Document:

Exhibit 10.3

 

EXECUTION VERSION

 

VOTING SUPPORT AGREEMENT

 

This Voting Support
Agreement (this “Agreement”) is made and entered into as of November 23, 2020, by and among Telesat Canada,
a corporation incorporated under the laws of Canada (“Transit”), Public Sector Pension Investment Board, a Canadian
Crown corporation incorporated under the laws of Canada (“Polaris”), and the persons whose names appear on the
signature pages hereto (each a “Stockholder” and, together, the “Stockholders”).

 

RECITALS

 

A.           On
the date hereof, Transit, Telesat Corporation, a corporation incorporated under the laws of British Columbia (“Topco”),
Telesat Partnership LP, a limited partnership organized under the laws of Ontario (“Canadian LP”), Telesat CanHold
Corporation, a corporation incorporated under the laws of British Columbia and a wholly-owned subsidiary of Canadian LP (“CanHoldco”),
Loral Space & Communications Inc., a Delaware Corporation (“Leo”), Lion Combination Sub Corporation,
a Delaware corporation and a wholly-owned subsidiary of Leo (“Merger Sub”), Polaris, and Red Isle Private Investments
Inc., a corporation incorporated under the laws of Canada and a wholly-owned subsidiary of Polaris (“Rover”
and together with Transit, Topco, Canadian LP, CanHoldco, Leo and Merger Sub, the “Integration Parties”) entered
into a Transaction Agreement and Plan of Merger, including the schedules and exhibits thereto (the “Integration Agreement”),
for the purpose of effecting the transactions described therein (the “Integration Transaction”), upon the terms
and subject to the conditions set forth therein.

 

B.            Pursuant
to the Integration Agreement, upon the consummation of the transactions contemplated thereby and subject to the terms and conditions
set forth therein, Merger Sub will be merged with and into Leo (the “Merger”), with Leo surviving the Merger
as a wholly-owned subsidiary of Canadian LP.

 

C.            The
Stockholders own, beneficially (as defined in Rule 13d-3 under the Securities Exchange Act) or of record, such number of shares
of voting and non-voting common stock, par value $0.01 per share, of Leo (the “Leo Common Stock”) as are indicated
opposite each of their names on Schedule A attached hereto under the columns “Voting Common Stock” and “Non-Voting
Common Stock” (the shares listed under the column “Voting Common Stock” being referred to as “Voting
Leo Common Stock”, hereunder).

 

D.            The
Stockholders have the right to vote or direct the vote over the Voting Leo Common Stock as set forth in this Agreement.

 

E.            The
Leo Board has, prior to the execution of this Agreement, approved for purposes of Section 203 of the DGCL, this Agreement,
the Integration Agreement and the transactions contemplated hereby and thereby, and have taken all actions with respect to certain
Section 16 matters as contemplated by Section 9.2 of the Integration Agreement.

 

F.            Transit
and Polaris desire that the Stockholders agree, and the Stockholders are willing to agree, on terms and conditions set forth herein,
not to Transfer (as defined below) any of their Leo Common Stock, and to vote a number of shares of Voting Leo Common Stock equal
to 30% of the total outstanding voting common stock of Leo in a manner so as to facilitate the consummation of the Integration
Transaction, all as provided herein.

 

    	

     

    

 

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

 

		1.	Definitions. Capitalized terms used but not otherwise defined herein shall have the respective
meanings ascribed to such terms in the Integration Agreement. When used in this Agreement, the following terms in all of their
tenses, cases and correlative forms shall have the meanings assigned to them in this Section 1 or elsewhere in this Agreement.

 

“Expiration Time”
shall mean the earliest to occur of (a) the Effective Time and (b) such date and time as the Integration Agreement shall
be terminated validly pursuant to Article 11 thereof.

 

“Meteor Material
Adverse Effect” means one or more Occurrences that, individually or in the aggregate, would prevent or materially delay
or hinder the performance of the respective obligations of the Stockholders under this Agreement.

 

“Transfer”
shall mean any direct or indirect offer, sale, assignment, Lien, pledge, hypothecation, disposition, loan or other transfer (by
operation of Legal Requirement or otherwise), either voluntary or involuntary, or entry into any contract, option or other arrangement
or understanding with respect to any offer, sale, assignment, Lien, pledge, hypothecation, disposition, loan or other transfer
(by operation of Legal Requirement or otherwise), of any Leo Common Stock (or any security convertible or exchangeable into Leo
Common Stock) or interest in any Leo Common Stock, excluding, for the avoidance of doubt, entry into this Agreement. A Transfer
shall not include any pledge, Lien or hypothecation of securities in or arising under, a typical margin, brokerage or custodial
account, as long as the applicable Stockholder retains the unencumbered right to vote their shares of Leo Common Stock in accordance
with this Agreement.

 

2.             Agreement
to Retain the Leo Common Stock.

 

2.1            No
Transfer and Encumbrance of Leo Common Stock. Until the Expiration Time, the Stockholders agree, with respect to any Leo Common
Stock currently or hereinafter beneficially owned by the Stockholders, not to (a) Transfer any such Leo Common Stock or (b) deposit
any such Leo Common Stock into a voting trust or, except as otherwise provided in this Agreement, enter into a voting agreement
or arrangement with respect to such Leo Common Stock or grant any proxy or power of attorney with respect thereto; provided
that any Stockholder may Transfer any such Leo Common Stock to any Affiliate of such Stockholder if the transferee of such Leo
Common Stock evidences in a writing reasonably satisfactory to Transit and Polaris such transferee’s agreement to be bound
by and subject to the terms and provisions hereof to the same effect as such transferring Stockholder.

 

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2.2            Additional
Purchases. Each Stockholder agrees that any Leo Common Stock that such Stockholder purchases or otherwise hereinafter acquires
or with respect to which such Stockholder otherwise acquires sole or shared voting power after the execution of this Agreement
and prior to the Expiration Time (the “New Leo Common Stock”) shall be subject to the terms and conditions of
this Agreement to the same extent as if they constituted the Leo Common Stock set forth on Schedule A attached hereto

 

2.3            Unpermitted
Transfers. Any Transfer or attempted Transfer of any Leo Common Stock, including New Leo Common Stock, in violation of this
Section 2 shall, to the fullest extent permitted by Legal Requirement, be null and void ab initio.

 

3.             Additional
Agreements.

 

3.1            Exchangeable
Election. Each Stockholder agrees that promptly after its receipt of an Election Form, it shall (a) return such Election
Form and validly make an LP Election with respect to all shares of Leo Common Stock, including New Leo Common Stock, owned
by such Stockholder, in accordance with the terms and conditions of the Integration Agreement (the “MHR Election”)
and (b) not revoke such MHR Election.

 

3.2            Agreement
to Vote. Subject to Section 3.3 below, prior to the earlier of (x) the Expiration Time or (y) immediately following
the time at which the Requisite Stockholder Vote is obtained, each Stockholder irrevocably and unconditionally agrees that it shall,
at any meeting of the stockholders of Leo (whether annual or special and whether or not an adjourned or postponed meeting), however
called, for the purpose of voting on any of the matters set forth in clauses (a) or (b) below, appear at such meeting
or otherwise cause the Voting Leo Common Stock, including New Leo Common Stock, owned by such Stockholder, to be counted as present
thereat for purpose of establishing a quorum, and to vote, or cause to be voted at such meeting, not less than a number of shares
of Voting Leo Common Stock equal to 30% of the total outstanding voting common stock of Leo (being 6,428,123 shares of Leo Voting
Common Stock):

 

(a)            in
favor of the Integration Transaction and the Merger, but if and only if the Integration Agreement, is not modified, amended or
waived (unless such modification, amendment or waiver is in a writing previously consented to in writing by such Stockholder);
and

 

(b)            against
(i) any agreement, transaction or proposal that relates to an Alternative Proposal; (ii) any action or agreement that
would reasonably be expected to result in a breach by any member of the Leo Group of any covenant, representation or warranty or
any other obligation or agreement contained in the Integration Agreement and (iii) any other action that could reasonably
be expected to impede, interfere with, delay, postpone or adversely affect any of the transactions contemplated by the Integration
Agreement, including the Merger, or this Agreement. Any attempt by any of the Stockholders to vote, consent or express dissent
with respect to (or otherwise to utilize the voting power of), the Stockholders in contravention of Section 3.2 shall be null
and void ab initio.

