Document:

Exhibit 10.9

 

AMENDED AND RESTATED

 

TERRESTAR NETWORKS INC.

 

STOCKHOLDERS’ AGREEMENT

 

AMENDED AND
RESTATED STOCKHOLDERS’ AGREEMENT (this “Agreement”),
dated as of May 6, 2006, but to be effective for all purposes from and after
the Effective Date as defined herein, by and among TerreStar Networks Inc., a
Delaware corporation (the “Company”), and
the stockholders of the Company listed on Schedule I hereto.

 

RECITALS

 

WHEREAS, the
Company and the stockholders listed on Schedule I hereto are parties to the TerreStar
Networks Inc. Stockholders’ Agreement dated as of May 11, 2005, as amended July
15, 2005 and May 6, 2006 (the “Prior Agreement”);

 

WHEREAS, pursuant
to Section 10(e) of the Prior Agreement, the Prior Agreement may be amended
with the written agreement of a majority of the Shares held by the Stockholders
(each as defined in the Prior Agreement);

 

WHEREAS, the Stockholders executing this Agreement, who together
hold a majority of the Shares, wish to amend and restate the Prior Agreement
effective from and after the Effective Date in order to provide, among other
things, for certain mutual restrictions relating to the transfer of the Shares
and other rights and responsibilities as set forth herein.

 

NOW, THEREFORE, in
consideration of the agreements contained herein and for other good and
valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties hereby agree as follows:

 

Section 1.       Definitions.  The terms defined in this Section 1
shall, for the purposes of this Agreement, have the meanings herein specified.

 

“Affiliate” means with respect to a specified Person, any
Person that directly or indirectly controls, is controlled by, or is under
common control with, the specified Person. 
As used in this definition, the term “control” means the possession,
directly or indirectly, of the power to direct or cause the direction of the
management and policies of a Person, whether through ownership of voting
securities, by contract or otherwise.

 

“Agreement” has
the meaning set forth in the introduction.

 

“Business Day” means a day of the year on which banks are not
required or authorized to close in New York City.

 

“Company” has the meaning set forth in the introduction.

 

 

“Control Party”
means (i) an Affiliate that has direct or indirect majority voting control of a
Stockholder, or (ii) an Affiliate that has a majority of its voting interests
held, directly or indirectly, by a Stockholder or by Persons that have direct
or indirect voting control of a Stockholder.

 

“Effective Date” means the earlier to occur of (i)
immediately prior to the Initial Closing (as defined therein) of the
transactions contemplated by the Exchange Agreement dated May 6, 2006 by and
among Motient, Motient Ventures Holding Inc. and SkyTerra pursuant to which
Motient will exchange MSV Interests (as defined therein) for shares of common
stock of SkyTerra or (ii) immediately prior to the Closing (as defined therein)
of the transactions contemplated by the Exchange Agreements each dated May 6,
2006 by and among Motient, MVH Holdings, Inc. and each of Spectrum Space IV
Managers, Inc., Spectrum Space Equity Investors IV, Inc., Spectrum Space IV
Parallel, Inc. Columbia Space (QP), Inc., Columbia Space (AI), Inc. and
Columbia Space Partners, Inc. (collectively, the “Blocker
Corps”) pursuant to which SkyTerra will exchange shares of SkyTerra
common stock for the MSV Interests (as defined therein) held by the Blocker
Corps.

 

“Exchange Act”
means the Securities Exchange Act of 1934 and the rules and regulations promulgated
thereunder, as amended.

 

“Expiration Date”
means the date that is the earlier of (i) the first date on which no
Stockholder constitutes a Minority Stockholder or (ii) May 11, 2010.

 

“Family Member” means, with respect to any Person
(i) the spouse, parents, children, siblings, mother and father-in-law,
sons and daughters-in-law and brothers and sisters-in-law of such Person or of
any of the beneficial owners of such Person, (ii) any trust whose
beneficiaries consist of only one or more of such Person and such persons or
(iii) any partnership or other entity whose owners are one or more of such
Person and such persons.

 

“Intervening Entity”
means, as applied to any Stockholder at any time, any Person the value of which
at such time consists principally of its direct or indirect ownership of equity
securities in, or obligations of, the Company. Without limiting the foregoing,
the parties stipulate that, as of the date hereof, (i) TMI and TMI’s general
partner are Intervening Entities with respect to TMI Sub, (ii) Motient Ventures
Holding Inc. and MVH Holding Inc. are Intervening Entities with respect to
Motient Sub, and (iii) MSV Investor Holdings, Inc. is an Intervening Entity
with respect to MSV Investors.

 

“Minority
Stockholder” means each of MSV Investors and TMI Sub; provided, however, that each such Stockholder shall no longer constitute
a Minority Stockholder upon the first date on which such Stockholder ceases to
own at least the number of Shares owned by such Stockholder as of May 11, 2005
or such lesser number held by MSV Investors as of the Effective Date as a
result of a transfer pursuant to Section 8.1(b) prior to the Effective Date (as
adjusted for stock splits, reverse stock splits, stock dividends, combinations,
recapitalizations and similar events); and
provided, further, that if any Minority Stockholder exercises its
right to participate in a Transfer (as

 

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hereinafter defined) as a Tag Along
Participant (as hereinafter defined) pursuant to Section 8.1(a) and Motient Sub
(or an Affiliate thereof) participates in or initiates such Transfer, then such
Stockholder still shall constitute a Minority Stockholder following such
Transfer if and to the extent that the Percentage Reduction of such Stockholder
is no greater than the Percentage Reduction of Motient Sub (or an Affiliate
thereof).

 

“Motient” means
Motient Corporation.

 

“Motient Sub”
means Motient Ventures Holdings Inc., a Delaware corporation.

 

“MSV LP” means
Mobile Satellite Ventures LP, a Delaware limited partnership.

 

“MSV Investors”
means MSV Investors, LLC and any Person to whom MSV Investors, LLC transfers,
pursuant to Section 8.1(b), a majority of the Shares owned by MSV Investors,
LLC as of May 11, 2005.

 

“Option Holder”
means employees, directors and certain employees of MSV LP and the Company who
are holders of Options.

 

“Option Holder
Representative” means the Company, in its capacity as the
representative of the Option Holders under this Agreement.

 

“Option Plan”
means the TerreStar Networks Inc. 2002 Stock Incentive Plan.

 

“Options” means
the options to purchase shares of the Company’s common stock pursuant to the
Option Plan.

 

“Percentage Reduction”
means, with respect to a Transfer by a Stockholder, a fraction, the numerator
of which is the difference between the Stockholder’s Proportionate Share
immediately prior to the Transfer and the Stockholder’s Proportionate Share
immediately following the Transfer, and the denominator is such Stockholder’s
Proportionate Share immediately prior to the Transfer.

 

“Person” means
any individual, corporation, association, partnership (general or limited),
joint venture, trust, estate, limited liability company, or other legal entity
or organization.

 

“Pledge Agreement” means that certain Pledge and Guarantee
Agreement, dated as of November 26, 2001, by and among TMI Sub and the other
parties thereto, as amended, supplemented or revised from time to time.

 

“Prior Agreement”
shall have the meaning set forth in the Recitals.

 

“Shares” means
shares of the Company’s common stock, par value $0.001 per share.

 

“SkyTerra” means SkyTerra Communications, Inc.

 

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“Stockholders” means each holder of Shares listed on Schedule I hereof
and, subject to Section 8.2 of this Agreement, any Person acquiring all or a
part of a Stockholder’s Shares after the date hereof.

 

“TMI”
means TMI Communications and Company, Limited Partnership.

 

“TMI Sub” means
TMI Communications Delaware, Limited Partnership and any Person

 

Section 2.       Board Composition.

 

(a)   Qualifications of Directors.
No person shall be elected or appointed a director if that person is less than
18 years of age, is of unsound mind and has been found so by a court, is not an
individual, or has the status of a bankrupt. 
Directors may, but need not, be Stockholders.

