Document:

svra-ex105_257.htm

Exhibit 10.5

 

Certain identified information in this document has been excluded because it is both (i) not material and (ii) is the type of information the issuer both customarily and actually treats as private and confidential. [***] indicates where such information has been omitted.

 

Parexel Project # [***]

WORK ORDER

This Work Order #1 (this “Work Order”) is by and between Savara Inc. (“Client”) and Parexel International (IRL) Limited (“Parexel”).

Governing Agreement. This Work Order incorporates the terms and conditions of the Master Services Agreement dated January 6, 2021, as may be amended from time to time, between Client and Parexel (the “Agreement”).  Capitalized terms used in this Work Order and not defined herein shall have the same meanings ascribed to them in the Agreement.  If any term in this Work Order conflicts with the Agreement, the Agreement will control except to the extent that this Work Order expressly states that such conflicting term prevails over the Agreement.  To the extent that any Services relate to scientific matters, the Protocol will control the performance of such Services, and will take precedence over all other Study documents for such Services.  

Term. This Work Order is made effective as of January 6, 2021 (the “Effective Date”) and terminates upon the completion of Services described herein unless otherwise terminated as provided in the Agreement.

Study. The “Study” is Client’s Protocol number [***]; entitled: “A randomized, double-blind, placebo-controlled clinical trial of once-daily inhaled molgramostim nebulizer solution in adult subjects with autoimmune pulmonary alveolar proteinosis (a PAP)”.  For purposes of this Work Order, wherever the term “Project” is used in the Agreement, it shall be read to mean “Study.”  

Prior Agreements.  This Work Order once executed will supersede and replace in its entirety the Start-Up Agreement dated January 6, 2021 (the “SUA”) between Client and Parexel related to the Study.

Services. This Work Order details the full scope of Services Parexel will provide for Client based on the specifications and assumptions, tasks and responsibilities, and estimated timelines (collectively, the “Key Specifications”) contained herein.  Exhibit D to this Work Order sets forth the CTSL Services to be provided by Parexel.  

Budget.  The budget is based upon the Key Specifications. Any changes to the Key Specifications may require that the parties amend the budget and if such amendment is required, they will to so pursuant to the procedures set forth in Section 2 of the Agreement. 

						
	
 
	
Service Fees
	
Pass-Through Expenses (Excluding Investigator Grants)
	
Investigator Grants
	
[***]
	
Totals

	
Start-Up Agreement 
	
[***]
	
[***]
	
-
	
[***]
	
[***]

	
Work Order
	
[***]
	
[***]
	
[***]
	
[***]
	
[***]

	
Total Budget
	
[***]
	
[***]
	
[***]
	
[***]
	
$30,978,447

 

 

Parexel Project # [***]

 

 

The Exhibits attached hereto more fully describe this Work Order’s Key Specifications, budget, and payment terms, and are hereby incorporated into this Work Order.

In the event that any Services will be performed at Sites located in the United Kingdom (including but not limited to Parexel’s Clinical Pharmacology Unit), then the terms and conditions set forth in Exhibit E shall apply to those Services at those Sites.

Designated Savara Representatives. The following persons are Savara Representatives, as defined in Section 2.2(a) of the Agreement, for purposes of this Work Order:

 

				
	
 

Title
	
 

Name
	
 

Telephone Number
	
 

Email

	
 

[***]
	
[***]
	
[***]
	
[***]

	
    [***]
	
 

[***]
	
[***]
	
 

[***]

	
 

[***]
	
[***]
	
[***]
	
[***]

 

Pursuant to Section 2.2(a) of the Agreement, Client may change Savara Representatives by written update in its sole discretion.

 

PAREXEL Key Personnel. The following Parexel Key Personnel, as defined in Section 7 of the Agreement, are assigned to the Project covered by this Work Order:

 

				
	
 

Title
	
 

Name
	
 

Telephone Number
	
 

Email

	
 

[***]
	
 

[***]
	
[***]
	
 

[***]

	
[***]
	
[***]
	
[***]
	
[***]

	
[***]
	
[***]
	
[***]
	
[***]

	
[***]
	
[***]
	
[***]
	
[***]

Subcontractors, Client-Designated Vendors:

As set out in the Agreement, Parexel may use Affiliates, Subcontractors and Client-Designated Vendors to perform the Services, as each is defined in the Agreement, and in accordance with the terms thereunder.  