 

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3.3            Adjournment,
Dissent, Record Ownership. Nothing in this Agreement will limit, prevent or restrict any Stockholder from voting in its sole
and absolute discretion with respect to any adjournment, recess or postponement of a meeting of the stockholders of Leo presented
for a vote in compliance with Section 9.1(a) of the Integration Agreement. If any of the Stockholders is the beneficial
owner, but not the holder of record, of any Voting Leo Common Stock, including any New Leo Common Stock, eligible to vote at a
meeting, the Stockholder agrees to take all actions necessary to cause the holder of record and any nominees to vote all of such
Voting Leo Common Stock at such meeting in accordance with this Section 3.2.

 

3.4            No
Solicitation. Each Stockholder acknowledges and agrees that such Stockholder and its directors, officers, employees, members,
partners, consultants, accountants, legal counsel, investment bankers and other advisors, agents or other representatives, acting
at the direction of or on behalf of such Stockholder, MHR Fund Management LLC or any of their respective controlled Affiliates
(collectively, the “MHR Persons”) are Representatives of Leo for purposes of Section 9.3 of the Integration
Agreement and accordingly, such Stockholder will, and will cause the other MHR Persons to, comply with their obligations in such
capacity as set forth in Section 9.3 of the Integration Agreement. For all purposes of this Agreement: (a) no portfolio
company of any fund or other investment vehicle advised or managed by MHR Fund Management LLC shall constitute an MHR Person of
any Stockholder in each case unless and to the extent that such person acts at the direction of or on behalf of any MHR Person
and (b) in no event will Leo or any of its Subsidiaries be deemed to be an Affiliate or an MHR Person of any Stockholder).

 

3.5         Cooperation.

 

(a)            For
purposes of this Section 3.5, (i) “Applicable Filing” means only those filings, if any, that are requested
by a Governmental Agency or required by applicable Legal Requirement to be made by a Stockholder in connection with the Contemplated
Transactions, and (ii) “Filing Party” when used in this Section 3.5 (other than Section 3.5(f)(ii))
shall only include a Stockholder if such Stockholder has an Applicable Filing, and then only to the extent of such Applicable Filing.

 

(b)            HSR
Act; Competition Act. Each Stockholder (to the extent considered a Filing Party with respect to this Section 3.5(b)) shall,
and shall cause its controlled Affiliates and use reasonable best efforts to cause its other Affiliates to:

 

(i)            as
promptly as practicable following the date hereof and in any event no later than 15 Business Days after the date hereof, file,
or cause to be filed (and not withdraw without the other Filing Parties’ consents),

 

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(1)            a
Notification and Report Form under the HSR Act with the FTC and the Antitrust Division in connection with the Contemplated
Transactions (and request early termination of the HSR Act waiting period),

 

(2)            submissions
to the Commissioner of Competition including an application for an Advance Ruling Certificate, and, if requested by Topco, the
notifications required under Section 114 of the Competition Act with respect to the Contemplated Transactions, and

 

(ii)            use
its reasonable best efforts to

 

(1)            respond
as promptly as practicable to all inquiries received from the FTC, the Antitrust Division or the Commissioner of Competition for
additional information or documentation, including to any “Second Request” made pursuant to 15 U.S.C. § 18a(e)(1)(A),
and furnish to the other Filing Parties such necessary information and reasonable assistance as the other Filing Parties may request
in connection with the preparation of any required applications, notices, registrations and requests as may be required or advisable
to be filed with the FTC, the Antitrust Division or the Commissioner of Competition; provided, however, that disclosure of any
such information may be limited to inside counsel or outside legal advisors and consultants,

 

(2)            cause
the waiting period under the HSR Act to terminate or expire at the earliest possible date and obtain Competition Act Approval at
the earliest possible date, and

 

(3)            avoid
each and every impediment under the HSR Act and the Competition Act with respect to the Contemplated Transactions so as to enable
the Closing to occur as soon as reasonably possible.

 

(c)            Radiocommunication
Act; Communications Act. Each Stockholder (to the extent considered a Filing Party with respect to this Section 3.5(c))
shall, and shall cause its controlled Affiliates and use reasonable best efforts to cause its other Affiliates to:

 

(i)            as
promptly as practicable following the date hereof and in any event no later than 15 Business Days after the date hereof, file,
or cause to be filed, any applications to or notifications of ISED required or advisable under the Radiocommunication Act and related
regulations and policies in respect of the earth station licenses issued to Transit (and disclosed in writing by Transit to Topco
prior to the date hereof) and the space station and spectrum authorizations in connection with the change in control of Transit
on the consummation of the Contemplated Transactions, including for any required approvals thereof;

 

(ii)            subject
to receipt of the necessary information required to make such filings, as promptly as practicable following the date hereof and
in any event no later than 15 Business Days after the date hereof, file, or cause to be filed, all applicable filings required
by or advisable under the Communications Act; and

 

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(iii)           use
its reasonable best efforts to respond as promptly as practicable to all inquiries received from ISED or the FCC (including the
Team Telecom Agencies) for additional information or documentation and to cause all necessary or desirable approvals under the
Communications Act and the Radiocommunication Act to be received, at the earliest possible date.

 

(d)            CFIUS.
Each Stockholder (to the extent considered a Filing Party with respect to this Section 3.5(d)) agrees to use, and to cause
its Affiliates to use, reasonable best efforts to obtain CFIUS Approval.

 

(i)             Such
reasonable best efforts shall include, as soon as practicable following the date hereof (and in no event later than 15 Business
Days following the date hereof), agreeing on parties to submit, and submitting or causing to be submitted to CFIUS, a draft CFIUS
Notice in accordance with 31 C.F.R. Part 800 and the DPA, and after prompt resolution of all questions and comments received
from CFIUS on such draft, preparing and submitting to CFIUS the final CFIUS Notice, which shall in any event be submitted promptly
after the date all questions and comments received from CFIUS on such draft have been resolved or after CFIUS staff shall have
indicated to the Filing Parties that CFIUS has no questions or comments.

 

(ii)            Such
reasonable best efforts shall also include providing any information requested by CFIUS or any other agency or branch of the U.S.
government in connection with the CFIUS review or investigation of the Contemplated Transactions, within the time period specified
by 31 C.F.R. §800.504(a)(3), or otherwise specified by the CFIUS staff.

 

(iii)           Each
Stockholder (to the extent considered a Filing Party with respect to this Section 3.5(d)) shall, in connection with such reasonable
best efforts to obtain the CFIUS Approval, (x) cooperate in all respects and consult with each other in connection with the
CFIUS Notice, including by allowing the Integration Parties to have a reasonable opportunity to review in advance and comment on
drafts of filings and submissions; (y) promptly inform the Integration Parties of any communication received by such Stockholder
from, or given by such Stockholder to, CFIUS, by promptly providing copies to the Integration Parties of any such written communications,
except for any exhibits to such communications providing the personal identifying information required by 31 C.F.R. §800.502(c)(5)(vi);
and (z) permit the Integration Parties to review in advance any communication that it gives to, and consult with each other
in advance of any meeting, telephone call or conference with CFIUS, and to the extent not prohibited by CFIUS, give the other Filing
Parties the opportunity to attend and participate in any telephonic conferences or in-person meetings with CFIUS, in each of clauses
 “(x),” “(y)” and “(z)”, subject to confidentiality considerations contemplated by the DPA or
required by CFIUS.