 

(b)   Number and Designation of
Directors.  The Board shall consist
of eight (8) directors.  Subject to
Section 2(c) below, each Stockholder agrees to use all commercially reasonable
efforts (including approving all necessary or advisable amendments to the
Company’s certificate of incorporation and/or bylaws) to cause the board of
directors of the Company (the “Board”) to be
composed as follows:

 

(i)            TMI Sub
shall be entitled to designate one (1) director for so long as either (A) TMI
Sub is a Minority Stockholder or (B) TMI or an Affiliate of TMI is the License
Holder (as defined below); provided, that, in the event that TMI or an
Affiliate of TMI is neither the License Holder nor a Minority Stockholder, such
director shall be selected by the affirmative vote of a majority of the Shares
held by the Stockholders;

 

                (ii)           MSV
Investors shall be entitled to designate one (1) director for so long as MSV
Investors is a Minority Stockholder; provided, that, in the event that
MSV Investors is not a Minority Stockholder, such director shall be selected by
the affirmative vote of a majority of the Shares held by the Stockholders; and

 

(iii)          Motient
Sub shall be entitled to designate six (6) directors.

 

(c)   Observer Rights.  The Company shall provide the legal holder of
the 2 GHz mobile satellite services authorization from Industry Canada relating
to the Company’s business (the “License
Holder”) with notice of each meeting of the Board and shall permit
one designated representative of the License Holder to attend and participate
in all discussions of each such meeting in a nonvoting capacity, and, in this
respect shall give the License Holder copies of all notices, minutes, consents
and other material that it provides to directors (collectively, the “Observation Rights”); provided, that the Company
shall not be obligated to provide the License Holder with Observation Rights if
such License Holder otherwise has the right to select a director pursuant to
Sections 2(b)(i)(A) or 2(b)(ii)(A); provided, further, that the
License Holder and its designated representatives that attend any Board meeting
shall, except as otherwise required by law, hold all matters discussed at any
such meeting in strict

 

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confidence as if each such License Holder and each of their designated
representatives were voting members of the Board; provided  further,
that the License Holder shall be entitled to Observation Rights in accordance
with the terms of this Section 2(c) only for so long as such License Holder
continues to be the holder of the 2 GHz mobile satellite services authorization
from Industry Canada relating to the Company’s business.

 

(d)   Resignation.  Any director may resign at any time by giving
written notice to the chief executive officer (the “CEO”) or the other current directors.  Such resignation shall take effect at the
time specified in such notice or, if the time be not specified, upon receipt
thereof by the CEO.  Unless otherwise
specified therein, acceptance of such resignation shall not be necessary to
make it effective.  In the event of the
death, disability, resignation or removal of any director, the Stockholder(s)
which designated such director shall designate his or her replacement.

 

(e)   Independence.  At least one director designated by Motient
Sub pursuant to Sections 2(b)(iii) shall (i) be “independent” within the
meaning of the Nasdaq Stock Market’s listing standards in effect from time to
time and (ii) have substantial professional experience in, and familiarity
with, the wireless telecommunications industry.

 

Section 3.       Board Meeting.

 

(a)   Regular Meetings.  The Board shall meet no less often than
quarterly, unless otherwise agreed by at least 80% of the directors.  Such meetings shall be held on such date as
shall be determined by the CEO or a majority of the Board.

 

(b)   Other Meetings.  Other meetings of the Board shall be held at
such times as the Chairman of the Company (the “Chairman”),
a vice-chairman of the Company (a “Vice-Chairman”),
the CEO, a majority of the Board or a majority of the Minority Stockholders
shall from time to time determine.

 

(c)   Notice of Meetings.  The Secretary of the Company (the “Secretary”) or any person that the Board or the Secretary
delegate to act in the capacity of the Secretary shall give written notice to
the CEO, the President of the Company (the “President”) and
each director of each meeting of the Board, which notice shall state the place,
date, time and purpose of such meeting.  Notice
of each such meeting shall be given to each director, if by mail, addressed to
him at his residence or usual place of business, at least five (5) Business
Days before the day on which such meeting is to be held, or shall be sent to
him at such place by telecopy, telegraph, cable, or other form of recorded
communication, or may be delivered by electronic mail or be delivered
personally or by telephone not later than forty-eight (48) hours before the
time at which such meeting is to be held. 
A written waiver of notice, signed by the director entitled to notice,
whether before or after the time of the meeting referred to in such waiver,
shall be deemed equivalent to notice. 
Neither the business to be transacted at, nor the purpose of any meeting
of the Board, need be specified in any written waiver of notice thereof.  Attendance of a director at a meeting of the
Board,

 

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without protest before the conclusion of the meeting that such meeting
is not lawfully called or convened, shall constitute a waiver of notice of such
meeting.

 

(d)   Place of Meetings.  The Board may hold its meetings at such place
or places within or without the State of Delaware as the Chairman or CEO may
from time to time determine, or as shall be designated in the respective
notices or waivers of notice of such meetings.

 

(e)   Quorum and Manner of Acting.

 

(i)            A majority of the
directors then in office (or who are members of any committee of the Board)
shall be present in person or by proxy (provided in writing) at any meeting of
the Board (or a committee thereof, as the case may be) in order to constitute a
quorum for the transaction of business at such meeting, and the vote of a
majority of those directors, or members of such committee, present at any such
meeting at which a quorum is present shall be necessary for the passage of any
resolution or act of the Board or such committee, except as otherwise expressly
required by this Agreement.  In the absence
of a quorum for any such meeting, a majority of the directors present thereat
may adjourn such meeting from time to time until a quorum shall be present.

 

(ii)           Organization.  At each meeting of the Board, one of the
following shall act as chairman of the meeting and preside, in the following
order of precedence:

 

(A)  the Chairman;

 

(B)   the Vice-Chairman; or

 

(C)   any director chosen by a
majority of the directors present.

 

The Secretary or,
in the case of his absence, any person whom the chairman of the meeting shall
appoint shall act as secretary of such meeting and keep the minutes thereof.

 

(f)    Committees of the Board.  The Board may, by resolution passed by a
majority of the whole Board, designate one or more committees consisting of
three or more directors; provided, that each committee shall consist of
at least one designee of the Minority Stockholders.  Except as otherwise expressly required by
this Agreement, any committee of the Board, to the extent provided in the
resolution of the Board designating such committee, shall have and may exercise
all the powers and authority of the Board in the management of the business and
affairs of the Company, and may authorize the seal of the Company to be affixed
to all papers which may require it.  Each
committee of the Board shall keep regular minutes of its proceedings and report
the same to the Board and upon request of the Stockholders, to the
Stockholders.  The notice provisions set
forth in Section 3(c) and the quorum provisions set forth in Section 3(e) shall
apply to any meeting of a committee of the Board.

 

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(g)   Directors’ Consent in Lieu
of Meeting.  Any action required or
permitted to be taken at any meeting of the Board or of any committee thereof
may be taken without a meeting, without prior notice and without a vote, if a
consent in writing, setting forth the action so taken, shall be signed by all
the directors of the Board, in the case of a Board meeting, or all the members
of a committee, in the case of a committee meeting, and such consent is filed
with the minutes of the proceedings of the Board or such committee.

 

(h)   Action by Means of Telephone
or Similar Communications Equipment. 
Any one or more members of the Board, or of any committee thereof, may
participate in a meeting of the Board or such committee by means of conference
telephone or similar communications equipment by means of which all persons
participating in the meeting can hear each other, and participation in a
meeting by such means shall constitute presence in person at such meeting.

 

(i)    Compensation.  Directors who are independent in accordance
with Section 2(e) shall receive such compensation as is determined from time to
time by the Board.  All other directors
shall not receive any salary or compensation for their services as directors or
as members of committees.  The directors
shall be entitled to be reimbursed for traveling expenses properly incurred by
them in attending meetings of the Board or any committee thereof.  Nothing herein shall preclude any director
from serving the Company in any other capacity and receiving compensation
therefor.

