Document:

Exhibit 10.1

 

EXECUTION VERSION

 

AMENDMENT NO. 1 TO

SECOND AMENDED AND RESTATED LIMITED LIABILITY

COMPANY AGREEMENT OF 

AIREON LLC 

A DELAWARE LIMITED LIABILITY COMPANY

 

This Amendment No.
1 to Second Amended and Restated Limited Liability Company Agreement (this “Amendment”), of Aireon LLC
(the “Company”), is dated as of January 14, 2015 and is entered into by NAV CANADA Satellite, Inc, a
Delaware corporation; Iridium Satellite LLC, a Delaware limited liability company; ENAV North Atlantic LLC, a Delaware limited
liability company; Irish Aviation Authority Limited, a company organized under the laws of the Republic of Ireland; and Naviair
Surveillance A/S, a Danish limited liability company (collectively, the “Members”); NAV CANADA, a Canadian
corporation; Enav, S.p.A., a company formed under the laws of the Italian Republic (“Enav”); Naviair,
an independent state owned company owned by the Kingdom of Denmark, registered with the Danish Business Authority under CVR-no.:
26 05 97 63; and the Company.

 

RECITALS

 

A.           The
Members, NAV CANADA, Enav, Naviair and the Company are party to that certain Second Amended and Restated Limited Liability Company
Agreement of the Company, dated as of February 14, 2014, as amended (the “Operating Agreement”).

 

B.           The
Members, NAV CANADA, Enav, Naviair and the Company wish to amend the Operating Agreement as set forth herein.

 

AGREEMENT

 

NOW, THEREFORE, for good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged by each of the parties hereto, the parties agree as follows:

 

1.           Amendments.

 

a.           The
definition of “Book Value” contained in Article 1 of the Operating Agreement is hereby amended and restated in its
entirety and replaced with the following:

 

““Book
Value” means, with respect to any Company asset, the adjusted basis of such asset for federal income tax purposes, except
as follows:

 

		(i)	The initial Book Value of any Company asset contributed by a Member to the Company shall be the
gross fair market value of such Company asset as of the date of such contribution;

 

		(ii)	The Book Value of each Company asset shall be adjusted to equal its respective gross fair market
value upon the following events:

 

    	 

    	 

    

 

		a.	each of the Financing Tranches other than the First NAV CANADA Tranche Financing, the Mandatory
Iridium Redemption, or any conversion of Preferred Interests into Common Interests pursuant to a Conversion Election, unless the
Board of Directors determines (subject to Section 6.12.2.3) that such adjustment is not necessary to reflect the relative economic
interests of the Members in the Company;

 

		b.	(A) except as set forth above, the acquisition of an additional interest in the Company by any
new or existing Member in exchange for more than a de minimis Capital Contribution unless the Board of Directors determines
that such adjustment is not necessary to reflect the relative economic interests of the Members in the Company; (B) the distribution
by the Company to a Member of more than a de minimis amount of Company assets (other than cash) as consideration for all
or parts of its Interests unless the Board of Directors determines that such adjustment is not necessary to reflect the relative
economic interests of the Members in the Company; (C) the liquidation of the Company within the meaning of Treasury Regulations
Section 1.704-1(b)(2)(ii)(g); and (D) in connection with and at the time of a grant of an interest in the Company (other than a
de minimis interest) as consideration for the provision of services to or for the benefit of the Company by an existing
Member acting in a Member capacity or by a new Member acting in a Member capacity or in anticipation of becoming a Member;

 

		(iii)	The Book Value of a Company asset distributed to any Member shall be the fair market value (taking
into account Section 7701(g) of the Code) of such Company asset as of the date of distribution thereof;

 

		(iv)	The Book Value of each Company asset shall be increased or decreased, as the case may be, to reflect
any adjustments to the adjusted basis of such Company asset pursuant to Section 734(b) or Section 743(b) of the Code, but only
to the extent that such adjustments are taken into account in determining Capital Account balances pursuant to Treasury Regulations
Sections §1.704-1(b)(2)(iv)(m); provided, that Book Values shall not be adjusted pursuant to this subparagraph (iv)
to the extent that an adjustment pursuant to subparagraph (ii) above is made in conjunction with a transaction that would otherwise
result in an adjustment pursuant to this subparagraph (iv); and

 

		(v)	If the Book Value of a Company asset has been determined or adjusted pursuant to subparagraphs
(i), (ii), or (iv) above, such Book Value shall thereafter be adjusted to reflect the depreciation taken into account with respect
to such Company asset for purposes of computing Net Income and Net Losses.”

