annual Bonus equal
to the prior year’s Annual Bonus pro-rated for the year in which the Date of
Termination occurs based on the number of days occurring in such year prior to
the Date of Termination, (iv) a lump-sum payment equal to two and one-half
times the sum of (x) the Employee’s Base Salary (as in effect on the Date of
Termination) and (y) the greater of (A) the target Annual Bonus for the
year in which the Date of Termination falls and (B) the Annual Bonus paid
or payable to Employee in respect of the year immediately preceding the year in
which the Date of Termination falls, (v) reimbursement for outplacement
services in an amount up to $25,000 upon the Employee’s submission of receipts
for such services, and (vi) continuation of benefits in Section 2(c)(i) for
2.5 years following the Date of Termination; provided  the Company’s obligation to provide continued
welfare benefits under this Section 5(a)(vi) shall be reduced to the
extent that equivalent coverages and benefits (determined on a
coverage-by-coverage and benefit-by-benefit basis) are provided under the
plans, programs or arrangements of a subsequent employer; and provided  further
that in the event that the Employee is precluded from continuing full
participation in the Company’s welfare benefit plans that provide for the
benefits described in Section 2(c)(i) as contemplated by this Section 5(a)(vi),
the Employee shall be provided with the after-tax economic equivalent of any
benefit or coverage foregone.  For this
purpose, the economic equivalent of any benefit or coverage foregone shall be
deemed to be the total cost to the Employee of obtaining such benefit or
coverage himself on an individual basis. 
Payment of such after-tax economic equivalent shall be made quarterly.

 

The payments provided in
this Section 5(a) are (i) not subject to offset or mitigation
and (ii) conditioned upon and subject to the Employee executing a valid
general release and waiver, waiving all claims the Employee may have against
the Company, its Affiliates, directors, officers and employees. The Company
shall have no additional obligations under this Amended Agreement, except for (i) the
indemnification obligations set forth in Section 6 herein and (ii)

 

5

 

any benefits (other than
benefits in the nature of severance pay) to which the Employee is entitled
under the terms of any employee benefit plan in which he is eligible to participate.

 

(b) Cause
or without Good Reason. If the Employee’s employment is terminated during
the Employment Period by the Company for Cause or by the Employee without Good
Reason, the Company shall pay to (or in the case of business expenses pursuant
to clause (i), reimburse) the Employee or his estate in the event of his death,
within thirty (30) days of the Date of Termination, (i) the Accrued
Obligations and (ii) any earned but unpaid Annual Bonus in respect of a
calendar year during the Bonus Period ending prior to the Date of Termination,
but only if the event constituting Cause occurs after the end of such calendar
year. The Company shall have no additional obligations under this Amended
Agreement, except for (i) the indemnification obligations set forth in Section 6
herein and (ii) any benefits (other than benefits in the nature of
severance pay) to which the Employee is entitled under the terms of any
employee benefit plan in which he is eligible to participate.

 

(c) Death.
If the Employee’s employment is terminated by the Employee or as a result of
his death, the Company shall pay to (or in the case of business expenses
pursuant to clause (i), reimburse) the Employee’s estate, within thirty (30)
days of the Date of Termination, (i) the Accrued Obligations; (ii) any
earned but unpaid Annual Bonus in respect of a calendar year during the Bonus
Period ending prior to or coincident with the Date of Termination; and (iii) an
Annual Bonus equal to the prior year’s Annual Bonus which amount shall not be
less than 100% of the Base Salary as of the Date of Termination pro-rated for
the year in which the Date of Termination occurs based on the number of days
occurring in such year prior to the Date of Termination. The Company shall have
no additional obligations under this Amended Agreement, except for (i) the
indemnification obligations set forth in Section 6 herein and (ii) any
benefits (other than benefits in the nature of severance pay) to which the
Employee is entitled under the terms of any employee benefit plan in which he
is eligible to participate.

 

6. Indemnification.

 

The
Company shall indemnify, defend and hold the Employee harmless from and against
any and all liability or obligation arising from or relating to this Amended
Agreement or the performance by the Employee of his obligations hereunder, in
accordance with the indemnification provisions set forth in Article 14 of
the Company’s Articles of Association, as in effect on the date hereof,
provided, that this obligation to indemnify and defend shall not extend to
disputes between the Employee and the Company, if any, which relate to the
benefits or other amounts in the nature of compensation from the Company to
which the Employee believes he is entitled. The Employee shall receive coverage
by a customary director and officer indemnification policy on a basis that is
no less favorable than the coverage provided to any other officer or director
of the Company.

