Document:

Exhibit 10.8

 

EXECUTION COPY

 

WARRANT AGREEMENT

 

This Warrant Agreement (this “Agreement”) is made and entered into as
of December 12, 2002 (the “Effective Date”), by and between Eagle River
Investments, L.L.C., a Washington limited liability company (“Eagle River”),
and ICO Global Communications (Holdings) Limited, a Delaware corporation (“ICO”).

 

RECITALS:

 

A.                     ICO’s
wholly owned subsidiary, ICO Global Limited, a Delaware corporation (“IGL”), is
indebted to Teledesic, LLC (“Teledesic”) pursuant to the terms of that certain
Credit Agreement dated May 12, 2000 as amended (the “Credit Agreement”). ICO
guaranteed IGL’s obligations under the Credit Agreement.

 

B.                       ICO,
IGL, Eagle River and Teledesic entered into that certain Binding Settlement
Agreement pursuant to which (i) ICO, IGL and Teledesic agreed to partially
compromise the obligations under the Credit Agreement and release claims each
may have against the other, (ii) Eagle River agreed to purchase Teledesic’s
rights in and to the Credit Agreement, and (iii) Eagle River agreed to modify
certain provisions of the Credit Agreement.

 

C.                       As
an inducement to Eagle River to purchase Teledesic’s rights in and to the
Credit Agreement, and to agree to modify certain provisions thereof, ICO agreed
to issue to Eagle River warrants to purchase shares of ICO Class A common stock
as set forth below.

 

NOW THEREFORE, in consideration of the premises and the value given
under the Settlement Agreement and the mutual convenants and agreements
contained herein, and other good and valuable consideration, the receipt and
adequacy of which are hereby acknowledged, ICO and Eagle River agree as
follows:

 

1.                          Grant of Warrant.

 

1.1                    Warrant.
ICO hereby grants to Eagle River a warrant (the “Warrant”), subject to the
provisions of this Agreement, to purchase up to an aggregate of 3,000,000
shares of ICO Class A common stock (subject to adjustment as set forth in
Sections 6 and 7 below) (the “Warrant Shares”).

 

1.2                    Exercise
Price. The “Exercise Price” shall be $0.01 per share of ICO Class A common
stock (subject to adjustment as set forth in Section 6 below) and the “Aggregate
Exercise Price” shall be the total amount paid by Eagle River in connection
with the exercise of the Warrant.

 

2.                          When Warrant May Be Exercised.

 

1

 

2.1                    Subject to the
condition set forth in Section 2.3 hereof, the Warrant may be exercised by
Eagle River, in whole or in part, from time to time at any time during the
ten-year period that begins on the Effective Date.

 

2.2                    If Eagle River
elects to exercise the Warrant, Eagle River shall give a written notice to ICO
specifying (a) the number of Warrant Shares that Eagle River will purchase and
(b) the place and date (not later than ten (10) business days, nor earlier than
three business days, from the date such notice is given) for the closing of
such transaction.

 

2.3                    The obligation
of ICO to deliver Warrant Shares shall be subject to the condition that no
preliminary or permanent injunction or other order, decree or ruling issued by
a court of competent jurisdiction or by a governmental, regulatory or
administrative agency or commission, shall be in effect which would prohibit
such sale and delivery or payment.

 

3.                          Payment and Delivery of Certificate(s) upon Exercise
of Warrant for Warrant Shares. At any closing of any purchase of any
Warrant Shares hereunder:

 

3.1                    Subject to
Section 3.3 below, Eagle River shall pay to ICO the Aggregate Exercise Price
for the Warrant Shares so purchased by certified or cashier’s check or by wire
transfer of immediately available funds to a bank account maintained by ICO.

 

3.2                    ICO shall
deliver to Eagle River a duly issued certificate (or certificates in the
denominations designated by Eagle River in its notice of exercise) representing
the number of the Warrant Shares purchased and the books and records of ICO
shall be amended or revised to reflect the issuance and delivery of the Warrant
Shares to Eagle River.

 

Eagle River shall for all purposes be deemed to have become the holder
of record of such Warrant Shares on the date this Warrant was exercised (the
date the Eagle River has fully complied with the requirements of Section 3.1 or
3.3), irrespective of the date of delivery of the certificate or certificates
representing the Warrant Shares; provided that, if the date such exercise is
made is a date when the stock transfer books of ICO are closed, Eagle River
shall be deemed to have become the holder of record of such Warrant Shares at
the close of business on the next succeeding date on which the stock transfer
books are open.

 

3.3                    If, on or
prior to any date on which Eagle River elects to exercise the Warrant, in whole
or in part, Eagle River may pay to ICO the Aggregate Exercise Price for the
Warrant Shares so purchased by electing to have ICO cancel (and ICO shall
cancel) such number of Warrant Shares as may be sufficient to satisfy the
Exercise Price for the Warrant Shares (a “Cashless Exercise”). Eagle River may
also elect a Cashless Exercise with respect to any or all Warrant Shares that
remain subject to the Warrant on the last day that the Warrant may be exercised
as provided in Section 2 above. If Eagle River elects a Cashless Exercise, then
ICO shall issue to Eagle River the number of Warrant Shares determined as
follows:

 

2

 

	
  X=Y (A-B)

  
	
  A

  

 

	
  Where:

  	
   

  	
  X =

  	
  the number of
  the Warrant Shares, subject to the Warrant, to be issued to Eagle River.

  
	
   

  	
   

  	
  Y =

  	
  the total number of Warrant Shares that would be
  issued to Eagle River if Eagle River was not electing a Cashless Exercise.

