Document:

WorldSpace 2005 Incentive Award Plan Form of Stock Option Agreement

 EXHIBIT 10.11(b) 
  

WORLDSPACE, INC.  
 2005 INCENTIVE
AWARD PLAN 
  
 STOCK OPTION AGREEMENT 
  
 AGREEMENT made as of this
[        ] day of [            ], [200_] (the “Date of Grant”) between WorldSpace, Inc., a Delaware corporation
(hereinafter referred to as the “Corporation”), and [            ], residing at [            ]
(hereinafter referred to as the “Optionee”). 
  
 W I T N E S S E T H: 
  
 WHEREAS, the Corporation desires, pursuant to the WorldSpace 2005 Incentive Award Plan (the “Plan”), to provide the Optionee with an opportunity
to acquire Class A common shares, $0.01 par value, of the Corporation (hereinafter referred to as “Common Shares”) on the terms and conditions set forth herein; 
  
 NOW, THEREFORE, in consideration of the premises, the mutual covenants herein set forth and other good and valuable
consideration, the Corporation and the Optionee hereby agree as follows: 
  
 I.
Notice of Grant 
  
 1. Terms of Grant. You have
been granted an Option to purchase Common Shares of the Corporation, subject to the terms and conditions of the Plan and this Agreement, as follows: 
  

			
	 Grant Number
	  	                                      
                                        
              
		
	 Date of Grant
	  	                                      
                                        
              
		
	 Vesting Commencement Date
	  	                                      
                                        
              
		
	 Exercise Price per Share
	  	$                                      
                                        
            
		
	 Total Number of Shares Granted
	  	                                      
                                        
              
		
	 Total Exercise Price
	  	$                                      
                                        
            
		
	 Type of Option
	  	 ̈ Incentive Stock Option
		
	 	  	 ̈ Non-Qualified Option
		
	 Expiration Date
	  	                                      
                                        
              

 2. Vesting Schedule. Subject to Optionee’s continuing status as an Employee or Consultant to
the Corporation or any Subsidiary or Affiliate and other limitations set forth in the Plan and this Agreement, the Option shall become exercisable cumulatively as to the following amounts of the number of Shares originally subject thereto (after
giving effect to any adjustment pursuant to the Plan), on the dates indicated: 
  
 (a) as to [            ] Shares on or after
[            ]; 
  
 (b) as to [            ] Shares on or after
[            ]; 
  
 (c) as to [            ] Shares on or after
[            ]; 
  
 (d) as to [            ] Shares on or after
[            ]; and 
  
 (e) as to [            ] Shares on or after
[            ]. 
  
 II. Option Agreement 
  
 1. Definitions. For purposes of this Agreement, unless otherwise defined herein, all capitalized terms shall have the same definitions as set forth under the Plan. 
  
 2. Confirmation of Grant of Option. Pursuant to a determination by the Committee of the Board of Directors of the
Corporation authorized to administer the Plan, the Corporation, subject to the terms of the Plan and this Agreement, hereby grants to the Optionee, named above, in addition to and not in lieu of salary or other compensation for services, the right
to purchase (hereinafter referred to as the “Option”) an aggregate number of shares of Common Shares, as set forth in the Notice of Grant attached as Part I of this Agreement, subject to adjustment as provided in the Plan (such shares of
Common Shares, as adjusted, herein being referred to as the “Shares”), at the exercise price per share of Common Shares set forth in the Notice of Grant (the “Exercise Price”). 
  
 If designated in the Notice of Grant as an Incentive Stock Option, this
Option is intended to qualify as an “incentive stock option” under Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”). However, if this Option is intended to be an Incentive Stock Option, to the extent that
it exceeds the $100,000 rule of Section 422(d) of the Code, it shall be treated as a Non-Qualified Stock Option. 
  
 3. Exercisability of Option. 
  
 (a) The Option shall be exercisable during its term in accordance with the Vesting Schedule set forth in the Notice of Grant and the
applicable provisions of the Plan and this Agreement. 
  
 (b) Notwithstanding the above, this Option is not exercisable until the Optionee (i) repays in full any and all loans made to him by the Corporation (or by any Subsidiary or Affiliate of the Corporation), unless the Optionee has the prior
written consent of 

 
the Committee to exercise the Option as provided in Article 2, Section I(c) of the Plan, and (ii) makes arrangements, subject to the Corporation’s
approval, for the payment of the Optionee’s minimum income tax withholding obligations (pursuant to Article 13(d) of the Plan) required upon the exercise of this Option. 
  
