Document:

Exhibit 10.10

 Exhibit 10.10 
 EXECUTIVE SEVERANCE AGREEMENT 
 THIS EXECUTIVE SEVERANCE AGREEMENT, dated
as of December 15, 2010 (the “Agreement”), is among AMERICAN NATIONAL BANKSHARES INC., a Virginia corporation (the “Parent”), AMERICAN NATIONAL BANK AND TRUST COMPANY, a national banking association (the
“Company”), and CHARLES T. CANADAY, JR. (“Executive”). 
 WHEREAS, the Parent and MidCarolina Financial
Corporation, a North Carolina corporation (“MCFI”), have entered into an Agreement and Plan of Reorganization, dated as of December 15, 2010, pursuant to which MCFI will affiliate with the Parent through the merger of MCFI with and
into a direct wholly-owned subsidiary of the Parent organized to facilitate the affiliation (the “Merger”); 

WHEREAS, the Company and Executive have agreed that upon consummation of the Merger, the Executive shall become an employee of the
Company on the terms and subject to the conditions set forth in the Employment Agreement, dated as of December 15, 2010, between the Company and the Executive (the “Employment Agreement”); 

WHEREAS, the Company recognizes that there is a possibility of a Change in Control of the Parent, the Company or both; 

WHEREAS, the Parent and the Company recognize that the mere possibility of a Change in Control of the Parent or the Company may create
uncertainty on the part of senior management or a distraction of senior management from its day-to-day operating responsibilities; 
 WHEREAS, the Parent and the Company recognize that outstanding management is essential to advancing the interests of the Parent and the Company and their shareholders and that the Parent and the Company
can better recruit and retain outstanding management by providing certain assurances in the event of a Change in Control; 

WHEREAS, in the event of a Change in Control of the Parent, the Company or both, the best interests of the Parent and the Company and
their shareholders require a continuity of the Parent’s and the Company’s business with a minimum of disruption; and 

WHEREAS, the Employment Agreement will terminate upon a Change in Control of the Parent, the Company or both and the terms and conditions
of the Executive’s employment following a Change in Control will be governed by this Agreement. 
 NOW THEREFORE, in
consideration of the foregoing premises and the mutual covenants contained herein, the Parent, the Company and the Executive agree as follows: 

 1. Effective Date. Conditional upon consummation of the Merger and the Executive
continuing in the employment of MCFI and MidCarolina Bank on the effective date of the Merger (the “Merger Date”), and effective at the Merger Date, this Agreement shall become effective on the Merger Date. 

2. Employment after a Change in Control. If a Change in Control of the Parent or the Company occurs and the Executive is employed
by the Company on the Control Change Date, the Employment Agreement will terminate and the Company will continue to employ the Executive in accordance with the terms and conditions of this Agreement. 

3. Term of Agreement. The Term of this Agreement shall begin on a Control Change Date and end on the earlier of (i) the day
before the third anniversary of the Control Change Date or (ii) the date that the Executive attains age sixty-five (65). 

4. Minimum Cash Compensation. During the Term of this Agreement, the total amount payable to the Executive by the Parent and the
Company as base salary, “profit sharing” bonus and “incentive compensation” bonus, on an annualized basis, shall not be less than the amounts prescribed below: 

(a) The Executive’s total annual base salary from the Parent and the Company shall not be less than the annualized rate of total
base salary payable to the Executive immediately before the Control Change Date. 
 (b) The total annualized “profit
sharing” bonus from the Parent and the Company, expressed as a percentage of the Executive’s then total base salary, shall not be less than the “profit sharing” bonus, expressed as a percentage of the Executive’s then total
base salary, payable to the Executive for the four quarters immediately preceding the Control Change Date. 
 (c) The total
annualized “incentive compensation” bonus from the Parent and the Company, expressed as a percentage of the Executive’s then total base salary, shall not be less than the “incentive compensation” bonus, expressed as a
percentage of the Executive’s then total base salary, payable to the Executive for the calendar year ending immediately preceding the Control Change Date. 
 5. Termination Without Cause. This paragraph 5 describes the amounts payable to the Executive if the Parent and the Company terminate the Executive’s employment without Cause during the Term
of this Agreement. 
 (a) If such termination is effective before the first anniversary of the Control Change Date, the
Executive shall be entitled to receive the Termination Benefits during the period beginning with the Executive’s termination of employment and ending on the second anniversary of the Control Change Date or the last day of the Term of this
Agreement, whichever occurs first. 

