Document:

Form of Exchange Agent Agreement.

 Exhibit 4.12 
  
 [FORM OF EXCHANGE AGENT AGREEMENT] 
  
                     , 200_ 
  
 Wells Fargo Bank, National Association 
 Attn: Corporate Trust Services

 213 Court Street, Suite 703 
 Middletown, CT 06457 

 
 Ladies and Gentlemen: 
  
 Intelsat Subsidiary Holding Company, Ltd., a Bermuda corporation (the “Company”), proposes to make an offer (the
“Exchange Offer”) to exchange up to $1,000,000,000 principal amount of its Floating Rate Senior Notes due 2012 (CUSIP No.            ), $875,000,000 principal amount of its
8 1/4 Senior Notes due 2015 (CUSIP
No.            ) and $675,000,000 principal amount of its 8 5/8 Senior Notes due 2015 (CUSIP No.            ) (collectively, the “New Notes”) that have been registered under the Securities Act of 1933, as amended (the
“Securities Act”) for a like principal amount, respectively, of its outstanding Floating Rate Senior Notes due 2012 (CUSIP Nos. 45820E AJ 1 and G4803J AD 4), its outstanding 8 1/4 Senior Notes due 2013 (CUSIP Nos. 45820E AK 8 and G4803J AE 2) and its outstanding 8 5/8 Senior Notes due 2015 (CUSIP Nos. 45820E AL 6 and G4803J AF 9) (collectively, the “Old Notes”). The terms and conditions of the Exchange Offer as currently
contemplated are set forth in a prospectus, dated                     , 200_ (the “Prospectus”), included in the Company’s
Registration Statement on Form S-4, as amended (the “Registration Statement”), filed with the Securities and Exchange Commission. The Old Notes and the New Notes are collectively referred to herein as the “Securities.”

  
 The Company hereby appoints Wells
Fargo Bank, National Association as the exchange agent (the “Exchange Agent”) in connection with the Exchange Offer. References hereinafter to “you” refer to Wells Fargo Bank, National Association, in its capacity as Exchange
Agent. 
  
 The Exchange Offer is expected to be commenced by the
Company on or about                     , 200_. The Letter of Transmittal, the Notice of Guaranteed Delivery, the Letter to Registered
Holders, the Letter to Depository Trust Company Participants, the Letter to Clients and the Instructions to Registered Holder from Beneficial Owner (collectively, the “Tender Documents”) accompanying the Prospectus (or in the case of
book-entry securities, the Automated Tender Offer Program (“ATOP”) of the Book-Entry Transfer Facility (as defined below)) is to be used by the holders of the Old Notes to accept the Exchange Offer and contains instructions with respect to
the delivery of certificates for Old Notes tendered in connection therewith. 
  
 The Exchange Offers will expire at 5:00 p.m., New York City time, on                     , 200_ or on such
subsequent date or time to which the Company may extend the Exchange Offer (the “Expiration Date”). Subject to the terms and conditions set forth in the Prospectus, the Company expressly reserves the right to extend the Exchange Offer from
time to time and may extend the Exchange Offer by giving oral or written notice to you and by notifying in writing or by public announcement the registered holders of the Old Notes, before 9:00 a.m., New York City time, on the business day following
the previously scheduled Expiration Date. 

 The Company expressly reserves the right to amend or terminate the Exchange Offer, and not to accept for
exchange any Old Notes not therefore accepted for exchange, upon the occurrence of any of the conditions of the Exchange Offer specified in the Prospectus under the caption “The Exchange Offer-Conditions to the Exchange Offer.” The Company
will give written notice of any amendment, termination or nonacceptance to you as promptly as practicable. 
  
 In carrying out your duties as Exchange Agent, you are to act in accordance with the following: 
  
 1. You shall perform such duties and only such duties as are specifically set
forth in the section of the Prospectus entitled “The Exchange Offer” or as specifically set forth herein; provided, however, that in no way will your general duty to act in good faith be discharged by the foregoing.

  
 2. You shall establish book-entry accounts in accordance with
SEC regulations with respect to each of the Old Notes at The Depository Trust Company (the “Book Entry Transfer Facility”) for purposes of the Exchange Offer within two business days after the date of the Prospectus, and any financial
institution that is a participant in the Book Entry Transfer Facility’s systems may, until the Expiration Date, make book-entry delivery of the Old Notes by causing the Book Transfer Facility to transfer such Old Notes into the appropriate
account in accordance with the Book Entry Transfer Facility’s procedure for such transfer. 
  