  
	
   

  	
   

  	
  A =

  	
  the “current market price” (as defined below; it
  being understood that for purposes of this Section 3, the Time of
  Determination shall be the date of the exercise of the Warrant) of one
  Warrant Share subject to the Warrant.

  
	
   

  	
   

  	
  B =

  	
  the Exercise Price.

  

 

3.4                    The number of
Warrant Shares subject to the Warrant shall be reduced at any closing by (i)
the number of Warrant Shares purchased by Eagle River or (ii) in the event of a
Cashless Exercise, the number of Warrant Shares issued to Eagle River plus the
number of Warrant Shares cancelled to satisfy the relevant Exercise Price.

 

4.                          Representations and Warranties of ICO. ICO
hereby represents, warrants and covenants to Eagle River as follows:

 

4.1                    Due
Authorization, etc. The execution, delivery and performance of this
Agreement have been duly authorized by each of ICO and an independent committee
of the Board of Directors of ICO consisting of members that have complete
independence from Eagle River, and no other proceeding is necessary for the
execution, delivery and performance of this Agreement. This Agreement has been
duly executed and delivered by ICO and (assuming that it has been duly executed
and delivered by Eagle River) constitutes legal, valid and binding obligations
of ICO, enforceable against ICO in accordance with its terms, except as may be
limited by applicable bankruptcy, insolvency, reorganization, moratorium and
other similar laws of general application which may affect the enforcement of
creditors’ rights generally, by general equitable principles and by implied
covenants of good faith and fair dealing.

 

4.2                    Warrant
Shares. ICO has taken and will continue to take all necessary corporate
action to authorize and reserve for issuance, upon exercise of the Warrant, the
Warrant Shares. The Warrant Shares, upon purchase by Eagle River, will be duly
authorized, validly issued, fully paid and nonassessable, and delivered to
Eagle River free and clear of all claims, liens, charges, security interests or
encumbrances of any kind, including, without limitation, any preemptive or
similar rights; provided, however, such Warrant Shares will be subject to the
terms of the restriction on transfer of shares under state and federal
securities laws.

 

4.3                    No
Violation. Neither the execution and delivery of this Agreement by ICO nor
the consummation of the transactions contemplated hereby will conflict with or
violate (a) any provision of its organizational documents or (b) any law, rule,
regulation, ordinance, order, writ, injunction, judgment or decree applicable
to ICO or by which its properties or assets may be bound or affected.

 

3

 

5.                          Representations and Warranties of Eagle River. Eagle
River hereby represents and warrants to ICO as follows:

 

5.1                    Due
Authorization. The execution, delivery and performance of this Agreement
have been duly authorized by Eagle River and no other proceeding is necessary
for the execution, delivery and performance of this Agreement. This Agreement
has been duly executed and delivered by Eagle River and (assuming that it has
been duly executed and delivered by ICO) constitutes legal, valid and binding
obligations of Eagle River, enforceable against Eagle River in accordance with
its terms, except as may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium and other similar laws of general application which
may affect the enforcement of creditors’ rights generally, by general equitable
principles and by implied covenants of good faith and fair dealing.

 

5.2                    Distribution.
The Warrant may only be transferred in accordance with the provisions of
Section 11.1 hereof. Any Warrant Shares to be acquired upon exercise of the
Warrant will not be transferred, except in a transaction registered or exempt
from registration under the Securities Act and permitted by this Agreement and
the Warrant Shares will bear a legend to such effect.

 

5.3                    No
Violation. Neither the execution and delivery of this Agreement by Eagle
River nor the consummation of the transactions contemplated hereby will
conflict with or violate (a) any provision of its organizational documents or
(b) any law, rule, regulation, ordinance, order, writ, injunction, judgment or
decree applicable to Eagle River or by which it properties or assets may be
bound or affected.

 

6.                          Adjustment Upon Changes in Capitalization. The
number and kind of shares purchasable upon the exercise of the Warrant shall be
subject to adjustment form time to time as follows:

 

6.1                    Stock
Dividends, Stock Splits, Combinations, etc. In case ICO shall hereafter (a)
pay a dividend or make a distribution on its Class A common stock, the shares
of Class B common stock of ICO or any other shares of capital stock pari passu
or junior to the Class A common stock (collectively, the “ICO Common Shares”)
in ICO Common Shares, (b) subdivide any or combine any outstanding ICO Common
Shares into a smaller number of shares or (c) issue by reclassification of the
ICO Common Shares any shares of capital stock, the number of Warrant Shares issuable
upon exercise of the Warrant immediately prior to such action shall be adjusted
so that Eagle River shall be entitled to receive the number of shares of
capital stock which Eagle River would have owned immediately following such
action had the Warrant been exercised immediately prior thereto and appropriate
adjustment shall also be made to the Exercise Price payable per share, provided
the Aggregate Exercise Price payable hereunder shall remain the same. An
adjustment made pursuant to this Section 6.1 shall become effective immediately
after the record date in the case of a dividend and shall become effective
immediately after the effective date in the case of a subdivision or
combination. If, as a result of an adjustment made pursuant to this Section
6.1, Eagle River shall become entitled to receive shares of two (2) or more
classes of capital stock of ICO, the Board of Directors of ICO (whose
determination shall be conclusive) shall determine the allocation of the
adjusted Exercise Price between or amount shares of such classes of capital
stock.