 

(j)    Selection of Officers.  Any changes to the officers of the Company
shall be approved by a vote of the majority of the Board members.

 

Section 4.       Agreement
to Vote Shares to Elect Directors. Each Stockholder hereby agrees to take
all action necessary (including voting or causing to be voted, or acting by
written consent with respect to, any and all Shares held by him or it, or
entitled to be voted by him or it, on the record date for establishing the
Stockholders entitled to vote for the election of directors of the Company) to
cause the designees of Motient Sub, TMI Sub and MSV Investors to be elected to
the Board, in accordance with the provisions hereof.

 

Section 5.       Stockholder Meetings.

 

(a)   Regular Meetings.  The Stockholders shall meet annually, unless
otherwise agreed by the Board.  Such
meetings shall be held on such date as shall be determined by a majority of the
Board.

 

(b)   Special Meetings.
Special meetings of the Stockholders shall be held at such times as the Board,
the President or a majority in interest of the Stockholders shall from time to
time determine.

 

(c)   Notice of Meetings.  The Secretary shall give written notice to
the President and each Stockholder of each meeting of the Stockholders, which
notice shall state the place, date, time and purpose of such meeting.  Notice of each such meeting shall be given to
each Stockholder, if by mail, to the address set forth with respect to

 

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such Stockholder in Schedule I,
at least five (5) Business Days before the day on which such meeting is to be
held, or shall be sent to such Stockholder by telecopy, telegraph, cable, or
other form of recorded communication, or be delivered personally or by
telephone not later than forty-eight (48) hours before the time at which such
meeting is to be held.  A written waiver of notice, signed
by the Stockholder entitled to notice, whether before or after the time of the
meeting referred to in such waiver, shall be deemed equivalent to notice.  Neither the business to be transacted at, nor
the purpose of any meeting of the Stockholders need be specified in any written
waiver of notice thereof.  Attendance of
a Stockholder at a meeting of the Stockholders, without protest before the
conclusion of the meeting that such meeting is not lawfully called or convened,
shall constitute a waiver of notice of such meeting.

 

(d)   Place of Meetings.  The Stockholders may hold their meetings at such
place or places within or without the State of Delaware as the President may
from time to time determine, or as shall be designated in the respective
notices or waivers of notice of such meetings.

 

(e)   Quorum and Manner of Acting.
The Stockholders holding the majority of the Shares then issued and outstanding
and entitled to vote shall be present in person or by proxy at any meeting of
the Stockholders in order to constitute a quorum for the transaction of
business at such meeting, and, except as otherwise provided herein, the vote of
those Stockholders holding a majority of the Shares, present at any such
meeting at which a quorum is present, shall be necessary for the passage of any
resolution or act of the Stockholders, except as otherwise expressly required
by this Agreement.  In the absence of a
quorum for any such meeting, holders of a majority of the Shares then issued
and outstanding and entitled to vote present thereat may adjourn such meeting
from time to time until a quorum shall be present.

 

(f)    Stockholders’ Consent in
Lieu of Meeting.  Any action that has
been authorized, approved or consented to by the Board and is required or
permitted to be taken at any meeting of the Stockholders may be taken without a
meeting, without prior notice and without a vote, if a consent in writing,
setting forth the action so taken, shall be signed by the Stockholders holding
the requisite number of Shares for the taking the relevant action and such
consent is filed with the minutes of the proceedings of the Stockholders.

 

(g)   Action by Means of Telephone
or Similar Communications Equipment. 
Any one or more Stockholders may participate in a meeting of the
Stockholders by means of conference telephone or similar communications
equipment by means of which all persons participating in the meeting can hear
each other, and participation in a meeting by such means shall constitute
presence in person at such meeting.

 

Section 6.       Transfer
of Board Designation Rights.  The
rights of the Stockholders to designate directors hereunder may not be
Transferred (as hereinafter defined) other than pursuant to Section
8.1(b)(iii).

 

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Section 7.       Financial
and Other Information.

 

The Company agrees to
furnish to TMI Sub, MSV Investors and Motient Sub,  for so long as such Stockholder is required
to account for its investment in the Company on a consolidated basis or under
the equity method of accounting (determined in accordance with generally accepted
accounting principles in the United States (“GAAP”)
consistently applied), the following financial statements and other
information:

 

(i)            as soon as available,
and in any event no later than 10 days prior to each date which is the earliest
date on which a Stockholder is required to file a Quarterly Report on Form 10-Q
under Section 13(a) or 15(d) of the Exchange Act for each of the first, second
and third quarterly accounting periods in each fiscal year of the Company,
copies of the unaudited consolidated and consolidating balance sheets of the
Company as of the end of such quarterly accounting period, and of the related
consolidated and consolidating statements of income and retained earnings and
cash flows for such accounting period and for the portion of the fiscal year
then ended, all in reasonable detail and stating in comparative form the
unaudited consolidated and consolidating figures as of the end of and for the
corresponding date and period in the previous fiscal year, all certified by the
Company’s chief financial officer as complete and correct and as presenting
fairly the information contained therein in accordance with GAAP, subject to
(x) recurring non-material changes resulting from year-end audit adjustments
and (y) absence of the notes required by GAAP; and

 

(ii)           as soon as available
and in any event no later than 15 days prior to each date which is the earliest
date on which a Stockholder is required to file an Annual Report on Form 10-K
under Section 13(a) or 15(d) of the Exchange Act for the each fiscal year of
the Company, copies of the audited consolidated and consolidating balance
sheets of the Company as of the end of such fiscal year, and of the related
audited consolidated and consolidating statements of income and retained
earnings and cash flows for such fiscal year, all in reasonable detail and
stating in comparative form the respective consolidated and consolidating
figures as of the end of and for the previous fiscal year, complete and correct
and as presenting fairly the information contained therein in accordance with
GAAP, and, in the case of such audited consolidated statements, accompanied by
a report thereon of Friedman LLP or a nationally recognized firm of independent
certified public accountants selected by the Company (the “Accountants”)
following an examination by the Accountants in connection with such
consolidated financial statements in accordance with generally accepted
auditing standards.

 

(b)   In addition, in the event that
the Company becomes a “significant subsidiary” (as defined in Section 1-02(w)
of Regulation S-X under the Exchange Act and applied in Section 3-09 of such
Regulation S-X) of a Stockholder, the Company shall cooperate fully with such
Stockholder by providing such assistance as is required for the Stockholder to
prepare its Quarterly Reports on Form 10-Q in accordance with the requirements
of the Exchange Act, and all of the rules and regulations promulgated
thereunder, including, without limitation, by arranging for the Accountants to
prepare

 

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quarterly reports in connection with the Company’s quarterly financial
statements referred to in Section 7(a)(i).

 

(c)   If the Company indicates at the
time it provides any financial or other information to a Stockholder pursuant
to this Section 7 that such information is material non-public information
relating to it or any of its Affiliates (“Non-Public
Information”), such Stockholder agrees not to disclose or reveal any
Non-Public Information to any other Person until such time as the Non-Public
Information is disclosed in a press release or a filing with the Securities and
Exchange Commission, unless such Stockholder is required by applicable law to
disclose such Non-Public Information.  In
the event that such Stockholder is requested pursuant to, or required by,
applicable law to disclose or reveal any Non-Public Information, such
Stockholder agrees that, prior to disclosing such information, it will provide
the Company with notice of such request or requirement in order to enable the
Company to seek an appropriate protective order or other remedy, or to consult
with such Stockholder with respect to steps that may be taken to resist or
narrow the scope of such request or legal process.  Such Stockholder acknowledges that it is
aware that the United States securities laws prohibit any person possessing
Non-Public Information from purchasing or selling any securities on the basis
of the Non-Public Information. 
Consequently, such Stockholder agrees not to effect any trades in
securities on the basis of the Non-Public Information.  Further, such Stockholder agrees that while
it is in possession of the Non-Public Information, it will refrain from making
recommendations about buying, selling or exercising or redeeming
securities.  To the extent that the
Stockholder is a public company (or an Affiliate of a public company), the
Company and such Stockholder shall coordinate their efforts with respect to
planning for the public disclosure of the Non-Public Information in connection
with such Stockholder’s obligations under the federal securities laws.