The following Subcontractors and Client-Designated Vendors will be used in the Study. Additional Vendors may be added 

Subcontractors:

 

 

Parexel Project # [***]

 

•[*]

Client-Designated Vendors:

•    [***] 

Upon Client’s request, Parexel [***].

Data Privacy. In accordance with the Data Security and Privacy Addendum set forth in Attachment E to the Agreement, the Details of Processing under this Work Order are contained in Exhibit H to this Work Order. In the event of any data breach (as described in Section 1(i) of Attachment E to the Agreement), notice shall be given to Client in accordance with the notice provisions of Section 19 of the Agreement, and by email to [***].

Exhibits A through H attached hereto more fully describe this Work Order’s Key Specifications, budget and payment terms, and are hereby incorporated in their entirety by reference into this Work Order

 

Remainder of this page is intentionally left blank.

 

 

Parexel Project # [***]

 

 

 

IN WITNESS WHEREOF, the parties have executed this Work Order through their duly authorized representatives effective as of the Effective Date.

		
	
Savara Inc.
	
Parexel International (IRL) Limited

	
By: /s/ Matthew Pauls
	
By: /s/ Maria King

	
Name: Matthew Pauls
	
Name: Maria King

	
Title: Chief Executive Officer
	
Title: Senior Director

	
Date: 03/05/2021
	
Date: March 8, 2021

 

 

 

 

Parexel Project # [***]

 

 

EXHIBIT A
SPECIFICATIONS AND ASSUMPTIONS

[***] (6 pages omitted)

 

 

Parexel Project # [***]

 

 

EXHIBIT B
TASKS & RESPONSIBILITIES

Standard Operating Procedures (“SOPs”).  Parexel will perform the Services in accordance with Parexel’s standard operating procedures (“SOPs”), report and file templates, personnel training curriculum, and systems, unless specifically stated otherwise in this Work Order.  Parexel’s SOPs shall follow applicable regulatory authority requirements.

 

 

 

Parexel Project # [***]

 

 

EXHIBIT C
ESTIMATED TIMELINES

[***]

 

 

Parexel Project # [***]

 

 

EXHIBIT D
CTSL SERVICES

[***] (3 pages omitted)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Parexel Project # [***]

 

 

EXHIBIT E
 ADDITIONAL TERMS WITH RESPECT TO SITES LOCATED IN THE UNITED KINGDOM

The parties acknowledge and agree that, notwithstanding anything in the Agreement to the contrary, the terms and conditions set forth below will apply with respect to the Services being performed in the United Kingdom.   The parties do not intend this Exhibit E to supersede the terms of the Agreement, and in the absence of conflict the Agreement is presumed to control.  In the event of a conflict between the terms set forth in this Exhibit E and the Agreement or any other terms set forth in this Work Order, then solely with respect to those Services being performed in the United Kingdom, the terms of this Exhibit E will control. Capitalized terms not defined herein shall have the meaning set forth in the Agreement.

	
 
	
1.
	
In addition to Client’s obligations set forth in Section 2.8 of the Agreement, Client agrees it will promptly provide Parexel with any and all updates made to applicable Regulatory Authorities, and if no such updates are made, it will [***].  Client agrees it will promptly provide Parexel with any and all updates made to applicable Regulatory Authorities, and if no such updates are made, it will [***].  Client further represents that [***].

	
 
	
2.
	
Except to the extent that Parexel is responsible under this Work Order for supplying Study Materials as part of the scope of Services, Client shall provide Parexel or a Site, as applicable, with a Protocol required quantity of the Study Drug to conduct the Study, as well as any other compounds, materials and information, which the Protocol specifies Client shall deliver or which Client deems necessary to conduct the Study.  All such Study Drug, compounds, materials and other information are and shall remain the sole property of Client.

	
 
	
3.
	
To the extent applicable, Client will be responsible for the:

	
 
	
•
	
[***]

	
 
	
•
	
[***]

	
 
	
•
	
[***] 

	
 
	
•
	
[***]

	
 
	
•
	
[***]

	
 
	
•
	
[***]

	
 
	
•
	
[***]

	
 
	
•
	
[***]

	
 
	
•
	
[***]

	
4.
	