  
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 (b) If such termination is effective on or after the first anniversary of the Control Change
Date, the Executive shall be entitled to receive the Termination Benefits during the period beginning with the Executive’s termination of employment and ending on the last day of the twelfth (12th) month thereafter or the last day of the
Term of this Agreement, whichever occurs first. 
 6. Executive’s Resignation. This paragraph 6 describes the
amounts payable to the Executive upon his resignation from the employ of the Parent and the Company during the Term of this Agreement. 
 (a) During the period beginning on the Control Change Date and ending on the last day of the third month ending after the Control Change Date, the Executive may resign from the employ of both the Parent
and the Company if (i) the Parent or the Company breaches the obligation set forth in paragraph 4 or (ii) the Parent or the Company notifies the Executive that he will be required to relocate his office more than thirty (30) miles
from the location at which the Executive performed his duties immediately prior to the Change in Control. If the Executive resigns in accordance with the preceding sentence, he shall be entitled to receive the Termination Benefits for the period
beginning on the date of the Executive’s termination of employment and ending on the last day of the twelfth (12th) month thereafter or the last day of the Term of this Agreement, whichever occurs first. 

(b) During the period beginning on the first day of the fourth month beginning after the Control Change Date and ending on the first
anniversary of the Control Change Date, the Executive may resign from the employ of both the Parent and the Company, for any reason or no reason. If the Executive resigns in accordance with the preceding sentence, he shall be entitled to receive the
Termination Benefits for the period beginning on the date of the Executive’s termination of employment and ending on the last day of the twelfth (12th) month thereafter or the last day of the Term of this Agreement, whichever occurs first.

 (c) During the period beginning on the day after the first anniversary of the Control Change Date and ending on the last day
of the Term of this Agreement, the Executive may resign from the employ of both the Parent and the Company if (i) the Parent or the Company breaches the obligation set forth in paragraph 4, (ii) the Parent or the Company notifies the
Executive that he will be required to relocate his office more than thirty (30) miles from the location at which the Executive performed his duties immediately prior to the Change in Control or (iii) the Executive’s duties, title or
responsibilities with respect to the Parent or the Company are reduced from the duties, title or responsibilities assigned to the Executive as of the first anniversary of the Control Change Date. If the Executive resigns in accordance with the
preceding sentence, he shall be entitled to receive the Termination Benefits for the period beginning on the date of the Executive’s termination of employment and ending on the last day of the twelfth (12th) month thereafter or the last
day of the Term of this Agreement, whichever occurs first. 
 7. Maximum Benefit. No amounts will be payable and no
benefits will be 

  
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provided under this Agreement to the extent that such payments or benefits, together with other payments or benefits under other plans, agreements or arrangements, would make the Executive liable
for the payment of an excise tax under Section 4999 of the Internal Revenue Code of 1986, as amended, or any successor provision. The amounts otherwise payable and the benefits otherwise to be provided under this Agreement shall be reduced to
the extent necessary to avoid the imposition of such excise tax liability; provided, however, that the Executive shall have the right to direct which payments or benefits under this Agreement shall be reduced in order to avoid any such excise tax
liability. 
 8. Cause. The Parent and the Company shall be deemed to have “Cause” to terminate the
Executive’s employment under this Agreement if the Parent or the Company determines that the Executive (i) has failed or refused to perform a material duty of his position, provided that Executive has received written notice from the
Parent or Company of such failure or refusal and such failure or refusal remains uncured thirty days after the delivery of such notice, (ii) is guilty of personal dishonesty, gross incompetence, willful misconduct, a breach of fiduciary duty
involving personal profit, willful violation of any law, rule or regulation (other than traffic violations or similar offenses), unethical business practices in connection with the Parent’s or the Company’s business, misappropriation of
the Parent’s or the Company’s assets (determined on a reasonable basis), or is subject to a final cease-and-desist order, or has been convicted of a felony or a misdemeanor involving moral turpitude or (iii) is guilty of a material
breach of any employment agreement between the Parent and the Executive or the Company and the Executive, provided that Executive has received written notice from the Parent or Company of such material breach and such breach remains uncured thirty
days after the delivery of such notice. 
 9. Change in Control. A “Change in Control” of the Parent or the
Company occurs if: 
 (a) Any person, including a “group” (as such term is used in section 13(d)(3) of the Securities
Exchange Act of 1934, as amended, as in effect on the Effective Date (the “Exchange Act”)) is or becomes, directly or indirectly, the owner or beneficial owner of Parent or Company securities (other than as a result of an issuance of
securities initiated by the Parent or the Company, or a tender offer initiated by the Parent or the Company or open market purchases approved by the Parent’s or the Company’s Board of Director’s (the “Board”), as long as the
majority of the Parent’s or the Company’s Board approving the purchases are directors at the time the purchases are made), having more than fifty percent (50%) of the combined voting power of the then outstanding Parent or Company
securities that may be cast for the election of the Parent’s or the Company’s directors; or 
 (b) During any period
of twenty-four (24) consecutive months, individuals who at the beginning of such period constitute the Parent’s or the Company’s Board and any new director (other than a director designated by a person who has entered into an
agreement with the Parent or the Company to effect a transaction described in subparagraphs 9(a), 9(c) or 9(d) or any such individual whose initial assumption of office occurs as a result of either an actual or threatened contested solicitation (as
such terms are used in Rule 14a-2 of Regulation 14A promulgated under the Exchange Act) or other 

