Document:

Exhibit 10.10

 

ASSIGNMENT
OF WARRANTS

 

This Assignment of Warrants (the “Agreement”) is
made as of December 19,2003, between Teledesic LLC, a Delaware limited
liability company (“Teledesic”), The Boeing Company, a Delaware corporation (“Boeing”),
and, solely for the purposes of Section 3 of this Agreement, ICO Global
Communications (Holdings) Limited, a Delaware corporation (“ICO”).

 

BACKGROUND

 

A.                                     Pursuant to a Warrant Agreement dated as of December 12,
2002 (the “Warrant Agreement”), Teledesic holds a warrant to purchase up to an
aggregate of 2 million shares (the “Warrant Shares”) of Class A common
stock, par value $.01 per share, of ICO at an exercise price of $0.01 per
Warrant Share exercised. A copy of the Warrant Agreement is attached to this Agreement
as Exhibit A.

 

B.                                       Pursuant to that certain Settlement Agreement
and Mutual Release dated as of December 19,
2003 among Teledesic, Teledesic Corporation, a Delaware corporation, and Boeing,
Teledesic agreed to assign to Boeing a portion of the Warrant Shares.

 

AGREEMENT

 

In consideration of the
premises and the mutual covenants and agreements contained herein, and other
good and valuable consideration, the receipt and adequacy of which are hereby
acknowledged, Teledesic and Boeing agree as follows:

 

1.                                       Assignment. Teledesic hereby assigns, transfers and conveys to Boeing its right, title
and interest pursuant to the Warrant Agreement to purchase 172,110 Warrant
Shares (the “Transferred Warrants”). Boeing’s exercise of the Transferred
Warrants will be subject to and upon the terms and conditions set forth in the
Warrant Agreement.

 

2.                                       Assumption. Boeing accepts such assignment and agrees to assume all of Teledesic’s
obligations under the Warrant Agreement with respect to the Transferred
Warrants and agrees to be bound by and perform in accordance with all of
the terms and conditions of the Warrant Agreement with respect to the
Transferred Warrants. Teledesic shall have no further rights or obligations
with respect to the Transferred Warrants. For the purposes of Section 11.4
of the Warrant Agreement, the address of Boeing is as follows:

 

The Boeing Company

100 N. Riverside, MC 5003-1001

Chicago, IL 60606-1596

Attn: Corporate Secretary

 

3.                                       Consent. ICO hereby consents to the assignment of the Transferred Warrants and the
form of this Agreement as required by Sections 11.1 and 11.3 of the
Warrant Agreement. ICO agrees to register the transfer of the Transferred
Warrants on the books of ICO. ICO also agrees to issue a new warrant agreement
to Boeing representing the right to purchase the

 

 

Transferred Warrants and a new warrant agreement to Teledesic
representing the right to purchase the remaining 1,827,890 Warrant Shares
represented by the original Warrant Agreement; each new warrant agreement shall
have terms identical to the Warrant Agreement except with respect to the number
of Warrant Shares subject to such new agreement and, in the case of Boeing, the
name of the holder of the new warrant agreement and the required addresses for
notice as set forth in Section 2 above.

 

IN WITNESS WHEREOF, each of
the undersigned has caused its duly authorized representative to execute and
deliver this Agreement as of the date first written above.

 

	
   

  	
  TELEDESIC LLC

  
	
   

  	
  By:

  	
  /s/ Dennis James

  	
   

  
	
   

  	
  Dennis James, President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  THE BOEING COMPANY

  
	
   

  	
   

  
	
   

  	
  By

  	
  /s/ Brent Reed

  	
   

  
	
   

  	
  Name:

  	
  Brent Reed

  	
   

  
	
   

  	
  Title:

  	
  Director, Corporate
  Development

  	
   

  
	
   

  	
   

  
	
  For
  the purposes of Section 3 only.

  	
   

  
	
   

  	
   

  
	
   

  	
  ICO
  GLOBAL COMMUNICATIONS (HOLDINGS)

  
	
   

  	
  LIMITED

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Craig N Jorgens

  	
   

  
	
   

  	
  Craig
  Jorgens, President

  
									

 

ASSIGNMENT
OF OPTIONS

 

2

 

Exhibit A

 

WARRANT
AGREEMENT

 

This Warrant Agreement (this “Agreement”) is made
and entered into as of December 12, 2002 (the “Effective Date”), by and
between Teledesic LLC, a Delaware limited liability company (“Teledesic”), and
ICO Global Communications (Holdings) Limited, a Delaware corporation (“ICO”).

 

RECITALS:

 

A.                                ICO’s wholly owned subsidiary, ICO Global
Limited, a Delaware corporation (“IGL”), is indebted to Teledesic pursuant to
the terms of that certain Credit Agreement dated May 12, 2000 as amended
(the “Credit Agreement”). ICO guaranteed IGL’s obligations under the Credit
Agreement.

 

B.                                  ICO, IGL, Eagle River Investments LLC, a
Washington limited liability company (“Eagle River”), and Teledesic entered
into that certain Binding Settlement Agreement dated December 6, 2002 (the
“Settlement Agreement”) pursuant to which (i) ICO, IGL and Teledesic
agreed to partially compromise the obligations under the Credit Agreement and
release claims each may have against the other, (ii) Eagle River
agreed to purchase Teledesic’s rights in and to the Credit Agreement, and (iii) Eagle
River agreed to modify certain provisions of the Credit Agreement.

 

C.                                  As an inducement to Teledesic to compromise
IGL and ICO’s obligations under the Credit Agreement, ICO agreed to issue
Teledesic warrants to purchase shares of ICO Class A common stock as set
forth below.

 

NOW THEREFORE, in
consideration of the premises and the value given under the Settlement
Agreement and the mutual covenants and agreements contained herein, and other
good and valuable consideration, the receipt and adequacy of which are hereby
acknowledged, ICO and Teledesic agree as follows:

 

1.                                   Grant of Warrant.

 

1.1                             Warrant. ICO hereby grants to Teledesic a warrant (the “Warrant”), subject to
the provisions of this Agreement, to purchase up to sin aggregate of 2,000,000
shares of ICO Class A common stock (subject to adjustment as set forth in
Sections 6 and 7 below) (the “Warrant Shares”).