 

4

 

6.2                    Reclassification,
Combinations, Mergers, etc. In case of any reclassification or change of
outstanding ICO Common Shares issuable upon exercise of the Warrant (other than
as set forth in Section 6.1 above and other than a change in par value or from
par value to no par value, or from no par value to par value), or in case of
any consolidation, merger or amalgamation of ICO with or into another
corporation (other than a merger, acquisition or amalgamation in which ICO is
the continuing corporation and which does not result in any reclassification or
change of the then outstanding ICO Common Shares issuable upon exercise of the
Warrant) or in case of any sale or conveyance to another Person of the property
of ICO as an entirety or substantially as an entirety, then, as a condition of
such reclassification, change, consolidation, merger, amalgamation, sale or
conveyance, ICO or such a successor or purchasing Person, as the case may be,
shall forthwith make lawful and adequate provision whereby Eagle River shall
have the right thereafter to receive on exercise of the Warrant the kind and
amount of shares of stock and other securities and property receivable upon such
reclassification, change, consolidation, merger, amalgamation, sale or
conveyance equivalent to the consideration that a holder of the ICO Common
Shares issuable upon the exercise of the Warrant would have received if the
Warrant had been exercised immediately prior to such reclassification, change,
consolidation, merger, amalgamation, sale or conveyance, and ICO or such
successor or Purchasing Person shall enter into a supplemental warrant
agreement so providing. Such provisions shall include provision for adjustments
which shall be as nearly equivalent as may be practicable to the adjustments
provided for in this Section 6. If the issuer of securities deliverable upon
exercise of either Warrant or under the supplemental warrant agreement, is an
affiliate of the former, surviving, continuing or transferee corporation, that
issuer shall join in the supplemental warrant agreement. The above provisions
of this Section 6.2 shall similarly apply to successive reclassifications and
changes of shares of capital stock and to successive consolidations, mergers
amalgamations, sales or conveyances.

 

6.3                    Current
Market Price. The current market price per ICO Common Share at any date
shall be the average of the daily closing prices for the twenty (20)
consecutive trading days ending on the last full trading day on the exchange or
market specified in the second succeeding sentence prior to the Time of
Determination (which shall be the date of the exercise of the Warrant). The
closing price for any day shall be the last reported sale price regular way or,
in case no such reported sale takes place on such day, the average of the
closing bid and asked prices regular way for such day, in each case (1) on the
principal national securities exchange on which the ICO Common Shares are
listed or to which such shares are admitted to trading or (2) if the ICO Common
Shares are not listed or admitted to trading on a national securities exchange,
in the over-the-counter market as reported by The Nasdaq Stock Market TM or any
comparable system or (3) if the ICO Common Shares are not listed on The Nasdaq
Stock Market TM or a comparable system, the current market price per share shall
be the fair market value thereof as determined in good faith by the Board of
Directors of ICO.

 

6.4                    Certificate
as to Adjustment. In the case of any adjustment in the Exercise Price or
number and type of securities issuable upon exercise of this Warrant, ICO will
promptly give written notice to Eagle River in the form of a certificate,
certified and confirmed by an officer of ICO, setting forth the adjustment in
reasonable detail.

 

7.                          Specific Performance. ICO acknowledges
that the Warrant and the Warrant Shares are unique and that Eagle River will
not have an adequate remedy at law if ICO breaches

 

5

 

any covenant
contained herein or fails to perform any of its obligations under this
Agreement. Accordingly, ICO agrees that Eagle River shall have the right, in
addition to any other rights which it may have, to specific performance and
equitable injunctive relief if ICO shall fail or threaten to fail to perform
any of its obligations under this Agreement.

 

8.                          Expiration. The Warrant shall expire on
the earlier to occur of (i) the date on which the number of Warrant Shares
remaining subject to the Warrant is reduced to zero, and (ii) at 11:59 p.m.
(PST) on the tenth anniversary of the Effective Date.

 

9.                          Prohibited Actions of ICO. ICO shall not,
prior to the termination of the Warrant, take any action which would have the
effect of preventing or disabling ICO from delivering the Warrant Shares to
Eagle River upon exercise of the Warrant or otherwise performing ICO’s
obligations under this Agreement.

 

10.                    Notices to Eagle River.

 

10.1              So long as the
Warrant is outstanding, whenever ICO shall expect to (a) pay any dividend or
distribution upon any capital stock, (b) effect any recapitalization, merger,
amalgamation, consolidation, reorganization, transfer, sale, lease, conveyance
or other transaction involving a substantial portion of its assets, or (c) be
involved in any voluntary or involuntary dissolution, liquidation, winding up
or other similar transaction, at least 10 days before the proposed action or
any applicable record date, ICO shall give Eagle River written notice
describing the proposed action and stating the date on which (x) a record date
is to be fixed for the purpose of such dividend, distribution or right, or (y)
such recapitalization, merger, amalgamation, consolidation, reorganization,
transfer, sale, lease, conveyance, dissolution, liquidation, winding up or
other transaction is to take place and when, if any date is to be fixed, the
record holders of capital stock shall be entitled to exchange their capital
stock for securities or other property deliverable upon such recapitalization,
merger, amalgamation, consolidation, reorganization, transfer, sale, lease,
conveyance, dissolution, liquidation, winding up or other transaction.