  
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actual or threatened solicitation of proxies or consents) whose election by the Parent’s or the Company’s Board or nomination for election by the Parent’s or the Company’s
shareholders was approved by a vote of at least two-thirds (2/3) of the directors then still in office who either were directors at the beginning of such period or whose election or nomination for election was previously so approved, cease for
any reason to constitute a majority of the Parent’s or the Company’s Board; or 
 (c) There is consummated a
reorganization, merger, or consolidation involving the Parent or the Company that requires the approval of the Parent’s or the Company’s shareholders, other than a reorganization, merger or consolidation with respect to which all or
substantially all of the individuals and entities who were beneficial owners, immediately prior to such reorganization, merger or consolidation, of the combined voting power of the Parent’s or the Company’s then outstanding securities
beneficially own, directly or indirectly, immediately after such reorganization, merger or consolidation, more than fifty percent (50%) of the combined voting power of the securities of the corporation resulting from such reorganization, merger
or consolidation in substantially the same proportions as their respective ownership, immediately prior to such reorganization, merger or consolidation, of the combined voting power of the Parent’s or the Company’s securities; or

 (d) The Parent’s or the Company’s shareholders approve (i) the sale or disposition by the Parent or the
Company (other than to a subsidiary of the Parent or the Company) of more than fifty percent (50%) of the assets of the Parent or the Company (including a sale or disposition that is effected through condemnation proceedings) or (ii) a
complete liquidation or dissolution of the Parent or the Company. 
 10. Control Change Date. A “Control Change
Date” is the date on which a Change in Control of the Parent or the Company occurs. If a Change in Control of the Parent or the Company occurs as the result of a series of transactions or events, the Control Change Date is the date of the last
of the transactions or events in the series. 
 11. Separation from Service/Installment Payments. For purposes of this
Agreement, the term “termination of employment” means a “Separation from Service” which has the same meaning as set forth in Treas. Reg. § 1.409A-1(h).To the extent Executive is entitled to a series of installment payments
under the provisions of this Agreement, such series of installment payments shall be treated as a series of separate payments for purposes of Code Section 409A and underlying Treasury Regulations. 

12. Specified Employee. For purposes of this Agreement, the term “Specified Employee” has the same meaning as set forth
in Treas. Reg. § 1.409A-1(i). 
 13. Termination Benefits. The “Termination Benefits” payable in
accordance with paragraphs 5 and 6 are the following payments and benefits: 
 (a) Continued payment of the Executive’s
base salary for the applicable period specified in paragraph 5 or 6 at the rate in effect on the date of the Executive’s termination of employment (but not less than the rate of base salary required under