 

1.2                             Exercise Price. The “Exercise Price” shall be $0.01 per
share of ICO Class A common stock (subject to adjustment as set forth in Section 6
below) and the “Aggregate Exercise Price” shall be the total amount paid by
Teledesic in connection with the exercise of the Warrant.

 

WARRANT AGREEMENT

 

1

 

EXECUTION COPY

 

2.                                          When Warrant May Be
Exercised.

 

2.1                                    Subject to the condition set forth in Section 2.3
hereof, the Warrant may be exercised by Teledesic, in whole or in part,
from time to time at any time during the ten-year period that begins on the
Effective Date.

 

2.2                                   If Teledesic elects to exercise the Warrant,
Teledesic shall give a written notice to ICO specifying (a) the number of
Warrant Shares that Teledesic will purchase and (b) the place and date
(not later than ten (10) business days, nor earlier than three business
days, from the date such notice is given) for the closing of such transaction.

 

2.3                                   The obligation of ICO to deliver Warrant
Shares shall be subject to the condition that no preliminary or permanent
injunction or other order, decree or ruling issued by a court of competent
jurisdiction or by a governmental, regulatory or administrative agency or
commission, shall be in effect which would prohibit such sale and delivery or
payment.

 

3.                                        Payment and Delivery of Certiflcate(s)
upon Exercise of Warrant for Warrant Shares. At any closing of any purchase of any Warrant Shares hereunder:

 

3.1                                 Subject to Section 3.3 below, Teledesic
shall pay to ICO the Aggregate Exercise Price for the Warrant Shares so
purchased by certified or cashier’s check or by wire transfer of immediately
available funds to a bank account maintained by ICO.

 

3.2                                 ICO shall deliver to Teledesic a duly issued
certificate (or certificates in the denominations designated by Teledesic in
its notice of exercise) representing the number of the Warrant Shares purchased
and the books and records of ICO shall be amended or revised to reflect the
issuance and delivery of the Warrant Shares to Teledesic.

 

Teledesic shall for all purposes be deemed to have
become the holder of record of such Warrant Shares on the date this Warrant was
exercised (the date the Teledesic has fully complied with the requirements of Section 3.1
or 3.3), irrespective of the date of delivery of the certificate or
certificates representing the Warrant Shares; provided that, if the date such
exercise is made is a date when the stock transfer books of ICO are closed,
Teledesic shall be deemed to have become the holder of record of such Warrant
Shares at the .close of business on the next succeeding date on which the stock
transfer books are open.

 

3.3                                 If, on or prior to any date on which
Teledesic elects to exercise the Warrant, in whole or in part, Teledesic may pay
to ICO the Aggregate Exercise Price for the Warrant Shares so purchased by
electing to have ICO cancel (and ICO shall cancel) such number of Warrant Shares
as may be sufficient to satisfy the Exercise Price for the Warrant Shares
(a “Cashless Exercise”). Teledesic may also elect a Cashless Exercise with
respect to any or all Warrant Shares that remain subject to the Warrant on the
last day that the Warrant may be exercised as provided in Section 2
above. If Teledesic elects a Cashless Exercise, then ICO shall issue to Teledesic
the number of Warrant Shares determined as follows:

 

2

 

	
   

  	
  X=
  Y(A-B)

  	
   

  
	
   

  	
  A

  	
   

  

 

	
  Where:

  	
   

  	
  X = the number of the Warrant Shares, subject to
  the Warrant, to be issued to Teledesic.

  
	
   

  	
   

  	
  Y = the total number of Warrant Shares that would
  be issued to Teledesic if Teledesic was not electing a Cashless Exercise.

  
	
   

  	
   

  	
  A = the “current market price” (as defined below;
  it being understood that for purposes of this Section 3, the Time of
  Determination shall be the date of the exercise of the Warrant) of one
  Warrant Share subject to the Warrant.

  
	
   

  	
   

  	
  B = the Exercise Price.

  

 

3.4                                    The number of Warrant Shares subject to the
Warrant shall be reduced at any closing by (i) the number of Warrant
Shares purchased by Teledesic or (ii) in the event of a Cashless Exercise,
the number of Warrant Shares issued to Teledesic plus the number of Warrant
Shares cancelled to satisfy the relevant Exercise Price.

 

4.                                          Representations and
Warranties of ICO. ICO
hereby represents, warrants and covenants to Teledesic as follows:

 

4.1                                    Due Authorization, etc. The execution, delivery and performance of
this Agreement have been duly authorized by each of ICO and an independent
committee of the Board of Directors of ICO consisting of members that have
complete independence from Teledesic, and no other proceeding is necessary for
the execution, delivery and performance of this Agreement. This Agreement has
been duly executed and delivered by ICO and (assuming that it has been duly
executed and delivered by Teledesic) constitutes legal, valid and binding
obligations of ICO, enforceable against ICO in accordance with its terms,
except as may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium and other similar laws of general application which may affect
the enforcement of creditors’ rights generally, by general equitable principles
and by implied covenants of good faith and fair dealing.

 

4.2                                   Warrant Shares. ICO has taken and will continue to take all
necessary corporate action to authorize and reserve for issuance, upon
..exercise of the Warrant, the Warrant Shares. The Warrant Shares, upon purchase
by Teledesic will be duly authorized, validly issued, fully paid and
nonassessable, and delivered to Teledesic free and clear of all claims, liens,
charges, security interests or encumbrances of any kind, including, without
limitation, any preemptive or similar rights; provided, however, such Warrant
Shares will be subject to the terms of the restriction on transfer of shares
under state and federal securities laws.

 

4.3                                   No Violation. Neither the execution and delivery of this
Agreement by ICO nor the consummation of the transactions contemplated hereby
will conflict with or violate (a) any provision of its organizational
documents or (b) any law, rule, regulation, ordinance, order, writ, injunction,
judgment or decree applicable to ICO or by which its properties or assets may be
bound or affected.

