Document:

Exhibit 10.23

 

 

 

REGISTRATION RIGHTS
AGREEMENT

 

Concerning

 

NEW
SKIES SATELLITES HOLDINGS LTD.

 

 

 

Dated as of April    ,
2005

 

 

 

 

TABLE OF CONTENTS

 

	
  Section 1. Definitions

  	
   

  
	
   

  	
   

  
	
  Section 2. Registration Under the Securities
  Act

  	
   

  
	
   

  	
  (a)

  	
  Required Registration

  	
   

  
	
   

  	
  (b)

  	
  Incidental Registration

  	
   

  
	
   

  	
  (c)

  	
  Expenses

  	
   

  
	
   

  	
  (d)

  	
  Effective
  Registration Statement; Suspension

  	
   

  
	
   

  	
  (e)

  	
  Selection of Underwriters

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Section 3. Restrictions on Public Sale

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Section 4. Registration Procedures

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Section 5. Indemnification; Contribution

  	
   

  
	
   

  	
  (a)

  	
  Indemnification by the
  Company

  	
   

  
	
   

  	
  (b)

  	
  Indemnification by Holders

  	
   

  
	
   

  	
  (c)

  	
  Conduct of
  Indemnification Proceedings

  	
   

  
	
   

  	
  (d)

  	
  Contribution

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Section 6. Miscellaneous

  	
   

  
	
   

  	
  (a)

  	
  No Inconsistent Agreements

  	
   

  
	
   

  	
  (b)

  	
  Amendments and Waivers

  	
   

  
	
   

  	
  (c)

  	
  Investor Action

  	
   

  
	
   

  	
  (d)

  	
  Notices

  	
   

  
	
   

  	
  (e)

  	
  Successors and Assigns

  	
   

  
	
   

  	
  (f)

  	
  Recapitalizations,
  Exchanges, etc., Affecting Registrable Securities

  	
   

  
	
   

  	
  (g)

  	
  Relative Registration Rights.

  	
   

  
	
   

  	
  (h)

  	
  Counterparts

  	
   

  
	
   

  	
  (i)

  	
  Descriptive Headings, etc.

  	
   

  
	
   

  	
  (j)

  	
  Severability

  	
   

  
	
   

  	
  (k)

  	
  Governing Law

  	
   

  
	
   

  	
  (l)

  	
  Specific
  Performance

  	
   

  
	
   

  	
  (m)

  	
  Jurisdiction

  	
   

  
	
   

  	
  (n)

  	
  Waiver of Jury Trial

  	
   

  
	
   

  	
  (o)

  	
  Entire Agreement

  	
   

  

 

i

 

REGISTRATION RIGHTS
AGREEMENT, dated as of
April    , 2005 (the “Agreement”), by and between New
Skies Satellites Holding Ltd., a limited liability company organized under the
laws of Bermuda (the “Company”),
the Blackstone Investors (as hereinafter defined), and the Senior Managers (as
hereinafter defined) and any other Person that shall from and after the date
hereof acquire or otherwise be the transferee of any Registrable Securities and
who shall become a signatory hereto (herein referred to collectively as the “Holders”
and individually as a “Holder”).

 

WHEREAS, the Company has agreed to provide registration
rights on the terms and subject to the conditions provided herein.

 

NOW, THEREFORE, in consideration of the premises and the
representations, warranties and agreements contained herein, and for other good
and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, and intending to be legally bound hereby, the parties hereto
agree as follows:

 

Section 1.   Definitions.

 

As used in this Agreement, the following terms shall
have the following meanings:

 

“Affiliate” shall have the meaning ascribed
thereto in Rule 12b-2 promulgated under the Exchange Act, as in effect on the
date hereof.

 

“Blackstone Investors” shall mean the parties
identified on the signature pages hereto as a “Blackstone Investor”.

 

“Company” shall have the meaning set forth in
the preamble and shall also include the Company’s successors.

 

 “Company
Notice” shall have the meaning set forth in Section 2(b)(i).

 

“Eligible Holders” shall have the meaning set
forth in Section 2(b)(i).

 

“Exchange Act” shall mean the Securities
Exchange Act of 1934, as amended from time to time.

 

“Family Trust” means
a trust solely for the benefit of a Senior Manager and any member of the
immediate family of such Senior Manager (which shall mean, any parent, spouse,
child or other lineal descendants (including by adoption), brother or sister
thereof or any spouse of any of the foregoing), (ii) each trust created for the
benefit of a Senior Manager or in which one or more members of such Senior
Manager’s immediate family has a beneficial interest and (iii) any Person who
is controlled by any such immediate family member or trust (including each
custodian of property for one or more such Persons).

 

 

“Holder” shall have the meaning set forth in
the preamble.

 

“Incidental Registration” shall mean a
registration required to be effected by the Company pursuant to Section 2(b).

 

“Incidental Registration Statement” shall
mean a registration statement of the Company as provided in Section 2(b), which
covers any of the Registrable Securities on an appropriate form in accordance
with the Securities Act and all amendments and supplements to such registration
statement, including post-effective amendments, in each case including the
Prospectus contained therein, all exhibits thereto and all material incorporated
by reference therein.

 

 “IPO”
means an initial firm commitment underwritten public offering of Securities
pursuant to an effective registration statement under the Securities Act, other
than pursuant to a registration statement on Form S-4 or Form S-8 or other
limited purpose form.

 

“Law” means any
statute, law, regulation, ordinance, rule, injunction, order, decree,
governmental approval, directive, requirement, or other governmental
restriction or any similar form of decision of, or determination by, or any
interpretation or administration of any of the foregoing by, any Governmental
Authority.

 

 “Majority
Holders” shall mean Holders of Securities representing in the aggregate a
majority of the aggregate number of outstanding Securities beneficially owned
by all Holders.

 

“Management Representative” shall mean Daniel S.
Goldberg.

 

“NASD” shall mean the
National Association of Securities Dealers, Inc.

 

“Person” means an
individual, a partnership, a corporation, a limited liability company, an association,
a joint stock company, a trust, a joint venture, an unincorporated organization
and a governmental entity or any department, agency or political subdivision
thereof.

 

“Prospectus” shall mean the prospectus
included in a Registration Statement, including any preliminary Prospectus, and
any such Prospectus as amended or supplemented by any prospectus supplement
with respect to the terms of the offering of any portion of the Registrable
Securities and by all other amendments and supplements to such Prospectus,
including post-effective amendments, and in each case including all material
incorporated by reference therein.

 

“Registrable Securities” shall mean (i) any
Shares acquired by any Holder and (ii) any securities of the Company issued or
issuable directly or indirectly with respect to or in exchange, or substitution
for, or conversion of the securities referred to in clause (i) above by

 

2

 

way of dividend or distribution,
recapitalization, merger, consolidation, exchange or other reorganization.  As to any particular Registrable Securities,
such securities shall cease to be Registrable Securities when they have been
distributed to the public pursuant to an offering registered under the
Securities Act or sold to the public through a broker, dealer or market maker
in compliance with Rule 144 under the Securities Act (or any similar rule then
in force).

 

“Registration Expenses” shall mean all (i)
registration, qualification and filing fees, (ii) fees and expenses of
compliance with securities or blue sky laws (including reasonable fees and
disbursements of a qualified independent underwriter, if any, counsel in
connection therewith and the reasonable fees and disbursements of counsel in
connection with blue sky qualifications of the Registrable Securities), (iii)
printing expenses, (iv) internal expenses of the Company (including, without
limitation, all salaries and expenses of officers and employees performing
legal or accounting duties), (v) fees and disbursements of counsel for the
Company, (vi) customary fees and expenses for independent certified public
accountants retained by the Company (including the expenses of any comfort
letters or costs associated with the delivery by independent certified public
accountants of a comfort letter or comfort letters), (vii) fees and expenses of
any special experts retained by the Company in connection with such
registration, (viii) reasonable fees and expenses of one separate firm of
attorneys for the Holders (which counsel shall be selected by the Holders
selling securities constituting a majority of all securities to be included in
such registration) and (ix) fees and expenses of listing the Registrable
Securities on a securities exchange; but shall not include any Selling
Expenses.

 

“Registration Statement” shall mean any
registration statement of the Company which covers any Registrable Securities
and all amendments and supplements to any such Registration Statement,
including post-effective amendments, in each case including the Prospectus
contained therein, all exhibits thereto and all material incorporated by
reference therein.

 

“Request” shall have the meaning set forth in
Section 2(a)(i)(A).

 

“Required Registration” shall mean any
registration required to be effected pursuant to Section 2(a)(i)(A).

 

“Required Registration Statement” shall mean
a Registration Statement which covers the Registrable Securities requested to
be included therein pursuant to a Required Registration on an appropriate form
pursuant to the Securities Act (including pursuant to Rule 415 thereunder or
any similar rule then in force), and which form shall be available for the sale
of the Registrable Securities in accordance with the intended method or methods
of distribution thereof, and all amendments and supplements to such
Registration Statement, including post-effective amendments, in each case
including the Prospectus contained therein, all exhibits thereto and all
material incorporated by reference therein.

 

“SEC” shall mean the United States Securities
and Exchange Commission.

 

“Securities” or “Shares” shall mean
the ordinary shares or common shares of the Company.

 

“Securities Act” means the Securities Act of
1933, and the rules and regulations promulgated thereunder, as the same may be
amended from time to time.

 

3

 

“Selling Expenses” shall mean underwriting
discounts, selling commissions and stock transfer taxes applicable to the
Securities registered by the Holders.

 

“Senior Managers” shall mean the parties
identified on the signature pages hereto as “Senior Managers”.

 

 “Shelf
Registration” shall have the meaning set forth in Section 2(a)(i)(A).

 

“Underwriter” shall have the meaning set
forth in Section 5(a).

 

“Underwritten Offering” shall mean a sale of
securities of the Company to an Underwriter or Underwriters for reoffering to
the public.

 

Section 2.   Registration Under
the Securities Act.