 

7. Non-Solicitation;
Non-Disclosure; Workproduct; Non-Competition.

 

(a) During
the Employment Period and for one year following the termination of Employee’s
employment with Company for any reason the Employee agrees not to offer
employment to any employee of the Company or any of its Affiliates for other
than employment

 

6

 

by the Company or its Affiliates or attempt to induce any such employee
to leave the employ of the Company or its Affiliates and the Employee further
agrees not to solicit any clients or suppliers of the Company or its Affiliates
to do business with any competing business of the Company or its Affiliates.

 

(b) Employee
agrees that he will not appropriate for his own use, disclose, divulge, furnish
or make available to any person, unless in the normal course of business or as
authorized by the Company in writing, any confidential or proprietary
information concerning the Company or its Affiliates, including, without
limitation, any confidential or proprietary information concerning the
operations, plans or methods of doing business of the Company or its Affiliates
(the “Information”); provided, that the term “Information” shall not
include such information which is or becomes generally available to the public
other than as a result of a disclosure by the Employee in violation of this
Amended Agreement. Notwithstanding the foregoing, the Employee may disclose
Information to the extent he is compelled to do so by lawful service of
process, subpoena, court order, or as he is otherwise compelled to do by law or
the rules or regulations of any regulatory body to which he is subject,
including full and complete disclosure in response thereto, in which event he
agrees to provide the Company with a copy of the documents seeking disclosure
of such information promptly upon receipt of such documents and prior to their
disclosure of any such information, so that the Company may, upon notice to the
Employee, take such action as the Company deems appropriate in relation to such
subpoena or request.

 

(c) Employee
agrees that all right, title and interest to all works of whatever nature
generated in the course of his employment resides with the Company and its
Affiliates.  Employee agrees that he will
return to the Company, not later than the Date of Termination, all property, in
whatever form (including computer files and other electronic data), of the
Company and its Affiliates in his possession, including without limitation, all
copies (in whatever form) of all files or other information pertaining to the
Company, its officers, directors, shareholders, customers or Affiliates, and
any business or business opportunity of the Company and its Affiliates.

 

(d) Employee
agrees not to engage in any aspect of the Satellite Business (as hereinafter
defined) (i) during the Employment Period and (ii) in the event of
the termination of the Employee’s employment during the Employment Period for
any reason, other than a termination by the Company without Cause or by the
Employee with Good Reason, for one year following the termination of Employee’s
employment with the Company.  Employee
shall be deemed to be engaging in the Satellite Business if he directly or
indirectly, whether or not for compensation, renders personal services of any
kind in any capacity for any Competitor (as hereinafter defined).

 

For purposes of this Section 7(d):

 

(i) The
“Satellite Business” shall mean the business of communication of
electronic video, data, voice or other information by transmission by satellite
operating in the Fixed Satellite Service frequencies for hire or any other business
in which the Company or its Affiliates is engaged from time to time during the
Employment Period.

 

7

 

(ii) A
“Competitor” is any corporation, firm, partnership, proprietorship or
other entity which engages in the Satellite Business.

 

(e) The
restrictions of Section 7(d) hereof shall be deemed to be separate
restrictions with respect to each geographic area, time period and activity
covered thereby. Employee hereby agrees that if, in any judicial proceeding, a
court shall refuse to enforce any such separate restriction, then such
unenforceable restriction shall be deemed eliminated from this Amended
Agreement for the purpose of such proceeding or any other judicial proceeding,
but only to the extent necessary to permit the remaining restrictions of Section 7(d) hereof
to be enforced.

 

(f) The
parties hereto hereby declare that it is impossible to measure in money the
damages which will accrue to the Company by reason of a failure by Employee to
perform any of his obligations under this Section 7. Accordingly, if the
Company or its Affiliates institutes any action or proceeding to enforce the
provisions hereof, to the extent permitted by applicable law, Employee hereby
waives the claim or defense that the Company or any of its Affiliates has an
adequate remedy at law, and Employee shall not urge in any such action or
proceeding the claim or defense that any such remedy at law exists.

 

(g) The
restrictions in this Section 7 shall be in addition to any restrictions
imposed on Employee by statute or at common law.