 3. You shall examine each of the Letters of Transmittal and certificates for the Old Notes (or confirmation of book-entry transfer into the accounts at
the Book-Entry Transfer Facility) and any other documents delivered or mailed to you by or for holders of the Old Notes to ascertain whether: (1) the Letters of Transmittal and any such other documents are duly executed and properly completed
in accordance with the instructions set forth therein; and (2) the Old Notes have otherwise been properly tendered. In each case where the Letter of Transmittal or any other document has been improperly completed or executed or any of the
certificates for Old Notes are not in proper form for transfer or some other irregularity in connection with the acceptance of the applicable Exchange Offer exists, you shall make commercially reasonable efforts to inform the presenters of the need
for fulfillment of all requirements and to take any other action as may be commercially reasonable to cause such irregularity to be corrected. 
  
 4. With the written approval of the President or Chief Financial Officer (the “Executive Officers”) of the Company, or any other party
designated in writing by such an officer, you may waive any irregularities in connection with any tender of Old Notes pursuant to the Exchange Offer. 
  
 5. Tenders of Old Notes may be made only as set forth in the Letter of Transmittal and in the section of the Prospectus captioned “The Exchange Offer
— Procedures for Tendering your Original Notes,” and Old Notes shall be considered properly tendered to you only when tendered in accordance with the procedures set forth therein. 
  
 6. You shall advise the Company with respect to any Old Notes received
subsequent to the Expiration Date and accept its instructions with respect to disposition of such Old Notes. 
  

 2 

 7. You shall accept tenders: 
  
 a. in cases where the Old Notes are registered in two or more names only if signed by all named holders;

  
 b. in cases where the signing person (as
indicated in the Letter of Transmittal) is acting in a fiduciary or a representative capacity only if proper evidence of his or her authority so to act is submitted; and 
  
 c. from persons other than the registered holder of Old Notes, only if customary transfer requirements,
including payment of any applicable transfer taxes, are fulfilled. 
  
 8. You shall accept partial tenders of Old Notes where so indicated and as permitted in the Letter of Transmittal and deliver certificates for Old Notes to the registrar for separation and return any untendered Old Notes to the holder (or
such other person as may be designated in the Letter of Transmittal) as promptly as practicable after expiration or termination of the Exchange Offer. 
  
 9. Upon satisfaction or waiver of all of the conditions to the Exchange Offer, the Company shall notify you in writing of its acceptance, promptly after
the Expiration Date, of all Old Notes properly tendered and you, on behalf of the Company, shall exchange such Old Notes for New Notes, and cause such Old Notes to be cancelled. Delivery of New Notes shall be made on behalf of the Company by you at
the rate of $1,000 principal amount of New Notes for each $1,000 principal amount of Old Notes tendered promptly after receiving written notice of acceptance of said Old Notes by the Company; provided, however, that in all cases, Old
Notes tendered pursuant to the Exchange Offer will be exchanged only after timely receipt by you of certificates for such Old Notes (or confirmation of book entry transfer into the accounts at the Book Entry Transfer Facility), and a properly
completed and duly executed Letter of Transmittal (or manually signed facsimile thereof) with any required signature guarantees and any other required documents or an agent’s message (as such term is defined in the Prospectus) in the case of
book-entry transfer. You shall issue New Notes only in denominations of $1,000 or any integral multiple thereof. 
  
 10. Tenders pursuant to the Exchange Offer are irrevocable, except that, subject to the terms and upon the conditions set forth in the Prospectus and the
Letter of Transmittal, Old Notes tendered pursuant to the Exchange Offer may be withdrawn at any time prior to the Expiration Date. 
  
 11. The Company is not required to exchange any Old Notes tendered if any of the conditions set forth in the Exchange Offer are not met. Written notice of
any decision by the Company not to exchange any Old Notes tendered shall be given by the Company to you. 
  
