Document:

irdm-ex101_117.htm

 

Exhibit 10.1

THIS AMENDMENT TO THE COFACE FACILITY AGREEMENT (this “Amendment”), dated as of July 18, 2016 (the “Effective Date”), is made by and among IRIDIUM COMMUNICATIONS INC., a Delaware corporation (the “Parent”), IRIDIUM SATELLITE LLC, a Delaware limited liability company, as borrower (the “Borrower”), THE GUARANTORS under and as defined in the COFACE Facility Agreement referred to below, and SOCIÉTÉ GÉNÉRALE as agent of the other Finance Parties (in this capacity the “COFACE Agent”) and is made with reference to the COFACE Facility Agreement, dated as of October 4, 2010, as amended and restated as of May 2, 2014 and as further amended as of May 7, 2015, November 24, 2015, December 31, 2015 and February 24, 2016, by and among the Parent, the Borrower, the other Obligors party thereto, the Lenders party thereto, the COFACE Agent and DEUTSCHE BANK TRUST COMPANY AMERICAS as security agent and trustee for the Secured Parties (as amended, restated, supplemented, replaced or otherwise modified from time to time, the “COFACE Facility Agreement”).

 

agreement:

	
1.
	
Definitions; Interpretation

 

1.1Definitions 

Capitalised terms defined in the COFACE Facility Agreement have, unless expressly defined in this Amendment, the same meaning in this Amendment. 

1.2Construction 

The principles of construction set out in Clause 1.2 (Construction) of the COFACE Facility Agreement will have effect as if set out in this Amendment.

	
2.
	
AmendmentS

	
 
	
(a)
	
Effective as of the Effective Date, the COFACE Facility Agreement is hereby amended by deleting the table in Clause 22.1(b)(i) thereof and replacing it with the following:

		
	
Column 1 
Calculation Period expiring
	
Column 2 
Consolidated Operational EBITDA ($M)

	
6/30/2016
	
[***]

	
12/31/2016
	
[***]

	
6/30/2017
	
[***]

	
12/31/2017
	
[***]

*** Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

 

	
 
	
(b)
	
Effective as of the Effective Date, the COFACE Facility Agreement is hereby amended by deleting the table in Clause 22.1(b)(ii) thereof and replacing it with the following:

	
Column 1

Calculation Date
	
Column 2

Secondary Payload Cashflows ($M)

	
6/30/2016

12/31/2016

6/30/2017
	
[***]

[***]

[***]

	
12/31/2017
	
[***]

 

	
3.
	
Representations

	
3.1
	
Representations

The representations set out in this Clause 4 (Representations) are made by each Obligor on the date of this Amendment to each Finance Party.

	
3.2
	
Powers and authority

It has the power to enter into, perform and deliver, and has taken all necessary action to authorise the entry into, performance and delivery of, this Amendment and the transactions contemplated by this Amendment.

	
3.3
	
Legal validity

Subject to the Legal Reservations, the obligations expressed to be assumed by it in this Amendment are legal, valid, binding and enforceable obligations.

	
3.4
	
Non-conflict

The entry into and performance by it of, and the transactions contemplated by, this Amendment do not and will not conflict with:

	
 
	
(a)
	
any law or regulation applicable to it;

	
 
	
(b)
	
its constitutional documents; or

	
 
	
(c)
	
any agreement or instrument binding upon it or any of its assets or constitute a default of termination event (however described) under any such agreement or instrument where such circumstance has or is reasonably likely to have a Material Adverse Effect.

 

*** Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

	
3.5
	
Authorisations

All authorisations required by it in connection with the entry into, performance, validity and enforceability of, and the transactions contemplated by, this Amendment have been obtained or effected (as appropriate) and are in full force and effect.

3.6Governing law and enforcement

	
 
	
(a)
	
Subject to the Legal Reservations, the choice of governing law of this Amendment will be recognised and enforced in its Relevant Jurisdictions.

	
 
	
(b)
	
Subject to the Legal Reservations, any judgment obtained in relation to this Amendment will be recognised and enforced in its Relevant Jurisdictions.

