Document:

EXHIBIT 10.39

                               MOTIENT CORPORATION

                          REGISTRATION RIGHTS AGREEMENT

         This REGISTRATION RIGHTS AGREEMENT (this "Agreement") is made as of
April 7, 2004 by and among (i) MOTIENT CORPORATION, a Delaware corporation, (the
"Company") (ii) The Raptor Global Portfolio, Ltd., The Tudor BVI Global
Portfolio, Ltd., The Altar Rock Fund L.P. and Tudor Proprietary Trading, L.L.C.
(collectively, the "Tudor Investors"), each of which is listed on Schedule 1
hereto, and (iii) each other investor listed on Schedule 1 hereto (each of the
persons or entities described in clauses (ii) and (iii), individually, an
"Investor" and, collectively, the "Investors").

         WHEREAS, the Company has agreed to issue and sell to the Investors, and
the Investors have agreed to purchase from the Company, an aggregate of
4,215,910 shares (the "Shares") of the Company's common stock, $0.01 par value
per share (including any securities into which or for which such shares may be
exchanged for, or converted into, pursuant to any stock dividend, stock split,
stock combination, recapitalization, reclassification, reorganization or other
similar event, the "Common Stock"), all upon the terms and conditions set forth
in the Common Stock Purchase Agreement, dated as of the date hereof, between the
Company and the Investors (the "Stock Purchase Agreement"); and

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

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

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

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

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

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

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

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

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

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

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

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

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

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

         "SEC" means the Securities and Exchange Commission.

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

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

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

         2. MANDATORY FORM S-1 REGISTRATION.

         (a) As promptly as possible after the date hereof, and in any event no
later than June 30, 2004 (the "Filing Date") the Company will prepare and file
with the SEC a registration statement on Form S-1 for the purpose of registering
under the Securities Act all of the Registrable Shares for resale by, and for
the account of, each Investor as an initial selling stockholder thereunder (the
"Mandatory S-1 Registration Statement"). The Mandatory S-1 Registration
Statement shall permit the Investors to offer and sell, on a delayed or
continuous basis pursuant to Rule 415 under the Securities Act, any or all of
the Registrable Shares. The Company agrees to use its best efforts to cause the
Mandatory S-1 Registration Statement to be declared effective as soon as
possible but in no event later than ninety (90) calendar days after the Filing
Date (the "Mandatory Effective Date") (including filing with the SEC, within
three (3) Business Days of the date that the Company is notified (orally or in
writing, whichever is earlier) by the SEC that the Mandatory S-1 Registration
Statement will not be "reviewed" or will not be subject to further review, a
request for acceleration of effectiveness in accordance with Rule 461
promulgated under the Securities Act (an "Acceleration Request"), which request
shall request an effective date that is within three (3) Business Days of the
date of such request). The Company shall notify each Investor in writing
promptly (and in any event within one (1) Business Day) after the Company's
submission of an Acceleration Request to the SEC. The Company shall be required
to keep the Mandatory S-1 Registration Statement continuously effective
(including through the filing of any required post-effective amendments) until
the earlier to occur of (i) the date after which all of the Registrable Shares
registered thereunder shall have been sold and (ii) the second (2nd) anniversary
of the later to occur of (a) the Mandatory Effective Date and (b) the date on
which each Warrant has either vested in full, or the date on which by the terms
of such Warrant there are no additional Warrant Shares with respect to which it
is possible for the Warrant to vest; provided, that in either case such date
shall be extended by the amount of time of any Suspension Period. Thereafter,
the Company shall be entitled to withdraw the Mandatory S-1 Registration
Statement and, upon such withdrawal, the Investors shall have no further right
to offer or sell any of the Registrable Shares pursuant to the Mandatory S-1
Registration Statement (or any Prospectus relating thereto).

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

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

         (d) Notwithstanding anything in this Agreement to the contrary, the
Investors' sole remedy for the failure of the Company to file the Mandatory S-1
Registration Statement on or prior to June 30, 2004, shall be the vesting of the
Warrants as provided for therein.

         2A.      MANDATORY S-3 REGISTRATION RIGHTS

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

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

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

         3. "PIGGYBACK REGISTRATION".

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

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

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

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

         (a) No less than five (5) Business Days prior to filing, as required
hereunder, the Mandatory S-1 Registration Statement or Prospectus or any
amendments or supplements thereto (including any document that would be
incorporated or deemed to have been incorporated therein by reference (other
than documents containing material nonpublic information)), the Company shall
(i) furnish to each Investor and any counsel selected by the Investors holding a
majority of the Registrable Shares ("Investors' Counsel") copies of all such
documents to be filed with the SEC, which documents shall be subject to the
review of the Investors and Investors' Counsel, (ii) cause its officers and
directors, counsel and certified public accountants to respond to such inquiries
as shall be necessary, in the reasonable opinion of Investors' Counsel, to
conduct a reasonable investigation within the meaning of the Securities Act, and
(iii) notify the Investors and the Investors' Counsel of any stop order issued
or threatened by the SEC and use best efforts to prevent the entry of such stop
order or to remove it if entered. The Company shall not file the Mandatory S-1
Registration Statement, Prospectus or any amendments or supplements (other than
periodic reports required under the Exchange Act) thereto to which Investors
holding a majority of the Registrable Shares shall reasonably object to in
writing prior to filing; provided; however that the deadline set forth in
Section 2 hereof by which date the Mandatory S-1 Registration Statement is to be
filed shall be tolled during any period in which the Company and the Investors
address matters raised by the Investors in such written objection only if, and
for so long as, such objecting Investors consent in writing to such tolling.

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

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

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

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

         (f) Use best efforts to avoid the issuance of or, if issued, obtain the
withdrawal of, (i) any order suspending the effectiveness of any Registration

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Statement or (ii) any suspension of the qualification (or exemption from
qualification) of any of the Registrable Shares for sale in any jurisdiction, as
promptly as possible (it being understood that, in the case of the Mandatory S-1
Registration Statement, any period during which the effectiveness of the
Mandatory S-1 Registration Statement or the qualification of any Registrable
Shares is suspended shall constitute a Suspension Period).