 

Section 8.       Transfers.

 

Section 8.1             Transfers.  Each Stockholder agrees not to, directly or
indirectly, sell, assign, transfer, pledge, encumber, hypothecate, mortgage or
otherwise dispose of, either voluntarily or involuntarily but not including a
Transfer or lease by pledge or mortgage to a bona fide lender
(or to enter into any contract, option or other arrangement or understanding to
do any of the foregoing) (a “Transfer”), any
Shares, except in compliance with this Section 8.1; provided, however, that TMI
Sub shall be permitted to pledge its Shares pursuant to the Pledge Agreement.

 

(a)       Tag Along Rights.

 

(i)            General.  Motient Sub may not Transfer (other than
pursuant to Section 8.1(b)) any Shares held by Motient Sub to any Person,
unless the terms and conditions of such Transfer shall include a written offer
by the transferee (the “Transfer Notice”)
to each other Stockholder (other than Motient Sub and any Affiliates of Motient
Sub who also are Stockholders) and each Option Holder (each, a “Tag Along Participant”), at the same price (such price, the “Tag Along Price”) and on the same terms and conditions as
Motient Sub has agreed to sell its Shares to include in the

 

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Transfer to the
transferee a portion of Shares determined in accordance with this Section
8.1(a).  All rights of the Option Holders
under this Section 8.1(a) shall be exercised by the Option Holder
Representative, and any notices or communications required to be given to the
Option Holders may instead be provided solely to the Option Holder
Representative.

 

(ii)           Obligation of
Transferee to Purchase.  The
transferee of Motient Sub shall purchase from Motient Sub and each Tag Along
Participant the portion of Motient Sub’s and such Tag Along Participant’s
Shares that Motient Sub and such Tag Along Participant desire to sell; provided,
that in the event that the transferee is not willing to purchase all of the
shares Motient Sub and the Tag Along Participants desire to sell, the
transferee shall purchase from Motient Sub and each Tag Along Participant a
portion of such securities that shall not exceed the Maximum Tag Along Portion
(as hereinafter defined) and, if such portion does exceed the Maximum Tag Along
Portion, the transferee shall be obligated to purchase only the Maximum Tag
Along Portion.  For purposes hereof, the
term “Maximum Tag Along Portion” means a
portion of Motient Sub’s or a Tag Along Participant’s Shares equal to the
aggregate number of Shares the transferee actually proposes to purchase
multiplied by a fraction, the numerator of which shall be the number of Shares
issued and owned by Motient Sub or such Tag Along Participant (including, for
the avoidance of doubt, in the case of participating Option Holders, Shares to
be acquired upon the exercise of any vested Options owned by such Option Holder
and to be included in such Transfer) and the denominator of which shall be the
aggregate number of Shares owned by Motient Sub and each Tag Along Participant
exercising its rights under this Section 8.1(a) (including, for the avoidance
of doubt, Shares to be acquired upon the exercise of vested Options owned by
participating Option Holders and to be included in such Transfer); provided,
however, that if Motient Sub proposes to Transfer Shares representing
50% or more of the issued and outstanding Shares, the Maximum Tag Along Portion
for each Tag Along Participant shall be equal to all of the Shares owned by
such Tag Along Participant.  To the extent
one or more Tag Along Participants exercise such right of participation in
accordance with the terms and conditions of this Section 8.1(a), the number of
shares that Motient Sub may sell in the transaction shall be correspondingly
reduced if the transferee is not willing to purchase all of the shares Motient
Sub and the Tag Along Participants desire to sell.  For the avoidance of doubt, the Option
Holders shall be treated as a single Tag Along Participant for purposes of this
Section 8.1(a), and the number of Shares owned by such Option Holders and
proposed to be sold by such Option Holders shall be determined by the Option
Holder Representative in its reasonable discretion based on instructions
received from the Option Holders.

 

(iii)          Exercise.  The tag-along right may be exercised by each
Tag-Along Participant by delivery of a written notice to Motient Sub (the “Tag  Along Notice”)
within 30 calendar days following receipt of the Transfer Notice.  The Tag Along Notice shall state the number
of Shares that such Tag Along Participant wishes to include in such Transfer to
the transferee under such Tag Along Participant’s right to participate.  Upon the giving of a Tag Along Notice, such
Tag Along Participant shall be entitled and obligated to sell the number of
Shares set forth in the Tag Along Notice, to the transferee on the terms and
conditions set forth in the Transfer Notice (the

 

11

 

“Transferee  Terms”); provided,
however, Motient Sub shall not consummate the sale of any Shares offered
by it if the transferee does not purchase all Shares which each Tag Along
Participant is entitled and desires to sell pursuant hereto.  After expiration of the 30 calendar-day
period referred to above, if the provisions of this Section have been complied
with in all respects, Motient Sub and each Tag Along Participant that delivered
a Tag Along Notice shall Transfer the Shares determined in accordance with
Section 8.1(a)(ii) to the transferee on the Transferee Terms on the sale date
proposed in the Transfer Notice (or such other date within sixty (60) days of
such proposed sale date as may be agreed among the participants in such
Transfer).

 

(iv)          Several Liability.  Anything to the contrary contained herein
notwithstanding, Motient Sub agrees to use its good faith reasonable efforts to
ensure that the applicable Transferee Terms provide for several, and not joint,
liability, with respect to the indemnification and comparable obligations
contained within such Transferee Terms.

 

(v)           The tag-along rights
set forth in this Section 8.1(a) shall not be deliberately circumvented by
Motient Sub under circumstances where any of the parties having tag-along
rights hereunder would have a reasonable expectation that such tag-along rights
would apply.

 

(vi)          Notwithstanding the
foregoing, if the written offer by the transferee that is required to be made
to the Option Holders pursuant to Section 8.1(a)(i) above would require
registration under the Securities Act of 1933, as amended, Motient Sub may
Transfer its Shares, and the requirements of this Section 8.1(a) shall be
deemed satisfied, if the transferee agrees with Motient Sub that it will,
promptly after such Transfer, use its commercially reasonable efforts to effect
such registration and to make such offer, and will accept for purchase all
Shares properly tendered by such Option Holders in accordance therewith, at the
Tag Along Price and in compliance with applicable laws.

 

(b)       Subject to
Sections 8.1(c), (d) and (e), a Stockholder may at any time and from time to
time (i) Transfer any of its Shares to any of its Family Members provided,
that such Stockholder shall provide the other Stockholders notice of the
identity of such Family Member transferee, (ii) Transfer all or part of
its Shares to its members, partners, shareholders or other equity holders, as
the case may be, pro-rata in accordance with the governing documents of the
Stockholder and without consideration, or (iii)  Transfer all or part
of its Shares to a Control Party or a wholly-owned subsidiary of such
Stockholder including but not limited to by way of merger, reverse merger or
other business combination; provided, that in the event that the
Stockholder is not a wholly-owned subsidiary of the Control Party, such
Stockholder and Control Party agree with the Company in writing that such
Control Party shall Transfer such Shares back to such Stockholder immediately
upon such Person ceasing to be a Control Party of such Stockholder; and provided,
further, that such Stockholder and wholly-owned subsidiary agree with
the Company in writing that such wholly-owned subsidiary shall Transfer such
Shares back to such Stockholder immediately upon such Person ceasing to be a
wholly-owned subsidiary of such Stockholder.