3.7COFACE Facility Agreement

Unless a representation and warranty set out in Clause 20 (Representations) of the COFACE Facility Agreement is expressed to be given at a specific date, each Obligor makes the representations and warranties set out in Clause 20 (Representations) of the COFACE Facility Agreement (other than the representations and warranties in Clauses 20.14(a), (b) and (c) (Original Financial Statements), 20.18 (Taxation) and 20.24 (Shares and Material Companies) of the COFACE Facility Agreement) on the Effective Date, in each case as if references to the COFACE Facility Agreement are references to the COFACE Facility Agreement, as amended hereby, with reference to the facts and circumstances then existing, provided that, in the case of those representations and warranties contained in Clause 20.13 (No misleading information) of the COFACE Facility Agreement, such representations and warranties are made only with respect to any subsequent and new information delivered under the COFACE Facility Agreement since the last period where such representation and warranty was made or deemed to be made under the COFACE Facility Agreement.

	
4.
	
CONDITIONS TO EFFECTIVENESS

 

This Amendment shall become effective on the Effective Date upon the due execution of a signature page to this Amendment by each of the Parent, the Borrower, the other Obligors and the COFACE Agent on behalf of the Finance Parties and delivery of each party’s respective signature pages to each of the other parties hereto.

	
5.
	
Governing law; jurisdiction, etc.

This Amendment and any non-contractual obligations arising out of or in connection with it are governed by English law. The provisions of Clause 40 (Enforcement) of the COFACE Facility Agreement are hereby incorporated by reference, mutatis mutandis, as if set forth in full herein.

 

	
6.
	
Miscellaneous

	
 
	
(a)
	
This Amendment is a Finance Document.

	
 
	
(b)
	
Each Obligor:

 

*** Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

	
 
	
(i)
	
agrees to the amendments to the COFACE Facility Agreement as contemplated by this Amendment; and

	
 
	
(ii)
	
with effect from the Effective Date, confirms that any guarantee or security given by it or created under a Finance Document will:

	
 
	
(A)
	
continue in full force and effect; and

	
 
	
(B)
	
extend to the liabilities and obligations of the Obligors to the Finance Parties under the Finance Documents as amended by this Amendment.

	
 
	
(c)
	
On and after the date hereof, each reference in the COFACE Facility Agreement to “this Agreement”, “hereunder”, “hereof”, “herein” or words of like import referring to the COFACE Facility Agreement, and each reference in the other Finance Documents to the “COFACE Facility Agreement”, “thereunder”, “thereof” or words of like import referring to the COFACE Facility Agreement shall mean and be a reference to the COFACE Facility Agreement as amended by this Amendment.

	
 
	
(d)
	
Except as specifically amended by this Amendment, the COFACE Facility Agreement shall remain unchanged and in full force and effect and is hereby ratified and confirmed.

	
 
	
(e)
	
Each Finance Party reserves any other right or remedy it may have now or subsequently.  The execution, delivery and performance of this Amendment shall not constitute a waiver of any provision of, or operate as a waiver of any right, power or remedy of the Finance Parties under the COFACE Facility Agreement except as expressly provided herein.

	
 
	
(f)
	
Section headings in this Amendment are included herein for convenience of reference only and shall not constitute a part of this Amendment for any other purpose or be given any substantive effect.

	
 
	
(g)
	
This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same instrument; signature pages may be detached from multiple separate counterparts and attached to a single counterpart so that all signature pages are physically attached to the same document.  Signatures to this Amendment may be delivered by facsimile or other electronic means of transmission, and any signature so delivered shall be deemed an original executed counterpart.

 

[Signature pages follow.]

 

 

 

*** Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

IN WITNESS WHEREOF, each of the parties hereto has caused this Amendment to be duly executed and delivered as of the date first above written.

 

Parent

IRIDIUM COMMUNICATIONS INC.

 

By: /s/ Thomas J. Fitzpatrick

Name:  Thomas J. Fitzpatrick

Title:Chief Financial Officer

 

Borrower

IRIDIUM SATELLITE LLC

 

By: /s/ Thomas J. Fitzpatrick

Name:  Thomas J. Fitzpatrick

Title:Chief Financial Officer

 

Obligors

IRIDIUM COMMUNICATIONS INC.

