Document:

Exhibit 10.2

 Exhibit 10.2 
 SUPPLEMENT NO. 2 (this “Supplement”) dated as of July 31, 2012 to the GUARANTEE dated as of January 12, 2011 (the “Guarantee”), among each of the subsidiaries
of INTELSAT JACKSON HOLDINGS S.A., a société anonyme existing under the laws of Luxembourg and registered with the Luxembourg trade and companies’ register under number B149.959 (the “Borrower”), from time
to time party to the Guarantee (each such subsidiary individually, a “Guarantor” and, collectively, the “Guarantors”) and BANK OF AMERICA, N.A., as administrative agent (in such capacity, the “Administrative
Agent”). 
 A. Reference is made to a Credit Agreement, dated as of January 12, 2011 (as amended, restated,
supplemented or otherwise modified from time to time, the “Credit Agreement”), among INTELSAT (LUXEMBOURG) S.A. a société anonyme incorporated under the laws of Bermuda and existing under the laws of the
Grand-Duchy of Luxembourg and registered with the Luxembourg trade and companies’ register under number B149.942, the Borrower, the lending institutions from time to time parties thereto (the “Lenders”), the Administrative
Agent, MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED, CREDIT SUISSE SECURITIES (USA) LLC and J.P. MORGAN SECURITIES LLC, as joint lead arrangers, MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED, CREDIT SUISSE SECURITIES
(USA) LLC, J.P. MORGAN SECURITIES LLC , BARCLAYS CAPITAL INC., DEUTSCHE BANK SECURITIES INC., MORGAN STANLEY & CO. INCORPORATED and UBS SECURITIES LLC, as joint bookrunners, CREDIT SUISSE SECURITIES (USA) LLC and J.P. MORGAN SECURITIES LLC,
as Co-Syndication Agents, BARCLAYS BANK PLC and MORGAN STANLEY SENIOR FUNDING, INC., as Co-Documentation Agents and BANK OF AMERICA, N.A., as a Letter of Credit Issuer. 
 B. Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Guarantee. 
 C. The Guarantors have entered into the Guarantee in order to induce the Administrative Agent, Syndication Agents, Joint Lead Arrangers and the Lenders, Documentation Agents and the Letter of Credit
Issuers to enter into the Credit Agreement and to induce the Lenders and the Letter of Credit Issuers to make their respective Extensions of Credit to the Borrower under the Credit Agreement and to induce one or more Lenders or affiliates of Lenders
to enter into Hedge Agreements with the Credit Parties. Section 9.11 of the Credit Agreement provides that additional Subsidiaries may become Guarantors under the Guarantee by execution and delivery of an instrument in the form of this
Supplement. The undersigned Subsidiary (the “New Guarantor”) is executing this Supplement in accordance with the requirements of the Credit Agreement to become a Guarantor under the Guarantee in order to induce the Lenders and the
Letter of Credit Issuers to make additional Extensions of Credit and as consideration for Extensions of Credit previously made. 

Accordingly, the Administrative Agent and the New Guarantor agree as follows: 

SECTION 1. In accordance with Section 18 of the Guarantee, the New Guarantor by its signature below hereby becomes a Guarantor under
the Guarantee with the same force and effect as if originally named therein as a Guarantor and the New Guarantor hereby (a) agrees to all the terms and provisions of the Guarantee applicable to it as a Guarantor thereunder and
(b) represents and warrants that the representations and warranties made by it as a Guarantor thereunder are true and correct on and as of the date hereof. Each reference to a Guarantor in the Guarantee shall be deemed to include the New
Guarantor. The Guarantee is hereby incorporated herein by reference. 

 SECTION 2. The New Guarantor represents and warrants to the Administrative Agent and the
other Guaranteed Parties that this Supplement has been duly authorized, executed and delivered by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms, except as the enforceability thereof
may be limited by bankruptcy, insolvency or similar laws affecting creditors’ rights generally and subject to general principles of equity and subject to mandatory Luxembourg law provisions. 