 

12

 

(c)       In addition to
any other requirements of this Agreement relating to a Transfer of Shares, no
Shares shall be Transferred or assigned unless the transferee (i) executes an
instrument reasonably satisfactory to the Company accepting all of the terms
and conditions relating to a Stockholder set forth in this Agreement, (ii) pays
any reasonable expenses of the Company incurred in connection with such
Transfer or assignment (including, without limitation, attorney’s fees) and (iii)
is either an “accredited investor” (as defined in Rule 501 promulgated under
the Securities Act of 1933, as amended (the “Securities
Act”)) or provides an opinion of counsel reasonably acceptable to
the Company that the Transfer will not require registration under the
Securities Act.

 

(d)       Notwithstanding
any other provisions of this Agreement to the contrary, the Company may
prohibit any proposed Transfer if, in the reasonable determination of the
Company, such Transfer would cause the Company to be in violation of any
material applicable state or federal laws or other material applicable legal
requirement.

 

(e)       To the extent
that any regulatory approval, notification or other submission or procedure is
required or customarily provided in connection with the exercise of any right
or obligations as set forth in this Agreement with respect to the Transfer or
assignment of the Shares (including, but not limited to, Federal Communications
Commission approvals (if required), filings under the Hart-Scott-Rodino
Antitrust Improvements Act of 1976, as amended, and applicable securities
laws), such Transfer or assignment pursuant to this Agreement will be delayed
and will only take place after such approval, notification or other submission
or procedure has been obtained, submitted or completed, as reasonably
determined by the Company.

 

(f)        Subject to
Sections 8.1(c), (d), and (e), for purposes of this Agreement, the sale or
Transfer of any equity or other ownership interests in any Intervening Entity
other than to an entity that is a wholly-owned subsidiary of such Stockholder
or of which such Stockholder is a direct or indirect wholly-owned subsidiary
(an “Intervening Entity Ownership Change”)
shall be deemed to constitute a Transfer of the aggregate number of Shares held
by that Stockholder multiplied by a fraction, the numerator of which is the
percentage ownership of the Intervening Entity so sold or Transferred and the
denominator of which is 100%.  If such a
deemed Transfer of Shares occurs without compliance with or as permitted by the
provisions of Sections 8.2(a) through (e) (as applicable) of this Agreement
then, without limiting the rights of the Company or the other Stockholders at
law or in equity, all of the Stockholders (other than the Stockholder which is
so deemed to have Transferred Shares) shall have the right to purchase their
Proportionate Shares (except that in determining such Stockholders’
Proportionate Share, any Shares (and Shares issuable upon the exchange,
conversion or exercise of warrants or other convertible instruments) owned
directly or indirectly by the Intervening Entity shall be excluded from the
denominator) so deemed Transferred for the same amount of consideration to be
given to the Intervening Entity or its owners, in respect of the Intervening
Entity Ownership Change.

 

13

 

(g)       Any attempted
Transfer of Shares in violation of this Agreement shall be void and of no
effect.

 

Section 8.2             New
Stockholders.  A Person (other than a
current Stockholder) who purchases from the Company Shares shall become a
Stockholder, pursuant to the terms and subject to the conditions set forth in
this Agreement upon furnishing to the Company (a) a subscription
agreement, in form reasonably satisfactory to the Company, which agreement
shall include an acceptance by such Person of all the terms and conditions of
this Agreement, and (b) such other documents as the Company deems
reasonably necessary or advisable. Such admission shall become effective on the
date that the Company determines that such conditions have been satisfied.

 

Section 9.       Legends.  Each Stockholder consents to the Company
inserting appropriate legends referencing the restrictions and obligations
contained in this Agreement on the certificates representing the Shares held by
the Stockholders on or after the date of this Agreement.

 

Section 10.     Miscellaneous.

 

(a)       Representation.  No Stockholder is a party to any other
agreement other than the Pledge Agreement, with respect to the Transfer or disposition
of voting rights with respect to any Shares.

 

(b)       Severability.  Should any one or more of the provisions of
this Agreement be determined to be illegal or unenforceable, each other
provision of this Agreement shall be given effect separately from the provision
or provisions determined to be illegal or unenforceable and shall not be
affected thereby.

 

(c)       No Waiver.  No failure or delay on the part of any party
in exercising any right, power or remedy hereunder shall operate as a waiver
thereof; nor shall any single or partial exercise of any such right, power or
remedy preclude any other or further exercise thereof or the exercise of any
other right, power or remedy hereunder.

 

(d)       Entire
Agreement.  This Agreement and the
other Transaction Documents constitute the entire agreement among the parties
pertaining to the subject matter hereof and supersede all prior agreements and
understandings of the parties in connection herewith.

 

(e)        Amendment
and Modification.  This Agreement may
be amended, modified and supplemented only by written agreement of a majority
of the Shares held by the Stockholders (or, in the event the provision to be
amended contains language requiring the consent of a greater number of the
Shares such greater number); provided, however, that any
amendment, modification or supplement to this Agreement that would adversely
affect any individual Stockholder, or group of Stockholders, in a manner
different than its effect on other Stockholders shall require the prior written
consent of such Stockholder(s). 
Notwithstanding the foregoing, if the Company shall admit any new
stockholder and the Board shall determine that the Board should be expanded to
allow for representation on the Board by such new stockholder, this Agreement
may be amended

 

14

 

by the written agreement of the holders of a majority of the then
outstanding Shares to provide for one or more additional directors (the number
of such additional directors to be reasonably proportionate to such new
Stockholder’s Proportionate Share), which director(s) shall be designated by
such new Stockholder.

 

(f)        Remedies.  The parties acknowledge and agree that the
breach of any of the terms of this Agreement will cause irreparable injury for
which an adequate remedy at law is not available.  Accordingly, it is agreed that each party
hereto shall be entitled to an injunction, restraining order or other equitable
relief to prevent breaches of this Agreement and to enforce specifically the
terms and provisions hereof in any court of competent jurisdiction in the
United States or any state thereof, without the requirement of the posting of
any bond.  Such remedies shall be
cumulative and non-exclusive and shall be in addition to any other rights and
remedies the parties may have under this Agreement.

 

(g)       Notices.
All notices provided for in this Agreement shall be in writing, duly signed by
the party giving such notice, and shall be delivered personally, sent by a
nationally recognized overnight courier, telecopied or mailed by registered or
certified mail, as follows:

 

(i)            If given to the
Company, at the Company’s mailing address set forth below:

 

TerreStar Networks Inc.

11720 Sunrise Valley Drive,

Fifth Floor

Reston, VA 20191

Fax: 703.476.7143

Attention:  Chief Executive Officer

 

with a copy to
each Stockholder as set forth in clause (ii) below.

 

(ii)           If given to any
Stockholder, at the address set forth on Schedule I
hereof (or as modified from time to time by a Stockholder upon written notice
to the Company).

 

(iii)          If given to the Option
Holder Representative, at the Company’s mailing address, with (for so long as
any employee of Mobile Satellite Ventures LP holds any Options) a copy to the
mailing address set forth below:

 

Mobile Satellite Ventures LP

10802 Parkridge Boulevard

Reston, VA 20191

Fax: (703) 390-2770

Attention:  Human Resources

 

Notices delivered personally to an addressee or sent by overnight
courier shall be deemed to have been given upon such delivery.  Notices sent by telecopier shall be deemed to

 

15

 

have been given upon confirmation by telecopy answerback (provided that
the sending of any such notice is followed promptly by the mailing of the
original of such notice). Notices mailed by registered or certified mail shall
be deemed to have been given upon the expiration of five (5) Business Days
after such notice has been deposited in the mail.

 

(h)       Governing
Law; Consent to Jurisdiction. This Agreement shall be governed by and construed
in accordance with the law of the State of Delaware without regard to any
applicable principles of conflicts of law. 
Each party agrees that, in connection with any legal suit or proceeding
arising with respect to this Agreement, it shall submit to the non-exclusive
jurisdiction of the United States District Court for the Southern District of
New York or the applicable New York state court located in New York County and
agrees to venue in such courts.