 

By: /s/ Thomas J. Fitzpatrick

Name:  Thomas J. Fitzpatrick

Title:Chief Financial Officer

 

IRIDIUM HOLDINGS LLC

 

By: /s/ Thomas J. Fitzpatrick

Name:  Thomas J. Fitzpatrick

Title:Chief Financial Officer

 

IRIDIUM CARRIER HOLDINGS LLC 

 

By: /s/ Thomas J. Fitzpatrick

Name:  Thomas J. Fitzpatrick

Title:Chief Financial Officer

 

 

*** Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

IRIDIUM CARRIER SERVICES LLC 

 

By: /s/ Thomas J. Fitzpatrick

Name:  Thomas J. Fitzpatrick

Title:Chief Financial Officer

 

IRIDIUM CONSTELLATION LLC 

 

By: /s/ Thomas J. Fitzpatrick

Name:  Thomas J. Fitzpatrick

Title:Chief Financial Officer

 

IRIDIUM GOVERNMENT SERVICES LLC 

 

By: /s/ Thomas J. Fitzpatrick

Name:Thomas J. Fitzpatrick

Title:Chief Financial Officer, Iridium Constellation LLC, its manager

 

SYNCOM-IRIDIUM HOLDINGS CORP.

 

By: /s/ Thomas J. Fitzpatrick

Name:  Thomas J. Fitzpatrick

Title:Chief Financial Officer

 

 

IRIDIUM BLOCKER-B INC.

 

By: /s/ Thomas J. Fitzpatrick

Name:  Thomas J. Fitzpatrick

Title:Chief Financial Officer

 

IRIDIUM SATELLITE SA LLC

 

By: /s/ Thomas J. Fitzpatrick

Name:Thomas J. Fitzpatrick

Title:Chief Financial Officer, Iridium Satellite LLC, its manager

 

*** Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

 

COFACE Agent

SOCIÉTÉ GÉNÉRALE

 

By: /s/ Fleur Ferrari

Name:  Fleur Ferrari

Title:Structured Finance Middle Office Operations Head

 

 

By: /s/ Séverine Dosson

Name:  Séverine Dosson

Title:

 

 

 

 

 

 

*** Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.irdm-ex102_116.htm

Exhibit 10.2

AMENDMENT NO. 4 TO

SECOND AMENDED AND RESTATED LIMITED LIABILITY 

COMPANY AGREEMENT OF 

AIREON LLC 

A DELAWARE LIMITED LIABILITY COMPANY

 

This Amendment No. 4 to Second Amended and Restated Limited Liability Company Agreement (this “Amendment”), of Aireon LLC (the “Company”), is dated as of June 30, 2016 and is entered into by NAV CANADA Satellite, Inc., a Delaware corporation; Iridium Satellite LLC, a Delaware limited liability company; ENAV North Atlantic LLC, a Delaware limited liability company; IAA North Atlantic Inc., a Delaware corporation; and Naviair Surveillance A/S, a Danish limited liability company (collectively, the “Members”); NAV CANADA, a Canadian corporation; Enav, S.p.A., a company formed under the laws of the Italian Republic (“Enav”); Irish Aviation Authority Limited, a company organized under the laws of the Republic of Ireland (“IAA”); Naviair, an independent state owned company owned by the Kingdom of Denmark, registered with the Danish Business Authority under CVR-no.: 26 05 97 63; and the Company.  

 

RECITALS

 

A.The Members, NAV CANADA, Enav, IAA, Naviair and the Company are party to that certain Second Amended and Restated Limited Liability Company Agreement of the Company, dated as of February 14, 2014, as amended (the “Operating Agreement”).

B.The Members, NAV CANADA, Enav, IAA, Naviair and the Company wish to amend the Operating Agreement as set forth herein.

AGREEMENT

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by each of the parties hereto, the parties agree as follows:

1.Amendments.

a.The definition of “Additional Investors Subsidiary” contained in Article 1 of the Operating Agreement is hereby amended and restated in its entirety and replaced with the following:

““Additional Investors Subsidiary” means collectively or individually, Enav US Subsidiary, IAA US Subsidiary and the Naviair Subsidiary.”

b.The definition of “Fourth Additional Investors Tranche Financing” contained in Article 1 of the Operating Agreement is hereby amended and restated in its entirety and replaced with the following:

““Fourth Additional Investors Tranche Financing” means the purchase by the Additional Investors through the Additional Investors Subsidiaries of the Fourth 

 

 

129023245 v1 

Additional Investors Tranche Financing Interest for the Fourth Additional Investors Tranche Financing Amount upon the satisfaction of the Fifth NAV CANADA Tranche Financing Conditions pursuant to the terms of this Agreement and the Additional Investors Subscription Agreements.”

c.The definition of “Preferred Interests” contained in Article 1 of the Operating Agreement is hereby amended and restated in its entirety and replaced with the following:

““Preferred Interests” means Interests designated by the Board of Directors as “Preferred Interests” with the rights and privileges (including the right to receive the Accrued Dividend on or after January 1, 2016) set forth in this Agreement and held by NAV CANADA US Subsidiary, the Additional Investors Subsidiaries and/or any of their respective Permitted Transferees and which have not been converted into Common Interests in accordance with the terms hereof.”

d.The definition of “Redeemable Iridium Interests” contained in Article 1 of the Operating Agreement is hereby amended and restated in its entirety and replaced with the following:

““Redeemable Iridium Interests” means an aggregate percentage of Common Interests held by Iridium equal to (i) the Funded Post-Redemption Target Percentages minus (ii) the aggregate percentage of all Fully Diluted Company Voting Interests actually held immediately prior to the Mandatory Iridium Redemption by NAV CANADA US Subsidiary and the Additional Investors Subsidiaries (or by any transferees of such Interests).”

e.The definition of “Third Additional Investors Tranche Financing” contained in Article 1 of the Operating Agreement is hereby amended and restated in its entirety and replaced with the following: 

““Third Additional Investors Tranche Financing” means the purchase by the Additional Investors through the Additional Investors Subsidiaries of the Third Additional Investors Tranche Financing Interest for the Third Additional Investors Tranche Financing Amount pursuant to the terms of this Agreement and the Additional Investors Subscription Agreements.”

f.The definition of “Trigger Event” contained in Article 1 of the Operating Agreement is hereby amended and restated in its entirety and replaced with the following:

““Trigger Event” means (i) the delivery of a written notice by (x) NAV CANADA US Subsidiary or (y) any of the Additional Investors Subsidiaries to the Company, after delivery of the Trigger Event Notice by Iridium, notifying the Company that NAV CANADA US Subsidiary and/or such Additional Investors Subsidiary elect to have all of their respective Redeemable Interests redeemed pursuant to Section 3.6.6.1.2, or (ii) any facts, occurrence, circumstance, event, change or action that, in the good faith and reasonable determination of any NAV CANADA Director and an Additional Investors 

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Director (such determination to be set forth in a written notice delivered to the Company and Iridium), would reasonably be expected to result in the Company (x) becoming subject to or a guarantor under the Iridium Credit Agreement or (y) for so long as the Company is a “Subsidiary” (as defined in the Iridium Credit Agreement) of Iridium, ceasing to be an Excluded Company.”

g.Article 1 of the Operating Agreement is hereby amended by inserting the following definition in alphabetical order therein:

““IAA US Subsidiary” means IAA North Atlantic Inc., a Delaware corporation and wholly-owned subsidiary of IAA.”

h.Section 3.6.5.2 of the Operating Agreement is hereby amended and restated in its entirety and replaced with the following:

““3.6.5.2 Third Additional Investors Tranche Financing.

3.6.5.2.1Within three (3) weeks following the Company’s notice to the Additional Investors Subsidiaries following the Third Additional Investors Tranche Financing Target Date that all of the Fourth NAV CANADA Tranche Financing Conditions that have not been waived by the relevant Additional Investor and Additional Investor Subsidiary have been satisfied and that NAV CANADA US Subsidiary has purchased the Fourth NAV CANADA Tranche Financing Interest, the Additional Investors Subsidiaries shall purchase their respective portion (as indicated on Schedule B) of the Third Additional Investors Tranche Financing Interest for their respective portion (as indicated on Schedule B) of the Third Additional Investors Tranche Financing Amount, as specified in the Company’s notice, without further approval by the Board of Directors or any Member.

3.6.5.2.2In the event that the Fourth NAV CANADA Tranche Financing Conditions have not been satisfied or waived by the relevant Additional Investor or Additional Investor Subsidiary by the Fourth NAV CANADA Tranche Financing Final Tranche Date, each Additional Investors Subsidiary will, at its sole option and upon written notice to the Company that such Additional Investors Subsidiary does not intend to fund its portion of the Third Additional Investors Tranche Financing, be relieved of any obligation to fund its portion of the Third Additional Investors Tranche Financing and its portion of any subsequent Additional Investors Financing, and if such Additional Investors Subsidiary delivers such written notice to the Company, such Additional Investors Subsidiary shall thereafter have no right or obligation to purchase additional Interests in an Additional Investors Financing (it being understood that an Additional Investors Subsidiary’s delivery of such notice, or any deemed delivery of such notice, shall not prevent (i) such Additional Investors Subsidiary from exercising any preemptive rights pursuant to Section 12.5 or (ii) such Additional Investors Director from exercising any approval or veto rights under Section 6.12 (except as otherwise specifically provided for in Section 6.12)).  In the event that the Fourth NAV CANADA Tranche Financing Conditions have not been satisfied or waived by the relevant Additional Investor or Additional Investor Subsidiary by the Fourth NAV CANADA Tranche Financing Final Tranche Date and an Additional Investors Subsidiary has not delivered the foregoing notice within fifteen (15) Business Days of the Fourth NAV CANADA Tranche Financing Final Tranche Date, then 