 12. If, pursuant to the Exchange Offer, the Company does not accept for exchange all or part of the Old Notes tendered because of an invalid tender, the
occurrence of certain other events set forth in the Prospectus under the caption “The Exchange Offer-Conditions of the Exchange Offer” or otherwise, you shall as soon as practicable after the expiration or termination of the Exchange Offer
return those certificates for unaccepted Old Notes (or effect appropriate 

  

 3 

 
book-entry transfer), together with any related required documents and the Letters of Transmittal relating thereto that are in your possession, to the person
who deposited them. 
  
 13. You shall forward all certificates for
reissued Old Notes, unaccepted Old Notes or for New Notes by first-class mail. 
  
 14. You are not authorized to pay or offer to pay any concessions, commissions or solicitation fees to any broker, dealer, bank or other persons or to engage or utilize any person to solicit tenders. 
  
 15. As Exchange Agent hereunder you: 
  
 a. are not liable for any action or omission to act in
connection with this Exchange Agent Agreement unless the same constitutes your gross negligence, willful misconduct or bad faith; 
  
 b. have no duties or obligations other than those specifically set forth herein or incorporated herein from the Prospectus or as may be
subsequently agreed to in writing between you and the Company; 
  
 c. are regarded as making no representations as to the validity, sufficiency, value or genuineness of any of the certificates or the Old Notes represented thereby deposited with you pursuant to the Exchange Offer, and
will not be required to and will make no representation as to the validity, value or genuineness of the Exchange Offer; 
  
 d. are not obligated to take any legal action hereunder which might in your judgment involve any expense or liability unless you have been
furnished with a commercially reasonable indemnity; 
  
 e. may conclusively rely on and are protected in acting in reliance upon any certificate, instrument, opinion, notice, letter, telegram or other document or securities delivered to you and reasonably believed by you to be genuine and to
have been signed or presented by the proper person or persons; 
  
 f. may act upon any tender, statement, request, document, agreement, certificate or other instrument whatsoever not only as to its due execution and validity and effectiveness of its provisions, but also as to the
truth and accuracy of any information contained therein, which you in good faith believe to be genuine and to have been signed or presented by the proper person or persons; 
  
 g. may conclusively rely on and are protected in acting upon written instructions from any Executive Officer
of the Company; 
  
 h. may consult with counsel
of your selection with respect to any questions relating to your duties and responsibilities and the advice or opinion of such counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted to be
taken by you hereunder in good faith and in accordance with the advice or opinion of such counsel; and 
  

 4 

 i. shall not advise any person tendering Old Notes pursuant to the Exchange Offer as to
the wisdom of making such tender or as to the market value or decline or appreciation in market values of any Old Notes. 
  
 16. You shall take such action as may from time to time be requested by the Company (and such other action as you may deem appropriate) to furnish copies
of the Prospectus, Letter of Transmittal and Notice of Guaranteed Delivery (as defined in the Prospectus) or such other forms as may be approved from time to time by the Company, to all persons requesting such documents and to accept and comply with
telephone requests for information relating to the Exchange Offer, provided that such information shall relate only to the procedures for accepting (or withdrawing from) the Exchange Offer. The Company will furnish you with copies of such
documents on your request. All other requests for information relating to the Exchange Offer shall be directed to the Company, Attn: Chief Financial Officer. 
  
 17. You shall advise by facsimile transmission the Company ((202) 944-7440), Attn: Phillip L. Spector, Esq., Assistant Secretary) and such other person or
persons as the Company may request, daily (and more frequently during the week immediately preceding the Expiration Date if requested) up to and including the Expiration Date, as to the number of Old Notes which have been rendered pursuant to the
Exchange Offer and the items received by you pursuant to this Exchange Agent Agreement, separately reporting and giving cumulative totals as to each items properly received and items improperly received. In addition, you shall also inform, and
cooperate in making available to, the Company or any such other person or persons upon oral request made from time to time prior to the Expiration Date of such other information as they may reasonably request. Such cooperation will include, without
limitation, the granting by you to the Company and such person as the Company may request of access to those persons on your staff who are responsible for receiving tenders, in order to ensure that immediately prior to the Expiation Date the Company
shall have received information in sufficient detail to enable it to decide whether to extend the Exchange Offer. You shall prepare a final list of all persons whose tenders were accepted, the aggregate principal amount of Old Notes tendered, the
aggregate principal amount of Old Notes accepted, and deliver said list to the Company. 
  
