Document:

EXHIBIT 10.42

                               MOTIENT CORPORATION

                          SECURITIES PURCHASE AGREEMENT

This SECURITIES PURCHASE AGREEMENT (this "Agreement") is dated as of June 30,
2004 and is by and among (i) MOTIENT CORPORATION, a Delaware corporation, with
its principal office at 300 Knightsbridge Pkwy., Lincolnshire, IL 60069 (the
"Company"), (ii) The Raptor Global Portfolio, Ltd., The Tudor BVI Global
Portfolio, Ltd., The Altar Rock Fund L.P. and Tudor Proprietary Trading, L.L.C.
(collectively, "Tudor") and (iii) each investor listed on Schedule 1 hereto
(each of the persons or entities described in clauses (ii) and (iii),
individually, a "Purchaser" and, collectively, the "Purchasers").

         WHEREAS, the Company desires to issue and sell to the Purchasers, and
the Purchasers desire to purchase from the Company, an aggregate of 3,500,000
shares (the "Shares") of the authorized but unissued shares of common stock,
$0.01 par value per share, of the Company (including any securities into which
or for which such shares may be exchanged for, or converted into, pursuant to
any stock dividend, stock split, stock combination, recapitalization,
reclassification, reorganization or other similar event the "Common Stock"), at
an aggregate purchase price of $29,995,000, all upon the terms and subject to
the conditions set forth in this Agreement;

         WHEREAS, simultaneously with entering into this Agreement, the Company
and the Purchasers are entering into that certain Registration Rights Agreement,
dated as of the date hereof (the "Registration Rights Agreement"), pursuant to
which the Company shall register for resale the Shares and the Warrant Shares
(as defined below) on the terms set forth therein;

         NOW THEREFORE, in consideration of the mutual agreements,
representations, warranties and covenants herein contained, the parties hereto
agree as follows:

1. Definitions. As used in this Agreement, the following terms shall have the
following respective meanings:

(a) "Affiliate" means any Person that, directly or indirectly, through one or
more intermediaries, controls, is controlled by, or is under common control
with, a Person, as such terms are used and construed under Rule 144 (as defined
below), and with respect to Tudor, in addition to the foregoing, the term
"Affiliate" shall also include the Related Entities.

(b) "Board" means the board of directors of the Company.

(c) "Closing Date" means the date hereof.

(d) "Effective Date" means the earlier to occur of (i) date that occurs ninety
(90) days after the initial filing by the Company with the SEC of a registration
statement covering the resale of the Shares, and (ii) October 15, 2004.

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(e) "Exchange Act" means the Securities Exchange Act of 1934, as amended, and
all of the rules and regulations promulgated thereunder.

(f) "Fully Diluted Common Stock" means the outstanding Common Stock and the
shares of Common Stock issued or issuable upon exercise of Warrants.

(g) "Majority Purchasers" has the meaning set forth in Section 8.8.

(h) "Material Adverse Effect" has the meaning set forth in Section 3.1 of this
Agreement.

(i) "Person" (whether or not capitalized) means an individual, entity,
partnership, limited liability company, corporation, association, trust, joint
venture, unincorporated organization, and any government, governmental
department or agency or political subdivision thereof.

(j) "Related Entities" includes, with respect to Tudor, any entities for which
any of the Tudor Entities or its affiliates serve as a general partner and/or
investment advisor or in a similar capacity, and all mutual funds or other
pooled investment vehicles or entities under the control or management of the
Tudor Entities or the general partner or investment advisor thereof, or any
affiliate of any of them. For purposes of this Agreement, (a) "Tudor Entities"
means each of the following: any entity for which Tudor Investment Corporation
or an Affiliate thereof acts as general partner or investment adviser, Tudor
Investment Corporation, Tudor Group Holdings LLC, their respective Affiliates,
or any Affiliate or Affiliated Group of Tudor Investment Corporation and/pr
Tudor Group Holdings LLC, and (b) with respect to the Tudor Entities,
"Affiliated Group" has the meaning given to it in Section 1504 of the Internal
Revenue Code of 1986, as amended, and in addition includes any analogous
combined, consolidated, or unitary group, as defined under any applicable state,
local or foreign income tax law.

(k) "Rule 144" means Rule 144 promulgated under the Securities Act and any
successor or substitute rule, law or provision.

(l) "SEC" means the Securities and Exchange Commission.

(m) "Securities Act" means the Securities Act of 1933, as amended, and all of
the rules and regulations promulgated thereunder.

(o) "Transaction Documents" means, collectively, the Registration Rights
Agreement and the Warrants.

(p) "Transfer Agent Instructions" means the Irrevocable Transfer Agent
Instructions, in substantially the form of Exhibit B, executed by the Company
and delivered to and acknowledged in writing by the Company's transfer agent.

(q) "Warrants" means the warrants to purchase Common Stock, dated as of the date
hereof, issued by the Company to the Purchasers, in substantially the form
attached hereto as Exhibit C.

(r) "Warrant Shares" means the shares of Common Stock issued or issuable upon
the exercise of the Warrants.

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2. Purchase and Sale of Shares.

2.1 Purchase and Sale. Subject to and upon the terms and conditions set forth in
this Agreement, the Company agrees to issue and sell to each Purchaser, and each
Purchaser hereby agrees, severally and not jointly, to purchase from the
Company, at the Closing, the number of Shares set forth opposite such
Purchaser's name on Schedule 1 hereto, at a purchase price equal to $8.57 per
share. The aggregate purchase price payable by the Purchasers to the Company for
all of the Shares shall be $29,995,000.

2.2 Closing. The closing of the transactions contemplated under this Agreement
(the "Closing") shall take place at 5:00 pm (Eastern Time) at the offices of
Morrison & Foerster LLP, 1290 Avenue of the Americas, New York, New York 10104
on the Closing Date, or on such other date and at such time as may be agreed
upon between the Purchasers, on the one hand, and the Company, on the other
hand. At the Closing, the Company shall deliver to each Purchaser a single stock
certificate, registered in the name of such Purchaser, representing the number
of Shares purchased by such Purchaser, against payment of the purchase price by
wire transfer of immediately available funds to such account as the Company
shall designate in writing.

2.3 Tejas Securities Group, Inc. Fee. Upon the Closing or as otherwise required
by any agreement between the Company and Tejas Securities Group, Inc. ("Tejas"),
the Company shall pay to Tejas a broker fee in connection with the transactions
contemplated hereunder in the amount of $875,000, by wire transfer of
immediately available funds to such account as Tejas shall designate in writing.

2.4 Tejas Securities Group, Inc. Warrants. Upon the Closing or as otherwise
required by any agreement between the Company and Tejas, the Company shall issue
to Tejas in connection with the transactions contemplated hereunder, warrants to
purchase 875,000 shares of Common Stock at an exercise price of $8.57 per share.

3.  Representations and Warranties of the Company. The Company hereby represents
and warrants to each Purchaser, as of the date hereof and except as set forth on
the disclosure schedule furnished by the Company to each Purchaser (the
"Disclosure Schedule") attached hereto as Schedule 2, as follows:

3.1 Incorporation. Each of the Company and the Subsidiaries (as defined in
Section 3.18 below) is a corporation or other entity duly organized, validly
existing and in good standing under the laws of the State of Delaware (or such
other applicable jurisdiction of incorporation or formation), and is in good
standing as a foreign corporation or other entity in each jurisdiction in which
the nature of the business conducted or the character of the property owned by
it makes such qualification necessary, except where the failure to be so
qualified or in good standing, as the case may be, would not result in a
material adverse effect on the assets, liabilities (contingent or otherwise),
business, affairs, operations, prospects or condition (financial or otherwise)
of the Company ("Material Adverse Effect"). Each of the Company and the
Subsidiaries has all requisite corporate power and authority to carry on its
business as now conducted and to carry out the transactions contemplated hereby.
Neither the Company nor any of the Subsidiaries is in violation of any of the
provisions of its Certificate of Incorporation (or other charter document) or
By-laws.

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3.2 Capitalization. The authorized capital stock of the Company consists of (i)
100,000,000 shares of Common Stock, of which 29,773,994 shares were outstanding
as of the date hereof, and (ii) 5,000,000 shares of preferred stock, of which no
shares are outstanding as of the date hereof. All shares of the Company's issued
and outstanding capital stock have been duly authorized, are validly issued and
outstanding, and are fully paid and nonassessable. Except as set forth in
Schedule 3.2 to the Disclosure Schedule, there are no existing options,
warrants, calls, preemptive (or similar) rights, subscriptions or other rights,
agreements, arrangements or commitments of any character obligating the Company
to issue, transfer or sell, or cause to be issued, transferred or sold, any
shares of the capital stock of the Company or other equity interests in the
Company or any securities convertible into or exchangeable for such shares of
capital stock or other equity interests, including the Shares, the Warrants and
the Warrant Shares, and there are no outstanding contractual obligations of the
Company to repurchase, redeem or otherwise acquire any shares of its capital
stock or other equity interests. The issue and sale of the Shares, the Warrants
and the Warrant Shares will not obligate the Company to issue or sell, pursuant
to any pre-emptive right or otherwise, shares of Common Stock or other
securities to any Person (other than the Purchasers) and will not result in a
right of any holder of Company securities to adjust the exercise, conversion,
exchange or reset price under such securities.

3.3 Registration Rights. Except as set forth on Schedule 3.3 to the Disclosure
Schedule, the Company has not granted or agreed to grant to any Person any right
(including "piggy-back" and demand registration rights) to have any capital
stock or other securities of the Company registered with the SEC or any other
government authority.

3.4 Authorization. All corporate action on the part of the Company, its officers
and directors necessary for the authorization, execution, delivery and
performance of this Agreement and the Transaction Documents and the consummation
of the transactions contemplated herein and therein has been taken. When
executed and delivered by the Company, each of this Agreement and the
Transaction Documents shall constitute a legal, valid and binding obligation of
the Company, enforceable against the Company in accordance with its terms,
except as such may be limited by bankruptcy, insolvency, reorganization or other
laws affecting creditors' rights generally and by general equitable principles.
The Company has all requisite corporate power and authority to enter into this
Agreement and the Transaction Documents and to carry out and perform its
obligations under their respective terms.

3.5 Valid Issuance of the Shares. The Shares, the Warrants and the Warrant
Shares have been duly authorized, and the Shares and the Warrant Shares, upon
issuance pursuant to the terms hereof and the terms of the Warrants,
respectively, will be validly issued, fully paid and nonassessable and not
subject to any encumbrances, preemptive rights or any other similar contractual
rights of the stockholders of the Company or any other Person. The Company has
reserved from its duly authorized capital stock the number of shares of Common
Stock issuable upon execution of this Agreement and upon exercise in full of the
Warrants (assuming the Warrants vest in full).

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3.6 Financial Statements. The Company has furnished to the Purchasers, and
attached as Schedule 3.6 to the Disclosure Schedule, true and complete copies of
the unaudited consolidated balance sheet of the Company and the Subsidiaries as
of March 31, 2004 (the "Balance Sheet") and the related consolidated income
statement, consolidated statement of cash flows and consolidated statement of
stockholders' equity of the Company for the three (3) months then ended. All of
the financial statements described above are hereinafter referred to,
collectively, as the "Financial Statements". The Financial Statements have been
prepared in accordance with United States generally accepted accounting
principles applied on a consistent basis during the periods covered thereby,
subject, to normal year-end adjustments (which individually and in the aggregate
are not material) and to the absence of footnotes thereto, and present fairly,
in all material respects, the financial position of the Company and the
Subsidiaries and the results of operations as of the date and for the periods
indicated therein.

3.7 SEC Documents. The Company has furnished to the Purchasers true and complete
copies of the following reports of the Company (collectively, the "SEC
Documents"): (i) the annual report on Form 10-K for the year ended December 31,
2002 (the "Annual Report") and (ii) quarterly reports on Form 10-Q for the
periods ended March 31, 2003, June 30, 2003 and September 30, 2003. As of their
respective filing dates, the SEC Documents complied in all material respects
with the requirements of the Exchange Act, and the rules and regulations
promulgated thereunder, and none of the SEC Documents contain any untrue
statement of a material fact or omitted to state a material fact required to be
stated therein or necessary in order to make the statements made therein, in
light of the circumstances under which they were made, not misleading. The
financial statements of the Company included in the SEC Documents comply in all
material respects with applicable accounting requirements and the rules and
regulations of the SEC with respect thereto in effect at the time of filing. All
material agreements to which the Company is a party or to which the property or
assets of the Company are subject are included as part of or specifically
identified in the SEC Documents to the extent required by the rules and
regulations of the SEC as in effect at the time of filing. The Company has
prepared and filed with the SEC all filings and reports required by the
Securities Act and the Exchange Act to make the Company's filings and reports
current in all respects, except for the Company's annual report on Form 10-K
required to be filed for fiscal year 2003 and the Company's quarterly report on
Form 10-Q required to be filed with respect to first quarter of 2004 and any
filings made pursuant to the Securities Act which rely on such reports for their
continued effectiveness.