3

 

such notice shall be deemed delivered to the Company and such Additional Investors Subsidiary shall thereafter have no right or obligation to purchase additional Interests in an Additional Investors Financing.”

i.Section 3.6.5.3 of the Operating Agreement is hereby amended and restated in its entirety and replaced with the following:

““3.6.5.3Fourth Additional Investors Tranche Financing.

3.6.5.3.1Within three (3) weeks following the Company’s notice to the Additional Investors Subsidiaries following the Fourth Additional Investors Tranche Financing Target Date that all of the Fifth NAV CANADA Tranche Financing Conditions that have not been waived by the relevant Additional Investor and Additional Investors Subsidiaries have been satisfied and that NAV CANADA US Subsidiary has purchased the Fifth NAV CANADA Tranche Financing Interest, the Additional Investors Subsidiaries shall purchase their respective portion (as indicated on Schedule B) of the Fourth Additional Investors Tranche Financing Interest for their respective portion (as indicated on Schedule B) of the Fourth Additional Investors Tranche Financing Amount, as specified in the Company’s notice, without further approval by the Board of Directors or any Member.

3.6.5.3.2In the event that the Fifth NAV CANADA Tranche Financing Conditions have not been satisfied or waived by the relevant Additional Investor or Additional Investors Subsidiaries by the Fifth NAV CANADA Tranche Financing Final Tranche Date, each Additional Investors Subsidiary will, at its sole option and upon written notice to the Company that such Additional Investors Subsidiary does not intend to fund its portion of the Fourth Additional Investors Tranche Financing, be relieved of any obligation to fund its portion of the Fourth Additional Investors Tranche Financing and its portion of any subsequent Additional Investors Financing, and if such Additional Investors Subsidiary delivers such written notice to the Company, such Additional Investors Subsidiary shall thereafter have no right or obligation to purchase additional Interests in an Additional Investors Financing (it being understood that an Additional Investors Subsidiary’s delivery of such notice, or any deemed delivery of such notice, shall not prevent (i) such Additional Investors Subsidiary from exercising any preemptive rights pursuant to Section 12.5 or (ii) such Additional Investors Director from exercising any approval or veto rights under Section 6.12 (except as otherwise specifically provided for in Section 6.12)).  In the event that the Fifth NAV CANADA Tranche Financing Conditions have not been satisfied or waived by the relevant Additional Investor or Additional Investors Subsidiaries by the Fifth NAV CANADA Tranche Financing Final Tranche Date and an Additional Investors Subsidiary has not delivered the foregoing notice within fifteen (15) Business Days of the Fifth NAV CANADA Tranche Financing Final Tranche Date, then such notice shall be deemed delivered to the Company and such Additional Investors Subsidiary shall thereafter have no right or obligation to purchase additional Interests in an Additional Investors Financing.

3.6.5.3.3Enav hereby fully, irrevocably, absolutely and unconditionally guarantees, for the benefit of the Company, the prompt and complete payment and performance by Enav US Subsidiary of its obligations when due under this Agreement and the Enav Subscription Agreement (collectively, the “Enav US Subsidiary Obligations”) in 

4

 

accordance with the terms hereof.  This guaranty shall be a full, unconditional, irrevocable, absolute and continuing guaranty of payment and performance of the obligations of Enav US Subsidiary.  If Enav US Subsidiary fails to perform any Enav US Subsidiary Obligations requiring payment, in whole or in part, when such Enav US Subsidiary Obligations are due, Enav shall promptly pay such Enav US Subsidiary Obligations in lawful money of the United States.  Enav shall pay such amount within five (5) Business Days of receipt of demand for payment from the Company.  The Company may enforce its rights under this guaranty without first suing Enav US Subsidiary or joining Enav US Subsidiary in any suit against Enav, or enforcing any rights and remedies against Enav US Subsidiary or otherwise pursuing or asserting any claims or rights against Enav US Subsidiary or any other Person or entity or any of its or their property which may also be liable with respect to the matters for which Enav is liable hereunder.