  
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paragraph 4). The benefit payable under this paragraph 13(a) shall be paid in accordance with the Company’s regular payroll procedure commencing with the Executive’s Separation from
Service; provided, however, that if the Executive is a Specified Employee, the first payment under this paragraph 13(a) shall be paid on the first day of the seventh month beginning after the Executive’s Separation from Service and the first
payment shall include the payments of base salary that would have been payable (had the Executive continued employment) in accordance with the Company’s regular payroll procedure from the date of the Executive’s termination of employment
until the date of the first payment. The remaining payments under this paragraph 13(a) shall be paid in accordance with the Company’s regular payroll procedure. 
 (b) Payment each month during the applicable period specified in paragraph 5 or 6 of a pro rata amount of the annualized “profit sharing” bonus in the amount required under paragraph 4. The
first payment shall be made in the month following the Executive’s Separation from Service and shall include the pro rata amount of annualized “profit sharing” bonus for the months following the Executive’s termination of
employment until the date of the first payment. The preceding sentence to the contrary notwithstanding, if the Executive is a Specified Employee, the first payment under this paragraph 13(b) shall be paid on the first day of the seventh month
beginning after the Executive’s Separation from Service and the first payment shall include the pro rata amount of annualized “profit sharing” bonus for the months following the Executive’s termination of employment until the
date of the first payment. 
 (c) Payment each month during the applicable period specified in paragraph 5 or 6 of a pro rata
amount of the annualized “incentive compensation” bonus in the amount required under paragraph 4. The first payment shall be made in the month following the Executive’s Separation from Service and shall include the pro rata amount of
annualized “incentive compensation” bonus for the months following the Executive’s termination of employment until the date of the first payment. The preceding sentence to the contrary notwithstanding, if the Executive is a Specified
Employee, the first payment under this paragraph 13(c) shall be paid on the first day of the seventh month beginning after the Executive’s Separation from Service and the first payment shall include the pro rata amount of annualized
“incentive compensation” bonus for the months following the Executive’s termination of employment until the date of the first payment. 
 (d) A single sum payment equal to the sum of the amounts described in (i), (ii) and (iii) below: 
 (i) The product of (x) the lesser of eighteen or the number of months during the applicable period specified in paragraph 5 or 6 times (y) the excess of the premium for continued health, dental
and vision coverage under Section 4980B of the Code for the Executive and the Executive’s “qualified beneficiaries” (as defined in Section 4980B of the Code) (the “COBRA Premium”) over the amount that the Executive
paid for such coverage immediately before his termination of employment. 

  
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 (ii) The product of (x) the COBRA Premium and (y) the number of
months during the applicable period specified in paragraph 5 or 6 in excess of eighteen months. 
 (iii) The
product of (x) the monthly premium that the Executive would pay for long-term disability and life insurance coverage upon conversion to individual policies upon termination of employment times (y) the number of months during the applicable
period specified in paragraph 5 or 6. 
 The benefit payable under this paragraph 13(d) shall be paid on the first day of the third month
beginning after the Executive’s Separation from Service; provided, however, that if the Executive is a Specified Employee, the payment shall be made on the first day of the seventh month beginning after the Executive’s Separation from
Service. 
 (e) A single sum payment equal to the difference between (i) the present value of the benefits that the
Executive would have accrued under the Parent’s or the Company’s defined benefit pension plan based on his actual service and assuming continued service during the applicable period specified in paragraph 5 or 6 and (ii) the present
value of the benefit payable to the Executive under the Parent’s or the Company’s defined benefit pension plan. The amount of the payment required under the preceding sentence shall be calculated by the actuary of the Parent’s or the
Company’s defined benefit pension plan using the actuarial assumptions and methods in effect for purposes of determining the funded status of such plan and shall assume that amounts payable under this Agreement are recognized as compensation
for purposes of such plan. The benefit payable under this paragraph 13(e) shall be paid on the first day of the third month beginning after the Executive’s Separation from Service; provided, however, that if the Executive is a Specified
Employee, the payment shall be made on the first day of the seventh month beginning after the Executive’s Separation from Service. 
 14. Successors. This Agreement shall inure to the benefit of, and be enforceable by, the Executive’s legal representatives and heirs. This Agreement shall inure to the benefit of, and be
binding upon, the Parent and the Company and their successors and assigns. The Parent and the Company shall require any successor to the Parent or the Company (whether direct or indirect, by merger, purchase, consolidation or otherwise) to all or
substantially all of the business or assets of the Parent or the Company to assume expressly and agree to perform the Parent’s and the Company’s obligations under this Agreement. References in this Agreement to the “Parent” and
to the “Company” include the Parent and the Company as defined above and any successor to their business or assets that is obligated to perform this Agreement by operation or law or otherwise. 