SECTION 3. This Supplement may be executed by one or more of the parties to this Supplement on any number of separate counterparts
(including by facsimile or other electronic transmission), and all of said counterparts taken together shall be deemed to constitute one and the same instrument. A set of the copies of this Supplement signed by all the parties shall be lodged with
the Borrower and the Administrative Agent. This Supplement shall become effective as to the New Guarantor when the Administrative Agent shall have received counterparts of this Supplement that, when taken together, bear the signatures of such New
Guarantor and the Administrative Agent. 
 SECTION 4. Except as expressly supplemented hereby, the Guarantee shall remain in
full force and effect. 
 SECTION 5. THIS SUPPLEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE
GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 
 SECTION 6. Any provision
of this Supplement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof and in the
Guarantee, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. The parties hereto shall endeavor in good-faith negotiations to replace the invalid,
illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 
 SECTION 7. All notices, requests and demands pursuant hereto shall be made in accordance with Section 14.2 of the Credit Agreement. All communications and notices hereunder to the New Guarantor shall
be given to it in care of the Borrower at the Borrower’s address set forth in Section 14.2 of the Credit Agreement. 

SECTION 8. The New Guarantor agrees to reimburse the Administrative Agent for its out-of-pocket expenses in connection with this
Supplement, including the fees, disbursements and other charges of counsel for the Administrative Agent. 

 IN WITNESS WHEREOF, the New Guarantor and the Administrative Agent have duly executed this
Supplement to the Guarantee as of the day and year first above written. 
  

					
	NEW GUARANTOR
	
	INTELSAT LUXEMBOURG INVESTMENT
	S.A R.L., as a New Guarantor
		
	By:	 	 /s/ Flavien Bachabi

		 	Name:	 	Flavien Bachabi
		 	Title:	 	Manager
	
	 BANK OF AMERICA, N.A.,
 as Administrative Agent

		
	By:	 	 /s/ Paley Chen

		 	Name:	 	Paley Chen
		 	Title:	 	Vice PresidentExhibit 10.3

 Exhibit 10.3 
 AGREEMENT 
 FOR THE ADHERENCE BY 

INTELSAT LUXEMBOURG INVESTMENT S.ÀR.L. 
 AND 
 INTELSAT CORPORATION 

TO THE 

LUXEMBOURG SHARES AND BENEFICIARY CERTIFICATES PLEDGE AGREEMENT 

DATED 12 JANUARY 2011 
 AND 
 FOR THE AMENDMENT OF THE PLEDGE AGREEMENT 

31 July 2012 

 This Agreement for the Adherence by Intelsat Luxembourg Investment S.àr.l. and Intelsat Corporation
to the Luxembourg Shares and Beneficiary Certificates Pledge Agreement dated 12 January 2011 and for the Amendment of the Pledge Agreement, dated 31 July 2012 (the “Agreement”), has been entered by and, 

BETWEEN: 
  

	(1)	The Pledgors set forth in Schedule 1 (together the “Pledgors” and each a “Pledgor”); 

AND 
  

	(2)	Wilmington Trust, National Association (as successor by merger to Wilmington Trust FSB), as Collateral Trustee for the Secured Parties together with its
successors and assigns in such capacity (the “Collateral Trustee” or the “Pledgee”); 

 IN
THE PRESENCE OF: 
  

	(3)	The Companies set forth in Schedule 2 (together the “Companies” and each a “Company”); 

WHEREAS: 
  

	(A)	On 12 January 2011, the Borrower, the Lenders and Bank of America, N.A. as Administrative Agent, and other agent parties party thereto, entered into the Credit
Agreement. 

  

	(B)	In relation to the Credit Agreement, a shares and beneficiary certificates pledge agreement has been entered into on 12 January 2011 by inter alia the
Pledgors and the Pledgee in the presence of the Companies (each as defined therein) (the “Pledge Agreement”). 

  

	(C)	On 31 May 2012, by way of a series of mergers in cascade, SubHoldco was merged into Phoenix, Phoenix was merged into Intermediate and Intermediate was merged into
Jackson, and each of the Absorbed Companies ceased to exist and all of their assets and liabilities were ipso jure transferred to, ultimately, Jackson. As a consequence, the Absorbed Companies are no longer party to the Pledge Agreement and
the Pledge Agreement shall be amended as set forth herein. 

  

	(D)	It is intended that with effect on or about 1 August 2012, Finance will be absorbed by Lux Investment and cease to exist (the “Merger”) so that
with effect from the Merger, Finance will no longer be a Party to the Pledge Agreement. 