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

         (h) As promptly as possible furnish to each selling Investor, without
charge, such number of copies of a Prospectus, including a preliminary
Prospectus, in conformity with the requirements of the Securities Act, and such
other documents (including, without limitation, Prospectus amendments and
supplements) as each such selling Investor may reasonably request in order to
facilitate the disposition of the Registrable Shares covered by such Prospectus
and any amendment or supplement thereto. The Company hereby consents to the use
of such Prospectus and each amendment or supplement thereto by each of the
selling Investors in connection with the offering and sale of the Registrable
Shares covered by such Prospectus and any amendment or supplement thereto to the
extent permitted by federal and state securities laws and regulations.

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

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

         (k) Cooperate with any reasonable due diligence investigation
undertaken by the Investors, any managing underwriter participating in any
disposition pursuant to a Registration Statement, Investors' Counsel and any
attorney, accountant or other agent retained by Investors or any managing
underwriter, in connection with the sale of the Registrable Shares, including,
without limitation, making available any documents and information; provided,
however, that the Company will not deliver or make available to any Investor

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material, nonpublic information unless such Investor specifically requests and
consents in advance in writing to receive such material, nonpublic information
and, if requested by the Company, such Investor agrees in writing to treat such
information as confidential.

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

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

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

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

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

         (a) To the fullest extent permitted by law, the Company will indemnify
and hold harmless each Investor and each officer, director, fiduciary, agent,
investment advisor, employee, member (or other equity holder), general partner
and limited partner (and affiliates thereof) of such Investor, each broker or
other person acting on behalf of such Investor and each person, if any, who
controls such Investor within the meaning of the Securities Act, against any
losses, claims, damages or liabilities, joint or several, (the "Losses") to
which they may become subject under the Securities Act or otherwise, insofar as
such Losses (or actions in respect thereof) arise out of or relate to any untrue
or alleged untrue statement of any material fact contained in the Registration
Statement, or arise out of or relate to the omission or alleged omission to
state therein a material fact required to be stated therein, or necessary to
make the statements therein not misleading, or any violation by the Company of
the Securities Act or state securities or blue sky laws applicable to the
Company and leading to action or inaction required of the Company in connection
with such registration or qualification under such Securities Act or state
securities or blue sky laws; and, subject to the provisions of Section 7(c)
hereof, the Company will reimburse on demand such Investor, such broker or other
person acting on behalf of such Investor or such officer, director, fiduciary,
employee, member (or other equity holder), general partner, limited partner,
affiliate or controlling person for any legal or other expenses reasonably
incurred by any of them in connection with investigating or defending any such
loss, claim, damage, liability or action; provided, however, that the indemnity
agreement contained in this Section 7(a) shall not apply to amounts paid in

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settlement of any such Losses if such settlement is effected without the consent
of the Company (which consent shall not be unreasonably withheld), nor shall the
Company be liable in any such case for any such loss, damage, liability or
action to the extent that it solely arises out of or is based upon an untrue
statement of any material fact contained in the Registration Statement or
omission to state therein a material fact required to be stated therein or
necessary to make the statements therein not misleading, in each case to the
extent that such untrue statement or alleged untrue statement or omission or
alleged omission was made in the Registration Statement, in reliance upon and in
conformity with written information furnished by such Investor expressly for use
in connection with such Registration Statement.

         (b) To the fullest extent permitted by law, each Investor, severally
and not jointly, will indemnify and hold harmless the Company, each of its
directors, each of its officers who have signed the Registration Statement, each
person, if any, who controls the Company within the meaning of the Securities
Act, and all other Investors against any Losses to which the Company or any such
director, officer or controlling person or other Investor may become subject to,
under the Securities Act or otherwise, insofar as such Losses (or actions in
respect thereto) solely arise out of or are based upon any untrue statement of
any material fact contained in the Registration Statement, or solely arise out
of or relate to the omission to state therein a material fact required to be
stated therein or necessary to make the statements therein not misleading, in
each case to the extent that such untrue statement or alleged untrue statement
or omission or alleged omission was made in the Registration Statement in
reliance upon and in conformity with written information furnished by such
Investor expressly for use in connection with such Registration Statement; and,
subject to the provisions of Section 7(d) hereof, such Investor will reimburse
on demand any legal or other expenses reasonably incurred by the Company or any
such director, officer, controlling person, or other Investor in connection with
investigating or defending any such Losses, provided, however, that the maximum
amount of liability of such Investor hereunder shall be limited to the proceeds
(net of underwriting discounts and commissions, if any) actually received by
such Investor from the sale of Registrable Shares covered by such Registration
Statement; and provided, further, however, that the indemnity agreement
contained in this Section 7(b) shall not apply to amounts paid in settlement of
any such Losses if such settlement is effected without the consent of such
Investor against which the request for indemnity is being made (which consent
shall not be unreasonably withheld).

         (c) As promptly as possible after receipt by an indemnified party under
this Section 7 of notice of the threat, assertion or commencement of any action,
such indemnified party will, if a claim in respect thereof is to be made against
any indemnifying party under this Section 7, notify the indemnifying party in
writing of the commencement thereof and the indemnifying party shall have the
right to participate in and, to the extent the indemnifying party desires,
jointly with any other indemnifying party similarly noticed, to assume at its
expense the defense thereof with counsel mutually satisfactory to the parties;
provided, however, that, the failure to notify an indemnifying party promptly of

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<PAGE>

the threat, assertion or commencement of any such action shall not relieve such
indemnifying party of any liability to the indemnified party under this Section
7 except (and only) to the extent that it shall be finally determined by a court
of competent jurisdiction (which determination is not subject to appeal or
further review) that such failure shall have proximately and materially
adversely prejudiced the indemnifying party.