 18. Letters of Transmittal and Notices of Guaranteed Delivery shall be stamped by you as to the date and, after the expiration of the Exchange Offer, the time, of receipt thereof and shall be preserved by you
for a period of time at least equal to the period of time you preserve other records pertaining to the transfer of securities. You shall dispose of unused Letters of Transmittal and other surplus materials by returning them to the Company.

  
 19. For services rendered as Exchange Agent hereunder, you
shall be entitled to such compensation as set forth on Schedule I attached hereto. The provisions of this section shall survive the termination of this Exchange Agent Agreement. 
  
 20. You hereby acknowledge receipt of the Prospectus and the Letter of Transmittal. Any inconsistency between this Exchange
Agent Agreement, on the one hand, and the Prospectus and the Letters of Transmittal (as they may be amended from time to time), on the other hand, shall be resolved in favor of the Letter of Transmittal or Prospectus, except with respect to your
duties, liabilities and indemnification as Exchange Agent. 
  

 5 

 21. The Company covenants and agrees to fully indemnify and hold you harmless against any and all loss,
liability, reasonable cost or expense, including reasonable attorneys’ fees and expenses, incurred without gross negligence or willful misconduct or bad faith on your part, arising out of or in connection with any act, omission, delay or
refusal made by you in reliance upon any signature, endorsement, assignment, certificate, order, request, notice, instruction or other instrument or document reasonably believed by you to be valid, genuine and sufficient and in accepting any tender
or effecting any transfer of Old Notes reasonably believed by you in good faith to be authorized, and in delaying or refusing in good faith to accept any tenders or effect any transfer of Old Notes. The Company shall be entitled to participate at
its own expense in the defense of any such claim or other action and, if the Company so elects, the Company shall assume the defense of any suit brought to enforce any such claim. In the event that the Company shall assume the defense of any such
suit, the Company shall not be liable for the fees and expenses of any additional counsel thereafter retained by you, so long as the Company retains counsel reasonably satisfactory to you to defend such suit, and so long as there is no conflict of
interest that exists between you and the Company. The provisions of this section shall survive the termination of this Exchange Agent Agreement. 
  
 22. You shall arrange to comply with all requirements under the tax laws of the United States, including those relating to missing Tax Identification
Numbers, and shall file any appropriate reports with the Internal Revenue Service, as directed in writing by the Company. 
  
 23. You shall deliver or cause to be delivered, in a timely manner to each governmental authority to which any transfer taxes are payable in respect of
the exchange of Old Notes, the Company’s check in the amount of all transfer taxes so payable; provided, however, that you shall reimburse the Company for amounts refunded to you in respect of your payment of any such transfer taxes, at
such time as such refund is received by you. 
  
 24. This Exchange
Agent Agreement and your appointment as Exchange Agent hereunder shall be construed and enforced in accordance with the laws of the State of New York, and without regard to conflict of law principles, and shall inure to the benefit of, and the
obligations crested hereby shall be binding upon, the successors and assigns of each of the parties hereto. 
  
 25. This Exchange Agent Agreement may be executed in two or more counterparts, each of which shall be deemed to be an original and all of which together
shall constitute one and the same agreement. 
  
 26. In case any
provision of this Exchange Agent Agreement is invalid, illegal or unenforceable due validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
  
 27. This Exchange Agent Agreement is not deemed or construed to be modified,
amended, rescinded, cancelled or waived, in whole or in part, except by a written instrument signed by a duly authorized representative of the party to be charged. This Exchange Agent Agreement may not be modified orally. 
  

 6 

 28. Unless otherwise provided herein all notices, requests and other communications to any party
hereunder shall be in writing (including, facsimile or similar writing) and shall be given to such party, addressed to it at its address or telecopy number set forth below: 
  
 If to the Company: 
  
 Intelsat Subsidiary Holding Company, Ltd. 
 Wellesley House North, 2nd Floor 
 90 Pitts Bay Road 
 Pembroke HM 08, Bermuda

 Facsimile: 
 Attention: Conny
Kullman 
  
 with copy to: 
  
 Intelsat Subsidiary Holding Company, Ltd. 
 3400 International Drive, N.W. 
 Washington,
D.C. 20008-3006 
 Fax: 202-944-7440 
 Attn: Phillip L. Spector, Assistant Secretary 
  