Client will inform Parexel promptly of any potential decision to recall the Study Drug that has been supplied to Parexel for conduct of a Study under this Agreement.  Parexel will provide all reasonable assistance to Client to investigate or implement a recall.  Parexel will inform Client, as a matter of urgency, of any issue relating to the Study Drug that has been supplied by Client, which might result in the need to consider a potential recall of the Study Drug. 

 

 

Parexel Project # [***]

 

		

EXHIBIT F 
BUDGET

Payments: The Work Order Currency, as defined by Section 6.4 of the Agreement, shall be United States Dollars for this Work Order

Change in Scope Process.  As provided under Section 2.2 of the Agreement, Parexel will generate and maintain a Change in Scope Log (“CIS Log”) in accordance with the form attached as Attachment B to the Agreement, capturing the cost impact of changes to Key Specifications under this Work Order.  The parties will follow the CIS Log approval and Change Order preparation process as provided under Section 2.2 of the Agreement. The CIS Log monetary threshold at which a Change Order will be prepared for this Work Order is $[***].

Inflation. Parexel’s Service fees herein incorporate [***] inflationary adjustments to account for labor cost inflation during the estimated timeline. The budget may be amended for inflation adjustments if timelines change, such changes to be reflected in a CIS Log/Change Order.

 Clinical Trial Supply & Logistics (CTSL). Pass-Through Expenses related to CTSL Services are estimates based on currently available project information and general assumptions (based on previous project experiences).  

	
•
	
[***]  

	
•
	
[***]

	
•
	
[***]

	
•
	
[***] 

Table 1 – Budget Grid begins on the next page.

 

 

 

Parexel Project # [***]

 

 

Table 1 - Budget Grid

[***] (18 pages omitted)

 

 

 

Parexel Project # [***]

 

 

EXHIBIT G
PAYMENT TERMS

Service Fees. Parexel will invoice Client each month for Service fee units completed per the unit prices in Exhibit F. Upon execution of this Work Order, Parexel will invoice an advance payment of $[***] for Service fees. This advance payment will be reconciled against the final invoices for Service fees. Parexel will [***]. The advance payment for Service fees made under the SUA shall be applied to the advance payment due under this Work Order

Pass-Through Expenses (excluding Investigator Grants). Parexel will invoice Client each month for Pass-Through Expenses incurred following receipt of invoice from the third party for such Pass-Through Expenses, except in cases where Parexel does not require invoices from third parties in order to administer payments. Upon execution of this Work Order, Parexel will invoice an advance payment of $[***] for Pass-Through Expenses. This advance payment will be reconciled against the final invoices for Pass-Through Expenses. The advance payment for Pass-Through Expenses made under the SUA shall be applied to the advance payment due under this Work Order. In the event this advance payment is insufficient to cover anticipated pass through expenses, Parexel will invoice, and Client shall pay, any additional amounts required to meet the shortfall in accordance with the payment terms set forth in the Agreement.

Investigator Grants.  Parexel will invoice Client on a monthly basis for Investigator Grant payments incurred.  To ensure Parexel has funds in hand to make such payments, upon execution of this Work Order, Parexel will invoice an advance amount of $[***] (“Investigator Grant Advance”).  When the Investigator Grant Advance balance is forecasted to be depleted in the next calendar quarter and for each quarter thereafter, Parexel will invoice Client an amount equal to the estimated Investigator Grants to be incurred by Parexel over the current and/or following quarter. Parexel agrees to issue invoices for quarterly advances 30 days prior to the start of each quarter, and such invoices shall be paid in accordance with the payment terms set forth in the Agreement. If the amounts invoiced are not depleted in the following quarter, they shall be applied toward the next quarter’s activity.

Invoice Instructions. PAREXEL will email invoices to Client at [***]. Client will pay PAREXEL’s invoices in accordance with the terms of the Agreement and will remit payments  

		
	
Check Remittance Address:
	
For Wires/Electronic Funds Transfers (in USD)

	
[***]
	
Bank Account Name:

[***]

Bank Account Number:

[***]

SWIF/BIC code:

[***]

Branch Name:

[***]

Branch Address:

[***]

 

 

Client shall send the remittance advice information to the following email alias: [***]

 

 

Parexel Project # [***]

 

 

Exhibit H

Details of Processing Activities

 

This Exhibit H includes certain details of the Processing of Subject Personal Data as required by Article 28(3) GDPR.

 

Nature and Purpose of Processing: Parexel will Process Subject Personal Data as necessary to perform the Services pursuant to the MSA and the applicable Work Order.