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

         (e) If the indemnification provided for in this Section 7 from the
indemnifying party is applicable by its terms but unavailable to an indemnified
party hereunder in respect of any Losses, then the indemnifying party, in lieu
of indemnifying such indemnified party, shall contribute to the amount paid or
payable by such indemnified party as a result of such losses, claims, damages,
liabilities or expenses in such proportion as is appropriate to reflect the
relative fault of the indemnifying party and indemnified party in connection
with the actions which resulted in such losses, claims, damages, liabilities or
expenses, as well as any other relevant equitable considerations. The relative
faults of such indemnifying party and indemnified party shall be determined by
reference to, among other things, whether any action in question, including any
untrue or alleged untrue statement of a material fact or omission or alleged
omission to state a material fact, has been made by, or relates to information
supplied by, such indemnifying party or indemnified party, and the parties'
relative intent, knowledge, access to information and opportunity to correct or
prevent such action. The amount paid or payable by a party as a result of the
losses, claims, damages, liabilities and expenses referred to above shall be
deemed to include, subject to the limitations set forth in Sections 7(a), 7(b)
7(c) and 7(d), any legal or other fees, charges or expenses reasonably incurred
by such party in connection with any investigation or proceeding. No person
guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of
the Securities Act) shall be entitled to contribution from any person. The
parties hereto agree that it would not be just and equitable if contribution
pursuant to this Section 7(e) were determined by pro rata allocation or by any
other method of allocation which does not take account of the equitable
considerations referred to in the immediately preceding paragraph.

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

                                       11
<PAGE>

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

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

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

         11. MISCELLANEOUS.

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

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

                                       12
<PAGE>

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

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

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

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

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

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

                           [signature pages to follow]

                                       13
<PAGE>

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

                                   MOTIENT CORPORATION

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

                                   INVESTORS:

                                   THE RAPTOR GLOBAL PORTFOLIO LTD.
                                   By: Tudor Investment Corporation,
                                   Investment Advisors

                                   By: /s/ William T. Flaherty
                                       -----------------------------------------
                                   Name:   William T. Flaherty
                                   Title:  Managing Director

                                   THE TUDOR BVI GLOBAL PORTFOLIO, LTD.
                                   By: Tudor Investment Corporation,
                                   Trading Advisor

                                   By: /s/ William T. Flaherty
                                       -----------------------------------------
                                   Name:   William T. Flaherty
                                   Title:  Managing Director

                                   THE ALTAR ROCK FUND L.P.
                                   By: Tudor Investment Corporation,
                                   General Partner

                                   By: /s/ William T. Flaherty
                                       -----------------------------------------
                                   Name:   William T. Flaherty
                                   Title:  Managing Director

                                   TUDOR PROPRIETARY TRADING, L.L.C.

                                   By: /s/ William T. Flaherty
                                       -----------------------------------------
                                   Name:   William T. Flaherty
                                   Title:  Managing Director

                                       14
<PAGE>

                                   HIGHLAND CRUSADER OFFSHORE PARTNERS, L.P.
                                   By: Highland Capital Management, L.P.
                                   As General Partner

                                   By: /s/ Todd Travers
                                       ----------------------------------------
                                   Name:   Todd Travers
                                   Title:  Senior Portfolio Manager

                                   YORK DISTRESSED OPPORTUNITIES FUND, L.P.

                                   By: /s/ Adam J. Semler
                                        ----------------------------------------
                                   Name:   Adam J. Semler
                                   Title:  CFO

                                   YORK SELECT, L.P.

                                   By: /s/ Adam J. Semler
                                       -----------------------------------------
                                   Name:   Adam J. Semler
                                   Title:  CFO

                                   YORK SELECT UNIT TRUST

                                   By: /s/ Adam J. Semler
                                       -----------------------------------------
                                   Name:   Adam J. Semler
                                   Title:  CFO

                                   M&E ADVISORS LLC

                                   By: /s/ Philip Mandelbaum
                                       -----------------------------------------
                                   Name:   Philip Mandelbaum
                                   Title:  CFO

                                       15
<PAGE>

                                   CATALYST CREDIT OPPORTUNITY FUND
                                   By Catalyst Investment Management, LLC,
                                   its managing member

                                   By: /s/ Francis X. Gallagher
                                       -----------------------------------------
                                   Name:   Francis X. Gallagher
                                   Title:  Principal

                                   CATALYST CREDIT OPPORTUNITY FUND
                                   OFFSHORE
                                   By Catalyst Investment Management, LLC,
                                   its managing member

                                   By: /s/  Francis X. Gallagher
                                       -----------------------------------------
                                   Name:   Francis X. Gallagher
                                   Title:  Principal

                                   DCM LTD.
                                   By Catalyst Investment Management, LLC,
                                   its managing member

                                   By: /s/ Francis X. Gallagher
                                       -----------------------------------------
                                   Name:   Francis X. Gallagher
                                   Title:  Principal

                                   GREYWOLF CAPITAL II L.P.

                                   By: /s/ William Troy
                                       ----------------------------------------
                                   Name:   William Troy
                                   Title:  COO

                                   GREYWOLF CAPITAL OVERSEAS FUND

                                   By: /s/ William Troy
                                       -----------------------------------------
                                   Name:   William Troy
                                   Title:  COO

                                       16
<PAGE>

                                   LC CAPITAL MASTER FUND

                                   By: /s/ Richard P. Conway
                                       -----------------------------------------
                                   Name:   Richard P. Conway
                                   Title:  Director

                                       17
<PAGE>

                                                                       Exhibit A

                  All correspondence to the Company shall be addressed as
follows:

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

                  with copies to:

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

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

                  All correspondence to the Tudor Investors shall be addressed
                  as follows:

                           Tudor Investment Corporation
                           15303 Ventura Boulevard, Suite 900
                           Sherman Oaks, CA  91403
                           Attention:   Darryl L. Schall
                           Telecopier:  (818) 380-3065

                  with copies to:

                           Tudor Investment Corporation
                           1275 King Street
                           Greenwich, CT  06831
                           Attention:   Stephen N. Waldman, Esq.
                           Telecopier:  (203) 861-5144

                           Bingham McCutchen, LLP
                           150 Federal Street
                           Boston, Massachusetts 02110
                           Attention:   Victor J. Paci, Esq.
                                        Meerie M. Joung, Esq.
                           Telecopier:  (617) 951-8736

                                       18
<PAGE>

                                   Schedule 1

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

The Raptor Global Portfolio Ltd.