 If to the Exchange
Agent: 
  
 Wells Fargo Bank, National Association 
 213 Court Street, Suite 703 
 Middletown, CT
06457 
 Facsimile: (860) 704-6219 
 Attention: Joseph P. O’Donnell 
       Corporate Trust Services 
  
 29. Unless terminated earlier by the parties hereto, this Exchange Agent
Agreement shall terminate 90 days following the Expiration date. Notwithstanding the foregoing, Sections 19 and 21 shall survive the termination of this Exchange Agent Agreement. Upon any termination of this Exchange Agent Agreement, you shall
promptly deliver to the Company any certificates for Securities, funds or property then held by you as Exchange Agent under this Exchange Agent Agreement. 
  
 [Remainder Of This Page Is Intentionally Left Blank] 
  

 7 

 IN WITNESS WHEREOF, each or the parties has caused this Exchange Agent Agreement to be executed on its
behalf by its officers thereunto duly authorized, all as of the date first above written. 
  

			
	INTELSAT SUBSIDIARY HOLDING
	COMPANY, LTD.
		
	By:	 	 
	Name:	 	 
	Title:	 	 
	
	WELLS FARGO BANK, NATIONAL
	ASSOCIATION, AS EXCHANGE AGENT
		
	By:	 	 
	Name:	 	JOSEPH P. O’DONNELL
	Title:	 	Vice President

 SCHEDULE I1 
  

				
	 Service

	  	 Fee
 (per issue)

	 Exchange Agent
	  	$	                     
	 Total
	  	$	                    

	1	Please fill out. 

  

 I-1Amendment of Employment Agreement, Separation Agreement, and Release of Claims.

 Exhibit 10.29 
  
 AMENDMENT OF EMPLOYMENT AGREEMENT, 
 SEPARATION AGREEMENT AND RELEASE 
  
 This Amendment of Employment Agreement, Separation Agreement and Release of Claims (“Agreement”), dated as of July 20, 2005, is made by and among William Atkins (“Employee”), an individual, Intelsat Holdings, Ltd. (the
“Parent”) and Intelsat, Ltd. (“Intelsat” or the “Company”). 
  
 WHEREAS, the Employee is a party to an Employment Agreement with the Parent and the Company, dated as of January 28, 2005, and amended as of June 21, 2005 (the “Employment Agreement”); 
  
 WHEREAS, the Employee will, effective as of June 30, 2005, resign his
position as Chief Financial Officer of each of Parent and the Company, as well as his position as an officer or director of any other direct or indirect subsidiary or affiliate of Parent in which he holds such positions and Employee’s
employment with Intelsat (or, at Intelsat’s election, with Parent or another direct or indirect subsidiary of Parent) will continue on a modified basis thereafter in accordance with the terms of this Agreement; and 
  
 WHEREAS, the parties desire to amend the Employment Agreement to reflect
these modifications and provide for certain separation benefits for the Employee during the remaining term of his employment and for a period of time thereafter. 
  
 NOW THEREFORE, in consideration of the mutual promises and releases contained herein and for other good and valuable
consideration, the sufficiency of which is hereby acknowledged, the parties agree as follows. Capitalized terms used herein but not otherwise defined shall have the meanings ascribed thereto in the Employment Agreement. 
  

	 	1.	Modification of Employment and Separation Benefits. 

  

	 	a)	Modification of Employment. Employee has resigned his position as Chief Financial Officer of each of Parent and the Company, as well as his position as an officer or director
of any other direct or indirect subsidiary or affiliate of Parent in which he held such positions, effective as of June 30, 2005. As of June 30, 2005, Employee’s employment with Intelsat will continue on a modified basis pursuant to this
Agreement. The Employee will be paid at his current base compensation, less applicable withholding and authorized deductions, through the Company’s normal payroll process, for the three-week period, from July 1 through July 20, 2005, during
which time Employee will be on vacation and which payments will fully exhaust Employee’s accrued annual leave. Employee will not be entitled to receive any employee benefits, excepting only health insurance coverage, from and after July 20,
2005. Employee will not be entitled to receive health insurance coverage, from and after July 31, 2005 unless Employee elects COBRA continuation as set forth in subsection (e) of this Section 1, in which event the Company will provide coverage in
accordance with the provisions of subsection (e). Beginning on July 21, 2005, Employee will provide to the Company such services as the Company reasonably requests for a six-month period in the position of Finance Consultant. The Company will seek
to amend Employee’s H-1B visa to reflect the modification of his employment. At the sole discretion of the Company, the Company may cause Employee to become an employee of Parent, or any other direct or indirect subsidiary of Parent, in lieu of
being an employee of the Company. Employee will remain 

 eligible to receive reimbursement for expenses incurred in the performance of his duties to the Company
in accordance with the Company’s customary reimbursement policies in force at the time of payment. 
  

