Document:

Exhibit 10.28

 

ICO Global Communications (Holdings) Limited

2300 Carillon Point

Kirkland, WA 98033

 

Mr. Tim
Bryan

4902
South Elizabeth Circle

Cherry
Hills, Colorado 80113

 

Dear
Tim:

 

We are pleased that you have agreed to accept the positions of Chief
Executive Officer ICO Global Communications Holdings (Limited) and Chief
Executive Officer of ICO North America, Inc. (collectively, “ICO”). You
will have the rights, powers, duties and obligations as may be agreed upon
from time to time. During the course of your employment with ICO you will
devote your full business time and efforts to ICO; provided, that,
nothing herein will prevent you from (i) participating in industry, trade,
professional, charitable and community activities, (ii) serving on
corporate, civic or charitable boards or committees as mutually agreed by us
and you, and (iii) managing your personal investments and affairs, in each
case so long as such activities do not conflict with ICO’s interests or
interfere with the performance of your responsibilities to ICO. The starting
date for this position and for the purposes of this Letter Agreement shall be November 1,
2005.

 

Base
Salary and Annual Bonus

 

Your annual salary will be $550,000, less payroll taxes and required
withholding, which will be paid to you in regular intervals in accordance with
ICO’s customary payroll schedules for salaried employees, but in no event less
frequently than twice each month. ICO currently has not put in place any cash
bonus plan for you or your position, and has no present intention of putting in
place such a plan, however, you will
be considered for additional restricted stock and/or stock options in the
future if and when the Compensation Committee of ICO considers such plans
generally.

 

Stock Options

 

The Compensation Committee has approved the granting to you of an
option to purchase 2,000,000 shares of ICO Global Class A Ordinary Shares
(the “Option”), with an exercise price equal to the fair market value of the Class A
Ordinary Shares on the date of grant (the “Grant Date”), such Option to be
inclusive of any options you were to have received as a result of your
membership on the ICO Board of Directors, as approved by the ICO Board on September 30,
2005. The Option will vest in equal annual installments on each of the first,
second, third, and fourth anniversaries of the Grant Date. The Option will be
evidenced by a standard stock option agreement approved by the Committee for
the grant of other stock options under the ICO Global Stock Option Plan

 

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(the “Plan”) and will be subject to the terms and conditions of the
Plan.

 

Stock Grant

 

The Compensation Committee has approved the granting to you of 150,000
shares of ICO Global Restricted Class A Ordinary Shares (“Stock”) which
Stock will be subject to forfeiture if you are not employed by ICO, with the
risk of forfeiture terminating in equal installments on (i) the date that
such shares could be traded as a result of ICO Class A shares being
registered with the SEC under the Security Exchange Act of 1934, as amended (“Registration
Date”); (ii) the first anniversary of the Registration Date; and (iii) the
second anniversary of the Registration Date, and subject to the additional
vesting provisions if you are terminated with “Cause,” as referred to below.

 

Employee
Intellectual Property Agreement

 

As a condition of employment, you agree to execute and abide by the
terms of the ICO Employee Intellectual Property Agreement, which contains an
agreement not to compete against ICO during your employment and for a period
following the termination of your employment equal to twelve (12) months or the
duration of the “Severance Period” or “Change of Control Severance Period” as
the case may be and as defined below, whichever period is longer.

 

Termination

 

Without Cause (no Change of Control)

 

If ICO terminates your employment without Cause, as defined below,
other than in a situation involving a Change of Control, then you will be
entitled to the following:

 

•                  a
lump sum payment in an amount equal to the sum of (i) your base salary through
the date of termination, (ii) vacation time not used as of the date of termination
to the extent that such vacation time has been accrued during the calendar year
of termination, calculated based upon your base salary at the date of termination,
and (iii) business expenses reimbursable under this letter, in each case
to the extent not theretofore paid.

 

In addition, ICO will provide the following severance benefits on the
condition that you execute a separation agreement that contains a full release
of claims, in a form acceptable to ICO:

 

•                  continuation
of your base salary then in effect, payable in accordance with the normal
payroll practices of ICO in effect on the date of termination, for a period of
six (6) months (“Severance Period”); and

 

•                  continued
vesting of all options granted to you under the Plan and all restricted shares
through the Severance Period; provided, however, this provision does not
supersede any Change of Control provisions for accelerated vesting of stock
options under the Plan.