 

(iv)           Notwithstanding
anything to the contrary contained in this Agreement, in the event of a CFIUS Turndown, no Stockholder shall have any further obligation
to seek CFIUS Approval.

 

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(e)            Team
Telecom. Each Stockholder (to the extent considered a Filing Party with respect to this Section 3.5(e)) agrees to take,
or cause to take, or to approve or cause to approve to the extent required or advisable the steps described in this ‎Section 3.5(e),
and to use its reasonable best efforts to obtain FCC approval, including by prosecuting any concomitant national security review
by the Team Telecom Agencies and seeking FCC approval of the Contemplated Transactions. In furtherance and not in limitation of
the above, each Stockholder (to the extent considered a Filing Party with respect to this Section 3.5(e)) shall, and shall
cause its controlled Affiliates and use reasonable best efforts to cause its other Affiliates to, use reasonable best efforts to
respond as promptly as practicable to all inquiries received from the FCC (including the Team Telecom Agencies) for additional
information or documentation and to cause all necessary or desirable approvals under the Communications Act with respect thereto
to be received at the earliest possible date.

 

(f)             Further
Actions. In furtherance and not in limitation of the covenants of the parties hereto contained in this Agreement:

 

(i)             With
respect to Section 3.5(d) of this Agreement, each Stockholder (to the extent considered a Filing Party with respect to
Section 3.5(d)) shall, and shall cause its controlled Affiliates and use reasonable best efforts to cause its other Affiliates
to, use reasonable best efforts to,

 

(1)            respond
as promptly as practicable to all inquiries received from Governmental Agencies for additional information or documentation and
supply to any Governmental Agency as promptly as practicable any additional information or documents that may be requested pursuant
to any Legal Requirement or by such Governmental Agency (including, for the avoidance of doubt, to any “Second Request”
made pursuant to 15 U.S.C. § 18a(e)(1)(A)),

 

(2)            cooperate
in all respects with each other, and consider in good faith the views of the Integration Parties with respect to obtaining all
consents, approvals, licenses, permits, waivers, orders and authorizations contemplated by this ‎Section 3.5 that are
necessary to consummate the Contemplated Transactions,

 

(3)            allow
the Integration Parties to have a reasonable opportunity to review in advance and reasonably comment on drafts of filings and submissions
in respect of any Agreed Governmental Filings, and such Stockholder shall consider any such reasonable comments in good faith;

 

(4)            promptly
inform the Integration Parties of any material communication received by any Stockholder, or given by any Stockholder in connection
with any Agreed Governmental Filings by promptly providing copies to the Integration Parties of any such written communications;
and

 

(5)            permit
the Integration Parties to review in advance any material communication that it gives to, and consult with the Integration Parties
in advance of any meeting, material telephone call or conference in connection with any Agreed Governmental Filings, and to the
extent not prohibited by Legal Requirements or the applicable Governmental Agency, give the Integration Parties the opportunity
to attend any material telephonic conferences or in-person meetings with the such Governmental Agency, in each of clauses “(C)”,
 “(D)” and “(E)”, subject to reasonable confidentiality and privilege considerations, or contemplated by
or required by Legal Requirements or the applicable Governmental Agency.

 

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(ii)            Each
Stockholder shall supply information and documents that are in its control, or in the control of its controlled Affiliates, to
the Filing Parties under the Integration Agreement (or, in the case of information that is within the control of (a) a Stockholder’s
or its Affiliates’ portfolio companies and (y) a Stockholders’ Affiliates other than its controlled Affiliates,
such Stockholder shall request such information) as promptly as practicable, any necessary information or documents that may be
reasonably required in connection with the Agreed Governmental Filings or to respond to all inquiries received from Governmental
Agencies; provided, however, that disclosure of any personal or confidential information may be limited to inside counsel, outside
legal advisors, consultants and the applicable Governmental Agencies (it being understood that disclosure to the applicable Governmental
Agencies may, in some circumstances, result in the public disclosure of such information); provided, further, that, where disclosure
to a Governmental Agency could reasonably be expected to result in public disclosure, at the request of such Stockholder, the Filing
Parties under the Integration Agreement shall request confidential treatment for any personal or confidential information (it being
understood that the denial of confidential treatment by any Governmental Agency shall not prevent any filing from being made).

 

(iii)           Subject
to applicable Legal Requirements and the instructions of any Governmental Agency, each Stockholder shall keep the Integration Parties
apprised of the status of any Applicable Filings as to which such Stockholder is a Filing Party, including, to the extent permitted
by Legal Requirements, promptly furnishing each other with copies of notices or other communications sent or received by it or
any of its controlled Affiliates, to or from any Governmental Agency with respect thereto (subject to sharing on an outside counsel
basis or redacting to address reasonable privilege, confidential or competition-sensitive concerns). Each Stockholder to the extent
it is a Filing Party shall permit each of the Integration Parties to review in advance any proposed communication to any Governmental
Agency with respect to any such Applicable Filing (subject to sharing on an outside counsel basis or redacting to address reasonable
privilege, confidential or competition-sensitive concerns), and shall consider in good faith their comments thereon. Each Stockholder
to the extent it is a Filing Party agrees not to participate in any substantive meeting or discussion, either in person or by telephone,
with any Governmental Agency with respect to any such Applicable Filing unless it consults with the Integration Parties in advance
and, to the extent not prohibited by Legal Requirements or the relevant Governmental Agency, gives the Integration Parties (or
their external legal counsel) the opportunity to attend and participate. Notwithstanding anything to the contrary in this ‎Section 3.5,
no Stockholder shall be required to provide the other with personal identifying information required under the DPA, any information
that is to be provided directly to CFIUS in accordance with the DPA, or any information prohibited from disclosure under NISPOM
or the ITAR.

 

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(g)           Nothing
contained in this Agreement shall give any Stockholder, directly or indirectly, the right to control, supervise or direct, or attempt
to control, supervise or direct, the operations of any other Integration Party prior to the Closing Date, including any facility
that is subject to a Permit that is held or controlled by Leo or Transit. Prior to the Closing Date, each Stockholder shall exercise,
subject to the terms and conditions of this Agreement, complete control and supervision over its and its respective Affiliates’
operations.

 

(h)           Notwithstanding
anything to the contrary contained in this ‎Section 3.5, in no event shall each Stockholder be required to take or not
take any action that would, directly or indirectly, modify or limit any of such Stockholder’s rights and interests under
this Agreement, the Amended and Restated Topco Organizational Documents or any other agreement set forth as an Exhibit to
the Integration Agreement to which such Stockholder is a party; provided that, to the extent such Stockholder is entitled to information
under such documents that relates to XTAR, the applicable portion of such information that relates to XTAR need not be provided
to such Stockholder if and to the extent required to obtain any approval with respect to an Agreed Governmental Filing or prohibited
by applicable Legal Requirements.

 

3.6           Publicity.
Each Stockholder shall, and shall cause its MHR Persons and their controlled Affiliates to take all actions and comply with all
covenants in Section 12.2 of the Integration Agreement as if they were a “Party” thereto.

 

3.7           Share
Designation.

 

(a)            To
the extent that the Integration Parties determine to seek a listing on the Toronto Stock Exchange, whether in connection with Closing
or thereafter, each Stockholder shall cooperate reasonably to finalize the designation of the name of the Class A Topco Common
Shares or Class B Topco Common Shares to a name agreed to between the Integration Parties and acceptable to the Toronto Stock
Exchange, and in connection therewith, the amendment and/or modification of any agreement, document or filing or form thereof (for
the avoidance of doubt, including the Schedules and Exhibits attached hereto) to the extent necessary to reflect such name change.

 

(b)           To
the extent that the Canadian Securities Authorities require a change in the designation of the name of the Class A Topco Common
Shares or the Class B Topco Common Shares to be qualified in the Canadian Prospectus, each Stockholder shall reasonably cooperate
to revise and finalize the designation of the name of the Topco Common Shares to a name agreed to between the Integration Parties
and acceptable to the Canadian Securities Authorities, and in connection therewith, to amend and/or modify any agreement, document
or filing or form thereof (for the avoidance of doubt, including the Schedules and Exhibits attached hereto) to the extent necessary
to reflect such name change.