	 	b)	Severance Pay. Following Employee’s execution and non-revocation of this Agreement (including the Release and the Additional Release as defined below) and contingent
upon Employee’s compliance with the terms hereof, Intelsat or one of its affiliates will pay to Employee severance pay in the amount of $1,280,000.00, less all required tax withholdings and other authorized deductions, as follows:

  

	 	(i)	a cash lump sum in the amount of $320,000.00 to be paid on the first payroll date that is at least seven (7) days after Employee’s execution of this Agreement;

  

	 	(ii)	13 payments of $24,615.38 (totaling $320,000) to be paid through the Company’s regular payroll process on the Company’s regularly scheduled payroll dates beginning with
the July 25 payroll period; and 

  

	 	(iii)	a cash lump sum in the amount of $640,000.00 to be paid on January 20, 2006. 

  

Employee may terminate his modified employment with Intelsat upon two weeks’ prior written notice. On any termination of Employee’s
employment pursuant to the preceding sentence, all remaining bi-weekly amounts due pursuant to subsection (ii) above will be accelerated and paid upon his final date of employment (the “Separation Date”). The payment on January 20, 2006
pursuant to subsection (iii) above will not be accelerated. 
  

	 	c)	Equity Purchase Refund. Employee will, as of the date hereof, return to Parent the Purchased Parent Shares that he purchased on January 28, 2005 and that have not previously
been repurchased by Parent, and Parent or one of its affiliates will, within thirty (30) days of the date hereof, refund to Employee the full purchase price paid by Employee for those shares, in the amount of $292,514.73 in a cash lump sum. In
accordance with Section 4.4 of the Employment Agreement, the Employee will forfeit the Restricted Shares (including the Time-Vesting Shares and Performance Shares) as of June 30, 2005, such forfeiture will be effected pursuant to the repurchase of
those Restricted Shares by Parent or one of its affiliates for a cash lump sum equivalent to the par value of those Restricted Shares (which Employee acknowledges to be $107.14), such amount to be paid within thirty (30) days of the date hereof. The
Employee acknowledges that following the payment of the amounts contemplated by this paragraph, the Employee will have no further equity interest in Parent, the Company or any of their respective affiliates. 

  

	 	d)	Section 83(b) Refund. Within thirty (30) days of the return of the Purchased Parent Shares pursuant to subsection (c) of this Section 1, Intelsat or one of its affiliates
will refund to Employee the tax that was withheld in conjunction with his IRC section 83(b) election on January 28, 2005, in the amount of $103,456.00, in a cash lump sum. 

  

	 	e)	Continued Coverage Under Group Health Plans. Employee shall be entitled to elect to continue coverage under each of the Company’s group health plans in which he was
enrolled as of July 31, 2005, the date his coverage ceases, in accordance with 

 the terms of the Employment Agreement, consistent with the status and level of coverage that was in place
as of such date, in accordance with the requirements of the Consolidate Omnibus Budget Reconciliation Act of 1985 and its relevant regulations (“COBRA”). Employee shall be solely responsible for paying the full amount of all premiums that
are chargeable in connection with such coverage, subject to all requirements of COBRA. 
  

	 	f)	Outplacement Services. Intelsat will provide payment for outplacement or executive recruitment services of the Employee’s choosing, as follows. All bills for such
services must be submitted for payment to Intelsat in care of Anita Saltos, Human Resources Department. Intelsat will pay all such bills from a professional outplacement services provider(s) up to a maximum of $15,000. 