 

(a)           Required
Registration.

 

(i)            Right to Require Registration.

 

(A)  At any time after the date of this Agreement,
the Blackstone Investors shall have the right to deliver a request in writing
to the Company (a “Request”) (which Request shall specify the
Registrable Securities intended to be disposed, the identity of the Person(s)
within the Blackstone Investors intending to dispose of such Registrable Securities,
and the intended method of distribution thereof) that the Company register the
Registrable Securities held by the specified Person(s) within the Blackstone
Investors (including, if available, by means of a shelf offering pursuant to
Rule 415 under the Securities Act (or any similar rule then in force) (a “Shelf
Registration”)) by filing with the SEC a Required Registration Statement.

 

(B) Upon the receipt of
any Request by the Blackstone Investors in which the Blackstone Investors are
proposing to sell Registrable Securities, the Company will, subject to the
other provisions of this Section 2(a), not later than the 60th day after the
receipt of such a Request by the Company cause to be filed with the SEC a
Required Registration Statement covering the Registrable Securities which the
Company has been so requested to register in such Request, all to the extent
necessary to permit the disposition of such Registrable Securities so to be
registered in accordance with the intended methods of distribution thereof
specified in such Request or further requests.

 

(C)
Upon the receipt of any Request, the Company will, by the tenth day thereafter,
give written notice of such requested registration to all Holders of
Registrable Securities, and each such Holder shall be entitled to notify the
Company within ten days of receipt of notice of such Request of such Holder’s
election to include all or a portion of its Registrable Securities in such registration.

 

4

 

Not later than the 60th day after the receipt of such
a Request by the Company, the Company will, subject to the other provisions of
this Section 2(a), cause to be filed with the SEC a Required Registration
Statement covering the Registrable Securities which the Company has been so
requested to register in such Request and all other Registrable Securities
which the Company has been requested to register by Holders thereof other than
the Holder(s) who are members of the Blackstone Investors initiating such
Request, all to the extent necessary to permit the disposition of such
Registrable Securities so to be registered in accordance with the intended
methods of distribution thereof specified in such Request or further requests.

 

(D)
For any Required Registration Statement prepared and filed pursuant to Section
2(a)(i), the Company shall use all reasonable efforts to have such Required
Registration Statement declared effective by the SEC as soon as practicable
after the filing of such Required Registration Statement and to keep such
Required Registration Statement continuously effective (x) for a period of at
least 60 days, in the case of a Required Registration other than a Shelf
Registration (or, in the case of an Underwritten Offering, such period as the
Underwriters shall reasonably require) following the date on which such
Required Registration Statement is declared effective (or such shorter period
which will terminate when all of the Registrable Securities covered by such
Required Registration Statement have been sold pursuant thereto) or (y) until
all of the Registrable Securities that are the subject of such Required
Registration Statement have been disposed of pursuant thereto, in the case of a
Shelf Registration, including, in either case, if necessary, by filing with the
SEC a post-effective amendment or a supplement to the Required Registration
Statement or the related Prospectus or any document incorporated therein by
reference or by filing any other required document or otherwise supplementing
or amending the Required Registration Statement, if required by the rules,
regulations or instructions applicable to the registration form used by the
Company for such Required Registration Statement or by the Securities Act, the
Exchange Act, any state securities or blue sky laws, or any rules and
regulations thereunder.

 

(E)  The Company shall not be required to effect,
pursuant to this Section 2(a)(i), (w) more than one Required Registration
within any continuous three month period, or (x) any Underwritten Offering
covering Registrable Securities with gross proceeds reasonably expected by the
Holders to be less than $25 million.  The
Senior Managers shall have no right to, and shall not, make a Request that the
Company effect a Required Registration under Section 2(a)(i)(A) at any time;
provided, however, that nothing herein shall limit or restrict the Senior
Managers rights under Section 2(a)(i)(C) or 2(b)(i). For the avoidance of doubt
subject this Section 2(a)(i)(E), the Blackstone Investors shall not be limited
as to the number of Required Registrations which it is entitled to request
under this Section 2(a)(i).

 

5

 

(F)  A Request may be withdrawn prior to the filing
of the Required Registration Statement by the Blackstone Investors who made
such Request and a Required Registration Statement may be withdrawn prior to
the effectiveness thereof by the Holders of a majority of the Registrable
Securities included therein, and, in either such event, such withdrawal shall
not be treated as a Required Registration for purposes of clause (w) of the
immediately preceding paragraph.

 

(G)  The registration rights granted pursuant to
the provisions of this Section 2(a)(i) shall be in
addition to the registration rights granted pursuant to the other provisions of
this Section 2.

 

(ii)           Priority in Required Registrations.  If a Required Registration pursuant to this
Section 2(a) involves an Underwritten Offering, and the sole Underwriter or the
lead managing Underwriter, as the case may be, of such Underwritten Offering
shall advise the Company in writing (with a copy to each Holder requesting
registration) that, in its opinion, the amount of Registrable Securities
requested to be included in such Required Registration exceeds the amount which
can be sold in such offering without adversely affecting the distribution of
the Registrable Securities being offered, the Company will include in such
Required Registration only the amount of Registrable Securities that the
Company is so advised can be sold in such offering without so adversely
affecting such distribution; provided, however, that the Company shall be required to include in
such Required Registration first, all
Registrable Securities requested to be included in the Required Registration by
the Blackstone Investors and, if any, the Senior Managers and, to the extent
not all such Registrable Securities can be included in such Required
Registration, the number of Registrable Securities to be included shall be
allocated pro  rata among the
Blackstone Investors and the Senior Managers on the basis of the number of
Registrable Securities requested to be included in such Required Registration
by each such Blackstone Investor or Senior Manager or on such other basis as
shall be agreed among the Blackstone Investors and the Management
Representative (if the Senior Managers have requested Registrable Securities to
be included in the Required Registration); second, all
Registrable Securities requested to be included in such Required Registration
by the other Holders and, to the extent not all such Registrable Securities can
be included in such Required Registration, the number of Registrable Securities
to be included shall be allocated pro rata
among such other Holders on the basis of the number of Registrable Securities
requested to be included in such Required Registration by each such Holder and third, all other securities requested, in accordance with
any registration rights which are granted in compliance with Section 6(a), to
be included in such Required Registration which are of the same class as the
Registrable Securities otherwise to be included in such Required Registration
and, to the extent not all such securities can be included in such Required
Registration, the number of securities to be included shall be allocated pro  rata among the
holders thereof requesting inclusion in such Required Registration on the basis
of the number of securities requested to be included by all such holders.

 

6

 

(b)           Incidental Registration.

 

(i)            Right to Include Registrable
Securities.  If at any time after the
date hereof, the Company proposes to register any Securities under the
Securities Act (other than (A) any registration of public sales or
distributions solely by and for the account of the Company of securities issued
(x) pursuant to any employee benefit or similar plan or any dividend reinvestment
plan or (y) in any acquisition by the Company or financing thereof, or (B)
pursuant to Section 2(a) hereof (it being understood that such Section 2(a)
provides for incidental registration rights with respect to registrations
conducted thereunder)) in connection with a primary offering for cash for the
account of the Company or any secondary offering, the Company will, each time
it intends to effect such a registration, subject to the following
qualifications, give written notice (the “Company Notice), to all
Holders of Registrable Securities (including the Blackstone Investors and the
Senior Managers), at least ten but no more than 45 days prior to the expected
initial filing of a Registration Statement with the SEC pertaining thereto,
informing such Holders entitled to receive the Company Notice (the “Eligible
Holders”) of its intent to file such Registration Statement, the expected
filing date, and of the Eligible Holders’ rights to request the registration of
the Registrable Securities held by the Eligible Holders under this Section 2(b).  Upon the written request of any such Eligible
Holder made within fifteen days after any such Company Notice is given (which
request shall specify the Registrable Securities intended to be disposed of by
such Eligible Holder and, unless the applicable registration is intended to
effect a primary offering of Securities for cash for the account of the
Company, the intended method of distribution thereof), the Company will use all
reasonable efforts to effect the registration under the Securities Act of all
Registrable Securities which the Company has been so requested to register by
such Eligible Holders to the extent required to permit the disposition (in
accordance with the intended methods of distribution thereof or, in the case of
a registration which is intended to effect a primary offering for cash for the
account of the Company, in accordance with the Company’s intended method of
distribution) of the Registrable Securities so requested to be registered,
including, if necessary, by filing with the SEC a post-effective amendment or a
supplement to the Incidental Registration Statement or the related Prospectus
or any document incorporated therein by reference or by filing any other
required document or otherwise supplementing or amending the Incidental
Registration Statement, if required by the rules, regulations or instructions
applicable to the registration form used by the Company for such Incidental
Registration Statement or by the Securities Act, any state securities or blue
sky laws, or any rules and regulations thereunder; provided,
however, that if, at
any time after giving written notice of its intention to register any
securities and prior to the effective date of the Incidental Registration
Statement filed in connection with such registration, the Company shall determine
for any reason not to register or to delay registration of all of the
securities to be registered under such Incidental Registration Statement, the
Company may, at its election, give written notice of such determination to each
Eligible Holder and, thereupon, (A) in the case of a determination not to
register, the

 

7

 

Company shall be relieved of its obligation to
register any Registrable Securities in connection with such registration (but
not from its obligation to pay the Registration Expenses incurred in connection
therewith), and (B) in the case of a determination to delay such registration,
the Company shall be permitted to delay registration of any Registrable
Securities requested to be included in such Incidental Registration Statement
for the same period as the delay in registering such other securities to be
included therein.

 

The registration rights
granted pursuant to the provisions of this Section 2(b)(i)
shall be in addition to the registration rights granted pursuant to the other
provisions of this Section 2.