 (c) The Option may be exercised pursuant to the provisions of this Section 3, by notice and payment to the
Corporation as provided in Sections 9 and 10 hereof. 
  
 4.
Expiration of Option. The term of the Option shall be for a period of ten years from the Date of Grant, subject to earlier termination or cancellation as provided in this Agreement. The Option may not under any circumstances be exercised on
or after the tenth (10th) anniversary of the Date of Grant. To the extent unexercised, the Option shall
automatically expire at 12:00 midnight on the Expiration Date as set forth in the Notice of Grant. 
  
 5. Non-Transferability of Option. The Option shall not be assigned, transferred or otherwise disposed of, or pledged or hypothecated in any way,
and shall not be subject to execution, attachment or other process, except as may be provided in the Plan. Any assignment, transfer, pledge, hypothecation or other disposition of the Option attempted contrary to the provisions of the Plan, or any
levy of execution, attachment or other process attempted upon the Option, will be null and void and without effect. Any attempt to make any such assignment, transfer, pledge, hypothecation or other disposition of the Option will cause the Option to
terminate immediately upon the happening of any such event; provided, however, that any such termination of the Option under the foregoing provisions of this Section 5 will not prejudice any rights or remedies which the Corporation or any Subsidiary
or Affiliate of the Corporation may have under this Agreement or otherwise. In the event that the Option is designated as an Incentive Stock Option in the Notice of Grant, such Option shall be exercisable during the Optionee’s lifetime only by
the Optionee. 
  
 6. Exercise Upon Termination of
Employment. Except as otherwise provided in the Notice of Grant or herein, or in a written employment agreement between the Corporation and the Optionee, (a) if the Optionee’s employment with the Corporation terminates for any reason, the
Optionee shall have the right to exercise any Option during the 90 days after such termination of employment to the extent it was vested at the date of such termination, but in no event later than the date the Option would have expired had it not
been for the termination of such employment. If the Optionee’s employment terminates due to Disability, such 90-day period during which the vested Option shall remain exercisable shall be extended to one year, but not beyond the expiration date
of the Option. If employment terminated due to the Optionee’s death, or if the Optionee dies in such 90-day or one-year post-employment exercise period, the vested Option will continue to be exercisable as provided herein, or, if no such
provision is made in the Notice of Grant, for a period of one year after the Optionee’s death, but not beyond the expiration date of the Option. Notwithstanding the foregoing, if an Optionee’s employment is terminated by the Corporation or
by any Subsidiary or Affiliate for Good Cause, then the Optionee shall immediately forfeit his or her rights to exercise any and all of outstanding Options theretofore granted to him or her. In the case of an Incentive Stock Option, if the Optionee
does not exercise such Option to the full extent permitted herein, the remaining exercisable portion of such Option, if any, automatically will be deemed a Non-Qualified Option (except to the extent 

 
otherwise provided by Section 421 or Section 422 of the Code), and such Option may be exercised only to the extent as may be permitted herein. 
  
 (b) Except as otherwise provided in the Notice of Grant and
subject to any non-compete restrictions set forth in the Plan, in the event of the Optionee’s Retirement or Early Retirement, the Optionee shall have the right, on or before the earlier of the expiration date of the Option or thirty-six (36)
months following the date of such Retirement or Early Retirement, to purchase Shares under any Options which at Retirement or Early Retirement are, or within thirty-six (36) months following Retirement or Early Retirement would become, exercisable.

  
 7. Lock-Up Period. Optionee hereby agrees that, if so
requested by the Corporation or any representative of the underwriters (the “Managing Underwriter”) in connection with any registration of the offering of any securities of the Corporation under the Securities Act, Optionee shall not sell
or otherwise transfer any Shares or other securities of the Corporation during the 180-day period (or such other period as may be requested in writing by the Managing Underwriter and agreed to in writing by the Corporation) (the “Market
Standoff Period”) following the effective date of a registration statement of the Corporation filed under the Securities Act. Such restriction shall apply only to the first registration statement of the Corporation to become effective under the
Securities Act that includes securities to be sold on behalf of the Corporation in an underwritten public offering under the Securities Act. The Corporation may impose stop-transfer instructions with respect to securities subject to the foregoing
restrictions until the end of the Market Standoff Period. 
  