 

(c)            Each
Stockholder shall cooperate to minimize the amendments and/or modifications required pursuant to ‎this Section 3.7, including
by using the same changed names.

 

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3.8           Other Agreements. In
connection with the Closing and as contemplated in Section 2.2 of the Integration Agreement, each of the parties contemplated
in the following agreements will, and will cause their applicable Affiliates to, execute and deliver the same: (i) the Partnership
Agreement; (ii) the Topco Post-Closing Investor Rights Agreement; and (iii) the Registration Rights Agreement.

 

3.9           Amendment of Integration
Agreement. The parties hereto agree that they shall not and shall not agree to, any modification, amendment or waiver of the
Integration Agreement unless such modification, amendment or waiver is previously consented to in writing by each Stockholder.

 

4.            Irrevocable
Proxy.

 

4.1            Grant
of Irrevocable Proxy. Each Stockholder hereby irrevocably appoints Transit and any designee of Transit, and each of them individually,
as such Stockholder’s proxy and attorney-in-fact, to vote with respect to any Voting Leo Common Stock, including New Leo
Common Stock, beneficially owned or owned of record by such Stockholder, in each case solely to the extent and in the manner specified
in Section 3.2. This proxy is given to secure the performance of the duties of such Stockholder under this Agreement, and
its existence will not be deemed to relieve such Stockholder of its obligations under Section 3.2. For Voting Leo Common Stock,
including New Leo Common Stock, as to which the Stockholder is the beneficial but not the record owner, such Stockholder will cause
any record owner of such Leo Common Stock, including New Leo Common Stock, to grant to Transit a proxy to the same effect as that
contained in this Section 4.1 to the extent required to comply with Section 3.2.

 

4.2            Nature
of Irrevocable Proxy. Until the earlier of (a) the Expiration Time and (b) immediately following the time in which
the Requisite Stockholder Vote is obtained, the proxy and power of attorney granted pursuant to Section 4.1 by each Stockholder
shall be irrevocable, shall be deemed to be coupled with an interest sufficient in law to support an irrevocable proxy and shall
revoke any and all prior proxies granted by such Stockholder with regard to such Stockholder’s Voting Leo Common Stock, including
New Leo Common Stock, beneficially owned or owned of record by such Stockholder, and such Stockholder acknowledges that the proxy
constitutes an inducement for Transit and Polaris to enter into the Integration Agreement. The power of attorney granted by each
Stockholder is a durable power of attorney and shall survive the bankruptcy, dissolution, death or incapacity of such Stockholder.
The proxy and power of attorney granted hereunder shall terminate at the earlier of (i) the Expiration Time. and (ii) immediately
following the time in which the Requisite Stockholder Vote is obtained.

 

5.            Representations
and Warranties of the Stockholders. Each Stockholder hereby represents and warrants to Transit and Polaris as of the date hereof
as follows:

 

5.1            Due
Authority. Such Stockholder has all necessary power and authority to execute, deliver and perform its respective obligations
under this Agreement and to make the MHR Election. The execution, delivery and performance by the Stockholders of this Agreement
and the making of the MHR Election. have been duly and validly authorized by all necessary action on behalf of the Stockholders.
No other actions or proceedings on the part of any of the Stockholders are necessary to authorize this Agreement or the making
of the MHR Election. This Agreement has been duly and validly executed and delivered by such Stockholder and, assuming the due
authorization, execution and delivery of this Agreement by each of the other parties hereto, constitutes a binding obligation of
such Stockholder, enforceable against such Stockholder in accordance with its terms, except as may be limited by the Enforceability
Exceptions. Each other agreement or document contemplated by this Agreement to be entered into or executed or delivered by any
Stockholder at or prior to Closing to which such Stockholder is or will be a party will be duly and validly executed and delivered
by such Stockholder, and will constitute a binding obligation of such Stockholder, enforceable against such Stockholder in accordance
with its terms, except as may be limited by the Enforceability Exceptions.

 

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5.2            No
Conflict or Violation. The execution, delivery and performance by the Stockholders of this Agreement and the making
of the MHR Election, will not (with notice or lapse of time, or both), (a) conflict with or violate any provision of the
articles of incorporation, bylaws or other equivalent organizational or governing documents of such Stockholder, (b) conflict
with or violate any Contract to which such Stockholder is a party or by which any property or assets of such Stockholder is bound,
(c) conflict with or violate any Order binding upon such Stockholder and (d) assuming that all Permits and other actions
described in Section 5.3 of this Agreement have been obtained and all filings and other obligations described in Section 5.3
of this Agreement have been made and any waiting periods thereunder have terminated or expired, conflict with or violate any Legal
Requirement applicable to such Stockholder or any of its properties or assets, except in the case of the foregoing clauses (b),
(c) or (d) for such violations or conflicts that would not reasonably be expected to have, individually or in the aggregate,
a Meteor Material Adverse Effect.

 

5.3            Governmental
Consents and Approvals. The execution, delivery and performance by such Stockholder of its obligations under this Agreement
and the making of the MHR Election, each in accordance with the terms hereof and thereof, will not require filing with, or notification
to, any Governmental Agency with respect to such Stockholder, except (a) for (i) the Agreed Governmental Filings, (ii) the
filing of the Certificate of Merger pursuant to the DGCL, and (iii) any filings as may be required under the Securities Exchange
Act of 1934 and (b) where the failure to obtain such Permits, or to make such filings, registrations or notifications would
not reasonably be expected to have, individually or in the aggregate, a Meteor Material Adverse Effect.

 

5.4            Actions
and Proceedings. There are no outstanding Orders to which such Stockholder is subject or bound that would reasonably be expected
to have, individually or in the aggregate, a Meteor Material Adverse Effect. There are no Proceedings pending or, to the knowledge
of such Stockholder, threatened in writing against any Stockholder, which would reasonably be expected to have, individually or
in the aggregate, a Meteor Material Adverse Effect.

 

    	 	11	 

     

    

 

5.5           Ownership
of the Leo Common Stock.

 

(a)            As
of the date hereof, such Stockholder is the beneficial or record owner of the shares of Leo Common Stock indicated on Schedule
A hereto opposite the Stockholder’s name, free and clear of any and all Liens, other than those created by this Agreement
or as disclosed on Schedule A; and

 

(b)            As
of the record date of the meeting of the stockholders of Leo contemplated in Section 3.2 of this Agreement, such Stockholder
has the power to vote or direct the vote of all of the shares of Voting Leo Common Stock beneficially owned or owned of record
by such Stockholder. As of the date hereof, such Stockholder does not own, beneficially or of record, any capital stock or other
securities of Leo other than the shares of Leo Common Stock set forth on Schedule A opposite the Stockholder’s name. As of
the date hereof, such Stockholder does not own, beneficially or of record, any rights to purchase or acquire any shares of capital
stock or other securities of Leo except as set forth on Schedule A opposite such Stockholder’s name.

 

5.6           Brokers’
Fees. No Person is entitled to any brokerage, finder’s or other similar fee or commission payable by such Stockholder
or any of its Affiliates (excluding, for the avoidance of doubt, any member of the Leo Group) in connection with the Contemplated
Transactions based upon arrangements made by or on behalf of such Stockholder.

 

5.7           Information
Supplied. None of the information supplied or to be supplied by such Stockholder concerning such Stockholder, MHR Fund Management
LLC or their respective Affiliates (for the avoidance of doubt, excluding Leo, Transit or their respective subsidiaries) in writing,
including, without limitation, details of ownership of Leo Common Stock by such Stockholder, specifically and expressly for inclusion
or incorporation by reference in the Leo Proxy Statement, the Form F-4 or the Canadian Prospectus will, in the case of the
Leo Proxy Statement at the time the Leo Proxy Statement is first mailed to Leo’s stockholders and at the time of the Leo
Stockholder Meeting, in the case of the Form F-4 and the Canadian Prospectus at the Closing, contain any untrue statement
of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements
therein, in light of the circumstances under which they are made, not misleading, except that no representation or warranty is
made by such Stockholder with respect to statements made or incorporated by reference therein based on information supplied by
or on behalf of any Person other than such Stockholder for inclusion or incorporation by reference therein.