  

	(E)	Lux Investment is the wholly-owned subsidiary of Gibco and all shares in issue in Lux Investment are held by Gibco (the “New Shares”). The New Shares
shall be pledged by Gibco to the Pledgee pursuant to the Pledge Agreement and therefore the Pledge Agreement shall be amended as set forth herein and Lux Investment shall become a party thereto as “Company”. Gibco in its capacity as sole
shareholder of Lux Investment, wishes Lux Investment to adhere to the Pledge Agreement in order to inter alia pledge all New Shares it holds in Lux Investment under such terms and conditions as set forth in the Pledge Agreement, and the
Pledgors expressly acknowledge and the Pledgee agrees to such adherence. 

  

	(F)	Intelsat Corp shall acquire shares (the “OP Shares”) and Beneficiary Certificates (the “OP Beneficiary Certificates”) of Intelsat
Operations and therefore shall become a party to the Pledge Agreement as “Pledgor”. 

 NOW THEREFORE IT IS AGREED as follows: 

 

	Clause 1.	DEFINITIONS AND INTERPRETATION 

  

	1.1.	Capitalized terms used herein as defined terms shall have the meaning given thereto in the Pledge Agreement and/or the Credit Agreement, unless otherwise defined in the
present Agreement, and: 

  

			
	Absorbed Companies	  	Means SubHoldco, Phoenix and Intermediate;
		
	Finance	  	Means Intelsat (Luxembourg) Finance Company S.à r.l, a société à responsabilité limitée under the laws of Luxembourg and registered
at the RCS under number RCS Luxembourg B117.304 and which will be merged into Lux Investment on or about 1 August 2012;
		
	Gibco	  	Means Intelsat (Gibraltar) Limited, a private limited liability company incorporated under the laws of Gibraltar having its registered office at Suite 1 Burns House, 19 Town Range,
Gibraltar, registered with the Gibraltar Trade and Companies Register under number 96556;
		
	Intelsat Corp	  	Means Intelsat Corporation, a corporation incorporate under the laws of Delaware having its registered office at 2711 Centerville Road Suite 400, Wilmington, New Castle County
19808, Delaware State, United States of America registered with the Division of Corporations of the State of Delaware under number 2664446;
		
	Intelsat Lux	  	Means Intelsat (Luxembourg) S.A., a société anonyme under the laws of Luxembourg with registered office at 4, rue Albert Borschette, L-1246 Luxembourg, and
registered at the RCS under number RCS Luxembourg B149.942;
		
	Intelsat Operations	  	Means Intelsat Operations S.A., a société anonyme incorporated under Luxembourg law having its registered office at 4, rue Albert Borschette, L-1246 Luxembourg,
and being registered at the RCS under number RCS Luxembourg B 156.669;
		
	Intermediate	  	Means Intelsat Intermediate Holding Company S.A., a société anonyme under the laws of Luxembourg previously registered at the RCS under number RCS Luxembourg
B149.957 and which has been merged into Jackson on 31 May 2012;
		
	Jackson or the Borrower	  	Means Intelsat Jackson Holdings S.A., a société anonyme under the laws of Luxembourg with registered office at 4, rue Albert Borschette, L-1246 Luxembourg, and
registered at the RCS under number RCS Luxembourg B149.959;

			
	Lux Investment	  	Means Intelsat Luxembourg Investment S.àr.l., a société a responsabilité limitée incorporated under Luxembourg law having its registered
office at 4, rue Albert Borschette, L-1246 Luxembourg, and being registered at the RCS under number RCS Luxembourg B 169.491;
		
	Phoenix	  	Means Intelsat Phoenix Holdings S.A. a société anonyme under the laws of Luxembourg and previously registered at the RCS under number RCS Luxembourg n° B
156667 and which has been merged into Intermediate on 31 May 2012;
		
	RCS	  	Means the Registre de Commerce et des Sociétés of Luxembourg;
		
	SubHoldco	  	Means Intelsat Subsidiary Holding Company S.A., a société anonyme under the laws of Luxembourg and previously registered at the RCS under number RCS Luxembourg
B149.894 and which has been merged into Phoenix on 31 May 2012.

  

	1.2.	The recitals and Schedules to this Agreement form an integral part thereof. 

 

	1.3.	The Pledgee shall not be responsible for the sufficiency of any terms used herein or any of the reorganization transactions as set out in the recitals of this
Agreement. 

  

	Clause 2.	ADHERENCE, PLEDGE ON NEW SHARES 

  

	2.1.	Lux Investment hereby becomes a party to the Pledge Agreement as “Company” and Intelsat Corp hereby becomes a party to the Pledge Agreement as
“Pledgor”. 