 

3

 

5.                                          Representations and
Warranties of Teledesic. Teledesic
hereby represents and warrants to ICO as follows:

 

5.1                                    Due Authorization. The execution, delivery and performance of
this Agreement have been duly authorized by Teledesic and no other proceeding
is necessary for the execution, delivery and performance of this Agreement.
This Agreement has been duly executed and delivered by Teledesic and (assuming
that it has been duly executed and delivered by ICO) constitutes legal, valid
and binding obligations of Teledesic, enforceable against Teledesic in accordance
with its terms, except as may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium and other similar laws of general
application which may affect the enforcement of creditors’ rights
generally, by general equitable principles and by implied covenants of good
faith and fair dealing.

 

5.2                                    Distribution. The Warrant may only be transferred in
accordance with the provisions of Section 11.1 hereof. Any Warrant Snares
to be acquired upon exercise of the Warrant will not be transferred, except in
a transaction registered or exempt from registration under the Securities Act
and permitted by this Agreement and the Warrant Shares will bear a legend to
such effect.

 

5.3                                    No Violation. Neither the execution and delivery of this
Agreement by Teledesic nor the consummation of the transactions contemplated
hereby will conflict with or violate (a) any provision of its
organizational documents or (b) any law, rule, regulation, ordinance,
order, writ, injunction, judgment or decree applicable to Teledesic or by which
it properties or assets may be bound or affected.

 

6.                                          Adjustment Upon Changes in
Capitalization. The number
and kind of shares purchasable upon the exercise of the Warrant shall be
subject to adjustment form time to time as follows:

 

6.1                                 Stock Dividends, Stock Splits, Combinations,
etc. In case ICO shall
hereafter (a) pay a dividend or make a distribution on its Class A
common stock, the shares of Class B common stock of ICO or any other
shares of capital stock pari passu or junior to the Class A common stock
(collectively, the “ICO Common Shares”) in ICO Common Shares, (b) subdivide
any or combine any outstanding ICO Common Shares into a smaller number of
shares or (c) issue by reclassification of the ICO Common Shades any shares
of capital stock, the number of Warrant Shares issuable upon exercise of the
Warrant immediately prior to such action shall be adjusted so that Teledesic
shall be entitled to receive the number of shares of capital stock which
Teledesic would have owned immediately following such action had the Warrant
been exercised immediately prior thereto and appropriate adjustment shall also
be made to the Exercise Price payable per share, provided the Aggregate
Exercise Price payable hereunder shall remain the same. An adjustment made
pursuant to this Section 6.1 shall become effective immediately after the
record date in the case of a dividend and shall become effective immediately
after the effective date in the case of a subdivision or combination. If, as a
result of an adjustment made pursuant to this Section 6.1, Teledesic shall
become entitled to receive shares of two (2) or more classes of capital
stock of ICO, the Board of Directors of ICO (whose determination shall be
conclusive) shall determine the allocation of the adjusted Exercise Price
between or amount shares of such classes of capital stock.

 

4

 

6.2                                    Reclassification, Combinations, Mergers, etc. In case of any reclassification or change
of outstanding ICO Common Shares issuable upon exercise of the Warrant (other
than as set forth in Section 6.1 above and other than a change in par
value or from par value to no par value, or from no par value to par value), or
in case of any consolidation, merger or amalgamation of ICO with or into
another corporation (other than a merger, acquisition or amalgamation in which
ICO is the continuing corporation and which does not result in any reclassification
or change of the then outstanding ICO Common Shares issuable upon exercise of the
Warrant) or in case of any sale or conveyance to another Person of the property
of ICO as an entirety or substantially as an entirety, then, as a condition of
such reclassification, change, consolidation, merger, amalgamation, sale or conveyance,
ICO or such a successor or purchasing Person, as the case may be, shall
forthwith make lawful and adequate provision whereby Teledesic shall have the
right thereafter to receive on exercise of the Warrant the kind and amount of
shares of stock and other securities and property receivable upon such
reclassification, change, consolidation, merger, amalgamation, sale or
conveyance equivalent to the consideration that a holder of the ICO Common
Shares issuable upon the exercise of the Warrant would have received if the
Warrant had been exercised immediately prior to such reclassification, change, consolidation,
merger, amalgamation, sale or conveyance, and ICO or such successor or Purchasing
Person shall enter into a supplemental warrant agreement so providing. Such provisions
shall include provision for adjustments which shall be as nearly equivalent as may be
practicable to the adjustments provided for in this Section 6. If the
issuer of securities deliverable upon exercise of either the Warrant or under
the supplemental warrant agreement, is an affiliate of the former, surviving,
continuing or transferee corporation, that issuer shall join in the
supplemental warrant agreement. The above provisions of this Section 6.2
shall similarly apply to successive reclassifications and changes of shares of
capital stock and to successive consolidations, mergers, amalgamations, sales
or conveyances.

 

6.3                                 Current Market Price. The current market price per ICO Common
Share at any date shall be the average of the daily closing prices for the
twenty (20) consecutive trading days ending on the last full trading day on the
exchange or market specified in the second succeeding sentence prior to the
Time of Determination (which shall be the date of the exercise of the Warrant).
The closing price for any day shall be the last reported sale price as reported
on Bloomberg or, in case no such reported sale takes place on such day, the
average of the closing bid and asked prices as reported on Bloomberg for such
day, in each case (1) on the principal national securities exchange on
which the ICO Common Shares are listed or to which such shares are admitted to
trading or (2) if the ICO Common Shares are not listed or admitted to trading
on a national securities exchange, in the over-the-counter market as reported
by The Nasdaq Stock Market TM or any comparable system or (3) if the ICO
Common Shares are not listed or admitted to trading on The Nasdaq Stock Market
TM or a comparable system, the current market price per share shall be the fair
market value thereof as determined in good faith by the Board of Directors of
ICO.

 

6.4                                 Certificate as to Adjustment. In the case of any adjustment in the
Exercise Price or number and type of securities issuable upon exercise of this
Warrant, ICO will promptly give written notice to Teledesic in the form of
a certificate, certified and confirmed by an officer of ICO, setting forth the
adjustment in reasonable detail.

 

5

 

7.                                       Specific Performance. ICO acknowledges that the Warrant and the
Warrant Shares are unique and that Teledesic will not have an adequate remedy
at law if ICO breaches any covenant contained herein or fails to perform any
of its obligations under this Agreement. Accordingly, ICO agrees that Teledesic
shall have the right, in addition to any other rights which it may have,
to specific performance and equitable injunctive relief if ICO shall fail or
threaten to fail to perform any of its obligations under this Agreement.