 

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Without Cause After a Change in Control

 

If ICO experiences a “Change in Control” as that term is defined in the
Plan and your employment is terminated without Cause within 6 months after the
Change of Control, then you will be entitled to the following Change of Control
severance benefits on the condition that you execute a separation agreement
that contains a full release of claims, in a form acceptable to ICO:

 

•                  continuation
of your base salary then in effect, payable in accordance with the normal
payroll practices of ICO in effect on the date of termination, for a period of
twenty four (24) months after the date of termination if such termination
occurs during November 2005; such severance period will reduce by I month
for every month subsequent to November 2005 until April 2007; and for
any period during or after May 2007, the severance period shall be six (6) months
(“Change of Control Severance Period.”)

 

For Cause

 

ICO may terminate your employment for Cause at any time upon
written notice of such termination to you setting forth in reasonable detail
the nature of such Cause. If ICO terminates your employment for Cause, or you
resign, then you will be entitled to a lump sum in an amount equal to the sum
of (i) your base salary through the date of termination, (ii) vacation
time not used as of the date of termination to the extent that such vacation
time has been accrued during the calendar year of termination, calculated based
upon your base salary at the date of termination, and (iii) business
expenses reimbursable under this letter, in each case to the extent not
theretofore paid. In addition, upon termination of your employment by ICO for
Cause, the Option granted to you, notwithstanding any prior vesting, will
immediately terminate.

 

Definition of “Cause”

 

Solely for purposes of this letter, “Cause” will be deemed to have
occurred upon the happening of any of the following: (i) any breach by you
of any of the provisions of the ICO Employee Intellectual Property Agreement, (ii) your
having been charged with a felony under the laws of the United States or any
state thereof (other than a traffic violation), (iii) your act of fraud,
theft, embezzlement, other material act of dishonesty or any material breach of
fiduciary duty owed to ICO, (iv) your willful failure to perform, or gross
neglect in the performance of, your lawful duties and responsibilities to ICO
(other than as a result of “Disability” as defined below), and (v) your
agreement to settle any charges brought against you by the Securities and
Exchange Commission with respect to any act or omission by you, which charges
involve an allegation of fraud or, in the good faith opinion of the Board,
would reasonably likely to have resulted in a conviction had the matter
proceeded.

 

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Definition of “Disability”

 

For purposes of this Agreement, “Disability” will mean a medically
diagnosed physical or mental impairment that that renders Executive incapable
of performing the duties required under this Agreement for a period of time
that is reasonably expected to exceed 8 weeks. ICO, acting in good faith, will
make the final determination of whether Executive has a Disability and, for
purposes of making such determination, may require Executive to submit
himself to a physical examination by a physician mutually-agreed upon by the
Executive and ICO.

 

Benefits:
Vacation; Expenses: Relocation

 

You will have the right to participate in and to receive benefits from
all present and future life, accident, disability, medical, pension and savings
plans and all similar benefits made available generally to executives of ICO.
The amount and extent of benefits to which you are entitled will be governed by
the specific benefit plan, as it may be amended from time to time.

 

You will be entitled to four weeks of paid vacation per year or such
longer period as may be provided by ICO. Such vacation will be taken at
such times and intervals as will be determined by you, subject to the
reasonable business needs of ICO. You will not be entitled to defer more than
two weeks’ vacation time not taken to a later calendar year.

 

ICO will pay or reimburse you promptly for all reasonable expenses and
other disbursements incurred or paid by you in the performance of your duties
and responsibilities to ICO, including those incurred or paid in connection
with business related travel, telecommunications and entertainment, subject to
reasonable substantiation by you in accordance with ICO’s policies.

 

Furthermore, ICO will reimburse you for the following categories of
expenses incurred in connection with your relocation to Reston, Virginia,
provided that such expenses are both reasonable and mutually agreed to in
advance of being incurred: (i) round-trip coach airfare for two trips for
you and your family to travel to/from Reston to locate suitable housing and
schools; (ii) temporary living expenses in Reston for you and your family
for a period of no longer than 4 months; (iii) costs to sell your primary
residence in Colorado, including but not limited to brokerage fees and
commissions, attorney fees, or recordation or other costs OR if you choose to
not sell your primary residence in Colorado, any costs to acquire and then
ultimately sell your new primary residence in Reston including but not limited
to brokerage fees and commissions, attorney fees, or recordation or other
costs; (iv) the cost to move and ship any household goods and automobiles
to Reston, upon presentation of estimates from multiple moving companies if
requested by ICO; (v) a tax gross up if necessary under IRS regulations if
the reimbursement of moving expenses is reported as income to you.