 

8.   Legal Fees.

 

The Company
will pay, or reimburse Employee for, reasonable attorney’s fees and costs
incurred by Employee in negotiating and documenting this Amended Agreement and
any related agreement with the Company (not including any termination or
similar agreement except as provided in Section 11(g)).

 

9. Tax-free
Allowance Subject to 30% Ruling.

 

If and insofar
as the Employee has received or may receive a tax-free allowance for
extra-territorial costs under Section 9 of the 1965 Payroll Tax
Implementation Decree (as further described in clause (ii) below), the
following shall apply:

 

(i)            The originally agreed upon Wages
from Current Employment shall be reduced for employment law purposes so that
100/70 of the adjusted Wages from Current Employment is equal to the originally
agreed upon Wages from Current Employment. 
As used herein.  “Wages from
Current Employment” are all income (in cash, cash equivalent, or benefit in
kind) that is subject to wage tax withholding in the Netherlands.

 

(ii)           The Employee shall receive an
allowance for extra-territorial costs from the Employer, equal to 30/70 of the
adjusted Wages from Current Employment (the “Allowance”).

 

(iii)          The Employee is aware of the fact that,
in view of the applicable regulations, an adjustment to the remuneration agreed
under this Section may affect all considerations and benefits that are
linked to Wages from Current Employment, such as pension rights and social
security benefits.

 

8

 

(iv)          The intention of this Section is
to automatically apply Section 9 of the 1965 Payroll Tax Implementation
Decree to all elements of Wages from Current Employment that can benefit from
this special provision.

 

(v)           The Employee acknowledges and agrees
that, as a result of the adjustments described in clause (i) and (ii), the
Employee’s adjusted Base Salary (the “Adjusted Base Salary”) shall equal
70/100 of the previously agreed Base Salary. 
The Employee hereby consents to this adjustment and agrees that it shall
not constitute a breach of this Amended Agreement or give rise to any rights on
the part of the Employee.  Following any
adjustment hereunder, all references in this Amended Agreement to Base Salary
shall be deemed to refer to the Employee’s Total Base Compensation, which shall
equal the sum of the Adjusted Base Salary and an allowance equal to 30/70 of
the Adjusted Base Salary.  For the
avoidance of doubt, the term “originally agreed upon Wages from Current
Employment” shall refer to the Wages from Current Employment in effect
immediately prior to the adjustments described in clause (i) and (ii).

 

10. Excise Tax Matters.

 

(a) Anything in this Amended Agreement to the
contrary notwithstanding, in the event it shall be determined that any payment
or distribution by the Company to or for the benefit of the Employee, whether
paid or payable or distributed or distributable pursuant to the terms of this
Amended Agreement or otherwise (a “Payment”), would be subject to the
excise tax (the “Excise Tax”) imposed by Section 4999 of the United
States Internal Revenue Code (the “Code”), then Employee shall be
entitled to receive an additional payment (a “Gross-Up Payment”) in an
amount such that after payment by Employee of all taxes (including any interest
or penalties imposed with respect to such taxes), including, without
limitation, any income taxes (and any interest and penalties imposed with
respect thereto) and the Excise Tax imposed upon the Gross-Up Payment, Employee
retains an amount of the Gross-Up Payment equal to the Excise Tax imposed upon
the Payments.

 

(b) All determinations required to be made under this Section 10,
including whether and when a Gross-Up Payment is required and the amount of
such Gross-Up Payment and the assumptions to be utilized in arriving at such
determination, shall be made by a nationally recognized accounting firm
appointed by the Company and reasonably acceptable to the Employee (the “Accounting
Firm”) which shall provide detailed supporting calculations both to the
Company and Employee within ten business days of the receipt of notice from
Employee that there has been a Payment, or such earlier time as is requested by
the Company; provided that for purposes of determining the amount of any
Gross-Up Payment, Employee shall be deemed to pay federal income tax at the
highest marginal rates applicable to individuals in the calendar year in which
any such Gross-Up Payment is to be made and deemed to pay state and local
income taxes at the highest marginal rates applicable to individuals in the
state or locality of Employee’s residence and/or place of employment in the
calendar year in which any such Gross-Up Payment is to be made, net of the
maximum reduction in federal income taxes that can be obtained from deduction
of such state and local taxes, taking into account limitations applicable to
individuals subject to federal income tax at the highest marginal rates.  All fees and expenses of the Accounting Firm
shall be borne solely by the Company. 
Any Gross-Up Payment, as determined pursuant to this Section 10,
shall be paid by the Company to Employee five days prior to when