3.8 Consents. Except for (a) the filing and effectiveness of any registration
statement required to be filed by the Company under the Securities Act pursuant
to the terms of the Registration Rights Agreement and (b) any required state
"blue sky" law filings in connection with the transactions contemplated
hereunder or under the Transaction Documents, all consents, approvals, orders
and authorizations required on the part of the Company in connection with the
execution or delivery of, or the performance of the obligations under, this
Agreement and the Transaction Documents, and the consummation of the
transactions contemplated herein and therein, have been obtained and will be
effective as of the date hereof. The execution and delivery by the Company of
this Agreement and the Transaction Documents, the consummation of the
transactions contemplated herein and therein, and the issuance of the Shares,
the Warrants and the Warrant Shares, do not require the consent or approval of
the stockholders of, or any lender to, the Company.

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3.9 No Conflict; Compliance With Laws.

(a) The execution, delivery and performance by the Company of this Agreement and
the Transaction Documents, and the consummation of the transactions contemplated
hereby and thereby, including the issuance of the Shares, the Warrants and the
Warrant Shares, do not and will not (i) conflict with or violate any provision
of the Certificate of Incorporation (or other charter documents) or By-laws of
the Company or any of the Subsidiaries, (ii) breach, conflict with or result in
any violation of or default (or an event that with notice or lapse of time or
both would become a default) under, or give rise to a right of termination,
amendment, acceleration or cancellation (with or without notice or lapse of
time, or both) of any obligation, contract, commitment, lease, agreement,
mortgage, note, bond, indenture or other instrument or obligation to which the
Company or any of the Subsidiaries is a party or by which they or any of their
properties or assets are bound, except in each case to the extent such breach,
conflict, violation, default, termination, amendment, acceleration or
cancellation does not, and could not reasonably be expected to have,
individually or in the aggregate, a Material Adverse Effect, or (iii) result in
a violation of any statute, law, rule, regulation, order, ordinance or
restriction applicable to the Company, the Subsidiaries or any of their
properties or assets, or any judgment, writ, injunction or decree of any court,
judicial or quasi-judicial tribunal applicable to the Company, the Subsidiaries
or any of their properties or assets.

(b) Neither the Company nor any of the Subsidiaries (i) is in default under or
in violation of (and no event has occurred that has not been waived that, with
notice or lapse of time or both, would result in a default by the Company or any
of the Subsidiaries), nor has the Company or any of the Subsidiaries received
written notice of a claim that it is in default under or that it is in violation
of, any indenture, loan or credit agreement or any other agreement or instrument
to which it is a party or by which it or any of its properties or assets is
bound (whether or not such default or violation has been waived), (ii) is in
violation of any statute, rule or regulation of any governmental authority,
including without limitation all foreign, federal, state and local laws relating
to taxes, environmental protection, occupational health and safety, product
quality and safety and employment and labor matters, except in each case as does
not, and could not, reasonably be expected to have, individually or in the
aggregate, a Material Adverse Effect.

3.10 Brokers or Finders. Other than as described in Sections 2.3 and 2.4 above,
neither the Company nor any of the Subsidiaries has dealt with any broker or
finder in connection with the transactions contemplated by this Agreement or the
Transaction Documents, and neither the Company nor any of the Subsidiaries has
incurred, or shall incur, directly or indirectly, any liability for any
brokerage or finders' fees or agents' commissions or any similar charges in
connection with this Agreement or the Transaction Documents, or any transaction
contemplated hereby or thereby.

3.11 Pink Sheets. The Company's Common Stock is currently actively traded, and
thus quoted, on the pink sheets.

3.12 Absence of Litigation. Except as set forth on Schedule 3.12 to the
Disclosure Schedule, there are no pending or, to the Company's knowledge,
threatened actions, suits, claims, proceedings or investigations against or
involving the Company or any of the Subsidiaries except to the extent described
in the SEC Documents.

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3.13 No Undisclosed Liabilities; Indebtedness. Since the date of the Balance
Sheet, the Company and the Subsidiaries have incurred no liabilities or
obligations, whether known or unknown, asserted or unasserted, fixed or
contingent, accrued or unaccrued, matured or unmatured, liquidated or
unliquidated, or otherwise, except for liabilities or obligations that,
individually or in the aggregate, do not or would not have a Material Adverse
Effect and other than (a) liabilities and obligations arising in the ordinary
course of business and (b) the liabilities and obligations set forth on Schedule
3.13 to the Disclosure Schedule. Except for indebtedness reflected in the
Balance Sheet, the Company has no indebtedness outstanding as of the date
hereof. The Company is not in default with respect to any outstanding
indebtedness or any instrument relating thereto.

3.14 Contracts. All contracts, agreements, instruments and other documents
required to be filed as exhibits to any of the periodic reports required to be
filed by the Exchange Act are legal, valid, binding and in full force and effect
and are enforceable by the Company in accordance with their respective terms,
except as such may be limited by bankruptcy, insolvency, reorganization or other
laws affecting creditors' rights generally and by general equitable principles.

3.15 Title to Assets. Each of the Company and the Subsidiaries has good and
marketable title to all real and personal property owned by it that is material
to the business of the Company or such Subsidiaries, in each case free and clear
of all liens and encumbrances, except those, if any, reflected in the Financial
Statements or incurred in the ordinary course of business consistent with past
practice. Any real property and facilities held under lease by the Company or
the Subsidiaries are held by it or them under valid, subsisting and enforceable
leases (subject to laws of general application relating to bankruptcy,
insolvency, reorganization, or other similar laws affecting creditors' rights
generally and other equitable remedies) with which the Company and the
Subsidiaries are in compliance in all material respects.

3.16 Labor Relations. Except as set forth on Schedule 3.16 to the Disclosure
Schedule, no labor or employment dispute exists or, to the knowledge of the
Company, is imminent or threatened, with respect to any of the employees or
consultants of the Company that has, or could reasonably be expected to have,
individually or in the aggregate, a Material Adverse Effect.

3.17 Intellectual Property. The Company is the sole and exclusive owner of, or
has the exclusive right to use, all right, title and interest in and to all
material foreign and domestic patents, patent rights, trademarks, service marks,
trade names, brands, copyrights (whether or not registered and, if applicable,
including pending applications for registration) and other proprietary rights or
information, owned or used by the Company (collectively, the "Rights"), and in
and to each material invention, software, trade secret, and technology used by
the Company or any of the Subsidiaries (the Rights and such other items, the
"Intellectual Property"), and, to the Company's knowledge, the Company owns and
has the right to use the same, free and clear of any claim or conflict with the
rights of others (subject to the provisions of any applicable license
agreement). Except as set forth on Schedule 3.17 to the Disclosure Schedule,
there have been no written claims made against the Company or any of the
Subsidiaries asserting the invalidity, abuse, misuse, or unenforceability of any
of the Intellectual Property, and, to the Company's knowledge, there are no
reasonable grounds for any such claims.

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3.18 Subsidiaries; Joint Ventures. Except for the subsidiaries listed on
Schedule 3.18 to the Disclosure Schedule (the "Subsidiaries"), the Company has
no subsidiaries and does not otherwise own or control, directly or indirectly,
any other Person. Except as described in the SEC Documents, the Company is not a
participant in any joint venture, partnership, or similar arrangement material
to its business.

3.19 Taxes. The Company and each of the Subsidiaries has filed (or has had filed
on its behalf), will timely file or will cause to be timely filed, or has timely
filed for an extension of the time to file, all material Tax Returns (as defined
below) required by applicable law to be filed by it or them prior to or as of
the date hereof, and such Tax Returns are, or will be at the time of filing,
true, correct and complete in all material respects. Each of the Company and the
Subsidiaries has paid (or has had paid on its behalf) or, where payment is not
yet due, has established (or has had established on its behalf and for its sole
benefit and recourse) or will establish or cause to be established in accordance
with United States generally accepted accounting principles on or before the
date of hereof an adequate accrual for the payment of, all material Taxes (as
defined below) due with respect to any period ending prior to or as of the date
hereof. "Taxes" shall mean any and all taxes, charges, fees, levies or other
assessments, including income, gross receipts, excise, real or personal
property, sales, withholding, social security, retirement, unemployment,
occupation, use, goods and services, license, value added, capital, net worth,
payroll, profits, franchise, transfer and recording taxes, fees and charges, and
any other taxes, assessment or similar charges imposed by the Internal Revenue
Service or any taxing authority (whether state, county, local or foreign) (each,
a "Taxing Authority"), including any interest, fines, penalties or additional
amounts attributable to or imposed upon any such taxes or other assessments.
"Tax Return" shall mean any report, return, document, declaration or other
information or filing required to be supplied to any Taxing Authority, including
information returns, any documents with respect to accompanying payments of
estimated Taxes, or with respect to or accompanying requests for extensions of
time in which to file any such return, report, document, declaration or other
information. There are no claims or assessments pending against the Company or
any of the Subsidiaries for any material alleged deficiency in any Tax, and
neither the Company nor any of the Subsidiaries has been notified in writing of
any material proposed Tax claims or assessments against the Company or any of
the Subsidiaries. No Tax Return of the Company or any of the Subsidiaries is or
has been the subject of an examination by a Taxing Authority. Each of the
Company and the Subsidiaries has withheld from each payment made to any of its
past or present employees, officers and directors, and any other person, the
amount of all material Taxes and other deductions required to be withheld
therefrom and paid the same to the proper Taxing Authority within the time
required by law.

3.20 Pensions and Benefits.

(a) Schedule 3.20(a) to the Disclosure Schedule contains a true and complete
list of each "employee benefit plan" within the meaning of Section 3(3) of the
United States Employee Retirement Income Security Act of 1974, as amended
("ERISA"), including, without limitation, multiemployer plans within the meaning
of Section 3(37) of ERISA, and all retirement, profit sharing, stock option,
stock bonus, stock purchase, severance, fringe benefit, deferred compensation,

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and other employee benefit programs, plans, or arrangements, whether or not
subject to ERISA, under which (i) any current or former directors, officers,
employees or consultants of the Company has any present or future right to
benefits and which are contributed to, sponsored by or maintained by the Company
or any of the Subsidiaries, or (ii) the Company or any of the Subsidiaries has
any present or future liability. All such programs, plans, or arrangements shall
be collectively referred to as the "Company Plans." Each Company Plan is
included as part of or specifically identified in the SEC Documents to the
extent required by the rules and regulations of the SEC as in effect at the time
of filing.

(b) (i) Each Company Plan has been established and administered in all material
respects in accordance with its terms and in compliance with the applicable
provisions of ERISA, the Internal Revenue Code of 1986, as amended (the "Code"),
and other applicable laws, rules and regulations; (ii) each Company Plan which
is intended to be qualified within the meaning of Section 401(a) of the Code is
so qualified and has received a favorable determination letter as to its
qualification (or if maintained pursuant to a prototype form of instrument the
sponsor thereof has received a favorable opinion letter as to its
qualification), and to the Company's knowledge nothing has occurred, whether by
action or failure to act, that could reasonably be expected to cause the loss of
such qualification; and (iii) no Company Plan provides retiree health or life
insurance benefits (whether or not insured), and neither the Company nor the
Subsidiaries have any obligations to provide any such retiree benefits other
than as required pursuant to Section 4980B of the Code or other applicable law.

(c) No Company Plan is a "multiemployer plan" as defined in Section 4001(a)(3)
of ERISA) or a plan subject to the minimum funding requirements of Section 302
or ERISA or Section 412 of the Code or Title IV of ERISA, and neither the
Company, the Subsidiaries, nor any member of their Controlled Group has any
liability or obligation in respect of, any such multiemployer plan or plan. With
respect to any Company Plan and to the Company's knowledge, (i) no actions,
suits or claims (other than routine claims for benefits in the ordinary course)
are pending or threatened, and (ii) no administrative investigation, audit or
other administrative proceeding by the Department of Labor, the Pension Benefit
Guaranty Corporation, the Internal Revenue Service or other governmental
agencies are pending, threatened or in progress.

3.21 Private Placement. Neither the Company nor any person acting on the
Company's behalf has sold or offered to sell or solicited any offer to buy the
Shares, the Warrants or the Warrant Shares by means of any form of general
solicitation or advertising. Neither the Company nor any of its Affiliates nor
any person acting on the Company's behalf has, directly or indirectly, at any
time within the past six (6) months, made any offer or sale of any security or
solicitation of any offer to buy any security under circumstances that would (i)
eliminate the availability of the exemption from registration under Regulation D
under the Securities Act in connection with the sale or issuance of the Shares,
the Warrants or the Warrant Shares as contemplated hereby or (ii) cause the
offering or issuance of the Shares, the Warrants or the Warrant Shares pursuant
to this Agreement or any of the Transaction Documents to be integrated with
prior offerings by the Company for purposes of any applicable law, regulation or
stockholder approval provisions. None of the Company or any of the Subsidiaries
is, or is an Affiliate of, an "investment company" within the meaning of the
Investment Company Act of 1940, as amended. None of the Company or any of the
Subsidiaries is a United States real property holding corporation within the
meaning of the Foreign Investment in Real Property Tax Act of 1980. No consent,
license, permit, waiver approval or authorization of, or designation,
declaration, registration or filing with, the SEC or any state securities
regulatory authority is required in connection with the offer, sale, issuance or
delivery of the Shares, the Warrants or the Warrant Shares other than the
possible filing of Form D with the SEC.