 

    	 

    	 

    

 

b.           Section
4.4 of the Operating Agreement is hereby amended and restated in its entirety and replaced with the following:

 

“4.4
Tax Allocations; Code Section 704(c). The income, gains, losses, deductions
and expenses of the Company shall be allocated, for federal, state and local income tax purposes, among the Members in accordance
with the allocation of such income, gains, losses, deductions and expenses among such Members for computing their Capital Accounts,
except that if any such allocation is not permitted by the Code or other applicable law, the Company’s subsequent income,
gains, losses, deductions and expenses shall be allocated among the Members for tax purposes to the extent permitted by the Code
and other applicable law, so as to reflect as nearly as possible the allocation set forth herein in computing their Capital Accounts.

 

Notwithstanding the previous sentence, such
items shall be allocated among the Members in a different manner to the extent required by Code Section 704(c) and the Treasury
Regulations thereunder (dealing with contributed property), Treasury Regulations Sections 1.704-1(b)(2)(iv)(f) (dealing with
property having a book value different than its tax basis) and 1.704-1(b)(4)(ii) (dealing with tax credit items). The Members
agree that, for purposes of Section 704(c) of the Code, with respect to tax items attributable to any book-tax differences (whether
from property contributed to the Company or resulting from revaluations of Company property), the Company will use the “remedial
method” as described in Treasury Regulations Section 1.704-3(d) unless the Board directs (subject to Section 6.12.2.4) the
Company to use a method other than the remedial method. Allocations pursuant to this Section 4.4 are solely for purposes of
federal, state and local taxes and shall not affect, or in any way be taken into account in computing, any Member’s Capital
Account or share of profits, losses, other items or distributions pursuant to any provisions of this Agreement.”

 

c.           Section
6.12.2.3 of the Operating Agreement is hereby deleted, and the following new Sections 6.12.2.3, 6.12.2.4 and 6.12.2.5 are added:

 

“6.12.2.3             Determining
that an adjustment to Book Value for one of the events listed in Section (ii)a of the definition of Book Value is not necessary
to reflect the relative economic interests of the Members in the Company.

 

6.12.2.4               Directing
the Company to use a method of allocation other than the “remedial method” with respect to tax items attributable to
any book-tax differences under Section 4.4. 

 

6.12.2.5               Entering
into an agreement to do any of the foregoing set forth in this Section 6.12.2.”

 

2.           Except
as expressly provided herein, nothing in this Amendment shall be deemed to waive or modify any of the other provisions of the Operating
Agreement. In the event of any conflict between the Operating Agreement, any previous amendment of the Operating Agreement, this
Amendment and any subsequent amendment, the document later in time shall prevail.

 

3.           This
Amendment shall be binding upon and shall inure to the benefit of the successors in interest of the parties hereto.

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
the undersigned has caused this Amendment to be executed as of the date first hereinabove set forth.

 

	Aireon LLC	 	 	 
	 	 	 	 
	By:	/s/ Donald L. Thoma	 	 	 
	Name:  Donald L. Thoma	 	 	 
	Title:  Chief Executive Officer	 	 	 
	 	 	 	 
	NAV CANADA	 	Enav S.p.A.
	 	 	 	 
	By:	/s/ John Crichton	 	By: 	/s/ Massimo Bellizzi
	Name:  John Crichton	 	Name:  Massimo Bellizzi
	Title:  President & CEO	 	Title:  General Director
	 	 	 	 
	By:	/s/ Neil Wilson	 	Naviair
	Name:  Neil Wilson	 	 	 
	Title:  Exec. VP Administration & General Counsel 	 	 	 
	 	 	By: 	/s/ Morten Dambæk
	 	 	Name: Morten Dambæk
	 	 	Title:  CEO

 

Signature Page to Amendment No. 1

 

    	 

    	 

    

 

	MEMBERS:	 	 
	 	 	 