 8.
Registration. The shares of Common Shares subject hereto and issuable upon the exercise hereof may not be registered under the Securities Act of 1933, as amended, and, if required upon the request of counsel to the Corporation, the Optionee
will give a representation as to his investment intent with respect to such shares prior to their issuance. The Corporation may register or qualify the shares covered by the Option for sale pursuant to the Securities Act of 1933, as amended, at any
time prior to or after the exercise in whole or in part of the Option. 
  
 9. Method of Exercise of Option. Subject to the terms and conditions of this Agreement, the Option shall be exercisable by delivering a written Notice of Exercise (in a form designated by the Corporation), together with such
additional documents as the Corporation may then require, (the “Notice”), and provision for payment to the Corporation in accordance with the procedure prescribed in Section 10 herein. If the Option is being exercised by any person or
persons other than the Optionee, each Notice shall be accompanied by proof, satisfactory to counsel to the Corporation, of the right of such other person or persons to exercise the Option. Each Notice must be received by the Corporation on or before
the date of the expiration of this Option. In the event the date of expiration of this Option falls on a day which is not a regular business day at the Corporation’s executive office in Washington, D.C., then such written Notice must be
received at such office on or before the last regular business day prior to such date of expiration. 
  
 10. Payment of the Purchase Price. (a) Full payment of the purchase price of any shares of Common Shares, in respect of which the Option shall be
exercised, shall be made by the Optionee or such person or persons at the place specified by the Corporation on the date the Notice is received by the Corporation either: 

 (i) by delivering to the Corporation cash, or a certified or bank cashier’s check
payable to the order of the Corporation; 
  
 (ii)
to the extent permitted by the Committee and as provided herein, by delivering to the Corporation properly endorsed certificates of shares of Common Shares (or certificates accompanied by an appropriate shares power) with signature guaranties by a
bank or trust company; 
  
 (iii) by any form of
“cashless” exercise pursuant to any procedures then in effect which have been established by the Committee in accordance with the Plan; 
  
 (iv) to the extent approved by the Committee, through use of a temporary financing arrangement for an Optionee by registered
broker-dealers, subject to applicable regulations of the Federal Reserve Board and any other laws or regulations in effect at the time such financing is arranged, for the purpose of assisting an Optionee in the exercise of an Option, such authority
to include the payment by the Corporation of the commissions of the broker-dealer or 
  
 (v) by any combination of the above to the extent permitted by the Committee. 
  
 (b) Shares of Common Shares delivered to the Corporation in
payment of the Exercise Price shall be valued at the Fair Market Value of the Common Shares on the date preceding the date of the exercise of the Option. Unless otherwise specifically provided, the exercise price of an Option that is paid by
delivery (actually or by attestation) to the Corporation of other Common Shares shall be paid only by Common Shares of the Corporation that have been held by the Optionee for more than six (6) months on the date of delivery (or such shorter or
longer period as may be required to prevent the Corporation from incurring an accounting charge). 
  
 (c) If the Optionee fails to accept delivery of and pay for all or any part of the number of Shares specified in such Notice, his right to
exercise the Option with respect to such undelivered Shares may be terminated in the sole discretion of Committee. 
  
 (d) The Option may be exercised only with respect to full Shares. 
  
 11. Payment of Withholding. The Corporation shall not be required to issue or deliver any certificate or certificates
for shares of its Common Shares purchased upon the exercise of any part of this Option prior to the payment to the Corporation, upon its demand, of any amount requested by the Corporation for the purpose of satisfying its obligation, if any, to
withhold federal, state, local or foreign income or earnings tax or any other applicable tax or assessment (plus interest or penalties thereon, if any, caused by a delay in making such payment) incurred by reason of the exercise of this Option or
the transfer of Shares thereupon. Such payment shall be made by the Optionee in cash or, with the consent of the Committee, by tendering to the Corporation shares of Common Shares equal in value to the minimum amount of the required withholding. In
the alternative, the Committee may provide that the Optionee may have withheld from the shares of Common Shares to be delivered to the Optionee pursuant to an exercise of this Option such number of shares of Common Shares equal in value to the
amount of the minimum 

 
required withholding. Optionee acknowledges and agrees that the Corporation may provide for the payment of any such taxes through withholding from the
Optionee’s salary, reduction of the number of shares of Common Shares or other securities to be issued, or otherwise. 
  