3.6.5.3.4IAA hereby fully, irrevocably, absolutely and unconditionally guarantees, for the benefit of the Company, the prompt and complete payment and performance by IAA US Subsidiary of its obligations when due under this Agreement and the IAA Subscription Agreement (collectively, the “IAA US Subsidiary Obligations”) in accordance with the terms hereof.  This guaranty shall be a full, unconditional, irrevocable, absolute and continuing guaranty of payment and performance of the obligations of IAA US Subsidiary.  If IAA US Subsidiary fails to perform any IAA US Subsidiary Obligations requiring payment, in whole or in part, when such IAA US Subsidiary Obligations are due, IAA shall promptly pay such IAA US Subsidiary Obligations in lawful money of the United States.  IAA shall pay such amount within five (5) Business Days of receipt of demand for payment from the Company.  The Company may enforce its rights under this guaranty without first suing IAA US Subsidiary or joining IAA US Subsidiary in any suit against IAA, or enforcing any rights and remedies against IAA US Subsidiary or otherwise pursuing or asserting any claims or rights against IAA US Subsidiary or any other Person or entity or any of its or their property which may also be liable with respect to the matters for which IAA is liable hereunder.

3.6.5.3.5Naviair hereby fully, irrevocably, absolutely and unconditionally guarantees, for the benefit of the Company, the prompt and complete payment and performance by Naviair Subsidiary of its obligations when due under this Agreement and the Naviair Subscription Agreement (collectively, the “Naviair Subsidiary Obligations”) in accordance with the terms hereof.  This guaranty shall be a full, unconditional, irrevocable, absolute and continuing guaranty of payment and performance of the obligations of Naviair Subsidiary.  If Naviair Subsidiary fails to perform any Naviair Subsidiary Obligations requiring payment, in whole or in part, when such Naviair Subsidiary Obligations are due, Naviair shall promptly pay such Naviair Subsidiary Obligations in lawful money of the United States.  Naviair shall pay such amount within five (5) Business Days of receipt of demand for payment from the Company.  The Company may enforce its rights under this guaranty without first suing Naviair Subsidiary or joining Naviair Subsidiary in any suit against Naviair, or enforcing any rights and remedies against Naviair Subsidiary or otherwise pursuing or asserting any claims or rights against Naviair Subsidiary or any other Person or entity or any of its or their property which may also be liable with respect to the matters for which Naviair is liable hereunder.”

j.Section 3.6.7.4.2 of the Operating Agreement is hereby amended and restated in its entirety and replaced with the following:

5

 

““3.6.7.4.2 IAA US Subsidiary’s Preferred Interests (or Common Interests, if such Member has made its Conversion Election) will be increased to the amount of Preferred Interests convertible into (or, if applicable, Common Interests equal to) the Funded IAA Post-Redemption Target Percentage;”

k.Sections 6.2.1, 6.2.2 and 6.2.3 of the Operating Agreement are hereby amended and restated in their entirety and replaced with the following:

“6.2.1From the date hereof until the closing of the Third NAV CANADA Tranche Financing, each Member agrees that such Member will vote all of its Interests at each election of Directors in favor of:  (A) six (6) persons nominated by Iridium (each, an “Iridium Director”), for so long as Iridium holds at least 60% of the then Fully Diluted Company Voting Interests (provided that (i) if Iridium ceases to hold at least 60% of the Fully Diluted Company Voting Interests, but holds at least 40% of the Fully Diluted Company Voting Interests, then Iridium shall be entitled to designate only four (4) Iridium Directors, (ii) if Iridium ceases to hold at least 40% of the Fully Diluted Company Voting Interests, but holds at least 13% of the Fully Diluted Company Voting Interests, then Iridium shall be entitled to designate only two (2) Iridium Directors, and (iii) if Iridium ceases to hold at least 13% of the Fully Diluted Company Voting Interests, but holds at least 3% of the Fully Diluted Company Voting Interests, then Iridium shall be entitled to designate only one (1) Iridium Director); (B) three (3) persons nominated by NAV CANADA (each, a “NAV CANADA Director”), for so long as NAV CANADA US Subsidiary holds at least 15% of the Fully Diluted Company Voting Interests (provided that if NAV CANADA US Subsidiary ceases to hold at least 15% of the Fully Diluted Company Voting Interests, but holds at least 3% of the Fully Diluted Company Voting Interests, then NAV CANADA shall be entitled to designate only one (1) NAV CANADA Director); (C) one (1) person nominated by Enav, for so long as Enav US Subsidiary holds at least 3% of the Fully Diluted Company Voting Interests (such person or any other person nominated by Enav to be a Director pursuant to this Section 6.2, an “Enav Director”); (D) one (1) person nominated by IAA and Naviair, collectively, for so long as IAA US Subsidiary and Naviair Subsidiary collectively hold at least 3% of the Fully Diluted Company Voting Interests (such person or any other person nominated by IAA and Naviair, collectively, to be a Director pursuant to this Section 6.2, an “IAA/Naviair Director”, and together with the Enav Director, collectively or individually, pursuant to the terms hereof, referred to herein as the “Additional Investors Directors”).