 

8.                                       Expiration. The Warrant shall expire on the earlier to
occur of (i) the date on which the number of Warrant Shares remaining
subject to the Warrant is reduced to zero, and (ii) at 11:59 p.m.
(PST) on the tenth anniversary of the Effective Date.

 

9.                                       Prohibited Actions of ICO. ICO shall not, prior to the termination of the
Warrant, take any action by amendment of ICO’s Certificate of Incorporation or
through any reorganization, recapitalization, transfer of assets,
consolidation, merger, dissolution, issuance or sale of securities or any other
voluntary action, which would have the effect of preventing or disabling ICO
from delivering the Warrant Shares to Teledesic upon exercise of the Warrant or
otherwise performing ICO’s obligations under this Agreement.

 

10.                                 Notices to Teledesic.

 

10.1                           So long as the Warrant is outstanding,
whenever ICO shall expect to (a) pay any dividend or distribution upon any
capital stock, (b) effect any recapitalization, merger, amalgamation,
consolidation, reorganization, transfer, sale, lease, conveyance or other transaction
involving a substantial portion of its assets, or (c) be involved in any
voluntary or involuntary dissolution, liquidation, winding up or other similar
transaction, at least 10 days before the proposed action or any applicable
record date, ICO shall give Teledesic written notice describing the proposed
action and stating the. date on which (x) a record date is to be fixed for the
purpose of such dividend, distribution or right, or (y) such recapitalization,
merger, amalgamation, consolidation, reorganization, transfer, sale, lease,
conveyance, dissolution, liquidation, winding up or other transaction is to
take place and when, if any date is to be fixed, the record holders of capital
stock shall be entitled to exchange their capital stock for securities or other
property deliverable upon such recapitalization, merger, amalgamation,
consolidation, reorganization, transfer, sale, lease, conveyance, dissolution,
liquidation, winding up or other transaction.

 

10.2                           Teledesic shall use its reasonable best
efforts to keep any information delivered to it pursuant to Section 10.1
that is not publicly available (“Confidential Information”) confidential (subject
to the last sentence of this Section 10.2). “Confidential Information”
shall not include any information that (a) becomes generally available to
the public, (b) was available to Teledesic, or has become available to
Teledesic, from a source other than ICO or (c) Teledesic or its
representatives independently developed without reference to any Confidential
Information. Notwithstanding the foregoing, in the event that Teledesic or any
representative or agent thereof is requested or required (by oral questions,
interrogatories, requests for information or documents, subpoena, civil
investigative demand or similar process) to disclose any Confidential Information,
it is agreed that Teledesic will provide ICO with prompt notice of such event
so that ICO may seek a protective order or other appropriate remedy and/or
waive Teledesic’s compliance with this Section 10. In the event that such
protective order or other remedy is not

 

6

 

promptly obtained, or that ICO grants a waiver hereunder, Teledesic
may, without liability hereunder furnish that ‘portion of the Confidential
Information Teledesic is legally required to disclose.

 

11.                                 Miscellaneous.

 

11.1                           Assignability.

 

(a)                                         The rights and obligations of Teledesic with
respect to all or any portion of the Warrant shall be freely assignable by
Teledesic, in whole but not in part, provided, that, (x) such assignee shall,
by a written instrument reasonably satisfactory to ICO, agree to assume all of
Teledesic’s obligations hereunder with respect to the Warrant or relevant
portion thereof being assigned and to be bound by all of the terms and
conditions of this Agreement and (y) such assignment shall not violate any
applicable securities law. ICO shall, if requested, issue a new Warrant or
Warrants reflecting the assignee as the new holder of the Warrant.

 

(b)                                        The obligations of ICO shall not be
assignable without the prior written consent of Teledesic, and any purported
assignment without such prior written consent shall be null and void (it being
understood that any action referred to in Section 6.2 shall not be considered
an assignment for the purposes of Section 11.1 (b)).

 

11.2                         Third Parties. Nothing expressed or implied in this
Agreement is intended or shall be construed to confer upon or give to any third
party any rights or remedies by virtue of this Agreement or any exercise or
non-exercise of the Warrant granted hereby.

 

11.3                         Amendments: Waivers. This Agreement may not be modified,
amended, altered or supplemented except upon the execution and delivery of a
written agreement executed by the holders entitled to purchase a majority of
the Warrant Shares underlying the Warrant. The waiver by any party hereto of a
breach of any provision of this Agreement shall not operate or be construed as
a further or continuing waiver of such breach or as a waiver of any other or subsequent
breach. Except as otherwise expressly provided herein, no failure on the part of
any party to exercise, and no delay in exercising, any right, power or remedy
hereunder, or otherwise available in respect hereof at law or in equity, shall
operate as a waiver thereof, nor shall any single or partial exercise of such
right, power or remedy by such party preclude any other or further exercise
thereof or the exercise of any other right, power or remedy.

 

11.4                         Notices. Except as otherwise provided herein, whenever this Agreement provides
that any notice, demand, request, consent, approval, declaration or other
communication shall or may be given to or served upon any of the parties
by another, or whenever any of the parties desires to give or serve upon
another any communication with respect to this Agreement, each such notice,
demand, request, consent, approval, declaration or other communication shall be
in writing and shall be deemed to have been given upon personal delivery
thereof, upon transmittal of such notice by telecopy (with confirmation of
receipt by telecopy or telex) or five days after transmittal by registered or
certified mail, postage prepaid, addressed as follows:

 

7

 

	
  If
  to ICO:

  	
   

  	
  ICO
  Global Communications (Holdings) Limited

  
	
   

  	
   

  	
  4
  Orinda Way

  
	
   

  	
   

  	
  Suite B240

  
	
   

  	
   

  	
  Orinda,
  CA 94563

  
	
   

  	
   

  	
  Attn:
  General Counsel

  
	
   

  	
   

  	
   

  
	
  with
  a copy to:

  	
   

  	
  Davis
  Wright Tremaine LLP

  
	
   

  	
   

  	
  1300
  SW Fifth Avenue

  
	
   

  	
   

  	
  Suite 2300

  
	
   

  	
   