 

10.2              Eagle River shall
use its reasonable best efforts to keep any information delivered to it
pursuant to Section 10.1 that is not publicly available (“Confidential
Information”) confidential (subject to the last sentence of this Section 10.2).
“Confidential Information” shall not include any information that (a) becomes
generally available to the public, (b) was available to Eagle River, or has
become available to Eagle River, from a source other than ICO or (c) Eagle
River or its representatives independently developed without reference to any
Confidential Information. Notwithstanding the foregoing, in the event that
Eagle River or any representative or agent thereof is requested or required (by
oral questions, interrogatories, requests for information or documents,
subpoena, civil investigative demand or similar process) to disclose any
Confidential Information, it is agreed that Eagle River will provide ICO with
prompt notice of such event so that ICO may seek a protective order or other
appropriate remedy and/or waive Eagle River’s compliance with this Section 10.
In the event that such protective order or other remedy is not promptly
obtained, or that ICO grants a waiver hereunder, Eagle River may, without
liability hereunder furnish that portion of the Confidential Information Eagle
River is legally required to disclose.

 

6

 

11.                    Miscellaneous.

 

11.1              Assignability.

 

(a)                      The rights
and obligations of Eagle River with respect to all or any portion of the
Warrant shall be freely assignable by Eagle River in whole, but not in part, provided,
that, (x) such assignee shall, by a written instrument reasonably satisfactory
to ICO, agree to assume all of Eagle River’s obligations hereunder with respect
to the Warrant or relevant portion thereof being assigned and to be bound by
all of the terms and conditions of this Agreement and (y) such assignment shall
not violate any applicable securities law. ICO shall, if requested, issue a new
Warrant or Warrants reflecting the assignee as the new holder of the Warrant.

 

(b)                     The
obligations of ICO shall not be assignable without the prior written consent of
Eagle River, and any purported assignment without such prior written consent
shall be null and void (it being understood that any action referred to in
Section 6.2 shall not be considered an assignment for the purposes of this
Section 11.1(b)).

 

11.2              Third Parties.
Nothing expressed or implied in this Agreement is intended or shall be
construed to confer upon or give to any third party any rights or remedies by
virtue of this Agreement or any exercise or non-exercise of the Warrant granted
hereby.

 

11.3              Amendments;
Waivers. This Agreement may not be modified, amended, altered or
supplemented except upon the execution and delivery of a written agreement
executed by the holders entitled to purchase a majority of the Warrant Shares
underlying the Warrant. The waiver by any party hereto of a breach of any
provision of this Agreement shall not operate or be construed as a further or
continuing waiver of such breach or as a waiver of any other or subsequent
breach. Except as otherwise expressly provided herein, no failure on the part
of any party to exercise, and no delay in exercising, any right, power or
remedy hereunder, or otherwise available in respect hereof at law or in equity,
shall operate as a waiver thereof, nor shall any single or partial exercise of
such right, power or remedy by such party preclude any other or further
exercise thereof or the exercise of any other right, power or remedy.

 

11.4              Notices.
Except as otherwise provided herein, whenever this Agreement provides that any
notice, demand, request, consent, approval, declaration or other communication
shall or may be given to or served upon any of the parties by another, or
whenever any of the parties desires to give or serve upon another any
communication with respect to this Agreement, each such notice, demand,
request, consent, approval, declaration or other communication shall be in
writing and shall be deemed to have been given upon personal delivery thereof,
upon transmittal of such notice by telecopy (with confirmation of receipt by
telecopy or telex) or five days after transmittal by registered or certified
mail, postage prepaid, addressed as follows:

 

7

 

	
  If to ICO:

  	
   

  	
  ICO Global Communications (Holdings) Limited 

  4 Orinda Way 

  Suite B240 

  Orinda, CA 94563 

  Attn: General Counsel

  
	
   

  	
   

  	
   

  
	
  If to Eagle River:

  	
   

  	
  Eagle River Investments, L.L.C. 

  2300 Carillon Point 

  Kirkland, WA 98033 

  Attn: General Counsel

  
	
   

  	
   

  	
   

  
	
  with a copy to:

  	
   

  	
  Davis Wright Tremaine LLP 

  1300 SW Fifth Avenue 

  Suite 2300 

  Portland, OR 97201 

  Attn: Benjamin G. Wolff

  

 

The addresses set
forth above may be changed by any party upon furnishing to the other party a
notice of change of address in accordance with the terms of this Section 11.4.

 

11.5              Governing Law,
Service of Process; Consent to Jurisdiction.

 

(a)                      This
Agreement shall be governed by, and construed in accordance with, the laws of
the state of Delaware, without regard to principles of conflicts of laws.

 

(b)                     To the
fullest extent permitted by applicable law, each party hereto (x) agrees that
any claim, action or proceeding by such party seeking any relief whatsoever
arising out of, or in connection with, this Agreement or the transactions
contemplated hereby shall be brought only in the United States District Court
for Washington and in any state court located in King County, Washington and
not in any other state or Federal court in the United States of America or any
court in any other country, (y) agrees to submit to the exclusive jurisdiction
of such courts located in the state of Washington for purposes of all legal
proceedings arising out of, or in connection with, this Agreement or the
transactions contemplated hereby and (z) irrevocably waives any objection which
it may now or hereafter have to the laying of the venue of any such proceeding
brought in such a court and any claim that any such proceeding brought in such
a court has been brought in an inconvenient forum.

 

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

 

11.7              Effect of
Headings. The section and paragraph headings contained in this Agreement
are for reference purposes only and shall not in any way affect the meaning or
interpretation of this Agreement.

 

8

 

11.8              Survival of
Representations and Warranties. The representations, warranties, covenants
and agreements shall survive any closing pursuant to this Agreement.

 

11.9              Expenses.
Each party shall pay all fees and expenses (including costs of counsel) it
incurs in connection with this Agreement.