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3.22 Material Changes. Except as set forth on Schedule 3.22 to the Disclosure
Schedule, since the date of the Balance Sheet, the Company has conducted its
business only in the ordinary course, consistent with past practice, and since
such date there has not occurred: (i) any event, occurrence or development that
has had, or that could reasonably be expected to have, individually or in the
aggregate, a Material Adverse Effect on the Company or any of the Subsidiaries;
(ii) any amendments or changes in the charter documents or by-laws of the
Company or the Subsidiaries; (iii) any: (A) incurrence, assumption or guarantee
by the Company or the Subsidiaries of any debt for borrowed money other than (1)
equipment leases made in the ordinary course of business, consistent with past
practice and (2) any such incurrence, assumption or guarantee with respect to an
amount of $25,000 or less that has been disclosed in the SEC Documents; (B)
issuance or sale of any securities convertible into or exchangeable for
securities of the Company other than to directors, employees and consultants
pursuant to existing equity compensation or stock purchase plans of the Company;
(C) issuance or sale of options or other rights to acquire from the Company or
the Subsidiaries, directly or indirectly, securities of the Company or any
securities convertible into or exchangeable for any such securities, other than
options issued to directors, employees and consultants in the ordinary course of
business, consistent with past practice; (D) issuance or sale of any stock, bond
or other corporate security other than to directors, employees and consultants
pursuant to existing equity compensation or stock purchase plans of the Company;
(E) declaration or making of any payment or distribution to stockholders or
purchase or redemption of any share of its capital stock or other security other
than to or from directors, officers and employees of the Company or the
Subsidiaries as compensation for or in connection with services rendered to the
Company or the Subsidiaries (as applicable) or for reimbursement of expenses
incurred on behalf of the Company or the Subsidiaries (as applicable); (F) sale,
assignment or transfer of any of its intangible assets except in the ordinary
course of business, consistent with past practice, or cancellation of any debt
or claim except in the ordinary course of business, consistent with past
practice; (G) waiver of any right of substantial value whether or not in the
ordinary course of business; (H) material change in officer compensation, except
in the ordinary course of business and consistent with past practice; or (I)
other commitment (contingent or otherwise) to do any of the foregoing; (iv) any
creation, sufferance or assumption by the Company or any of the Subsidiaries of
any lien on any asset or any making of any loan, advance or capital contribution
to or investment in any Person, in an aggregate amount which exceeds $25,000
outstanding at any time; (v) any entry into, amendment of, relinquishment,
termination or non-renewal by the Company or the Subsidiaries of any material
contract, license, lease, transaction, commitment or other right or obligation,
other than in the ordinary course of business, consistent with past practice; or
(vi) any transfer or grant of a right with respect to the Intellectual Property
Rights owned or licensed by the Company or the Subsidiaries, except as among the
Company and the Subsidiaries.

                                       10
<PAGE>

3.23 Regulatory Permits. The Company and the Subsidiaries possess all
certificates, approvals, authorizations and permits issued by the appropriate
federal, state, local or foreign regulatory authorities necessary to conduct
their businesses as described in the SEC Documents, except where the failure to
possess such permits does not, and could not have, individually or in the
aggregate, a Material Adverse Effect (the "Material Permits"), and the Company
has not received any written notice of proceedings relating to the revocation or
modification of any Material Permits except as described in the SEC Documents.

3.24 Transactions with Affiliates and Employees. Except as set forth in the SEC
Documents or on Schedule 3.24 to the Disclosure Schedule, none of the officers
or directors of the Company and, to the knowledge of the Company, none of the
employees of the Company, is presently a party to any transaction or agreement
with the Company (other than for services as employees, officers and directors)
exceeding $60,000, including any contract, agreement or other arrangement
providing for the furnishing of services to or by, providing for rental of real
or personal property to or from, or otherwise requiring payments to or from any
officer, director or such employee or, to the knowledge of the Company, any
entity in which any officer, director, or any such employee has a substantial
interest or is an officer, director, trustee or partner.

3.25 Insurance. The Company and the Subsidiaries are insured by insurers of
recognized financial responsibility against such losses and risks and in such
amounts as are prudent and customary for the business in which the Company and
the Subsidiaries are engaged. The Company has no reason to believe that it will
not be able to renew existing insurance coverage for itself and the Subsidiaries
as and when such coverage expires or to obtain similar coverage from similar
insurers as may be necessary or appropriate to continue business.

3.26 Solvency. Based on the consolidated financial condition of the Company and
the Subsidiaries as of the date hereof, (i) the fair saleable value of the
Company's assets exceeds the amount that will be required to be paid on or in
respect of the Company's existing debts and other liabilities (including known
and contingent liabilities) as they mature; (ii) the Company's assets do not
constitute unreasonably small capital to carry on its business for the current
fiscal year as now conducted and as proposed to be conducted, including its
capital needs taking into account the particular capital requirements of the
business conducted by the Company, projected capital requirements and capital
availability thereof; and (iii) the current cash flow of the Company, together
with the proceeds the Company would receive were it to liquidate all of its
assets, after taking into account all anticipated uses of the cash, would be
sufficient to pay all amounts on or in respect of its debts when such amounts
are required to be paid. The Company has no present intention to incur debts
beyond its ability to pay such debts as they mature (taking into account the
timing and amounts of cash to be payable on or in respect of its debt).

3.27 Internal Accounting Controls. Except as disclosed in the SEC Documents, the
Company maintains a system of internal accounting controls sufficient to provide
reasonable assurance that (i) transactions are executed in accordance with
management's general or specific authorizations, (ii) transactions are recorded
as necessary to permit preparation of financial statements in conformity with
United States generally accepted accounting principles and to maintain asset
accountability, (iii) access to assets is permitted only in accordance with
management's general or specific authorizations, (iv) the recorded
accountability for assets is compared with the existing assets at reasonable
intervals and appropriate action is taken with respect to any differences, and
(v) the Company is otherwise in compliance with the Securities Act, the Exchange
Act and all other rules and regulations promulgated by the SEC and applicable to
the Company, including the Sarbanes-Oxley Act of 2002, as amended.

                                       11
<PAGE>

3.28 Disclosure. Neither the Company nor, to the Company's knowledge, any other
Person acting on its behalf and at the direction of the Company, has provided to
any Purchaser or its agents or counsel any information that in the Company's
reasonable judgment, at the time such information was furnished, constitutes
material, non-public information, except such information as may have been
disclosed to certain Board members, who are affiliated with certain Purchasers
(other than Tudor and its Affiliates), in their capacity as directors of the
Company. The Company understands and confirms that each Purchaser will rely on
the representations and covenants contained herein in effecting the transactions
contemplated by this Agreement and the Transaction Documents, and in the
securities of the Company after the Closing. All disclosure provided to the
Purchasers regarding the Company, its business and the transactions contemplated
hereby, including the Schedules to this Agreement furnished by or on behalf of
the Company, taken as a whole is true and correct and does not contain any
untrue statement of material fact or omit to state any material fact necessary
in order to make the statements made therein, in the light of the circumstances
under which they were made, not misleading. No event or circumstance has
occurred or information exists with respect to the Company or the Subsidiaries
or its or their business, properties, prospects, operations or financial
conditions, which, under applicable law, rule or regulation, requires public
disclosure or announcement by the Company but which has not been so publicly
announced or disclosed. The Company acknowledges and agrees that no Purchaser
makes or has made any representations or warranties with respect to the
transactions contemplated hereby other than those specifically set forth in
Section 4.

3.29 Amendments to Warrants. Each of the Common Stock Purchase Warrants issued
by the Company on May 7, 2004 to The Raptor Global Portfolio Ltd., The Tudor BVI
Global Portfolio Ltd., Tudor Proprietary Trading L.L.C., The Altar Rock Fund
L.P., York Select L.P., York Select Unit Trust, Highland Crusader Offshore
Partners, L.P., Catalyst Credit Opportunity Fund, Catalyst Credit Opportunity
Fund Offshore, DCM Ltd., Greywolf Capital II L.P., Greywolf Capital Overseas
Fund and LC Capital Master Fund, was amended by the Company and the holder of
such Common Stock Purchase Warrant, to extend the Vesting Date to July 15, 2004
and the Effective Date to October 15, 2004 as such terms are used in such Common
Stock Purchase Warrant.

3.30 Debt Obligations. No amounts are due and owing under that certain Amended
and Restated Credit Term Facility dated as of January 27, 2003, by and among
Motient Communications Inc. and the lenders thereto. Motient Communications has
executed an agreement with Motorola Inc. to terminate the SLA Promissory Note
dated as of December 1, 2002 and the Amended and Restated Promissory Note dated
as of June 17, 1998, as amended from time to time.

4. Representations and Warranties of the Purchasers. Each Purchaser represents
and warrants, severally and not jointly, to the Company as follows:

                                       12
<PAGE>

4.1 Authorization. All action on the part of such Purchaser and, if applicable,
its officers, directors, managers, members, shareholders and/or partners
necessary for the authorization, execution, delivery and performance of this
Agreement and the Registration Rights Agreement, and the consummation of the
transactions contemplated herein and therein, has been taken. When executed and
delivered, each of this Agreement and the Registration Rights Agreement will
constitute the legal, valid and binding obligation of such Purchaser,
enforceable against such Purchaser in accordance with its terms, except as such
may be limited by bankruptcy, insolvency, reorganization or other laws affecting
creditors' rights generally and by general equitable principles. Each Purchaser
has all requisite corporate power and authority to enter into each of this
Agreement and the Registration Rights Agreement, and to carry out and perform
its obligations under the terms of hereof and thereof.

4.2 Purchase Entirely for Own Account. Each Purchaser is acquiring the Shares,
the Warrants and the Warrant Shares for its own account for investment and not
for resale or with a view to distribution thereof in violation of the Securities
Act.

4.3 Investor Status; Etc. Each Purchaser certifies and represents to the Company
that it is an "accredited investor" as defined in Rule 501 of Regulation D
promulgated under the Securities Act and was not organized for the purpose of
acquiring any of the Shares, the Warrants or the Warrant Shares. Each
Purchaser's financial condition is such that it is able to bear the risk of
holding the Shares for an indefinite period of time and the risk of loss of its
entire investment. Each Purchaser has sufficient knowledge and experience in
investing in companies similar to the Company so as to be able to evaluate the
risks and merits of its investment in the Company.

4.4 Securities Not Registered. Each Purchaser understands that the Shares, the
Warrant and the Warrant Shares have not been registered under the Securities
Act, by reason of their issuance by the Company in a transaction exempt from the
registration requirements of the Securities Act, and that the Shares, the
Warrants and the Warrant Shares must continue to be held by such Purchaser
unless a subsequent disposition thereof is registered under the Securities Act
or is exempt from such registration. Each Purchaser understands that the
exemptions from registration afforded by Rule 144 (the provisions of which are
known to it) promulgated under the Securities Act depend on the satisfaction of
various conditions, and that, if applicable, Rule 144 may afford the basis for
sales only in limited amounts.

4.5 No Conflict. The execution and delivery of this Agreement and the
Registration Rights Agreement by each Purchaser, and the consummation of the
transactions contemplated hereby and thereby, will not conflict with or result
in any violation of or default by such Purchaser (with or without notice or
lapse of time, or both) under, or give rise to a right of termination,
cancellation or acceleration of any obligation or to a loss of a material
benefit under (i) any provision of the organizational documents of such
Purchaser or (ii) any agreement or instrument, permit, franchise, license,
judgment, order, statute, law, ordinance, rule or regulations, applicable to
such Purchaser.

4.6 Brokers. Such Purchaser has not retained, utilized or been represented by
any broker or finder in connection with the transactions contemplated by this
Agreement.

4.7 Consents. All consents, approvals, orders and authorizations required on the
part of such Purchaser in connection with the execution, delivery or performance
of this Agreement and the consummation of the transactions contemplated herein
have been obtained and are effective as of the date hereof.

                                       13
<PAGE>

4.8 Disclosure of Information. Such Purchaser believes it has received all the
information it considers necessary or appropriate for deciding whether to
purchase the Shares, the Warrants and the Warrant Shares. Such Purchaser further
represents that it has had an opportunity to ask questions and receive answers
from the Company regarding the terms and conditions of the offering of the
Shares, the Warrants and the Warrant Shares and the business, properties,
prospects and financial condition of the Company.

5. Conditions Precedent.

5.1. Conditions to the Obligation of the Purchasers to Consummate the Closing.
The obligation of each Purchaser to consummate the Closing and to purchase and
pay for the Shares is subject to the satisfaction of the following conditions
precedent:

(a) The representations and warranties of the Company contained herein shall be
true and correct on and as of the date hereof with the same force and effect as
though made on and as of the Closing Date. The Company shall have performed all
obligations and conditions herein required to be performed or complied with by
the Company on or prior to the Closing Date.

(b) There shall have been no material adverse change (actual or threatened) in
the assets, liabilities (contingent or otherwise), affairs, business,
operations, prospects, or condition (financial or otherwise) of the Company
prior to the Closing Date; and the Company shall have performed all obligations
and conditions herein required to be performed or observed by the Company on or
prior to the Closing Date.

(c) No proceeding challenging this Agreement or the Transaction Documents, or
the transactions contemplated hereby or thereby, or seeking to prohibit, alter,
prevent or materially delay the Closing, shall have been instituted before any
court, arbitrator or governmental body, agency or official or shall be pending
against or involving the Company.

(d) The sale of the Shares and the issuance of the Warrants (and the Warrant
Shares) to the Purchasers shall not be prohibited by any law, rule, governmental
order or regulation. All necessary consents, approvals, licenses, permits,
orders and authorizations of, or registrations, declarations and filings with,
any governmental or administrative agency or of or with any other Person with
respect to any of the transactions contemplated hereby shall have been duly
obtained or made and shall be in full force and effect.