  	
  Portland,
  OR 97201

  
	
   

  	
   

  	
  Attn:
  Benjamin G. Wolff

  
	
   

  	
   

  	
   

  
	
  If
  to Teledesic:

  	
   

  	
  Teledesic
  LLC

  
	
   

  	
   

  	
  3740
  Carillon Point

  
	
   

  	
   

  	
  Kirkland,
  Washington 98033

  
	
   

  	
   

  	
  Attn:
  General Counsel

  
	
   

  	
   

  	
   

  
	
  with
  a copy to:

  	
   

  	
  Perkins
  Coie

  
	
   

  	
   

  	
  1201
  3rd Avenue, Suite 4800

  
	
   

  	
   

  	
  Seattle,
  WA 98101-3099

  
	
   

  	
   

  	
  Attn:
  James Gradel

  

 

The addresses set forth above may be changed by
any party upon furnishing to the other party a notice of change of address in
accordance with the terms of this Section 11.4.

 

11.5                         Governing Law, Service of Process, Consent to Jurisdiction.

 

(a)                                       This Agreement shall be governed by, and
construed in accordance with, the laws of the state of Washington, without
regard to principles of conflicts of laws.

 

(b)                                      To the fullest extent permitted by applicable
law, each party hereto (x) agrees that any claim, action or proceeding by such
party seeking any relief whatsoever arising out of, or in connection with, this
Agreement or the transactions contemplated hereby shall be brought only in the
United States District Court for Washington and in any state court located in
King County, Washington and not in any other state or Federal court in the
United States of America or any court in any other country, (y) agrees to
submit to the exclusive jurisdiction of such courts located in the state of
Washington for purposes of all legal proceedings arising out of, or in
connection with, this Agreement or the transactions contemplated hereby and (z)
irrevocably waives any objection which it may now or hereafter have to the
laying of the venue of any such proceeding brought in such a court and any
claim that any such proceeding brought in such a court has been brought in an
inconvenient forum.

 

11.6                         Counterparts. This Agreement may be executed in
several counterparts, each of which shall be an original, but all of which
together shall constitute one and the same Agreement.

 

8

 

11.7                            Effect of Headings.
The section and paragraph headings contained in this Agreement are for
reference purposes only and shall not in any way affect the meaning or interpretation
of this Agreement.

 

11.8                            Survival of Representations and Warranties. The representations, warranties, covenants
and agreements shall survive any closing pursuant to this Agreement.

 

11.9                            Expenses. Each party
shall pay all fees and expenses (including costs of counsel) it incurs in
connection with this Agreement.

 

11.10                      Severability.
Whenever possible, each provision or portion of any provision of this Agreement
will be interpreted in such manner as to be effective and valid under
applicable law but if any provision or portion of any provision of this
Agreement is held to be invalid, illegal or unenforceable in any respect under
any applicable law in any jurisdiction, such invalidity, illegality or
unenforceability will not affect any other provision or portion of any provision
in such jurisdiction, and this agreement will be reformed, construed and
enforced in such jurisdiction as if such invalid, illegal or unenforceable
provision or portion of any provision had never been contained therein.

 

11.11                      Entire Agreement.
This Agreement constitutes the entire agreement between ICO and Teledesic with
respect to the matters covered herein and supersedes any prior negotiations, understandings
or agreements with respect to the matters contemplated hereby.

 

[REMAINDER OF PAGE INTENTIONALLY BLANK]

 

9

 

IN WITNESS WHEREOF, the parties have caused this Agreement to be
executed and delivered as of the date first written above.

 

 

	
   

  	
  ICO
  GLOBAL COMMUNICATIONS (HOLDINGS)

  LIMITED, a Delaware corporation

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
  /s/
  Craig N Jorgens

  	
   

  
	
   

  	
  Craig
  Jorgens, President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  TELEDESIC
  LLC, a Delaware limited liability company

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
  /s/ Dennis James

  	
   

  
	
   

  	
  Dennis
  James, President

  

 

10Exhibit 10.11

 

EXECUTION COPY

 

REGISTRATION RIGHTS AGREEMENT

 

 

THIS REGISTRATION RIGHTS AGREEMENT, dated as of December 12, 2002, is
between ICO GLOBAL COMMUNICATIONS (HOLDINGS) LIMITED, a Delaware corporation
(the “Company”), and TELEDESIC LLC, a Delaware limited liability company (the “Holder”).

 

WHEREAS, Holder holds a warrant (the “Warrant”) to acquire up to
2,000,000 shares of Class A common stock, $.0001 par value, of the Company (the
“Class A Common Stock”) and an option (the “Option”) to acquire up to 4,666,666
shares of Class A Common Stock; and

 

WHEREAS, the Company wishes to grant Holder certain registration rights
with respect to the shares of Class A Common Stock acquired by Holder pursuant
to the Warrant and/or the Option, as provided further herein.

 

NOW THEREFORE, in consideration of the promises herein contained and
other good and valuable consideration, the parties hereto agree as follows:

 

1.         Definitions.

 

As used in this Agreement:

 

(i) the term “Act” means the Securities Act of 1933, as amended;

 

(ii) the term “Affiliate” or “Holder Affiliate” means any entity, or
any employee or member of any entity, over which Holder or an Other Holder, as
applicable, has direct or indirect majority voting control or which has direct
or indirect majority voting control over Holder.

 

(iii) the term “Commission” means the Securities and Exchange
Commission or any other federal agency at the time administering the Act;

 

(iv) the term “Common Stock” means any and all classes of the Company’s
common stock as authorized pursuant to the Company’s Restated Certificate of
Incorporation, as may be amended or restated from time to time.