 

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

 

(j)        Termination.  Sections 2(a), 2(b), 2(d), 2(e), 3, 4, 5, 6,
and 8.2 shall terminate and have no further force and effect upon the
Expiration Date.

 

[Signature pages to follow]

 

16

 

IN WITNESS
WHEREOF, the parties hereto have executed this Agreement as of the day and year
first written above.

 

	
   

  	
  TERRESTAR NETWORKS INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Robert Macklin

  	
   

  
	
   

  	
   

  	
  Robert Macklin

  
	
   

  	
   

  	
  Secretary

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  THE OPTION HOLDER REPRESENTATIVE:

  
	
   

  	
   

  	
   

  
	
   

  	
  TERRESTAR NETWORKS INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Robert Macklin

  	
   

  
	
   

  	
   

  	
  Robert Macklin

  
	
   

  	
   

  	
  Secretary

  
					

 

 

[Signature Page to Amended and Restated TerreStar Stockholders’
Agreement]

 

 

	
   

  	
  MOTIENT VENTURES HOLDING INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Christopher Downie

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Christopher Downie

  
	
   

  	
   

  	
  Title:

  	
  Executive Vice President

  
	
   

  	
   

  	
   

  	
  and Chief Operating Officer

  
	
   

  	
   

  	
   

  
	
   

  	
  TMI COMMUNICATIONS DELAWARE,

  LIMITED PARTNERSHIP

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  3924505 Canada, Inc., its General Partner

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
						

 

 

[Signature Page to Amended and Restated TerreStar
Stockholders’ Agreement]

 

 

	
   

  	
  MSV INVESTORS, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  MSV Investors Holdings, Inc.,

  
	
   

  	
   

  	
  Its Managing Member

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Jeffrey A. Leddy

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Jeffrey A. Leddy

  
	
   

  	
   

  	
  Title:

  	
  Chief Executive Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  TSTR INVESTORS, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
						

 

 

[Signature Page to Amended and Restated TerreStar
Stockholders’ Agreement]

 

 

	
   

  	
  SPECTRUM EQUITY INVESTORS IV, L.P.

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
  Spectrum Equity Associates IV, L.P.

  
	
   

  	
   

  	
  Its General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ Kevin J. Maroni

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Kevin J. Maroni

  
	
   

  	
   

  	
  Title:

  	
  General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  SPECTRUM IV INVESTMENT MANAGERS’ FUND, L.P.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ Kevin J. Maroni

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Kevin J. Maroni

  
	
   

  	
   

  	
  Title:

  	
  General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  SPECTRUM EQUITY INVESTORS PARALLEL IV, L.P.

  
	
   

  	
   

  	
   

  
	
   

  	
  By: Spectrum Equity Associates IV, L.P., its

  General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ Kevin J. Maroni

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Kevin J. Maroni

  
	
   

  	
   

  	
  Title:

  	
  General Partner

  
						

 

 

[Signature Page to Amended and Restated TerreStar
Stockholders’ Agreement]

 

 

	
   

  	
  COLUMBIA CAPITAL EQUITY PARTNERS III (QP), L.P.

  
	
   

  	
   

  	
   

  
	
   

  	
  By: Columbia Capital Equity Partners III, L.P., as

  General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Donald A. Doering

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Donald A. Doering

  
	
   

  	
   

  	
  Title:

  	
  Chief Financial Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  COLUMBIA CAPITAL EQUITY PARTNERS III (AI), L.P.

  
	
   

  	
   

  	
   

  
	
   

  	
  By: Columbia Capital Equity Partners III, L.P., as

  General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Donald A. Doering

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Donald A. Doering

  
	
   

  	
   

  	
  Title:

  	
  Chief Financial Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  COLUMBIA CAPITAL EQUITY PARTNERS III (CAYMAN), L.P.

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
  Columbia Capital Equity Partners

  
	
   

  	
   

  	
  (Cayman) III, Ltd., as General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Donald A. Doering

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Donald A. Doering

  
	
   

  	
   

  	
  Title:

  	
  Chief Financial Officer

  
					

 

 

[Signature Page to Amended and Restated TerreStar
Stockholders’ Agreement]

 

 

	
   

  	
  COLUMBIA CAPITAL INVESTORS III, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
  By: Columbia Capital Equity Partners III, L.P., as

  General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Donald A. Doering

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Donald A. Doering

  
	
   

  	
   

  	
  Title:

  	
  Chief Financial Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  COLUMBIA CAPITAL EMPLOYEE

  INVESTORS III, L.L.C.

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
  Columbia Capital III, L.L.C., its Manager

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Donald A. Doering

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Donald A. Doering

  
	
   

  	
   

  	
  Title:

  	
  Chief Financial Officer

  
						

 

 

[Signature Page to Amended and Restated TerreStar
Stockholders’ Agreement]

 

 

	
   

  	
  DEAN VENTURES
  VII, LLC

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  FABIAN
  SOUZA

  
						

 

 

[Signature Page to Amended and Restated TerreStar
Stockholders’ Agreement]

 

 

SCHEDULE I

 

STOCKHOLDERS

 

	
  Name

  	
   

  	
  Address

  	
   

  	
  Number of Shares

  	
   

  
	
   

  
	
  COLUMBIA/SPECTRUM
  INVESTOR GROUP

  
	
   

  
	
  Columbia Capital
  Equity Partners III (QP), L.P.

  	
   

  	
  201 North Union
  Street

  Suite 300

  Alexandria, Virginia 22314

  Attention: James B. Fleming

  Tel:   (703) 519-3000

  Fax:   (703) 519-3904

  

  with a copy to:

  

  Edwards & Angell, LLP

  101 Federal Street

  Boston, MA 02100

  Attention: Stephen O. Meredith, Esq.

  Tel: (617) 951-2233

  Fax: (888) 325-9120

  	
   

  	
  710,074

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Columbia Capital
  Equity Partners III (AI), L.P.

  	
   

  	
  201 North Union
  Street

  Suite 300

  Alexandria, Virginia 22314

  Attention: James B. Fleming

  Tel:   (703) 519-3000

  Fax:   (703) 519-3904

  

  with a copy to:

  

  Edwards & Angell, LLP

  101 Federal Street

  Boston, MA 02100

  Attention: Stephen O. Meredith, Esq.

  Tel:   (617) 951-2233

  Fax:   (888) 325-9120

  	
   

  	
  39,225

  	
   

  

 

 

	
  Name

  	
   

  	
  Address

  	
   

  	
  Number of Shares

  	
   

  
	
  Columbia Capital
  Equity Partners III (Cayman), L.P.

  	
   

  	
  201 North Union
  Street

  Suite 300

  Alexandria, Virginia 22314

  Attention: James B. Fleming

  Tel:  (703) 519-3000

  Fax:  (703) 519-3904

  

  with a copy to:

  

  Edwards & Angell, LLP

  101 Federal Street

  Boston, MA 02100

  Attention: Stephen O. Meredith, Esq.

  Tel:  (617) 951-2233

  Fax:  (888) 325-9120

  	
   

  	
  389,939

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Columbia Capital
  Investors III, LLC

  	
   

  	
  201 North Union
  Street

  Suite 300

  Alexandria, Virginia 22314

  Attention: James B. Fleming

  Tel:  (703) 519-3000

  Fax:  (703) 519-3904

  

  with a copy to:

  

  Edwards & Angell, LLP

  101 Federal Street

  Boston, MA 02100

  Attention: Stephen O. Meredith, Esq.

  Tel:  (617) 951-2233

  Fax:  (888) 325-9120

  	
   

  	
  175,203

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Columbia Capital
  Employee Investors III, L.L.C.