 

6.            Termination.
Except as set forth in the last sentence of this Section 6, this Agreement shall terminate, become null and void, and shall
have no further force or effect immediately as of and following the earliest to occur of (a) the Effective Time and (b) such
date and time as the Integration Agreement shall be terminated validly pursuant to Article 11 thereof. Notwithstanding anything
else contained herein, such termination shall not relieve any party from liability for any material breach of this Agreement by
the party prior to such termination. Section 3.9 of this Agreement shall survive such termination.

 

    	 	12	 

     

    

 

7.             Notice
of Certain Events. Each Stockholder shall notify Transit, Leo and Polaris promptly of (a) any fact, event or circumstance
that would cause, or reasonably be expected to cause or constitute, a breach in any material respect of the representations and
warranties of such Stockholder under this Agreement or (b) the receipt by such Stockholder of any notice or other communication
from any Person alleging that the consent of such Person is or may be required in connection with this Agreement; provided, however,
that the delivery of any notice pursuant to this Section 7 shall not limit or otherwise affect the remedies available to Transit,
Leo or Polaris.

 

8.             Capacity.
Each Stockholder is entering into this Agreement solely in its capacity as the record holder or beneficial owner of such Stockholder’s
shares of Leo Common Stock. Nothing herein is intended to or shall limit, affect or restrict any employee, director, officer or
representative of any Stockholder or its Affiliates, in his or her capacity as a director of Leo or Transit or any of their respective
subsidiaries (including voting on matters put to any such board or any committee thereof, influencing officers, employees, agents,
management or the other directors of Leo or Transit, any of their respective subsidiaries and taking any action or making any statement
at any meeting of such board or any committee thereof) or in the exercise of his or her fiduciary duties as a director of Leo or
Transit or any of its subsidiaries.

 

9.             Stockholder
Obligation Several and Not Joint. The obligations of each Stockholder hereunder shall be several and not joint, and no Stockholder
shall be liable for any breach of the terms of this Agreement by any other Stockholder.

 

10.           No
Ownership Interest. Nothing contained in this Agreement shall be deemed to vest in Transit or Polaris any direct or indirect
ownership or incidence of ownership of or with respect to any Stockholder’s shares of Leo Common Stock. All rights, ownership
and economic benefits of and relating to any such Stockholder’s shares of Leo Common Stock shall remain vested in and belong
solely to such Stockholder.

 

11.           Miscellaneous.

 

11.1          Severability.
If any term or other provision of this Agreement is determined to be invalid, illegal or incapable of being enforced by any rule of
law or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect
so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse
to any party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the
parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely
as possible to the fullest extent permitted by applicable law in an acceptable manner to the end that the transactions contemplated
hereby are fulfilled to the extent possible.

 

    	 	13	 

     

    

 

11.2         Binding
Effect and Assignment. This Agreement and all of the provisions hereof shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and permitted assigns.

 

11.3          Amendments
and Modifications. This Agreement may not be modified, amended, altered or supplemented except upon the execution and delivery
of a written agreement executed by all of the parties hereto.

 

11.4          Specific
Performance; Injunctive Relief. The parties hereto agree that irreparable damage would occur in the event any provision of
this Agreement was not performed in accordance with the terms hereof or was otherwise breached. It is accordingly agreed that the
parties shall be entitled to specific relief hereunder, including, without limitation, an injunction or injunctions to prevent
and enjoin breaches of the provisions of this Agreement and to enforce specifically the terms and provisions hereof, in the Delaware
Court of Chancery and any state appellate court therefrom within the State of Delaware (unless the Delaware Court of Chancery shall
decline to accept jurisdiction over a particular matter, in which case, in any federal court within the State of Delaware), in
addition to any other remedy to which they may be entitled at law or in equity. Any requirements for the securing or posting of
any bond with respect to any such remedy are hereby waived.

 

11.5          Notices.
All notices, demands and other communications to be given or delivered under or by reason of the provisions of this Agreement shall
be in writing and shall be deemed to have been given (a) when personally delivered; (b) when delivered, if sent to the
recipient by electronic mail during normal business hours of the recipient, and otherwise on the next Business Day; provided,
that, if sent by electronic mail, the notice, demand or other communication shall be confirmed by the same being sent to
recipient by reputable express courier service (charges prepaid) or (c) upon receipt when sent by certified or registered
mail, postage prepaid. Notices, demands and other communications, in each case to the respective Parties, shall be sent to the
applicable address set forth below:

 

(i)            if
to any Stockholder, to the address set forth for such party on Schedule A

 

	 	with a copy to (which shall not be considered notice)
each of the following :
	 	 
	 	Name:	c/o
MHR Fund Management LLC
	 	Address:	1345 Avenue of the Americas
	 	 	42nd Floor
	 	 	New York, New York 10105
	 	Attention:	Keith Schaitkin and Janet Yeung
	 	 	 
	 	Email:	jYeung@mhrfund.com
	 	Email:	KSchaitkin@mhrfund.com

 

    	 	14	 

    

    

		(ii)	if to Polaris

 

	 	Public Sector Pension Investment Board
	 	1250 René-Lévesque Blvd. West.
	 	Suite 1400
	 	Montréal, Québec
	 	Attention:	Senior Vice President and Global Head of Credit
and Private Equity
	 	Email:	privateequity@investpsp.ca
	 	With a copy to:  legalnotices@investpsp.ca
	 	 	 
	 	with a copy to (which shall not be considered notice):
	 	 	 
	 	Name:	Weil,
Gotshal & Manges LLP
	 	Address:	767 Fifth Avenue
	 	 	New York, New York 10153
	 	Attention:	Douglas Warner
	 	 	 
	 	Email:	doug.warner@weil.com

 

		(iii)	if to Transit

 

	 	Telesat Canada
	 	160 Elgin Street, Suite 2100
	 	Ottawa, Ontario, Canada
K2P 2P7
	 	Attention:	Chris DiFrancesco
	 	 	 
	 	Email:	CDiFrancesco@telesat.com
	 	 	 
	 	 	 
	 	with a copy to (which shall not be considered notice):
	 	 	 
	 	Name:	Wachtell,
Lipton, Rosen & Katz
	 	Address:	51 West 52nd Street
	 	 	New York, New York 10019
	 	Attention:	John L. Robinson
	 	 	 
	 	Email:	JLRobinson@wlrk.com

 

Any Party may, by notice
given in accordance with this Section 11.5 to the other Parties, designate another address or person for receipt of notices
hereunder. Notwithstanding the first paragraph of this Section 11.5, notice of such a change shall be effective only upon
receipt.

 

11.6          APPLICABLE
LAW; JURISDICTION OF DISPUTES. THIS AGREEMENT, AND ALL MATTERS ARISING OUT OF
OR RELATING TO THIS AGREEMENT, including (a) its negotiation, execution and validity and (b) any Proceeding, whether
at law or in equity, whether in contract, tort or otherwise (including any representation or warranty made in or in connection
with this Agreement or as an inducement to enter into this Agreement), SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE
WITH THE INTERNAL LAWS OF THE STATE OF DELAWARE WITHOUT GIVING EFFECT TO any laws, rules or provisions of the State of Delaware
that would cause the application of the laws, rules or provisions of any jurisdiction other than the State of Delaware. Any
Proceeding against any Party or any of its assets arising out of or relating to this Agreement shall be brought exclusively in
the courts of the State of Delaware or, if it has subject matter jurisdiction, the United States District Court for the District
of Delaware, and each Party hereby irrevocably and unconditionally consents and submits to the exclusive jurisdiction of such
courts over the subject matter of any such Proceeding. Each Party irrevocably waives and agrees not to raise any objection it
might now or hereafter have to any such Proceeding in any such court including any objection that the place where such court is
located is an inconvenient forum or that there is any other Proceeding in any other place relating in whole or in part to the
same subject matter. Each Party irrevocably consents to process being served by any Party in any Proceeding by delivery of a copy
thereof in accordance with the provisions of Section 11.5 and agrees that nothing in this Agreement will affect the right
of any Party to serve process in any other manner permitted by applicable Legal Requirements.

