Document:

EX-10.1

Exhibit 10.1

FIRST AMENDMENT

TO THE EMPLOYMENT CONTRACT

BETWEEN TRIPLE-S MANAGEMENT CORPORATION AND

RAMON M. RUIZ-COMAS

This Amendment (this “Amendment”) is entered into between Triple-S Management Corporation, a
Commonwealth of Puerto Rico corporation (together with its successors, subsidiaries and affiliates,
the “Company”), and Ramón M. Ruiz-Comas (the “Executive”) under the following circumstances.

WHEREAS, the Company and the Executive entered into that certain Employment Contract dated
March 4, 2010, to be effective as of January 1, 2010 (the “Contract”); and

WHEREAS, the Company and the Executive have agreed to amend the Contract effective January 1,
2013, in accordance with Articles 12 and 25 thereof;

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the Company and the Executive hereby agree as follows:

1. The introductory paragraph of Article 12 is amended to read in its entirety as follows:

“This Contract shall be effective as of January 1, 2013 and shall end on December 31, 2015,
subject to earlier termination as provided in this Contract.”

2. Article 12 is amended by replacing “December 31, 2012” with “December 31, 2015” in the
fourth sentence of the second paragraph of the section.

3. The last paragraph in Article 12 is amended to read in its entirety as follows:

“Upon the expiration of this Contract or discontinuation of the negotiations described
above, the CEO will also have the right to payment of the deferred compensation under
Article 8, all vested amounts under TSM’s pension plan, the no competition compensation
provided in Article 18 and the compensation described in the second paragraph of Article 13
related to vesting of equity and other awards under the Triple-S Management Corporation 2007
Incentive Plan. Any and all amounts payable and benefits provided pursuant to this Article
other than vested amounts under TSM’s pension plan and deferred compensation shall only be
payable after the CEO has executed, delivered to TSM and not revoked within any applicable
revocation period, a waiver and general release of claims against TSM and its affiliates in
a form satisfactory to TSM (a “Release”).”

4. The last sentence in the introductory paragraph of Article 13 is amended to read in its
entirety as follows:

“In such event of termination, the only obligations of TSM under this Contract will be to
(provided, with respect to payment of any sums due under items c. and d. of this paragraph,
the CEO has executed, delivered to TSM and not revoked within any applicable revocation
period, a Release):”

5. Clause b. of Article 13 is amended to read in its entirety as follows:

“b. extend to the CEO the Fringe Benefits for the remainder of the term of this Contract or
one year, whichever is longer; provided, that the Fringe Benefits shall not be payable in a
lump sum and TSM’s obligation to pay such Fringe Benefits will cease as soon as the CEO
obtains employment with a comparable benefit;”

6. A new paragraph is hereby added at the end of Article 13 to provide as follows:

“In addition, as of the date of the CEO’s termination Without Cause (i) all Options and SARs
of the CEO shall become fully and immediately exercisable and (ii) all Restricted Stock and
Restricted Stock Units shall become fully vested and non-forfeitable and forthwith be
delivered to the CEO if not previously delivered, and (iii) the percentage of any
Performance Awards that would have been earned at the end of any given Performance Period
based on actual results in accordance with the corresponding Award Agreement had the CEO’s
employment not terminated shall vest pro-rata (i.e., based on a fraction, the numerator of
which is the number of whole months elapsed from the beginning of the Performance Period to
the date of the CEO’s termination of employment, and the denominator of which is the number
of months in the Performance Period). Delivery of any such Restricted Stock Units within
fifteen (15) days following the date of the expiration of any revocation period contained in
the Release (or such other period provided by law) and payment of the value of any
Performance Award shall be made within two and one-half months after the end of calendar
year during which such award becomes vested. For purposes of this Contract, the terms
“Options,” “SARs,” “Restricted Stock,” “Restricted Stock Units,” “Performance Award,”
“Performance Period” and “Award Agreements” shall have the meanings given to them in the
Triple-S Management Corporation 2007 Incentive Plan.”

7. The title to Article 17 is amended to read “TSM Personnel; Non-disparagement” and Article
17 is further amended by adding a second paragraph to read in its entirety as follows:

“Following the employment period, the CEO shall not at any time make any public derogatory
comment concerning TSM or its affiliates or anyone whom the CEO knows to be a current or
former director, officer, stockholder or employee of TSM or its subsidiaries. Following the
employment period, TSM shall not at any time make any public derogatory comment concerning
the CEO. Notwithstanding the foregoing, nothing in this Article 17 shall prohibit any person
from (i) responding publicly to incorrect, disparaging or derogatory public statements about
TSM or the CEO relating to his employment with TSM, (y) providing truthful testimony in any
judicial or administrative matter, or (z) making truthful statements required by law, by any
regulatory authority or organization, or in connection with any public filing required by
the U.S. Securities and Exchange Commission or any other regulatory authority.”