 

Arbitration
of Claims

 

You hereby acknowledge and agree that, except as provided below, all
disputes concerning your employment with ICO, the termination thereof, the
breach by either

 

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party of the terms of this letter or any other matters relating to or
arising from your employment with ICO will be resolved in binding arbitration
in a proceeding in Seattle, Washington, administered by and under the rules and
regulations of National Rules for the Resolution of Employment Disputes of
the American Arbitration Association. This means that the parties agree to
waive their rights to have such disputes or claims decided in court by a jury.
Instead, such disputes or claims will be resolved by an impartial AAA
arbitrator. Both parties and the arbitrator will treat the arbitration process
and the activities that occur in the proceedings as confidential.

 

The arbitration procedure will afford Executive and ICO the full range
of statutory remedies. Executive and Employer will be entitled to discovery sufficient
to adequately arbitrate their claims, including access to essential documents
and witnesses, as determined by the arbitrator and subject to limited judicial
review. In order for any judicial review of the arbitrator’s decision to be
successfully accomplished, the arbitrator will issue a written decision that
will decide all issues submitted and will reveal the essential findings and
conclusions on which the award is based. The party that is not the
substantially prevailing party, which determination shall be made by the
arbitrator in the event of ambiguity, shall be responsible for paying for the
arbitration filing fee and the arbitrator’s fees.

 

Nothing contained in this section will limit ICO’s right to seek
equitable relief in any court of competent jurisdiction in respect of the
matters set forth in the “ICO Employee Intellectual Property Agreement.”

 

Employment
At Will

 

By signing this letter, you understand and agree that your employment
with ICO is at-will. Therefore, your employment can terminate, with or without
Cause, and with or without notice, at any time, at your option or ICO’s option,
and ICO can terminate or change all other terms and conditions of your
employment, with or without Cause, and with or without notice, at any time, in
all cases subject to the other terms and conditions of this letter. This
at-will relationship will remain in effect throughout your employment with ICO
or any of its subsidiaries or affiliates. The at-will nature of your
employment, as set forth in this paragraph, can be modified only by a written
agreement signed by both ICO’s Chairman of the Board of Directors and you which
expressly alters it. This at-will relationship may not be modified by any
oral or implied agreement, or by any policies of ICO, practices or patterns of
conduct.

 

Entire
Agreement

 

This letter, any stock option agreement between you and ICO, and the
ICO Employee Intellectual Property Agreement constitute the entire agreement,
arrangement and understanding between you and ICO on the nature and terms of
your employment with ICO. This letter supersedes any prior or contemporaneous
agreement, arrangement or understanding on this subject matter, except, subject
to the third succeeding sentence, for any stock option agreement between you
and ICO. By executing this letter as provided below, you expressly acknowledge
the termination of any such prior agreement,

 

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arrangement
or understanding. Also, by your execution of this letter, you affirm that no
one has made any written or verbal statement that contradicts the provisions of
this letter. In the event of any inconsistency between the terms contained in
this letter and the terms contained in any stock option agreement between you
and ICO, the terms contained in this letter will control, such that the
provisions regarding vesting or termination contained in your stock option
agreements will be superseded by the provisions of this letter to the extent of
any conflict In addition, the noncompetition and other covenants contained in
the ICO Employee Intellectual Property Agreement will also supersede the
provisions of any other similar covenant contained in your stock option
agreement to the extent of any conflict.

 

We hope that you will accept this offer and look forward to working
with you.

 

	
   

  	
  Sincerely,

  
	
   

  	
   

  
	
   

  	
  ICO
  Global Communications (Holdings)

  Limited

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Craig McCaw

  	
   

  
	
   

  	
  Name:
   Craig McCaw

  
	
   

  	
  Title:
   Chairman

  
	
   

  	
   

  
	
   

  	
   

  
	
  Signature
  of Acceptance:

  	
   

  
	
  /s/
  Tim Bryan

  	
   

  	
   

  
	
  Tim
  Bryan

  	
   

  
					

 

6Exhibit 10.29

 

EXECUTIVE
EMPLOYMENT AGREEMENT

 

THIS EXECUTIVE EMPLOYMENT AGREEMENT
(“Agreement”) is made
and entered into as of the 1st day of June 2002, by and between ICO SATELLITE SERVICES GP (“ICO”) and David Bagley (“Executive”).

 

RECITALS

 

A.                                          ICO desires to hire Executive as Vice
President of Global Corporate Development on the terms described in this
Agreement;

 

B.                                            Executive desires to accept this position on
the terms described in this Agreement.