 

(ii)           Priority in Incidental
Registrations.  If a registration
pursuant to this Section 2(b) involves an Underwritten Offering of the
securities so being registered, whether or not for sale for the account of the
Company, and the sole Underwriter or the lead managing Underwriter, as the case
may be, of such Underwritten Offering shall advise the Company in writing (with
a copy to each Holder of Registrable Securities requesting registration) that,
in its opinion, the amount of securities (including Registrable Securities)
requested to be included in such registration exceeds the amount which can be
sold in (or during the time of) such offering without adversely affecting the
distribution of the securities being offered, then the Company will be required
to include in such registration, first, all the
securities entitled to be sold pursuant to such Registration Statement without
reference to the incidental registration rights of any holder (including
Holders); second all Registrable Securities
requested to be included in the Underwritten Offering by the Blackstone
Investors and the Senior Managers and, to the extent not all such Registrable
Securities can be included in such Underwritten Offering, the number of
Registrable Securities to be included shall be allocated pro
rata among the Blackstone Investors and
the Senior Managers on the basis of the number of Registrable Securities
requested to be included in the Underwritten Offering by the Blackstone
Investors and the Senior Managers or on such other basis as shall be agreed
among the Blackstone Investors and the Management Representative (if the Senior
Managers have requested Registrable Securities to be included in such Required
Registration) (provided that, the provisions under this clause “second” shall have priority over the
foregoing clause “first” if
Blackstone gives notice to the Company that Blackstone is electing to have the
applicable Underwritten Offering constitute a Required Registration); third, all Registrable Securities requested to be included
in such Underwritten Offering by the other Holders and, to the extent not all
such Registrable Securities can be included in such Underwritten Offering, the
number of Registrable Securities to be included shall be allocated pro  rata among such
other Holders on the basis of the number of Registrable Securities requested to
be included in such Underwritten Offering by all such Holders and fourth, all other securities requested, in accordance with
any registration rights which are granted in compliance with Section 6(a), to
be included in such Underwritten Offering which are of the same class as the
Registrable Securities otherwise to be included in such Required Registration
and, to the extent not all such securities can be included in such Underwritten
Offering, the number of securities to be included shall be allocated pro  rata among the
holders thereof requesting inclusion in such Underwritten Offering on the basis
of the number of securities requested to be included by all such holders; provided, however, that
in the

 

8

 

event the Company will not, by virtue of this
paragraph, include in any such registration all of the Registrable Securities of
any Holder requested to be included in such registration, such Holder may, upon
written notice to the Company given within three days of the time such Holder
first is notified of such matter, reduce the amount of Registrable Securities
it desires to have included in such registration, whereupon only the
Registrable Securities, if any, it desires to have included will be so included
and the Holders not so reducing shall be entitled to a corresponding increase
in the amount of Registrable Securities to be included in such registration.

 

(c)           Expenses.  The Company agrees to (i) pay all Registration
Expenses in connection with each of the registrations requested pursuant to
Section 2(a) and (ii) pay all Registration Expenses in connection with each
registration as to which Holders request inclusion of Registrable Securities
pursuant to Section 2(b).  All Selling
Expenses relating to securities registered on behalf of Holders shall be borne
by the Holders of securities included in such registration pro rata
on the basis of the number of such Holders' securities so registered.

 

(d)           Effective Registration
Statement; Suspension.  Subject
to Section 2(a)(i)(F), a Registration Statement pursuant to Section 2(a) will
not be deemed to have become effective (and the related registration will not
be deemed to have been effected) unless it has been declared effective by the
SEC or, in the case of a Registration Statement filed pursuant to Rule 415 (or
any similar rule then in force) in connection with a Shelf Registration, unless
Registrable Securities have been disposed of pursuant thereto, prior to a
request by the Holders of a majority of the Registrable Securities included in
such registration that such Registration Statement be withdrawn; provided, however, that
if, after it has been declared effective, the offering of any Registrable
Securities pursuant to such Registration Statement is interfered with by any
stop order, injunction or other order or requirement of the SEC or any other
governmental agency or court, such Registration Statement will be deemed not to
have become effective and the related registration will not be deemed to have
been effected.

 

(e)           Selection of Underwriters.  At any time or from time to time, the holder
(including the Company, if applicable) of the greatest number of Registrable
Securities covered by a Registration Statement may elect to have such
Registrable Securities sold in an Underwritten Offering and may select the
investment banker or investment bankers and manager or managers that will serve
as lead and co-managing Underwriters with respect to the offering of such
Registrable Securities, subject to the consent of the Company, which shall not
be unreasonably withheld.  No Holder may
participate in any Underwritten Offering hereunder unless such Holder (i)
agrees to sell such Holder’s securities on the basis provided in any
underwriting arrangements approved by the Persons entitled hereunder to approve
such arrangements and (ii) completes and executes all questionnaires, powers of
attorney, custody agreements, indemnities, underwriting agreements and other
documents required under the terms of such Underwritten Offering.

 

Section 3.  
Restrictions on Public Sale.

 

(a)           If
requested by the sole Underwriter or lead managing Underwriter(s) in an Underwritten
Offering, the Company agrees not to effect any public sale or distribution
(other than, in the case of the Company, public sales or distributions solely
by and for the account of

 

9

 

the Company of securities
issued pursuant to any employee benefit or similar plan or any dividend
reinvestment plan) of any Securities (or equity or equity-linked securities)
during the period commencing on the date the Company receives a Request from
any Holder and continuing until one hundred eighty (180) days after the
effective date of any Underwritten Offering (or for such shorter period as the
sole or lead managing Underwriter shall request) unless earlier terminated by
the sole Underwriter or lead managing Underwriter(s) in such Underwritten
Offering; provided however, that
in the case of a Shelf Registration pursuant to Rule 415 of the Securities Act
(or any similar rule then in force), the provisions set forth in this Section
3(a) shall only apply for the period commencing on the date of any underwritten
take-down and continuing until one hundred and eighty (180) days following the
date of such underwritten take-down (or for such shorter period as the sole or
lead managing Underwriter shall request) unless earlier terminated by the sole
Underwriter or lead managing Underwriter(s) in such underwritten take-down.

 

(b)           If
requested by the sole Underwriter or lead managing Underwriter(s) in an
Underwritten Offering, the Holders shall not sell or otherwise transfer or
dispose of any Securities (or equity or equity-linked securities) of the
Company held by the Holders (other than those included in the registration)
during the fourteen (14) day period prior to and the one hundred eighty (180)
day period following the effective date (including such effective date), of any
offering, or in the case of a Shelf Registration pursuant to Rule 415 of the
Securities Act (or any similar rule then in force), the 180 day period
following the date of any underwritten take-down, or in either case such
shorter period as the sole Underwriter or lead managing Underwriter(s) may
request, provided that the obligations described
in this Section 3(b) shall not apply to a registration relating solely to the
sale of securities to employees of the Company pursuant to a stock option,
stock purchase or similar plan or Rule 145 (or any similar rule then in force)
or similar transaction.  The Company may
impose stop-transfer instructions with respect to the Securities (or equity or
equity-linked securities) subject to the foregoing restriction until the end of
the applicable period pursuant to the first sentence of this Section 3(b).

 

Section 4.  
Registration Procedures.

 

In connection with the obligations of the Company
pursuant to Section 2 or, for the avoidance of doubt, in connection with a sale
of any Registrable Securities pursuant to an underwritten take-down in the case
of a Shelf Registration pursuant to Rule 415 of the Securities Act (or any
similar rule then in force), the Company shall use all reasonable efforts to effect
the registration of the Registrable Securities under the Securities Act to
permit the sale of such Registrable Securities by the Holders in accordance
with their intended method or methods of distribution, and the Company shall:

 

(a)           (i) 
prepare and file a Registration Statement with the SEC which (x) shall
be on Form S-3 (or any successor to such form), if available, (y) shall be
available for the sale or exchange of the Registrable Securities in accordance
with the intended method or methods of distribution by the selling Holders
thereof, and (z) shall comply as to form with the requirements of the
applicable form and include all financial statements required by the SEC to be
filed therewith and all other information reasonably requested by the lead
managing Underwriter or sole Underwriter, if applicable, to be included
therein, (ii) use all reasonable efforts
to cause such Registration Statement to become effective and remain effective
in accordance with Section 2,

 

10

 

(iii) use all reasonable efforts to not take any action that would
cause a Registration Statement to contain a material misstatement or omission
or to be not effective and usable for resale of Registrable Securities during
the period that such Registration Statement is required to be effective and
usable, and (iv) cause each Registration
Statement and the related Prospectus and any amendment or supplement thereto,
as of the effective date of such Registration Statement, amendment or
supplement (x) to comply in all material respects with any requirements of the
Securities Act and the rules and regulations of the SEC and (y) not to contain
any untrue statement of a material fact or omit to state a material fact required
to be stated therein or necessary to make the statements therein not
misleading;

 

(b)           subject
to paragraph (j) of this Section 4, prepare and file with the SEC such
amendments and post-effective amendments to each such Registration Statement,
as may be necessary to keep such Registration Statement effective for the
applicable period; cause each such Prospectus to be supplemented by any
required prospectus supplement, and as so supplemented to be filed pursuant to
Rule 424 under the Securities Act (or any similar rule then in force); and
comply with the provisions of the Securities Act with respect to the
disposition of all securities covered by each Registration Statement during the
applicable period in accordance with the intended method or methods of
distribution by the selling Holders thereof, as set forth in such registration
statement;

 

(c)           furnish
to each Holder of Registrable Securities and to each Underwriter of an Underwritten
Offering of Registrable Securities, if any, without charge, as many copies of
each Prospectus, including each preliminary Prospectus, and any amendment or
supplement thereto and such other documents as such Holder or Underwriter may
reasonably request in order to facilitate the public sale or other disposition
of the Registrable Securities; the Company hereby consents to the use of the
Prospectus, including each preliminary Prospectus, by each Holder of
Registrable Securities and each Underwriter of an Underwritten Offering of
Registrable Securities, if any, in connection with the offering and sale of the
Registrable Securities covered by the Prospectus or the preliminary Prospectus;

 