The Tudor BVI Global Portfolio, Ltd.

The Altar Rock Fund L.P.

Tudor Proprietary Trading, L.L.C.

Highland Crusader Offshore Partners, L.P.

York Distressed Opportunities Fund, L.P.

York Select, L.P.

York Select Unit Trust

M&E Advisors LLC

Catalyst Credit Opportunity Fund

Catalyst Credit Opportunity Fund Offshore

DCM, Ltd.

Greywolf Capital II L.P.

Greywolf Capital Overseas Fund

LC Capital Master FundEXHIBIT 10.40

NEITHER THIS WARRANT NOR THE SHARES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE
STATE SECURITIES LAWS AND NEITHER THIS WARRANT NOR THE SHARES ISSUABLE UPON
EXERCISE OF THIS WARRANT MAY BE SOLD OR TRANSFERRED UNLESS THE REGISTRATION
PROVISIONS OF THE SAID ACT AND APPLICABLE STATE SECURITIES LAWS HAVE BEEN
COMPLIED WITH OR UNLESS COMPLIANCE WITH SUCH PROVISIONS IS NOT REQUIRED.

                                                              April 7, 2004

                               MOTIENT CORPORATION

                      FORM OF COMMON STOCK PURCHASE WARRANT

Void after June 30, 2009

         This Warrant (the "Warrant") entitles [___________________________]
(including any successors or assigns, the "Holder"), for value received, to
purchase from motient corporation, a Delaware corporation, at any time and from
time to time, subject to the terms and conditions set forth herein, during the
period starting from 5:00 a.m. on the Initial Exercise Date (as defined in
Section 1 below) to 5:00 p.m., Eastern time, on the Expiration Date (as defined
in Section 1 below), at which time this Warrant shall expire and become void,
all or any portion of the vested Warrant Shares at the Exercise Price (as
defined in Section 1 below). This Warrant also is subject to the following terms
and conditions:

         1. Definitions. As used in this Warrant, the following terms shall have
the respective meanings set forth below or elsewhere in this Warrant as referred
to below:

         "Affiliate" means any Person that, directly or indirectly, through one
or more intermediaries, controls, is controlled by, or is under common control
with, a Person, as such terms are used and construed under Rule 144, and any
Person (or group of Persons) who share(s) voting or investment power or is (are)
deemed a beneficial owner(s), as such terms are used and construed under Rule
13d-3 of the rules and regulations promulgated under the Securities Exchange Act
of 1934, as amended.

         "Closing Date" means the date of the closing of the transactions
contemplated under the Stock Purchase Agreement.

         "Common Stock" means the common stock, $0.01 par value per share, of
the Company (including any securities into which or for which such shares may be

                                       1
<PAGE>

exchanged for, or converted into, pursuant to any stock dividend, stock split,
stock combination, recapitalization, reclassification, reorganization or other
similar event).

         "Company" means Motient Corporation, a Delaware corporation.

         "Effective Date" means the earlier to occur of (i) date that occurs
ninety (90) days after the initial filing by the Company with the SEC of a
registration statement covering the resale of the Shares, and (ii) September 30,
2004.

         "Exercise Price" means, as applicable and as adjusted from time to time
pursuant to the terms of this Warrant, $5.50 per share of Common Stock.

         "Expiration Date" means June 30, 2009.

         "Fair Market Value" shall mean (i) if the Common Stock is traded on
Nasdaq, then the last reported sale price per share of Common Stock on the
Nasdaq-NMS or any national securities exchange in which such Common Stock is
quoted or listed, as the case may be, on the date immediately preceding each
date the Warrant is exercised or, if no such sale price is reported on such
date, such price on the next preceding business day in which such price was
reported, (ii) if the Common Stock is actively traded over-the-counter, then the
average of the closing bid and asked prices quoted on the Nasdaq-NMS (or similar
system) over the five (5) trading days ended on the trading day immediately
preceding each date the Warrant is exercised or (iii) if such Common Stock is
not traded, quoted or listed on the Nasdaq-NMS or any national securities
exchange or the over-the-counter market, then the fair market value of a share
of Common Stock, as determined in good faith by the Board of Directors of the
Company.

         "Holder" has the meaning set forth in the preamble of this Warrant.

         "Initial Exercise Date" means the date on which this Warrant first
vests in accordance with Section 2.1 hereof.

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

         "SEC" means the Securities and Exchange Commission

         "Shares" means the aggregate of 4,215,910 shares of Common Stock issued
pursuant to the Stock Purchase Agreement.

         "Stock Purchase Agreement" means that certain Common Stock Purchase
Agreement dated April 7, 2004, by and between the Company and the initial Holder
hereof.

                                       2
<PAGE>

         "Warrant Shares" means an aggregate of [_____________] shares of Common
Stock, after giving effect to all adjustments thereto provided for herein,
including, without limitation, those set forth in Section 4 hereof.