  

	 	g)	Relocation Benefits. Intelsat will reimburse Employee for expenses associated with the relocation of Employee and his family from Washington, DC, in an amount not to exceed
the aggregate amount paid by the Company as relocation benefits in connection with Employee’s relocation from London to Washington, DC upon hire; provided, that such benefits are available to Employee only for 180 days after his final date of
employment as a Finance Consultant; and provided further, that Intelsat will have no obligation to reimburse any relocation expenses if Employee relocates to accept employment by any organization or entity having at least $500 million in annual
revenues in its last fiscal year. 

  

	 	h)	Excise Tax. In the event of a determination by a certified public accounting firm that the amount of Severance payment made under Section 1(b) of this Separation Agreement,
and excluding the refund of the Employee’s payments under subsections (c) and (d) above, would trigger the 20% excise tax under the “golden parachute” limits of Section 4999 of the IRC, the Company and Employee will comply with the
relevant provisions of section 8 of the Employment Agreement concerning treatment of excise tax. 

  

	 	i)	Indemnification. Pursuant to the Employment Agreement, the Company will continue to indemnify and hold the Executive harmless from any and all liability arising from his good
faith performance of services as an employee, officer, or director of the Company. In addition, the Executive will have the benefit of coverage under any D&O insurance policy for such services that the Company may have in place to the same
extent as similarly situated executives of the Company. 

  

	 	j)	Except as set forth in this Agreement or as required by federal, state or local law, Employee shall not be entitled to any additional benefits relating to Employee’s employment
or separation of employment. 

  

	 	2.	Release. Employee, on Employee’s own part and on behalf of Employee’s dependents, heirs, executors, administrators, assigns, and successors, and each of
them, hereby covenants not to sue and fully releases, acquits, and discharges the Parent, Intelsat, and their respective parent, subsidiaries, affiliates, owners, trustees, directors, officers, agents, employees, stockholders, representatives,
assigns, and successors (collectively referred to as “Intelsat Releasees”) with respect to and from any and all claims, wages, agreements, contracts, covenants, actions, suits, causes of action, expenses, attorneys’ fees, damages, and
liabilities of whatever kind or nature in law, equity or otherwise, whether known or unknown, suspected or unsuspected, and whether or not concealed 

 or hidden, which Employee has at any time heretofore owned or held against said Intelsat Releasees,
including, without limitation, those arising out of or in any way connected with Employee’s employment relationship with Intelsat, Employee’s separation from employment with Intelsat, the Intelsat Change of Control Severance Program, the
2004 Share Incentive Plan, the Deferred Cash Account, the January 28, 2005 award of equity, and any other aspects of Employee’s compensation, benefits, and equity awards, equity ownership or repurchase of equity from Employee by Parent or its
affiliates (the “Released Actions”), except with respect to those benefits set forth and rights preserved in this Agreement, including the provision regarding indemnification (the provisions of this Section 2, the “Release”). In
addition, as a condition to receiving the payment contemplated by Section (1)(b)(iii) hereof, Employee agrees to execute, effective as of the Separation Date, an additional release (the “Additional Release”) of the Intelsat Releasees from
all Released Actions the Employee may have from the date hereof through the Separation Date (the “Additional Release”). The Additional Release shall be in the form of the Release in this Section 2. 
  

	 	3.	Time to Consider Agreement. Employee may take twenty-one (21) days from the date this Release is presented to Employee to consider whether to execute this Release, and
may wish to consult with an attorney prior to execution of this Release. Employee, by signing this Agreement, specially acknowledges that he is waiving his right to pursue any claims under federal, state or local discrimination laws, including the
Age Discrimination in Employment Act, 29 U.S.C. Section 626 et seq. (the “ADEA Claims”), which have arisen prior to the execution of this Release, and will similarly waive in the Additional Release all such rights or claims with
respect to any ADEA Claims arising from the date hereof through the Separation Date. This release shall become final and irrevocable upon execution by the Employee, except that if Employee is age 40 or older, Employee may revoke the Release by
delivering to the Company a written notice of revocation at any time during the seven (7) day period following Employee’s execution of the Release, after which time it shall be final and irrevocable. Upon revocation of the Release or of the
Additional Release, Employee shall refund all amounts paid by the Company pursuant to Section 1(b) and no further amounts shall be payable to Employee pursuant to Section 1(b). 