(d)           (i)  use
all reasonable efforts to register or qualify the Registrable Securities, no
later than the time the applicable Registration Statement is declared effective
by the SEC, under all applicable state securities or “blue sky” laws of such
jurisdictions as each Underwriter, if any, or any Holder of Registrable
Securities covered by a Registration Statement, shall reasonably request; (ii) use all reasonable efforts to keep each
such registration or qualification effective during the period such
Registration Statement is required to be kept effective; and (iii) do any and all other acts and things which
may be reasonably necessary or advisable to enable each such Underwriter, if
any, and Holder to consummate the disposition in each such jurisdiction of such
Registrable Securities owned by such Holder; provided,
however, that the Company shall not be
obligated to qualify as a foreign corporation or as a dealer in securities in
any jurisdiction in which it is not so qualified or to consent to be subject to
general service of process (other than service of process in connection with
such registration or qualification or any sale of Registrable Securities in
connection therewith) in any such jurisdiction;

 

(e)           notify each Holder of Registrable Securities promptly, and,
if requested by such Holder, confirm such advice in writing, (i) when a
Registration Statement has become effective and when any post-effective
amendments and supplements thereto become effective,

 

11

 

(ii) of the
issuance by the SEC or any state securities authority of any stop order,
injunction or other order or requirement suspending the effectiveness of a
Registration Statement or the initiation of any proceedings for that purpose,
(iii) if, between the effective date of a Registration Statement and the
closing of any sale of securities covered thereby pursuant to any agreement to
which the Company is a party, the representations and warranties of the Company
contained in such agreement cease to be true and correct in all material
respects or if the Company receives any notification with respect to the
suspension of the qualification of the Registrable Securities for sale in any
jurisdiction or the initiation of any proceeding for such purpose, and (iv) of
the happening of any event during the period a Registration Statement is
effective as a result of which such Registration Statement or the related
Prospectus contains any untrue statement of a material fact or omits to state
any material fact required to be stated therein or necessary to make the
statements therein not misleading;

 

(f)            furnish counsel for each such Underwriter, if any, and for
the Holders of Registrable Securities copies of any request by the SEC or any
state securities authority for amendments or supplements to a Registration
Statement and Prospectus or for additional information;

 

(g)           use all reasonable efforts to obtain the withdrawal of any
order suspending the effectiveness of a Registration Statement at the earliest
possible time;

 

(h)           upon
request, furnish to the sole Underwriter or lead managing Underwriter of an
Underwritten Offering of Registrable Securities, if any, without charge, at
least one signed copy of each Registration Statement and any post-effective
amendment thereto, including financial statements and schedules, all documents
incorporated therein by reference and all exhibits; and furnish to each Holder
of Registrable Securities, without charge, at least one conformed copy of each
Registration Statement and any post-effective amendment thereto (without
documents incorporated therein by reference or exhibits thereto, unless
requested);

 

(i)            cooperate
with the selling Holders of Registrable Securities and the sole Underwriter or
lead managing Underwriter of an Underwritten Offering of Registrable Securities,
if any, to facilitate the timely preparation and delivery of certificates
representing Registrable Securities to be sold and not bearing any restrictive
legends; and enable such Registrable Securities to be in such denominations
(consistent with the provisions of the governing documents thereof) and
registered in such names as the selling Holders or the sole Underwriter or lead
managing Underwriter of an Underwritten Offering of Registrable Securities, if
any, may reasonably request at least five days prior to any sale of Registrable
Securities;

 

(j)            upon
the occurrence of any event contemplated by paragraph (e)(iv) of this Section,
use all reasonable efforts to prepare a supplement or post-effective amendment
to a Registration Statement or the related Prospectus, or any document
incorporated therein by reference, or file any other required document so that,
as thereafter delivered to the purchasers of the Registrable Securities, such
Prospectus will not contain any untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary to make the
statements therein, in the light of the circumstances under which they were
made, not misleading;

 

12

 

(k)           enter
into customary agreements (including, in the case of an Underwritten Offering,
underwriting agreements in customary form, and including provisions with
respect to indemnification and contribution in customary form and consistent
with the provisions relating to indemnification and contribution contained
herein) and take all other customary and appropriate actions in order to
expedite or facilitate the disposition of such Registrable Securities and in
connection therewith:

 

(1)           make such representations and
warranties to the Holders of such Registrable Securities and the Underwriters,
if any, in form, substance and scope as are customarily made by issuers to
underwriters in similar underwritten offerings;

 

(2)           obtain opinions of counsel to the
Company and updates thereof (which counsel and opinions (in form, scope and
substance) shall be reasonably satisfactory to the lead managing Underwriter,
if any, and the Holders of a majority of the Registrable Securities being sold
by all Holders in such offering) addressed to each selling Holder and the
Underwriters, if any, covering the matters customarily covered in opinions
requested in sales of securities or underwritten offerings and such other
matters as may be reasonably requested by such Holders and Underwriters;

 

(3)           obtain “cold comfort” letters and
updates thereof from the Company’s independent certified public accountants
addressed to the selling Holders of Registrable Securities, if permissible, and
the Underwriters, if any, which letters shall be customary in form and shall
cover matters of the type customarily covered in “cold comfort” letters to
underwriters in connection with primary underwritten offerings;

 

(4)           to the extent requested and customary
for the relevant transaction, enter into a securities sales agreement with the
Holders providing for, among other things, the appointment of such
representative as agent for the selling Holders for the purpose of soliciting
purchases of Registrable Securities, which agreement shall be customary in
form, substance and scope and shall contain customary representations,
warranties and covenants; and

 

(5)           deliver such
customary documents and certificates as may be reasonably requested by the
Majority Holders selling Registrable Securities in such offering or by the managing
Underwriters, if any.

 

The above shall be done (i)
at the effectiveness of such Registration Statement (and each post-effective
amendment thereto) in connection with any registration, and (ii) at each
closing under any underwriting or similar agreement as and to the extent
required thereunder;

 

(l)            make
available for inspection by representatives of the Holders of the Registrable
Securities and any Underwriters participating in any disposition pursuant to a
Registration Statement and any counsel or accountant retained by such Holders
or Underwriters, all relevant financial and other records, pertinent corporate
documents and properties of the

 

13

 

Company and cause the
respective officers, directors and employees of the Company to supply all
information reasonably requested by any such representative, Underwriter,
counsel or accountant in connection with a Registration Statement;

 

(m)(i)  within a
reasonable time prior to the filing of any Registration Statement, any
Prospectus, any amendment to a Registration Statement or amendment or
supplement to a Prospectus, provide copies of such document to the Holders of
Registrable Securities and to counsel to such Holders and to the Underwriter or
Underwriters of an Underwritten Offering of Registrable Securities, if any;
fairly consider such reasonable changes in any such document prior to or after
the filing thereof as the counsel to the Holders or the Underwriter or the
Underwriters may request and not file any such document in a form to which
Holders of a majority of the Registrable Securities being sold by all Holders
in such offering or any Underwriter shall reasonably object; and make such of
the representatives of the Company as shall be reasonably requested by the
Holders of Registrable Securities being registered or any Underwriter available
for discussion of such document;

 

(ii)     within a reasonable time prior to the
filing of any document which is to be incorporated by reference into a
Registration Statement or a Prospectus, provide copies of such document to
counsel for the Holders; fairly consider such reasonable changes in such
document prior to or after the filing thereof as counsel for such Holders or
such Underwriter shall request; and make such of the representatives of the
Company as shall be reasonably requested by such counsel available for
discussion of such document;

 

(n)           cause
all Registrable Securities to be qualified for inclusion in or listed on The
New York Stock Exchange, the NASDAQ National Market or any other securities
exchange or quotation system on which securities of the same class issued by
the Company are then so qualified or listed if so requested by the Holders of a
majority of the Registrable Securities being sold by all Holders in such
offering, or if so requested by the Underwriter or Underwriters of an
Underwritten Offering of Registrable Securities, if any;

 

(o)           otherwise
use all reasonable efforts to comply with all applicable rules and regulations
of the SEC, including making available to its security holders an earnings
statement covering at least 12 months which shall satisfy the provisions of
Section 11(a) of the Securities Act and Rule 158 thereunder (or any similar
provision then in force);

 

(p)           cooperate and assist in any filings required to be made
with the NASD and in the performance of any due diligence investigation by any
Underwriter in an Underwritten Offering; and

 

(q)           use
all reasonable efforts to facilitate the distribution and sale of any Registrable
Securities to be offered pursuant to this Agreement, including without
limitation by making road show presentations, holding meetings with potential
investors and taking such other actions as shall be requested by the Holders of
a majority of the Registrable Securities being sold by all Holders in such
offering or the lead managing Underwriter of an Underwritten Offering; provided that the Company shall not be required to make road
show presentations in connection

 

14

 

with
any Underwritten Offering of Registrable Securities that would not reasonably
be expected to have gross proceeds of at least $50 million.

 

Each selling Holder of Registrable Securities as to
which any registration is being effected pursuant to this Agreement agrees, as
a condition to the registration obligations with respect to such Holder
provided herein, to furnish to the Company such information regarding such
Holder required to be included in the Registration Statement, the ownership of
Registrable Securities by such Holder and the proposed distribution by such
Holder of such Registrable Securities as the Company may from time to time
reasonably request in writing.

 

Each Holder agrees that, upon receipt of any notice
from the Company of the happening of any event of the kind described in
paragraph (e)(iv) of this Section, such Holder will forthwith discontinue
disposition of Registrable Securities pursuant to the affected Registration
Statement until such Holder’s receipt of the copies of the supplemented or
amended Prospectus, contemplated by paragraph (j) of this Section, and, if so
directed by the Company, such Holder will deliver to the Company (at the
expense of the Company), all copies in its possession, other than permanent
file copies then in such Holder’s possession, of the Prospectus covering such
Registrable Securities which was current at the time of receipt of such notice.

 

Section 5.  
Indemnification; Contribution.