 

9

 

due (or to the appropriate taxing authority on Employee’s behalf when
due).  If the Accounting Firm determines
that no Excise Tax is payable by Employee, it shall so indicate to Employee in
writing.  Subject to the following
sentence and Section 10(c) hereof, any determination by the
Accounting Firm shall be binding upon the Company and Employee.  As a result of the uncertainty in the
application of Section 4999 of the Code, it is possible that the amount of
the Gross-Up Payment determined by the Accounting Firm to be due to (or on
behalf of) Employee was lower than the amount actually due (“Underpayment”).  In the event that the Company exhausts its
remedies pursuant to Section 10(c) and Employee thereafter is
required to make a payment of any Excise Tax, the Accounting Firm shall
determine the amount of the Underpayment that has occurred and any such
Underpayment shall be promptly paid by the Company to or for the benefit of
Employee.

 

(c)  Employee shall notify the Company in writing of any claim by
the Internal Revenue Service that, if successful, would require the payment by
the Company of any Gross-Up Payment. 
Such notification shall be given as soon as practicable but no later
than ten business days after Employee is informed in writing of such claim and
shall apprise the Company of the nature of such claim and the date on which
such claim is requested to be paid. 
Employee shall not pay such claim prior to the expiration of the thirty
day period following the date on which it gives such notice to the Company (or
such shorter period ending on the date that any payment of taxes with respect
to such claim is due).  If the Company
notifies Employee prior to the expiration of such period that it desires to
contest such claim, Employee shall (i) give the Company any information
reasonably requested by the Company relating to such claim, (ii) take such
action in connection with contesting such claim as the Company shall reasonably
request in writing from time to time, including, without limitation, accepting
legal representation with respect to such claim by an attorney reasonably
selected by the Company, (iii) cooperate with the Company in good faith in
order to effectively contest such claim and (iv) permit the Company to
participate in any proceedings relating to such claim; provided, however,
that the Company shall bear and pay directly all costs and expenses (including
additional interest and penalties) incurred in connection with such contest and
shall indemnify and hold Employee harmless, on an after-tax basis, for any
Excise Tax or income tax (including interest and penalties with respect
thereto) imposed as a result of such representation and payment of costs and
expenses.  Without limitation on the
foregoing provisions of this Section 10(c), the Company shall control all
proceedings taken in connection with such contest and, at its sole option, may
pursue or forego any and all administrative appeals, proceedings, hearings and
conferences with the taxing authority in respect of such claim and may, at its
sole option, either direct Employee to pay the tax claimed and sue for a refund
or contest the claim in any permissible manner, and Employee agrees to
prosecute such contest to a determination before any administrative tribunal,
in a court of initial jurisdiction and in one or more appellate courts, as the
Company shall determine; provided, further, that if the Company
directs Employee to pay such claim and sue for a refund, the Company shall
advance the amount of such payment to Employee, on an interest-free basis, and
shall indemnify and hold Employee harmless, on an after-tax basis, from any
Excise Tax or income tax (including interest or penalties with respect thereto)
imposed with respect to such advance or with respect to any imputed income with
respect to such advance; provided, further, that if Employee is
required to extend the statute of limitations to enable the Company to contest
such claim, Employee may limit this extension solely to such contested
amount.  The Company’s control of the
contest shall be limited to issues with respect to which a Gross-Up Payment
would

 

10

 

be payable hereunder and Employee shall be entitled to settle or
contest, as the case may be, any other issue raised by the Internal Revenue
Service or any other taxing authority.

 

(d)  If, after the receipt by Employee of an amount paid or
advanced by the Company pursuant to this Section 10, Employee becomes
entitled to receive any refund with respect to a Gross-Up Payment, Employee
shall (subject to the Company’s complying with the requirements of Section 10(c))
promptly pay to the Company the amount of such refund received (together with
any interest paid or credited thereon after taxes applicable thereto).  If, after the receipt by Employee of an
amount advanced by the Company pursuant to Section 10(c), a determination
is made that Employee shall not be entitled to any refund with respect to such
claim and the Company does not notify Employee in writing of its intent to
contest such denial of refund prior to the expiration of thirty days after such
determination, then such advance shall be forgiven and shall not be required to
be repaid and the amount of such advance shall offset, to the extent thereof,
the amount of the Gross-Up Payment required to be paid.