 12. Approval of Counsel. The exercise of the Option and the issuance and delivery of shares of Common Shares pursuant thereto shall be subject to
approval by the Corporation’s counsel of all legal matters in connection therewith, including, but not limited to compliance with the requirements of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended,
and the rules and regulations thereunder, and the requirements of any shares exchange upon which the Common Shares may then be listed. 
  
 13. Reservation of Shares. Unless the Common Shares are readily tradable on a generally recognized securities market, the Corporation shall at all
times during the term of the Option reserve and keep available such number of shares of the Common Shares as will be sufficient to satisfy the requirements of this Agreement. 
  
 14. Notices. Each notice relating to this Agreement shall be in writing and delivered in person or by certified mail
to the proper address. All notices to the Corporation or the Committee shall be addressed to them at 2400 N Street, N.W., Washington, D.C. 20037, Attn: Corporate Secretary. All notices to the Optionee shall be addressed to the Optionee or such other
person or persons at the Optionee’s address above specified. Anyone to whom a notice may be given under this Agreement may designate a new address by notice to that effect. 
  
 15. Benefits of Agreement. This Agreement shall inure to the benefit of and be binding upon each successor and assign
of the Corporation. All obligations imposed upon the Optionee and all rights granted to the Corporation under this Agreement shall be binding upon the Optionee’s heirs, legal representatives and successors. 
  
 16. Severability. In the event that any one or more provisions of this
Agreement shall be deemed to be illegal or unenforceable, such illegality or unenforceability shall not affect the validity and enforceability of the remaining legal and enforceable provisions hereof, which shall be construed as if such illegal or
unenforceable provision or provisions had not been inserted. 
  
 17. Governing Law. This Agreement will be construed and governed in accordance with the laws of the State of Delaware. 
  
 18. No Guarantee of Employment. Nothing contained in this Agreement shall be construed as (a) a contract of employment between the Optionee and the
Corporation or any Subsidiary or Affiliate, (b) as a right of the Optionee to be continued in the employ of the Corporation or of any Subsidiary or Affiliate, or (c) as a limitation of the right of the Corporation or of any Subsidiary or Affiliate
to discharge the Optionee at any time, with or without cause. 
  
 19. No Rights as Shareholder. The Optionee shall not have any rights to dividends or any other rights of a shareholder with respect to any shares of Common Shares purchasable upon the exercise of any part of the Option unless and
until such shares shall have been issued by the Corporation to such holder (as evidenced by the appropriate entry on the books of a duly authorized transfer agent of the Corporation). 

 20. Nonqualified Deferred Compensation. Neither the Corporation nor any Subsidiary or Affiliate
shall be responsible for, or have any liability to the Optionee or other person with respect to, any taxes or penalties which may be imposed on the Optionee in connection with an Option granted under the Plan, in the event that such Option becomes
subject to Section 409A of the Code and the regulations promulgated thereunder. 
  
 21. No Liability. The Corporation shall have no liability to a Optionee, or any other party, if an Option (or any part thereof) that is intended to qualify as an Incentive Stock Option is not an Incentive Stock
Option or for any action taken by the Board of Directors or the Committee pursuant to Article 14 of the Plan, including without limitation, the conversion of an Incentive Stock Option to a Non-Qualified Option. 
  
 22. Compliance with Section 409A. Nothing in the Plan or this
Agreement shall operate or be construed to cause the Plan or the Option to fail to comply with the requirements of Section 409A of the Code. The applicable provisions of Section 409A and the regulations thereunder are hereby incorporated by
reference and shall control over any provision of the Plan or this Agreement in conflict therewith. 
  
 23. Amendment. This Agreement may be amended in accordance with the Plan without the consent of the Optionee, provided that no amendment of this
Agreement shall reduce or diminish the value of the Option without the consent of the Optionee. 
  
 24. Incorporation of Terms of Plan. This Agreement shall be interpreted under, and subject to, all of the terms and provisions of the Plan, which
are incorporated herein by reference, and shall be further subject to all interpretations, amendments, rules and regulations, which may from time to time be promulgated and adopted pursuant to the Plan. In the event of any conflict between the
provisions of this Agreement and those of the Plan, the provisions of the Plan will control. 