 

Subject Matter and Duration of Processing: The subject matter and duration of the Processing of the Subject Personal Data are set out in the MSA, the applicable Work Order and this Addendum.

 

	
1.
	
Location(s) of Processing:

 

Categories of Data: In providing Services to Savara, Parexel may Process one or more of the following categories of data Study Subject Personal Data:

 

	
 
	
A.
	
Study Subject Personal Data: [***]

	
 
	
B.
	
Special categories of data: [***].EX-10.10

 Exhibit 10.10 

Execution Version 
 RIGHT
OF FIRST OFFER AGREEMENT 
 THIS RIGHT OF FIRST OFFER AGREEMENT (this “Agreement”) dated as of
October 31, 2019 is by and between SPACEFLIGHT INDUSTRIES, INC., a Delaware corporation (the “Company”), and INTELSAT JACKSON HOLDINGS S.A., a Luxembourg corporation (“Intelsat”). 

RECITALS 
 WHEREAS,
concurrently herewith, Intelsat, the Company and the other parties named therein have entered into that certain Loan and Security Agreement (as amended, the “Loan Agreement”) pursuant to which Intelsat and the other lenders party
thereto have agreed to make certain Advances (as defined in the Loan Agreement) to the Company and its Subsidiaries in accordance with the terms thereof; 

WHEREAS, capitalized terms used and not otherwise defined herein shall have the meanings assigned to them in the Loan Agreement; and

 WHEREAS, in order to provide additional consideration for the Advances, the Company has agreed to grant to Intelsat a right of
first offer in respect of certain transactions as set forth in this Agreement. 
 NOW, THEREFORE, in consideration of the recitals
and the mutual premises, covenants and agreements contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

AGREEMENT 

Section 1.    Right of First Offer. 

(a)    During the period commencing on the date hereof and ending on the seventh (7th) anniversary of the date hereof, in the event that the Company wishes to commence, participate or engage in a Sale Transaction (as defined below), whether unilaterally or in response to an offer,
prior to soliciting or engaging in negotiations with any Person other than Intelsat (each, a “Third Party Purchaser”) with respect to such Sale Transaction, the Company shall first deliver to Intelsat a written notice (the
“ROFO Notice”), setting forth the Company’s desire to engage in a Sale Transaction and setting forth the desired terms and conditions of such Sale Transaction. 

(b)    A “Sale Transaction” means (i) a sale, lease, exchange, exclusive license or other disposition
of fifty percent (50%) or more of the Company’s and its Subsidiaries’ assets, taken as a whole, in one transaction or series of related transactions (including any division of the business of the Company and its Subsidiaries), (ii) a
merger, consolidation, refinancing or recapitalization as a result of which the holders of the Company’s issued and outstanding Equity Interests immediately before such transaction own or control less than a majority of the Equity Interests of
the continuing or surviving entity immediately after such transaction; or (iii) the sale, transfer, assignment or disposition (in one or more transactions) of Equity Interests of the Company, directly or indirectly, to any Person(s) acting
together or constituting a “group” under Section 13(d) of the Exchange Act, pursuant to which such Person(s), will own or control, directly 

 
or indirectly, at least fifty percent (50%) of the issued and outstanding Equity Interests of the Company; provided, however, that a “Sale Transaction” shall not include
any bona fide third party financing for the sale of shares of the Company’s preferred stock as a result of which any Person(s) acting together or constituting a “group” under Section 13(d) of the Exchange Act will own or
control, directly or indirectly, at least fifty percent (50%) of the issued and outstanding Equity Interests of the Company. 

(c)    For a period of thirty (30) days after the delivery of the ROFO Notice (the “Non-Exclusive Period”), the Company shall not and shall cause its officers, directors, employees, agents, representatives or advisors, not to, directly or indirectly, enter into any agreement, arrangement
or understanding (including, without limitation, any exclusivity agreement or exclusive negotiation or arrangement) with any Third Party Purchaser with respect to a Sale Transaction; provided, however, that, for the avoidance of doubt, the foregoing
shall not preclude the Company or its officers, directors, employees, agents, representatives or advisors from conducting negotiations on a non-exclusive basis with respect to a Sale Transaction. 