6.2.2From the closing of the Third NAV CANADA Tranche Financing until the closing of the Fifth NAV CANADA Tranche Financing, each Member agrees that such Member will vote all of its Interests at each election of Directors in favor of:  (A) four (4) Iridium Directors, for so long as Iridium holds at least 40% of the Fully Diluted Company Voting Interests (provided that (i) if Iridium ceases to hold at least 40% of the Fully Diluted Company Voting Interests, but holds at least 13% of the Fully Diluted Company Voting Interests, then Iridium shall be entitled to designate only two (2) Iridium Directors, and (iii) if Iridium ceases to hold at least 13% of the Fully Diluted Company Voting Interests, but holds at least 5% of the Fully Diluted Company Voting Interests, then Iridium shall be entitled to designate only one (1) Iridium Director); 

6

 

(B) four (4) NAV CANADA Directors, for so long as NAV CANADA US Subsidiary holds at least 30% of the Fully Diluted Company Voting Interests (provided that (i) if NAV CANADA US Subsidiary ceases to hold at least 30% of the Fully Diluted Company Voting Interests, but holds at least 15% of the Fully Diluted Company Voting Interests, then NAV CANADA shall be entitled to designate only three (3) NAV CANADA Directors, and (ii) if NAV CANADA US Subsidiary ceases to hold at least 15% of the Fully Diluted Company Voting Interests, but holds at least 5% of the Fully Diluted Company Voting Interests, then NAV CANADA shall be entitled to designate only one (1) NAV CANADA Director); (C) one (1) Enav Director, for so long as Enav US Subsidiary holds at least 5% of the Fully Diluted Company Voting Interests; (D) one (1) IAA/Naviair Director, for so long as IAA US Subsidiary and Naviair Subsidiary collectively hold at least 5% of the Fully Diluted Company Voting Interests; and (E) the Chief Executive Officer of the Company. For the avoidance of doubt, if the initial closing of the Third NAV CANADA Tranche Financing is a partial closing, the change in allocation of directors provided for in this Section 6.2.2 shall occur at the initial closing of the Third NAV CANADA Tranche Financing. 

6.2.3From the closing of the Fifth NAV CANADA Tranche Financing and thereafter, each Member agrees that such Member will vote all of its Interests at each election of Directors in favor of:  (A) two (2) Iridium Directors, for so long as Iridium holds at least 13% of the Fully Diluted Company Voting Interests (provided that (i) if Iridium ceases to hold at least 13% of the Fully Diluted Company Voting Interests, but holds at least 5% of the Fully Diluted Company Voting Interests, then Iridium shall be entitled to designate only one (1) Iridium Director); (B) six (6) NAV CANADA Directors, for so long as NAV CANADA US Subsidiary holds at least 40% of the Fully Diluted Company Voting Interests (provided that (i) if NAV CANADA US Subsidiary ceases to hold at least 40% of the Fully Diluted Company Voting Interests, but holds at least 30% of the Fully Diluted Company Voting Interests, then NAV CANADA shall be entitled to designate only four (4) NAV CANADA Directors, (ii) if NAV CANADA US Subsidiary ceases to hold at least 30% of the Fully Diluted Company Voting Interests, but holds at least 15% of the Fully Diluted Company Voting Interests, then NAV CANADA shall be entitled to designate only three (3) NAV CANADA Directors, and (iii) if NAV CANADA US Subsidiary ceases to hold at least 15% of the Fully Diluted Company Voting Interests, but holds at least 5% of the Fully Diluted Company Voting Interests, then NAV CANADA shall be entitled to designate only one (1) NAV CANADA Director); (C) one (1) Enav Director, for so long as Enav US Subsidiary holds at least 5% of the Fully Diluted Company Voting Interests; (D) one (1) IAA/Naviair Director, for so long as IAA US Subsidiary and Naviair Subsidiary collectively hold at least 5% of the Fully Diluted Company Voting Interests; and (E) the Chief Executive Officer of the Company.”