(e) All instruments and corporate proceedings of the Company in connection with
the transactions contemplated by this Agreement and the Transaction Documents
shall be satisfactory in form and substance to each Purchaser, and each
Purchaser shall have received copies (executed or certified, as may be
appropriate) of all documents which the Purchasers may have reasonably requested
in connection with such transactions.

                                       14
<PAGE>

(f) Each Purchaser shall have received from Andrews Kurth LLP, outside counsel
to the Company, an opinion addressed to such Purchaser, dated the Closing Date
and substantially in the form of Exhibit A hereto.

(g) The Registration Rights Agreement shall have been executed and delivered by
the Company.

(h) Each Purchaser shall have received from the Company an original stock
certificate evidencing the purchase of the Shares and an original Warrant, in
each case for the number of shares of Common Stock and the number of Warrant
Shares, respectively, set forth opposite such Purchaser's name on Schedule 1
hereto.

(i) The Company shall have delivered, in form and substance satisfactory to each
Purchaser, a certificate dated the Closing Date and signed by the secretary or
another officer of the Company, certifying (i) that attached copies of the
Certificate of Incorporation, the By-Laws and resolutions of the Board approving
this Agreement, the Transaction Documents and the transactions contemplated
hereby and thereby, are all true, complete and correct and remain in full force
and effect as of the date hereof, and (ii) as to the incumbency and specimen
signature of each officer of the Company executing this Agreement, the
Transaction Documents and any other document delivered in connection herewith on
behalf of the Company.

(j) The Company shall deliver to each Purchaser, a certificate in form and
substance satisfactory to each Purchaser, dated the Closing Date and signed by
the Company's chief operating officer, certifying that (i) the representations
and warranties of the Company contained in Section 3 hereof are true and correct
in all respects on the Closing Date and (ii) the Company has performed and
complied with all of the agreements and conditions set forth or contemplated
herein that are required to be performed or complied with by the Company on or
before the Closing Date.

(k) Each Purchaser shall have received duly executed Transfer Agent Instructions
acknowledged by the Company's transfer agent.

5.2. Conditions to the Obligation of the Company to Consummate the Closing. The
obligation of the Company to consummate the Closing and to issue and sell the
Shares to each Purchaser at the Closing is subject to the satisfaction of the
following conditions precedent:

(a) The representations and warranties of the Purchasers contained herein shall
be true and correct in all respects on and as of the Closing Date with the same
force and effect as though made on and as of the Closing Date.

(b) The Registration Rights Agreement shall have been executed and delivered by
the Purchasers.

(c) The Purchasers shall have performed all obligations and conditions herein
required to be performed or complied with by the Purchasers on or prior to the
Closing Date.

(d) No proceeding challenging this Agreement or the Transaction Documents, or
the transactions contemplated hereby or thereby, or seeking to prohibit, alter,
prevent or materially delay the Closing, shall have been instituted before any
court, arbitrator or governmental body, agency or official or shall be pending
against or involving such Purchaser.

                                       15
<PAGE>

(e) The sale of the Shares and the issuance of the Warrants (and the Warrant
Shares) by the Company shall not be prohibited by any law, rule, governmental
order or regulation. All necessary consents, approvals, licenses, permits,
orders and authorizations of, or registrations, declarations and filings with,
any governmental or administrative agency or of any other Person with respect to
any of the transactions contemplated hereby shall have been duly obtained or
made and shall be in full force and effect.

(f) All instruments and corporate proceedings in connection with the
transactions contemplated by this Agreement to be consummated at the Closing
shall be satisfactory in form and substance to the Company, and the Company
shall have received counterpart originals, or certified or other copies of all
documents, including without limitation records of corporate or other
proceedings, which it may have reasonably requested in connection therewith.

6. Certain Covenants and Agreements.

6.1. Transfer of Securities. Each Purchaser shall not sell, assign, pledge,
transfer or otherwise dispose of or encumber any of the Shares, the Warrants or
the Warrant Shares, except (i) pursuant to an effective registration statement
under the Securities Act, (ii) to an Affiliate (so long as such Affiliate agrees
to be bound by the terms and provisions of this Agreement as if, and to the
fullest extent as, such Purchaser), or (iii) pursuant to an available exemption
from registration under the Securities Act (including sales permitted pursuant
to Rule 144) and applicable state securities laws and, if requested by the
Company, upon delivery by such Purchaser of either an opinion of counsel of such
Purchaser reasonably satisfactory to the Company to the effect that the proposed
transfer is exempt from or does not require registration under the Securities
Act and applicable state securities laws or a representation letter of such
Purchaser reasonably satisfactory to the Company setting forth a factual basis
for concluding that such proposed transfer is exempt from or does not require
registration under the Securities Act and applicable state securities laws. Any
transfer or purported transfer of the Shares in violation of this Section 6.1
shall be void. The Company shall not register any transfer of the Shares in
violation of this Section 6.1. The Company may, and may instruct any transfer
agent for the Company, to place such stop transfer orders as may be required on
the transfer books of the Company in order to ensure compliance with the
provisions of this Section 6.1.

6.2. Legends.

(a) To the extent applicable, each certificate or other document evidencing the
Shares and the Warrant Shares shall be endorsed with the legend set forth below,
and each Purchaser covenants that, except to the extent such restrictions are
waived by the Company, it shall not transfer the shares represented by any such
certificate without complying with the restrictions on transfer described in
this Agreement and the legends endorsed on such certificate:

"THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE OFFERED OR SOLD IN THE
ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER SAID ACT OR PURSUANT TO AN
AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, REGISTRATION UNDER
SAID ACT."

                                       16
<PAGE>

(b) The legend set forth in Section 6.2(a) shall be removed from the
certificates evidencing the Shares and the Warrant Shares, (i) following any
sale of such Shares or Warrant Shares pursuant to Rule 144 or any effective
registration statement, or (ii) if such Shares or Warrant Shares are eligible
for sale under Rule 144(k) (and the holder of such Shares or Warrant Shares has
submitted a written request for removal of the legend indicating that the holder
has complied with the applicable provisions of Rule 144 or such judicial
interpretation or pronouncement), or (iii) if such legend is not required under
applicable requirements of the Securities Act (including judicial
interpretations and pronouncements issued by the Staff of the Commission) (and
the holder of such Shares or Warrant Shares has submitted a written request for
removal of the legend indicating that the holder has complied with the
applicable provisions of Rule 144). The Company shall cause its counsel to issue
a legal opinion to the Company's transfer agent promptly upon the occurrence of
any of the events in clauses (i), (ii) or (iii) above to effect the removal of
the legend on certificates evidencing the Shares or the Warrant Shares and shall
also cause its counsel to issue a "blanket" legal opinion to the Company's
transfer agent promptly after the Effective Date (provided that there is an
effective registration statement covering the resale of the Shares or the
Warrant Shares, as the case may be), if required by the Company's transfer
agent, to allow sales without restriction pursuant to an effective registration
statement. The Company agrees that at such time as such legend is no longer
required under this Section 6.2(b), it will, no later than three (3) business
days following the delivery by a Purchaser to the Company or the Company's
transfer agent of a certificate representing the Shares or Warrant Shares issued
with a restrictive legend, deliver or cause to be delivered to such Purchaser a
certificate representing such Shares or Warrant Shares that is free from all
restrictive and other legends; provided that in the case of removal of the
legend for reasons set forth in clause (ii) above, the holder of such Shares or
Warrant Shares has submitted a written request for removal of the legend
indicating that the holder has complied with the applicable provisions of Rule
144. The Company may not make any notation on its records or give instructions
to any transfer agent of the Company that enlarge the restrictions on transfer
set forth in this Section.

6.3 Publicity. Except to the extent required by applicable laws, rules,
regulations or stock exchange requirements, neither (i) the Company, the
Subsidiaries or any of their Affiliates nor (ii) any Purchaser or any of its
Affiliates shall, without the written consent of the other, make any public
announcement or issue any press release with respect to the transactions
contemplated by this Agreement. In no event will either (i) the Company, the
Subsidiaries or any of their Affiliates or (ii) any Purchaser or any of its
Affiliates make any public announcement or issue any press release with respect
to the transactions contemplated by this Agreement without consulting with the
other party, to the extent feasible, as to the content of such public
announcement or press release.

6.4 Material, Nonpublic Information. Except as required by law, the Company and
its directors, officers, employees and agents shall not provide any Purchaser
with any material non-public information regarding the Company or any of the
Subsidiaries at any time after the Closing, except such information as may be
required to be disclosed to certain Board members, who are affiliated with

                                       17
<PAGE>

certain Purchasers (other than Tudor and its Affiliates), in their capacity as
directors of the Company. In the event of a breach of the foregoing covenant
following the Effective Date, or in the event that Company is legally required
to make certain disclosures to any Purchaser (and does so) following the
Effective Date, then in addition to any other remedy provided for herein, in the
Transaction Documents or in equity or at law, each Purchaser to whom information
has been disclosed (whether as a result of breach or as required by law) may
request, in writing, that the Company promptly (but in no event more than five
(5) business days after the date of such writing) publicly disclose, by press
release, SEC filing, or otherwise, an appropriate summary of the information
that, in such Purchaser's reasonable judgment, constitutes the then material
non-public information. After such five (5) business-day period, the
Purchaser(s) who was or were in receipt of such material non-public information
shall be automatically authorized to make all of the information, or any portion
thereof, available to the public generally, without incurring any liability to
the Company for such disclosure.

6.5 Filing of Information. The Company shall use best efforts to, and shall,
promptly after the date hereof and in any event on or prior to July 15, 2004,
make current in all respects all filings and reports required by applicable
securities laws, including the preparation and filing of all periodic reports
under the Exchange Act, the filing of audited financial statements for fiscal
year 2003, and the filing of any statements required by or pursuant to the
Securities Act. The Company covenants to timely file (or obtain extensions in
respect thereof and file within the applicable grace period) all reports (other
than the periodic reports with respect to fiscal year 2003 and the first quarter
of 2004) required to be filed by the Company pursuant to all applicable
securities laws, including the Exchange Act. At any time if the Company is not
required to file reports pursuant to such laws, it will prepare and furnish to
the Purchasers and make publicly available in accordance with paragraph (c) of
Rule 144 such information as is required for the Purchasers to sell the Shares
and the Warrant Shares under Rule 144. The Company further covenants that it
will take such further action as any holder of Shares or Warrant Shares may
reasonably request to satisfy the provisions of Rule 144 applicable to the
issuer of securities relating to transactions for the sale of securities
pursuant to Rule 144.

6.6 Additional Issuance. The Company shall not issue any capital stock or other
securities in connection with the raising of additional financing or capital
until all of the Shares have been registered for resale pursuant to an effective
registration statement and otherwise in accordance with the terms set forth in
the Registration Rights Agreement; provided; however, that the foregoing shall
not prohibit the Company from issuing shares of Common Stock or securities
convertible into or exercisable for Common Stock: (i) upon conversion of the
Warrants or other securities issuable upon conversion of securities outstanding
on the date hereof, (ii) to employees, consultants, officers or directors of the
Company pursuant to stock option, stock purchase or stock bonus plans or
agreements or other stock incentive plans or arrangements approved by the Board,
which are in existence as of the date hereof, (iii) pursuant to the acquisition
of another business entity or business segment of any such entity by the Company
by merger, purchase of substantially all the assets or other reorganization or
corporate partnering agreement if such issuance is approved by the Board, (iv)
in connection with any stock split, stock dividend or recapitalization of the
Company, (v) with respect to warrants to purchase Common Stock issued to Tejas
and as described in Section 2.4 hereof, and (vi) in connection with lease lines,
bank loans, corporate partnering or other similar transactions, provided such
issuances described in this clause (vi) are not primarily for the purpose of
equity financing and are approved by the Board.

                                       18
<PAGE>

6.7 Use of Proceeds. The Company covenants and agrees that the proceeds from the
sale of the Shares shall be used by the Company for repayment or prepayment of
indebtedness of the Company, working capital and general corporate purposes or
any other purpose approved by the Board, including, without limitation, growth
initiatives, capital expenditures and potential acquisitions; under no
circumstances shall any portion of the proceeds be applied to: (i) the payment
of dividends or other distributions on any capital stock or other securities of
the Company; (ii) the purchase of debt or equity securities of any Person for
cash, excluding debt securities of the Company or any of its subsidiaries,
except in connection with investment of excess cash in high quality (A1/P1 or
better) money market instruments having maturities of one year or less; (iii)
any expenditure not directly related to the business of the Company; or (iv) the
call, repurchase or redemption of any Company equity or equity-equivalent
securities.

6.8 Integration. The Company shall not sell, offer for sale or solicit offers to
buy or otherwise negotiate in respect of any security (as defined in Section 2
of the Securities Act) that would be integrated with the offer or sale of the
Shares in a manner that would require the registration under the Securities Act
of the sale of the Shares or the issuance of the Warrants or the Warrant Shares
to the Purchasers.