  	
   

  	
  201 North Union
  Street

  Suite 300

  Alexandria, Virginia 22314

  Attention: James B. Fleming

  Tel:  (703) 519-3000

  Fax:  (703) 519-3904

  

  with a copy to:

  

  Edwards & Angell, LLP

  101 Federal Street

  Boston, MA 02100

  Attention: Stephen O. Meredith, Esq.

  Tel:  (617) 951-2233

  Fax:  (888) 325-9120

  	
   

  	
  2,446

  	
   

  

 

 

	
  Name

  	
   

  	
  Address

  	
   

  	
  Number of Shares

  	
   

  
	
  Spectrum Equity
  Investors IV, L.P.

  	
   

  	
  One
  International Place

  29th Floor

  Boston, MA 82110

  Attention: Kevin J. Maroni

  Tel:  (617) 464-4600

  Fax:  (617) 464-4601

  

  with a copy to:

  

  Edwards & Angell, LLP

  101 Federal Street

  Boston, MA 02100

  Attention: Stephen O. Meredith, Esq.

  Tel:  (617) 951-2233

  Fax:  (888) 325-9120

  	
   

  	
  202,045

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Spectrum IV
  Investment Managers Fund, L.P.

  	
   

  	
  One
  International Place

  29th Floor

  Boston, MA 82110

  Attention: Kevin J. Maroni

  Tel:  (617) 464-4600

  Fax:  (617) 464-4601

  

  with a copy to:

  

  Edwards & Angell, LLP

  101 Federal Street

  Boston, MA 02100

  Attention: Stephen O. Meredith, Esq.

  Tel:  (617) 951-2233

  Fax:   (888) 325-9120

  	
   

  	
  2,406

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Spectrum Equity
  Investors Parallel IV, L.P.

  	
   

  	
  One
  International Place

  29th Floor

  Boston, MA 82110

  Attention: Kevin J. Maroni

  Tel:  (617) 464-4600

  Fax:  (617) 464-4601

  

  with a copy to:

  

  Edwards & Angell, LLP

  101 Federal Street

  Boston, MA 02100

  Attention: Stephen O. Meredith, Esq.

  Tel:  (617) 951-2233

  Fax:  (888) 325-9120

  	
   

  	
  1,192

  	
   

  

 

 

	
  Name

  	
   

  	
  Address

  	
   

  	
  Number of Shares

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  MSV Investors, LLC

  	
   

  	
  c/o MSV Investor Holdings, Inc. 

  19 West 44th Street

  Suite 507

  New York, New York 10036

  Attention: General Counsel

  Tel:  (212) 730-7524

  Fax:  (212) 730-7523

  	
   

  	
  5,303,315

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Motient Ventures
  Holding Inc.

  	
   

  	
  Motient
  Corporation

  300 Knightsbridge Parkway

  Lincolnshire, IL 60609

  Tel:  (847) 478-4200

  Fax:  (847) 478-4810

  Attention: President and Chief Executive Officer

  	
   

  	
  19,551,697

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  TMI
  Communications Delaware, Limited Partnership

  	
   

  	
  1601 Telesat
  Court

  Gloucester Court

  Canada K1B 1B9

  Tel:  (613) 748-8700 (ext. 8700)

  Fax:  (613) 748-8783

  Attention: Richard O’ Reilly

  

  with a copy to:

  

  Bell Canada

  Bureau 3700

  1000, rue de La Gauchetière Ouest

  Montréal, Québec H3B 4Y7

  Tel:  (514) 870-4637

  Fax:  (514) 870-4877

  Attention: Chief Legal Officer

  	
   

  	
  5,073,715

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Dean Ventures
  VII, LLC

  	
   

  	
  8065 Leesburg
  Pike

  Vienna, VA 22182

  Attention: Dean Wilde, Chairman

  	
   

  	
  4,180

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  TSTR Investors,
  LLC

  	
   

  	
  201 North Union
  Street

  Suite 360

  Alexandria, VA 22314

  Attention: Hal B. Perkins, Esq.

  Tel:  (703) 519-3283

  Fax:  (703) 519-3281

  	
   

  	
  666,972

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Fabian E. Souza

  	
   

  	
  18106 Northern
  Dancer Lane

  Boyds, MD 20841

  Tel: (301) 444-0777

  	
   

  	
  6,087

  	
   

  

 

 

	
  Name

  	
   

  	
  Address

  	
   

  	
  Number of Shares

  
	
  [Others to be
  added]Exhibit 10.10

 

AMENDMENT NO. 3 TO
AMENDED AND RESTATED

STOCKHOLDERS’ AGREEMENT

 

THIS AMENDMENT
NO. 3 (this “Amendment”) to the Amended and
Restated Stockholder’s Agreement, dated as of November 12, 2004 of Mobile
Satellite Ventures GP (“MSV GP”), as amended from time to time (the “Agreement”)
is hereby adopted by the stockholders of MSV GP this 6th day of May
2006.

 

WHEREAS,
the Agreement provides that it may be amended by the written agreement pf the
holders of a majority of the Shares (as such terms are defined in the
Agreement);

 

WHEREAS,
the Stockholders executing this Amendment, who together hold a majority of the
Shares, wish to amend the Agreement as set forth herein, which amendment shall
be effective as to all Stockholders from and after the date hereof; and

 

WHEREAS,
capitalized terms used in this Amendment but not defined herein shall have the
meanings ascribed thereto in the Agreement.

 

NOW THEREFORE,
the parties hereto hereby agree as follows:

 

1.             Amendment of Section 7.  Clause 7 of the Agreement is hereby amended
to read in its entirety as follows:

 

“Transfer of Shares. The
Stockholders each undertake to take such actions and execute such documents as
may be necessary to insure that the proportionate ownership of General Partner
at all times reflects the then-current proportional ownership of Limited
Partnership Interests in MSV LP, excluding for this purpose, any Limited
Investor. In furtherance of the foregoing, except for Transfers made
simultaneously with permitted transfers of Limited Partnership Interests made
in accordance with the terms of Section 8 of this Agreement, each Stockholder
agrees not to, directly or indirectly, sell, assign, transfer, pledge, mortgage
or otherwise dispose of, either voluntarily or involuntarily (a “Transfer”),
any Shares; provided, however, that TMI Sub shall be permitted to pledge
its Shares pursuant to the Pledge Agreement. In addition, each Stockholder
hereby undertakes to, at the same time that it transfers any of its Limited
Partnership Interests, Transfer its Shares (or the same portion thereof as the
Limited Partnership Interests being transferred bear to its total Limited
Partnership Interests) to the purchaser or assignee of any of its Limited
Partnership Interests in accordance with Section 8 of this Agreement. Following
a Transfer of such Shares, such Shares shall remain subject to the provisions
of this Agreement, and the transferee shall execute and deliver to General
Partner a written agreement to be bound by this Agreement in form and substance
reasonably satisfactory to General Partner. Notwithstanding the foregoing,
except as set forth in Section 2(b)(i) with respect to Transfers to an Investor
Group Assignee, in connection with transfers of Limited Partnership Interests
pursuant to Sections 8.2(c) or (d) of this Agreement, no transferee shall
have the right to designate directors pursuant hereto.”