 IN WITNESS WHEREOF, the Corporation has caused this Agreement to be executed in its name by its President
or one of its Vice Presidents and its corporate seal to be hereunto affixed and attested by its Secretary or one of its Assistant Secretaries and the Optionee has hereunto set his hand all as of the date, month and year first above written.

  

			
	 WorldSpace, Inc.

		
	By:	 	 
	 	 	 Name:
 Title:

	 
		
	 	 	 
	 	 	[Name of Optionee]
	 
		
	 	 	 
	 	 	Social Security Number

  

	
	 ATTEST:WorldSpace 2005 Incentive Award Plan Form of Restricted Stock Agreement

 EXHIBIT 10.11(c) 
  
 WORLDSPACE, INC. 
 2005 INCENTIVE AWARD PLAN 
  
 RESTRICTED SHARES
AGREEMENT 
  
 AGREEMENT made as of this
[    ] day of [            ], [200_] (the “Date of Grant”) between WorldSpace, Inc., a Delaware corporation (hereinafter referred
to as the “Corporation”), and [            ], residing at
[                    ] (hereinafter referred to as the “Participant”). 
  
 W I T N E S S E T H: 
  
 WHEREAS, the Corporation desires, pursuant to the WorldSpace 2005 Incentive Award Plan (the “Plan”), to provide the Participant with an
opportunity to acquire shares of Class A Common Stock, $0.01 par value, of the Corporation (the “Common Shares”), subject to adjustment as provided in the Plan (such shares of the Common Shares, as adjusted, herein being referred to as the
“Shares”) on the terms and conditions set forth herein; 
  
 NOW, THEREFORE, in consideration of the premises, the mutual covenants herein set forth and other good and valuable consideration, the Corporation and the Participant hereby agree as follows: 
  
 I. Notice of Grant 
  
 1. Terms of Grant. The Participant has been granted an Award under
Article 3 of the Plan with respect to shares of Common Shares, which shares are subject to the terms, provisions and restrictions set forth in this Agreement and the Plan (the “Restricted Shares”), and as a condition to the issuance of any
Restricted Shares, the Participant agrees to be bound by all the terms and conditions herein and of the Plan, as follows: 
  

			
	 Grant Number
	 	 
		
	 Date of Grant
	 	 
		
	 Vesting Commencement Date
	 	 
		
	 Purchase Price per Share
	 	$0.01
		
	 Total Number of Restricted Shares Granted
	 	 
		
	 Total Purchase Price
	 	$

  
 2. Vesting
Schedule. Except as provided herein or in a written employment agreement by and between the Corporation and the Participant, subject to the Participant’s continued status as 

 
an Employee or Consultant of the Corporation, or any Subsidiary or Affiliate, and any other limitations set forth in the Plan and this Agreement, the
Restricted Shares shall become vested cumulatively as to the following amounts of the number of Shares originally subject thereto (after giving effect to any adjustment pursuant to the Plan), on the dates indicated: 
  
 II. Restricted Shares Agreement 
  
 1. Definitions. For purposes of this Agreement, unless otherwise
defined herein, all capitalized terms shall have the same definitions as set forth under the Plan. 
  
 2. Confirmation of Grant of Restricted Shares. Pursuant to a determination by the Committee of the Board of Directors of the Corporation authorized
to administer the Plan, the Corporation, subject to the terms of the Plan and this Agreement, hereby grants to the Participant, named above, in addition to and not in lieu of salary or other compensation for services, an aggregate number of shares
of Common Shares (hereinafter referred to as the “Restricted Shares”), as set forth in the Notice of Grant attached as Part I of this Agreement, subject to the restrictions set forth herein, and subject to adjustment as provided in the
Plan, at the purchase price per share of Restricted Shares set forth in the Notice of Grant (the “Purchase Price”). 
  
 3. Issuance of Restricted Shares. The number of Restricted Shares granted under Part I hereof shall be recorded on the books of the Corporation in
the name of the Participant. The Corporation shall instruct its stock transfer agent or other designee to place a stop transfer order on all or any portion of the Restricted Shares until such time as the restrictions thereon shall lapse and such
Shares become vested. As soon as practicable after each installment of Restricted Shares vests, the Corporation shall issue (or cause to have delivered) a stock certificate to the Participant representing the number of shares so vested. In the event
that the Participant shall forfeit all or any portion of the Restricted Shares, such shares which are forfeited shall automatically be transferred back to the Corporation. The Restricted Shares shall be deposited in escrow with the Secretary of the
Corporation during the Restriction Period, together with a stock power endorsed by the Participant in blank (in the form designated by the Corporation). 
  