6.9 Pre-Emptive Right. Each Purchaser shall have the right to purchase a pro
rata share of New Securities (as defined in this Section 6.9) that the Company
may, from time to time, propose to sell and issue. Each Purchaser's pro rata
share, for purposes of this right, is the ratio of the number of shares of Fully
Diluted Common Stock owned by such holder immediately prior to the issuance of
New Securities to the total number of shares of Fully Diluted Common Stock
outstanding immediately prior to the issuance of New Securities. Each Purchaser
shall also have the right of over-allotment to purchase additional New
Securities set forth in paragraph (b) of this Section 6.9. This pre-emptive
right shall be subject to the following provisions:

(a) "New Securities" shall mean any capital stock (including Common Stock) of
the Company whether now authorized or not, and any rights, options or warrants
to purchase such capital stock, and securities of any type whatsoever that are,
or may become, convertible into or exchangeable for capital stock; provided that
the term "New Securities" does not include securities issued: (i) upon
conversion of the Warrants or other securities issuable upon conversion of
securities outstanding on the date hereof, (ii) to employees, consultants,
officers or directors of the Company pursuant to stock option, stock purchase or
stock bonus plans or agreements or other stock incentive plans or arrangements
approved by the Board, which are in existence as of the date hereof, (iii)
pursuant to the acquisition of another business entity or business segment of
any such entity by the Company by merger, purchase of substantially all the
assets or other reorganization or corporate partnering agreement if such
issuance is approved by the Board, (iv) in connection with any stock split,
stock dividend or recapitalization of the Company, (v) in connection with lease
lines, bank loans, corporate partnering or other similar transactions, provided
such issuances described in this clause (v) are not primarily for the purpose of
equity financing and are approved by the Board, and (vi) to directors of the
Company as compensation for their service as directors pursuant to a restricted
stock plan to be implemented and approved by the stockholders of the Company;
provided that such issuance of restricted stock shall not exceed 100,000 shares
per year.

                                       19
<PAGE>

(b) In the event the Company proposes to undertake an issuance of New
Securities, it shall give each Purchaser certified written notice of its
intention, describing the type of New Securities, their price and the general
terms upon which the Company proposes to issue the same. Each Purchaser shall
have thirty (30) days after any such notice is mailed or delivered to agree to
purchase all or any portion of such Purchaser's pro rata share of such New
Securities for the price and upon the terms specified in the notice by giving
written notice to the Company and stating therein the quantity of New Securities
to be purchased. Each Purchaser shall have the right of over-allotment such that
if any Purchaser fails to exercise its right under this Section 6.9 to purchase
its full pro rata share of New Securities, the other Purchasers may purchase the
portion of such Purchaser's remaining portion on a pro rata share within ten
(10) days from the date such non-purchasing Purchaser fails to exercise its
right hereunder to purchase its full pro rata share of New Securities.

(c) In the event the Purchasers fail to exercise the pre-emptive right within
such thirty (30) day period and after the expiration of the ten (10) day period
for the exercise of the over-allotment provisions of this Section 6.9, the
Company shall have ninety (90) days thereafter to sell the New Securities
respecting which the Purchasers' pre-emptive right set forth in this Section 6.9
was not exercised, at a price and upon terms no more favorable to the purchasers
thereof or to the Company than specified in the Company's notice to the
Purchasers pursuant to Section 6.9(b) above. In the event the Company has not
sold the New Securities respecting which the Purchasers' preemptive right set
forth in the Section 6.9 was not exercised within such ninety (90) day period,
the Company shall not thereafter issue or sell any New Securities, without first
again offering such securities to the Purchasers in the manner provided in
Section 6.9(b) above.

6.10 Reservation of Common Stock for Issuance; Listing of Shares. The Company
agrees to reserve from its duly authorized capital stock the total number of
shares of Common Stock issuable upon execution of this Agreement and upon the
exercise in full of the Warrants. The Company agrees that at any time, if and
when its shares of Common Stock are listed on NASDAQ, that it will use
reasonable efforts to promptly list and qualify the Shares and the Warrant
Shares for trading on NASDAQ.

7. Indemnification.

7.1 By the Company. The Company agrees to indemnify, defend and hold harmless
each Purchaser and its Affiliates and their respective officers, directors,
agents, employees, subsidiaries, partners, members and controlling persons
(collectively, the "Purchaser Indemnitees") to the fullest extent permitted by
law from and against any and all claims, losses, liabilities, damages,
deficiencies, judgments, assessments, fines, settlements, costs or expenses
(including interest, penalties and reasonable fees, disbursements and other
charges of counsel) (collectively, "Losses") based upon, arising out of or
otherwise in respect of any breach by the Company of any representation,
warranty, covenant or agreement of the Company contained in this Agreement or in
the Transaction Documents, or for any Losses claimed by Tejas or any other
broker or placement agent.

                                       20
<PAGE>

7.2 Claims All claims for indemnification by a Purchaser Indemnitee pursuant to
this Section 7 shall be made as follows:

(a) If a Purchaser Indemnitee has incurred or suffered Losses for which it is
entitled to indemnification under this Section 7, then such Purchaser Indemnitee
shall give prompt written notice of such claim (a "Claim Notice") to the
Company. Each Claim Notice shall state the amount of claimed Losses (the
"Claimed Amount"), if known, and the basis for such claim.

(b) Within 30 days after delivery of a Claim Notice, the Company (the
"Indemnifying Party") shall provide to each Purchaser Indemnitee (the
"Indemnified Party"), a written response (the "Response Notice") in which the
Indemnifying Party shall: (i) agree that all of the Claimed Amount is owed to
the Indemnified Party, (ii) agree that part, but not all, of the Claimed Amount
(the "Agreed Amount") is owed to the Indemnified Party, or (iii) contest that
any of the Claimed Amount is owed to the Indemnified Party. The Indemnifying
Party may contest the payment of all or a portion of the Claimed Amount only
based upon a good faith belief that all or such portion of the Claimed Amount
does not constitute Losses for which the Indemnified Party is entitled to
indemnification under this Section 7. If no Response Notice is delivered by the
Indemnifying Party within such 30-day period, then the Indemnifying Party shall
be deemed to have agreed that all of the Claimed Amount is owed to the
Indemnified Party.

(c) If the Indemnifying Party in the Response Notice agrees (or is deemed to
have agreed) that all of the Claimed Amount is owed to the Indemnified Party,
then the Indemnifying Party shall owe to the Indemnified Party an amount equal
to the Claimed Amount to be paid in the manner set forth in this Section 7. If
the Indemnifying Party in the Response Notice agrees that part, but not all, of
the Claimed Amount is owed to the Indemnified Party, then the Indemnifying Party
shall owe to the Indemnified Party an amount equal to the agreed amount set
forth in such Response Notice to be paid in the manner set forth in this Section
7.

(d) No delay on the part of the Indemnified Party in notifying the Indemnifying
Party shall relieve the Indemnifying Party of any liability or obligation
hereunder except to the extent of any actual prejudice caused by or arising out
of such delay.

7.3. Payment of Claims. An Indemnifying Party shall make payment of any portion
of any Claimed Amount that such Indemnifying Party has agreed in a Response
Notice that it owes to an Indemnified Party, or that such Indemnifying Party is
deemed to have agreed it owes to such Indemnifying Party, said payment to be
made within thirty (30) days after such Response Notice is delivered by such
Indemnifying Party or should have been delivered by such Indemnifying Party, as
the case may be.

7.4. Limitations.

(a) Time for Claims. No Indemnifying Party will be liable for any Losses
hereunder arising out of a breach of representation or warranty unless a written
claim for indemnification is given by the Indemnified Party to the Indemnifying
Party on or prior to the third anniversary of the date on which the registration
statement covering the resale of the Shares initially became effective.

                                       21
<PAGE>

(b) Maximum Amount. Notwithstanding anything contained herein to the contrary,
no Indemnifying Party will be liable for any Losses hereunder in excess of
$29,995,000.

7.5 Applicability; Exclusivity. Notwithstanding any term to the contrary in this
Section 7, the indemnification and contribution provisions of the Registration
Rights Agreement shall govern any claim made with respect to registration
statements filed pursuant thereto or sales made thereunder. The parties hereby
acknowledge and agree that in addition to remedies of the parties hereto in
respect of any and all claims relating to any breach or purported breach of any
representation, warranty, covenant or agreement that is contained in this
Agreement pursuant to the indemnification provisions of this Section 7, all
parties shall always retain the right to pursue and obtain injunctive relief in
addition to any other rights or remedies hereunder.

8. Miscellaneous Provisions.

8.1 Rights Cumulative. Each and all of the various rights, powers and remedies
of the parties shall be considered to be cumulative with and in addition to any
other rights, powers and remedies which such parties may have at law or in
equity in the event of the breach of any of the terms of this Agreement. The
exercise or partial exercise of any right, power or remedy shall neither
constitute the exclusive election thereof nor the waiver of any other right,
power or remedy available to such party.

8.2 Pronouns. All pronouns or any variation thereof shall be deemed to refer to
the masculine, feminine or neuter, singular or plural, as the identity of the
person, persons, entity or entities may require.

8.3 Notices.

(a) Any notices, reports or other correspondence (hereinafter collectively
referred to as "correspondence") required or permitted to be given hereunder
shall be sent by postage prepaid first class mail, overnight courier or
telecopy, or delivered by hand to the party to whom such correspondence is
required or permitted to be given hereunder. The date of giving any notice shall
be the date of its actual receipt.

(b) All correspondence to the Company shall be addressed as follows:

Motient Corporation 300 Knightsbridge Parkway Lincolnshire, IL 60069 Attention:
Christopher Downie, Executive Vice President and Chief Operating Officer
Telecopier: (847) 478-4810

with copies to:

                               Motient Corporation
                            300 Knightsbridge Parkway
                             Lincolnshire, IL 60069
                         Attention: Robert Macklin, Esq.
                           Telecopier: (847) 478-4810
                                      -and-
                                Andrews Kurth LLP
                              450 Lexington Avenue
                            New York, New York 10017
                        Attention: Paul Silverstein, Esq.
                           Telecopier: (212) 850-2929

                                       22
<PAGE>

(c) All correspondence to the Purchasers shall be addressed pursuant to the
contact information set forth on Schedule 1 attached hereto.

(d) Any entity may change the address to which correspondence to it is to be
addressed by notification as provided for herein.

8.4 Captions. The captions and paragraph headings of this Agreement are solely
for the convenience of reference and shall not affect its interpretation.

8.5 Severability. Should any part or provision of this Agreement be held
unenforceable or in conflict with the applicable laws or regulations of any
jurisdiction, the invalid or unenforceable part or provisions shall be replaced
with a provision which accomplishes, to the extent possible, the original
business purpose of such part or provision in a valid and enforceable manner,
and the remainder of this Agreement shall remain binding upon the parties
hereto.

8.6 Governing Law. This Agreement shall be governed by and construed in
accordance with the internal and substantive laws of the State of New York and
without regard to any conflicts of laws concepts which would apply the
substantive law of some other jurisdiction.

8.7 Waiver. No waiver of any term, provision or condition of this Agreement,
whether by conduct or otherwise, in any one or more instances, shall be deemed
to be, or be construed as, a further or continuing waiver of any such term,
provision or condition or as a waiver of any other term, provision or condition
of this Agreement.

8.8 Assignment. The rights and obligations of any party hereto shall inure to
the benefit of and shall be binding upon the authorized successors and permitted
assigns of such party. The Company may not assign this Agreement or any rights
or obligations hereunder without the prior written consent of Purchasers who
hold a majority of the outstanding Shares (the "Majority Purchasers"). Each
Purchaser may assign or transfer any or all of its rights under this Agreement
to any Person provided that such assignee or transferee agrees in writing to be
bound, with respect to the transferred Shares and Warrant Shares, by the
provisions hereof that apply to such assigning or transferring Purchaser;
whereupon such assignee or transferee shall be deemed to be a "Purchaser" for
all purposes of this Agreement.

8.9 Survival. The respective representations and warranties given by the parties
hereto shall survive the Closing Date and the consummation of the transactions
contemplated herein for a period of time equal to the time for which
indemnification may be sought hereunder, without regard to any investigation
made by any party. The respective covenants and agreements agreed to by a party
hereto shall survive the Closing Date and the consummation of the transactions
contemplated herein in accordance with their respective terms and conditions.

                                       23
<PAGE>

8.10 Entire Agreement. This Agreement constitutes the entire agreement between
the parties hereto respecting the subject matter hereof and supersedes all prior
agreements, negotiations, understandings, representations and statements
respecting the subject matter hereof, whether written or oral.

8.11 Amendments. Any amendment, supplement or modification of or to any
provision of this Agreement, any waiver of any provisions of this Agreement
shall be effective only if made or given in writing and signed by the Company
and the Majority Purchasers; provided, that with respect to any amendment,
supplement, modification or waiver relating to Tudor, the consent or waiver of
Tudor shall also be required..

8.12 No Third Party Rights. This Agreement is intended solely for the benefit of
the parties hereto and is not intended to confer any benefits upon, or create
any rights in favor of, any Person (including, without limitation, any
stockholder or debt holder of the Company) other than the parties hereto.

8.13 Counterparts. This Agreement may be executed in any number of counterparts,
each of which shall be deemed an original, but all of which together shall
constitute one and the same document. The parties hereto confirm that any
facsimile copy of another party's executed counterpart of this Agreement (or its
signature page thereof) will be deemed to be an executed original thereof.