15. Entire Agreement. This Agreement sets forth the entire agreement of the parties with respect to the termination of the
Executive’s employment on or after a Control Change Date and supersedes all prior agreements, arrangements and understandings with respect thereto between the Parent, the Company and the Executive. No modification, amendment or termination of
this Agreement, nor any waiver of its provisions, shall be valid or enforceable unless in writing and signed by both parties. 

  
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 16. Counterparts. This Agreement may be executed in any number of counterparts, each
of which will be deemed an original and all of which constitute on instrument. 
 17. Headings. The headings herein are
for convenience only and will not affect the interpretation of this Agreement. 
 18. Governing Law. This Agreement will
be governed by, and construed in accordance with, the laws of the Commonwealth of Virginia (other than its choice of law provisions to the extent that they would require the application of the laws of another State). 

19. No Employment Contract. Nothing in this Agreement will be construed as creating an employment contract between the Executive
and the Parent or the Company prior to a Control Change Date. 
 [Signatures appear on the following page] 

  
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 WITNESS, the following signatures as of the date first indicated above. 

 

			
	AMERICAN NATIONAL BANKSHARES INC.
		
	By:	 	 /s/ Charles H. Majors

		 	     Charles H. Majors
		 	     President and Chief Executive Officer
	
	AMERICAN NATIONAL BANK AND TRUST COMPANY
		
	By:	 	 /s/ Charles H. Majors

		 	     Charles H. Majors
		 	     Chief Executive Officer
	
	       /s/ Charles T. Canaday, Jr.

		 	     Charles T. Canaday, Jr.

  
 9Employment Letter Agreement dated March 4, 2011

 Exhibit 10.1 

 

 

  

			
		  	ICO Global Communications
	 March 4, 2011
  

Mr. R. Gerard Salemme
 11700 Plaza America
Drive
 Suite 1010
 Reston, VA
20190
	  	 (Holdings) Ltd.
 2300
Carillon Point
 Kirkland, WA 98033
  

Tel   +1 425 278-7100

Fax   +1 425 278-7101

 Dear Gerry: 
 We are pleased to offer you employment as Chief Strategy Officer
with ICO Global Communications (Holdings) Limited (together with its subsidiaries and affiliates, “ICO”) under the terms of this employment letter (“Employment Letter”). You will report to our Chief Executive Officer, and will
have the rights, powers, duties and obligations as may be agreed upon from time to time. During the course of your employment with ICO, you will dedicate sufficient time and efforts to ICO to fulfill your duties and obligations; provided,
that, nothing herein will prevent you from (i) participating in industry, trade, professional, charitable and community activities, (ii) serving on corporate, civic or charitable boards or committees as mutually agreed by us and you, and
(iii) managing your personal investments and affairs, (iv) and from time to time to perform duties for Clearwire, Eagle River and/or Eagle River related entities, in each case so long as such activities do not conflict with ICO’s
interests or interfere with the performance of your responsibilities to ICO. We acknowledge that the starting date for this position and for purposes of this Employment Letter shall be the date on which both the Audit Committee and the
Compensation Committee of the ICO board of directors have approved the terms of this letter. 
 Base Salary and Annual Bonus 

We are offering you an initial salary at the rate of $12,500 semi-monthly, which equates to $300,000 on an annualized basis, less payroll
taxes and required withholding, which will be paid to you in regular intervals in accordance with ICO’s customary payroll schedules for salaried employees. This salary may be adjusted in the future in accordance with ICO’s compensation
practices. You will also be eligible for an annual bonus of up to 50% of your base salary, based on your continuous performance of services to ICO through the date that any bonus is earned and upon achievement of performance objectives as
established. The amount of the bonus compensation, if any, shall be determined and paid at a time consistent with ICO’s practices for bonus compensation generally. In the event you leave the employ of ICO for any reason prior to payment of any
bonus, you will not be eligible for such bonus, though you will be eligible for the bonus amount provided below if your termination is without Cause or for Good Reason. 