 

11.10        Severability.
Whenever possible, each provision or portion of any provision of this Agreement
will be interpreted in such manner as to be effective and valid under
applicable law but if any provision or portion of any provision of this
Agreement is held to be invalid, illegal or unenforceable in any respect under
any applicable law in any jurisdiction, such invalidity, illegality or
unenforceability will not affect any other provision or portion of any
provision in such jurisdiction, and this agreement will be reformed, construed
and enforced in such jurisdiction as if such invalid, illegal or unenforceable
provision or portion of any provision had never been contained therein.

 

11.11        Entire Agreement.
This Agreement constitutes the entire agreement between ICO and Eagle River
with respect to the matters covered herein and supersedes any prior
negotiations, understandings or agreements with respect to the matters
contemplated hereby.

 

[REMAINDER OF PAGE INTENTIONALLY BLANK]

 

9

 

IN WITNESS
WHEREOF, the parties have caused this Agreement to be executed and delivered as
of the date first written above.

 

 

	
   

  	
  ICO GLOBAL
  COMMUNICATIONS (HOLDINGS) 

  
	
   

  	
  LIMITED, a Delaware
  corporation

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By

  	
  /s/ Craig Jorgens

  	
   

  
	
   

  	
  Craig Jorgens,
  President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  EAGLE RIVER
  INVESTMENTS, L.L.C., 

  
	
   

  	
  a Washington limited liability
  company

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
  /s/ Craig O. McCaw

  	
   

  
	
   

  	
  Name

  	
  Craig O. McCaw

  	
   

  
	
   

  	
  Title

  	
  Chief Executive Officer

  	
   

  
								

 

10Exhibit 10.9

 

EXECUTION COPY

 

 

REGISTRATION RIGHTS AGREEMENT

 

 

THIS REGISTRATION RIGHTS AGREEMENT, dated as of December 12, 2002, is
between ICO GLOBAL COMMUNICATIONS (HOLDINGS) LIMITED, a Delaware corporation
(the “Company”) and EAGLE RIVER INVESTMENTS, L.L.C., a Washington limited
liability company (the “Holder”).

 

WHEREAS, Holder holds a warrant (the “Warrant”) to acquire up to
3,000,000 shares of Class A common stock, $.0001 par value, of the Company (the
“Class A Common Stock”); and

 

WHEREAS, the Company wishes to grant Holder certain registration rights
with respect to the shares of Class A Common Stock acquired by Holder pursuant
to the Warrant, as provided further herein.

 

NOW THEREFORE, in consideration of the promises herein contained and
other good and valuable consideration, the parties hereto agree as follows:

 

1.         Definitions.

 

As used in this
Agreement:

 

(i) the term “Act”
means the Securities Act of 1933, as amended;

 

(ii) the term “Affiliate” or “Holder Affiliate” means any entity, or
any employee or member of any entity, over which Holder or an Other Holder, as
applicable, has direct or indirect majority voting control or which has direct
or indirect majority voting control over Holder.

 

(iii) the term “Commission” means the Securities and Exchange
Commission or any other federal agency at the time administering the Act;

 

(iv) the term “Common Stock” means any and all classes of the Company’s
common stock as authorized pursuant to the Company’s Restated Certificate of
Incorporation, as may be amended or restated from time to time.

 

(v) the term “Exchange
Act” means the Securities Exchange Act of 1934; and

 

(vi) the term “Holder” means any of Holder or any Holder Affiliate that
holds Registrable Securities;

 

(vii) the term “Other Holders” means those parties listed on Schedule A
hereto and any Affiliate of such Holder;

 

1

 

(viii) the terms “register,” “registered” and “registration” mean a
registration effected by preparing and filing a registration statement in
compliance with the Act (and any post-effective amendments filed or required to
be filed) and the declaration or ordering of effectiveness of such registration
statement;

 

(ix) the term “Registrable Securities” means (A) the Class A Common Stock
issued or issuable to Holder upon the exercise, in full or in part, of the
Warrant and (B) any capital stock of the Company issued as a dividend or other
distribution with respect to, or in exchange for or in replacement of the
shares of Class A Common Stock;

 

(x) the term “Registration Expenses” means all third-party expenses
incurred by the Company in compliance with Section 2 hereof, including, without
limitation, all registration and filing fees, printing expenses, fees and
disbursements of counsel for the Company and the underwriters, if any, blue sky
fees and expenses and the third-party expenses of any special audits incident
to or required by any such registration (but excluding the compensation of
regular employees of the Company, which shall be paid in any event by the
Company);

 

2. Company Registration.

 

(a) Right to Register. Whenever Company proposes to register any
of its Common Stock under the Act (other than (i) a registration relating
solely to employee benefit plans, or (ii) a registration relating to a
transaction covered by Rule 145 under the 1933 Act or effected on Form S-4 or
any successor form, or (iii) a registration pursuant to a demand by one or more
Other Holders) and the registration form to be used may be used for the
registration of Registrable Securities (a “Piggyback Registration”), Company
will: (a) give prompt written notice thereof to Holder (which shall include a
list of the jurisdictions in which Company intends to attempt to qualify such
securities under the applicable blue sky or other state securities laws) and
(b) subject to Section 3 hereof, include in such registration and any related
qualification under blue sky laws or other compliance, and in any underwriting
involved therein, all Registrable Securities of Holder as specified in a
written request or requests made within twenty (20) days after receipt of such
written notice from Company.