 4. Non-Transferability of Shares. (a) During the period that Restricted Shares issued under the Plan are held by the Corporation hereunder for
delivery to the Participant, such Restricted Shares and the rights and privileges conferred shall not be transferred, assigned, pledged, or hypothecated in any way (whether by operation of law or otherwise) and shall not be subject to sale under
execution, attachment or similar process. Upon any attempt, contrary to the terms hereof, to transfer, assign, pledge, hypothecate, or otherwise so dispose of such Restricted Shares or any right or privilege conferred hereby, or upon any attempted
sale under any execution, attachment, or similar process upon such Restricted Shares or the rights and privileges hereby granted, then and in any such event this Agreement and the rights and privileges hereby granted shall, except as otherwise
provided herein, immediately terminate, and such Restricted 

  

 2 

 
Shares shall be forfeited by the Participant and the Participant hereby authorizes the Corporation and its stock transfer agent or other designee to cause
the delivery, transfer and conveyance of such Restricted Shares to the Corporation. 
  
 (b) If at any time counsel for the Corporation determines that qualification of the Restricted Shares under any state or federal securities law, or the consent or approval of any governmental regulatory authority, is
necessary or desirable as a condition of the transfer of such Restricted Shares (including a sale, assignment, pledge, grant of a security interest in respect of, attachment, or disposal of the Restricted Shares in any manner, by operation of law or
otherwise) or offer to transfer such Restricted Shares, the Participant shall not transfer or offer to transfer such Restricted Shares, in whole or in part, and any such attempted transfer or offer to transfer will be void and of no effect, unless
and until such qualification, consent, or approval shall have been effected or obtained free of any conditions such counsel deems unacceptable. 
  
 4. Restrictive Legends. All certificates representing the Restricted Shares shall have endorsed thereon legends in substantially the following
forms (in addition to any other legend which may be required by other agreements between the parties thereto): 
  
 THIS CERTIFICATE AND THE SHARES OF STOCK REPRESENTED HEREBY ARE SUBJECT TO THE TERMS AND CONDITIONS (INCLUDING FORFEITURE AND RESTRICTIONS AGAINST
TRANSFER) CONTAINED IN THE WORLDSPACE 2005 INCENTIVE AWARD PLAN (THE “PLAN”) AND THE RESTRICTED SHARES AGREEMENT (THE “AGREEMENT”) BETWEEN THE OWNER OF THE RESTRICTED SHARES REPRESENTED HEREBY AND WORLDSPACE, INC. (THE
“CORPORATION”). THE RELEASE OF SUCH SHARES FROM SUCH TERMS AND CONDITIONS SHALL BE MADE ONLY IN ACCORDANCE WITH THE PROVISIONS OF THE PLAN AND THE AGREEMENT, COPIES OF WHICH ARE ON FILE AT THE CORPORATION. ANY TRANSFER OR ATTEMPTED
TRANSFER OF SUCH SHARES IS VOID WITHOUT THE PRIOR EXPRESS WRITTEN CONSENT OF THE CORPORATION. 
  
 5. Payment of the Purchase Price. The purchase price of the Restricted Shares acquired hereunder as set forth in Part I of this Agreement shall be paid by the Participant either (i) in cash at the time of
purchase, (ii) at the discretion of the Board of Directors, according to a deferred payment or other similar arrangement with the Participant, (iii) at the discretion of the Board of Directors, by services rendered or to be rendered to the
Corporation, or (iv) in any legal form of consideration that may be acceptable to the Board of Directors in its discretion (the “Purchase Price”); provided, however, that if the Restricted Shares have not been previously issued, the par
value per Restricted Share shall not be made by deferred payment and must be made in a form of consideration legal under Delaware General Corporation Law. 
  
 6. Dividends and Voting Rights. Except as otherwise specifically provided in this Agreement or the Plan, during the Restriction Period the
Participant shall have all the rights of a shareholder of the Corporation with respect to the Restricted Shares, including without limitation the right to vote the Restricted Shares and the right to receive any dividends and distributions as the
Committee may designate. Unless otherwise designated by the Committee, any such 

  

 3 

 
dividends and distributions shall be held in the custody of the Corporation as Retained Distributions until the Participant’s interest in the Restricted
Shares become vested. 
  