8. A new paragraph is hereby added at the end of clause a. of Article 21 to provide as
follows:

“No benefits, other than vested amounts under TSM’s pension plan and deferred compensation,
resulting from a Change of Control shall be paid under this Contract until the CEO has
executed a Release and the period within which the CEO may revoke his Release has expired
without revocation.”

9. Section 29 is hereby added to the Contract to provide as follows:

“29. No Duplication. In no event shall the CEO be entitled to duplicate payments or benefits
pursuant to different provisions of this Contract, the terms of any other plan, program or
arrangement of TSM or its affiliates, or applicable law. For the avoidance of doubt, any
compensation paid to the CEO under Article 13 or Article 21 of this Contract will be
included in the computation of any amounts required to be paid to the CEO under Act No. 80
of May 30, 1976, as amended, or any successor Puerto Rico law.”

10. Section 30 is hereby added to the Contract to provide as follows:

“30. Recoupment Policy. The CEO agrees that all payments or benefits under different
provisions of this Contract are subject to TSM’s Incentive Compensation Recoupment Policy,
as such policy may be amended from time to time.”

11. Exhibit A to the Contract is hereby amended and replaced with Exhibit A hereto.

12. Except as otherwise amended herein, the Contract shall remain unchanged and continue in
full force and effect as so amended.

13. This Amendment shall be governed by and construed in accordance with its express terms
and otherwise in accordance with the laws of the Commonwealth of Puerto Rico, without reference to
principles of conflict of laws.

IN WITNESS WHEREOF, the parties hereto have executed this Amendment to the Contract as of
November 5, 2012.

	 	 	 
	TRIPLE-S MANAGEMENT CORPORATION

	By:

	 	/s/ Luis A. Clavell Rodríguez
	
 
	 	 
	Name:

	 	Luis A. Clavell Rodríguez
	Title:

	 	Chairman of the Board
	EXECUTIVE

	 	

	/s/ Ramón M. Ruiz-Comas

	 

	Ramón M. Ruiz-Comas

EXHIBIT A 

TO EMPLOYMENT CONTRACT

dated March 4, 2010, as amended by a First Amendment dated November 5, 2012,

between

Triple-S Management Corporation

and Ramón M. Ruiz Comas

1) Base Salary: $740,000

2) Fringe Benefits:

	 	•	 	Family health insurance

	 	•	 	Long term disability insurance

	 	•	 	Life insuranceEX-10.1

AMENDMENT NO. 1 TO PURCHASE AGREEMENT

This Amendment No. 1 to Purchase Agreement (this “Amendment”), dated as of October 30,
2012, is entered into by and among SPACE SYSTEMS/LORAL, INC., a Delaware corporation (the
“Company”), LORAL SPACE & COMMUNICATIONS INC., a Delaware corporation (the “Seller”), MACDONALD,
DETTWILER AND ASSOCIATES LTD., a Canadian corporation (“MDA”), and MDA COMMUNICATIONS HOLDINGS,
INC., a Delaware corporation and a wholly-owned subsidiary of MDA (“Purchaser” and, together with
MDA, “Purchaser Parties”). Capitalized terms used in this Amendment but not otherwise defined
herein shall have the respective meanings ascribed to them in the Purchase Agreement (as defined
below).

R E C I T A L S:

WHEREAS, the Company, Seller and the Purchaser Parties entered into that certain Purchase
Agreement, dated as of June 26, 2012 (as amended and in effect as of the date hereof, the
“Purchase Agreement”); and

WHEREAS, the parties to the Purchase Agreement desire to amend the Purchase Agreement as
provided herein;

NOW THEREFORE, in consideration of the foregoing and the mutual covenants, and agreements
hereinafter set forth, and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree
as follows:

1. Section 1.1.

(a) A definition of “Specified Representations” shall be added immediately following the
definition of “Software Programs” and shall state:

““Specified Representations” shall mean the representations and warranties set
forth in Sections 4.22(b)(i), 4.27(b), 4.32(a) and 4.32(b) and in the final sentence
of Section 4.23(c).”