 

(a)           Indemnification by the Company.  In the event any Registrable Securities are
included in a Registration Statement under this Agreement or sold pursuant to
an underwritten take-down in the case of a Shelf Registration pursuant to Rule
415 of the Securities Act (or any similar rule then in force), the Company
agrees to indemnify and hold harmless each Person who participates in the sale
of Registrable Securities hereunder as an underwriter (any such Person being an
“Underwriter”), each Holder and their respective partners, directors,
officers and employees and each Person, if any, who controls any Holder or
Underwriter within the meaning of Section 15 of the Securities Act or Section
20 of the Exchange Act as follows:

 

(i)            against any and all losses,
liabilities, claims, damages, judgments and reasonable expenses whatsoever, as
incurred, arising out of any untrue statement or alleged untrue statement of a
material fact contained in any Registration Statement pursuant to which
Registrable Securities were registered under the Securities Act, including all
documents incorporated therein by reference, or the omission or alleged
omission therefrom of a material fact required to be stated therein or
necessary to make the statements therein not misleading, or arising out of any
untrue statement or alleged untrue statement of a material fact contained in
any Prospectus, including all documents incorporated therein by reference, or
the omission or alleged omission therefrom of a material fact necessary in
order to make the statements therein, in the light of the circumstances under
which they were made, not misleading;

 

(ii)           against any
and all losses, liabilities, claims, damages, judgments and reasonable expenses
whatsoever, as incurred, to the extent of the aggregate amount paid in
settlement of any litigation, investigation or proceeding by any governmental
agency or body, commenced or threatened, or of any other claim whatsoever based
upon

 

15

 

any such untrue statement or omission, or any such
alleged untrue statement or omission, if such settlement is effected with the
written consent of the Company or any violation by the Company of the Securities
Act or the Exchange Act or any rule or regulation thereunder applicable to the
Company and relating to action or inaction required of the Company in
connection with any such registration, qualification or compliance; and

 

(iii)          against any and all reasonable expense
whatsoever (including fees and disbursements of counsel), as incurred in
investigating, preparing or defending against any litigation, investigation or
proceeding by any governmental agency or body, commenced or threatened, in each
case whether or not such Person is a party, or any claim whatsoever based upon
any such untrue statement or omission, or any such alleged untrue statement or
omission, to the extent that any such expense is not paid under sub-paragraph
(i) or (ii) above;

 

provided, however, that
this indemnity agreement does not apply to any Holder or Underwriter with
respect to any loss, liability, claim, damage, judgment or expense to the
extent arising out of any untrue statement or alleged untrue statement of a
material fact contained in any Registration Statement (or any amendment
thereto) or any Prospectus (or any amendment or supplement thereto), or the
omission or alleged omission therefrom of a material fact necessary to make the
statements therein, in the light of the circumstances under which they were
made, not misleading, in any such case made in reliance upon and in conformity
with written information furnished to the Company by such Holder or Underwriter
expressly for use in a Registration Statement (or any amendment thereto) or any
Prospectus (or any amendment or supplement thereto); provided, further,
that the Company shall not be liable to any Holder with respect to any
preliminary prospectus to the extent that any such loss, liability, claim,
damage, cost or expense results from the fact that such Holder sold Registrable
Securities to a Person to whom there was not sent or given, at or prior to the
written confirmation of such sale, a copy of the final prospectus if the
Company has previously and timely furnished copies thereof to such Holder and
if such final prospectus would have corrected such untrue statement or
omission.  Such indemnity shall remain in
full force and effect regardless of any investigation made by or on behalf of
any Holder Indemnified Party and shall survive the transfer of such securities
by any Holder.

 

(b)           Indemnification by Holders.  Each selling Holder severally but not jointly
agrees to indemnify and hold harmless the Company, each Underwriter, the other
selling Holders and the Blackstone Investors, and each of their respective
partners, managers, officers and employees (including each officer of the
Company who signed the Registration Statement), and each Person, if any, who
controls the Company, any Underwriter or any other selling Holder or the
Blackstone Investors within the meaning of Section 15 of the Securities Act,
against any and all losses, liabilities, claims, damages, judgments and
expenses described in the indemnity contained in paragraph (a) of this Section
(provided that any settlement of the type
described therein is effected with the written consent of such selling Holder),
as incurred, but only with respect to untrue statements or alleged untrue
statements of a material fact contained in any Registration Statement or Prospectus
or omissions, or alleged omissions therefrom of a material fact necessary to
make the statements therein, in the light of the circumstances under which they
were made, not misleading, in any such case made in reliance upon and in
conformity with written information furnished to the Company by such selling
Holder expressly for use in such Registration Statement (or any amendment
thereto) or such Prospectus (or any amendment or supplement thereto).

 

16

 

(c)           Conduct of Indemnification
Proceedings.  Each indemnified
party or parties shall give reasonably prompt notice to each indemnifying party
or parties of any action or proceeding commenced against it in respect of which
indemnity may be sought hereunder, but failure so to notify an indemnifying
party or parties shall not relieve it or them from any liability which it or
they may have under this indemnity agreement, except to the extent that the
indemnifying party is materially prejudiced by such failure to give
notice.  If the indemnifying party or
parties so elects within a reasonable time after receipt of such notice, the
indemnifying party or parties may assume the defense of such action or
proceeding at such indemnifying party’s or parties’ expense with counsel chosen
by the indemnifying party or parties and approved by the indemnified party
defendant in such action or proceeding, which approval shall not be
unreasonably withheld; provided, however, that, if such indemnified party or parties
determine in good faith that a conflict of interest exists and that therefore
it is advisable for such indemnified party or parties to be represented by
separate counsel or that, upon advice of counsel, there may be legal defenses
available to it or them which are different from or in addition to those
available to the indemnifying party, then the indemnifying party or parties
shall not be entitled to assume such defense and the indemnified party or
parties shall be entitled to separate counsel (limited in each jurisdiction to
one counsel for all Underwriters and separate counsel for each of the other
indemnified parties under this Agreement) at the indemnifying party’s or
parties’ expense.  If an indemnifying
party or parties is or are not so entitled to assume the defense of such action
or does or do not assume such defense, after having received the notice
referred to in the first sentence of this paragraph, the indemnifying party or
parties will pay the reasonable fees and expenses of counsel for the
indemnified party or parties (limited in each jurisdiction to one counsel for
all Underwriters and another counsel for all other indemnified parties under
this Agreement).  No indemnifying party
or parties will be liable for any settlement effected without the written
consent of such indemnifying party or parties. No indemnifying Party, in the
defense of any such claim or litigation shall, except with the consent of each
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. Each 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.  If an indemnifying party is
entitled to assume, and assumes, the defense of such action or proceeding in
accordance with this paragraph, such indemnifying party or parties shall not be
liable for any fees and expenses of counsel for the indemnified parties
incurred thereafter in connection with such action or proceeding.

 

(d)           Contribution.  (i)  In
order to provide for just and equitable contribution in circumstances in which
the indemnity agreement provided for in this Section is for any reason held to
be unenforceable by the indemnified parties although applicable in accordance
with its terms in respect of any losses, liabilities, claims, damages,
judgments and expenses suffered by an indemnified party referred to herein,
each applicable indemnifying party, in lieu of indemnifying such indemnified
party, shall contribute to the amount paid or payable by such indemnified party
as a result of such losses, liabilities, claims, damages, judgments and
expenses in such proportion as is appropriate to reflect the relative fault of
the indemnifying party on the one hand and of the indemnified party (including,
in each case, that of their respective officers, directors, employees and
agents) on the other in connection with the statements or omissions which
resulted in such losses, liabilities, claims, damages, judgments or expenses,
as well as any other relevant equitable considerations.  The relative fault of the indemnifying party
on the one hand and of the indemnified party (including, in each case, that of
their respective officers, managers, employees and agents) on the other shall
be determined by reference to, among other things, whether the untrue or
alleged untrue statement of a material fact or the omission or alleged omission
to state a material fact relates to information supplied by

 

17

 

the indemnified party, on the one hand, or by or on behalf of the indemnifying
party, on the other, and the parties’ relative intent, knowledge, access to
information and opportunity to correct or prevent such statement or
omission.  The amount paid or payable by
a party as a result of the losses, liabilities, claims, damages, judgments and
expenses referred to above shall be deemed to include, subject to the
limitations set forth in paragraph (c) of this Section, any reasonable legal or
other fees or expenses reasonably incurred by such party in connection with
investigating or defending any action or claim.

 

(ii)           The Company and each Holder of
Registrable Securities agree that it would not be just and equitable if
contribution pursuant to this paragraph (d) were determined by pro rata allocation or by any other method of allocation
which does not take account of the equitable considerations referred to in
sub-paragraph (i) above.  Notwithstanding
the provisions of this paragraph (d), in the case of distributions to the
public, an indemnifying Holder shall not be required to contribute any amount
in excess of the amount by which (A) the total price at which the Registrable
Securities sold by such indemnifying Holder and its affiliated indemnifying Holders
and distributed to the public were offered to the public exceeds (B) the amount
of any damages which such indemnifying Holder has otherwise been required to
pay by reason of such untrue or alleged untrue statement or omission or alleged
omission.  No Person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act)
shall be entitled to contribution from any Person who was not guilty of such
fraudulent misrepresentation.

 

(iii)          For purposes of this Section, each
Person, if any, who controls a Holder or an Underwriter within the meaning of
Section 15 of the Securities Act (and their respective partners, directors,
officers and employees) shall have the same rights to contribution as such
Holder or Underwriter; and each director of the Company, each officer of the
Company who signed the Registration Statement, and each Person, if any, who
controls the Company within the meaning of Section 15 of the Securities Act,
shall have the same rights to contribution as the Company.

 

Section 6.  
Miscellaneous.

 

(a)           No Inconsistent Agreements.  The Company will not on or after the date of
this Agreement enter into any agreement which conflicts with the provisions of
this Agreement or which grants registration or similar rights without the prior
written consent of the Blackstone Investor Group.