 7. Effect of Lapse of
Restrictions. To the extent that the Restriction Period applicable to any Restricted Shares shall have lapsed, the Participant may receive, hold, sell or otherwise dispose of such Shares free and clear of the restrictions imposed under the Plan
and this Agreement. 
  
 8. Effect of Termination of
Employment. Except as otherwise provided in this Agreement or a written employment agreement by and between the Corporation and the Participant, upon termination of the Participant’s status as Employee or Consultant of the Corporation, or
any Subsidiary or Affiliate, for any reason during the Restriction Period, all Restricted Shares still subject to restriction shall be immediately forfeited by the Participant and transferred to, and reacquired by, the Corporation; provided,
however, that in the event of a Participant’s Disability, death, Retirement or Early Retirement, or in cases of special circumstances, if the Board of Directors, in its sole discretion, finds that a waiver would be in the best interests of the
Corporation and shall within thirty (30) days after such termination of employment notify the Participant in writing of its decision to waive in whole or in part any or all remaining restrictions with respect to such Participant’s Restricted
Shares, then the Participant shall continue to be the owner of such Restricted Shares subject to such continuing restrictions as the Committee may prescribe in such notice. In the event of a forfeiture of all or any portion of the Restricted Shares
pursuant this Section 4, the Corporation shall repay to the Participant (or the Participant’s estate) any amount of the Purchase Price paid by the Participant for such Restricted Shares, and the Participant shall have no claim or right in or to
any such forfeited Shares. The Corporation shall, as necessary, issue a new certificate representing only that number of shares that is equal to those Restricted Shares that are vested as of the date of the Participant’s termination. In the
event that the Corporation requires a return of Restricted Shares, it shall also have the right to require the return of all dividends, distributions or Dividend Equivalents paid on such Restricted Shares, whether by termination of any escrow
arrangement under which any Retained Distributions are held or otherwise. 
  
 9. Lock-Up Period. Participant hereby agrees that, if so requested by the Corporation or any representative of the underwriters (the “Managing Underwriter”) in connection with any registration of the
offering of any securities of the Corporation under the Securities Act, Participant shall not sell or otherwise transfer any Shares or other securities of the Corporation during the 180-day period (or such other period as may be requested in writing
by the Managing Underwriter and agreed to in writing by the Corporation) (the “Market Standoff Period”) following the effective date of a registration statement of the Corporation filed under the Securities Act. Such restriction shall
apply only to the first registration statement of the Corporation to become effective under the Securities Act that includes securities to be sold on behalf of the Corporation in an underwritten public offering under the Securities Act. The
Corporation may impose stop-transfer instructions with respect to securities subject to the foregoing restrictions until the end of the Market Standoff Period. 
  

10. Registration. The shares of Common Shares subject the Award hereto may not be registered under the Securities Act of 1933, as amended, and,
if required upon the request of counsel to the Corporation, the Participant will give a representation as to his or her investment 

  

 4 

 
intent with respect to such shares prior to their issuance. The Corporation may register or qualify the shares subject to this Award pursuant to the
Securities Act of 1933, as amended, at any time. 
  
 11.
Payment of Withholding. (a) The Corporation shall not be required to issue or deliver any certificate or certificates for shares of its Common Shares in connection with this Award prior to the payment to the Corporation, upon its demand, of
any amount requested by the Corporation for the purpose of satisfying its obligation, if any, to withhold federal, state, local or foreign income or earnings tax or any other applicable tax or assessment (plus interest or penalties thereon, if any,
caused by a delay in making such payment) incurred by reason of the transfer of Shares thereupon. Such payment shall be made by the Participant in cash or, with the consent of the Committee, by tendering to the Corporation shares of Common Shares
equal in value to the minimum amount of the required withholding. Participant acknowledges and agrees that the Corporation may provide for the payment of any such taxes through withholding from the Participant’s salary, reduction of the number
of shares of Common Shares or other securities to be issued, or otherwise. 
  