2. Section 2.1. Section 2.1 of the Purchase Agreement is hereby amended by deleting it in
its entirety and inserting the following in lieu thereof:

“Section 2.1. Pre-Closing Actions. On the terms and subject to the
conditions set forth in this Agreement, on or prior to the Closing Date:

(a) Seller and the Company shall convert the Company from a
corporation organized under the laws of the State of Delaware into a
limited liability company organized under the laws of the State of
Delaware pursuant to Section 214 of the Delaware Limited Liability
Company Act and Section 266 of the DGCL (the “Conversion”), and as a
result of such Conversion all of the Company Shares will be
converted into membership interests in the Company (the “Company
Membership Interests”);

(b) the Company shall repay all amounts outstanding under the
SS/L Credit Agreement plus all accrued but unpaid interest thereon
as of the Closing Date and shall cash collateralize or otherwise
secure as provided herein all outstanding letters of credit, in
accordance with the applicable provisions thereunder; provided that,
upon written notice delivered to Purchaser at least one (1) Business
Day in advance of the Closing, Purchaser shall first advance funds
to the Company in an amount sufficient to allow the Company to repay
any amounts required to be paid pursuant to this Section 2.1(b) and
to pay all amounts due to be paid by the Company pursuant to this
Agreement to Persons other than Seller and its Affiliates;

(c) Following the Conversion and immediately prior to the
Closing, the Company shall transfer, assign and convey the
Transferred Land to Land LLC via a quitclaim deed in exchange for
membership interests in Land LLC (the “Land Membership Interests”),
and the Company shall lease the Transferred Land from Land LLC
pursuant to a “triple net” lease agreement (the “Land Lease”)
containing arm’s length market terms and which shall be
substantially in the form of Exhibit B hereto (the “Land
Distribution”);

(d) The Company shall pay the Historical Intercompany Amount
and the Intercompany Amount by delivering to Seller a promissory
note (the “Intercompany Note”), in substantially the form of
Exhibit E hereto, in a principal amount equal to (i) the
Historical Intercompany Amount plus (ii) the Intercompany Amount,
which principal amount shall be set forth in a schedule delivered by
Seller to Purchaser at least one (1) Business Day prior to the
Closing Date; and

(e) Following the steps set forth in Sections 2.1(c) and
2.1(d), the Company shall distribute to the Seller as a dividend (i)
the Land Membership Interests and (ii) a promissory note (the
“Excess Cash Dividend Note”), in substantially the form of
Exhibit F hereto, in a principal amount equal to the Excess
Cash Dividend Amount, which principal amount shall be set forth in a
schedule delivered by Seller to Purchaser at least one (1) Business
Day prior to the Closing Date.”

3. Section 2.2.

(a) The first sentence of Section 2.2 is hereby amended by deleting the phrase “and the
payment of the amounts set forth in Section 2.1(e)” and replacing it with “and the receipt by
Seller of the Intercompany Note, the Land Membership Interests and the Excess Cash Dividend Note”.

(b) Section 2.2 is hereby further amended by inserting the following Sections 2.2(c) and (d)
at the end thereof:

“(c) Intercompany Note and Excess Cash Dividend Note

(i) Purchaser shall advance funds to the Company in an amount
sufficient to allow the Company to pay all amounts due to be paid by
the Company pursuant to this Agreement, including the principal
amounts of each of the Intercompany Note and the Excess Cash
Dividend Note, together with all accrued and outstanding interest,
if any, in respect of such principal amounts, and all other amounts
payable under each of the Intercompany Note and the Excess Cash
Dividend Note.

(ii) The Company shall pay to Seller the principal amounts of
each of the Intercompany Note and the Excess Cash Dividend Note,
together with all accrued and outstanding interest, if any, in
respect of such principal amounts, and all other amounts payable
under each of the Intercompany Note and the Excess Cash Dividend
Note.

(d) Transaction Costs. Seller shall pay to the Company all
Company Transaction Costs incurred as of the Closing Date, and if
not calculable Seller shall pay them to the Company when finally
determined and invoiced.”

4. Section 2.3(a). Section 2.3(a) is hereby amended by deleting it in its entirety and
inserting the following in lieu thereof”

“(a) The closing of the purchase and sale of the Company
Membership Interests, the Land Memberships Interests and the other
transactions contemplated hereby (the “Closing”) shall be held at
the offices of Willkie Farr & Gallagher LLP, 787 Seventh Avenue, New
York, New York at 10:00 a.m. Eastern Time on November 2, 2012;
provided that the Closing may occur on such other date or at such
other time and place as the parties may mutually agree in writing.
The date on which the Closing actually occurs is hereinafter
referred to as the “Closing Date.”

5. Section 2.3(h)(ii). Section 2.3(h)(ii) is hereby amended by deleting it in its entirety
and inserting the following in lieu thereof:

“(ii) subject to Purchaser’s compliance with
Section 2.2(c)(i), all amounts payable to Seller
pursuant to Section 2.2(c)(ii) hereof.”

6. Article IV. The first sentence of Article IV is hereby amended by inserting “(except
with respect to the Specified Representations, which shall be made as of October 31, 2012)” after
“the Closing Date”.