                           [signature pages to follow]

                                       24
<PAGE>

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

                               MOTIENT CORPORATION

By:  /s/ Chris Downie
     ---------------------------------------
Name:    Christopher W. Downie
Title:   Executive Vice President and COO

                                            -------------------------
                                            Purchaser's name

By:
     ----------------------------------------------
Name:
Title:

                                       25
<PAGE>

<TABLE>
<CAPTION>

                               MOTIENT ALLOCATIONS

         NAME                                         WARRANTS         SHARES
<S>                                                       <C>              <C>
         Rockbay Capital Fund, LLC                        90               600
         Rockbay Capital Institutional Fund, LLC        1092              7277
         Rockbay Capital Offshore Fund, Ltd.            2568             17123
         Glenview Capital Partner, L.P.                 3750            25,000
         Glenview Institutional Partners, L.P.        10,800            72,000
         Glenview Capital Master Fund, Ltd.           22,050           147,000
         GCM Little Arbor Master Fund, Ltd.              900             6,000
         OZ Master Fund, Ltd.                          62597           417,315
         OZ Mac 13 Ltd.                                  755             5,031
         Fleet Maritime, Inc.                           1148              7654
         John Waterfall                               15,000           100,000
         Edwin Morgens                                15,000           100,000
         Strome Hedgecap Limited                      61,500           410,000
         Catalyst Credit Opportunity Fund Offshore      2760            18,400
         Catalyst Credit Opportunity Fund                900              6000
         DCM Ltd.                                         90               600
         York Capital Management, L.P.                  6405            42,701
         York Investment Limited                       22327           148,846
         York Select, L.P.                              6414            42,757
         York Select Unit Trust                         4488            29,920
         York Distressed Opportunities Fund, L.P.     14,366            95,776
         York Global Value Partner, L.P.              13,500            90,000
         The Raptor Global Portfolio Ltd.            100,169           667,796
         The Tudor BVI Global Portfolio Ltd.          21,980           146,533
         Tudor Proprietary Trading, L.L.C             11,743            78,285
         The Altar Rock Fund L.P.                       1108              7386
         LC Capital Master Fund, Ltd.                 22,500           150,000
         Singer Children's Management Trust           20,250           135,000
         Greywolf Capital Partners II L.P.              3150            21,000
         Greywolf Capital Overseas Fund LLC             4350            29,000
         Highland Equity Focus Fund, L.P.             63,750           425,000
         Highland Equity Fund, L.P.                    7,500            50,000

</TABLE>

                                       26EXHIBIT 10.43

                               MOTIENT CORPORATION

                          REGISTRATION RIGHTS AGREEMENT

This REGISTRATION RIGHTS AGREEMENT (this "Agreement") is made as of June 30,
2004 by and among (i) MOTIENT CORPORATION, a Delaware corporation, (the
"Company"), (ii) The Raptor Global Portfolio, Ltd., The Tudor BVI Global
Portfolio, Ltd., The Altar Rock Fund L.P. and Tudor Proprietary Trading, L.L.C.
(collectively, the "Tudor Investors") and (iii) each investor listed on Schedule
1 hereto (each such investor, individually, an "Investor" and, collectively, the
"Investors").

WHEREAS, the Company has agreed to issue and sell to the Investors, and the
Investors have agreed to purchase from the Company, an aggregate of 3,500,000
shares (the "Shares") of the Company's common stock, $0.01 par value per share
(including any securities into which or for which such shares may be exchanged
for, or converted into, pursuant to any stock dividend, stock split, stock
combination, recapitalization, reclassification, reorganization or other similar
event, the "Common Stock"), all upon the terms and conditions set forth in the
Securities Purchase Agreement, dated as of the date hereof, between the Company
and the Investors (the "Securities Purchase Agreement"); and

WHEREAS, the terms of the Securities Purchase Agreement provide that it shall be
a condition precedent to the closing of the transactions thereunder, for the
Company and the Investors to execute and deliver this Agreement.

NOW, THEREFORE, in consideration of the premises and mutual covenants contained
herein, the parties hereto hereby agree as follows:

1. DEFINITIONS. The following terms shall have the meanings provided therefor
below or elsewhere in this Agreement as described below:

"Affiliates" means any Person that, directly or indirectly, through one or more
intermediaries, controls, is controlled by, or is under common control with, a
Person, as such terms are used and construed under Rule 144, and with respect to
the Tudor Investors, in addition to the foregoing, the term "Affiliate" shall
also include the Related Entities.

"Board" means the board of directors of the Company.

"Business Day" means any day except Saturday, Sunday and any day which shall be
a federal legal holiday or a day on which banking institutions in the State of
Delaware are authorized or required by law or other governmental action to
close.

"Closing Date" means the date on which the transactions contemplated by the
Securities Purchase Agreement are consummated.

                                       1
<PAGE>

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

"Person" (whether or not capitalized) means an individual, partnership, limited
liability company, corporation, association, trust, joint venture,
unincorporated organization, and any government, governmental department or
agency or political subdivision thereof.

"Prospectus" means the prospectus included in any Registration Statement
(including, without limitation, a prospectus that includes any information
previously omitted from a prospectus filed as part of an effective Registration
Statement in reliance upon Rule 430A promulgated under the Securities Act), as
amended or supplemented by any prospectus supplement, with respect to the terms
of the offering of any portion of the Registrable Shares covered by such
Registration Statement, and all other amendments and supplements to the
Prospectus, including post-effective amendments, and all material incorporated
by reference in such Prospectus.

"Related Entities" includes, with respect to the Tudor Investors, any entities
for which any of the Tudor Entities or any of its affiliates serve as general
partner and/or investment advisor or in a similar capacity, and all mutual funds
or other pooled investment vehicles or entities under the control or management
of any of the Tudor Entities, or the general partner or investment adviser
thereof, or any affiliate of them. For purposes of this Agreement (a) "Tudor
Entities" means each of the following: any entity for which Tudor Investment
Corporation or an Affiliate thereof acts as general partner and/or investment
adviser, Tudor Investment Corporation or any Affiliate thereof acts as general
partner and/or investment adviser, Tudor Investment Corporation, Tudor Group
Holdings, LLC, their respective Affiliates, or any Affiliate or Affiliated Group
of Tudor Investment Corporation and/or Tudor Group Holdings LLC, and (b) with
respect to the Tudor Entities, "Affiliated Group" has the meaning given to it in
Section 1504 of the Internal Revenue Code of 1986, as amended, and in addition
includes any analogous combined, consolidated or unitary group, as defined under
any applicable state, local or foreign income tax law.

"Registrable Shares" means, at the relevant time of reference thereto, the
Shares and the Warrant Shares (including any shares of capital stock that may be
issued in respect thereof pursuant to a stock split, stock dividend,
recombination, reclassification or the like), provided, however, that the term
"Registrable Shares" shall not include any of the Shares or Warrant Shares that
are actually sold pursuant to a registration statement that has been declared
effective under the Securities Act by the SEC.

"Registration Statement" means the Mandatory S-1 Registration Statement, any
Demand Registration on Form S-3, and any additional registration statements
contemplated by this Agreement, including (in each case) the Prospectus,
amendments and supplements to such registration statement or Prospectus,
including pre- and post-effective amendments, all exhibits thereto, and all
material incorporated by reference in such registration statement or Prospectus.

"Rule 144" means Rule 144 promulgated under the Securities Act and any successor
or substitute rule, law or provision.

"SEC" means the Securities and Exchange Commission.

                                       2
<PAGE>

"Securities Act" means the Securities Act of 1933, as amended, and all of the
rules and regulations promulgated thereunder.

"Warrants" means the warrants to purchase Common Stock, dated as of the date
hereof, issued by the Company to the Investors pursuant to the Securities
Purchase Agreement, a form of which is attached hereto as Exhibit A.

"Warrant Shares" means the shares of Common Stock issued or issuable upon the
exercise of the Warrants.

2. MANDATORY FORM S-1 REGISTRATION.

(a) As promptly as possible after the date hereof, and in any event prior to
July 15, 2004, the Company shall include the Registrable Shares on the Mandatory
S-1 Registration Statement (as such term is defined in that certain Registration
Rights Agreement made as of April 7, 2004 by and among the Company and the other
parties thereto (as amended from time to time, the "Previous Registration Rights
Agreement")). The Mandatory S-1 Registration Statement shall be filed pursuant
to the terms of this Agreement and the Previous Registration Rights Agreement
and shall permit the Investors to offer and sell, on a delayed or continuous
basis pursuant to Rule 415 under the Securities Act, any or all of the
Registrable Shares. The Company agrees to use its best efforts to cause the
Mandatory S-1 Registration Statement to be declared effective as soon as
possible but in no event later than the Mandatory Effective Date (as such term
is defined in the Previous Registration Rights Agreement) (including filing with
the SEC, within three (3) Business Days of the date that the Company is notified
(orally or in writing, whichever is earlier) by the SEC that the Mandatory S-1
Registration Statement will not be "reviewed" or will not be subject to further
review, a request for acceleration of effectiveness in accordance with Rule 461
promulgated under the Securities Act (an "Acceleration Request"), which request
shall request an effective date that is within three (3) Business Days of the
date of such request). The Company shall notify each Investor in writing
promptly (and in any event within one (1) Business Day) after the Company's
submission of an Acceleration Request to the SEC. The Company shall be required
to keep the Mandatory S-1 Registration Statement continuously effective
(including through the filing of any required post-effective amendments) until
the earlier to occur of (i) the date after which all of the Registrable Shares
registered thereunder shall have been sold and (ii) the second (2nd) anniversary
of the later to occur of (a) the Mandatory Effective Date (as such term is
defined in the Previous Registration Rights Agreement) and (b) the date on which
each Warrant has either vested in full, or the date on which by the terms of
such Warrant there are no additional Warrant Shares with respect to which it is
possible for the Warrant to vest; provided, that in either case such date shall
be extended by the amount of time of any Suspension Period (as defined below).
Thereafter, the Company shall be entitled to withdraw the Mandatory S-1
Registration Statement and, upon such withdrawal, the Investors shall have no
further right to offer or sell any of the Registrable Shares pursuant to the
Mandatory S-1 Registration Statement (or any prospectus relating thereto).

                                       3
<PAGE>

(b) Notwithstanding anything in this Section 2 to the contrary, if the Company
shall furnish to the Investors a certificate signed by the President or Chief
Executive Officer of the Company stating that the Board has made the good faith
determination (i) that the continued use by the Investors of the Mandatory S-1
Registration Statement for purposes of effecting offers or sales of Registrable
Shares pursuant hereto would require, under the Securities Act and the rules and
regulations promulgated thereunder, premature disclosure in the Mandatory S-1
Registration Statement (or the Prospectus relating thereto) of material,
nonpublic information concerning the Company, its business or prospects or any
proposed material transaction involving the Company, (ii) that such premature
disclosure would be materially adverse to the Company, its business or prospects
or any such proposed material transaction or would not be in the best interests
of the Company and (iii) that it is therefore essential to suspend the use by
the Investors, of the Mandatory S-1 Registration Statement (and the Prospectus
relating thereto), then the right of the Investors to use the Mandatory S-1
Registration Statement (and the Prospectus relating thereto) for purposes of
effecting offers or sales of Registrable Shares pursuant thereto shall be
suspended for a period (the "Suspension Period") not greater than fifteen (15)
consecutive Business Days during any consecutive twelve (12) month period.
During the Suspension Period, the Investors shall not offer or sell any
Registrable Shares pursuant to or in reliance upon the Mandatory S-1
Registration Statement (or the Prospectus relating thereto). The Company agrees
that, as promptly as possible, but in no event later than one (1) Business Day,
after the consummation, abandonment or public disclosure of the event or
transaction that caused the Company to suspend the use of the Mandatory S-1
Registration Statement (and the Prospectus relating thereto) pursuant to this
Section 2(c), the Company will as promptly as possible lift any suspension,
provide the Investors with revised Prospectuses, if required, and will notify
the Investors of their ability to effect offers or sales of Registrable Shares
pursuant to or in reliance upon the Mandatory S-1 Registration Statement.

(c) It shall be a condition precedent to the obligations of the Company to
register Registrable Shares for the account of an Investor pursuant to this
Section 2 or Section 3 that such Investor furnish to the Company such
information regarding itself, the Registrable Securities held by it, and the
method of disposition of such securities as shall be required to effect the
registration of such Investor's Registrable Securities.

(d) Notwithstanding anything in this Agreement to the contrary, the Investors'
sole remedy for the failure of the Company to file the Mandatory S-1
Registration Statement as promptly as possible after the date hereof, and in any
event on or prior to July 15, 2004, or for the failure of the Company to make
effective the Mandatory S-1 Registration Statement on or prior to November 30,
2004, shall be the vesting of the Warrants as provided for therein.

                      2A. MANDATORY S-3 REGISTRATION RIGHTS

(a) If at any time any Registrable Shares are not able to be resold pursuant to
an effective Registration Statement, Form S-3 (or other equivalent form) is then
available for the registration of such Registrable Shares, and the Company shall
receive from any Investor (including for this purpose its Affiliates) who holds
(or who together hold) at least twenty-five percent (25%) of the then
outstanding Registrable Shares a written request or requests (a "Demand Notice")
that the Company effect a registration on Form S-3 (a "Demand Registration"), or
any successor or substitute form, with respect to all or a part of the
Registrable Shares owned by such Investor(s), then the Company will promptly

                                       4
<PAGE>

give written notice of the proposed registration and the Investor's or
Investors' request therefor to all other Investors, and use best efforts to
effect such registration, as soon as practicable and in any event within thirty
(30) days, of all or such portion of such Investor's or Registrable Shares as
are specified in such request, together with all or such portion of the
Registrable Shares of any other Investor or Investors joining in such request as
are specified in a written request given within ten (10) business days after
receipt of such written notice from the Company; provided, however, that the
Company may temporarily suspended the use of such registration statement for the
same reasons and on the same terms as described in Section 2(b) above. The
Company shall not be required to effect more than three (3) registrations
pursuant to this Section 2A(a) during any consecutive twelve (12) month period.