  

	2.2.	Gibco, in its capacity as sole shareholder of Lux Investment and as a Pledgor under the Pledge Agreement, pledges, and confirms the pledge, on all New Shares as Pledged
Shares and all Related Assets relating thereto pursuant to the terms and conditions of the Pledge Agreement and the Pledgee acknowledges and accepts. 

  

	2.3.	Lux Investment hereby acknowledges the Pledge over the New Shares and Related Assets, and undertakes to deliver a copy of its share register showing the inscription of
the Pledge (in conformity with schedule 3 of the Pledge Agreement) on the New Shares to the Pledgee. 

  

	2.4.	Intelsat Corp pledges, with effect upon its acquisition of the OP Shares and the OP Beneficiary Certificates, as Pledged Shares respectively Pledged Beneficiary
Certificates and all Related Assets relating thereto pursuant to the terms and conditions of the Pledge Agreement and the Pledgee acknowledges and accepts. 

 

	2.5.	Intelsat Operations hereby acknowledges the Pledge over the OP Shares and the OP Beneficiary Certificates and Related Assets, and undertakes, upon the acquisition by
Intelsat Corp of the OP Shares and the OP Beneficiary Certificates to deliver a copy of its Register of Shareholders respectively BC Register showing the inscription of the Pledge (in conformity with schedule 3 of the Pledge Agreement) on the OP
Shares respectively OP Beneficiary Certificates to the Pledgee. 

	Clause 3.	AMENDMENT PLEDGE AGREEMENT 

 The parties
hereto agree that the Pledge Agreement shall be amended so that (i) the list of Pledgors, (ii) the list of Companies and (iii) the list of shares and beneficiary certificates issued are updated and consequentially schedule 1 thereto
is amended and replaced by Schedule 1 of this Agreement, schedule 2 thereto is amended and replaced by Schedule 2 of this Agreement, and schedule 4 thereto is amended and replaced by Schedule 3 of this Agreement. 

 

	Clause 4.	ADDITIONAL PROVISIONS 

 The parties hereto
agree that Clauses 1.2, 15 to 19 of the Pledge Agreement are included by way of reference into the present Agreement. 
  

	Clause 5.	COUNTERPARTS 

 This Agreement may be
executed in any number of counterparts and by way of facsimile or scanned PDF exchange of executed signature pages, all of which together shall constitute one and the same Agreement. 

 Schedule 1 
 The Pledgors 
  

			
	(1)	  	Intelsat (Luxembourg) S.A., a société anonyme under the laws of Luxembourg with registered office at 4, rue Albert Borschette, L-1246 Luxembourg and
registered at the RCS under number RCS Luxembourg B149.942;
		
	(2)	  	Intelsat Jackson Holdings S.A., a société anonyme under the laws of Luxembourg with registered office at 4, rue Albert Borschette, L-1246 Luxembourg and
registered at the RCS under number RCS Luxembourg B149.959;
		
	(3)	  	Intelsat (Gibraltar) Limited, a company established and having its registered office at Suite 1 Burns House, 19 Town Range, Gibraltar, registered number
96556;
		
	(4)	  	Intelsat Corporation, a corporation incorporated under the laws of Delaware having its registered office at 2711 Centerville Road Suite 400, Wilmington, New Castle County
19808, Delaware State, United States of America registered with the Division of Corporations of the State of Delaware under number 2664446.

 Schedule 2 
 The Companies 
  

			
	(1)	  	Intelsat Jackson Holdings S.A., a société anonyme under the laws of Luxembourg with registered office at 4, rue Albert Borschette, L-1246 Luxembourg and
registered at the RCS under number RCS Luxembourg B149.959;
		
	(2)	  	Intelsat Operations S.A., a société anonyme under the laws of Luxembourg with registered office at 4, rue Albert Borschette, L-1246 Luxembourg and
registered at the RCS under number RCS Luxembourg B156669;
		
	(3)	  	Intelsat Luxembourg Investment S.àr.l., a société a responsabilité limitée incorporated under Luxembourg law having its registered
office at 4, rue Albert Borschette, L-1246 Luxembourg, and being registered at the RCS under number B 169.491;
		
	(4)	  	Until the Merger, Intelsat (Luxembourg) Finance Company S.à r.l., a société à responsabilité limitée under the laws of
Luxembourg with registered office at 4, rue Albert Borschette, L-1246 Luxembourg and registered at the RCS under number RCS Luxembourg B117.304.