 

2.             Amendment of Clause 8.2(a).  Clause 8.2(a) of the Agreement is hereby
amended to read in its entirety as follows:

 

 

“(a) Right
of First Refusal. In the event that a Limited Partner (a “Selling Party”)
proposes to transfer all or a portion of its Limited Partnership Interest to
any third party, other than in accordance with Section 8.2(c) or (d), pursuant
to a bona fide offer, such Selling Party will provide notice of such proposed
transfer (including the identity of the proposed purchaser of such interest,
the amount of interests proposed to be transferred and the proposed terms
thereof) (the “Transfer Notice”), at least fifteen (15) Business Days
prior to the proposed transfer, to each other Limited Partner, whereupon each
other Limited Partner shall have the right to purchase, at the same price and
upon the same terms and conditions set forth in the Transfer Notice, a pro rata
portion of such interest based upon such Limited Partner’s portion of the
Percentage Interests held by all Limited Partners other than the Selling Party.
In the event a Selling Party proposes to transfer Limited Partnership Interests
in a transaction whereby Limited Partnership Interests shall be sold to the
transferee on a delayed or continuous basis (a “Continuous Transfer”),
the Transfer Notice relating to such transaction shall be delivered at least
fifteen (15) Business Days prior to the first proposed transfer of Limited Partnership
Interests under the terms of the transaction (the “Initial Transfer”) and
no additional Transfer Notice shall be delivered with respect to subsequent
transfers of Limited Partnership Interests pursuant to the same transaction. Except
as set forth in the next sentence, the purchase price shall be payable in cash.
In the event that the Transfer Notice specifies the payment of consideration
other than cash, the purchase price for purposes of this Section 8.2(a) shall
either be (x) the cash equivalent of such consideration, determined by General
Partner in good faith or (y) to the extent the participating Limited Partner
elects, the same type and amount of non-cash consideration that is proposed to
be paid as described in the Transfer Notice. The Transfer Notice shall
constitute an irrevocable offer by the Selling Party to sell to the other
Limited Partners such interests at the price and on the terms as contained in
such Transfer Notice. Each Limited Partner desiring to participate in such
purchase shall provide the Selling Party and each other Limited Partner notice
of its agreement to participate (the “Participation Notice”) within ten
(10) Business Days of receipt of the Transfer Notice specifying such
participation and whether and the extent to which such Limited Partner wishes
to acquire any remaining, unallocated portion of the proposed transfer (the “Unallocated
Portion”). In the event of a Continuous Transfer, such Participation Notice
shall specify participation with respect to all transfers pursuant to such
Continuous Transfer.  In the event that
one or more of the other Limited Partners do not provide a timely Participation
Notice, the Unallocated Portion shall be allocated in pro rata proportion to
the Percentage Interest held by each of the Limited Partners who submits a
Participation Notice to the extent of such Limited Partner’s indicated
willingness to acquire any Unallocated Portion as provided in such Limited
Partners’ Participation Notice. The Participation Notice shall be deemed to be
an irrevocable commitment to purchase from the Selling Party, at the price (or
the cash equivalent thereof) and on the terms as contained in the Transfer
Notice, the amount of the interests that such Limited Partner specifies in the
Participation Notice. In the event that the Limited Partners are not willing to
purchase all of the interests offered pursuant to the Transfer Notice, and the
amount of interests which the Selling Party has offered to sell pursuant to the
Transfer Notice less the amount of interests the Limited Partners are willing
to accept is less than the minimum amount of interests which the offeror is
willing to purchase pursuant to the bona fide offer described in the Transfer
Notice, then the Limited Partners shall be deemed to have rejected the offer
contained in the Transfer Notice in its entirety and the Selling Party shall be
permitted to proceed with the sale described in the Transfer Notice. In the
event that the Limited Partners shall have accepted all or part of the
interests offered pursuant to the Transfer Notice (and shall not have been
deemed to have rejected the offer in its entirety as described in the
immediately preceding sentence), then the Selling Party shall sell to such
Limited Partners such interests as have been

 

 

accepted by such Limited Partners as
specified in such Limited Partner’s Participation Notice on the terms contained
in the Transfer Notice. Any interests not sold to the Limited Partners pursuant
to the preceding sentence may be sold to a third party, including the original
offeror, at a price not lower than, and on such other terms and conditions not
more favorable to such third party than, those contained in the original
Transfer Notice, at any time within two hundred seventy (270) days after the
expiration of the offer required by this Section 8.2(a); provided, that
in the case of a Continuous Transfer, transfers subsequent to the Initial
Transfer may be made following the expiration of such two hundred seventy (270)
day period . In the event the interests are not transferred by the Selling
Party on such terms during such two hundred seventy (270) day period (other
than transfers subsequent to the Initial Transfer in the case of a Continuous
Transfer), the restrictions of this Section 8.2(a) shall again become
applicable to any transfer of interests by the Selling Party.”

 

3.             Amendment of Clause 8.2(b)(ii).  Clause 8.2(b)(ii) of the Agreement is hereby
amended to read in its entirety as follows:

 

“(ii) Obligation
of Transferee to Purchase. The third-party transferee of the Selling Party
shall purchase from each Tag Along Participant the portion of such Tag Along
Participant’s Limited Partnership Interest that such Tag Along Participant
desires to sell, provided, that the third-party may, but shall not be
obligated, to purchase, such portion that exceeds the Maximum Tag Along Portion
(as defined below) and, if such portion exceeds the Maximum Tag Along Portion,
the transferee shall be obligated to purchase only the Maximum Tag Along
Portion. For purposes hereof, the term “Maximum Tag Along Portion” means
a portion of a Tag Along Participant’s Limited Partnership Interest the price
of which (based on the Tag Along Price of such Limited Partnership Interest)
equals the total original price proposed to be paid by the transferee for the
Selling Party’s Limited Partnership Interest multiplied by a fraction, the
numerator of which is the Tag Along Price of such portion which such Tag Along
Participant desires to include in such sale and the denominator of which is the
aggregate Tag Along Price of the Limited Partnership Interests that the Selling
Party and each Tag Along Participant desires to include in such sale. “

 

4.             Effect of Amendment.  All the provisions of this Amendment shall be
deemed to be incorporated in, and made a part of, the Agreement; and the
Agreement, as supplemented and amended by this Amendment, shall be read, taken
and construed as one and the same instrument, and except as expressly amended
hereby, the terms and conditions of the Agreement shall continue in full force
and effect.  All references to “this
Agreement” in the Agreement or to the words “hereof,” “hereunder” or “herein”
or words of similar effect in the Agreement shall mean the Agreement as amended
hereby.

 

5.             Severability.  Should one or more of the provisions of
this Amendment be determined to be illegal or unenforceable, each other
provision of this Amendment shall be given effect separately from the provision
or provisions determined to be illegal or unenforceable and shall not be affected
thereby.

 

6.             Counterparts.  This Amendment may be executed in any number
of counterparts, each of which shall be deemed an original but all of which
shall constitute one and the same instrument.

 

 

[Signature page follows]

 

 

IN WITNESS
WHEREOF, the parties hereto have executed this Agreement as of the day and year
first written above.

 

	
   

  	
  MOBILE
  SATELLITE VENTURES GP INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  MOTIENT
  VENTURES HOLDING INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Christopher Downie

  
	
   

  	
   

  	
  Name:

  	
  Christopher
  Downie

  
	
   

  	
   

  	
  Title:

  	
  Executive
  Vice President

  
	
   

  	
   

  	
  and Chief
  Operating Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  MSV
  INVESTORS, LLC

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  MSV
  Investors Holdings, Inc.,

  
	
   

  	
   

  	
  Its Managing
  Member

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Robert Lewis

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
					

 

 

	
   

  	
  COLUMBIA SPACE (QP), INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Donald A. Doering

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Donald A. Doering

  
	
   

  	
   

  	
  Title:

  	
  Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  COLUMBIA SPACE (AI), INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Donald A. Doering

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Donald A. Doering

  
	
   

  	
   

  	
  Title:

  	
  Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  COLUMBIA SPACE PARTNERS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Donald A. Doering

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Donald A. Doering

  
	
   

  	
   

  	
  Title:

  	
  Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  SPECTRUM SPACE IV PARALLEL, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Kevin J. Maroni

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Kevin J. Maroni

  
	
   

  	
   

  	
  Title:

  	
  President

  
					

 

 

	
   

  	
  SPECTRUM SPACE EQUITY INVESTORS IV, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Kevin J. Maroni

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Kevin J. Maroni

  
	
   

  	
   

  	
  Title:

  	
  President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  SPECTRUM SPACE IV MANAGERS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Kevin J. Maroni

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Kevin J. Maroni

  
	
   

  	
   

  	
  Title:

  	
  President

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