 

11.7          WAIVER
OF JURY TRIAL. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY
TO INVOLVE COMPLICATED AND DIFFICULT ISSUES OF FACT AND LAW, AND THEREFORE, EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY
WAIVES ANY RIGHT SUCH PARTY MAY OTHERWISE HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING
OUT OF OR RELATING TO THE NEGOTIATION, OR ENTERING INTO OF THIS AGREEMENT, OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT.
EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY
OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (B) EACH
PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (C) EACH PARTY MAKES THIS WAIVER VOLUNTARILY, AND (D) EACH
PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 11.7.

 

    	 	15	 

     

    

 

11.8          Entire
Agreement. This Agreement, and the sections of the Integration Agreement referred to in this Agreement, contains the entire
agreement of the Stockholders with any of the other parties hereto in respect of the subject matter hereof, and supersedes all
prior negotiations and understandings between the parties with respect to such subject matter.

 

11.9          Counterparts.
This Agreement may be executed in several counterparts, each of which shall be an original, but all of which together shall constitute
one and the same agreement.

 

11.10        Effect
of Headings. The section headings herein are for convenience only and shall not affect the construction of interpretation of
this Agreement.

 

11.11        No
Agreement Until Executed. Irrespective of negotiations among the parties or the exchanging of drafts of this Agreement, this
Agreement shall not constitute or be deemed to evidence a contract, agreement, arrangement or understanding between the parties
hereto unless and until this Agreement is executed and delivered by all parties hereto.

 

11.12        Legal
Representation. This Agreement was negotiated by the parties with the benefit of legal representation and any rule of
construction or interpretation otherwise requiring this Agreement to be construed or interpreted against any party shall not apply
to any construction or interpretation thereof.

 

11.13        Expenses.
All costs and expenses incurred in connection with this Agreement shall be paid by the party incurring such cost or expense.

 

[Signature page follows]

 

    	 	16	 

     

    

 

IN WITNESS WHEREOF,
the parties have caused this Agreement to be duly executed on the date and year first above written.

 

	 	TELESAT CANADA
	 	 
	 	 
	 	By:	/s/ Christopher S.
DiFrancesco
	 	Name:	Christopher S. DiFrancesco
	 	Title:	Vice President, General
Counsel and Secretary
	 	 
	 	 
	 	PUBLIC SECTOR PENSION INVESTMENT BOARD
	 	 
	 	 
	 	By:	/s/ Guthrie Stewart
	 	Name:	Guthrie Stewart
	 	Title: 	Authorized Signatory
	 	 	 
	 	 	 
	 	By:	/s/
David Morin
	 	Name:	David Morin
	 	Title: 	Authorized Signatory

 

[Signature Page to
Voting Support Agreement]

 

     

     

    

 

	 	STOCKHOLDERS:
	 	 
	 	 
	 	MHR INSTITUTIONAL PARTNERS LP
	 	 
	 	By: 	MHR Institutional Advisors LLC, its General Partner
	 	 
	 	 
	 	By:	/s/ Janet Yeung
	 	Name:	Janet Yeung
	 	Title:	Authorized Signatory
	 	 
	 	 
	 	MHRA LP
	 	 
	 	By: 	MHR Institutional Advisors LLC, its General Partner
	 	 
	 	 
	 	By:	/s/ Janet Yeung
	 	Name:	Janet
Yeung
	 	Title: 	Authorized Signatory
	 	 	 
	 	 	 
	 	MHRM LP
	 	 	 
	 	By: 	MHR Institutional Advisors LLC, its General Partner
	 	 	 
	 	 	 
	 	By:	/s/
Janet Yeung
	 	Name:	Janet Yeung
	 	Title: 	Authorized Signatory

 

[Signature Page to
Voting Support Agreement]

 

     

     

    

 

	 	MHR INSTITUTIONAL PARTNERS II LP
	 	 
	 	By: 	MHR Institutional Advisors II LLC, its General Partner
	 	 
	 	 
	 	By:	/s/ Janet Yeung
	 	Name:	Janet Yeung
	 	Title:	Authorized Signatory
	 	 
	 	 
	 	MHR INSTITUTIONAL PARTNERS IIA LP
	 	 
	 	By: 	MHR Institutional Advisors II LLC, its General Partner
	 	 
	 	 
	 	By:	/s/ Janet Yeung
	 	Name:	Janet
Yeung
	 	Title: 	Authorized Signatory
	 	 	 
	 	 	 
	 	MHR INSTITUTIONAL PARTNERS III LP
	 	 	 
	 	By: 	MHR Institutional Advisors III LLC, its General
Partner
	 	 	 
	 	 	 
	 	By:	/s/
Janet Yeung
	 	Name:	Janet Yeung
	 	Title: 	Authorized Signatory
	 	 	 
	 	 	 
	 	MHR CAPITAL PARTNERS MASTER ACCOUNT II HOLDINGS LLC
	 	 	 
	 	By: 	MHR Advisors LLC, the General Partner of its Sole
Member
	 	 	 
	 	 	 
	 	By:	/s/ Janet Yeung
	 	Name:	Janet Yeung
	 	Title:	Authorized Signatory

 

[Signature Page to
Voting Support Agreement]

 

     

     

    

 

		MHR CAPITAL PARTNERS MASTER ACCOUNT LP
	 	 	 
	 	By: 	MHR Advisors LLC, its General Partner
	 	 	 
	 	 	 
	 	By:	/s/
Janet Yeung
	 	Name:	Janet Yeung
	 	Title: 	Authorized Signatory
	 	 	 
	 	 	 
	 	MHR CAPITAL PARTNERS (100) LP
	 	 	 
	 	By: 	MHR Advisors LLC, its General Partner
	 	 	 
	 	 	 
	 	By:	/s/ Janet Yeung
	 	Name:	Janet Yeung
	 	Title:	Authorized Signatory

 

[Signature Page to Voting Support
Agreement]

 

     

     

    

 

SCHEDULE A

 

	Name	 	Address for Notice	 	Voting Common Stock	 	Non-Voting Common Stock
	MHR Institutional Partners LP	 	1345 Ave of the Americas 42nd Floor New York, NY 10105	 	 2,123,874	 	-
	MHRA LP	 	1345 Ave of the Americas 42nd Floor New York, NY 10105	 	 205,476	 	-
	MHRM LP	 	1345 Ave of the Americas 42nd Floor New York, NY 10105	 	 305,541	 	-
	MHR Institutional Partners II LP	 	1345 Ave of the Americas 42nd Floor New York, NY 10105	 	 960,033	 	540,200
	MHR Institutional Partners IIA LP	 	1345 Ave of the Americas 42nd Floor New York, NY 10105	 	 2,418,660	 	1,360,934
	MHR Institutional Partners III LP	 	1345 Ave of the Americas 42nd Floor New York, NY 10105	 	 1,211,467	 	6,389,497
	MHR Capital Partners Master Account II Holdings LLC	 	1345 Ave of the Americas 42nd Floor New York, NY 10105	 	 1,115,347	 	1,089,120
	MHR Capital Partners Master Account  LP	 	1345 Ave of the Americas 42nd Floor New York, NY 10105	 	 34,732	 	-
	MHR Capital Partners (100) Account  LP	 	1345 Ave of the Americas 42nd Floor New York, NY 10105	 	 154,289	 	125,922
	TOTAL	 	 	 	 8,529,419	 	9,505,673

 

LIENS:--------------------------------------------------------------------Exhibit 10.4

 

EXECUTION
VERSION

 

SUBSCRIPTION AGREEMENT

 

This Subscription Agreement (this “Agreement”)
is entered into as of November 23, 2020, by and between Loral Space & Communications Inc., a Delaware corporation
(the “Company”), and Telesat Partnership LP, a Canadian limited partnership (the “Subscriber”).
The Company and the Subscriber are referred to collectively as the “Parties” and each individually as a “Party”.
Reference is hereby made to that certain Transaction Agreement and Plan of Merger by and among the Company, the Subscriber and
the other parties set forth on the signature pages thereto (the “Integration Agreement”). Capitalized terms
used but not otherwise defined herein shall have the meanings ascribed to such terms in the Integration Agreement.