         2.  Exercise of Warrant.

                  2.1 Method of Exercise; Vesting. Subject to all of the terms
and conditions hereof (including the vesting provisions set forth below), this
Warrant may be exercised in whole or in part, with respect to then vested
Warrant Shares, at any time and from time to time during the period commencing
on the Initial Exercise Date and ending on the Expiration Date. Exercise shall
be by presentation and surrender to the Company at its principal office of this
Warrant and the notice and subscription form annexed hereto, executed by the
Holder, which shall indicate the number of shares for which the Holder intends
to exercise this Warrant, together with payment to the Company in accordance
with Section 3 hereof in an amount equal to the product of the Exercise Price
multiplied by the number of Warrant Shares being purchased upon such exercise.
Upon and as of receipt by the Company of such properly completed and duly
executed purchase form accompanied by payment as herein provided, the Holder
shall be deemed to be the Holder of record of the Warrant Shares issuable upon
such exercise, notwithstanding that the stock transfer books of the Company
shall then be closed or that certificates representing such Warrant Shares shall
not then actually be, or have been, delivered to the Holder.

         This Warrant shall become exercisable with respect to Warrant Shares
("vest") as follows: (i) with respect to 25% of the Warrant Shares, on June 30,
2004 if the Company shall not have prepared and filed a registration statement
with the SEC covering the resale of the Shares by such date, (ii) with respect
to an additional 25% (for a cumulative amount of 50%) of the Warrant Shares, on
the Effective Date if a registration statement covering the resale of the Shares
shall not have been declared effective by the SEC by such date, (iii) with
respect to an additional 25% (for a cumulative amount of 75%) of the Warrant
Shares, on the 30th day after the Effective Date, if a registration statement
covering the resale of the Shares shall not have been declared effective by the
SEC by such date and (iv) with respect to the remaining 25% (for a cumulative
amount of 100%) of the Warrant Shares, on the 60th day after the Effective Date,
if a registration statement covering the resale of the Shares shall not have
been declared effective by the SEC by such date; provided, however, that (i) if
this Warrant does not vest and become exercisable for any Warrant Shares in
accordance with this paragraph, then this Warrant shall become null and void and
(ii) no Warrant Shares shall vest, in any event, after April 7, 2007.

                  2.2 Delivery of Stock Certificates on Exercise. As soon as
practicable after the exercise of this Warrant, and in any event within three
(3) business days thereafter, the Company, at its expense, and in accordance
with applicable securities laws, will cause to be issued in the name of and
delivered to the Holder, or as the Holder may direct (subject in all cases, to
the provisions of Section 9 hereof), a certificate or certificates for the
number of Warrant Shares purchased by the Holder on such exercise, plus, in lieu
of any fractional share to which the Holder would otherwise be entitled, cash
equal to such fraction multiplied by the Fair Market Value.

                                       3
<PAGE>

                  2.3 Shares To Be Fully Paid and Nonassessable. All Warrant
Shares issued upon the exercise of this Warrant shall be validly issued, fully
paid and nonassessable, free of all liens, taxes, charges and other encumbrances
or restrictions on sale (other than those set forth herein).

                  2.4 Fractional Shares. No fractional shares of Common Stock or
scrip representing fractional shares of Common Stock shall be issued upon the
exercise of this Warrant. With respect to any fraction of a share of Common
Stock called for upon any exercise hereof, the Company shall make a cash payment
to the Holder as set forth in Section 2.2 hereof.

                  2.5 Issuance of New Warrants; Company Acknowledgment. Upon any
partial exercise of this Warrant, the Company, at its expense, will forthwith
and, in any event within three (3) business days, issue and deliver to the
Holder a new warrant or warrants of like tenor, registered in the name of the
Holder, exercisable, in the aggregate, for the balance of the Warrant Shares.
Moreover, the Company shall, at the time of any exercise of this Warrant, upon
the request of the Holder, acknowledge in writing its continuing obligation to
afford to the Holder any rights to which the Holder shall continue to be
entitled after such exercise in accordance with the provisions of this Warrant;
provided, however, that if the Holder shall fail to make any such request, such
failure shall not affect the continuing obligation of the Company to afford to
the Holder any such rights.

                  2.6 Payment of Taxes and Expenses. The Company shall pay any
recording, filing, stamp or similar tax which may be payable in respect of any
transfer involved in the issuance of, and the preparation and delivery of
certificates (if applicable) representing, (i) any Warrant Shares purchased upon
exercise of this Warrant and/or (ii) new or replacement warrants in the Holder's
name or the name of any transferee of all or any portion of this Warrant.

         3. Payment of Exercise Price. The Exercise Price for the Warrant Shares
being purchased may be paid (i) in cash, by certified check or by wire transfer
to an account designated in writing by the Company, (ii) by cancellation of
indebtedness owing from the Company to the Holder, (iii) by the Holder
surrendering a number of Warrant Shares having a Fair Market Value on the date
of exercise equal to, greater than (but only if by a fractional share) or less
than the required aggregate Exercise Price, in which case the Holder shall
receive the number of Warrant Shares to which it would otherwise be entitled
upon such exercise, less the surrendered shares, or (iv) any combination of the
methods described in the foregoing clauses (i), (ii) and (iii).

         4. Adjustment of Exercise Price. The Exercise Price shall be subject to
adjustment from time to time upon the happening of certain events as follows:

                  4.1. Subdivision or Combination of Stock. If at any time or
from time to time after the date hereof, the Company shall subdivide (by way of
stock dividend, stock split or otherwise) its outstanding shares of Common
Stock, the Exercise Price in effect immediately prior to such subdivision shall

                                       4
<PAGE>

be reduced proportionately and the number of Warrant Shares (calculated to the
nearest whole share) shall be increased proportionately, and conversely, in the
event the outstanding shares of Common Stock shall be combined (whether by stock
combination, reverse stock split or otherwise) into a smaller number of shares,
the Exercise Price in effect immediately prior to such combination shall be
increased proportionately and the number of Warrant Shares (calculated to the
nearest whole share) shall be decreased proportionately. The Exercise Price and
the number of Warrant Shares, as so adjusted, shall be readjusted in the same
manner upon the happening of any successive event or events described in this
Section 4.1.