 

AGREEMENT

 

In consideration of the
above Recitals and the provisions of this Agreement, ICO and Executive agree as
follows:

 

I. DUTIES

 

1.1                                     Title and Responsibilities.
Executive shall serve as
Vice President of Global Corporate Development of ICO, with the
responsibilities and duties typical of that position, as well as such other
responsibilities and duties as may be assigned to him from time to time by
ICO. Executive shall report to the President of ICO Global Communications
(Holdings) Limited (“Holdings”). Executive shall devote his reasonable best
efforts and full business time to the business and interests of ICO. Executive
shall perform his duties and responsibilities at such location from time
to time as is mutually agreed by Executive and the President of Holdings.

 

1.2                                     Company Policies. Executive agrees to perform his job
consistent with all Company policies and ethical business practices.

 

II. TERM

 

2.                                          Term. Executive’s employment will commence on June 1,
2002 and continue until terminated as permitted by the terms of this Agreement.

 

III.
COMPENSATION

 

3.1                                    Base Salary. Executive shall be paid a base salary (“Base
Salary”) of Two Hundred Thirty Thousand Dollars ($230,000.00) per year, payable
in monthly installments according to ICO’s usual payroll practices and subject
to all requisite payroll deductions.

 

3.2                                    Bonus. Upon recommendation of the President of
Holdings and approval by Holding’s Compensation Committee, ICO, in its sole
discretion, may award an annual bonus to Executive. The target for this
annual discretionary bonus is thirty percent (30%) of Executive’s Base Salary
for the applicable calendar year, but it may be higher or lower depending
upon the performance of Holdings, its subsidiaries and Executive. If a bonus is
awarded, it will be paid by March 31 of the year following the calendar year
for which the bonus is earned. If Executive’s

 

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employment
is terminated for any reason other than for Cause (as described in Section 4.2),
the discretionary bonus shall be adjusted to reflect the aggregate Base Salary
paid to Executive for the portion of the year that Executive was employed under
this Agreement and such discretionary bonus, if any, shall be paid within
thirty (30) days following the date of termination. If Executive is terminated
for Cause (as described in Section 4.2), he will be ineligible for a
bonus.

 

3.3                                       Other Benefits.

 

(i)                                   Executive shall be entitled to three weeks
(i.e., 15 business days) of paid vacation during each one-year period he is
employed under this Agreement. Any unused accrued paid vacation days not taken
during the year will expire as set forth in the Company’s Staff Handbook.
Executive shall schedule his vacations with due consideration for ICO’s
business needs. Upon termination of Executive’s employment, ICO will pay Executive
for any unused paid vacation, reduced pro rata for any partial year of service.

 

(ii)                                 Executive shall be entitled to the other
employee benefits generally available to the full-time salaried employees of
ICO to the extent and on the same terms generally available to ICO’s full-time
salaried employees.

 

(iii)                              ICO shall pay or reimburse Executive for all
travel and entertainment expenses incurred by Executive in connection with his
duties on behalf of ICO, subject to proper documentation and the reasonable
approval of ICO.

 

IV.
TERMINATION OF EMPLOYMENT

 

4.1                                     By Executive or ICO. Either Executive or ICO may terminate
Executive’s employment for any or no reason upon thirty (30) days’ written
notice. In lieu of notice or upon receipt of Executive’s notice of resignation,
ICO may elect to terminate Executive’s employment immediately and, in such
case, shall pay Executive one month’s Base Salary in addition to any Base
Salary earned by Executive prior to his termination and any accrued but unused
paid vacation time, and Executive shall continue to be entitled to the benefits
set forth in Section 3.3 during such thirty (30) day period. Upon such
termination, Executive shall not be entitled to any other compensation except
as set forth in this Section 4.1 and Section 3.2.

 

4.2                                     By ICO “for Cause “. ICO may terminate Executive’s employment
immediately and without advance notice for Cause. As used herein, “Cause”
means: (a) a material breach of the provisions of this Agreement by the
Executive; (b) personal or professional conduct of Executive, which, in
the reasonable and good faith judgment of ICO, injures or tends to injure the
reputation of ICO or otherwise adversely affects the business interests of ICO.
Such conduct may include, but is not limited to, dishonesty, chronic or
excessive absenteeism, substance abuse, or arrest or indictment for or
conviction of a felony or misdemeanor; (c) material breach by Executive of
any statutory, common law or other duty or obligation to ICO, including Executive’s
duty of loyalty or confidentiality to ICO; or (d) conduct which
constitutes willful, wanton or grossly negligent malperformance of Executive’s
duties. If Executive’s employment is terminated for Cause, ICO shall have no
obligation to pay Executive any further compensation, including unpaid bonuses
or benefits of any kind, except Base Salary earned by

 

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Executive,
accrued but unused paid vacation time and expenses for which Executive is
entitled to reimbursement consistent with ICO policies, prior to his
termination.