 

(v) the term “Exchange Act” means the Securities Exchange Act of 1934;
and

 

(vi) the term “Holder” means any of Holder or any Holder Affiliate that
holds Registrable Securities;

 

(vii) the term “Other Holders” means those parties listed on Schedule A
hereto and any Affiliate of such Holder;

 

1

 

(viii) the terms “register,” “registered” and “registration” mean a
registration effected by preparing and filing a registration statement in
compliance with the Act (and any post-effective amendments filed or required to
be filed) and the declaration or ordering of effectiveness of such registration
statement;

 

(ix) the term “Registrable Securities” means (A) the Class A Common
Stock issued or issuable to Holder upon the exercise, in full or in part, of
the Warrant and/or the Option and (B) any capital stock of the Company issued
as a dividend or other distribution with respect to, or in exchange for or in
replacement of the shares of Class A Common Stock;

 

(x) the term “Registration Expenses” means all third-party expenses
incurred by the Company in compliance with Section 2 hereof, including, without
limitation, all registration and filing fees, printing expenses, fees and
disbursements of counsel for the Company and the underwriters, if any, blue sky
fees and expenses and the third-party expenses of any special audits incident
to or required by any such registration (but excluding the compensation of
regular employees of the Company, which shall be paid in any event by the
Company);

 

2.         Company Registration.

 

(a) Right to Register. Whenever Company proposes to register any
of its Common Stock under the Act (other than (i) a registration relating
solely to employee benefit plans, or (ii) a registration relating to a
transaction covered by Rule 145 under the 1933 Act or effected on Form S-4 or
any successor form, or (iii) a registration pursuant to a demand by one or more
Other Holders) and the registration form to be used may be used for the
registration of Registrable Securities (a “Piggyback Registration”), Company
will: (a) give prompt written notice thereof to Holder (which shall include a
list of the jurisdictions in which Company intends to attempt to qualify such
securities under the applicable blue sky or other state securities laws) and
(b) subject to Section 3 hereof, include in such registration and any related
qualification under blue sky laws or other compliance, and in any underwriting
involved therein, all Registrable Securities of Holder as specified in a
written request or requests made within twenty (20) days after receipt of such
written notice from Company.

 

(b) Priority on Registrations. Holder acknowledges and agrees
that its rights under this Section 2 shall, on a pro rata basis with all
other holders of Class A Common Stock included in the registration and subject
to the priority of any Common Stock to be registered by Company, be subject to
cutback provisions imposed by a managing underwriter. If, as a result of the
cutback provisions of the preceding sentence, Holder is not entitled to include
all of its requested Registrable Shares in such registration, then Holder may
elect to withdraw its request to include any or all of its Registrable Shares
in such registration.

 

(c) Underwritten Offerings. In the event of an underwritten
offering, Holder shall make such arrangements with the underwriters so that
each Holder may participate in the offering on the same terms as Company and
any other holders selling securities in such offering.

 

2

 

(d) Registration Procedures. Whenever Holder requests that any
Registrable Securities be registered pursuant to this Agreement, Company will
use commercially reasonable efforts to effect the registration and the sale of
such Registrable Securities in accordance with the intended method of
disposition therefore, and pursuant thereto Company will as expeditiously as
possible:

 

(i)        Cause the registration
statement to be used for the Piggyback Registration to include Holder’s
Registrable Securities. If at any time after giving written notice of its
intention to register any securities and prior to the effective date of the
registration statement filed in connection with such Piggyback Registration,
Company shall determine for any reason to withdraw or delay effectiveness of
the registration statement, Company may, at its election, give written notice
of such determination to Holder and, (x) in the case of a determination to
withdraw the registration statement, Company shall be relieved of its
obligation to register any Registrable Securities in connection with such
registration statement, and (y) in the case of a determination to delay
effectiveness, Company shall be permitted to delay effectiveness for any period
of the delay.

 

(ii)       Prepare and file with the
Commission such amendments and supplements to such registration statement and
the prospectus used in connection therewith as may be necessary to keep such
registration statement effective for a period of not less than thirty (30) days
and comply with the provisions of the 1933 Act with respect to the disposition
of all securities covered by such registration statement during such period in
accordance with the intended methods of disposition thereof by Holder set forth
in such registration statement.

 

(iii)      Furnish to Holder such
number of copies of such registration statement, each amendment and supplement
thereto, the prospectus included in such registration statement (including each
preliminary prospectus) and such other documents as Holder may reasonably
request in order to facilitate the disposition of the Registrable Securities
owned by Holder.

 

(iv)      Use commercially reasonable
efforts to register or qualify such Registrable Securities under such other
securities or blue sky laws of such United States jurisdictions as Holder may
reasonably request and do any and all other acts and things which may be reasonable
necessary or advisable to enable Holder to consummate the disposition in such
jurisdictions of the Registrable Securities owned by Holder, provided that
Company will not be required to (a) qualify generally to do business in any
jurisdiction where it would not otherwise be required to qualify for this
subparagraph, (b) subject itself to taxation in any such jurisdiction or (c)
consent to general service of process in any such jurisdiction.

 

(v)       Notify Holder, at any time
when a registration statement under the Act that registers any of Holder’s
Registrable Securities is effective, of the happening of any event as a result
of which the prospectus included in such registration statement contains an
untrue statement of a material fact or omits any fact necessary to make the
statements therein not misleading, and, at the request of Holder, Company will
prepare a supplement or amendment to such prospectus so that, as thereafter
delivered to the purchasers of such Registrable Securities,

 

3

 

such prospectus
shall not contain an untrue statement of a material fact or omit to state a
fact necessary to make the statements therein not misleading.

 

(vi)      Cause all such Registrable
Securities to be listed on such securities exchange or market on which the
Company’s Common Stock is then listed.

 

(vii)     Furnish, at Holder’s request,
on the date that such Registrable Securities are delivered to the underwriters
for sale in connection with a registration pursuant to this Agreement, if such
securities are being sold through underwriters, or, if such securities are not
being sold through underwriters, on the date that the registration statement
with respect to such securities becomes effective, (A) an opinion, dated such
date, of the counsel representing the Company for the purposes of such
registration, in form and substance as is customarily given to underwriters in
an underwritten public offering, addressed to the underwriters, if any, and to
Holder requesting registration and (B) a letter dated such date, from the
independent certified public accountants of the Company, in form and substance
as is customarily given by independent certified public accountants to
underwriters in an underwritten public offering, addressed to the underwriters,
if any, and to Holder.