                  4.2 Adjustment for Stock Dividends. If at any time after the
date hereof, the Company shall declare a dividend or make any other distribution
upon any class or series of stock of the Company payable in shares of Common
Stock or securities convertible into shares of Common Stock, the Exercise Price
and the number of Warrant Shares to be obtained upon exercise of this Warrant
shall be adjusted proportionately to reflect the issuance of any shares of
Common Stock or convertible securities, as the case may be, issuable in payment
of such dividend or distribution. The Exercise Price and the number of Warrant
Shares, as so adjusted, shall be readjusted in the same manner upon the
happening of any successive event or events described in this Section 4.2.

                  4.3 Adjustments for Reclassifications. If the Common Stock
issuable upon the conversion of this Warrant shall be changed into the same or a
different number of shares of any class(es) or series of stock, whether by
reclassification or otherwise (other than an adjustment under Sections 4.1 and
4.2 or a merger, consolidation, or sale of assets provided for under Section
4.4), then and in each such event, the Holder hereof shall have the right
thereafter to convert each Warrant Share into the kind and amount of shares of
stock and other securities and property receivable upon such reclassification,
or other change by holders of the number of shares of Common Stock into which
such Warrant Shares would have been convertible immediately prior to such
reclassification or change, all subject to successive adjustments thereafter
from time to time pursuant to and in accordance with, the provisions of this
Section 4.

                  4.4 Adjustments for Merger or Consolidation. In the event
that, at any time or from time to time after the date hereof, the Company shall
(a) effect a reorganization, (b) consolidate with or merge into any other
Person, or (c) sell or transfer all or substantially all of its properties or
assets or more than 50% of the voting capital stock of the Company (whether
issued and outstanding, newly issued, from treasury, or any combination thereof)
to any other person under any plan or arrangement contemplating the
consolidation or merger, sale or transfer, or dissolution of the Company, then,
in each such case, the Holder, upon the exercise of this Warrant as provided in
Section 2.1 hereof at any time or from time to time after the consummation of
such reorganization, consolidation, merger or sale or the effective date of such
dissolution, as the case may be, shall receive, in lieu of the Warrant Shares
issuable on such exercise immediately prior to such consummation or such
effective date, as the case may be, the stock and property (including cash) to
which the Holder would have been entitled upon the consummation of such
consolidation or merger, or sale or transfer, or in connection with such
dissolution, as the case may be, if the Holder had so exercised this Warrant

                                       5
<PAGE>

immediately prior thereto (assuming the payment by the Holder of the Exercise
Price therefor as required hereby in a form permitted hereby, which payment
shall be included in the assets of the Company for the purposes of determining
the amount available for distribution), all subject to successive adjustments
thereafter from time to time pursuant to, and in accordance with, the provisions
of this Section 4.

                  4.5 Continuation of Terms. Upon any reorganization,
consolidation, merger or transfer (and any dissolution following any such
transfer) referred to in this Section 4, this Warrant shall continue in full
force and effect and the terms hereof shall be applicable to the shares of
Common Stock and other securities and property receivable upon the exercise of
this Warrant after the consummation of such reorganization, consolidation or
merger or the effective date of dissolution following any such transfer, as the
case may be, and shall be binding upon the issuer of any such Common Stock or
other securities, including, in the case of any such transfer, the Person
acquiring all or substantially all of the properties or assets or more than 50%
of the voting capital stock of the Company (whether issued and outstanding,
newly issued or from treasury or any combination thereof), whether or not such
Person shall have expressly assumed the terms of this Warrant.

                  4.6 Certificate as to Adjustments. Upon the occurrence of each
adjustment or readjustment of the Exercise Price and number of Warrant Shares
pursuant to this Section 4, this Warrant shall, without any action on the part
of the Holder, be adjusted in accordance with this Section 4, and the Company,
at its expense, promptly shall compute such adjustment or readjustment in
accordance with the terms hereof and prepare and furnish to the Holder a
certificate setting forth such adjustment or readjustment, showing in detail the
facts upon which such adjustment or readjustment is based. The Company will
forthwith send a copy of each such certificate to the Holder in accordance with
Section 11.4 below.

         5. Registration Rights. The Warrant Shares shall be entitled to
registration rights and all other rights as applicable to such shares in
accordance with that certain Registration Rights Agreement, dated as of April 7,
2004, as amended, by and among the Company and the Investors named therein.

         6. Notices of Record Date. Upon (a) any establishment by the Company of
a record date of the holders of any class of securities for the purpose of
determining the holders thereof who are entitled to receive any dividend or
other distribution, or right or option to acquire securities of the Company, or
any other right, or (b) any capital reorganization, reclassification,
recapitalization, merger or consolidation of the Company with or into any other
corporation, any transfer of all or substantially all the assets of the Company,
or any voluntary or involuntary dissolution, liquidation or winding up of the
Company, or the sale, in a single transaction, of a majority of the Company's
voting stock (whether newly issued, or from treasury, or previously issued and
then outstanding, or any combination thereof), the Company shall mail to the
Holder at least ten (10) business days, or such longer period as may be required
by law, prior to the record date specified therein, a notice specifying (i) the
date established as the record date for the purpose of such dividend,
distribution, option or right and a description of such dividend, distribution,

                                       6
<PAGE>

option or right, (ii) the date on which any such reorganization,
reclassification, transfer, consolidation, merger, dissolution, liquidation or
winding up, or sale is expected to become effective and (iii) the date, if any,
fixed as to when the holders of record of Common Stock shall be entitled to
exchange their shares of Common Stock for securities or other property
deliverable upon such reorganization, reclassification, transfer, consolidation,
merger, dissolution, liquidation or winding up.