	NAV CANADA Satellite, Inc.	 	Iridium Satellite LLC
	 	 	 
	By: 	 /s/ Neil Wilson	 	By: 	 /s/ Thomas J. Fitzpatrick
	Name:  Neil Wilson	 	Name:  Thomas J. Fitzpatrick
	Title:  Vice President & Secretary	 	Title:  Chief Financial Officer

 

	By: 	 /s/ John Crichton	 	 
	Name:  John Crichton	 	 
	Title:  President	 	 
	 	 	 
	Naviair Surveillance A/S	 	ENAV North Atlantic LLC
	 	 	 
	By:	 /s/ Hanne Lund	 	By:  	 
	Name:  Hanne Lund	 	Name:
	Title:  CEO	 	Title:
	 	 	 
	By: 	/s/ Morten Dambæk 	 	 
	Name:  Morten Dambæk	 	 
	Title:  CEO	 	 
	 	 	 
	Irish Aviation Authority Limited	 	 
	 	 	 
	By: 	/s/ Eamonn Brennan	 	 
	Name:  Eamonn Brennan	 	 
	Title:  Chief Executive	 	 

 

Signature Page to Amendment No. 1Exhibit 10.2

  

AMENDMENT N° 23

 

TO THE

 

FULL SCALE SYSTEM DEVELOPMENT CONTRACT

 

No. IS-10-021

 

Between

 

Iridium
Satellite LLC

 

And

 

THALES ALENIA SPACE FRANCE

 

for the

 

IRIDIUM NEXT SYSTEM

 

*** Certain confidential information contained in this document,
marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 of
the Securities Exchange Act of 1934, as amended.

 

Execution Copy

 

    	 

    	 

    

 

PREAMBLE

 

This Amendment N° 23 (the “Amendment”)
to the Full Scale System Development Contract No. IS-10-021 signed on June 1, 2010 between Iridium Satellite LLC and Thales Alenia
Space France for the Iridium NEXT System, as amended, (the “Contract”) is entered into on this 30th day of January,
2015 by and between Thales Alenia Space France, a company organized and existing under the laws of France, having its registered
office at 26 avenue Jean François Champollion 31100 Toulouse – FRANCE (“Contractor”), and Iridium Satellite
LLC, a limited liability company organized under the laws of Delaware, having an office at 1750 Tysons Boulevard, Suite 1400, McLean,
VA 22102 - USA (“Purchaser”).

 

RECITALS

 

WHEREAS, Purchaser’s customer
wishes to have an Auxiliary Component designated as “[***]” integrated on a certain number of Satellites; and

 

WHEREAS, Contractor provided a proposal
to Purchaser for the engineering work and Satellite panel modification necessary to facilitate the integration of [***] on the
Satellites; and

 

WHEREAS, Purchaser issued a letter,
dated August 20, 2014, authorizing Contractor to proceed with engineering work and Satellite panel modification necessary to integrate
[***] on the Satellites, which is superseded by this Amendment; and.

 

WHEREAS, the Parties have reached
agreement on the total price, milestone payment schedule for certain [***]; and

 

WHEREAS, Purchaser and Contractor
have engaged in discussions relating to other changes the Parties would like to incorporate in the Contract and related documents;
and

 

WHEREAS, the Parties now desire
to amend Articles 4 and 35, and Exhibit D of the Contract in accordance with the terms and conditions provided for in the Amendment.

 

NOW, THEREFORE, in consideration
of the premises and for good and valuable consideration, the receipt and adequacy of which are hereby expressly acknowledged, and
intending to be legally bound, the Parties hereby agree as follows:

 

Article 1: Capitalized terms
used but not defined in this Amendment shall have the meanings ascribed thereto in the Contract or any amendments thereto, as the
case may be.

 

Article 2: The Parties have
agreed to update [***] by approval of Change Control Request 058 Rev A, dated August 11, 2014.

 

Article 3: The Parties have
agreed to update [***] by approval of Change Control Request 061, dated February 12, 2014.

 

Article 4: The Parties have
agreed to update [***] by approval of Change Control Request 062, dated February 18, 2014.

 

*** Certain confidential information contained in this document,
marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 of
the Securities Exchange Act of 1934, as amended.

 

Execution Copy      Iridium
/ Thales Alenia Space Confidential & Proprietary

 

    	1

    	 

    

 

Article 5: The Parties have
agreed to implement the [***] set forth in Change Control Request 68, dated January 4, 2014, amended by Iridium letter dated August
21, 2014, as approved by the Parties.