(b) It shall be a condition precedent to the obligations of the Company to
register Registrable Shares for the account of an Investor pursuant to this
Section 2 or Section 3 that such Investor furnish to the Company such
information regarding itself, the Registrable Securities held by it, and the
method of disposition of such securities as shall be required to effect the
registration of such Investor's Registrable Securities.

3. "PIGGYBACK REGISTRATION".

(a) If at any time any Registrable Shares are not able to be resold pursuant to
an effective Registration Statement, and the Company proposes to register any of
its Common Stock under the Securities Act, whether as a result of an offering
for its own account or the account of others (but excluding any registrations to
be effected on Forms S-4 or S-8 or other applicable successor Forms), the
Company shall, each such time, give to the Investors twenty (20) days' prior
written notice of its intent to do so, and such notice shall describe the
proposed registration and shall offer such Investors the opportunity to register
such number of Registrable Shares as each such Investor may request. Upon the
written request of any Investor given to the Company within fifteen (15) days
after the receipt of any such notice by the Company, the Company shall include
in such Registration Statement all or part of the Registrable Shares of such
Investor, to the extent requested to be registered.

(b) If a registration pursuant to Section 3 hereof involves an underwritten
offering and the managing underwriter shall advise the Company in writing that,
in its opinion, the number of shares of Common Stock requested by the Investors
to be included in such registration is likely to affect materially and adversely
the success of the offering or the price that would be received for any shares
of Common Stock offered in such offering, then, notwithstanding anything in this
Section 3 to the contrary, the Company shall only be required to include in such
registration, to the extent of the number of shares of Common Stock which the
Company is so advised can be sold in such offering, (i) first, the number of
shares of Common Stock requested to be included in such registration for the
account of any stockholders of the Company (including the Investors), pro rata
among such stockholders on the basis of the number of shares of Common Stock
that each of them has requested to be included in such registration, and (ii)
second, any shares of Common Stock proposed to be included in such registration
for the account of the Company.

                                       5
<PAGE>

(c) In connection with any offering involving an underwriting of shares, the
Company shall not be required under this Section 3 or otherwise to include the
Registrable Shares of any Investor therein unless such Investor accepts and
agrees to the terms of the underwriting, which shall be reasonable and
customary, as agreed upon between the Company and the underwriters selected by
the Company.

4. OBLIGATIONS OF THE COMPANY. In connection with the Company's registration
obligations hereunder, the Company shall, as expeditiously as practicable:

(a) (i) furnish to each Investor copies of all documents filed with the SEC
prior to their being filed with the SEC, (ii) use commercially reasonable
efforts to cause its officers and directors, counsel and certified public
accountants to respond to such inquiries as shall be necessary, in the
reasonable opinion of such Investor, to conduct a reasonable investigation
within the meaning of the Securities Act, and (iii) notify the Investors of any
stop order issued or threatened by the SEC and use best efforts to prevent the
entry of such stop order or to remove it if entered.

(b) Prepare and file with the SEC such amendments and supplements, including
post-effective amendments, to each Registration Statement and the Prospectus
used in connection therewith as may be necessary to keep the Registration
Statement continuously effective as required herein, and prepare and file with
the SEC such additional Registration Statements as necessary to register for
resale under the Securities Act all of the Registrable Shares (including naming
any permitted transferees of Registrable Shares as selling stockholders in such
Registration Statement); (ii) cause any related Prospectus to be amended or
supplemented by any required Prospectus supplement, and as so supplemented or
amended to be filed pursuant to Rule 424; (iii) respond as promptly as possible
to any comments received from the SEC with respect to each Registration
Statement or any amendment thereto and as promptly as possible provide the
Investors true and complete copies of all correspondence from and to the SEC
relating to the Registration Statement (other than correspondence containing
material nonpublic information); and (iv) comply with the provisions of the
Securities Act and the Exchange Act with respect to the disposition of all
Registrable Shares covered by such Registration Statement as so amended or in
such Prospectus as so supplemented.

(c) Notify the Investors and Investors' Counsel as promptly as possible
(i) when the SEC notifies the Company whether there will be a "review" of a
Registration Statement and whenever the SEC comments in writing on such
Registration Statement; and (ii) when a Registration Statement, or any
post-effective amendment or supplement thereto, has become effective, and after
the effectiveness thereof: (A) of any request by the SEC or any other federal or
state governmental authority for amendments or supplements to the Registration
Statement or Prospectus or for additional information; (B) of the issuance by
the SEC or any state securities commission of any stop order suspending the
effectiveness of the Registration Statement covering any or all of the
Registrable Shares or the initiation of any proceedings for that purpose; and
(C) of the receipt by the Company of any notification with respect to the
suspension of the qualification or exemption from qualification of any of the
Registrable Shares for sale in any jurisdiction, or the initiation or
threatening of any proceeding for such purpose. Without limitation of any
remedies to which the Investors may be entitled under this Agreement, if any of
the events described in Section 4(c)(ii)(A), 4(c)(ii)(B), and 4(c)(ii)(C) occur,
the Company shall use best efforts to respond to and correct the event.

                                       6
<PAGE>

(d) Notify the Investors and Investors' Counsel as promptly as possible of the
happening of any event as a result of which the Prospectus included in or
relating to a Registration Statement contains an untrue statement of a material
fact or omits any fact necessary to make the statements therein not misleading;
and, thereafter, the Company will as promptly as possible prepare (and, when
completed, give notice to each Investor) a supplement or amendment to such
Prospectus so that, as thereafter delivered to the purchasers of such
Registrable Shares, such Prospectus will not contain an untrue statement of a
material fact or omit to state any fact necessary to make the statements therein
not misleading; provided that upon such notification by the Company, the
Investors will not offer or sell Registrable Shares until the Company has
notified the Investors that it has prepared a supplement or amendment to such
Prospectus and delivered copies of such supplement or amendment to the Investors
(it being understood and agreed by the Company that the foregoing proviso shall
in no way diminish or otherwise impair the Company's obligation to as promptly
as possible prepare a Prospectus amendment or supplement as above provided in
this Section 4(d) and deliver copies of same as above provided in Section 4(h)
hereof), and it being further understood that, in the case of the Mandatory S-1
Registration Statement, any such period during which the Investors are
restricted from offering or selling Registrable Shares shall constitute a
Suspension Period.

(e) Upon the occurrence of any event described in Section 4(d) hereof, as
promptly as possible, prepare a supplement or amendment, including a
post-effective amendment, to the Registration Statement or a supplement to the
related Prospectus or any document incorporated or deemed to be incorporated
therein by reference, and file any other required document so that, as
thereafter delivered, neither the Registration Statement nor such Prospectus
will contain an 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 light of the circumstances under which they are made, not misleading.

(f) Use best efforts to avoid the issuance of or, if issued, obtain the
withdrawal of, (i) any order suspending the effectiveness of any Registration
Statement or (ii) any suspension of the qualification (or exemption from
qualification) of any of the Registrable Shares for sale in any jurisdiction, as
promptly as possible (it being understood that, in the case of the Mandatory S-1
Registration Statement, any period during which the effectiveness of the
Mandatory S-1 Registration Statement or the qualification of any Registrable
Shares is suspended shall constitute a Suspension Period).

(g) Furnish to the Investors and Investors' Counsel, without charge, at least
one conformed copy of each Registration Statement and each amendment thereto,
and all exhibits to the extent requested by such Investor or Investors' Counsel
(including those previously furnished or incorporated by reference) as promptly
as possible after the filing of such documents with the SEC.

(h) As promptly as possible furnish to each selling Investor, without charge,
such number of copies of a Prospectus, including a preliminary Prospectus, in
conformity with the requirements of the Securities Act, and such other documents
(including, without limitation, Prospectus amendments and supplements) as each
such selling Investor may reasonably request in order to facilitate the
disposition of the Registrable Shares covered by such Prospectus and any

                                       7
<PAGE>

amendment or supplement thereto. The Company hereby consents to the use of such
Prospectus and each amendment or supplement thereto by each of the selling
Investors in connection with the offering and sale of the Registrable Shares
covered by such Prospectus and any amendment or supplement thereto to the extent
permitted by federal and state securities laws and regulations.

(i) Use best efforts to register and qualify (or obtain an exemption from such
registration and qualification) the Registrable Shares under such other
securities or blue sky laws of such jurisdictions as each Investor shall
request, to keep such registration or qualification (or exemption therefrom)
effective during the periods each Registration Statement is effective, and do
any and all other acts or things which may be reasonably necessary or advisable
to enable each Investor to consummate the public sale or other disposition of
Registrable Shares in such jurisdiction, provided that the Company shall not be
required in connection therewith or as a condition thereto to qualify to do
business or to file a general consent to service of process in any such states
or jurisdictions where it is not then qualified or subject to process.

(j) Cooperate with the Investors to facilitate the timely preparation and
delivery of certificates representing the Registrable Shares to be delivered to
a transferee pursuant to a Registration Statement, which certificates shall be
free, to the extent permitted by the Securities Purchase Agreement and
applicable law, of all restrictive legends, and to enable such Registrable
Shares to be in such denominations and registered in such names as such
Investors may request.

(k) Cooperate with any reasonable due diligence investigation undertaken by the
Investors, any managing underwriter participating in any disposition pursuant to
a Registration Statement, Investors' Counsel and any attorney, accountant or
other agent retained by Investors or any managing underwriter, in connection
with the sale of the Registrable Shares, including, without limitation, making
available any documents and information; provided, however, that the Company
will not deliver or make available to any Investor material, nonpublic
information unless such Investor specifically requests and consents in advance
in writing to receive such material, nonpublic information and, if requested by
the Company, such Investor agrees in writing to treat such information as
confidential.

(l) At the request of an Affiliate, the Company shall amend any Registration
Statement to include such Affiliate as a selling stockholder in such
Registration Statement.

(m) Comply with all applicable rules and regulations of the SEC in all material
respects.

5. EXPENSES OF REGISTRATION. The Company shall pay for all expenses incurred in
connection with a registration pursuant to this Agreement and compliance with
Section 4 of this Agreement, including without limitation (i) all registration,
filing and qualification fees and expenses (including without limitation those
related to filings with the SEC, the Nasdaq National Market System and in
connection with applicable state securities or blue sky laws), (ii) all printing
expenses, (iii) all messenger, telephone and delivery expenses incurred by the
Company, (iv) all fees and disbursements of counsel for the Company and
Investors' Counsel, and (v) all fees and expenses of all other Persons retained
by the Company in connection with the consummation of the transactions
contemplated by this Agreement.

                                       8
<PAGE>

6. DELAY OF REGISTRATION. Subject to Section 11(d) hereof, the Investors and the
Company (other than with respect to Section 4(d) hereof) shall not take any
action to restrain, enjoin or otherwise delay any registration as the result of
any controversy which might arise with respect to the interpretation or
implementation of this Agreement.

7. INDEMNIFICATION. In the event that any Registrable Shares of the Investors
are included in a Registration Statement pursuant to this Agreement:

(a) To the fullest extent permitted by law, the Company will indemnify and hold
harmless each Investor and each officer, director, fiduciary, agent, investment
advisor, employee, member (or other equity holder), general partner and limited
partner (and affiliates thereof) of such Investor, each broker or other person
acting on behalf of such Investor and each person, if any, who controls such
Investor within the meaning of the Securities Act, against any losses, claims,
damages or liabilities, joint or several, (the "Losses") to which they may
become subject under the Securities Act or otherwise, insofar as such Losses (or
actions in respect thereof) arise out of or relate to any untrue or alleged
untrue statement of any material fact contained in the Registration Statement,
or arise out of or relate to the omission or alleged omission to state therein a
material fact required to be stated therein, or necessary to make the statements
therein not misleading, or any violation by the Company of the Securities Act or
state securities or blue sky laws applicable to the Company and leading to
action or inaction required of the Company in connection with such registration
or qualification under such Securities Act or state securities or blue sky laws;
and, subject to the provisions of Section 7(c) hereof, the Company will
reimburse on demand such Investor, such broker or other person acting on behalf
of such Investor or such officer, director, fiduciary, employee, member (or
other equity holder), general partner, limited partner, affiliate or controlling
person for any legal or other expenses reasonably incurred by any of them in
connection with investigating or defending any such loss, claim, damage,
liability or action; provided, however, that the indemnity agreement contained
in this Section 7(a) shall not apply to amounts paid in settlement of any such
Losses if such settlement is effected without the consent of the Company (which
consent shall not be unreasonably withheld), nor shall the Company be liable in
any such case for any such loss, damage, liability or action to the extent that
it solely arises out of or is based upon an untrue statement of any material
fact contained in the Registration Statement or omission to state therein a
material fact required to be stated therein or necessary to make the statements
therein not misleading, in each case to the extent that such untrue statement or
alleged untrue statement or omission or alleged omission was made in the
Registration Statement, in reliance upon and in conformity with written
information furnished by such Investor expressly for use in connection with such
Registration Statement.