 

(b) Priority on Registrations. Holder acknowledges and agrees
that its rights under this Section 2 shall, on a pro rata basis with all
other holders of Class A Common Stock included in the registration and subject
to the priority of any Common Stock to be registered by Company, be subject to
cutback provisions imposed by a managing underwriter. If, as a result of the
cutback provisions of the preceding sentence, Holder is not entitled to include
all of its requested Registrable Shares in such registration, then Holder may
elect to withdraw its request to include any or all of its Registrable Shares
in such registration.

 

2

 

(c) Underwritten Offerings. In the event of an underwritten
offering, Holder shall make such arrangements with the underwriters so that
each Holder may participate in the offering on the same terms as Company and
any other holders selling securities in such offering.

 

(d) Registration Procedures. Whenever Holder requests that any
Registrable Securities be registered pursuant to this Agreement, Company will
use commercially reasonable efforts to effect the registration and the sale of
such Registrable Securities in accordance with the intended method of
disposition therefore, and pursuant thereto Company will as expeditiously as
possible:

 

(i)        Cause the registration
statement to be used for the Piggyback Registration to include Holder’s
Registrable Securities. If at any time after giving written notice of its
intention to register any securities and prior to the effective date of the
registration statement filed in connection with such Piggyback Registration,
Company shall determine for any reason to withdraw or delay effectiveness of
the registration statement, Company may, at its election, give written notice
of such determination to Holder and, (x) in the case of a determination to
withdraw the registration statement, Company shall be relieved of its
obligation to register any Registrable Securities in connection with such
registration statement, and (y) in the case of a determination to delay
effectiveness, Company shall be permitted to delay effectiveness for any period
of the delay.

 

(ii)       Prepare and file with
the Commission such amendments and supplements to such registration statement
and the prospectus used in connection therewith as may be necessary to keep
such registration statement effective for a period of not less than thirty (30)
days and comply with the provisions of the 1933 Act with respect to the
disposition of all securities covered by such registration statement during
such period in accordance with the intended methods of disposition thereof by
Holder set forth in such registration statement.

 

(iii)      Furnish to Holder such
number of copies of such registration statement, each amendment and supplement
thereto, the prospectus included in such registration statement (including each
preliminary prospectus) and such other documents as Holder may reasonably
request in order to facilitate the disposition of the Registrable Securities
owned by Holder.

 

(iv)      Use commercially
reasonable efforts to register or qualify such Registrable Securities under
such other securities or blue sky laws of such United States jurisdictions as
Holder may reasonably request and do any and all other acts and things which
may be reasonable necessary or advisable to enable Holder to consummate the
disposition in such jurisdictions of the Registrable Securities owned by
Holder, provided that Company will not be required to (a) qualify generally to
do business in any jurisdiction where it would not otherwise be required to
qualify for this subparagraph, (b) subject itself to taxation in any such
jurisdiction or (c) consent to general service of process in any such
jurisdiction.

 

(v)       Notify Holder, at any
time when a registration statement under the Act that registers any of Holder’s
Registrable Securities is effective, of the happening of any event

 

3

 

as a result of
which the prospectus included in such registration statement contains an untrue
statement of a material fact or omits any fact necessary to make the statements
therein not misleading, and, at the request of Holder, Company will prepare a
supplement or amendment to such prospectus so that, as thereafter delivered to
the purchasers of such Registrable Securities, such prospectus shall not
contain an untrue statement of a material fact or omit to state a fact
necessary to make the statements therein not misleading.

 

(vi)      Cause all such
Registrable Securities to be listed on such securities exchange or market on
which the Company’s Common Stock is then listed.

 

(vii)     Furnish, at Holder’s request,
on the date that such Registrable Securities are delivered to the underwriters
for sale in connection with a registration pursuant to this Agreement, if such
securities are being sold through underwriters, or, if such securities are not
being sold through underwriters, on the date that the registration statement
with respect to such securities becomes effective, (A) an opinion, dated such
date, of the counsel representing the Company for the purposes of such
registration, in form and substance as is customarily given to underwriters in
an underwritten public offering, addressed to the underwriters, if any, and to
Holder requesting registration and (B) a letter dated such date, from the
independent certified public accountants of the Company, in form and substance
as is customarily given by independent certified public accountants to
underwriters in an underwritten public offering, addressed to the underwriters,
if any, and to Holder.

 

(e) Holder agrees that, upon receipt of any notice from Company of the
happening of any event of the kind described in Section 2(d)(v), Holder will
discontinue disposition of its Registrable Securities pursuant to such
registration statement until Holder’s receipt of the copies of the supplemented
or amended prospectus contemplated by Section 2.5(d)(v), or until Holder is
advised in writing by Company that the use of the prospectus may be resumed,
and has received copies of any additional or supplemental filings that are
incorporated by reference in the prospectus, and, if so directed by Company,
Holder will deliver to Company (at Company’s expense) all copies, other than
permanent file copies then in Holder’s possession, of the prospectus covering
such Registrable Securities which are current at the time of the receipt of
such notice.

 

(f) Expenses of Company Registration. Company shall pay
Registration Expenses. Holder shall pay all fees and disbursements of its
attorneys and accountants, as well as all transfer taxes and brokerage and
underwriters’ discounts and commissions attributable to the Registrable
Securities being sold by Holder.

 

(g) Indemnification.

 

(i)        Company agrees to
indemnify, to the extent permitted by law, Holder and its legal counsel,
against all losses, liabilities, claims, damages and expenses (“Losses”) caused
by any untrue or alleged untrue statement of material fact contained in any
registration statement in which Holder is participating, prospectus or
preliminary prospectus or any amendment thereof or supplement thereto or any
omission or alleged omission of material fact required to be

 

4

 

stated therein or
necessary to make the statements therein not misleading, except insofar as the
same are caused by or contained in any information furnished in writing to
Company or any underwriter by Holder expressly for use therein or results from
Holder’s failure to deliver a copy of the registration statement or prospectus
or any amendments or supplements thereto after Company has furnished Holder
with the number of copies of the same requested by Holder.