 

Article 6: The Parties have
agreed to modify the test cases for [***] by approval of Change Control Request 071, dated July 5, 2014. As a consequence, the
[***] is extended by one week and the completion of [***] is delayed by the same duration. Notwithstanding the foregoing sentence,
said delay shall have no effect on the Launch date for the second (2nd) Satellite Batch.

 

Article 7: The Parties have
agreed to incorporate Revision 2-4 of the [***] by approval of Change Control Request 082, dated October 10, 2014.

 

Article
8: The SOW will be revised to reflect Contractor letter TAS-14-CI/DCE-102, dated July 15, 2014 and related presentation
titled “[***], dated January 8, 2015, including “[***]
(25 Nov 2014)” and agreements made in the Toulouse workshop documented in “Minutes of Meeting [***] (13 Jan 2015)”.

 

Article 9: The Base Contract
Price set forth in Article 4.1 of the Contract is hereby increased by the amount of [***] U.S. Dollars (US$[***]) to a new Base
Contract Price of no more than [***] U.S. Dollars (US$[***]).

 

Article 10: The date of “[***]”
set forth in the first (1st) sentence of the second paragraph in Article 21.1.1 is hereby deleted and replaced in its entirety
by the date “[***]”.

 

Article 11: Article 35.5(ii)
of the Contract is hereby deleted and replaced in its entirety with the following:

 

“(ii)
Period of Performance. Purchaser may exercise CLIN 003a by providing written notice to Contractor no later than [***].”

 

Article 12: Table 35.5a of
the Contract is hereby deleted and replaced in its entirety with the following table.

 

	
        [***] Price

        [***]
	
        [***] Price

        [***]
	
        [***] Price

        [***]

	US$ Share	€ Share	US$ Share	€ Share	US$ Share	€ Share
	[***]	[***]	[***]	[***]	[***]	[***]

 

Article 13: Table 35.5b of
the Contract is hereby deleted and replaced in its entirety with the following table.

 

	Year

of

Order	[***] Price [***]	[***] Price [***]	[***] Price [for a Batch of 9

Satellites]
	$ Share	€ Share	$ Share	€ Share	$ Share	€ Share
	[***]	[***]	[***]	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]	[***]	[***]	[***]

  

*** Certain confidential information contained in this document,
marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 of
the Securities Exchange Act of 1934, as amended.

 

Execution Copy      Iridium
/ Thales Alenia Space Confidential & Proprietary

 

    	2

    	 

    

 

Article 14: The Example of
[***] set forth in Article 35.5(iii)(c) are hereby deleted and replaced in their entirety by the following:

 

“(1) [***] price for [***]
=

			[***] plus [***]

(2) [***]
price for [***] = [***] plus [***]

(3) [***]
price for [***] will be the sum of (1) and (2) = [***] plus [***]

(4) The
[***] price in (3) replaces the [***] price applicable to [***] exercised under CLIN 002B = [***] plus [***]

 

Article 15: Milestones [***]
and [***] set forth in the Payment Plan are hereby deleted and replaced in their entirety by the following payment amounts.

 

[***]

 

Article 16:Exhibit D
of the Contract is hereby revised to add the following separate milestone payment schedule applicable to [***].

 

[***]

 

Article 17: This Amendment
may be executed and delivered (including via facsimile or other electronic means) in one or more counterparts, each of which shall
be deemed to be an original, but all of which shall constitute one and the same agreement.

 

Article 18: All other provisions
of the Contract not expressly referred to in this Amendment remain in full force and effect.

 

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

 

	IRIDIUM SATELLITE LLC	 	THALES ALENIA SPACE FRANCE
	 	 	 
	/s/ S. Scott Smith	 	/s/ Bertrand Maureau
	 	 	 
	S. Scott Smith	 	Bertrand Maureau
	 	 	 
	Chief Operating Officer	 	Vice President 
	 	 	Telecommunications Business Line 

 

*** Certain confidential information contained in this document,
marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 of
the Securities Exchange Act of 1934, as amended.

 

Execution Copy        Iridium
/ Thales Alenia Space Confidential & Proprietary

 

    	3

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