l.Section 12.2.1 of the Operating Agreement is hereby amended and restated in its entirety and replaced with the following:

“12.2.1 The Company shall, and shall cause each of its officers, Directors, employees, Accounting Firm, Affiliates and other representatives to provide Iridium, NAV CANADA US Subsidiary, Enav US Subsidiary, IAA US Subsidiary, Naviair 

7

 

Subsidiary and each holder of more than 10% of the Fully Diluted Company Voting Interests, and their and its respective officers, directors, employees, accountants, Affiliates and representatives (the “Information Rights Holders”), reasonable access during normal business hours to the Company’s officers, Directors, employees, agents, properties, offices, books, contracts, reports, records, personnel and other facilities, and give them access to, such documents, financial date, records and information of the Company as Iridium, NAV CANADA US Subsidiary and any such holder of more than 10% of the Fully Diluted Company Voting Interests from time to time may reasonably request.”

m.Schedules A, B and B-1 of the Operating Agreement are hereby amended and restated in their entirety and replaced with Schedules A, B and B-1 attached.

2.Except as expressly provided herein, nothing in this Amendment shall be deemed to waive or modify any of the other provisions of the Operating Agreement.  In the event of any conflict between the Operating Agreement, any previous amendment of the Operating Agreement, this Amendment and any subsequent amendment, the document later in time shall prevail.

3.This Amendment shall be binding upon and shall inure to the benefit of the successors in interest of the parties hereto.

 

8

 

 

IN WITNESS WHEREOF, the undersigned has caused this Amendment to be executed as of the date first hereinabove set forth.

			
	
Aireon LLC 

 

By: /S/ Donald L. Thoma                          
Name:  Donald L. Thoma
Title:    CEO

NAV CANADA

 

By: /S/ Neil Wilson                               
Name:  Neil Wilson
Title:    President and Chief Executive Officer

By: /S/ Brian Aitken                              

Name:  Brian Aitken

Title:    Executive Vice President, Finance

             and Chief Financial Officer 

 

 
	
 
	
 

 

 

 

Enav S.p.A.

 

By:________________________________
Name:
Title:

 

 

 

 

 

 

 

			
	
Irish Aviation Authority Limited

 

By: /s/ Eamonn Brennan                               
Name:  Eamonn Brennan
Title:    Chief Executive Officer

 
	
 
	
Naviair

 

By: /s/ Morten Dembæk                               
Name:  Morten Dembæk
Title:    CEO

By: /s/ A. B. Lundholt                               
Name:  A. B. Lundholt
Title:    Chairman

 

 

Signature Page to Amendment No. 4

 

129023245 v1 

			
			
	
MEMBERS:

 

NAV CANADA Satellite, Inc.

 

By: /s/ Neil Wilson                               
Name:  Neil Wilson 
Title:    President

By: /s/ Brian Aitken                              
Name:  Brian Aitken
Title:    Vice President and Chief Financial Officer 

 
	
 
	
 

 

Iridium Satellite LLC

 

By:  /s/ Matthew J. Desch
Name:  Matthew J. Desch
Title:    Chief Executive Officer

 

	
Naviair Surveillance A/S

 

By:  /s/ Søren Stahlfest Moller                  
Name:  Søren Stahlfest Moller
Title:    CFO

By:  /S/ Morten Dambaek                          
Name:  Morten Dambaek
Title:    Chairman

IAA North Atlantic Inc.

 

By:  /s/ Philip Hughes                          
Name:  Philip Hughes
Title:    President

By:  /s/ Maeve Hogan                          
Name:  Maeve Hogan
Title:    Secretary & Treasurer

 
	
 
	
ENAV North Atlantic LLC

 

By:  ____________________________
Name:
Title:

 

 

 

 

 Signature Page to Amendment No. 4

 

 

129023245 v1

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