(b) To the fullest extent permitted by law, each Investor, severally and not
jointly, will indemnify and hold harmless the Company, each of its directors,
each of its officers who have signed the Registration Statement, each person, if
any, who controls the Company within the meaning of the Securities Act, and all
other Investors against any Losses to which the Company or any such director,
officer or controlling person or other Investor may become subject to, under the
Securities Act or otherwise, insofar as such Losses (or actions in respect
thereto) solely arise out of or are based upon any untrue statement of any
material fact contained in the Registration Statement, or solely arise out of or
relate to the omission to state therein a material fact required to be stated
therein or necessary to make the statements therein not misleading, in each case

                                       9
<PAGE>

to the extent that such untrue statement or alleged untrue statement or omission
or alleged omission was made in the Registration Statement in reliance upon and
in conformity with written information furnished by such Investor expressly for
use in connection with such Registration Statement; and, subject to the
provisions of Section 7(d) hereof, such Investor will reimburse on demand any
legal or other expenses reasonably incurred by the Company or any such director,
officer, controlling person, or other Investor in connection with investigating
or defending any such Losses, provided, however, that the maximum amount of
liability of such Investor hereunder shall be limited to the proceeds (net of
underwriting discounts and commissions, if any) actually received by such
Investor from the sale of Registrable Shares covered by such Registration
Statement; and provided, further, however, that the indemnity agreement
contained in this Section 7(b) shall not apply to amounts paid in settlement of
any such Losses if such settlement is effected without the consent of such
Investor against which the request for indemnity is being made (which consent
shall not be unreasonably withheld).

(c) As promptly as possible after receipt by an indemnified party under this
Section 7 of notice of the threat, assertion or commencement of any action, such
indemnified party will, if a claim in respect thereof is to be made against any
indemnifying party under this Section 7, notify the indemnifying party in
writing of the commencement thereof and the indemnifying party shall have the
right to participate in and, to the extent the indemnifying party desires,
jointly with any other indemnifying party similarly noticed, to assume at its
expense the defense thereof with counsel mutually satisfactory to the parties;
provided, however, that, the failure to notify an indemnifying party promptly of
the threat, assertion or commencement of any such action shall not relieve such
indemnifying party of any liability to the indemnified party under this Section
7 except (and only) to the extent that it shall be finally determined by a court
of competent jurisdiction (which determination is not subject to appeal or
further review) that such failure shall have proximately and materially
adversely prejudiced the indemnifying party.

(d) If any indemnified party shall have reasonably concluded that there may be
one or more legal defenses available to such indemnified party which are
different from or additional to those available to the indemnifying party, or
that such claim or litigation involves or could have an effect upon matters
beyond the scope of the indemnity agreement provided in this Section 7, the
indemnifying party shall not have the right to assume the defense of such action
on behalf of such indemnified party, and such indemnifying party shall reimburse
such indemnified party and any person controlling such indemnified party for the
fees and expenses of counsel retained by the indemnified party which are
reasonably related to the matters covered by the indemnity agreement provided in
this Section 7. Subject to the foregoing, an indemnified party shall have the
right to employ separate counsel in any such action and to participate in the
defense thereof but the fees and expenses of such counsel shall not be at the
expense of the Company.

(e) If the indemnification provided for in this Section 7 from the indemnifying
party is applicable by its terms but unavailable to an indemnified party
hereunder in respect of any Losses, then the 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, claims, damages,

                                       10
<PAGE>

liabilities or expenses in such proportion as is appropriate to reflect the
relative fault of the indemnifying party and indemnified party in connection
with the actions which resulted in such losses, claims, damages, liabilities or
expenses, as well as any other relevant equitable considerations. The relative
faults of such indemnifying party and indemnified party shall be determined by
reference to, among other things, whether any action in question, including any
untrue or alleged untrue statement of a material fact or omission or alleged
omission to state a material fact, has been made by, or relates to information
supplied by, such indemnifying party or indemnified party, and the parties'
relative intent, knowledge, access to information and opportunity to correct or
prevent such action. The amount paid or payable by a party as a result of the
losses, claims, damages, liabilities and expenses referred to above shall be
deemed to include, subject to the limitations set forth in Sections 7(a), 7(b)
7(c) and 7(d), any legal or other fees, charges or expenses reasonably incurred
by such party in connection with any investigation or proceeding. 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. The
parties hereto agree that it would not be just and equitable if contribution
pursuant to this Section 7(e) 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 the immediately preceding paragraph.

(f) The indemnity and contribution agreements contained in this Section are in
addition to any liability that any indemnifying party may have to any
indemnified party.

8. REPORTS UNDER THE EXCHANGE ACT. With a view to making available to the
Investors the benefits of Rule 144 and any other rule or regulation of the SEC
that may at any time permit the Investors to sell the Registrable Shares to the
public without registration, the Company agrees to use best efforts to: (i) make
and keep public information available, as those terms are understood and defined
in Rule 144, (ii) file with the SEC in a timely manner all reports and other
documents required to be filed by an issuer of securities registered under the
Securities Act or the Exchange Act; provided the parties hereto acknowledge that
such filings may not be made in a timely manner prior to June 30, 2004, (iii) as
long as any Investor owns any Shares or Warrant Shares, to furnish in writing
upon such Investor's request a written statement by the Company that it has
complied with the reporting requirements of Rule 144 and of the Securities Act
and the Exchange Act, and to furnish to such Investor a copy of the most recent
annual and quarterly reports of the Company, and such other reports and
documents so filed by the Company as may be reasonably requested in availing
such Investor of any rule or regulation of the SEC permitting the selling of any
such Shares without registration and (iv) undertake any additional actions
reasonably necessary to maintain the availability of a Registration Statement,
including any successor or substitute forms, or the use of Rule 144.

9. TRANSFER OF REGISTRATION RIGHTS. Each Investor may assign or transfer any or
all of its rights under this Agreement to any Person, provided such assignee or
transferee agrees in writing to be bound by the provisions hereof that apply to
such assigning or transferring Investor. Upon any such, and each successive,
assignment or transfer to any permitted assignee or transferee in accordance
with the terms of this Section 9, such permitted assignee or transferee shall be
deemed to be an "Investor" (and a "Tudor Investor", as may be appropriate) for
all purposes of this Agreement.

10. ENTIRE AGREEMENT. This Agreement constitutes and contains the entire
agreement and understanding of the parties with respect to the subject matter
hereof, and it also supersedes any and all prior negotiations, correspondence,
agreements or understandings with respect to the subject matter hereof.

                                       11
<PAGE>

11. MISCELLANEOUS.

(a) This Agreement, and any right, term or provision contained herein, may not
be amended, modified or terminated, and no right, term or provision may be
waived, except with the written consent of (i) the holders of a majority of the
then outstanding Registrable Shares and (ii) the Company; provided, that, with
respect to any right, term or provision relating to, and only relating to, the
Tudor Investors, such right, term or provision shall not be amended, modified or
terminated, and no such right, term or provision shall be waived, except with
the written consent of (A) the Tudor Investors and (B) the Company.

(b) This Agreement shall be governed by and construed and enforced in accordance
with the laws of the State of New York. This Agreement shall be binding upon the
parties hereto and their respective heirs, personal representatives, successors
and permitted assigns and transferees, provided that the terms and conditions of
Section 9 hereof are satisfied. Notwithstanding anything in this Agreement to
the contrary, if at any time any Investor (including any successors or assigned)
shall cease to own any Registrable Shares, all of such Investor's rights under
this Agreement shall immediately terminate.

(c) Any notices to be given pursuant to this Agreement shall be in writing and
shall be given by certified or registered mail, return receipt request. Notices
shall be deemed given when personally delivered or when mailed to the addresses
of the respective parties as set forth on Exhibit A hereto, or to such changed
address of which any party may notify the others pursuant hereto, except that a
notice of change of address shall be deemed given when received.

(d) The parties acknowledge and agree that in the event of any breach of this
Agreement, remedies at law will be inadequate, and each of the parties hereto
shall be entitled to specific performance of the obligations of the other
parties hereto and to such appropriate injunctive relief as may be granted by a
court of competent jurisdiction. All remedies, either under this Agreement or by
law or otherwise afforded to any of the parties, shall be cumulative and not
alternative.

(e) This Agreement may be executed in a number of counterparts. All such
counterparts together shall constitute one Agreement, and shall be binding on
all the parties hereto notwithstanding that all such parties have not signed the
same counterpart. The parties hereto confirm that any facsimile copy of another
party's executed counterpart of this Agreement (or its signature page thereof)
will be deemed to be an executed original thereof.

(f) Except as contemplated in Section 9 hereof, this Agreement is intended
solely for the benefit of the parties hereto and is not intended to confer any
benefits upon, or create any rights in favor of, any Person (including, without
limitation, any stockholder or debt holder of the Company) other than the
parties hereto.

                                       12
<PAGE>

(g) If any provision of this Agreement is invalid, illegal or unenforceable,
such provision shall be ineffective to the extent, but only to the extent of,
such invalidity, illegality or unenforceability, without invalidating the
remainder of such provision or the remaining provisions of this Agreement,
unless such a construction would be unreasonable.

(h) This Agreement shall be binding upon, and inure to the benefit of, the
parties hereto and their permitted successors and assigns.

                           [signature pages to follow]

                                       13
<PAGE>

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

                               MOTIENT CORPORATION

                        By: /s/ Christopher Downie
                            ------------------------------------
                        Name:   Christopher Downie
                        Title:  Executive Vice President & COO

                                  INVESTOR:

                        ----------------------------
                         [Name of Investor]

                        By:
                            ------------------------------------
                        Name:
                        Title:

                                       14
<PAGE>

                                    Exhibit A

All correspondence to the Company shall be addressed as follows:

Motient Corporation 300 Knightsbridge Parkway Lincolnshire, IL 60069 Attention:
Christopher Downie, Executive Vice President and Chief Operating Officer
Telecopier: (847) 478-4810

with copies to:

Motient Corporation 300 Knightsbridge Parkway Lincolnshire, IL 60069 Attention:
Robert Macklin, Esq. Telecopier: (847) 478-4810

                                Andrews Kurth LLP
                              450 Lexington Avenue
                               New York, NY 10017
                        Attention: Paul Silverstein, Esq.
                           Telecopier: (212) 850-2929

All correspondence to the Investors shall be addressed as set forth in Schedule
1 below

<PAGE>

                                   Schedule 1

                                List of Investors
                                -----------------

Name and Address
----------------

Rockbay Capital Fund, LLC
600 Fifth Avenue
New York, NY  10020

Rockbay Capital Institutional Fund, LLC
600 Fifth Avenue
New York, NY  10020

Rockbay Capital Offshore Fund, Ltd.
600 Fifth Avenue
New York, NY  10020

Glenview Capital Partners, L.P.
399 Park Avenue
39th Floor
New York, NY  10022

Glenview Institutional Partners, L.P..
399 Park Avenue
39th Floor
New York, NY  10022

Glenview Capital Master Fund, Ltd..
399 Park Avenue
39th Floor
New York, NY  10022

GCM Little Arbor Master Fund, Ltd..
399 Park Avenue
39th Floor
New York, NY  10022

<PAGE>

OZ Master Fund, Ltd.
Goldman Sachs (Cayman) Trust, Limited
Harbour Center, 2nd Floor
George Town, Grand Cayman
Cayman Islands, B.W.I.

OZ Mac 13 Ltd.
Maples and Calder, Attorneys-at-law
Ugland House
P.O. Box 309, South Church Street
George Town
Grand Cayman, Cayman Islands

Fleet Maritime, Inc.
The International Trust Company of Liberia
80 Broad Street
City of Monrovia
Country of Monfserrado
Republic of Liberia

John Waterfall
600 Fifth Avenue, 27th Floor
New York, NY  10020

Edwin Morgens
600 Fifth Avenue, 27th Floor
New York, NY  10020

Strome Hedgecap Limited

Catalyst Credit Opportunity Fund Offshore
Attn:  Conifer Securities
One Ferry Building, Suite 255
San Francisco, CA  94111

Catalyst Credit Opportunity Fund
Attn:  Conifer Securities
One Ferry Building, Suite 255
San Francisco, CA  94111

<PAGE>

DCM Ltd.
Attn:  Conifer Securities
One Ferry Building, Suite 255
San Francisco, CA  94111

York Capital Management, L.P.
390 Park Avenue, 15th Floor
New York, NY  10022

York Investment Limited
390 Park Avenue, 15th Floor
New York, NY  10022

York Select, L.P.
c/o York Capital Management, L.P.
390 Park Avenue, 15th Floor
New York, NY  10022

York Select Unit Trust
c/o York Capital Management, L.P.
390 Park Avenue, 15th Floor
New York, NY  10022

York Distressed Opportunities Fund, L.P.
c/o York Capital Management, L.P.
390 Park Avenue, 15th Floor
New York, NY  10022
ID No.:  13-4153848

York Global Value Partner, L.P.
c/o York Capital Management, L.P.
390 Park Avenue, 15th Floor
New York, NY  10022

The Raptor Global Portfolio Ltd.

The Tudor BVI Global Portfolio Ltd.

Tudor Proprietary Trading, L.L.C.

The Altar Rock Fund L.P.

<PAGE>

LC Capital Master Fund, Ltd
680 Fifth Avenue
Suite 1202 New York, NY 10019 ID No.: 98-0374362

Singer Children's Management Trust
c/o Romulus Holdings, Inc.
560 Sylvan Avenue
Englewood Cliffs, NJ  07632
ID No.:  22-6765093

Greywolf Capital Partners II LP

Greywolf Capital Overseas Fund

Highland Equity Focus Fund, L.P.

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