 

(ii)       Holder will indemnify
Company, its directors and officers and each person who controls Company
(within the meaning of the Act) and any of such person’s agents or
representatives, against any Losses resulting from (i) any untrue or alleged
untrue statement of material fact contained in the registration statement,
prospectus or preliminary prospectus or any amendment thereof or supplement
thereto or any omission or alleged omission of a material fact required to be
stated therein or necessary to make the statements therein not misleading, but
only to the extent that such untrue statement or omission is contained in any
information or affidavit so furnished in writing by Holder expressly for use in
such registration statement, or (ii) Holder’s failure to deliver a copy of the
registration statement or prospectus or any amendments or supplements thereto
after Company has furnished Holder with the number of copies of the same
requested by Holder.

 

(iii)      The indemnification
provided for under this Agreement will remain in full force and effect
regardless of any investigation made by or on behalf of the Indemnified Party
(as defined herein) or any officer, director, or controlling person of such
Indemnified Party and will survive the transfer of Registrable Securities. The
Indemnifying Party also agrees to make such provisions, as are reasonably
requested by an Indemnified Party, for contribution to such party in the event
such Indemnifying Party’s indemnification is unavailable for any reason.

 

(iv)      Each party entitled to
indemnification under this Section 2(g) (the “Indemnified Party”) shall
give notice to the party required to provide indemnification (the “Indemnifying
Party”) promptly after such Indemnified Party has actual knowledge of any claim
as to which indemnity may be sought, and shall permit the Indemnifying Party to
assume the defense of any such claim or any litigation resulting therefrom;
provided that counsel for the Indemnifying Party, who shall conduct the defense
of such claim or any litigation resulting therefrom, shall be approved by the
Indemnified Party (whose approval shall not unreasonably be withheld) and the
Indemnified Party may participate in such defense at the Indemnified Party’s
expense (unless the Indemnified Party shall have reasonably concluded that
there may be a conflict of interest between the Indemnifying Party and the
Indemnified Party in such action, in which case the fees and expenses of
counsel shall be at the expense of the Indemnifying Party), and provided
further that the failure of any Indemnified Party to give notice as provided
herein shall not relieve the Indemnifying Party of its obligations under this Section
2(g) unless the Indemnifying Party is materially prejudiced thereby. No
Indemnifying Party, in the defense of any such claim or litigation, shall,
except with the consent of the Indemnified Party, consent to entry of any
judgment or enter into any settlement which does not include as an
unconditional term thereof the giving by the claimant or plaintiff to such
Indemnified Party of a release from all liability in respect to such claim or
litigation. The Indemnified Party shall furnish such information regarding
itself or the claim in

 

5

 

question as an
Indemnifying Party may reasonably request in writing and as shall be reasonably
required in connection with the defense of such claim and litigation resulting
therefrom.

 

(v)       If the indemnification
provided for in this Section 2(g) is held by a court of competent
jurisdiction to be unavailable to an Indemnified Party with respect to any
Losses, then the Indemnifying Party, in lieu of indemnifying such Indemnified
Party hereunder, shall contribute to the amount paid or payable by such
Indemnified Party as a result of such loss, liability, claim, damage or expense
in such proportion as is appropriate to reflect the relative fault of the
Indemnifying Party on the one hand and of the Indemnified Party on the other in
connection with the statements or omissions which resulted in Losses, as well
as any other relevant equitable considerations. The relative fault of the
Indemnifying Party and of the Indemnified Party shall be determined by
reference to, among other things, whether the untrue or alleged untrue
statement of a material fact or the omission to state a material fact relates
to information supplied by the Indemnifying Party or by the Indemnified Party
and the parties’ relative intent, knowledge, access to information and opportunity
to correct or prevent such statement or omission.

 

(vi)      Notwithstanding the
foregoing, to the extent that the provisions on indemnification and
contribution contained in the underwriting agreement entered into in connection
with any underwritten public offering contemplated by this Agreement are in
conflict with the foregoing provisions, the provisions in such underwriting
agreement shall be controlling.

 

3. Information by Holder.  Holder shall furnish to the
Company such information regarding Holder and the distribution of shares
proposed by Holder as the Company may reasonably request in writing and as
shall be reasonably required in connection with any registration, qualification
or compliance referred to in this Agreement.

 

4. Rule 144 Reporting.

 

With a view to making available the benefits of certain rules and
regulations of the Commission which may permit the sale of restricted
securities to the public without registration, the Company agrees to:

 

(a) make and keep public information available as those terms are
understood and defined in Rule 144 of the Act, at all times from and after
ninety (90) days following the effective date of the first registration under
the Act filed by the Company for an offering of its Common Stock to the general
public;

 

(b) use its best efforts to file with the Commission in a timely manner
all reports and other documents required of the Company under the Act and the
Exchange Act at any time after it has become subject to such reporting
requirements; and

 

(c) so long as Holder owns any Registrable Securities, furnish to
Holder upon request, a written statement by the Company as to its compliance
with the reporting requirements of

 

6

 

Rule 144 of the
Act (at any time from and after ninety (90) days following the effective date
of the first registration statement filed by the Company for an offering of its
securities to the general public), and of the Act and the Exchange Act (at any
time after it has become subject to such reporting requirements), a copy of the
most recent annual or quarterly report of the Company, and such other reports
and documents so filed as Holder may reasonably request in availing itself of
any rule or regulation of the Commission allowing Holder to sell any such
securities without registration.