 Schedule 3 
 Shares and Beneficiary Certificates issued 
 at the time of this Agreement

  

									
	 Company
	  	Shares	 	  	Beneficiary
Certificates	 
	 Intelsat Jackson Holdings S.A.
	  	 	18,473,209	  	  	 	13,315,428	  
			
	 Intelsat Operations S.A.
	  	 	6,145,666	  	  	 	0	  
			
	 Intelsat Luxembourg Investment S.à r.l.
	  	 	200	  	  	 	NA	  
			
	 Until the Merger, Intelsat (Luxembourg) Finance Company S.à r.l.
	  	 	3,124,235	  	  	 	NA	  

 Signature Page – Agreement for the Adherence to and Amendment of Pledge Agreement

 IN WITNESS THEREOF the parties hereto have executed this Agreement in one or multiple original counterparts, all of which together
evidence the same Agreement, on the day and year first written above. 
  

			
	The Pledgors:
	
	Intelsat (Luxembourg) S.A.
		
	By:	 	 /s/ Phillip Spector

	Name: Phillip Spector
	Title: Deputy Chairman and Assistant Secretary
	
	Intelsat Jackson Holdings S.A.
		
	By:	 	 /s/ Phillip Spector

	Name: Phillip Spector
	Title: Deputy Chairman and Assistant Secretary
	
	Executed as a deed by
	Intelsat (Gibraltar) Limited
	And signed by 2 Directors
		
	By:	 	 /s/ Louis B. Triay

	Name: Louis B. Triay
	Title: Director
		
	By:	 	 /s/ Tristan Cano

	Name: Tristan Cano
	Title: Director
	
	Intelsat Corporation
		
	By:	 	 /s/ Phillip Spector

	Name: Phillip Spector
	Title: Executive Vice President and General Counsel

 Signature Page – Agreement for the Adherence to and Amendment of Pledge Agreement

 IN WITNESS THEREOF the parties hereto have executed this Agreement in one or multiple original counterparts, all of which together
evidence the same Agreement, on the day and year first written above. 
  

											
	The Pledgee:
	
	Wilmington Trust, National Association, as Pledgee
						
	By:	 	 /s/ Renee Kuhl
	 		 	By:	 	 /s/ Jared Grunig
	 	
				
	Name: Renee Kuhl	 		 	Name: Jared Grunig	 	
				
	Title: Vice President	 		 	Title: Vice President	 	

 Signature Page – Agreement for the Adherence to and Amendment of Pledge Agreement

 IN WITNESS THEREOF the parties hereto have executed this Agreement in one or multiple original counterparts, all of which together
evidence the same Agreement, on the day and year first written above. 
 Intelsat Luxembourg Investment S.à r.l. (as a new
Company) acknowledges and expressly accepts, and each of the Companies (other than Intelsat Luxembourg Investment S.à r.l.) hereby confirms its acknowledgment and acceptance of, (i) the security interest constituted by the Pledge
Agreement, (ii) the terms of clause 2.2 of the Pledge Agreement and (iii) the directions contained in clauses 3.2.1 and 3.2.2 of the Pledge Agreement. Intelsat Luxembourg Investment S.à r.l. (as a new Company) confirms and
each of the Companies (other than Intelsat Luxembourg Investment S.à r.l.) re-confirms (i) that it will provide the required assistance in respect of the perfection of the Pledge to the extent required under the Agreement and requested
by the Pledgee and (ii) that upon the occurrence of a Triggering Event that is continuing, it shall perform as directed by the Pledgee to the extent required under the Pledge Agreement. 

 

			
	The Companies
	
	Intelsat Luxembourg Investment S.à r.l.
		
	By:	 	 /s/ Flavien Bachabi

	Name: Flavien Bachabi
	Title: Manager
	
	Intelsat Jackson Holdings S.A.
		
	By:	 	 /s/ Phillip Spector

	Name: Phillip Spector
	Title: Deputy Chairman and Assistant Secretary
	
	Intelsat Operations S.A.
		
	By:	 	 /s/ Phillip Spector

	Name: Phillip Spector
	Title: Deputy Chairman and Assistant Secretary
	
	Intelsat (Luxembourg) Finance Company S.à r.l.
		
	By:	 	 /s/ Simon Van De Weg

	Name: Simon Van De Weg
	Title: Manager

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