  

	 	4.	Restrictive Covenants Intact. Employee hereby acknowledges the continuing validity and enforceability of the terms of the Employment Agreement (including, without
limitation, the noncompetition covenant of Section 5.3 of the Employment Agreement (the “Noncompete”)), the Conflict of Interest and Confidentiality Agreement, and/or any other confidentiality agreement or restrictive covenant that
Employee signed during Employee’s employment with Intelsat. Employee hereby affirms his understanding that Employee must remain in compliance with those terms following the Separation Date for their respective terms. In the event that it should
be proven in a court of competent jurisdiction that Employee has materially violated any of the terms of the Noncompete or the Confidentiality Agreement and has failed to cure such breach following receipt of written notice of same and a reasonable
opportunity to cure, Employee shall repay Intelsat, in addition to any other relief or damages to which Intelsat might be entitled, the Separation Benefits described in subparagraph 1(b). 

  

	 	5.	Nondisparagement. Employee hereby covenants and agrees that Employee will not at any time, directly or indirectly, orally, in writing or through any medium (including,
but not limited to, the press or other media, computer networks or 

 bulletin boards, or any other form of communication)
disparage, defame, or otherwise damage or assail the 

 reputation, integrity or professionalism of Intelsat or any of the Intelsat Releasees. Employee further
agrees that if Employee breaches this nondisparagement provision, Employee shall repay Intelsat, in addition to any other relief or damages to which Intelsat or its affiliates may be entitled, the Separation Benefits described in subparagraph 1(b).

  

	 	6.	References. All inquiries to Intelsat concerning Employee’s employment shall be directed to the Senior Vice President, Human Resources, of Intelsat Global
Service Corporation, who shall confirm dates of employment and level of compensation of the Employee during Employee’s employment with Intelsat. 

  

	 	7.	Miscellaneous. This Agreement is governed by the laws of the District of Columbia. If any of the provisions of this Agreement are held to be illegal or
unenforceable, the Agreement shall be revised only to the extent necessary to make such provision(s) legal and enforceable. The Company may assign its rights and obligations under this Agreement to any of its Affiliates without the consent of the
Employee. The Employee’s rights and obligations under this Agreement may not be assigned by the Employee. 

  

	 	8.	Return of Property. Employee hereby represents to the Company that all property belonging to Intelsat has been returned, including, without limitation, all keys,
access cards, passwords, access codes, and other information necessary to access any computer or electronic database; all books, files, documents, and electronic media; and all Company property of any kind that Employee has in his possession or
control, or that Employee obtained from the Company, except to the extent that any of the foregoing is necessary for Employee’s continued employment by Intelsat pursuant to the terms of this Agreement. Prior to, and as a condition to, receipt
of the payment described in paragraph 1(b)(iii) of this Agreement, Employee shall represent to the Company that all such property, including any described in the final clause of the preceding sentence, has been returned. 

  

	 	9.	Entire Agreement. Employee agrees that this Agreement contains and comprises the entire agreement and understanding between Employee, the Parent and the Company
regarding the amendment of the Employment Agreement and Employee’s termination of employment; that there are no additional promises between Employee and the Parent and/or the Company other than those contained in this Agreement or any
continuing obligations as described in paragraphs 1(e), 2 and 4; and that this Agreement shall not be changed or modified in any way except through a writing that is signed by both the Employee and the Company; provided, that the obligations of
Employee under the Intelsat Holdings, Ltd. Shareholders Agreement remain in effect without amendment by this Agreement; and provided further, that except as modified herein, all terms of the Employment Agreement remain in effect.

  

	 	10.	Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute
the same instrument. 

 The parties acknowledge that they have read the foregoing Agreement, understand its contents, and accept and agree to the
provisions it contains voluntarily and knowingly, and with full understanding of its consequences. 
  

					
	 	 	Intelsat, Ltd.
			
	 /s/ William Atkins

	 	By:	 	 /s/ Phillip L. Spector

	William Atkins	 	Name:	 	Phillip L. Spector
	 	 	Title:	 	Exec. VP & GC
		
	Date: July 20, 2005	 	Date: July 20, 2005
		
	 	 	Intelsat Holdings, Ltd.
			
	 	 	By:	 	 /s/ Phillip L. Spector

	 	 	Name:	 	Phillip L. Spector
	 	 	Title:	 	Exec. VP & GC
		
	 	 	Date: July 20, 2005

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00092-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00092-of-00352.parquet"}]]