 

5.         “Market Stand-off”
Agreement. Holder will agree, if requested by the Company or an underwriter
of capital stock or other securities of the Company, not to sell or otherwise
transfer or dispose of any capital stock or other securities of the Company
held by Holder, except in connection with a Piggyback Registration, during the
180 day period following any registration statement filed under the Act to
register capital stock or other securities of the Company.

 

If requested by a managing underwriter of a
registered offering, Holder shall execute a separate agreement to the foregoing effect. The Company may
impose stop-transfer instructions with respect to the shares (or securities)
subject to the foregoing restriction until the end of such period.

 

6.         Termination.
The registration rights set forth in this Agreement shall not be available to
Holder or any Holder Affiliate if, in the opinion of counsel to the
Company, all of the Registrable Securities then owned by Holder or any Holder
Affiliate could be sold in any 90-day period pursuant to Rule 144 under the Act
(without giving effect to the provisions of Rule 144(k)). In addition, the
registration rights set forth in this Agreement shall terminate upon the transfer
or assignment of all of the Registrable Securities to any non-affiliated third
party other than a transfer to an Other Holder. Upon termination pursuant to
this Section 6, the Company shall no longer be obligated to provide
notice of a proposed registration to Holder.

 

7.         Notices.
All communications provided for hereunder shall be sent by first-class mail or
facsimile and (a) if addressed to Holder, addressed to Holder at the address or
fax number set forth below Holder’s signature, or at such other address or fax number as
Holder shall have furnished to the Company in writing or (b) if addressed to
the Company, at the address or fax number set forth Company’s signature, or at
such other address or fax number, or to the attention of such other officer, as
the Company shall have furnished to Holder in writing. Notices sent by
first-class mail shall be deemed received three days after the date of deposit
of such notice in the United States mail. Notices sent by facsimile shall be
deemed received upon receipt by the notified party’s facsimile machine.

 

8.         No
Assignment. This Agreement is personal to Holder and shall not be
assignable, by operation of law or otherwise to any third party other than a Holder Affiliate;
provided that Holder may transfer all or part of its rights under this
Agreement to a party to which it has assigned all or part of its rights under
either the Warrant pursuant to Section 11 of the Warrant.

 

7

 

9.         Descriptive
Headings. The descriptive headings of the several sections and paragraphs
of this Agreement are inserted for reference only and shall not limit or otherwise affect the meaning
hereof.

 

10.       GOVERNING
LAW. THIS AGREEMENT SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, AND THE RIGHTS OF THE PARTIES SHALL BE
GOVERNED BY, THE LAWS OF THE STATE OF WASHINGTON.

 

11.       No
Inconsistent Agreements. The Company will not on or after the date of this
Agreement enter into any agreement with respect to its securities that conflicts with or would limit the
rights granted to Holder in this Agreement or otherwise conflicts with the
provisions hereof.

 

12.       Amendments
and Waivers. No provision of this Agreement may be amended or waived except
by an instrument in writing signed by the party sought to be bound.

 

13.       Counterparts.
This Agreement may be executed simultaneously in any number of counterparts,
each of which shall be deemed an original, but all such counterparts shall
together constitute one and the same instrument.

 

14.       Term.
This Agreement and the
rights granted hereunder shall expire on the fifth anniversary of the date set
forth in the preamble to this Agreement.

 

[REMAINDER
OF PAGE INTENTIONALLY BLANK]

 

8

 

IN WITNESS
WHEREOF, the parties have caused this agreement to be executed and delivered as
of the date first above written.

 

 

	
   

  	
  HOLDER:

  
	
   

  	
   

  
	
   

  	
  EAGLE RIVER
  INVESTMENTS, L.L.C.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Craig O. McCaw

  
	
   

  	
  Name:

  	
  Craig O. McCaw

  
	
   

  	
  Title:

  	
  Chief Executive Officer

  
	
   

  	
   

  
	
   

  	
  Address:

  	
  2300 Carillon Point 

  
	
   

  	
   

  	
  Kirkland, WA 98033 

  
	
   

  	
   

  	
  Attn: General Counsel 

  
	
   

  	
   

  	
  Fax: (425) 828-8061

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  ICO GLOBAL
  COMMUNICATIONS (HOLDINGS) LIMITED

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Craig Jorgens

  
	
   

  	
  Name:

  	
  Craig Jorgens

  
	
   

  	
  Title:

  	
  President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Address:

  	
  4 Orinda Way 

  
	
   

  	
   

  	
  Suite B240 

  
	
   

  	
   

  	
  Orinda, CA 94563 

  
	
   

  	
   

  	
  Attn: General Counsel

  
	
   

  	
  Fax:

  	
   

  
										

 

9

 

SCHEDULE A

 

OTHER HOLDERS’ADDRESSES FOR NOTICES

 

The signatories
(other than Eagle River Investments, L.L.C.) to that certain Registration
Rights Agreement dated May 15, 2000 between ICO, Eagle River Investments,
L.L.C. and certain other persons identified therein.

 

CDR-Satco, LLC

c/o Clayton,
Dubilier & Rice, Inc.,

375 Park Avenue

New York, NY 10152

Fax: 212-893-7050

 

Cascade
Investment, LLC

2365 Carillon
Point

Kirkland,WA 98033

Fax: (425)
889-0288

 

10

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