 

RECITALS

 

WHEREAS, pursuant to Article IV of
that certain Amended and Restated Certificate of Incorporation of the Company filed by the Company with the Secretary of State
of the State of Delaware on May 19, 2009 (the “Certificate of Incorporation”), the Company is authorized
to issue preferred stock of the Company from time to time in one or more series, each of which series shall have such distinctive
designation or title, number of shares, rights, preferences, powers, restrictions or limitations as shall be determined by the
Board of Directors of the Company;

 

WHEREAS, pursuant to Article IV of
the Certificate of Incorporation, on November 24, 2020, the Company will file that certain Certificate of Designation with
the Secretary of State of the State of Delaware, which sets forth the designations, rights, preferences, powers, restrictions and
limitations of the Series B Preferred Stock, par value $0.01 per share, of the Company (the “Series B Preferred
Stock”);

 

WHEREAS, the Board of Directors of the Company
has approved the issuance and sale of five (5) shares (the “Shares”) of Series B Preferred Stock on
the terms and subject to the conditions set forth in this Agreement; and

 

WHEREAS, the Subscriber desires to purchase
from the Company, and the Company desires to sell to the Subscriber, the Shares, all on the terms set forth herein.

 

NOW, THEREFORE, in consideration of the
foregoing and for other good and valuable consideration, the Parties hereby agree as follows:

 

AGREEMENT

 

Section 1.            Issuance
of Series B Preferred Stock.

 

1.1.            Subject
to the terms and conditions set forth herein, on the date hereof, the Company hereby agrees to issue and sell to the Subscriber,
and the Subscriber hereby agrees to purchase from the Company, the Shares at the purchase price of $20.08 per Share (the “Purchase
Price”).

 

    

     

    

 

1.2.            The
closing of the purchase, sale and issuance of the Shares pursuant to this Agreement shall occur at the New York offices of Willkie
Farr & Gallagher LLP, 787 Seventh Avenue, New York, New York 10019 on the date hereof.

 

1.3.            The
sale and purchase of the Shares pursuant to this Agreement shall be effected on the date hereof by the Company updating the books
and records of the Company to reflect the additional Shares, against delivery by the Subscriber to the Company of the aggregate
Purchase Price for such Shares. Such payment to be made to the Company by wire transfer of immediately available funds to an account
designated by the Company.

 

Section 2.            Representations
and Warranties of the Company. The Company represents and warrants to the Subscriber as of the date hereof that:

 

2.1.            The
Company is in good standing under the laws of the State of Delaware.

 

2.2.            The
Company has all requisite power and authority necessary (a) to carry on its business as now being conducted and (b) to
execute and deliver this Agreement and perform its obligations hereunder.

 

2.3.            The
Company has authorized the execution and delivery of this Agreement and the sale and issuance of the Shares. When executed and
delivered by the Company, this Agreement shall constitute a legal, valid and binding obligation of the Company, enforceable in
accordance with its terms.

 

2.4.            The
Shares, when issued, sold and delivered in accordance with the terms of this Agreement, will be duly and validly issued, fully
paid and non-assessable, and will be free and clear of all liens, charges, claims and encumbrances.

 

2.5.            Notwithstanding
any provision of this Agreement to the contrary, the Company makes no representations or warranties to the Subscriber or to any
other person in connection with the transactions contemplated by this Agreement, except as specifically set forth in this Section 2.
All other representations and warranties, whether express or implied, are disclaimed by the Company.

 

Section 3.            Representations
and Warranties of the Subscriber. The Subscriber represents and warrants as of the date hereof that:

 

3.1.            The
Subscriber is duly organized, validly existing and in good standing under the laws of its jurisdiction of formation.

 

3.2.            The
Subscriber has full power and authority to execute and deliver this Agreement and to perform its obligations hereunder. When executed
and delivered by the Subscriber, this Agreement shall constitute a legal, valid and binding obligation of the Subscriber enforceable
in accordance with its terms.

 

3.3.            The
Subscriber has been advised and understands that the Shares have not been registered under the Securities Act of 1933, as amended
(the “Securities Act”), on the ground that the offer and sale of such Shares to the Subscriber are exempt from
the registration requirements of the Securities Act. The Subscriber understands that the Company’s reliance on such exemption
is predicated in part on the representations of the Subscriber that are contained herein. The Subscriber understands that it must
bear the economic risk of an investment in the Shares being purchased by it for an indefinite period of time because the Shares
have not been registered under the Securities Act and, therefore, cannot be sold unless they are subsequently registered under
the Securities Act or an exemption from such registration is available.

 

    	 	2	 

     

    

 

3.4.            The
Subscriber understands that the acquisition of the Shares involves a high degree of risk, that there is no established market for
the Shares and that it is not likely that any public market for the Shares will develop in the near future.

 

3.5.            The
Subscriber is acquiring the Shares to be acquired by the Subscriber hereunder for its own account and not with a view to, or for
resale in connection with, the distribution thereof in violation of the Securities Act.

 

3.6.            The
Subscriber has the knowledge and experience in financial and business matters such that the Subscriber is capable of evaluating
the merits and risks of such investment, is able to incur a complete loss of such investment and is able to bear the economic risk
of such investment for an indefinite period of time.

 

3.7.            The
Subscriber has carefully considered the potential risks relating to the Company and the acquisition of the Shares. The Subscriber
is familiar with the business and financial condition, properties, operations and prospects of the Company and has had the opportunity
to ask questions of, and receive answers from the Company concerning the terms and conditions of the investment and to obtain additional
information (to the extent the Company possessed such information or could acquire it without unreasonable effort or expense) necessary
to verify the accuracy of any information furnished to the Subscriber or to which the Subscriber has had access. The Subscriber
has made, either alone or together with its advisors, such independent investigation of the Company as the Subscriber deems to
be, or its advisors deem to be, necessary or advisable in connection with this investment. The Subscriber understands that no federal
or state agency has passed upon this investment or upon the Company, nor has any such agency made any finding or determination
as to the fairness of the investment.

 

3.8.            The
Subscriber acknowledges and agrees that neither the Company nor any representative or agent thereof has made any representations
or warranties in connection with the transactions contemplated by this Agreement, except as specifically set forth in Section 2,
and the Subscriber has not relied upon any representations or warranties from any person or entity other than the representations
and warranties set forth in Section 2.
The Subscriber understands and agrees that, other than the representations and warranties of the Company set forth in Section 2,
neither the Company nor any representative or agent thereof makes any representation or warranty, expressed or implied, as to the
accuracy or completeness of the information provided or to be provided to the Subscriber by or on behalf of the Company or any
other person or entity or related to the transactions contemplated hereby or any other document or instrument referred to herein,
and nothing contained in any other documents or instruments provided or statements made by or on behalf of the Company or any other
person or entity to the Subscriber is, or shall be relied upon as, a promise or representation by the Company or any representative
or agent thereof or any other person or entity that any such information is accurate or complete.

 

    	 	3	 

     

    

 

3.9.            The
Subscriber is an “accredited investor” as that term is defined in Rule 501(a) promulgated under the Securities
Act.