 

(e) Holder
agrees that, upon receipt of any notice from Company of the happening of any
event of the kind described in Section 2(d)(v), Holder will discontinue
disposition of its Registrable Securities pursuant to such registration
statement until Holder’s receipt of the copies of the supplemented or amended
prospectus contemplated by Section 2.5(d)(v), or until Holder is advised in
writing by Company that the use of the prospectus may be resumed, and has
received copies of any additional or supplemental filings that are incorporated
by reference in the prospectus, and, if so directed by Company, Holder will
deliver to Company (at Company’s expense) all copies, other than permanent file
copies then in Holder’s possession, of the prospectus covering such Registrable
Securities which are current at the time of the receipt of such notice.

 

(f) Expenses
of Company Registration. Company shall pay Registration Expenses. Holder
shall pay all fees and disbursements of its attorneys and accountants, as well
as all transfer taxes and brokerage and underwriters’ discounts and commissions
attributable to the Registrable Securities being sold by Holder.

 

(g) Indemnification.

 

(i)        Company agrees to
indemnify, to the extent permitted by law, Holder and its legal counsel,
against all losses, liabilities, claims, damages and expenses (“Losses”) caused
by any untrue or alleged untrue statement of material fact contained in any
registration statement in which Holder is participating, prospectus or
preliminary prospectus or any amendment thereof or supplement thereto or any
omission or alleged omission of material fact required to be stated therein or
necessary to make the statements therein not misleading, except insofar as the
same are caused by or contained in any information furnished in writing to
Company or any underwriter by Holder expressly for use therein or results from
Holder’s failure to deliver a copy of the registration statement or prospectus
or any amendments or supplements thereto after Company has furnished Holder
with the number of copies of the same requested by Holder.

 

4

 

(ii)       Holder will indemnify
Company, its directors and officers and each person who controls Company
(within the meaning of the Act) and any of such person’s agents or
representatives, against any Losses resulting from (i) any untrue or alleged
untrue statement of material fact contained in the registration statement,
prospectus or preliminary prospectus or any amendment thereof or supplement
thereto or any omission or alleged omission of a material fact required to be
stated therein or necessary to make the statements therein not misleading, but
only to the extent that such untrue statement or omission is contained in any
information or affidavit so furnished in writing by Holder expressly for use in
such registration statement, or (ii) Holder’s failure to deliver a copy of the
registration statement or prospectus or any amendments or supplements thereto
after Company has furnished Holder with the number of copies of the same
requested by Holder.

 

(iii)      The indemnification provided
for under this Agreement will remain in full force and effect regardless of any
investigation made by or on behalf of the Indemnified Party (as defined herein)
or any officer, director, or controlling person of such Indemnified Party and
will survive the transfer of Registrable Securities. The Indemnifying Party
also agrees to make such provisions, as are reasonably requested by an Indemnified
Party, for contribution to such party in the event such Indemnifying Party’s
indemnification is unavailable for any reason.

 

(iv)      Each party entitled to
indemnification under this Section 2(g) (the “Indemnified Party”) shall
give notice to the party required to provide indemnification (the “Indemnifying
Party”) promptly after such Indemnified Party has actual knowledge of any claim
as to which indemnity may be sought, and shall permit the Indemnifying Party to
assume the defense of any such claim or any litigation resulting therefrom;
provided that counsel for the Indemnifying Party, who shall conduct the defense
of such claim or any litigation resulting therefrom, shall be approved by the
Indemnified Party (whose approval shall not unreasonably be withheld) and the
Indemnified Party may participate in such defense at the Indemnified Party’s
expense (unless the Indemnified Party shall have reasonably concluded that
there may be a conflict of interest between the Indemnifying Party and the
Indemnified Party in such action, in which case the fees and expenses of
counsel shall be at the expense of the Indemnifying Party), and provided
further that the failure of any Indemnified Party to give notice as provided
herein shall not relieve the Indemnifying Party of its obligations under this Section
2(g) unless the Indemnifying Party is materially prejudiced thereby. No
Indemnifying Party, in the defense of any such claim or litigation, shall,
except with the consent of the Indemnified Party, consent to entry of any
judgment or enter into any settlement which does not include as an
unconditional term thereof the giving by the claimant or plaintiff to such
Indemnified Party of a release from all liability in respect to such claim or
litigation. The Indemnified Party shall furnish such information regarding
itself or the claim in question as an Indemnifying Party may reasonably request
in writing and as shall be reasonably required in connection with the defense
of such claim and litigation resulting therefrom.

 

(v)       If the indemnification
provided for in this Section 2(g) is held by a court of competent
jurisdiction to be unavailable to an Indemnified Party with respect to any
Losses, then the Indemnifying Party, in lieu of indemnifying such Indemnified
Party hereunder, shall contribute to the amount paid or payable by such
Indemnified Party as a result of such loss,

 

5

 

liability, claim,
damage or expense in such proportion as is appropriate to reflect the relative
fault of the Indemnifying Party on the one hand and of the Indemnified Party on
the other in connection with the statements or omissions which resulted in
Losses, as well as any other relevant equitable considerations. The relative
fault of the Indemnifying Party and of the Indemnified Party shall be
determined by reference to, among other things, whether the untrue or alleged
untrue statement of a material fact or the omission to state a material fact
relates to information supplied by the Indemnifying Party or by the Indemnified
Party and the parties’ relative intent, knowledge, access to information and
opportunity to correct or prevent such statement or omission.

 

(vi)      Notwithstanding the
foregoing, to the extent that the provisions on indemnification and contribution
contained in the underwriting agreement entered into in connection with any
underwritten public offering contemplated by this Agreement are in conflict
with the foregoing provisions, the provisions in such underwriting agreement
shall be controlling.

 

3.         Information by Holder.  Holder
shall furnish to the Company such information regarding Holder and the
distribution of shares proposed by Holder as the Company may reasonably request
in writing and as shall be reasonably required in connection with any
registration, qualification or compliance referred to in this Agreement.

 

4.         Rule 144 Reporting.

 

With a view to making available the benefits of certain rules and
regulations of the Commission which may permit the sale of restricted
securities to the public without registration, the Company agrees to:

 

(a)       make and keep public
information available as those terms are understood and defined in Rule 144 of
the Act, at all times from and after ninety (90) days following the effective
date of the first registration under the Act filed by the Company for an
offering of its Common Stock to the general public;

 

(b)       use its best efforts to
file with the Commission in a timely manner all reports and other documents
required of the Company under the Act and the Exchange Act at any time after it
has become subject to such reporting requirements; and

 

(c)       so long as Holder owns any
Registrable Securities, furnish to Holder upon request, a written statement by
the Company as to its compliance with the reporting requirements of Rule 144 of
the Act (at any time from and after ninety (90) days following the effective
date of the first registration statement filed by the Company for an offering
of its securities to the general public), and of the Act and the Exchange Act
(at any time after it has become subject to such reporting requirements), a
copy of the most recent annual or quarterly report of the Company, and such
other reports and documents so filed as Holder may reasonably request in
availing itself of any rule or regulation of the Commission allowing Holder to
sell any such securities without registration.