(d)    During the Non-Exclusive Period, the Company shall, and shall cause its
Subsidiaries to, (i) provide Intelsat, its counsel, financial advisors, auditors and other representatives reasonable access to the offices, properties, personnel, books and records, customers of the Company and its Subsidiaries;
(ii) furnish to Intelsat, its counsel, financial advisors, auditors and other representatives such information relating to the Company or any of its Subsidiaries as may be reasonably requested for purposes of conducting due diligence; and
(iii) instruct the employees, counsel, accountants and other advisors of the Company or any of its Subsidiaries to otherwise reasonably cooperate with Intelsat in its due diligence investigation of the Company and any of its Subsidiaries. 

(e)    At any time prior to the expiration of the Non-Exclusive Period, Intelsat
may, in its sole discretion, make an offer to the Company to enter into a Sale Transaction (the “Intelsat Offer”). If the Intelsat Offer involves debt financing, then the Intelsat Offer shall be accompanied by customary debt
commitment letters. If an Intelsat Offer is made, the Company shall have ten (10) days to negotiate with Intelsat or to accept or reject such offer (such ten (10)-day period, the “Intelsat
Negotiation Period”). If the Company does not accept the Intelsat Offer at the end of the Intelsat Negotiation Period, or no Intelsat Offer is made prior to the expiration of the Non-Exclusive Period,
the Company may, after the expiration of the Intelsat Negotiation Period or the Non-Exclusive Period, as applicable, pursue, negotiate or enter into a Sale Transaction with a Third Party Purchaser (such
transaction, the “Third Party Sale Transaction”), so long as (i) in the case where the Company does not accept the Intelsat Offer at the end of the Intelsat Negotiation Period, the total enterprise value for the Company and its
Subsidiaries implied by the Third Party Sale Transaction is greater than 110% of the total enterprise value for the Company and its Subsidiaries implied by the Intelsat Offer (with all relevant terms of such transaction being evaluated on a like-for-like basis), and (ii) the definitive agreements for the Third Party Sale Transaction are entered into no later than the date that is one hundred thirty-five
(135) days after the expiration of the Intelsat Negotiation Period or the Non-Exclusive Period, as applicable. 

(f)    If no definitive agreement is entered into by the Company for a Third Party Sale Transaction within one hundred
thirty-five (135) days after the expiration of the 

  
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Intelsat Negotiation Period or the Non-Exclusive Period, as applicable, or, if such definitive agreement is entered into within such period, but the Third
Party Sale Transaction is not consummated within ninety (90) days thereafter (subject to customary extensions for receipt of required regulatory approvals), any proposed Sale Transaction shall once again require compliance by the Company with
the procedures set forth in this Agreement (including delivery of a ROFO Notice prior to any Sale Transaction). 

(g)    If the Company accepts the Intelsat Offer, all parties to this Agreement shall, and shall cause their Affiliates
and their respective stockholders, officers, directors, employees, agents, representatives or advisors to, use reasonable efforts to cooperate to, enter into definitive agreements and consummate the Sale Transaction contemplated by the Intelsat
Offer. 
 Section 2.    Notice of Sale by Stockholders. Pursuant to Section 2.11(c) of that certain
Amended and Restated Investors’ Rights Agreement, dated as of October 19, 2017 (as amended, the “IRA”), by and among the Company and certain stockholders of the Company party thereto (collectively, the “IRA
Stockholders”), the IRA Stockholders are required to provide notice to the Company in certain circumstances of any intention to sell, transfer or pledge any preferred stock or common stock of the Company held by such IRA Stockholders.
Promptly after receipt by the Company, and in no event later than one (1) Business Day of such receipt, of any notice from any IRA Stockholders other than any Key Holder (as such term is defined in the Amended and Restated Right of First
Refusal and Co-Sale Agreement, dated as of October 19, 2017, as further amended) (in such capacity, a “Selling Stockholder”) of the Selling Stockholder’s intention to sell any equity
securities of the Company to any other party (excluding, for the avoidance of doubt, any Affiliates of such Selling Stockholder) (each, a “Proposed Stockholder Transfer”), the Company shall provide written notice to Intelsat of such
Proposed Stockholder Transfer, which notice shall set forth the identity of the Selling Stockholder, the type and amount of equity securities proposed to be transferred, and all other material terms and conditions of such Proposed Stockholder
Transfer (to the extent known to the Company). Intelsat may, in its sole discretion upon receipt of such written notice from the Company, communicate with the Selling Stockholder and make an offer to purchase the equity securities proposed to be
transferred. Upon request of Intelsat, the Company shall use commercially reasonable efforts to facilitate the communication between Intelsat and the Selling Stockholder and shall provide access to and cooperate with Intelsat to the same extent as
required in Section 1(d) hereof to enable Intelsat to conduct necessary and appropriate due diligence in connection with any offer made to the Selling Stockholder. 