 

(b)           Amendments
and Waivers.  The provisions of
this Agreement, including the provisions of this sentence, may not be amended,
modified or supplemented unless the Company has obtained (i) the prior written
consent of the Holders of a majority of the Registrable Securities, and (ii) if
any such amendment, modification or supplement would adversely affect the
rights, privileges or interests of the Blackstone Investors or the Senior
Managers hereunder, the prior written consent of the Blackstone Investors or
the Management Representative, respectively.

 

18

 

(c)           Notices.  Any notice, demand, request, waiver, or other
communication under this Agreement shall be personally served in writing, shall
be deemed to have been given on the date of service, and shall be addressed as
follows:

 

	
  To the Company:

  	
   

  	
  New Skies Satellites
  Holdings Ltd

  c/o New Skies Satellites

  Rooseveltplantsoen 4

  2517 KR The Hague

  The Netherlands

  
	
   

  	
   

  	
   

  
	
  With
  copies to:

  	
   

  	
  Simpson Thacher &
  Bartlett LLP

  425 Lexington Avenue

  New York, NY 10017

  Attention: Ed Chung

  Fax: (212) 455-2502

  
	
   

  	
   

  	
   

  
	
  To Blackstone Investors:

  	
   

  	
  The Blackstone Group

  345 Park Avenue, 31st Floor

  New York, NY 10154

  Attention: David Tolley

  Fax: (212) 583-5257

  
	
   

  	
   

  	
   

  
	
  With
  a copy to:

  	
   

  	
  Simpson Thacher &
  Bartlett LLP

  425 Lexington Avenue

  New York, NY 10017

  Attention: Ed Chung

  Fax: (212) 455-2502

  
	
   

  	
   

  	
   

  
	
  To
  any Senior Manager:

  	
   

  	
  c/o New Skies Satellites

  Rooseveltplantsoen 4

  2517 KR The Hague

  The Netherlands

  
	
   

  	
   

  	
   

  
	
  To any other Holder:

  	
   

  	
  At the address set
  forth on the attached signature page.

  

 

(d)           Successors
and Assigns.  This Agreement
shall inure to the benefit of and be binding upon the successors, assigns and
transferees of each of the parties, including, without the need for an express
assignment, subsequent Holders.  If any
successor, assignee or transferee of any Holder shall acquire Registrable
Securities in any manner, whether by operation of law or otherwise, such
Registrable Securities shall be held subject to all of the terms of this
Agreement, and by taking and holding such Registrable Securities such Person
shall be conclusively deemed to have agreed to be bound by and to perform all
of the terms and provisions of this Agreement. For purposes of this Agreement, “successor”
for any entity other than a natural person shall mean a successor to such
entity as a result of such entity’s merger, consolidation, liquidation,
dissolution, sale of substantially all of its assets, or similar transaction.

 

19

 

(e)           Recapitalizations, Exchanges,
etc., Affecting Registrable Securities.  The provisions of this Agreement shall apply,
to the full extent set forth herein with respect to the Registrable Securities,
to any and all securities or capital stock of the Company or any successor or
assign of the Company (whether by merger, consolidation, sale of assets or
otherwise) which may be issued in respect of, in exchange for, or in
substitution of such Registrable Securities, by reason of any dividend, split,
issuance, reverse split, combination, recapitalization, reclassification,
merger, consolidation or otherwise.

 

(f) Counterparts.  This Agreement may be executed in two or more
counterparts, each of which, when so executed and delivered, shall be deemed to
be an original, but all of which counterparts, taken together, shall constitute
one and the same instrument.

 

(g) Descriptive Headings, etc.  The headings in this Agreement are for convenience
of reference only and shall not limit or otherwise affect the meaning of terms
contained herein.  Unless the context of
this Agreement otherwise requires:  (1) words of any gender shall be deemed to
include each other gender; (2) words
using the singular or plural number shall also include the plural or singular
number, respectively; (3) the words “hereof”,
“herein” and “hereunder” and words of similar import when used in this
Agreement shall refer to this Agreement as a whole and not to any particular
provision of this Agreement, and Article, Section and paragraph references are
to the Articles, Sections and paragraphs to this Agreement unless otherwise
specified; (4) the word “including” and
words of similar import when used in this Agreement shall mean “including,
without limitation,” unless otherwise specified; (5) “or” is not exclusive; and (6)
provisions apply to successive events and transactions.

 

(h) Severability.  In the event that any one or more of the
provisions, paragraphs, words, clauses, phrases or sentences contained herein,
or the application thereof in any circumstances, is held invalid, illegal or
unenforceable in any respect for any reason, the validity, legality and
enforceability of any such provision, paragraph, word, clause, phrase or sentence
in every other respect and of the other remaining provisions, paragraphs,
words, clauses, phrases or sentences hereof shall not be in any way impaired,
it being intended that all rights, powers and privileges of the parties hereto
shall be enforceable to the fullest extent permitted by law.

 

(i) Governing Law.  THIS AGREEMENT SHALL BE CONSTRUED IN
ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW YORK.

 

(j) Specific Performance.  The parties hereto acknowledge that there
would be no adequate remedy at law if any party fails to perform in any
material respect any of its obligations hereunder, and accordingly agree that
each party, in addition to any other remedy to which it may be entitled at law
or in equity, shall be entitled to compel specific performance of the
obligations of any other party under this Agreement in accordance with the
terms and conditions of this Agreement.

 

(k) Jurisdiction.  The parties hereby irrevocably and
unconditionally consent to submit to the exclusive jurisdiction of the courts
of the State of New York for any
actions, suits or proceedings arising out of or relating to this agreement and
the transactions contemplated hereby (and agree not to commence any action,
suit or proceeding relating thereto except in such

 

20

 

courts, and further agree that service of any process, summons, notice
or document by U.S. registered mail to the address specified in Section 6(d)
shall be effective service of process for any action, suit or proceeding
brought against such party in any such court). 
The parties herby irrevocably and unconditionally waive any objection to
the laying of venue of any action, suit or proceeding arising out of this
agreement or the transactions contemplated hereby in the courts of the State of
New York, and hereby further irrevocably and unconditionally waive and agree
not to plead or claim in any such court that any such action, suit or
proceeding brought in any such court has been brought in an inconvenient forum.

 

(l) Waiver of Jury Trial.  EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY
WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT
OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

(m) Entire Agreement.  This
Agreement is intended by the parties as a final expression of their agreement
and intended to be a complete and exclusive statement of the agreement and
understanding of the parties hereto in respect of the subject matter contained
herein.  This Agreement supersedes all
prior agreements and understandings between the Company, on the one hand, and
the other parties to this Agreement, on the other, with respect to such subject
matter.

 

*                    *                    *

 

21

 

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

 

 

	
   

  	
  Blackstone
  Investors:

  
	
   

  	
   

  
	
   

  	
  BLACKSTONE NSS
  COMMUNICATIONS PARTNERS

  (CAYMAN) L.P.

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:      Blackstone
  Communications Management

  Associates (Cayman), L.P., its General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:      Blackstone
  FI Communications Associates

  (Cayman) LDC, its General Partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  BLACKSTONE
  FAMILY COMMUNICATIONS

  PARTNERSHIP (CAYMAN) L.P.

  
	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  Blackstone
  Communications Management

  
	
   

  	
   

  	
   

  	
  Associates
  (Cayman) L.P.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  Blackstone FI
  Communications Associates (Cayman) LDC, its General Partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  BLACKSTONE
  CAPITAL PARTNERS (CAYMAN) IV

  L.P.

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: Blackstone
  Management Associates (Cayman)

  IV L.P., its General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: Blackstone
  LR Associates (Cayman) IV Ltd.

  
					

 

[Signature Page to
Registration Rights Agreement]

 

 

	
   

  	
  BLACKSTONE CAPITAL
  PARTNERS (CAYMAN) IV-

  A L.P.

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: Blackstone
  Management Associates (Cayman)

  IV L.P., its General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: Blackstone LR
  Associates (Cayman) IV Ltd.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  BLACKSTONE FAMILY
  INVESTMENT PARTNERSHIP (CAYMAN) IV-A L.P.

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: Blackstone
  Management Associates (Cayman)

  IV L.P., its General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: Blackstone LR
  Associates (Cayman) IV Ltd.

  
				

 

[Signature Page to
Registration Rights Agreement]

 

 

	
   

  	
  Senior Managers:

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Name: Daniel S.
  Goldberg

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Name: Andrew M.
  Browne

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Name: Thai E.
  Rubin

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Name: Michel C.
  Schwartz

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Name: Scott J.
  Sprague

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Name: Stephen J.
  Stott

  	
   

  

 

[Signature Page to
Registration Rights Agreement]Exhibit 10.24

 

NEW SKIES
SATELLITES HOLDINGS LTD.

2005 STOCK INCENTIVE PLAN

 

1.             Purpose of the
Plan

 

The purpose of the Plan (as defined below) is
to aid the Company (as defined below) and its Affiliates (as defined below) in
recruiting and retaining key employees, directors or consultants of outstanding
ability and to motivate such employees, directors or consultants to exert their
best efforts on behalf of the Company and its Affiliates by providing
incentives through the granting of Awards (as defined below).  The Company expects that it will benefit from
the added interest which such key employees, directors or consultants will have
in the welfare of the Company as a result of their proprietary interest in the
Company’s success.

 

2.             Definitions

 

The following capitalized terms used in the
Plan have the respective meanings set forth in this Section:

 

(a) Affiliate:  With respect to any Person, any other Person,
directly or indirectly, controlling, controlled by or under common control with
such Person or any other Person designated by the Committee in which any Person
has an interest.

 

(b) Award:  Any Option, Stock Appreciation Right, or
Other Stock-Based Award granted pursuant to the Plan.

 

(c) Award
Agreement:  Any written agreement,
contract, or other instrument or document evidencing any Award, which may, but
need not, be executed or acknowledged by a Participant.