  
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 Stock Options 

Subject to the approval of the Board of Directors, you will receive an option to purchase 400,000 shares (in addition to the 100,000
options granted to you as a member of the Board of Directors) of the Class A common stock of ICO Global Communications (Holdings) Limited (“Option”), with an exercise price equal to the closing price on the date of grant. The
Option will vest in equal annual installments on each of the first, second, third, and fourth anniversaries of your Start Date. You will also receive 250,000 shares of restricted stock in the Class A common stock of ICO Global
(“Restricted Stock”). The Restricted Stock will be subject to vesting conditions as established by the board of directors. The Option will be evidenced by a stock option agreement approved for the grant of other stock options under the ICO
Global Communications (Holdings) Limited Amended and Restated 2000 Stock Option Plan (“Plan”) and will be subject to the terms and conditions of the Plan. 
 Employee Proprietary Information and Inventions Agreement 
 In exchange for
the consideration of your employment, you agree to execute and abide by the terms of the ICO Employee Proprietary Information and Inventions Agreement, a copy of which is enclosed. 
 Benefits; Vacation; Expenses 
 You may participate in and to receive
benefits from all present and future life, accident, disability, medical, pension and savings plans and all similar benefits made available generally to employees of ICO. The amount and extent of benefits to which you are entitled will be
governed by the specific benefit plan, as it may be amended from time to time. 
 You will accrue four weeks (20 days) of paid
vacation per year or such longer period as may be provided by ICO. Such vacation will be taken at such times and intervals as will be determined by you, subject to the reasonable business needs of ICO. You can accumulate a maximum of 25
days of accrued but unused vacation time in the aggregate. 
 ICO will pay or reimburse you promptly for all reasonable business
expenses and other disbursements incurred or paid by you in the performance of your duties and responsibilities to ICO, including those incurred or paid in connection with business related travel, telecommunications and entertainment, subject to
reasonable substantiation of such expenses by you in accordance with ICO’s policies. 

  
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 Termination 
 Without Cause or for Good Reason 
 If ICO terminates your employment without
Cause, as defined below, then you will be entitled to the following: 
  

	 	•	 	 a lump sum payment (less any required deductions) in an amount equal to (i) your unpaid base salary through the date of termination, (ii) the
value of your vacation time not used as of the date of termination to the extent that such vacation time has been accrued during the calendar year of termination, calculated based upon your base salary at the date of termination, and
(iii) reimbursement of any reasonable business expenses reimbursable under this letter, to the extent not theretofore reimbursed. 

 In addition, ICO will provide you the following severance benefits on the condition that you execute a separation agreement that contains a full release of claims, in a form acceptable to ICO: 

 

	 	•	 	 continuation of your base salary then in effect, payable in accordance with the normal payroll practices of ICO in effect on the date of termination,
for a period of twelve (12) months (“Severance Period”); plus (ii) 100% of your target bonus, payable in accordance with the normal payroll practices of ICO in effect on the date of termination. 

 

	 	•	 	 in connection with, and immediately prior the date of termination, ICO shall take steps necessary to accelerate and deem immediately vested those
options granted to you under the Plan in which you would have vested had you remained actively employed through the Severance Period and all restricted shares in which you would have vested had you remained actively employed through the Severance
Period, at which point all other unvested options shall expire; provided, however, this provision does not supersede any Change of Control provisions for accelerated vesting of stock options under the Plan. 

For Cause 

ICO may terminate your employment for Cause at any time upon written notice of such termination to you setting forth in reasonable detail
the nature of such Cause. If ICO terminates your employment for Cause, or you resign, then you will be entitled to a lump sum (less any required deductions) in an amount equal to (i) your base salary through the date of termination,
(ii) the value of your vacation time not used as of the date of termination to the extent that such vacation time has been accrued during the calendar year of termination, calculated based upon your base salary at the date of termination, and
(iii) reimbursement of any reasonable business expenses reimbursable under this letter, to the extent not theretofore reimbursed. In addition, upon termination of your employment by ICO for Cause, any options granted to you,
notwithstanding any prior vesting, shall automatically expire at the time ICO first notifies you of such termination. 

  
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3 of 5 

 Definition of “Cause” 

“Cause” means dismissal for willful material misconduct or failure to discharge duties, conviction or confession of a crime
punishable by law (except minor violations), the performance of an illegal act while purporting to act in ICO’s behalf, or engaging in activities directly in competition or antithetical to the best interest of ICO, such as dishonesty, fraud,
unauthorized use or disclosure of confidential information or trade secrets. 
 Definition of “Disability”

 For purposes of this Agreement, “Disability” will mean a medically diagnosed physical or mental impairment that
renders you incapable (even with reasonable accommodation) of performing the duties required under this Agreement for a period of time that is reasonably expected to exceed 8 weeks. ICO, acting in good faith, will make the final determination
of whether you have a Disability and, for purposes of making such determination, may require you to submit yourself to a physical examination by a physician mutually agreed upon by you and ICO. 