 

3.10.            The
Company shall not have any liability of any kind in respect of any brokerage or finders’ fees, agents’ commissions
or other similar payment to any broker, finder, agent or like party retained by or on behalf of the Subscriber.

 

3.11.            Notwithstanding
any provision of this Agreement to the contrary, the Subscriber makes no representations or warranties to the Company or to any
other person in connection with the transactions contemplated by this Agreement, except as specifically set forth in this Section 3.
All other representations and warranties, whether express or implied, are disclaimed by the Subscriber.

 

Section 4.            Miscellaneous.

 

4.1.            Entire
Agreement. This Agreement sets forth the entire understanding among the Parties with respect to the subject matter hereof and
supersedes all prior agreements, written or oral, with respect thereto.

 

4.2.            Successors
and Assigns. This Agreement shall bind and inure to the benefit of the Parties and their respective successors, assigns, heirs
and representatives.

 

4.3.            Survival.
All covenants, agreements, representations and warranties made herein shall survive the execution and delivery hereof and transfer
of any Shares.

 

4.4.            Counterparts.
This Agreement may be executed by the Parties 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.

 

4.5.            Severability.
In the event that any one or more of the provisions (or parts thereof) contained in this Agreement or in any other instrument referred
to herein, shall, for any reason, be held to be invalid, illegal or unenforceable in any respect, then to the maximum extent permitted
by law, such invalidity, illegality or unenforceability shall not affect any other provision (or part thereof) of this Agreement
or any other such instrument. Furthermore, in lieu of any such invalid or unenforceable term or provision (or part thereof), the
Parties intend that there shall be added as a part of this Agreement a provision (or part thereof) as similar in terms to such
invalid or unenforceable provision as may be possible and be valid and enforceable.

 

4.6.            Notices.
All notices, demands and other communications to be given or delivered under or by reason of the provisions of this Agreement shall
be in writing and shall be deemed to have been given (a) when personally delivered; (b) when delivered, if sent to the
recipient by electronic mail during normal business hours of the recipient, and otherwise on the next Business Day; provided
that, if sent by electronic mail, the notice, demand or other communication shall be confirmed by the same being sent by one of
the means contemplated by the following clauses (c) or (d) (it being understood that delivery shall be effective in accordance
with this clause (b)); (c) one Business Day after the date when sent to recipient by reputable express courier service (charges
prepaid) if it is also sent by clause (b); or (d) upon receipt when sent by certified or registered mail, postage prepaid.
Notices, demands and other communications, in each case to the respective Parties, shall be sent to the applicable address set
forth below:

 

    	 	4	 

     

    

 

If to the Company:

 

Loral Space & Communications
Inc.

600 Fifth Avenue

New York, New York 10020

Attn: Avi Katz

Email: akatz@hq.loral.com

 

With a concurrent copy (which
shall not constitute notice) to:

 

Willkie Farr & Gallagher
LLP

787 Seventh Avenue

New York, New York
10019

Attn: Maurice M. Lefkort and
A. Mark Getachew

Email: mlefkort@willkie.com; mgetachew@willkie.com

 

If to the Subscriber:

 

Telesat Partnership, LP

c/o Telesat Canada

160 Elgin Street, Suite 2100

Ottawa, Ontario, Canada

K2P 2P7

Attn: Chris DiFrancesco

Email: CDiFrancesco@telesat.com

 

With concurrent copies (which
shall not constitute notice) to:

 

Wachtell, Lipton, Rosen & Katz

51 West 52nd Street

New York, New York 10019

 

Attn: John L. Robinson

Email: JLRobinson@wlrk.com

 

Weil, Gotshal & Manges LLP

767 Fifth Avenue

New York, New York 10153

Attn: Douglas Warner

Email: doug.warner@weil.com

 

Any Party may, by notice given in accordance
with this Section ‎4.6 to the other Parties, designate another address or person for receipt of notices hereunder.
Notwithstanding the first paragraph of this Section ‎4.6, notice of such a change shall be effective only upon
receipt.

 

    	 	5	 

     

    

 

4.7.            Non-Recourse.
Notwithstanding anything to the contrary contained in this Agreement, express or implied, the Parties acknowledge and agree that,
this Agreement may be enforced only against the entities that are expressly named as Parties and then only with respect to the
specific obligations set forth herein with respect to such Party. No past, present or future director, officer, employee, incorporator,
member, manager, general or limited partner, stockholder, Affiliate, agent, attorney or representative of any Party, nor any of
their respective Affiliates (including any person negotiating or executing this Agreement on behalf of a Party), all of which are
intended to be third party beneficiaries of this Section 4.7, shall have any Liability for any obligations or Liabilities
of any Party with respect to this Agreement or with respect to any claim or cause of action (whether in contract, tort or otherwise)
based on, arising out of or relating to this Agreement or the transactions contemplated hereby (including the negotiation, execution
or performance of this Agreement and any representation or warranty made in or in connection with this Agreement or as an inducement
to enter into this Agreement).

 

4.8.            Governing
Law.

 

(a)            This
Agreement, and all matters arising out of or relating to this Agreement, including (i) its negotiation, execution and validity
and (ii) any Proceeding, whether at law or in equity, whether in contract, tort or otherwise (including any representation
or warranty made in or in connection with this Agreement or as an inducement to enter into this Agreement), shall be governed by,
construed and interpreted in accordance with the internal laws of the State of Delaware, without giving effect to any laws, rules or
provisions of the State of Delaware that would cause the application of the laws, rules or provisions of any jurisdiction
other than the State of Delaware. Any Proceeding against any Party or any of its assets arising out of or relating to this Agreement
shall be brought exclusively in the courts of the State of Delaware or, if it has subject matter jurisdiction, the United States
District Court for the District of Delaware, and each Party hereby irrevocably and unconditionally consents and submits to the
exclusive jurisdiction of such courts over the subject matter of any such Proceeding.

 

(b)            Each
Party irrevocably waives and agrees not to raise any objection it might now or hereafter have to any such Proceeding in any such
court including any objection that the place where such court is located is an inconvenient forum or that there is any other Proceeding
in any other place relating in whole or in part to the same subject matter. Each Party irrevocably consents to process being served
by any Party in any Proceeding by delivery of a copy thereof in accordance with the provisions of Section ‎4.6
and agrees that nothing in this Agreement will affect the right of any Party to serve process in any other manner permitted by
applicable Legal Requirements.

 

(c)            EACH
PARTY HEREBY ACKNOWLEDGES AND AGREES THAT ANY DISPUTE OR CONTROVERSY WHICH MAY ARISE UNDER OR RELATE TO THIS AGREEMENT IS
LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES AND, THEREFORE, EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES
ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING
TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

    	 	6	 

     

    

 

4.9.            No
Third-Party Beneficiaries. Nothing in this Agreement is intended or shall be construed to give any Person, other than the Parties,
their successors and permitted assigns, any legal or equitable right, remedy or claim under or in respect of this Agreement or
any provision contained herein.

 

[Signature pages follow]

 

    	 	7	 

     

    

 

IN WITNESS WHEREOF, the Parties, intending to be legally bound
by the terms hereof, have caused this Agreement to be executed, under seal, as of the date first above written by their officers
or other representatives thereunto duly authorized.

 

	 	THE COMPANY:
	 	 
	 	LORAL SPACE& COMMUNICATIONS INC.
	 	 
	 	By:	/s/ Avi Katz
	 	 	Name:	Avi Katz
	 	 	Title:	President, General Counsel and Secretary

 

[Signature
Page to Subscription Agreement]

 

    

     

    

 

	 	THE SUBSCRIBER:
	 	 
	 	TELESAT PARTNERSHIP LP
	 	 
	 	By:	Telesat Corporation, its general partner
	 	 
	 	By:	/s/ Christopher S. DiFrancesco
	 	 	Name:	Christopher S. DiFrancesco
	 	 	Title:	Vice President, General Counsel and Secretary

 

[Signature
Page to Subscription Agreement]

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