 

(d) Blackstone:  Blackstone Capital Partners (Cayman) IV L.P.,
Blackstone Capital Partners (Cayman) IV-A L.P., Blackstone Family Investment Partnership
(Cayman) IV-A L.P., Blackstone NSS Communications Partners (Cayman) L.P. and
Blackstone Family Communications Partnership (Cayman) L.P.

 

(e) Board:  The Board of Directors of the Company.

 

(f) Change
in Control:  (i) the sale or
disposition, in one or a series of related transactions, of all or
substantially all of the assets of the Company to any “person” or “group” (as
such terms are defined in Sections 13(d)(3) and 14(d)(2) of the Exchange
Act) other than Blackstone or its affiliates; (ii) any person or group,
other than Blackstone or its affiliates, is or becomes the “beneficial owner”
(as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or
indirectly, of more than 50% of the total voting power of the voting stock of
the Company, including by way of merger, amalgamation, consolidation or
otherwise and Blackstone ceases to control the Board; or (iii) during any
consecutive two-year period, individuals who at the beginning of such period
constituted the Board (together with any new directors whose election by the
Board or whose nomination for election by the shareholders of the Company was
approved by a vote of a majority of the directors then still in office who were

 

 

either directors at the
beginning of such period or whose election or nomination for election was
previously so approved) cease for any reason to constitute a majority of the
Board then in office

 

(g) Code:  The Internal Revenue Code of 1986, as
amended, or any successor thereto.

 

(h) Committee:  A committee of the Board designated by the
Board.

 

(i) Company:  New Skies Satellites Holdings Ltd., an
exempted company registered in Bermuda.

 

(j) Effective
Date:  The date the Board adopts the
Plan.

 

(k) Employment:
(i) a Participant’s employment if the Participant is an employee of the Company
or any of its Affiliates, (ii) a Participant’s services as a consultant, if the
Participant is a consultant to the Company or any of its Affiliates and (iii) a
Participant’s services as an non-employee director, if the Participant is a
non-employee member of the Board or the board of directors of an Affiliate;
provided however that unless otherwise determined by the Committee, a change in
a Participant’s status from employee to non-employee (other than a director of
the Company or an Affiliate) shall constitute a termination of employment
hereunder.

 

(l) Exchange
Act:  The Securities Exchange Act of
1934, as amended, and the rules and regulations promulgated thereunder, or any
successor statute thereto.

 

(m) Fair
Market Value:  On a given date, (i)
if there is a public market for the Shares on such date, the average of the
high and low closing bid prices of the Shares on such stock exchange on which
the Shares are principally trading on the date in question, or, if there were
no sales on such date, on the closest preceding date on which there were sales
of Shares or (ii) if there is no public market for the Shares on such date, the
fair market value of the Shares as determined in good faith by the Board.

 

(n) ISO:  An Option that is also an incentive stock
option granted pursuant to Section 6(d) of the Plan.

 

(o) Option:  A stock option granted pursuant to Section 6
of the Plan.

 

(p) Option
Price:  The purchase price per Share
of an Option, as determined pursuant to Section 6(a) of the Plan.

 

(q) Other
Stock-Based Award:  Any award granted
under Section 8 of the Plan.

 

(r) Participant:  An employee, director or consultant of the
Company or its Affiliates who is selected by the Committee to participate in
the Plan.

 

(s) Person:  Any individual, firm, corporation,
partnership, limited liability company, trust, incorporated or unincorporated
association, joint venture, joint stock company, governmental body or other
entity of any kind.

 

2

 

(t) Plan:  New Skies Satellites Holdings Ltd. 2005 Stock
Incentive Plan.

 

(u) Shares:  Shares of common stock of the Company.

 

(v) Stock
Appreciation Right:  Any right
granted under Section 7 of the Plan.

 

(w) Subsidiary:  A subsidiary corporation, as defined in
Section 424(f) of the Code.

 

3.             Shares Subject to
the Plan

 

The total number of Shares which may be
issued under the Plan is 4,500,000, subject to adjustment pursuant to Section 9
of the Plan.  The issuance of Shares or
the payment of cash upon the exercise of an Award shall reduce the total number
of Shares available under the Plan, as applicable.  Shares which are subject to Awards (or
portion thereof) that terminate or lapse may be granted again under the Plan.

 

4.             Administration

 

(a) The Plan
shall be administered by the Committee, which may delegate its duties and
powers in whole or in part as it determines; provided, however,
that the Board may, in its sole discretion, take any action designated to the
Committee under this Plan as it may deem necessary.

 

(b) The
Committee shall have the full power and authority to make, and establish the
terms and conditions of, any Award to any person eligible to be a Participant,
consistent with the provisions of the Plan and to waive any such terms and
conditions at any time (including, without limitation, accelerating or waiving
any vesting conditions).  Awards may, in
the discretion of the Committee, be made under the Plan in assumption of, or in
substitution for, outstanding awards previously granted by the Company or its
Affiliates or a company acquired by the Company or with which the Company
combines.  The number of Shares
underlying such substitute awards shall be counted against the aggregate number
of Shares available for Awards under the Plan.

 

(c) The
Committee is authorized to interpret the Plan, to establish, amend and rescind
any rules and regulations relating to the Plan, and to make any other
determinations that it deems necessary or desirable for the administration of
the Plan, and may delegate such authority, as it deems appropriate.  The Committee may correct any defect or
supply any omission or reconcile any inconsistency in the Plan in the manner
and to the extent the Committee deems necessary or desirable.  Any decision of the Committee in the
interpretation and administration of the Plan, as described herein, shall lie
within its sole and absolute discretion and shall be final, conclusive and
binding on all parties concerned (including, but not limited to, Participants
and their beneficiaries or successors).

 

(d) The
Committee shall require payment of any amount it may determine to be necessary
to withhold for federal, state, local, or other taxes as a result of the
exercise, grant or vesting of an Award. 
Unless the Committee specifies otherwise, the Participant may elect to
pay a portion or all of such withholding taxes by having Shares withheld by the
Company with a Fair

 

3

 

Market Value equal to the
minimum statutory withholding rate from any Shares that would have otherwise
been received by the Participant in connection with (i) the exercise of an
Option or Stock Appreciation Right or (ii) the delivery of Shares pursuant to
an Other Stock-Based Award.

 

5.             Limitations

 

No Awards may be granted under the Plan after
the tenth anniversary of the Effective Date, but Awards theretofore granted may
extend beyond that date.

 

6.             Options

 

Options granted under the Plan shall be, as
determined by the Committee, non-qualified stock options or ISOs for federal
income tax purposes, as evidenced by the related Award Agreements, and shall be
subject to the following terms and conditions as well as the terms and
conditions set forth in the applicable Award Agreement:

 

(a) Option
Price.  The Option Price shall be
determined by the Committee, but, with respect to ISOs, shall not be less than
100% of the Fair Market Value of the Shares on the date an Option is granted.

 

(b) Exercisability.  Options granted under the Plan shall be
exercisable at such time and upon such terms and conditions as may be
determined by the Committee, but in no event shall an Option be exercisable
more than ten years after the date it is granted.

 

(c) Exercise
of Options.  Except as otherwise
provided in the Plan or in an Award Agreement, an Option may be exercised for
all, or from time to time any part, of the Shares for which it is then
exercisable.  For purposes of this
Section 6, the exercise date of an Option shall be the date a notice of
exercise is received by the Company, together with payment (or to the extent
permitted by applicable law, provision for payment) of the full purchase price
in accordance with this Section 6(c). 
The purchase price for the Shares as to which an Option is exercised shall
be paid to the Company as designated by the Committee, pursuant to one or more
of the following methods: (i) in cash, or its equivalent (e.g., by check), (ii)
in Shares having a Fair Market Value equal to the aggregate Option Price for
the Shares being purchased to the Company and satisfying such other
requirements as may be imposed by the Committee; provided that such
Shares have been held by the Participant for no less than six months (or such
other period as established from time to time by the Committee or generally
accepted accounting principles); (iii) partly in cash and partly in such
Shares; (iv) by having Shares that would otherwise have been delivered to the
Participant upon exercise of an Option withheld by the Company; (v) if there is
a public market for the Shares at such time, subject to such rules as may be
established by the Committee, through delivery of irrevocable instructions to a
broker to sell the Shares otherwise deliverable upon the exercise of the Option
and to deliver promptly to the Company an amount equal to the aggregate Option
Price for the shares being purchased or (vi) such other method as approved by
the Committee.  Except as expressly set
forth in an Award Agreement, no Participant shall have any rights to dividends
or other rights of a stockholder with respect to Shares subject to an Option
until the Participant has given written notice of exercise of the Option, paid
in full for such Shares, the Shares are registered in the name of the
Participant in

 

4

 

the Share Register of the
Company and, if applicable, the Participant has satisfied any other conditions
imposed by the Committee pursuant to the Plan.

 

(d) ISOs.  The Committee may grant Options under the
Plan that are intended to be ISOs.  Such
ISOs shall comply with the requirements of Section 422 of the Code.  No ISO may be granted to any Participant who
at the time of such grant is not an employee of the Company or of any of its
Subsidiaries.  In addition, no ISO may be
granted to any Participant who at the time of such grant owns more than 10% of
the total combined voting power of all classes of stock of the Company or of
any of its Subsidiaries, unless (i) the Option Price for such ISO is at
least 110% of the Fair Market Value of a Share on the date the ISO is granted
and (ii) the date on which such ISO terminates is a date not later than
the day preceding the fifth anniversary of the date on which the ISO is
granted.  Any Participant who disposes of
Shares acquired upon the exercise of an ISO either (I) within two years
after the date of grant of such ISO or (II) within one year after the
transfer of such Shares to the Participant, shall notify the Company of such
disposition and of the amount realized upon such disposition.  All Options granted under the Plan are
intended to be non-qualified stock options, unless the applicable Award
Agreement expressly states that the Option is intended to be an ISO.  If an Option is intended to be an ISO, and if
for any reason such Option (or portion thereof) shall not qualify as an ISO,
then, to the extent of such nonqualification, such Option (or portion thereof)
shall be regarded as a non-qualified stock option granted under the Plan; provided
that such Option (or portion thereof) otherwise complies with the Plan’s requirements
relating to non-qualified stock options. 
In no event shall any member of the Committee, the Company or any of its
Affiliates (or their respective employees, officers or directors) have any
liability to any Participant (or any other Person) due to the failure of an
Option to qualify for any reason as an ISO.