Arbitration of Claims 

You hereby acknowledge and agree that, except as provided below, all disputes concerning your employment with ICO, the termination
thereof, the breach by either party of the terms of this Employment Letter or any other matters relating to or arising from your employment with ICO will be resolved in binding arbitration in a proceeding in Kirkland, WA administered by and under
the rules and regulations of National Rules for the Resolution of Employment Disputes of the American Arbitration Association. This means that the parties agree to waive their rights to have such disputes or claims decided in court by
a jury. Instead, such disputes or claims will be resolved by an impartial AAA arbitrator. Both parties and the arbitrator will treat the arbitration process and the activities that occur in the proceedings as confidential. 

The arbitration procedure will afford you and ICO the full range of statutory remedies. ICO and you will be entitled to discovery
sufficient to adequately arbitrate any covered claims, including access to essential documents and witnesses, as determined by the arbitrator and subject to limited judicial review. In order for any judicial review of the arbitrator’s
decision to be successfully accomplished, the arbitrator will issue a written decision that will decide all issues submitted and will reveal the essential findings and conclusions on which the award is based. The party that is not the
substantially prevailing party, which determination shall be made by the arbitrator in the event of ambiguity, shall be responsible for paying for the arbitration filing fee and the arbitrator’s fees. 

Nothing contained in this section will limit ICO’s or your right to seek relief in any court of competent jurisdiction in respect of
the matters set forth in the “ICO Employee Proprietary Information and Inventions Agreement.” We specifically agree that disputes under the “ICO Employee Proprietary Information and Inventions Agreement” will not be subject to
arbitration unless both parties mutually agree to arbitrate such disputes. 

  
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 Employment At Will 
 By signing this Employment Letter, you understand and agree that your employment with ICO will continue at-will. Therefore, your employment can terminate, with or without cause, and with or without
notice, at any time, at your option or ICO’s option, and ICO can terminate or change all other terms and conditions of your employment, with or without cause, and with or without notice, at any time, in all cases subject to the other terms and
conditions of this Employment Letter. This at-will relationship will remain in effect throughout your employment with ICO or any of its subsidiaries or affiliates. The at-will nature of your employment, as set forth in this paragraph, can
be modified only by a written agreement signed by both ICO’s Chief Executive Officer and you which expressly alters it. This at-will relationship may not be modified by any oral or implied agreement, or by any policies of ICO, practices or
patterns of conduct. 
 Entire Agreement 
 This Employment Letter, any stock option agreement between you and ICO, and the ICO Employee Proprietary Information and Inventions Agreement constitute the entire agreement, arrangement and understanding
between you and ICO on the nature and terms of your employment with ICO. This Employment Letter supersedes any prior or contemporaneous agreement, arrangement or understanding on this subject matter, subject to the sixth sentence in this
paragraph regarding any stock option agreement between you and ICO. By executing this Employment Letter as provided below, you expressly acknowledge the termination of any such prior agreement, arrangement or understanding. Also, by your
execution of this Employment Letter, you affirm that no one has made any written or verbal statement that contradicts the provisions of this Employment Letter. In the event of any inconsistency between the terms contained in this Employment
Letter and the terms contained in any stock option agreement between you and ICO, the terms contained in this Employment Letter will control, and the provisions regarding vesting or termination contained in your stock option agreements will be
superseded by the provisions of this Employment Letter to the extent of any conflict. In addition, the covenants contained in the ICO Employee Proprietary Information and Inventions Agreement will also supersede the provisions of any other
similar covenant contained in your stock option agreement to the extent of any conflict. This Employment Letter may be executed in counterparts, each of which (including any signature transmitted via facsimile or email) shall be deemed to be an
original, and all of which together shall constitute one instrument. 
 We hope that you will accept this offer and look forward
to working with you. 
  

									
		 		 		 	Sincerely,
					
		 		 		 	By	 	 /s/ Heather German

		 		 		 		 	ICO Global Communications (Holdings) Limited
					
		 		 		 		 	By: Heather German
		 		 		 		 	 Human Resources

				
	Signature of Acceptance:	 		 		 	
				
	 /s/ R. Gerard Salemme
	 		 		 	
	R. Gerard Salemme	 		 		 	
					
	Date:	 	 3/4/11
	 		 		 	

  
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