7. Section 8.1. Section 8.1 is hereby amended by inserting the following sentence at the
end thereof:

“Notwithstanding the foregoing, with respect to the Specified
Representations, all references in this Section 8.1 to “the Closing Date”
shall be deemed to be references to “October 31, 2012”.”

8. Section 8.6. Section 8.6 shall be amended by deleting it in its entirety and inserting
the following in lieu thereof:

“Section 8.6. No Material Adverse Effect. From the Interim Balance Sheet
Date to October 31, 2012, there has been no Material Adverse Effect.”

9. Section 9.6(b). Section 9.6(b) shall be amended by changing the reference to “Section
2.1(d)” to “Sections 2.1(d) and (e).”

10. Exhibits E and F. The Purchase Agreement is hereby further amended by adding a new
“Exhibit E” and a new “Exhibit F” thereto in the forms attached to this Amendment
as Annex I and Annex II, respectively.

11. Acknowledgments.

(a) Each Purchaser Party hereby acknowledges and agrees with Seller that neither the facts,
events, changes, effects or circumstances relating to the Company actually known to any Purchaser
Party as of the date of this Amendment nor any information furnished by or on behalf of the Company
or the Seller to any Purchaser Party or its Representatives on or prior to the date of this
Amendment constitute, individually or in the aggregate, a Material Adverse Effect for purposes of
Section 8.1 or 8.6 of the Purchase Agreement or an event, change, effect or circumstance that would
reasonably be expected to have a Material Adverse Effect for purposes of Section 8.1 or 8.6 of the
Purchase Agreement.

(b) Seller acknowledges that nothing contained in this Amendment shall (i) release Seller from
any of its covenants, agreements or obligations contained in the Purchase Agreement, or (ii) be
deemed to be a waiver by any Purchaser Party of, or to otherwise limit or restrict, any right of
the Purchaser Indemnitees to indemnification under Article X of the Purchase Agreement.

12. Full Force and Effect. Except as expressly modified by this Amendment, all of the
terms, covenants, agreements, conditions and other provisions of the Purchase Agreement shall
remain in full force and effect in accordance with their respective terms. This Amendment shall
not constitute an amendment or waiver of any provision of the Purchase Agreement except as
expressly set forth herein. Upon the execution and delivery hereof, the Purchase Agreement shall
thereupon be deemed to be amended and supplemented as hereinabove set forth as fully and with the
same effect as if the amendments and supplements made hereby were originally set forth in the
Purchase Agreement, and this Amendment and the Purchase Agreement shall henceforth be read, taken
and construed as one and the same instrument, but such amendments and supplements shall not operate
so as to render invalid or improper any action heretofore taken under the Purchase Agreement. As
used in the Purchase Agreement, the terms “this Agreement,” “herein,” “hereinafter,” “hereto,” and
words of similar import shall mean and refer to, from and after the date of this Amendment, unless
the context requires otherwise, the Purchase Agreement as amended by this Amendment. For the
avoidance of doubt, references to the phrases “the date of this Agreement” or “the date hereof”,
wherever used in the Purchase Agreement, as amended by this Amendment, shall mean June 26, 2012.
In the event of any inconsistency between this Amendment and the Purchase Agreement with respect to
the matters set forth herein, this Amendment shall take precedence.

13. Governing Law. This Amendment, and all matters arising out of or relating to this
Amendment and the transactions contemplated hereby, including (a) its negotiation, execution, and
validity, and (b) any claim or cause of action, whether in contract, tort or otherwise, shall be
governed by, construed and interpreted in accordance with the laws of the State of New York,
without regard to the conflicts of law rules and principles thereof.

14. Counterparts. This Amendment may be executed by the parties hereto in separate
counterparts, each of which when so executed and delivered shall be an original, but all such
counterparts shall together constitute one and the same instrument. Each counterpart may consist of
a number of copies hereof each signed by less than all, but together signed by all, of the parties
hereto.

[remainder of page intentionally left blank]

IN WITNESS WHEREOF, the parties have duly executed this Amendment as of the date first
above written.

LORAL SPACE & COMMUNICATIONS INC.

By: /s/ Avi Katz

Name: Avi Katz

Title:

SPACE SYSTEMS/LORAL, INC.

By: /s/ Avi Katz 

Name: Avi Katz

Title:

MDA COMMUNICATIONS HOLDINGS, INC.

By: /s/ Daniel Friedmann

Name: Daniel Friedmann

Title:

MACDONALD, DETTWILER AND ASSOCIATES LTD.

By: /s/ Daniel Friedmann

Name: Daniel Friedmann

Title:

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