 

V.
RESTRICTIVE COVENANT

 

5.1                                      Confidential Information. During his employment by ICO and thereafter, Executive
will not use or disclose any Confidential Information, except to the extent use
or disclosure of the Confidential Information is necessary to the performance
of his duties for ICO or except as required to be disclosed by law or court
order following consultation with ICO. The obligations set forth in this Section 5.1
shall expire on the third anniversary of the termination of Executive’s
employment with ICO or any of its affiliates. As used in this Agreement, “Confidential
Information” shall mean any information relating to the business or affairs of
Holdings, ICO and other direct and indirect subsidiaries of Holdings, including
but not limited to information relating to ICO’s marketing and business plans,
strategy, finances, customer identities, potential customers, employees,
research, programs, trade secrets, proprietary information or other information
that ICO makes reasonable efforts to maintain as confidential. “Confidential
Information” shall not include any information that is in the public domain
through no fault of Executive or which Executive learns from a third party who
is not subject to an obligation of confidentiality.

 

5.2                                      Remedies. In the event of Executive’s actual or
threatened breach of his confidentiality obligation, ICO shall be entitled to
immediate temporary injunctive and other equitable relief, without bond and
without the necessity of showing actual monetary damages, subject to hearing as
soon thereafter as possible. Nothing contained herein shall be construed as prohibiting
ICO from pursuing any other remedies available to it for such breach or
threatened breach, including the recovery of any damages that it is able to
prove.

 

5.3                                      Attorneys’ Fees and Costs. The prevailing party in any proceeding to
enforce Executive’s confidentiality obligation, or any appeal therefrom, shall
be entitled to recover its reasonable attorneys’ fees and costs, including all
costs associated with depositions and expert witnesses, from the nonprevailing
party.

 

VI. GENERAL
PROVISIONS

 

6.1                                   Dispute Resolution. Any action to enforce, interpret, construe or
otherwise arising out of or in connection with this Agreement or Executive’s
employment relationship with ICO must be brought in the state or federal courts
located in Seattle, Washington, except for claims the law requires to be filed
with an administrative agency. Executive and ICO agree to subject themselves to
the jurisdiction of such courts.

 

6.2                                   Entire Agreement. Except where this Agreement specifically
references and incorporates other agreements documents or policies, this
Agreement contains the entire agreement and understanding of the parties with
respect to Executive’s employment by ICO and the compensation payable to
Executive by ICO and supersedes all prior understandings, agreements and
discussions. This Agreement may only be amended or modified by a written instrument
executed by Executive and ICO.

 

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6.3                                       Notices. Any notice required or permitted under this
Agreement shall be in writing and shall be delivered personally, or sent by
certified or registered mail, postage prepaid, return receipt requested. Any
such notice shall be considered given when delivered personally, or if mailed,
three (3) days after the date of deposit in the United States mail
addressed to the party at the last known address of the party. The initial
address for notices shall be set forth below.

 

6.4                                       Non-Waiver. Failure to enforce at any time any of the
provisions of this Agreement shall not be interpreted to be a waiver of such
provisions or to affect either the validity of this Agreement or the right of
either party thereafter to enforce each and every provision of this Agreement.

 

6.5                                       Separability. If one or more provisions of this Agreement
is finally determined to be invalid or unenforceable, such provision will not
affect or impair the other provisions of this Agreement, all of which will
continue to be in effect and will be enforceable, provided, however, that any
such invalid provisions shall, to the extent possible, be reformed so as to
implement insofar as practicable the intentions of the parties.

 

6.6                                       Law. This Agreement shall be interpreted in
accordance with the laws of the State of Washington.

 

	
  ICO SATELLITE SERVICES GP

  	
  EXECUTIVE

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  ICO
  Satellite Services Limited

  	
   

  	
   

  
	
   

  	
  Its:
  General Partner

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  	
   

  
	
  Its:
  Director

  	
  David
  Bagley

  	
   

  
	
  Date:

  	
   

  	
   

  	
  Date:

  	
   

  	
   

  
	
  Address:

  	
   

  	
   

  	
  Address:

  	
  281
  Draeger Drive

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Moraga,
  California 94556

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
									

 

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