         7. Exchange of Warrant. Subject to the provisions of Section 9 hereof
(if and to the extent applicable), this Warrant shall be exchangeable, upon the
surrender hereof by the Holder at the principal office of the Company, for new
warrants of like tenor, each registered in the name of the Holder or in the name
of such other persons as the Holder may direct (upon payment by the Holder of
any applicable transfer taxes). Each of such new warrants shall be exercisable
for such number of Warrant Shares as the Holder shall direct, provided that all
of such new warrants shall represent, in the aggregate, the right to purchase
the same number of Warrant Shares and cash, securities or other property, if
any, which may be purchased by the Holder upon exercise of this Warrant at the
time of its surrender.

         8. No Dilution or Impairment. The Company will not, by amendment of its
Certificate of Incorporation or By-Laws or through any reorganization, transfer
of assets, consolidation, merger, dissolution, issue or sale of securities or
any other voluntary action, avoid or seek to avoid the observance or performance
of any of the terms of this Warrant, but will at all times in good faith assist
in the carrying out of all such terms and in the taking of all action as may be
necessary or appropriate in order to protect the rights of the Holder against
dilution, or other impairment.

         9. Transfer Provisions, etc.

                  9.1 Legends. Each certificate representing any Warrant Shares
issued upon exercise of this Warrant, and of any shares of Common Stock into
which such Warrant Shares may be converted, shall bear the following legend:

         "THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED
         UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE OFFERED OR
         SOLD IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER SAID
         ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, or in a transaction not
         subject to, REGISTRATION UNDER SAID ACT."

                  9.2      Mechanics of Transfer.

                           (a) Any transfer of all or any portion of this
Warrant (and the Warrant Shares), or
of any interest herein or therein, that is otherwise in compliance with
applicable law shall be effected by surrendering this Warrant to the Company at
its principal office, together with a duly executed form of assignment, in the
form attached hereto. In the event of any such transfer of this Warrant, the
Company shall issue a new warrant or warrants of like tenor to the

                                       7
<PAGE>

transferee(s), representing, in the aggregate, the right to purchase the same
number of Warrant Shares and cash, securities or other property, if any, which
may be purchased by the Holder upon exercise of this Warrant at the time of its
surrender.

                       (b) In the event of any transfer of all or any portion of
this Warrant in accordance with Section 9.2(a) above, the Company shall issue
(i) a new warrant of like tenor to the transferee, representing the right to
purchase the number of Warrant Shares, and cash, securities or other property,
if any, which were purchasable by the Holder of the transferred portion of this
Warrant, and (ii) a new warrant of like tenor to the Holder, representing the
right to purchase the number of Warrant Shares, and cash, securities or other
property, if any, purchasable by the Holder of the un-transferred portion of
this Warrant. Until this Warrant or any portion thereof is transferred on the
books of the Company, the Company may treat the Holder as the absolute holder of
this Warrant and all right, title and interest therein for all purposes,
notwithstanding any notice to the contrary.

                  9.3 No Restrictions on Transfer. Subject to compliance with
applicable securities laws, this Warrant and any portion hereof, the Warrant
Shares and the rights hereunder may be transferred by the Holder in its sole
discretion at any time and to any Person or Persons, including without
limitation Affiliates and affiliated groups of such Holder, without the consent
of the Company.

                  9.4 Warrant Register. The Company shall keep at its principal
office a register for the registration, and registration of transfers, of the
Warrants. The name and address of each Holder of one or more of the Warrants,
each transfer thereof and the name and address of each transferee of one or more
of the Warrants shall be registered in such register. The Company shall give to
any Holder of a Warrant promptly upon request therefor, a complete and correct
copy of the names and addresses of all registered Holders of the Warrants.

         10. Lost, Stolen or Destroyed Warrant. Upon receipt by the Company of
evidence satisfactory to it of loss, theft, destruction or mutilation of this
Warrant and, in the case of loss, theft or destruction, on delivery of a
customary affidavit of the Holder and indemnity agreement, or, in the case of
mutilation, upon surrender of this Warrant, the Company at its expense will
execute and deliver, or will instruct its transfer agent to execute and deliver,
a new Warrant of like tenor and date, and any such lost, stolen or destroyed
Warrant thereupon shall become void.

         11.      General.

                  11.1 Authorized Shares, Reservation of Shares for Issuance. At
all times while this Warrant is outstanding, the Company shall maintain its
corporate authority to issue, and shall have authorized and reserved for
issuance upon exercise of this Warrant, such number of shares of Common Stock,
any other capital stock or other securities as shall be sufficient to perform
its obligations under this Warrant (after giving effect to any and all
adjustments to the number and kind of Warrant Shares purchasable upon exercise
of this Warrant).

                                       8
<PAGE>

                  11.2 No Impairment. The Company will not, by amendment of its
Certificate of Incorporation or through any reorganization, transfer of assets,
consolidation, merger, dissolution, issuance or sale of securities, sale or
other transfer of any of its assets or properties, or any other voluntary
action, avoid or seek to avoid the observance or performance of any of the terms
of this Warrant, but will at all times in good faith assist in the carrying out
of all such terms and in the taking of all such action as may be necessary or
appropriate in order to protect the rights of the Holder hereunder against
impairment. Without limiting the generality of the foregoing, the Company (a)
will not increase the par value of any shares of Common Stock receivable upon
the exercise of this Warrant above the amount payable therefor on such exercise,
and (b) will take all action that may be necessary or appropriate in order that
the Company may validly and legally issue fully paid and nonassessable shares of
Common Stock upon the exercise of this Warrant.

                  11.3 No Rights as Stockholder. The Holder shall not be
entitled to vote or to receive dividends or to be deemed the holder of Common
Stock that may at any time be issuable upon exercise of this Warrant for any
purpose whatsoever, nor shall anything contained herein be construed to confer
upon the Holder any of the rights of a stockholder of the Company or any right
to vote for the election of directors or upon any matter submitted to
stockholders at any meeting thereof, or to give or withhold consent to any
corporate action (whether upon any recapitalization, issuance or
reclassification of stock, change of par value or change of stock to no par
value, consolidation, merger or conveyance or otherwise), or to receive notice
of meetings (except to the extent otherwise provided in this Warrant), or to
receive dividends or subscription rights, until the Holder shall have exercised
this Warrant and been issued Warrant Shares in accordance with the provisions
hereof.