Section 3.    Further Assurance. The Company hereby agrees that if and when any action or vote is required to
be taken by the Company (including, without limitation, exercising any existing rights, and amending any agreements to which the Company is a party) to give effect to the provisions of this Agreement, the Company shall take such action or vote in
such a manner as necessary to effectuate the provisions of this Agreement. Without limiting the foregoing, each of the parties hereto agrees to execute such documents and perform such further acts as may be reasonably required to carry out the
provisions hereof and the actions contemplated hereby. 
 Section 4.    Representations of the Company. The
Company represents and warrants to Intelsat that: 
 (a)    The Company has all requisite corporate authority or legal
capacity, as applicable, to execute, deliver and perform this Agreement and to perform the obligations contemplated hereby; 

  
 3 

 (b)    This Agreement has been duly executed by the Company and
constitutes the valid and legally binding obligation of the Company, enforceable against it in accordance with its terms except for any applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and similar laws affecting
creditors’ rights generally and general principles of equity; and 
 (c)    The execution and delivery by the
Company of this Agreement and the performance of its obligations hereunder do not and will not (x) breach, violate, conflict with or result in a default under any provision of, or constitute an event that, after notice or lapse of time or both,
would result in a breach or violation of or conflict or default under, or accelerate the performance required by, or result in the termination of or give any other Person the right to terminate, any material contract to which the Company is a party
or by which it is bound; or (y) violate, conflict with or result in a default under, any provision of, or constitute an event that, after notice or lapse of time or both, would result in a breach or violation of or, conflict or default under,
in each case in any material respect, any applicable law applicable to the Company. 

Section 5.    Modification; Amendment and Waiver. No amendment or modification of, or waiver under, this
Agreement shall be effective except by a written agreement signed by the Company and Intelsat. 

Section 6.    Governing Law. This Agreement and any claim or controversy hereunder shall be governed by and
construed in accordance with the laws of the State of New York without giving effect to the principles of conflict of laws thereof. 

Section 7.    Consent to Jurisdiction and Service of Process. Any legal action, suit or proceeding arising out
of or relating to this Agreement or the transactions contemplated hereby may only be instituted in any state or federal court in the State of New York, and each party waives any objection which such party may now or hereafter have to the laying of
the venue of any such action, suit or proceeding, and irrevocably submits to the jurisdiction of any such court in any such action, suit or proceeding. 

Section 8.    Binding Effect; Assignment. This Agreement shall be binding upon and shall inure to the benefit
of the parties and their permitted successors and assigns. No party may assign or delegate, by operation of law or otherwise, all or any portion of its rights, obligations or liabilities under this Agreement without the prior written consent of the
other parties; provided, however, that Intelsat may assign its rights hereunder to any of its Affiliates. Any purported assignment without the required prior written consents shall be void. 

Section 9.    Severability. Any provision of this Agreement that is unenforceable or invalid or the inclusion
of which would adversely affect the validity, legality or enforceability of this Agreement shall be of no effect, but all the remaining provisions of this Agreement shall remain in full force and effect. 

  
 4 

 Section 10.    No Third Party Beneficiary. Nothing in this
Agreement shall confer any rights, remedies or claims upon any Person or entity not a party or a permitted successor or assign of a party. 

Section 11.    Counterparts. This Agreement may be signed in any number of counterparts with the same effect as
if the signatures to each counterpart were upon a single instrument, and all such counterparts together shall be deemed an original of this Agreement. 

[Remainder of page intentionally left blank.] 

  
 5 

 IN WITNESS WHEREOF, this Right of First Offer Agreement has been executed by the undersigned
as of the date above written. 
  

			
	INTELSAT JACKSON HOLDINGS S.A.
		
	By:	 	 /s/ Jose Toscano

		 	Name: Jose Toscano
		 	Title: Chairman & Chief Executive Officer
	
	SPACEFLIGHT INDUSTRIES, INC.
		
	By:	 	 /s/ Brian E. O’Toole

		 	Name: Brian E. O’Toole
		 	Title: President

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