 

6

 

5.         “Market Stand-off”
Agreement. Holder will agree, if requested by the Company or an underwriter
of capital stock or other securities of the Company, not to sell or otherwise
transfer or dispose of any capital stock or other securities of the Company
held by Holder, except in connection with a Piggyback Registration, during the
180 day period following any registration statement filed under the Act to
register capital stock or other securities of the Company. The Market Standoff
obligations set forth in this section shall not apply in the event that, during
such 180-day period, Holder adopts a plan of liquidation or other similar
distribution for all of the assets of Holder (excluding a cash reserve of not
more than $1 million and other assets of not more than $100,000 in value).

 

If requested by a managing underwriter of a registered offering, Holder
shall execute a separate agreement to the foregoing effect. The Company may
impose stop-transfer instructions with respect to the shares (or securities)
subject to the foregoing restriction until the end of such period.

 

6.         Termination. The
registration rights set forth in this Agreement shall not be available to
Holder or any Holder Affiliate if, in the opinion of counsel to the Company,
all of the Registrable Securities then owned by Holder or any Holder Affiliate
could be sold in any 90-day period pursuant to Rule 144 under the Act (without
giving effect to the provisions of Rule 144(k)). In addition, the registration
rights set forth in this Agreement shall terminate upon the transfer or
assignment of all of the Registrable Securities to any non-affiliated third party
other than a transfer to an Other Holder. Upon termination pursuant to this Section
6, the Company shall no longer be obligated to provide notice of a proposed
registration to Holder.

 

7.         Notices. All
communications provided for hereunder shall be sent by first-class mail or
facsimile and (a) if addressed to Holder, addressed to Holder at the address or
fax number set forth below Holder’s signature, or at such other address or fax
number as Holder shall have furnished to the Company in writing or (b) if
addressed to the Company, at the address or fax number set forth Company’s
signature, or at such other address or fax number, or to the attention of such
other officer, as the Company shall have furnished to Holder in writing.
Notices sent by first-class mail shall be deemed received three days after the
date of deposit of such notice in the United States mail. Notices sent by
facsimile shall be deemed received upon receipt by the notified party’s
facsimile machine.

 

8.         No Assignment.
This Agreement is personal to Holder and shall not be assignable, by operation
of law or otherwise to any third party other than a Holder Affiliate; provided
that Holder may transfer all or part of its rights under this Agreement to a
party to which it has assigned all or part of its rights under either the
Warrant pursuant to Section 11 of the Warrant or the Option pursuant to Section
1.11 of the Option.

 

9.         Descriptive Headings.
The descriptive headings of the several sections and paragraphs of this
Agreement are inserted for reference only and shall not limit or otherwise
affect the meaning hereof.

 

7

 

10.       GOVERNMENT LAW. THIS
AGREEMENT SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, AND THE RIGHTS OF
THE PARTIES SHALL BE GOVERNED BY, THE LAWS OF THE STATE OF WASHINGTON.

 

11.       No Inconsistent
Agreements. The Company will not on or after the date of this Agreement
enter into any agreement with respect to its securities that conflicts with or
would limit the rights granted to Holder in this Agreement or otherwise
conflicts with the provisions hereof.

 

12.       Amendments and Waivers.
No provision of this Agreement may be amended or waived except by an instrument
in writing signed by the party sought to be bound.

 

13.       Counterparts. This
Agreement may be executed simultaneously in any number of counterparts, each of
which shall be deemed an original, but all such counterparts shall together
constitute one and the same instrument.

 

14.       Term. This Agreement
and the rights granted hereunder shall expire on the fifth anniversary of the
date set forth in the preamble to this Agreement.

 

[REMAINDER
OF PAGE INTENTIONALLY BLANK]

 

8

 

IN WITNESS
WHEREOF, the parties have caused this agreement to be executed and delivered as
of the date first above written.

 

	
   

  	
  HOLDER:

  
	
   

  	
   

  
	
   

  	
  TELEDESIC LLC 

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Dennis James

  
	
   

  	
  Name:

  	
  Dennis James

  
	
   

  	
  Title:

  	
  President

  
	
   

  	
   

  
	
   

  	
  Address:

  	
  3740 Carillon Point 

  
	
   

  	
   

  	
  Kirkland, Washington
  98033 

  
	
   

  	
   

  	
  Attn: General Counsel

  
	
   

  	
  Fax: (425) 602-6470

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  ICO GLOBAL
  COMMUNICATIONS 

  
	
   

  	
  (HOLDINGS) LIMITED

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Craig Jorgens

  
	
   

  	
  Name:

  	
  Craig Jorgens

  
	
   

  	
  Title:

  	
  President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Address:

  	
  4 Orinda Way 

  
	
   

  	
   

  	
  Suite B240 

  
	
   

  	
   

  	
  Orinda, CA 94563 

  
	
   

  	
   

  	
  Attn: General Counsel

  
	
   

  	
  Fax:

  	
   

  
									

 

9

 

SCHEDULE A

 

OTHER HOLDERS’ ADDRESSES FOR NOTICES

 

The signatories to
that certain Registration Rights Agreement dated May 15, 2000 between ICO,
Eagle River Investments, L.L.C. and certain other persons identified therein.

 

Eagle River
Investments, L.L.C.

2300 Carillon
Point 

Kirkland, WA 98033

Fax: (425)
828-8061

 

CDR-Satco, LLC

c/o Clayton,
Dubilier & Rice, Inc.,

375 Park Avenue

New York, NY 10152

Fax: 212-893-7050

 

Cascade
Investment, LLC

2365 Carillon
Point 

Kirkland, WA 98033

Fax: (425)
889-0288

 

10

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