                  11.4 Notices. All notices, requests, consents and other
communications hereunder shall be in writing and shall be deemed to have been
given if personally delivered or delivered by overnight courier or mailed by
first-class registered or certified mail, postage prepaid, return receipt
requested, or sent by fax machine, addressed as follows:

                                  (a) if to the Company at:

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

                                       9
<PAGE>

                           with copies to:

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

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

                                  (b) if to the Holder, at the Holder's address
                                    appearing in the books maintained by the
                                    Company.

         12. Amendment and Waiver. No failure or delay of the Holder in
exercising any power or right hereunder shall operate as a waiver thereof, nor
shall any single or partial exercise of any such right or power, or any
abandonment or discontinuance of steps to enforce such a right or power,
preclude any other or further exercise thereof or the exercise of any other
right or power. The rights and remedies of the Holder are cumulative and not
exclusive of any rights or remedies which it would otherwise have. The terms of
this Warrant may be amended, modified or waived only with the written consent of
the Company and the Holder.

         13. Governing Law. This Warrant shall be governed by and construed in
accordance with the laws of the State of Delaware, as such laws are applied to
contracts entered into and wholly to be performed within the State of Delaware
and without giving effect to any principles of conflicts or choice of law that
would result in the application of the laws of any other jurisdiction.

         14. Covenants To Bind Successor and Assigns. All covenants,
stipulations, promises and agreements in this Warrant contained by or on behalf
of the Company shall bind its successors and assigns, whether so expressed or
not.

         15. Severability. In case any one or more of the provisions contained
in this Warrant shall be invalid, illegal or unenforceable in any respect, the
validity, legality and enforceability of the remaining provisions contained
herein shall not in any way be affected or impaired thereby. The parties shall
endeavor in good faith negotiations to replace the invalid, illegal or
unenforceable provisions with valid provisions the economic effect of which
comes as close as possible to that of the invalid, illegal or unenforceable
provisions.

         16. Construction. The definitions of this Warrant shall apply equally
to both the singular and the plural forms of the terms defined. Wherever the
context may require, any pronoun shall include the corresponding masculine,
feminine and neuter forms. The section and paragraph headings used herein are
for convenience of reference only, are not part of this Warrant and are not to
affect the construction of or be taken into consideration in interpreting this
Warrant.

                                       10
<PAGE>

         17. Remedies. The Holder, in addition to being entitled to exercise all
rights granted by law, including recovery of damages, will be entitled to
specific performance of its rights under this Warrant. The Company agrees that
monetary damages would not be adequate compensation for any loss incurred by
reason of a breach by it of the provisions of this Warrant and hereby agrees to
waive the defense in any action for specific performance that a remedy at law
would be adequate. In any action or proceeding brought to enforce any provision
of this Warrant or where any provision hereof is validly asserted as a defense,
the successful party to such action or proceeding shall be entitled to recover
reasonable attorneys' fees in addition to any other available remedy.

                           [SIGNATURE PAGE TO FOLLOW]

                                       11
<PAGE>

         IN WITNESS WHEREOF, the Company has executed this Common Stock Purchase
Warrant as of April 7, 2004.

                                        COMPANY:

                                        MOTIENT CORPORATION

                                        By:  /s/ Chris Downie
                                             -----------------------------------
                                        Name:    Christopher Downie
                                        Title:   Executive Vice President and
                                                 Chief Financial Officer

                                       12
<PAGE>

                                   NOTICE AND
                                  SUBSCRIPTION

To:      MOTIENT CORPORATION                                  Date:
                                                                   ------------
         300 Knightsbridge Parkway
         Lincolnshire, IL  60069

         The undersigned hereby irrevocably elects to exercise the right of
purchase represented by the attached Warrant for, and to exercise thereunder,
__________ shares of Common Stock, of MOTIENT CORPORATION a Delaware
corporation, and tenders herewith payment of $__________, representing the
aggregate purchase price for such shares based on the price per share provided
for in such Warrant. Such payment is being made in accordance with [Section
3(i)] [Section 3(ii)] [Section 3(iii)] [Section 3(iv)] of the attached Warrant.

Please issue a certificate or certificates for such shares of Common Stock in
the following name or names and denominations and deliver such certificate or
certificates to the person or persons listed below at their respective addresses
set forth below:

If said number of shares of Common Stock shall not be all the shares of Common
Stock issuable upon exercise of the attached Warrant, a new Warrant is to be
issued in the name of the undersigned for the balance remaining of such shares
of Common Stock less any fraction of a share of Common Stock paid in cash.

Dated:          ,
      ---------  -----                           -------------------------------
                                                 Signature

                                       13
<PAGE>

                               FORM OF ASSIGNMENT

                   (To be executed upon assignment of Warrant)

         For value received, __________________________________ hereby sells,
assigns and transfers unto __________________ the attached Warrant [__% of the
attached Warrant], together with all right, title and interest therein, and does
hereby irrevocably constitute and appoint ____________________ attorney to
transfer said Warrant [said percentage of said Warrant] on the books of MOTIENT
CORPORATION, a Delaware corporation, with full power of substitution in the
premises.

         If not all of the attached Warrant is to be so transferred, a new
Warrant is to be issued in the name of the undersigned for the balance of said
Warrant.

         The undersigned hereby agrees that it will not sell, assign, or
transfer the right, title and interest in and to the Warrant unless applicable
federal and state securities laws have been complied with.

Dated:           ,
      ---------   ----                           ------------------------------
                                                 Signature

                                       14

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