 12. Tax Consequences. The acquisition and vesting of the Restricted Shares may have adverse tax consequences to the Participant. The Participant may mitigate or exacerbate such tax consequences by filing an
election under Section 83(b) of the Internal Revenue Code of 1986, as amended (the “Code”). Such election must be filed within thirty (30) days after the Date of Grant of the Award. THE PARTICIPANT ACKNOWLEDGES THAT IT IS HIS OR HER OWN
RESPONSIBILITY, AND NOT THE CORPORATION’S, TO DETERMINE WHETHER A SECTION 83(b) ELECTION IS APPROPRIATE FOR THE PARTICIPANT’S SITUATION. IF THE PARTICIPANT DECIDES TO FILE A SECTION 83(b) ELECTION, THE PARTICIPANT ACKNOWLEDGES THAT IT IS
HIS OR HER OWN RESPONSIBILITY, AND NOT THE CORPORATION’S, TO FILE A TIMELY ELECTION UNDER CODE SECTION 83(B), EVEN IF THE PARTICIPANT REQUESTS THE CORPORATION TO MAKE THE FILING ON HIS OR HER BEHALF. 
  
 13. Approval of Counsel. The issuance and delivery of shares of Common
Shares pursuant to this Award shall be subject to approval by the Corporation’s counsel of all legal matters in connection therewith, including, but not limited to compliance with the requirements of the Securities Act of 1933, as amended, and
the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder, and the requirements of any shares exchange upon which the Common Shares may then be listed. 
  
 14. Reservation of Shares. Unless the Common Shares are readily tradable on a generally recognized securities market,
the Corporation shall at all times during the term of this Award reserve and keep available such number of shares of the Common Shares as will be sufficient to satisfy the requirements of this Agreement. 
  
 15. Notices. Each notice relating to this Agreement shall be in
writing and delivered in person or by certified mail to the proper address. All notices to the Corporation or the Committee shall be addressed to them at 2400 N Street, N.W., Washington, D.C. 20037, Attn: Corporate Secretary. All notices to the
Participant shall be addressed to the Participant or such other person or persons at the Participant’s address above specified. Anyone to whom a notice may be given under this Agreement may designate a new address by notice to that effect.

  

 5 

 16. Designation of Beneficiary. The Participant may designate a beneficiary or beneficiaries and
may change such designation from time to time by filing a written designation of beneficiaries with the Committee on a form to be prescribed by it, provided that no such designation shall be effective unless so filed prior to the death of the
Participant. 
  
 17. Benefits of Agreement. This Agreement
shall inure to the benefit of and be binding upon each successor and assign of the Corporation. All obligations imposed upon the Participant and all rights granted to the Corporation under this Agreement shall be binding upon the Participant’s
heirs, legal representatives and successors. 
  
 18.
Severability. In the event that any one or more provisions of this Agreement shall be deemed to be illegal or unenforceable, such illegality or unenforceability shall not affect the validity and enforceability of the remaining legal and
enforceable provisions hereof, which shall be construed as if such illegal or unenforceable provision or provisions had not been inserted. 
  
 19. Governing Law. This Agreement will be construed and governed in accordance with the laws of the State of Delaware. 
  
 20. No Guarantee of Employment. Nothing contained in this Agreement
shall be construed as (a) a contract of employment between the Participant and the Corporation or any Subsidiary or Affiliate, (b) as a right of the Participant to be continued in the employ of the Corporation or of any Subsidiary or Affiliate, or
(c) as a limitation of the right of the Corporation or of any Subsidiary or Affiliate to discharge the Participant at any time, with or without cause. 
  
 21. Amendment. This Agreement may be amended in accordance with the Plan without the consent of the Participant, provided that no amendment of this
Agreement shall reduce or diminish the value of this Award without the consent of the Participant. 
  
 22. Incorporation of Terms of Plan. This Agreement shall be interpreted under, and subject to, all of the terms and provisions of the Plan, which
are incorporated herein by reference, and shall be further subject to all interpretations, amendments, rules and regulations, which may from time to time be promulgated and adopted pursuant to the Plan. In the event of any conflict between the
provisions of this Agreement and those of the Plan, the provisions of the Plan will control. 
  

 6 

 IN WITNESS WHEREOF, the Corporation has caused this Agreement to be executed in its name by its President
or one of its Vice Presidents and its corporate seal to be hereunto affixed and attested by its Secretary or one of its Assistant Secretaries and the Participant has hereunto set his or her hand all as of the date, month and year first above
written. 
  

			
	WorldSpace, Inc.
		
	By:	 	 
	 	 	 Name:
 Title:

	 
		
	 	 	 
	 	 	[Name of Participant]
	 
		
	 	 	 
	 	 	Social Security Number

 . 
  

			
	 ATTEST:

	
	 

  
  

 7

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