 

(e) Attestation.  Wherever in this Plan or any Award Agreement
a Participant is permitted to pay the Option Price or taxes relating to the
exercise of an Option by delivering Shares, the Participant may, subject to
procedures satisfactory to the Committee, satisfy such delivery requirement by
presenting proof of beneficial ownership of such Shares, in which case the
Company shall treat the Option as exercised without further payment and shall withhold
such number of Shares from the Shares acquired by the exercise of the Option.

 

7.             Stock Appreciation
Rights

 

(a) Grants.  The Committee may grant (i) a Stock
Appreciation Right independent of an Option or (ii) a Stock Appreciation
Right in connection with an Option, or a portion thereof.  A Stock Appreciation Right granted pursuant
to clause (ii) of the preceding sentence (A) may be granted at the
time the related Option is granted or at any time prior to the exercise or
cancellation of the related Option, (B) shall cover the same number of
Shares covered by an Option (or such lesser number of Shares as the Committee
may determine) and (C) shall be subject to the same terms and conditions
as such Option except for such additional limitations as are contemplated by
this Section 7 (or such additional limitations as may be included in an Award
agreement).

 

(b) Terms.  The exercise price per Share of a Stock
Appreciation Right shall be an amount determined by the Committee but in no
event shall such amount be less than the Fair Market Value of a Share on the
date the Stock Appreciation Right is granted; provided, however,

 

5

 

that notwithstanding the
foregoing in the case of a Stock Appreciation Right granted in conjunction with
an Option, or a portion thereof, the exercise price may not be less than the
Option Price of the related Option.  Each
Stock Appreciation Right granted independent of an Option shall entitle a Participant
upon exercise to an amount equal to (i) the excess of (A) the Fair
Market Value on the exercise date of one Share over (B) the exercise price
per Share, times (ii) the number of Shares covered by the Stock
Appreciation Right.  Each Stock
Appreciation Right granted in conjunction with an Option, or a portion thereof,
shall entitle a Participant to surrender to the Company the unexercised Option,
or any portion thereof, and to receive from the Company in exchange therefor an
amount equal to (i) the excess of (A) the Fair Market Value on the
exercise date of one Share over (B) the Option Price per Share, times
(ii) the number of Shares covered by the Option, or portion thereof, which
is surrendered.  Payment shall be made in
Shares or in cash, or partly in Shares and partly in cash (any such Shares
valued at such Fair Market Value), all as shall be determined by the
Committee.  Stock Appreciation Rights may
be exercised from time to time upon actual receipt by the Company of written
notice of exercise stating the number of Shares with respect to which the Stock
Appreciation Right is being exercised. 
The date a notice of exercise is received by the Company shall be the
exercise date.  No fractional Shares will
be issued in payment for Stock Appreciation Rights, but instead cash will be
paid for a fraction or, if the Committee should so determine, the number of
Shares will be rounded downward to the next whole Share.

 

(c) Limitations.  The Committee may impose, in its discretion,
such conditions upon the exercisability or transferability of Stock
Appreciation Rights as it may deem fit.

 

8.             Other Stock-Based
Awards.

 

The Committee, in its sole discretion, may
grant the right to purchase Shares, Awards of Shares, Awards of restricted
Shares, Awards of phantom stock units and other Awards that are valued in whole
or in part by reference to, or are otherwise based on the Fair Market Value of,
Shares (“Other Stock-Based Awards”). 
Such Other Stock-Based Awards shall be in such form, and dependent on
such conditions, as the Committee shall determine, including, without
limitation, the right to receive one or more Shares (or the equivalent cash
value of such Shares) upon the completion of a specified period of service, the
occurrence of an event and/or the attainment of performance objectives.  Other Stock-Based Awards may be granted alone
or in addition to any other Awards granted under the Plan.  Subject to the provisions of the Plan, the
Committee shall determine: (a) the number of Shares to be awarded under (or otherwise
related to) such Other Stock-Based Awards; (b) whether such Other Stock-Based
Awards shall be settled in cash, Shares or a combination of cash and Shares;
and (c) all other terms and conditions of such Other Stock-Based Awards
(including, without limitation, the vesting provisions thereof and provisions
ensuring that all Shares so awarded and issued shall be fully paid and
non-assessable).

 

9.             Adjustments Upon
Certain Events

 

Notwithstanding any other provisions in the
Plan to the contrary, the following provisions shall apply to all Awards
granted under the Plan:

 

6

 

(a) Generally.  In the event of any change in the outstanding
Shares after the Effective Date by reason of any Share dividend or split,
amalgamation, reorganization, recapitalization, merger, consolidation,
spin-off, combination or transaction or exchange of Shares or other corporate
exchange, or any distribution to shareholders of Shares (other than regular
cash dividends) or any transaction similar to the foregoing, the Committee in
its sole discretion and without liability to any person may make such
substitution or adjustment, if any, as it deems to be equitable (consistent
with Section 409A of the Code), as to (i) the number or kind of Shares or
other securities issued or reserved for issuance pursuant to the Plan or
pursuant to outstanding Awards, (ii) the Option Price or exercise price of
any Stock Appreciation Right and/or (iii) any other affected terms of such
Awards.

 

(b) Change
in Control.  In the event of a Change
in Control after the Effective Date, the Committee may, in its sole discretion,
provide for the (i) termination of an Award upon the consummation of the Change
in Control, but only if such Award has vested and been paid out, (ii)
acceleration of all or any portion of an Award, (iii) payment of an amount (in
cash or, in the discretion of the Committee, in the form of consideration paid
to shareholders of the Company in connection with such Change in Control) in
exchange for the cancellation of an Award, which, in the case of Options and
Stock Appreciation Rights, may equal the excess, if any, of the Fair Market
Value of the Shares subject to such Options or Stock Appreciation Rights over
the aggregate Option Price or grant price of such Option or Stock Appreciation
Rights, and/or (iv) issuance of substitute Awards that will substantially
preserve the otherwise applicable terms of any affected Awards previously
granted hereunder.

 

10.           No Right to
Employment or Awards

 

The granting of an Award under the Plan shall
impose no obligation on the Company or any of its Affiliates to continue the
Employment of a Participant and shall not lessen or affect the Company’s or its
Affiliates’ rights to terminate the Employment of such Participant.  No Participant or other Person shall have any
claim to be granted any Award, and there is no obligation for uniformity of
treatment of Participants or holders or beneficiaries of Awards.  The terms and conditions of Awards and the
Committee’s determinations and interpretations with respect thereto need not be
the same with respect to each Participant (whether or not such Participants are
similarly situated).

 

11.           Successors and
Assigns

 

The Plan shall be binding on all successors
and assigns of the Company and a Participant, including without limitation, the
estate of such Participant and the executor, administrator or trustee of such
estate, or any receiver or trustee in bankruptcy or representative of the
Participant’s creditors.

 

12.           Nontransferability
of Awards

 

Unless otherwise determined by the Committee,
an Award shall not be transferable or assignable by the Participant other than
by will or by the laws of descent and distribution.  An Award exercisable after the death of a
Participant may be exercised by the legatees, personal representatives or
distributees of the Participant.

 

7

 

13.           Awards Subject to
the Plan.

 

In the event of a conflict between any term
or provision contained in the Plan and a term or provision in any Award Agreement,
the applicable terms and provisions of the Plan will govern and prevail.

 

14.           Severability.

 

If any provision of the Plan or any Award is,
becomes or is deemed to be invalid, illegal, or unenforceable in any
jurisdiction or as to any Person or Award, or would disqualify the Plan or any
Award under any law deemed applicable by the Committee, such provision shall be
construed or deemed amended to conform to the applicable laws, or if it cannot
be construed or deemed amended without, in the determination of the Committee,
materially altering the intent of the Plan or the Award, such provision shall
be stricken as to such jurisdiction, Person or Award and the remainder of the
Plan and any such Award shall remain in full force and effect.

 

15.           Amendments or Termination

 

(a) Amendments
or Termination of the Plan.  The
Committee may amend, alter or discontinue the Plan, but no amendment,
alteration or discontinuation shall be made, without the written consent of a
Participant, if such action would diminish any of the rights of the Participant
under any Award theretofore granted to such Participant under the Plan; provided,
however, that the Committee may amend the Plan in such manner as it
deems necessary to permit the granting of Awards meeting the requirements of
the Code or other applicable laws.

 

(b) Amendments
to Awards.  The Committee may waive
any conditions or rights under, amend any terms of, or alter, suspend,
discontinue, cancel or terminate, any Award theretofore granted, prospectively
or retroactively; provided that no waiver, amendment, alteration,
suspension, discontinuation, cancellation or termination shall impair the
rights of any Participant or any holder or beneficiary of any Award theretofore
granted without the consent of the affected Participant, holder or beneficiary.

 

16.           Other Benefit Plans

 

All Awards shall constitute a special
incentive payment to the Participant and shall not be taken into account in
computing the amount of salary or compensation of the Participant for the
purpose of determining any benefits under any pension, retirement,
profit-sharing, bonus, life insurance or other benefit plan of the Company or
under any agreement between the Company and the Participant, unless such plan
or agreement specifically provides otherwise.

 

17.           Choice of Law

 

The Plan shall be governed by and construed
in accordance with the laws of the State of Delaware without regard to
conflicts of laws.

 

8

 

18.           Effectiveness of the
Plan

 

The Plan shall be effective as of the
Effective Date.

 

9

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