 

11. Miscellaneous.

 

(a) Any
notice or other communication required or permitted under this Amended
Agreement shall be effective only if it is in writing and delivered personally
or sent by registered or certified mail, postage prepaid, addressed as follows
(or if it is sent through any other method agreed upon by the parties):

 

If to the Company:

 

New
Skies Satellites B.V.

Rooseveltplantsoen
4

2517
KR The Hague

The
Netherlands

Attention:      General
Counsel

 

If to the Employee:

 

Frederik
Hendrikplein 46

2582
BA, The Hague

The
Netherlands

 

or to such other address
as any party hereto may designate by notice to the others, and shall be deemed
to have been given upon receipt.

 

(b) This
Amended Agreement constitutes the entire agreement among the parties hereto
with respect to the Employee’s employment, and supersedes and is in full
substitution for any and all prior understandings or agreements with respect to
the Employee’s employment.

 

(c) This
Amended Agreement may be amended only by an instrument in writing signed by the
parties hereto, and any provision hereof may be waived only by an instrument in
writing signed by the party or parties against whom or which enforcement of
such waiver is sought. The

 

11

 

failure of any party hereto at any time to require the performance by
any other party hereto of any provision hereof shall in no way affect the full
right to require such performance at any time thereafter, nor shall the waiver
by any party hereto of a breach of any provision hereof be taken or held to be
a waiver of any succeeding breach of such provision or a waiver of the
provision itself or a waiver of any other provision of this Amended Agreement.

 

(d) (i) This
Amended Agreement is binding on and is for the benefit of the parties hereto
and their respective successors, heirs, executors, administrators and other
legal representatives. Neither this Amended Agreement nor any right or
obligation under this Amended Agreement may be assigned, transferred, pledged
or encumbered by the Company or by the Employee except as otherwise permitted
herein.

 

(ii) The
Company shall require any successor (whether direct or indirect, by purchase,
merger, consolidation or otherwise) to all or substantially all of the business
and/or assets of the Company expressly to assume and agree to perform this
Amended Agreement in the same manner and to the same extent that the Company
would have been required to perform it if no such succession had taken place.
As used in this Amended Agreement, “Company” shall mean both the Company, as
defined above, and any such successor that assumes and agrees to perform this
Amended Agreement, by operation of law or otherwise.

 

(e) If
any provision of this Amended Agreement or portion thereof is so broad, in
scope or duration, so as to be unenforceable, such provision or portion thereof
shall be interpreted to be only so broad as is enforceable.

 

(f) The
Company may withhold from any amounts payable to the Employee hereunder all
Dutch and foreign, federal, state, city or other taxes and other amounts that
the Company may reasonably determine are required to be withheld pursuant to
any applicable law or regulation.

 

(g) This
Amended Agreement shall be governed by and construed in accordance with the
laws of The Netherlands, without reference to its principles of conflicts of
law. In the event of any dispute or controversy arising hereunder, the Company
shall bear the expenses reasonably incurred by the Employee in connection
therewith, including without limitation reasonable legal fees; provided, that
the Employee shall reimburse the Company for such expenses (including without
limitation such legal fees) if the Employee does not prevail with respect to a
majority of his position in such dispute.

 

(h) Notwithstanding
any provision in this Agreement to the contrary, any payment otherwise required
to be made hereunder to the Employee at any date as a result of the termination
of the Employee’s employment hereunder shall be delayed for such period of time
as may be necessary to meet the requirements of Section 409A(a)(2)(B)(i) of
the Code. On the earliest date on which such payments can be made without
violating the requirements of Section 409A(a)(2)(B)(i) of the Code,
there shall be paid to Employee (or if Employee has died, to his estate), in a
single cash lump sum, an amount equal to the aggregate amount of all payments
delayed pursuant to the preceding sentence.

 

12

 

(i) 
This Amended Agreement may be executed in several counterparts, each of which
shall be deemed an original, but all of which shall constitute one and the same
instrument.

 

(j) The headings in this Amended Agreement are
inserted for convenience of reference only and shall not be a part of or
control or affect the meaning of any provision hereof.

 

IN
WITNESS WHEREOF, the parties have executed this Amended Agreement, as of the
date first written above.

 

	
   

  	
  NEW SKIES
  SATELLITES B.V.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ David Tolley

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  DANIEL S.
  GOLDBERG

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  /s/ Daniel S.
  Goldberg

  	
   

  
	
   

  	
  By:   Daniel
  S. Goldberg

  

 

13

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